Intrinsic value of Ligand Pharmaceuticals - LGND

Previous Close

$247.98

  Intrinsic Value

$127.75

stock screener

  Rating & Target

sell

-48%

Previous close

$247.98

 
Intrinsic value

$127.75

 
Up/down potential

-48%

 
Rating

sell

We calculate the intrinsic value of LGND stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.50
  27.05
  24.85
  22.86
  21.07
  19.47
  18.02
  16.72
  15.55
  14.49
  13.54
  12.69
  11.92
  11.23
  10.60
  10.04
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  183
  232
  290
  356
  431
  515
  607
  709
  819
  938
  1,065
  1,200
  1,343
  1,494
  1,652
  1,818
  1,992
  2,173
  2,361
  2,558
  2,762
  2,974
  3,194
  3,423
  3,661
  3,909
  4,166
  4,434
  4,712
  5,002
Variable operating expenses, $m
  35
  36
  37
  37
  38
  39
  40
  41
  43
  44
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  43
  46
  49
  52
  56
Fixed operating expenses, $m
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  75
  77
  79
  80
  81
  83
  85
  87
  90
  92
  62
  64
  67
  70
  72
  75
  78
  82
  85
  88
  93
  96
  100
  104
  108
  112
  116
  121
  125
  131
Operating income, $m
  107
  155
  211
  276
  349
  431
  522
  621
  729
  846
  1,004
  1,136
  1,276
  1,424
  1,580
  1,743
  1,913
  2,091
  2,276
  2,469
  2,669
  2,878
  3,094
  3,319
  3,553
  3,797
  4,049
  4,313
  4,586
  4,872
EBITDA, $m
  182
  242
  311
  390
  481
  582
  694
  816
  949
  1,093
  1,246
  1,409
  1,582
  1,765
  1,956
  2,157
  2,367
  2,586
  2,814
  3,051
  3,298
  3,555
  3,822
  4,099
  4,387
  4,687
  4,999
  5,323
  5,660
  6,011
Interest expense (income), $m
  2
  12
  16
  22
  28
  34
  42
  51
  61
  71
  83
  95
  108
  122
  137
  153
  169
  186
  204
  223
  243
  263
  284
  306
  329
  353
  378
  404
  430
  458
  487
Earnings before tax, $m
  95
  139
  190
  248
  315
  389
  471
  561
  658
  763
  909
  1,028
  1,154
  1,287
  1,427
  1,574
  1,727
  1,886
  2,053
  2,226
  2,406
  2,593
  2,788
  2,990
  3,200
  3,419
  3,646
  3,882
  4,128
  4,385
Tax expense, $m
  26
  37
  51
  67
  85
  105
  127
  151
  178
  206
  245
  278
  312
  348
  385
  425
  466
  509
  554
  601
  650
  700
  753
  807
  864
  923
  984
  1,048
  1,115
  1,184
Net income, $m
  69
  101
  139
  181
  230
  284
  344
  409
  480
  557
  663
  750
  843
  940
  1,042
  1,149
  1,261
  1,377
  1,499
  1,625
  1,756
  1,893
  2,035
  2,183
  2,336
  2,496
  2,662
  2,834
  3,014
  3,201

