Intrinsic value of Stepan - SCL

Previous Close

$78.97

  Intrinsic Value

$52.92

stock screener

  Rating & Target

sell

-33%

Previous close

$78.97

 
Intrinsic value

$52.92

 
Up/down potential

-33%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SCL 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.56
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  1,766
  1,937
  2,116
  2,302
  2,496
  2,698
  2,908
  3,126
  3,353
  3,588
  3,833
  4,087
  4,352
  4,627
  4,914
  5,213
  5,524
  5,848
  6,186
  6,539
  6,908
  7,293
  7,695
  8,115
  8,555
  9,014
  9,495
  9,999
  10,526
  11,079
  11,657
Variable operating expenses, $m
 
  1,803
  1,970
  2,143
  2,323
  2,511
  2,706
  2,909
  3,119
  3,338
  3,566
  3,800
  4,046
  4,302
  4,568
  4,846
  5,135
  5,436
  5,751
  6,079
  6,421
  6,779
  7,153
  7,544
  7,952
  8,380
  8,827
  9,295
  9,785
  10,298
  10,836
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
  1,640
  1,803
  1,970
  2,143
  2,323
  2,511
  2,706
  2,909
  3,119
  3,338
  3,566
  3,800
  4,046
  4,302
  4,568
  4,846
  5,135
  5,436
  5,751
  6,079
  6,421
  6,779
  7,153
  7,544
  7,952
  8,380
  8,827
  9,295
  9,785
  10,298
  10,836
Operating income, $m
  126
  134
  147
  160
  173
  188
  202
  218
  234
  250
  267
  288
  306
  326
  346
  367
  389
  412
  436
  460
  486
  514
  542
  571
  602
  635
  669
  704
  741
  780
  821
EBITDA, $m
  201
  216
  236
  257
  278
  301
  324
  349
  374
  400
  427
  456
  485
  516
  548
  581
  616
  652
  690
  729
  770
  813
  858
  905
  954
  1,005
  1,059
  1,115
  1,174
  1,236
  1,300
Interest expense (income), $m
  15
  13
  16
  20
  23
  26
  30
  34
  38
  42
  46
  51
  55
  60
  65
  70
  75
  81
  87
  93
  99
  106
  113
  120
  128
  136
  144
  152
  162
  171
  181
Earnings before tax, $m
  114
  121
  130
  140
  150
  161
  172
  184
  196
  208
  221
  237
  251
  266
  281
  297
  314
  331
  349
  368
  387
  408
  429
  451
  475
  499
  525
  552
  580
  609
  640
Tax expense, $m
  28
  33
  35
  38
  41
  43
  46
  50
  53
  56
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
  142
  149
  157
  164
  173
Net income, $m
  86
  88
  95
  102
  110
  118
  126
  134
  143
  152
  162
  173
  183
  194
  205
  217
  229
  241
  255
  268
  283
  298
  313
  329
  347
  364
  383
  403
  423
  445
  467

