Intrinsic value of RGC Resources - RGCO

Previous Close

$28.80

  Intrinsic Value

$3.60

stock screener

  Rating & Target

str. sell

-87%

Previous close

$28.80

 
Intrinsic value

$3.60

 
Up/down potential

-87%

 
Rating

str. sell

We calculate the intrinsic value of RGCO 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 0.2

 

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, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  65
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
  203
  213
  223
  234
  246
Variable operating expenses, $m
  52
  54
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
  123
  128
  135
  141
  148
  156
  163
  171
  180
  189
  198
Fixed operating expenses, $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 operating expenses, $m
  52
  54
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
  123
  128
  135
  141
  148
  156
  163
  171
  180
  189
  198
Operating income, $m
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
EBITDA, $m
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
  73
Interest expense (income), $m
  2
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
Earnings before tax, $m
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
Tax expense, $m
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Net income, $m
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19

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
  191
  199
  207
  216
  226
  235
  246
  257
  269
  281
  294
  308
  323
  338
  354
  371
  389
  408
  428
  448
  470
  493
  517
  543
  570
  598
  627
  658
  691
  725
Adjusted assets (=assets-cash), $m
  191
  199
  207
  216
  226
  235
  246
  257
  269
  281
  294
  308
  323
  338
  354
  371
  389
  408
  428
  448
  470
  493
  517
  543
  570
  598
  627
  658
  691
  725
Revenue / Adjusted assets
  0.340
  0.337
  0.338
  0.338
  0.336
  0.340
  0.337
  0.339
  0.338
  0.338
  0.340
  0.338
  0.337
  0.340
  0.339
  0.340
  0.339
  0.338
  0.339
  0.339
  0.338
  0.339
  0.338
  0.339
  0.339
  0.339
  0.340
  0.339
  0.339
  0.339
Average production assets, $m
  146
  152
  159
  166
  173
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  378
  396
  416
  436
  458
  480
  504
  529
  555
Working capital, $m
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
Total debt, $m
  67
  72
  78
  83
  90
  96
  104
  111
  119
  127
  136
  145
  155
  165
  176
  188
  200
  212
  226
  240
  254
  270
  286
  303
  321
  340
  360
  380
  402
  425
Total liabilities, $m
  128
  134
  139
  145
  152
  158
  165
  173
  181
  189
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
  316
  331
  348
  365
  383
  402
  421
  442
  464
  487
Total equity, $m
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
  196
  206
  216
  227
  238
Total liabilities and equity, $m
  191
  199
  207
  216
  226
  235
  246
  257
  269
  281
  295
  308
  323
  338
  354
  371
  389
  408
  427
  448
  470
  493
  518
  543
  570
  598
  627
  658
  691
  725
Debt-to-equity ratio
  1.060
  1.100
  1.140
  1.180
  1.210
  1.250
  1.280
  1.320
  1.350
  1.380
  1.410
  1.440
  1.470
  1.490
  1.520
  1.540
  1.560
  1.590
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
  1.720
  1.730
  1.750
  1.760
  1.780
  1.790
Adjusted equity ratio
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
Depreciation, amort., depletion, $m
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
Funds from operations, $m
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
Change in working capital, $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 from operations, $m
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
Maintenance CAPEX, $m
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
New CAPEX, $m
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -18
  -18
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -44
  -46
  -48
  -50
Free cash flow, $m
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
Issuance/(repayment) of debt, $m
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
Total cash flow (excl. dividends), $m
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
Retained Cash Flow (-), $m
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
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
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  3
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

RGC Resources, Inc. (Resources) is an energy services company. The Company is engaged in the regulated sale and distribution of natural gas to residential, commercial and industrial customers in Roanoke, Virginia, and the surrounding localities, through its Roanoke Gas Company (Roanoke Gas) subsidiary. Roanoke Gas also provides certain non-regulated services. It maintains an integrated natural gas distribution system to deliver natural gas purchased from suppliers to residential, commercial and industrial users in its service territory. As of September 30, 2016, Resources had approximately 1,132 miles of transmission and distribution pipeline. As of September 30, 2016, Roanoke Gas owned and operated eight metering stations. It also owns a liquefied natural gas storage facility located in Botetourt County that has the capacity to store up to 220,000 dekatherm (DTH) of natural gas. The Company's subsidiaries also include Diversified Energy Company and RGC Midstream, LLC.

