Intrinsic value of Radware - RDWR

Previous Close

$23.78

  Intrinsic Value

$9.40

stock screener

  Rating & Target

str. sell

-60%

Previous close

$23.78

 
Intrinsic value

$9.40

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of RDWR 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 1.0

 

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, %
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  227
  244
  261
  279
  297
  316
  336
  357
  379
  402
  425
  450
  475
  502
  530
  559
  590
  622
  655
  690
  727
  765
  805
  847
  891
  938
  986
  1,037
  1,090
  1,146
Variable operating expenses, $m
  136
  146
  156
  166
  177
  188
  200
  212
  225
  238
  247
  262
  277
  292
  308
  325
  343
  362
  381
  402
  423
  445
  469
  493
  519
  546
  574
  603
  634
  667
Fixed operating expenses, $m
  94
  96
  98
  100
  103
  105
  107
  109
  112
  114
  117
  119
  122
  125
  128
  130
  133
  136
  139
  142
  145
  148
  152
  155
  159
  162
  166
  169
  173
  177
Total operating expenses, $m
  230
  242
  254
  266
  280
  293
  307
  321
  337
  352
  364
  381
  399
  417
  436
  455
  476
  498
  520
  544
  568
  593
  621
  648
  678
  708
  740
  772
  807
  844
Operating income, $m
  -3
  2
  7
  12
  17
  23
  29
  36
  42
  49
  61
  69
  77
  85
  94
  104
  113
  124
  135
  146
  159
  171
  185
  199
  214
  230
  247
  264
  283
  302
EBITDA, $m
  9
  15
  20
  26
  33
  39
  46
  53
  61
  68
  77
  85
  94
  104
  114
  124
  135
  147
  159
  172
  186
  200
  215
  231
  247
  265
  283
  303
  323
  345
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  7
  8
  9
  10
  11
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  30
  32
  35
Earnings before tax, $m
  -3
  1
  5
  10
  15
  20
  25
  31
  37
  43
  53
  60
  67
  75
  83
  91
  100
  109
  119
  129
  140
  151
  163
  176
  189
  203
  218
  234
  250
  268
Tax expense, $m
  0
  0
  1
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  25
  27
  29
  32
  35
  38
  41
  44
  47
  51
  55
  59
  63
  68
  72
Net income, $m
  -3
  1
  4
  7
  11
  14
  18
  22
  27
  31
  39
  44
  49
  55
  60
  66
  73
  80
  87
  94
  102
  110
  119
  128
  138
  148
  159
  171
  183
  196