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  226
  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
  1,354
  1,237
  1,351
  1,470
  1,594
  1,723
  1,857
  1,996
  2,141
  2,291
  2,448
  2,610
  2,779
  2,955
  3,138
  3,329
  3,527
  3,734
  3,950
  4,176
  4,411
  4,657
  4,914
  5,182
  5,463
  5,756
  6,064
  6,385
  6,722
  7,074
  7,444
Adjusted assets (=assets-cash), $m
  1,128
  1,237
  1,351
  1,470
  1,594
  1,723
  1,857
  1,996
  2,141
  2,291
  2,448
  2,610
  2,779
  2,955
  3,138
  3,329
  3,527
  3,734
  3,950
  4,176
  4,411
  4,657
  4,914
  5,182
  5,463
  5,756
  6,064
  6,385
  6,722
  7,074
  7,444
Revenue / Adjusted assets
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
Average production assets, $m
  589
  645
  705
  767
  831
  899
  968
  1,041
  1,116
  1,195
  1,276
  1,361
  1,449
  1,541
  1,636
  1,736
  1,839
  1,947
  2,060
  2,178
  2,300
  2,428
  2,562
  2,702
  2,849
  3,002
  3,162
  3,330
  3,505
  3,689
  3,882
Working capital, $m
  389
  209
  229
  249
  270
  291
  314
  338
  362
  388
  414
  441
  470
  500
  531
  563
  597
  632
  668
  706
  746
  788
  831
  876
  924
  974
  1,026
  1,080
  1,137
  1,196
  1,259
Total debt, $m
  317
  356
  426
  499
  575
  654
  736
  822
  910
  1,003
  1,098
  1,198
  1,302
  1,409
  1,522
  1,638
  1,760
  1,887
  2,020
  2,158
  2,302
  2,453
  2,610
  2,775
  2,947
  3,127
  3,315
  3,512
  3,718
  3,935
  4,161
Total liabilities, $m
  719
  758
  828
  901
  977
  1,056
  1,138
  1,224
  1,312
  1,405
  1,500
  1,600
  1,704
  1,811
  1,924
  2,040
  2,162
  2,289
  2,422
  2,560
  2,704
  2,855
  3,012
  3,177
  3,349
  3,529
  3,717
  3,914
  4,120
  4,337
  4,563
Total equity, $m
  635
  479
  523
  569
  617
  667
  719
  773
  829
  887
  947
  1,010
  1,076
  1,144
  1,214
  1,288
  1,365
  1,445
  1,529
  1,616
  1,707
  1,802
  1,902
  2,005
  2,114
  2,228
  2,347
  2,471
  2,601
  2,738
  2,881
Total liabilities and equity, $m
  1,354
  1,237
  1,351
  1,470
  1,594
  1,723
  1,857
  1,997
  2,141
  2,292
  2,447
  2,610
  2,780
  2,955
  3,138
  3,328
  3,527
  3,734
  3,951
  4,176
  4,411
  4,657
  4,914
  5,182
  5,463
  5,757
  6,064
  6,385
  6,721
  7,075
  7,444
Debt-to-equity ratio
  0.499
  0.740
  0.820
  0.880
  0.930
  0.980
  1.020
  1.060
  1.100
  1.130
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.440
Adjusted equity ratio
  0.363
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  88
  95
  102
  110
  118
  126
  134
  143
  152
  162
  173
  183
  194
  205
  217
  229
  241
  255
  268
  283
  298
  313
  329
  347
  364
  383
  403
  423
  445
  467
Depreciation, amort., depletion, $m
  75
  82
  89
  97
  105
  113
  122
  131
  140
  150
  160
  168
  179
  190
  202
  214
  227
  240
  254
  269
  284
  300
  316
  334
  352
  371
  390
  411
  433
  455
  479
Funds from operations, $m
  235
  170
  184
  199
  215
  231
  248
  265
  283
  302
  322
  341
  362
  384
  407
  431
  456
  482
  509
  537
  567
  597
  630
  663
  698
  735
  773
  814
  856
  900
  946
Change in working capital, $m
  23
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  50
  52
  54
  57
  60
  62
Cash from operations, $m
  212
  152
  165
  179
  194
  209
  225
  242
  259
  277
  295
  314
  334
  355
  376
  399
  422
  447
  472
  499
  527
  556
  586
  618
  651
  685
  722
  759
  799
  840
  884
Maintenance CAPEX, $m
  0
  -73
  -80
  -87
  -95
  -103
  -111
  -120
  -129
  -138
  -148
  -158
  -168
  -179
  -190
  -202
  -214
  -227
  -240
  -254
  -269
  -284
  -300
  -316
  -334
  -352
  -371
  -390
  -411
  -433
  -455
New CAPEX, $m
  -103
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
Cash from investing activities, $m
  -131
  -130
  -140
  -149
  -160
  -170
  -181
  -193
  -204
  -216
  -230
  -243
  -256
  -271
  -285
  -301
  -318
  -335
  -353
  -372
  -392
  -412
  -434
  -456
  -480
  -505
  -531
  -558
  -587
  -617
  -648
Free cash flow, $m
  81
  22
  26
  30
  35
  39
  44
  49
  55
  60
  66
  71
  78
  84
  91
  97
  105
  112
  119
  127
  135
  144
  152
  161
  171
  181
  191
  201
  212
  224
  236
Issuance/(repayment) of debt, $m
  -14
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  165
  172
  180
  188
  197
  206
  216
  226
Issuance/(repurchase) of shares, $m
  2
  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  
  -13
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  165
  172
  180
  188
  197
  206
  216
  226
Total cash flow (excl. dividends), $m
  67
  90
  96
  103
  111
  118
  126
  135
  144
  153
  162
  171
  181
  192
  203
  214
  226
  239
  252
  265
  280
  294
  310
  326
  343
  361
  379
  398
  419
  440
  462
Retained Cash Flow (-), $m
  -78
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
Prev. year cash balance distribution, $m
 