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  870
  1,105
  1,379
  1,694
  2,052
  2,451
  2,893
  3,376
  3,901
  4,466
  5,071
  5,715
  6,396
  7,114
  7,868
  8,659
  9,485
  10,347
  11,244
  12,179
  13,150
  14,160
  15,210
  16,301
  17,434
  18,613
  19,838
  21,113
  22,439
  23,820
Adjusted assets (=assets-cash), $m
  870
  1,105
  1,379
  1,694
  2,052
  2,451
  2,893
  3,376
  3,901
  4,466
  5,071
  5,715
  6,396
  7,114
  7,868
  8,659
  9,485
  10,347
  11,244
  12,179
  13,150
  14,160
  15,210
  16,301
  17,434
  18,613
  19,838
  21,113
  22,439
  23,820
Revenue / Adjusted assets
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
Average production assets, $m
  416
  528
  660
  811
  981
  1,172
  1,384
  1,615
  1,866
  2,137
  2,426
  2,734
  3,060
  3,403
  3,764
  4,142
  4,537
  4,950
  5,379
  5,826
  6,291
  6,774
  7,276
  7,798
  8,340
  8,904
  9,490
  10,100
  10,734
  11,395
Working capital, $m
  3
  3
  4
  5
  6
  8
  9
  11
  12
  14
  16
  18
  20
  22
  25
  27
  30
  33
  35
  38
  41
  45
  48
  51
  55
  59
  62
  67
  71
  75
Total debt, $m
  305
  400
  511
  638
  782
  944
  1,122
  1,317
  1,530
  1,758
  2,002
  2,262
  2,537
  2,828
  3,132
  3,452
  3,785
  4,133
  4,496
  4,874
  5,266
  5,674
  6,098
  6,539
  6,997
  7,473
  7,968
  8,483
  9,019
  9,577
Total liabilities, $m
  351
  446
  557
  685
  829
  990
  1,169
  1,364
  1,576
  1,804
  2,049
  2,309
  2,584
  2,874
  3,179
  3,498
  3,832
  4,180
  4,543
  4,920
  5,313
  5,721
  6,145
  6,586
  7,044
  7,520
  8,015
  8,529
  9,065
  9,623
Total equity, $m
  518
  658
  822
  1,010
  1,223
  1,461
  1,724
  2,012
  2,325
  2,662
  3,022
  3,406
  3,812
  4,240
  4,690
  5,161
  5,653
  6,167
  6,702
  7,258
  7,838
  8,440
  9,065
  9,715
  10,391
  11,093
  11,824
  12,583
  13,374
  14,197
Total liabilities and equity, $m
  869
  1,104
  1,379
  1,695
  2,052
  2,451
  2,893
  3,376
  3,901
  4,466
  5,071
  5,715
  6,396
  7,114
  7,869
  8,659
  9,485
  10,347
  11,245
  12,178
  13,151
  14,161
  15,210
  16,301
  17,435
  18,613
  19,839
  21,112
  22,439
  23,820
Debt-to-equity ratio
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  101
  139
  181
  230
  284
  344
  409
  480
  557
  663
  750
  843
  940
  1,042
  1,149
  1,261
  1,377
  1,499
  1,625
  1,756
  1,893
  2,035
  2,183
  2,336
  2,496
  2,662
  2,834
  3,014
  3,201
Depreciation, amort., depletion, $m
  75
  86
  99
  114
  132
  151
  172
  195
  220
  247
  243
  273
  306
  340
  376
  414
  454
  495
  538
  583
  629
  677
  728
  780
  834
  890
  949
  1,010
  1,073
  1,139
Funds from operations, $m
  144
  188
  238
  296
  361
  435
  516
  604
  700
  804
  906
  1,024
  1,149
  1,280
  1,418
  1,563
  1,714
  1,872
  2,036
  2,208
  2,386
  2,571
  2,763
  2,963
  3,170
  3,386
  3,611
  3,844
  4,087
  4,340
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
Cash from operations, $m
  144
  187
  237
  295
  360
  433
  514
  603
  699
  802
  904
  1,022
  1,146
  1,278
  1,416
  1,561
  1,712
  1,869
  2,034
  2,205
  2,382
  2,567
  2,759
  2,959
  3,167
  3,382
  3,607
  3,840
  4,083
  4,336
Maintenance CAPEX, $m
  -32
  -42
  -53
  -66
  -81
  -98
  -117
  -138
  -162
  -187
  -214
  -243
  -273
  -306
  -340
  -376
  -414
  -454
  -495
  -538
  -583
  -629
  -677
  -728
  -780
  -834
  -890
  -949
  -1,010
  -1,073
New CAPEX, $m
  -95
  -113
  -131
  -151
  -171
  -191
  -211
  -231
  -251
  -270
  -289
  -308
  -326
  -344
  -361
  -378
  -395
  -412
  -429
  -447
  -465
  -483
  -502
  -522
  -542
  -564
  -586
  -610
  -634
  -661
Cash from investing activities, $m
  -127
  -155
  -184
  -217
  -252
  -289
  -328
  -369
  -413
  -457
  -503
  -551
  -599
  -650
  -701
  -754
  -809
  -866
  -924
  -985
  -1,048
  -1,112
  -1,179
  -1,250
  -1,322
  -1,398
  -1,476
  -1,559
  -1,644
  -1,734
Free cash flow, $m
  17
  33
  53
  78
  108
  144
  186
  233
  286
  345
  401
  471
  547
  628
  715
  806
  902
  1,003
  1,109
  1,220
  1,335
  1,455
  1,580
  1,710
  1,845
  1,985
  2,130
  2,281
  2,439
  2,602
Issuance/(repayment) of debt, $m
  80
  95
  111
  127
  144
  161
  178
  195
  212
  228
  244
  260
  275
  290
  305
  319
  334
  348
  363
  377
  393
  408
  424
  441
  458
  476
  495
  515
  536
  558
Issuance/(repurchase) of shares, $m
  49
  39
  25
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  129
  134
  136
  134
  144
  161
  178
  195
  212
  228
  244
  260
  275
  290
  305
  319
  334
  348
  363
  377
  393
  408
  424
  441
  458
  476
  495
  515
  536
  558
Total cash flow (excl. dividends), $m
  146
  167
  189
  212
  253
  305
  364
  428
  498
  574
  645
  731
  822
  918
  1,019
  1,125
  1,236
  1,352
  1,472
  1,597
  1,728
  1,863
  2,004
  2,150
  2,302
  2,461
  2,625
  2,796
  2,974
  3,160
Retained Cash Flow (-), $m
  -118
  -140
  -164
  -188
  -213
  -238
  -263
  -288
  -313
  -337
  -360
  -384
  -406
  -428
  -450
  -471
  -492
  -514
  -535
  -557
  -579
  -602
  -626
  -650
  -676
  -702
  -730
  -760
  -790
  -823
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  25
  32
  41
  51
  63
  76
  91
  108
  125
  145
  166
  188
  212
  238
  264
  292
  322
  353
  385
  418
  453
  489
  526
  565
  606
  648
  692
  737
  785
  834
Cash available for distribution, $m
  28
  26
  25
  24
  40
  67
  101
  140
  185
  237
  285
  348
  416
  490
  570
  654
  744
  838
  937
  1,040
  1,148
  1,261
  1,378
  1,500
  1,627
  1,758
  1,895
  2,037
  2,184
  2,337
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  27
  24
  22
  20
  31
  49
  68
  88
  107
  124
  135
  148
  158
  165
  167
  166
  162
  154
  144
  132
  119
  105
  90
  76
  63
  51
  41
  32
  24
  18
Current shareholders' claim on cash, %
  98.8
  98.1
  97.7
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6
  97.6