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
  404
  434
  464
  496
  529
  563
  599
  636
  674
  714
  756
  800
  846
  894
  943
  995
  1,050
  1,107
  1,166
  1,228
  1,293
  1,362
  1,433
  1,508
  1,586
  1,668
  1,755
  1,845
  1,939
  2,039
Adjusted assets (=assets-cash), $m
  404
  434
  464
  496
  529
  563
  599
  636
  674
  714
  756
  800
  846
  894
  943
  995
  1,050
  1,107
  1,166
  1,228
  1,293
  1,362
  1,433
  1,508
  1,586
  1,668
  1,755
  1,845
  1,939
  2,039
Revenue / Adjusted assets
  0.562
  0.562
  0.563
  0.563
  0.561
  0.561
  0.561
  0.561
  0.562
  0.563
  0.562
  0.563
  0.561
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
Average production assets, $m
  47
  50
  54
  58
  62
  65
  70
  74
  78
  83
  88
  93
  98
  104
  110
  116
  122
  129
  136
  143
  150
  158
  167
  175
  185
  194
  204
  215
  226
  237
Working capital, $m
  -65
  -69
  -74
  -79
  -85
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -254
  -267
  -281
  -295
  -311
  -327
Total debt, $m
  12
  24
  36
  49
  62
  76
  91
  106
  122
  138
  156
  174
  192
  212
  232
  253
  276
  299
  323
  349
  375
  403
  432
  463
  495
  529
  564
  601
  640
  680
Total liabilities, $m
  165
  177
  190
  203
  216
  230
  245
  260
  276
  292
  309
  327
  346
  365
  386
  407
  429
  453
  477
  502
  529
  557
  586
  617
  649
  682
  718
  755
  793
  834
Total equity, $m
  239
  256
  274
  293
  312
  333
  354
  376
  398
  422
  447
  473
  500
  528
  557
  588
  620
  654
  689
  726
  764
  805
  847
  891
  937
  986
  1,037
  1,090
  1,146
  1,205
Total liabilities and equity, $m
  404
  433
  464
  496
  528
  563
  599
  636
  674
  714
  756
  800
  846
  893
  943
  995
  1,049
  1,107
  1,166
  1,228
  1,293
  1,362
  1,433
  1,508
  1,586
  1,668
  1,755
  1,845
  1,939
  2,039
Debt-to-equity ratio
  0.050
  0.090
  0.130
  0.170
  0.200
  0.230
  0.260
  0.280
  0.310
  0.330
  0.350
  0.370
  0.380
  0.400
  0.420
  0.430
  0.440
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.560
Adjusted equity ratio
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  1
  4
  7
  11
  14
  18
  22
  27
  31
  39
  44
  49
  55
  60
  66
  73
  80
  87
  94
  102
  110
  119
  128
  138
  148
  159
  171
  183
  196
Depreciation, amort., depletion, $m
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
Funds from operations, $m
  9
  14
  18
  22
  26
  30
  35
  40
  45
  50
  55
  61
  67
  73
  80
  87
  95
  103
  111
  120
  129
  139
  149
  160
  171
  183
  196
  209
  223
  238
Change in working capital, $m
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
Cash from operations, $m
  14
  19
  23
  27
  31
  36
  41
  46
  51
  57
  61
  68
  74
  81
  88
  95
  103
  112
  120
  130
  139
  150
  160
  172
  184
  196
  210
  224
  238
  254
Maintenance CAPEX, $m
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
New CAPEX, $m
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from investing activities, $m
  -11
  -11
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -34
  -35
  -36
  -39
  -40
  -43
  -45
  -47
  -49
  -52
Free cash flow, $m
  3
  7
  10
  14
  17
  21
  25
  29
  33
  38
  42
  47
  52
  58
  64
  70
  76
  83
  91
  98
  106
  115
  124
  133
  143
  154
  165
  177
  189
  202
Issuance/(repayment) of debt, $m
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
Issuance/(repurchase) of shares, $m
  20
  17
  14
  11
  9
  6
  3
  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  
  32
  29
  26
  24
  22
  20
  18
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
Total cash flow (excl. dividends), $m
  34
  35
  37
  38
  39
  41
  42
  44
  49
  54
  59
  65
  71
  77
  84
  91
  99
  107
  115
  124
  133
  143
  153
  164
  175
  187
  200
  213
  228
  243
Retained Cash Flow (-), $m
  -20
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
Prev. year cash balance distribution, $m
  94
  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
  108
  18
  19
  19
  20
  20
  21
  22
  26
  31
  34
  39
  44
  49
  55
  60
  66
  73
  80
  87
  94
  102
  111
  120
  129
  139
  149
  160
  172
  184
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
  104
  17
  16
  16
  15
  15
  14
  14
  15
  16
  16
  17
  17
  16
  16
  15
  14
  13
  12
  11
  10
  8
  7
  6
  5
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  97.3
  95.3
  93.7
  92.5
  91.7
  91.2
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0

Radware Ltd. is a provider of cyber security and application delivery solutions. The Company's solutions incorporate Distributed Denial of Service protection, Web application firewall (WAF) and Application Delivery Controllers (ADC) technologies to enable its customers to provide cyber-attack mitigation solutions for a range of applications. The Company's products and activities are focused on protecting against cyber-attacks and ensuring optimal application service level for enterprises' and carriers' data centers. Its solutions include application and network security, and application delivery. Its application and network Security products include DefensePro Attack Mitigation Device, AppWall Web Application Firewall, DefenseFlow Cyber Command and Control application, and DefensePipe Cloud Scrubbing Service. Its application delivery products include Alteon NG, LinkProof NG and FastView. Its management solutions include APSolute Vision, application performance monitoring and vDirect.

