Intrinsic value of Rosetta Stone - RST

Previous Close

$17.66

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$17.66

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of RST 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 0.4

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  188
  193
  198
  203
  209
  216
  223
  231
  240
  249
  259
  270
  281
  293
  305
  319
  333
  348
  364
  380
  398
  416
  436
  457
  478
  501
  525
  551
  577
  606
Variable operating expenses, $m
  215
  219
  225
  231
  238
  245
  253
  262
  272
  282
  286
  297
  310
  323
  337
  352
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  637
  668
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
  215
  219
  225
  231
  238
  245
  253
  262
  272
  282
  286
  297
  310
  323
  337
  352
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  637
  668
Operating income, $m
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
EBITDA, $m
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
Interest expense (income), $m
  0
  0
  -2
  -2
  -1
  0
  2
  3
  4
  6
  8
  9
  11
  13
  15
  18
  20
  23
  25
  28
  31
  34
  38
  41
  45
  49
  53
  58
  62
  67
  72
Earnings before tax, $m
  -27
  -25
  -26
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -36
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -99
  -105
  -112
  -119
  -127
  -135
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
  -27
  -25
  -26
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -36
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -99
  -105
  -112
  -119
  -127
  -135

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
  198
  203
  208
  214
  220
  227
  235
  244
  253
  262
  273
  284
  295
  308
  321
  335
  350
  366
  383
  400
  419
  438
  459
  481
  504
  528
  553
  580
  608
  637
Adjusted assets (=assets-cash), $m
  198
  203
  208
  214
  220
  227
  235
  244
  253
  262
  273
  284
  295
  308
  321
  335
  350
  366
  383
  400
  419
  438
  459
  481
  504
  528
  553
  580
  608
  637
Revenue / Adjusted assets
  0.949
  0.951
  0.952
  0.949
  0.950
  0.952
  0.949
  0.947
  0.949
  0.950
  0.949
  0.951
  0.953
  0.951
  0.950
  0.952
  0.951
  0.951
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.948
  0.949
  0.949
  0.950
  0.949
  0.951
Average production assets, $m
  64
  65
  67
  69
  71
  73
  76
  78
  81
  84
  88
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  205
Working capital, $m
  -102
  -105
  -107
  -110
  -114
  -117
  -121
  -126
  -130
  -135
  -141
  -146
  -152
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -299
  -314
  -329
Total debt, $m
  -12
  -8
  -3
  2
  8
  15
  22
  29
  37
  46
  55
  65
  76
  87
  99
  112
  125
  139
  154
  170
  187
  205
  223
  243
  263
  285
  308
  332
  357
  384
Total liabilities, $m
  178
  182
  187
  192
  198
  205
  212
  219
  227
  236
  245
  255
  266
  277
  289
  302
  315
  329
  344
  360
  377
  395
  413
  433
  453
  475
  498
  522
  547
  574
Total equity, $m
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
Total liabilities and equity, $m
  198
  202
  208
  213
  220
  228
  236
  243
  252
  262
  272
  283
  296
  308
  321
  336
  350
  366
  382
  400
  419
  439
  459
  481
  503
  528
  553
  580
  608
  638
Debt-to-equity ratio
  -0.590
  -0.370
  -0.140
  0.110
  0.370
  0.640
  0.920
  1.200
  1.480
  1.750
  2.030
  2.300
  2.570
  2.830
  3.090
  3.330
  3.570
  3.810
  4.030
  4.250
  4.460
  4.670
  4.860
  5.050
  5.230
  5.400
  5.560
  5.720
  5.870
  6.020
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -27
  -25
  -26
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -36
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -99
  -105
  -112
  -119
  -127
  -135
Depreciation, amort., depletion, $m
  15
  15
  15
  15
  16
  16
  16
  17
  17
  17
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
Funds from operations, $m
  -12
  -10
  -11
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -28
  -31
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -103
  -110
Change in working capital, $m
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from operations, $m
  -10
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -30
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -58
  -62
  -67
  -72
  -77
  -82
  -88
  -94
Maintenance CAPEX, $m
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
New CAPEX, $m
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
Cash from investing activities, $m
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
Free cash flow, $m
  -19
  -17
  -18
  -19
  -21
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -106
  -113
  -120
  -128
Issuance/(repayment) of debt, $m
  -14
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Issuance/(repurchase) of shares, $m
  44
  25
  26
  28
  30
  32
  34
  36
  39
  41
  37
  40
  43
  47
  51
  54
  59
  63
  67
  72
  77
  83
  89
  95
  101
  108
  115
  122
  130
  138
Cash from financing (excl. dividends), $m  
  30
  29
  31
  33
  36
  38
  41
  44
  47
  50
  46
  50
  54
  58
  63
  67
  72
  77
  82
  88
  94
  101
  108
  115
  122
  130
  138
  146
  155
  165
Total cash flow (excl. dividends), $m
  11
  13
  13
  14
  15
  16
  16
  17
  18
  19
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
Retained Cash Flow (-), $m
  -44
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -37
  -40
  -43
  -47
  -51
  -54
  -59
  -63
  -67
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -130
  -138
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
  -33
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -21
  -22
  -24
  -27
  -29
  -31
  -34
  -37
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -68
  -73
  -78
  -83
  -89
  -95
  -101
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
  -32
  -11
  -11
  -11
  -11
  -12
  -12
  -12
  -12
  -12
  -12
  -11
  -11
  -11
  -10
  -9
  -9
  -8
  -7
  -6
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  35.4
  31.4
  27.8
  24.5
  21.5
  18.8
  16.4
  14.2
  12.3
  10.5
  9.2
  8.0
  7.0
  6.0
  5.2
  4.4
  3.8
  3.2
  2.7
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3

