Intrinsic value of Scansource - SCSC

Previous Close

$42.45

  Intrinsic Value

$46.43

stock screener

  Rating & Target

hold

+9%

Previous close

$42.45

 
Intrinsic value

$46.43

 
Up/down potential

+9%

 
Rating

hold

We calculate the intrinsic value of SCSC 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 2017), $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 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  3,639
  3,723
  3,819
  3,926
  4,045
  4,176
  4,318
  4,472
  4,638
  4,816
  5,006
  5,209
  5,426
  5,656
  5,900
  6,158
  6,432
  6,721
  7,027
  7,350
  7,691
  8,050
  8,429
  8,828
  9,248
  9,690
  10,156
  10,646
  11,162
  11,704
Variable operating expenses, $m
  3,537
  3,618
  3,710
  3,813
  3,928
  4,054
  4,191
  4,339
  4,499
  4,670
  4,824
  5,019
  5,228
  5,449
  5,684
  5,934
  6,197
  6,476
  6,771
  7,082
  7,410
  7,756
  8,121
  8,506
  8,911
  9,337
  9,786
  10,258
  10,755
  11,277
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
  3,537
  3,618
  3,710
  3,813
  3,928
  4,054
  4,191
  4,339
  4,499
  4,670
  4,824
  5,019
  5,228
  5,449
  5,684
  5,934
  6,197
  6,476
  6,771
  7,082
  7,410
  7,756
  8,121
  8,506
  8,911
  9,337
  9,786
  10,258
  10,755
  11,277
Operating income, $m
  103
  106
  109
  113
  117
  122
  127
  133
  139
  145
  183
  190
  198
  206
  215
  225
  235
  245
  256
  268
  280
  294
  307
  322
  337
  353
  370
  388
  407
  427
EBITDA, $m
  161
  165
  169
  174
  179
  185
  191
  198
  205
  213
  222
  231
  240
  250
  261
  273
  285
  298
  311
  325
  340
  356
  373
  391
  409
  429
  450
  471
  494
  518
Interest expense (income), $m
  3
  5
  6
  7
  9
  10
  12
  13
  15
  17
  20
  22
  24
  27
  30
  33
  36
  40
  43
  47
  51
  56
  60
  65
  70
  75
  81
  87
  93
  100
  107
Earnings before tax, $m
  97
  99
  102
  104
  107
  110
  114
  118
  122
  126
  161
  166
  171
  176
  182
  188
  195
  202
  209
  217
  225
  233
  242
  252
  262
  272
  283
  295
  307
  320
Tax expense, $m
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  43
  45
  46
  48
  49
  51
  53
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  83
  86
Net income, $m
  71
  73
  74
  76
  78
  81
  83
  86
  89
  92
  117
  121
  125
  129
  133
  137
  142
  147
  153
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  234

