Intrinsic value of Sypris Solutions - SYPR

Previous Close

$1.12

  Intrinsic Value

$0.20

stock screener

  Rating & Target

str. sell

-82%

Previous close

$1.12

 
Intrinsic value

$0.20

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of SYPR 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 0.0

 

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, %
  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
  90
  99
  107
  116
  126
  136
  146
  156
  167
  179
  190
  203
  216
  229
  243
  257
  273
  288
  305
  322
  340
  359
  378
  399
  420
  442
  466
  491
  516
  543
Variable operating expenses, $m
  112
  123
  133
  145
  156
  169
  181
  194
  208
  222
  237
  252
  268
  285
  302
  320
  339
  359
  379
  400
  423
  446
  470
  496
  523
  550
  580
  610
  642
  676
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
  112
  123
  133
  145
  156
  169
  181
  194
  208
  222
  237
  252
  268
  285
  302
  320
  339
  359
  379
  400
  423
  446
  470
  496
  523
  550
  580
  610
  642
  676
Operating income, $m
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
EBITDA, $m
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
Interest expense (income), $m
  4
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
Earnings before tax, $m
  -23
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
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
  -23
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150

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
  63
  69
  75
  81
  88
  94
  102
  109
  117
  124
  133
  141
  150
  160
  169
  179
  190
  201
  212
  224
  237
  250
  264
  278
  293
  308
  325
  342
  360
  379
Adjusted assets (=assets-cash), $m
  63
  69
  75
  81
  88
  94
  102
  109
  117
  124
  133
  141
  150
  160
  169
  179
  190
  201
  212
  224
  237
  250
  264
  278
  293
  308
  325
  342
  360
  379
Revenue / Adjusted assets
  1.429
  1.435
  1.427
  1.432
  1.432
  1.447
  1.431
  1.431
  1.427
  1.444
  1.429
  1.440
  1.440
  1.431
  1.438
  1.436
  1.437
  1.433
  1.439
  1.438
  1.435
  1.436
  1.432
  1.435
  1.433
  1.435
  1.434
  1.436
  1.433
  1.433
Average production assets, $m
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
Working capital, $m
  12
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
Total debt, $m
  15
  19
  23
  28
  32
  37
  42
  47
  52
  58
  64
  70
  76
  83
  90
  97
  104
  112
  120
  128
  137
  146
  156
  166
  177
  188
  199
  211
  224
  237
Total liabilities, $m
  44
  48
  53
  57
  62
  66
  71
  77
  82
  88
  93
  99
  106
  112
  119
  126
  134
  141
  149
  158
  167
  176
  186
  196
  206
  217
  229
  241
  253
  266
Total equity, $m
  19
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
Total liabilities and equity, $m
  63
  68
  75
  81
  88
  94
  101
  109
  116
  125
  132
  141
  150
  159
  169
  179
  190
  200
  212
  224
  237
  250
  264
  278
  293
  308
  325
  342
  359
  378
Debt-to-equity ratio
  0.790
  0.920
  1.040
  1.150
  1.240
  1.320
  1.390
  1.460
  1.520
  1.580
  1.630
  1.670
  1.710
  1.750
  1.790
  1.820
  1.850
  1.880
  1.910
  1.930
  1.960
  1.980
  2.000
  2.020
  2.040
  2.050
  2.070
  2.090
  2.100
  2.110
Adjusted equity ratio
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -23
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
Depreciation, amort., depletion, $m
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Funds from operations, $m
  -19
  -21
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -89
  -93
  -99
  -104
  -110
  -116
  -122
  -128
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
Cash from operations, $m
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
Maintenance CAPEX, $m
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
New CAPEX, $m
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
Cash from investing activities, $m
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -22
  -23
  -24
  -25
  -26
Free cash flow, $m
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
Issuance/(repayment) of debt, $m
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Issuance/(repurchase) of shares, $m
  25
  27
  29
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
Cash from financing (excl. dividends), $m  
  29
  31
  33
  36
  40
  43
  46
  49
  52
  56
  60
  63
  67
  72
  76
  80
  84
  90
  95
  100
  106
  111
  118
  124
  131
  138
  146
  153
  161
  169
Total cash flow (excl. dividends), $m
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
Retained Cash Flow (-), $m
  -25
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
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
  -21
  -24
  -26
  -28
  -31
  -34
  -37
  -39
  -42
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
Discount rate, %
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
  -20
  -21
  -21
  -22
  -22
  -22
  -21
  -20
  -20
  -18
  -17
  -16
  -14
  -13
  -11
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  49.4
  24.4
  12.1
  6.0
  2.9
  1.5
  0.7
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Sypris Solutions, Inc. (Sypris) is a provider of outsourced services and specialty products. The Company offers a range of manufacturing, engineering, design and other technical services. The Company operates through two segments: Sypris Technologies and Sypris Electronics. Sypris Technologies segment, which consists of Sypris Technologies, Inc. and its subsidiaries, is engaged in the sale of goods and manufacturing services to customers in the market for truck components and assemblies and from the sale of products to the energy and chemical markets. Sypris Electronics segment, which consists of Sypris Electronics, LLC and its subsidiary, is engaged in the sale of manufacturing services, technical services and products to customers in the market for aerospace and defense electronics. The Sypris Electronics is organized in three business lines: Information Security Solutions (ISS), Electronic Manufacturing Services (EMS), and Cyber Security and Analytics (Cyber).

