Intrinsic value of Net Element - NETE

Previous Close

$6.38

  Intrinsic Value

$0.03

stock screener

  Rating & Target

str. sell

-100%

Previous close

$6.38

 
Intrinsic value

$0.03

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of NETE 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 0001), $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 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
Revenue, $m
  71
  82
  95
  109
  123
  139
  155
  172
  191
  210
  229
  250
  272
  294
  317
  342
  367
  393
  420
  448
  478
  508
  540
  573
  608
  644
  681
  720
  761
  804
Variable operating expenses, $m
  68
  79
  91
  104
  118
  133
  148
  164
  182
  199
  217
  236
  257
  278
  300
  323
  347
  372
  397
  424
  452
  481
  511
  542
  575
  609
  644
  681
  720
  760
Fixed operating expenses, $m
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
Total operating expenses, $m
  78
  89
  102
  115
  129
  144
  160
  176
  194
  211
  230
  249
  270
  292
  314
  337
  361
  387
  412
  439
  468
  497
  527
  559
  592
  627
  662
  699
  739
  779
Operating income, $m
  -8
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -3
  -2
  0
  1
  1
  2
  3
  4
  5
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  24
EBITDA, $m
  -5
  -4
  -4
  -3
  -2
  -1
  0
  1
  2
  3
  5
  6
  7
  9
  10
  12
  13
  15
  17
  18
  20
  22
  24
  26
  29
  31
  33
  36
  39
  41
Interest expense (income), $m
  0
  1
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
Earnings before tax, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
Tax expense, $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
Net income, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24

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
  38
  44
  51
  59
  66
  75
  84
  93
  103
  113
  124
  135
  146
  158
  171
  184
  198
  212
  226
  242
  257
  274
  291
  309
  327
  347
  367
  388
  410
  433
Adjusted assets (=assets-cash), $m
  38
  44
  51
  59
  66
  75
  84
  93
  103
  113
  124
  135
  146
  158
  171
  184
  198
  212
  226
  242
  257
  274
  291
  309
  327
  347
  367
  388
  410
  433
Revenue / Adjusted assets
  1.868
  1.864
  1.863
  1.847
  1.864
  1.853
  1.845
  1.849
  1.854
  1.858
  1.847
  1.852
  1.863
  1.861
  1.854
  1.859
  1.854
  1.854
  1.858
  1.851
  1.860
  1.854
  1.856
  1.854
  1.859
  1.856
  1.856
  1.856
  1.856
  1.857
Average production assets, $m
  8
  9
  10
  12
  14
  15
  17
  19
  21
  23
  25
  28
  30
  32
  35
  38
  40
  43
  46
  49
  53
  56
  59
  63
  67
  71
  75
  79
  84
  88
Working capital, $m
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
Total debt, $m
  10
  14
  18
  23
  27
  32
  37
  43
  49
  55
  61
  68
  74
  82
  89
  97
  105
  113
  122
  131
  140
  150
  160
  171
  182
  193
  205
  218
  231
  244
Total liabilities, $m
  23
  26
  30
  35
  39
  44
  49
  55
  61
  67
  73
  80
  87
  94
  101
  109
  117
  125
  134
  143
  152
  162
  172
  183
  194
  205
  217
  230
  243
  256
Total equity, $m
  16
  18
  21
  24
  27
  31
  34
  38
  42
  46
  50
  55
  60
  65
  70
  75
  81
  86
  92
  99
  105
  112
  119
  126
  134
  142
  150
  158
  167
  177
Total liabilities and equity, $m
  39
  44
  51
  59
  66
  75
  83
  93
  103
  113
  123
  135
  147
  159
  171
  184
  198
  211
  226
  242
  257
  274
  291
  309
  328
  347
  367
  388
  410
  433
Debt-to-equity ratio
  0.670
  0.780
  0.870
  0.940
  1.000
  1.050
  1.100
  1.130
  1.160
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.370
  1.370
  1.370
  1.380
  1.380
Adjusted equity ratio
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
Depreciation, amort., depletion, $m
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
Funds from operations, $m
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  -6
  -6
  -6
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -4
  -4
  -4
  -4
  -4
  -4
  -3
Maintenance CAPEX, $m
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
New CAPEX, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
Cash from investing activities, $m
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -21
Free cash flow, $m
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
Issuance/(repayment) of debt, $m
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
Issuance/(repurchase) of shares, $m
  11
  12
  13
  13
  14
  14
  15
  15
  16
  17
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  27
  28
  29
  31
  32
  33
Cash from financing (excl. dividends), $m  
  14
  16
  17
  17
  19
  19
  20
  21
  22
  23
  22
  24
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  35
  37
  38
  39
  41
  43
  45
  47
Total cash flow (excl. dividends), $m
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
Retained Cash Flow (-), $m
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
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
  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 available for distribution, $m
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -10
  -11
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
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  68.2
  48.2
  35.2
  26.4
  20.2
  15.8
  12.5
  10.1
  8.2
  6.8
  5.7
  4.9
  4.2
  3.6
  3.1
  2.7
  2.4
  2.1
  1.8
  1.6
  1.4
  1.3
  1.1
  1.0
  0.9
  0.8
  0.7
  0.7
  0.6
  0.5