FINANCIAL RATIOS  of  Radware (RDWR)

Valuation Ratios
P/E Ratio -114.1
Price to Sales 5.2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 27
Price to Free Cash Flow 35.4
Growth Rates
Sales Growth Rate -9.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.7%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity -2.9%
Return On Equity - 3 Yr. Avg. 3.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 81.7%
Gross Margin - 3 Yr. Avg. 81.9%
EBITDA Margin 1.5%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin -6.1%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin -3.6%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin -4.6%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate -28.6%
Eff/ Tax Rate - 3 Yr. Avg. 3.9%
Payout Ratio 0%

RDWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RDWR stock intrinsic value calculation we used $211.369 million for the last fiscal year's total revenue generated by Radware. The default revenue input number comes from 0001 income statement of Radware. 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 RDWR stock valuation model: a) initial revenue growth rate of 7.5% 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 RDWR is calculated based on our internal credit rating of Radware, 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 Radware.
    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 RDWR stock the variable cost ratio is equal to 60.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $92 million in the base year in the intrinsic value calculation for RDWR 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 Radware.

Corporate tax rate of 27% is the nominal tax rate for Radware. 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 RDWR 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 RDWR are equal to 20.7%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Radware 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 RDWR is equal to -28.5%. 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 - $315.356 million for Radware - 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 43.755 million for Radware 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 Radware at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
FFIV F5 Networks 179.20 126.74  sell
ATEN A10 Networks 6.22 13.91  str.buy
ALLT Allot Communic 7.13 1.56  str.sell
CTXS Citrix Systems 107.65 98.62  hold
CHKP Check Point So 113.54 81.07  sell
JNPR Juniper Networ 28.32 40.24  buy
HPQ HP 24.17 36.87  str.buy
CSCO Cisco Systems 46.77 56.44  buy

COMPANY NEWS

▶ Is Radware Ltds (NASDAQ:RDWR) CEO Incentives Align With Yours?   [Nov-13-18 11:19AM  Simply Wall St.]
▶ Radware: 3Q Earnings Snapshot   [06:13AM  Associated Press]
▶ How Financially Strong Is Radware Ltd (NASDAQ:RDWR)?   [Oct-08-18 11:59AM  Simply Wall St.]
▶ Radware (RDWR) Enters Oversold Territory   [Sep-21-18 07:28AM  Zacks]
▶ Radware Reports Results of Annual General Meeting   [Sep-10-18 06:00AM  GlobeNewswire]
▶ Radware Announces 2018 Annual General Meeting   [Aug-02-18 06:00AM  GlobeNewswire]
▶ Radware Ltd. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Radware: 2Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Radware Ltd. to Host Earnings Call   [May-02-18 06:30AM  ACCESSWIRE]
▶ Radware: 1Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Radware Selected to Protect Asian Government Branch   [Apr-24-18 06:00AM  GlobeNewswire]
▶ Radware Joins the Cyber Threat Alliance   [Apr-16-18 09:00AM  GlobeNewswire]
▶ Radware Ltd. to Host Earnings Call   [Feb-07-18 07:00AM  ACCESSWIRE]
▶ Radware beats Street 4Q forecasts   [06:31AM  Associated Press]
▶ Radware Expands Cloud Security and Global Footprint   [Jan-23-18 06:00AM  GlobeNewswire]
▶ Radware Report Highlights Rise in Ransom Hacks   [Jan-16-18 06:00AM  GlobeNewswire]
▶ ETFs with exposure to Radware Ltd. : November 17, 2017   [Nov-17-17 12:47PM  Capital Cube]
▶ ETFs with exposure to Radware Ltd. : November 6, 2017   [Nov-06-17 12:24PM  Capital Cube]
▶ Is It Too Late To Buy Radware Ltd (RDWR)?   [Nov-01-17 12:45PM  Simply Wall St.]
▶ Radware Ltd. to Host Earnings Call   [06:25AM  ACCESSWIRE]
▶ Radware reports 3Q loss   [06:09AM  Associated Press]
▶ ETFs with exposure to Radware Ltd. : October 27, 2017   [Oct-27-17 11:13AM  Capital Cube]
▶ Radware Reports Results of Annual General Meeting   [Sep-22-17 06:00AM  GlobeNewswire]
▶ Radware Announces 2017 Annual General Meeting   [Aug-08-17 06:00AM  GlobeNewswire]
▶ Radware reports 2Q loss   [Aug-02-17 09:54PM  Associated Press]

CONTACT US       ASSET ALLOCATION

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

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