  198
  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
 
  246
  52
  57
  63
  68
  75
  81
  88
  94
  101
  108
  116
  124
  132
  141
  149
  159
  168
  178
  188
  199
  210
  222
  234
  247
  260
  274
  288
  303
  319
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
 
  236
  47
  50
  52
  53
  54
  55
  55
  54
  53
  51
  49
  47
  44
  41
  38
  35
  31
  27
  24
  21
  17
  15
  12
  10
  8
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  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

Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a range of end products. The Company operates through three segments: Surfactants, Polymers and Specialty Products. The Company's principal markets include manufacturers of cleaning and washing compounds (including detergents, shampoos, fabric softeners, toothpastes and household cleaners), paints, cosmetics, food, beverages, nutritional supplements, agricultural products and plastics. Its Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. Its Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. Its Specialty Products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications.

FINANCIAL RATIOS  of  Stepan (SCL)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 16.2
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 45.5%
Total Debt to Equity 49.9%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 16.5%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 19.8%

SCL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCL stock intrinsic value calculation we used $1766 million for the last fiscal year's total revenue generated by Stepan. The default revenue input number comes from 2016 income statement of Stepan. 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 SCL stock valuation model: a) initial revenue growth rate of 9.7% 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 SCL is calculated based on our internal credit rating of Stepan, 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 Stepan.
    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 SCL stock the variable cost ratio is equal to 93.1%.

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 SCL 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 4.6% for Stepan.

Corporate tax rate of 27% is the nominal tax rate for Stepan. 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 SCL 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 SCL are equal to 33.3%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Stepan 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 SCL is equal to 10.8%. 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 - $635 million for Stepan - 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 22.667 million for Stepan 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 Stepan at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
MTX Minerals Techn 75.40 48.36  sell
IFF International 156.55 106.92  sell
UG United-Guardia 18.80 11.39  sell
OLN Olin 36.50 12.60  str.sell
HUN Huntsman 34.16 31.79  hold

COMPANY NEWS

▶ New Strong Sell Stocks for November 2nd   [Nov-02-17 08:44AM  Zacks]
▶ New Strong Sell Stocks for October 30th   [Oct-30-17 09:23AM  Zacks]
▶ ETFs with exposure to Stepan Co. : October 26, 2017   [Oct-26-17 10:46AM  Capital Cube]
▶ Stepan Co. posts 3Q profit   [07:13AM  Associated Press]
▶ Stepan Reports Third Quarter Results   [06:59AM  PR Newswire]
▶ Stepan Company to Host Earnings Call   [06:55AM  ACCESSWIRE]
▶ ETFs with exposure to Stepan Co. : October 16, 2017   [Oct-16-17 09:59AM  Capital Cube]
▶ ETFs with exposure to Stepan Co. : October 3, 2017   [Oct-03-17 11:35AM  Capital Cube]
▶ Stepan Co. posts 2Q profit   [Jul-26-17 09:28PM  Associated Press]
▶ Stepan Declares Quarterly Dividend   [07:00AM  PR Newswire]
▶ Stepan Company Announces Dividend Record Date Correction   [May-19-17 08:00PM  PR Newswire]
▶ ETFs with exposure to Stepan Co. : May 2, 2017   [May-02-17 04:36PM  Capital Cube]
▶ Stepan Co. posts 1Q profit   [07:32AM  Associated Press]
▶ Stepan Reports Record Quarterly Earnings   [06:59AM  PR Newswire]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ Stepan Co. posts 4Q profit   [07:27AM  Associated Press]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ Is Stepan Company (SCL) A Good Stock To Buy?   [Dec-12-16 10:28AM  at Insider Monkey]
▶ Six Dividend Machines Boosting Dividends   [Oct-24-16 10:56AM  at Insider Monkey]
Financial statements of SCL
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.