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
  1,752
  1,793
  1,839
  1,890
  1,948
  2,010
  2,079
  2,153
  2,233
  2,319
  2,410
  2,508
  2,612
  2,723
  2,840
  2,965
  3,097
  3,236
  3,383
  3,539
  3,703
  3,876
  4,058
  4,250
  4,452
  4,666
  4,890
  5,126
  5,374
  5,635
Adjusted assets (=assets-cash), $m
  1,752
  1,793
  1,839
  1,890
  1,948
  2,010
  2,079
  2,153
  2,233
  2,319
  2,410
  2,508
  2,612
  2,723
  2,840
  2,965
  3,097
  3,236
  3,383
  3,539
  3,703
  3,876
  4,058
  4,250
  4,452
  4,666
  4,890
  5,126
  5,374
  5,635
Revenue / Adjusted assets
  2.077
  2.076
  2.077
  2.077
  2.076
  2.078
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
Average production assets, $m
  284
  290
  298
  306
  316
  326
  337
  349
  362
  376
  390
  406
  423
  441
  460
  480
  502
  524
  548
  573
  600
  628
  657
  689
  721
  756
  792
  830
  871
  913
Working capital, $m
  18
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
Total debt, $m
  115
  136
  159
  186
  215
  247
  283
  321
  361
  405
  452
  503
  556
  613
  673
  737
  805
  876
  952
  1,031
  1,115
  1,204
  1,298
  1,396
  1,500
  1,609
  1,724
  1,845
  1,973
  2,107
Total liabilities, $m
  899
  920
  943
  970
  999
  1,031
  1,067
  1,105
  1,145
  1,189
  1,236
  1,287
  1,340
  1,397
  1,457
  1,521
  1,589
  1,660
  1,736
  1,815
  1,900
  1,988
  2,082
  2,180
  2,284
  2,393
  2,508
  2,629
  2,757
  2,891
Total equity, $m
  853
  873
  895
  921
  948
  979
  1,012
  1,049
  1,087
  1,129
  1,174
  1,221
  1,272
  1,326
  1,383
  1,444
  1,508
  1,576
  1,648
  1,723
  1,803
  1,887
  1,976
  2,070
  2,168
  2,272
  2,381
  2,496
  2,617
  2,744
Total liabilities and equity, $m
  1,752
  1,793
  1,838
  1,891
  1,947
  2,010
  2,079
  2,154
  2,232
  2,318
  2,410
  2,508
  2,612
  2,723
  2,840
  2,965
  3,097
  3,236
  3,384
  3,538
  3,703
  3,875
  4,058
  4,250
  4,452
  4,665
  4,889
  5,125
  5,374
  5,635
Debt-to-equity ratio
  0.130
  0.160
  0.180
  0.200
  0.230
  0.250
  0.280
  0.310
  0.330
  0.360
  0.390
  0.410
  0.440
  0.460
  0.490
  0.510
  0.530
  0.560
  0.580
  0.600
  0.620
  0.640
  0.660
  0.670
  0.690
  0.710
  0.720
  0.740
  0.750
  0.770
Adjusted equity ratio
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  73
  74
  76
  78
  81
  83
  86
  89
  92
  117
  121
  125
  129
  133
  137
  142
  147
  153
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  234
Depreciation, amort., depletion, $m
  59
  59
  60
  61
  62
  63
  64
  65
  66
  68
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
Funds from operations, $m
  130
  132
  134
  137
  140
  143
  147
  151
  155
  160
  156
  161
  167
  173
  179
  185
  192
  200
  207
  215
  224
  233
  243
  253
  263
  274
  286
  298
  311
  325
Change in working capital, $m
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Cash from operations, $m
  129
  131
  134
  136
  139
  143
  146
  150
  154
  159
  155
  160
  166
  172
  178
  184
  191
  198
  206
  214
  222
  231
  241
  251
  261
  272
  284
  296
  309
  322
Maintenance CAPEX, $m
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
New CAPEX, $m
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
Cash from investing activities, $m
  -34
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
Free cash flow, $m
  95
  96
  97
  98
  100
  101
  103
  104
  106
  109
  103
  106
  108
  111
  115
  118
  122
  125
  130
  134
  138
  143
  148
  154
  160
  166
  172
  179
  186
  193
Issuance/(repayment) of debt, $m
  18
  21
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  71
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
  134
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  
  18
  21
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  71
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
  134
Total cash flow (excl. dividends), $m
  113
  117
  121
  125
  129
  133
  138
  143
  147
  153
  150
  156
  162
  168
  175
  182
  189
  197
  205
  214
  223
  232
  242
  252
  263
  275
  287
  300
  313
  327
Retained Cash Flow (-), $m
  -16
  -20
  -22
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
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
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
Cash available for distribution, $m
  96
  97
  98
  100
  101
  103
  104
  106
  109
  111
  105
  108
  111
  114
  118
  121
  125
  129
  133
  138
  143
  148
  153
  159
  165
  171
  178
  185
  192
  200
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
  92
  89
  86
  82
  78
  74
  71
  67
  62
  58
  50
  46
  42
  38
  35
  31
  27
  24
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
  2
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

ScanSource, Inc. is a provider of technology products and solutions. The Company and its subsidiaries provide solutions for technology manufacturers and sell to resellers in technology markets, such as point-of-sale (POS) and Barcode, Networking and Security, Communications and Emerging Technologies. It operates through two segments: Worldwide Barcode & Security and Worldwide Communications & Services. The Barcode & Security distribution segment focuses on automatic identification and data capture (AIDC), POS, electronic physical security and three dimensional (3D) printing technologies. The Communications & Services distribution segment focuses on communications technologies and services. As of June 30, 2016, the Company marketed over 100,000 products from approximately 400 hardware and software vendors to approximately 35,000 reseller customers from distribution centers in Mississippi, Virginia, Florida, Mexico, Colombia, Brazil, Belgium, France, Germany and the United Kingdom.