FINANCIAL RATIOS  of  RGC Resources (RGCO)

Valuation Ratios
P/E Ratio 34.8
Price to Sales 3.4
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow -26.1
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 101.7%
Total Debt to Equity 101.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 29%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 16.1%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 40%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 66.7%

RGCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGCO stock intrinsic value calculation we used $62.29687 million for the last fiscal year's total revenue generated by RGC Resources. The default revenue input number comes from 0001 income statement of RGC Resources. 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 RGCO stock valuation model: a) initial revenue growth rate of 4% 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 7.6%, whose default value for RGCO is calculated based on our internal credit rating of RGC Resources, 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 RGC Resources.
    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 RGCO stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RGCO 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 RGC Resources.

Corporate tax rate of 27% is the nominal tax rate for RGC Resources. 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 RGCO 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 RGCO are equal to 225.9%.

Life of production assets of 22 years is the average useful life of capital assets used in RGC Resources 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 RGCO is equal to 2%. 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 - $60.040472 million for RGC Resources - 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 7.987 million for RGC Resources 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 RGC Resources at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
CPK Chesapeake Uti 84.43 7.01  str.sell
ATO Atmos Energy 98.91 21.14  str.sell
OGS ONE Gas 83.32 25.44  str.sell
NI NiSource 25.31 13.67  sell
SWX Southwest Gas 84.37 77.48  hold

COMPANY NEWS

▶ RGC Resources, Inc. Reports Record Earnings   [Nov-15-18 04:30PM  GlobeNewswire]
▶ RGC Resources, Inc. to Host Earnings Call   [Aug-03-18 07:00AM  ACCESSWIRE]
▶ NasdaqGS Favorite Utilities Dividend Stocks   [May-09-18 08:02AM  Simply Wall St.]
▶ RGC Resources, Inc. to Host Earnings Call   [May-04-18 07:00AM  ACCESSWIRE]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [May-01-18 09:00AM  GlobeNewswire]
▶ RGC Resources, Inc. Reports Second Quarter Earnings   [Apr-30-18 04:30PM  GlobeNewswire]
▶ RGC Resources, Inc. Prices Public Offering of Common Stock   [Mar-15-18 08:45AM  GlobeNewswire]
▶ RGC Resources, Inc. Announces Common Stock Offering   [Mar-14-18 04:09PM  GlobeNewswire]
▶ Best Utilities Dividend Stocks In NasdaqGM   [Feb-08-18 07:02AM  Simply Wall St.]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [Feb-06-18 04:30PM  GlobeNewswire]
▶ RGC Resources, Inc. Reports First Quarter Earnings   [Feb-05-18 05:00PM  GlobeNewswire]
▶ RGC Resources posts 4Q profit   [Nov-15-17 05:16PM  Associated Press]
▶ RGC Resources, Inc. Reports Record Earnings   [05:00PM  GlobeNewswire]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [Sep-26-17 08:27AM  GlobeNewswire]
▶ RGC Resources, Inc. Files Shelf Registration Statement   [Aug-10-17 04:48PM  GlobeNewswire]
▶ RGC Resources posts 3Q profit   [Jul-31-17 10:24PM  Associated Press]
▶ ETFs with exposure to RGC Resources, Inc. : July 4, 2017   [Jul-04-17 03:25PM  Capital Cube]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [Jun-26-17 05:00PM  GlobeNewswire]
▶ RGC Resources posts 2Q profit   [May-01-17 05:06PM  Associated Press]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [Mar-27-17 05:00PM  GlobeNewswire]
▶ RGC Resources posts 1Q profit   [Feb-06-17 05:26PM  Associated Press]
▶ RGC Resources, Inc. Announces Three-for-Two Stock Split   [Jan-17-17 05:00PM  GlobeNewswire]
▶ RGC Resources, Inc. Reports Record Earnings   [05:00PM  GlobeNewswire]
▶ RGC Resources Stock Trades Ex-Dividend (RGCO)   [Oct-14-16 12:34PM  at Investopedia]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [Sep-28-16 05:00PM  GlobeNewswire]
▶ RGC Resources, Inc. Declares Quarterly Dividend   [Jun-27-16 05:00PM  GlobeNewswire]

CONTACT US       ASSET ALLOCATION

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

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