Rosetta Stone Inc. (Rosetta Stone) offers personalized language and reading programs. The Company's solutions are used by schools, businesses, government organizations and individuals around the world. Its segments include Enterprise & Education, which derives revenues from sales to educational institutions, corporations and government agencies worldwide, and Consumer, which derives revenue from sales to individuals and retail partners. Its cloud-based programs allow users to learn online or on-the-go via tablet or smartphone, whether in a classroom, corporate setting, or personal learning environment. Its Fit Brains business offers personalized brain training programs. The Company offers courses in over 30 languages across formats, including Web-based software subscriptions, digital downloads, mobile applications, and perpetual compact disc packages. It also offers a portfolio of technology-based learning products for personal use to the global consumer.

FINANCIAL RATIOS  of  Rosetta Stone (RST)

Valuation Ratios
P/E Ratio -14.2
Price to Sales 2
Price to Book -198.2
Price to Tangible Book
Price to Cash Flow 396.5
Price to Free Cash Flow -33
Growth Rates
Sales Growth Rate -11%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.4%
Cap. Spend. - 3 Yr. Gr. Rate 7.6%
Financial Strength
Quick Ratio 36
Current Ratio 0.1
LT Debt to Equity -100%
Total Debt to Equity -150%
Interest Coverage 0
Management Effectiveness
Return On Assets -13.2%
Ret/ On Assets - 3 Yr. Avg. -19%
Return On Total Capital -215.4%
Ret/ On T. Cap. - 3 Yr. Avg. -130.8%
Return On Equity -280%
Return On Equity - 3 Yr. Avg. -155.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 82.5%
Gross Margin - 3 Yr. Avg. 81.5%
EBITDA Margin -6.2%
EBITDA Margin - 3 Yr. Avg. -15.4%
Operating Margin -13.9%
Oper. Margin - 3 Yr. Avg. -21.3%
Pre-Tax Margin -12.9%
Pre-Tax Margin - 3 Yr. Avg. -21.5%
Net Profit Margin -14.4%
Net Profit Margin - 3 Yr. Avg. -21.4%
Effective Tax Rate -12%
Eff/ Tax Rate - 3 Yr. Avg. -2.2%
Payout Ratio 0%

RST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RST stock intrinsic value calculation we used $184.593 million for the last fiscal year's total revenue generated by Rosetta Stone. The default revenue input number comes from 0001 income statement of Rosetta Stone. 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 RST stock valuation model: a) initial revenue growth rate of 2% 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 RST is calculated based on our internal credit rating of Rosetta Stone, 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 Rosetta Stone.
    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 RST stock the variable cost ratio is equal to 114.1%.