Net Element, Inc., a global payments-as-a-service company, operates as a technology provider with an integrated mobile and transactional services platform serving emerging market clients. It operates through North America Transaction Solutions, Mobile Solutions, and Online Solutions segments. The North America Transaction Solutions segment provides technology and services for businesses require to accept cashless transaction for retail card-present, e-commerce, or card-not-present mail order/telephone order transactions, as well as offers mobile payment services, merchant performance analytical tools, merchant back office reporting, and cloud-based Aptito, a point of sale (POS) platform, which includes hospitality, mobile POS, and small to medium sized business retail POS applications. The Mobile Solutions segment provides an integrated mobile billing and mobile commerce solution for digital merchants, such as social networks, game developers, online magazines, mobile applications, and digital media operators to monetize their content in a mobile environment. It also offers various mobile payment solutions for Web services and mobile applications. This segment provides mobile users to pay for purchases via mobile device, interactive device, or Web without a credit card or a bank account. The Online Solutions segment operates PayOnline that provide a range of value-added solutions utilizing its integrated platform agnostic electronic commerce that simplifies enterprise online transaction processing challenges from payment acceptance and processing through risk prevention, and payment security via point-to-point encryption and tokenization solutions. It operates in North America, Russia, and Commonwealth of Independent States. The company was formerly known as Net Element International, Inc. and changed its name to Net Element, Inc. in December 2013. Net Element, Inc. was founded in 2004 and is headquartered in North Miami Beach, Florida.

FINANCIAL RATIOS  of  Net Element (NETE)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NETE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NETE stock intrinsic value calculation we used $60.064824 million for the last fiscal year's total revenue generated by Net Element. The default revenue input number comes from 0001 income statement of Net Element. 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 NETE stock valuation model: a) initial revenue growth rate of 17.8% 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 NETE is calculated based on our internal credit rating of Net Element, 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 Net Element.
    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 NETE stock the variable cost ratio is equal to 96.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for NETE 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 20.8% for Net Element.

Corporate tax rate of 27% is the nominal tax rate for Net Element. 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 NETE stock is equal to 0%.

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 NETE are equal to 11%.

Life of production assets of 5.2 years is the average useful life of capital assets used in Net Element 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 NETE is equal to -7.4%. 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 - $13.182714 million for Net Element - 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 3.856 million for Net Element 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 Net Element at the current share price and the inputted number of shares is $0.0 billion.

COMPANY NEWS

▶ NETE: Net Element Announces Deals That Should Improve Gross Margin   [Aug-16-18 03:30PM  Zacks Small Cap Research]
▶ SeeThruEquity Issues Update on Net Element, Inc.   [Aug-06-18 09:00AM  ACCESSWIRE]
▶ NETE: Q1 2018 Results Show Revenue Growth Declining Losses   [May-16-18 01:30PM  Zacks Small Cap Research]
▶ [$$] Net Element's Amazing Cast   [Apr-28-18 12:01AM  Barrons.com]
▶ [$$] The Tech Company That Couldn't Invest Straight   [Apr-27-18 02:55PM  Barrons.com]
▶ JGR Capital Initiates Coverage on Net Element, Inc.   [Apr-17-18 08:30AM  Newsfile]
▶ Are Net Element Incs (NASDAQ:NETE) Interest Costs Too High?   [Apr-13-18 11:35AM  Simply Wall St.]
▶ SeeThruEquity Issues Update on Net Element, Inc.   [Apr-10-18 09:25AM  ACCESSWIRE]
▶ NETE: NETE Closes Out 2017 With 11% Growth And Declining Losses   [Apr-06-18 09:45AM  Zacks Small Cap Research]
▶ Is It The Right Time To Buy Net Element Inc (NASDAQ:NETE)?   [Mar-13-18 04:54PM  Simply Wall St.]
▶ Net Element Stock Breaks Out After Najarian Joins Board   [Mar-08-18 06:18PM  Investopedia]
▶ Net Element Joins the Enterprise Ethereum Alliance   [Feb-21-18 08:45AM  GlobeNewswire]
▶ Net Element Releases Letter to Shareholders   [Jan-24-18 08:30AM  GlobeNewswire]
▶ What's behind Merrill Lynch's bitcoin ban   [Jan-04-18 11:24AM  Yahoo Finance Video]
▶ Bitcoin's next big surge will have to wait a bit   [11:04AM  Yahoo Finance Video]
▶ SeeThruEquity Issues Company Update on Net Element   [Dec-26-17 09:00AM  ACCESSWIRE]
▶ Here Are The Latest Stocks Joining The Bitcoin Frenzy   [08:42AM  Investor's Business Daily]
▶ What Does Net Element Incs (NETE) Share Price Indicate?   [Nov-30-17 08:35AM  Simply Wall St.]
▶ SeeThruEquity Issues Company Update on Net Element   [Nov-21-17 09:00AM  ACCESSWIRE]
▶ Is Net Element Inc (NETE) A Financially Sound Company?   [Nov-15-17 07:37AM  Simply Wall St.]
▶ Net Element Reports Third Quarter 2017 Results   [Nov-14-17 04:31PM  Marketwired]

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