FINANCIAL RATIOS  of  Sypris Solutions (SYPR)

Valuation Ratios
P/E Ratio 4
Price to Sales 0.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -1.3
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate -36.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 38.5%
Total Debt to Equity 38.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 15.4%
Ret/ On Assets - 3 Yr. Avg. -4.3%
Return On Total Capital 16.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12.7%
Return On Equity 26.1%
Return On Equity - 3 Yr. Avg. -18.8%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 1.1%
Gross Margin - 3 Yr. Avg. 4%
EBITDA Margin 17.4%
EBITDA Margin - 3 Yr. Avg. 3.3%
Operating Margin 4.3%
Oper. Margin - 3 Yr. Avg. -5.2%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. -3.3%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. -4.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 41.8%
Payout Ratio 0%

SYPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYPR stock intrinsic value calculation we used $82.294 million for the last fiscal year's total revenue generated by Sypris Solutions. The default revenue input number comes from 0001 income statement of Sypris Solutions. 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 SYPR 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 6.1%, whose default value for SYPR is calculated based on our internal credit rating of Sypris Solutions, 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 Sypris Solutions.
    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 SYPR stock the variable cost ratio is equal to 124.4%.

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 SYPR 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 8% for Sypris Solutions.

Corporate tax rate of 27% is the nominal tax rate for Sypris Solutions. 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 SYPR 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 SYPR are equal to 20.4%.

Life of production assets of 4.3 years is the average useful life of capital assets used in Sypris Solutions 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 SYPR is equal to 13.5%. 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 - $16.93 million for Sypris Solutions - 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 21.398 million for Sypris Solutions 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 Sypris Solutions at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MTOR Meritor 16.45 51.58  str.buy
PLXS Plexus 58.93 18.45  str.sell
JBL Jabil 24.84 146.13  str.buy
ALSN Allison Transm 47.43 143.62  str.buy
SPA Sparton 14.25 1.04  str.sell
DAN Dana 14.74 59.33  str.buy
NAV Navistar Inter 31.02 37.13  hold
AXL American Axle& 12.59 66.73  str.buy
PCAR Paccar 60.56 623.62  str.buy
NOC Northrop Grumm 272.35 544.75  str.buy

COMPANY NEWS

▶ Sypris Reports Third Quarter Results   [07:45AM  Business Wire]
▶ Sypris Reports Second Quarter Results   [Aug-14-18 07:45AM  Business Wire]
▶ Sypris Reports First Quarter Results   [May-15-18 07:45AM  Business Wire]
▶ Sypris Reports Fourth Quarter and Full Year 2017 Results   [Mar-20-18 07:45AM  Business Wire]
▶ Sypris Wins Additional Contracts with Harris Corporation   [Feb-26-18 12:10PM  Business Wire]
▶ Sypris Awarded Contracts for Advanced Electronics   [Feb-06-18 12:40PM  Business Wire]
▶ Why Sypris Solutions Inc (SYPR) Could Be A Buy   [Dec-04-17 06:50PM  Simply Wall St.]
▶ Sypris Reports Third Quarter Results   [Nov-14-17 07:45AM  Business Wire]
▶ Sypris Reports Second Quarter Results   [Aug-15-17 07:15AM  Business Wire]
▶ Sypris to Exhibit at the Florida International Medical Expo   [Jun-13-17 04:11PM  Business Wire]
▶ Sypris Achieves ISO 13485 Registration from NSF-ISR   [May-25-17 04:50PM  Business Wire]
▶ Sypris Reports First Quarter Results   [May-16-17 07:45AM  Business Wire]
▶ Sypris Achieves Nadcap Accreditation for Electronics   [May-02-17 01:00PM  Business Wire]
▶ Sypris cut $2.7 million in salaries with Broadway plant closure   [Mar-29-17 01:20PM  at bizjournals.com]
▶ Sypris cut $2.7 million in salaries with Broadway plant closure   [01:20PM  American City Business Journals]
▶ Sypris Solutions to sell or close Broadway plant   [Nov-30-16 07:05AM  at bizjournals.com]
▶ Sypris Solutions to sell or close Broadway plant   [07:05AM  American City Business Journals]
▶ Sypris Reports Third Quarter Results   [07:45AM  Business Wire]
▶ Sypris Reports Second Quarter Results   [11:30AM  Business Wire]
▶ Sypris Reports First Quarter Results   [07:00AM  Business Wire]
▶ Sypris Awarded $4.1 Million Order for Key Fill Modules   [Apr-26-16 01:02PM  Business Wire]

CONTACT US       ASSET ALLOCATION

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

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