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 RST 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 20.2% for Rosetta Stone.

Corporate tax rate of 27% is the nominal tax rate for Rosetta Stone. 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 RST 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 RST are equal to 33.9%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Rosetta Stone 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 RST is equal to -54.3%. 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 - $2.423 million for Rosetta Stone - 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 22.809 million for Rosetta Stone 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 Rosetta Stone at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SCHL Scholastic 46.75 9.01  str.sell
AMZN Amazon.com 1,619.44 2,694.69  buy
MSFT Microsoft 107.28 189.75  str.buy
ABCD Cambium Learni 14.44 2.76  str.sell
CBS CBS Cl B 57.30 66.10  buy

COMPANY NEWS

▶ Rosetta Stone: 3Q Earnings Snapshot   [Nov-06-18 08:06AM  Associated Press]
▶ Rosetta Stone Hires Seasoned Technology Executive   [Aug-21-18 09:00AM  GlobeNewswire]
▶ Rosetta Stone: 2Q Earnings Snapshot   [Aug-02-18 06:37PM  Associated Press]
▶ 9 A-Rated Cheap Stocks to Consider   [Jul-20-18 02:24PM  InvestorPlace]
▶ Rosetta Stone Stock Wins a Buy Rating   [Jun-26-18 01:07PM  Motley Fool]
▶ Rosetta Stone: 1Q Earnings Snapshot   [May-09-18 05:56PM  Associated Press]
▶ How Financially Strong Is Rosetta Stone Inc (NYSE:RST)?   [Apr-25-18 04:42PM  Simply Wall St.]
▶ Rosetta Stone posts 4Q profit   [Mar-07-18 07:00PM  Associated Press]
▶ Rosetta Stone Q4 Earnings Preview   [09:51AM  Benzinga]
▶ Is Rosetta Stone Incs (NYSE:RST) CEO Pay Fair?   [Dec-13-17 01:54PM  Simply Wall St.]
▶ Rosetta Stone reports 3Q loss   [05:39AM  Associated Press]
▶ Rosetta Stone Inc. Reports Third Quarter 2017 Results   [Nov-02-17 04:16PM  GlobeNewswire]
▶ Should You Be Holding Rosetta Stone Inc (RST) Right Now?   [Sep-30-17 06:57PM  Simply Wall St.]
▶ Lexia Learning Releases iPad App for Lexia RAPID Assessment   [Sep-07-17 09:00AM  GlobeNewswire]
▶ Schlumberger, Nathan's Famous rise; BofA, Nvidia fall   [Sep-05-17 04:26PM  Associated Press]
▶ [$$] Oui! Rosetta Stone Offers 50% Upside   [07:49AM  Barrons.com]
▶ Duolingo Approaches Tech "Unicorn" Status   [Aug-06-17 10:13AM  Motley Fool]
▶ John Rogers of Ariel Fund Reduces 4 Positions   [Jun-09-17 07:08PM  GuruFocus.com]
▶ Why Rosetta (RST) Could Shock the Market Soon   [May-23-17 08:53AM  Zacks]
▶ ETFs with exposure to Rosetta Stone, Inc. : May 12, 2017   [May-12-17 04:26PM  Capital Cube]
▶ Rosetta Stone's turnaround effort hits a new milestone   [06:15AM  American City Business Journals]

CONTACT US       ASSET ALLOCATION

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

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