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals. As of December 31, 2016, it had partnerships and license agreements with over 85 pharmaceutical and biotechnology companies, and over 140 various programs under license with it were in various stages of commercialization and development. It has contributed research and technologies for approved medicines that treat cancer, osteoporosis, fungal infections and low blood platelets, among others.

FINANCIAL RATIOS  of  Ligand Pharmaceuticals (LGND)

Valuation Ratios
P/E Ratio -2592.6
Price to Sales 47.6
Price to Book 15.2
Price to Tangible Book
Price to Cash Flow 82.3
Price to Free Cash Flow 120.6
Growth Rates
Sales Growth Rate 51.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 38%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 8.5%
Total Debt to Equity 71%
Interest Coverage 5
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 23.3%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 68.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 94.5%
Gross Margin - 3 Yr. Avg. 90.3%
EBITDA Margin 19.3%
EBITDA Margin - 3 Yr. Avg. 32.1%
Operating Margin 40.4%
Oper. Margin - 3 Yr. Avg. 49.6%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 24.3%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 112%
Effective Tax Rate 125%
Eff/ Tax Rate - 3 Yr. Avg. -141.2%
Payout Ratio 0%

LGND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGND stock intrinsic value calculation we used $141 million for the last fiscal year's total revenue generated by Ligand Pharmaceuticals. The default revenue input number comes from 2017 income statement of Ligand Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LGND stock valuation model: a) initial revenue growth rate of 29.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for LGND is calculated based on our internal credit rating of Ligand Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ligand Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LGND stock the variable cost ratio is equal to 24.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for LGND stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ligand Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Ligand Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LGND stock is equal to 17.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LGND are equal to 227.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Ligand Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LGND is equal to 1.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $400 million for Ligand Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 21 million for Ligand Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ligand Pharmaceuticals at the current share price and the inputted number of shares is $5.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PFE Pfizer 42.09 24.58  sell
MRK Merck&Co 69.06 22.92  str.sell
AMGN Amgen 197.42 91.73  sell
BMY Bristol-Myers 60.89 54.20  hold
LLY Eli Lilly 105.55 51.30  sell
NVS Novartis ADR 83.04 59.65  sell
SNY Sanofi ADR 42.04 249.10  str.buy
AZN AstraZeneca AD 38.12 55.39  str.buy
GILD Gilead Science 72.92 138.49  str.buy

COMPANY NEWS

▶ 4 Under-the-Radar Small Cap Stars   [12:50PM  Investopedia]
▶ Profit Keeps Piling Up for Ligand Pharmaceuticals   [Aug-14-18 05:17PM  Motley Fool]
▶ [$$] 4 Hidden Small-Cap Gems   [01:41PM  Barrons.com]
▶ IBD 50's Ligand Crushes Views And Projects 2 Blockbuster Drugs   [05:12PM  Investor's Business Daily]
▶ Ligand: 2Q Earnings Snapshot   [04:15PM  Associated Press]
▶ Sometimes the Documents Are Wrong   [Jul-31-18 11:01AM  Bloomberg]
▶ 3 Top Biotech Stocks to Buy Right Now   [07:31AM  Motley Fool]
▶ Ligand to Report Second Quarter 2018 Results on August 6th   [Jul-09-18 09:00AM  Business Wire]
▶ Breakout Watch: Biotech Stock With 172% Growth Enters Buy Zone   [11:10AM  Investor's Business Daily]
▶ Ligand: 1Q Earnings Snapshot   [May-08-18 05:04PM  Associated Press]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.