FINANCIAL RATIOS  of  Scansource (SCSC)

Valuation Ratios
P/E Ratio 15.6
Price to Sales 0.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 11.6%
Total Debt to Equity 11.6%
Interest Coverage 35
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 10.8%
Gross Margin - 3 Yr. Avg. 10.3%
EBITDA Margin 3.6%
EBITDA Margin - 3 Yr. Avg. 3.5%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 0%

SCSC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCSC stock intrinsic value calculation we used $3568 million for the last fiscal year's total revenue generated by Scansource. The default revenue input number comes from 2017 income statement of Scansource. 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 SCSC 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 SCSC is calculated based on our internal credit rating of Scansource, 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 Scansource.
    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 SCSC stock the variable cost ratio is equal to 97.2%.

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 SCSC 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 Scansource.

Corporate tax rate of 27% is the nominal tax rate for Scansource. 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 SCSC stock is equal to 0.2%.

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 SCSC are equal to 7.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Scansource 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 SCSC is equal to 0.5%. 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 - $837 million for Scansource - 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 25 million for Scansource 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 Scansource at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SNX SYNNEX 97.31 10,417.32  str.buy
TECD Tech Data 85.62 949.25  str.buy
ESND Essendant 15.08 22.77  str.buy
AVT Avnet 47.58 31.59  sell
PLUS ePlus 99.40 18.35  str.sell
WSTG Wayside Techno 11.25 52.27  str.buy

COMPANY NEWS

▶ ScanSource: Fiscal 3Q Earnings Snapshot   [May-08-18 06:47PM  Associated Press]
▶ ScanSource Reports Third Quarter Results   [04:05PM  Business Wire]
▶ April Top Undervalued Stocks   [Apr-27-18 10:02AM  Simply Wall St.]
▶ Top Ranked Value Stocks to Buy for March 20th   [Mar-20-18 09:57AM  Zacks]
▶ ScanSource tops Street 2Q forecasts   [Feb-06-18 05:15PM  Associated Press]
▶ ScanSource Reports Record Quarterly Sales   [04:05PM  Business Wire]
▶ ScanSource, Inc. to Host Earnings Call   [12:45PM  ACCESSWIRE]
▶ January Undervalued Stock Picks   [Jan-25-18 09:02AM  Simply Wall St.]
▶ ScanSource Announces Appointment of General Counsel   [Jan-10-18 08:30AM  Business Wire]
▶ ScanSource And Other Top Undervalued Stocks   [Dec-19-17 08:02AM  Simply Wall St.]
▶ ScanSource misses 1Q profit forecasts   [Nov-06-17 05:13PM  Associated Press]
▶ ScanSource Reports First Quarter Results   [04:05PM  Business Wire]
▶ ScanSource, Inc. Names New Board Member   [Sep-13-17 04:05PM  Business Wire]
▶ ScanSource meets 4Q profit forecasts   [Aug-29-17 09:32PM  Associated Press]
▶ ScanSource Completes Acquisition of POS Portal   [Jul-31-17 04:05PM  Business Wire]
▶ ETFs with exposure to ScanSource, Inc. : May 22, 2017   [May-22-17 02:09PM  Capital Cube]
▶ ScanSource misses Street 3Q forecasts   [May-09-17 05:58PM  Associated Press]
▶ ScanSource Reports Third Quarter Results   [04:05PM  Business Wire]
▶ ScanSource beats 2Q profit forecasts   [05:54PM  Associated Press]
▶ ScanSource Reports Second Quarter Results   [04:05PM  Business Wire]
▶ Is Finish Line Inc (FINL) Going to Burn These Hedge Funds?   [Dec-07-16 01:51AM  at Insider Monkey]
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.