Intrinsic value of Grupo Televisa ADR - TV

Previous Close

$14.26

  Intrinsic Value

$21.97

stock screener

  Rating & Target

str. buy

+54%

Previous close

$14.26

 
Intrinsic value

$21.97

 
Up/down potential

+54%

 
Rating

str. buy

We calculate the intrinsic value of TV 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 4.7

 

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, %
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  4,946
  5,113
  5,294
  5,490
  5,699
  5,924
  6,163
  6,418
  6,690
  6,977
  7,282
  7,605
  7,947
  8,308
  8,689
  9,092
  9,516
  9,963
  10,434
  10,931
  11,453
  12,003
  12,582
  13,191
  13,832
  14,506
  15,214
  15,959
  16,742
  17,564
Variable operating expenses, $m
  3,924
  4,048
  4,183
  4,327
  4,483
  4,649
  4,827
  5,017
  5,218
  5,431
  5,404
  5,643
  5,897
  6,165
  6,448
  6,746
  7,061
  7,393
  7,743
  8,111
  8,499
  8,907
  9,336
  9,788
  10,264
  10,764
  11,289
  11,842
  12,423
  13,033
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
  3,924
  4,048
  4,183
  4,327
  4,483
  4,649
  4,827
  5,017
  5,218
  5,431
  5,404
  5,643
  5,897
  6,165
  6,448
  6,746
  7,061
  7,393
  7,743
  8,111
  8,499
  8,907
  9,336
  9,788
  10,264
  10,764
  11,289
  11,842
  12,423
  13,033
Operating income, $m
  1,022
  1,065
  1,112
  1,162
  1,216
  1,274
  1,336
  1,402
  1,472
  1,546
  1,879
  1,962
  2,050
  2,143
  2,242
  2,345
  2,455
  2,570
  2,692
  2,820
  2,955
  3,096
  3,246
  3,403
  3,568
  3,742
  3,925
  4,117
  4,319
  4,531
EBITDA, $m
  2,092
  2,163
  2,239
  2,322
  2,411
  2,506
  2,607
  2,715
  2,829
  2,951
  3,080
  3,217
  3,361
  3,514
  3,675
  3,845
  4,025
  4,214
  4,413
  4,623
  4,844
  5,077
  5,322
  5,579
  5,850
  6,135
  6,435
  6,750
  7,081
  7,429
Interest expense (income), $m
  301
  468
  492
  518
  546
  577
  609
  644
  681
  721
  763
  807
  854
  905
  957
  1,013
  1,072
  1,135
  1,201
  1,270
  1,343
  1,420
  1,501
  1,586
  1,676
  1,770
  1,869
  1,974
  2,084
  2,199
  2,320
Earnings before tax, $m
  554
  573
  594
  616
  640
  665
  692
  721
  751
  784
  1,071
  1,108
  1,146
  1,186
  1,228
  1,273
  1,320
  1,370
  1,422
  1,477
  1,535
  1,596
  1,660
  1,727
  1,798
  1,873
  1,951
  2,033
  2,120
  2,211
Tax expense, $m
  150
  155
  160
  166
  173
  180
  187
  195
  203
  212
  289
  299
  309
  320
  332
  344
  356
  370
  384
  399
  414
  431
  448
  466
  485
  506
  527
  549
  572
  597
Net income, $m
  405
  418
  433
  450
  467
  486
  505
  526
  548
  572
  782
  808
  836
  866
  897
  929
  964
  1,000
  1,038
  1,078
  1,120
  1,165
  1,212
  1,261
  1,313
  1,367
  1,424
  1,484
  1,547
  1,614

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
  15,603
  16,130
  16,702
  17,318
  17,979
  18,687
  19,442
  20,247
  21,103
  22,011
  22,973
  23,992
  25,070
  26,208
  27,411
  28,680
  30,018
  31,429
  32,915
  34,481
  36,130
  37,865
  39,691
  41,613
  43,633
  45,759
  47,993
  50,343
  52,813
  55,408
Adjusted assets (=assets-cash), $m
  15,603
  16,130
  16,702
  17,318
  17,979
  18,687
  19,442
  20,247
  21,103
  22,011
  22,973
  23,992
  25,070
  26,208
  27,411
  28,680
  30,018
  31,429
  32,915
  34,481
  36,130
  37,865
  39,691
  41,613
  43,633
  45,759
  47,993
  50,343
  52,813
  55,408
Revenue / Adjusted assets
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
Average production assets, $m
  5,713
  5,906
  6,115
  6,341
  6,583
  6,842
  7,119
  7,413
  7,726
  8,059
  8,411
  8,784
  9,179
  9,596
  10,036
  10,501
  10,991
  11,507
  12,052
  12,625
  13,228
  13,864
  14,532
  15,236
  15,976
  16,754
  17,572
  18,432
  19,337
  20,287
Working capital, $m
  -242
  -251
  -259
  -269
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -389
  -407
  -426
  -445
  -466
  -488
  -511
  -536
  -561
  -588
  -617
  -646
  -678
  -711
  -745
  -782
  -820
  -861
Total debt, $m
  7,136
  7,512
  7,918
  8,357
  8,828
  9,332
  9,870
  10,443
  11,052
  11,698
  12,384
  13,109
  13,876
  14,687
  15,543
  16,447
  17,400
  18,404
  19,463
  20,577
  21,751
  22,987
  24,287
  25,655
  27,094
  28,607
  30,198
  31,871
  33,629
  35,478
Total liabilities, $m
  11,109
  11,485
  11,892
  12,330
  12,801
  13,305
  13,843
  14,416
  15,025
  15,672
  16,357
  17,082
  17,850
  18,660
  19,517
  20,420
  21,373
  22,377
  23,436
  24,551
  25,724
  26,960
  28,260
  29,628
  31,067
  32,580
  34,171
  35,844
  37,603
  39,451
Total equity, $m
  4,494
  4,646
  4,810
  4,987
  5,178
  5,382
  5,599
  5,831
  6,078
  6,339
  6,616
  6,910
  7,220
  7,548
  7,894
  8,260
  8,645
  9,052
  9,480
  9,931
  10,405
  10,905
  11,431
  11,984
  12,566
  13,179
  13,822
  14,499
  15,210
  15,958
Total liabilities and equity, $m
  15,603
  16,131
  16,702
  17,317
  17,979
  18,687
  19,442
  20,247
  21,103
  22,011
  22,973
  23,992
  25,070
  26,208
  27,411
  28,680
  30,018
  31,429
  32,916
  34,482
  36,129
  37,865
  39,691
  41,612
  43,633
  45,759
  47,993
  50,343
  52,813
  55,409
Debt-to-equity ratio
  1.590
  1.620
  1.650
  1.680
  1.700
  1.730
  1.760
  1.790
  1.820
  1.850
  1.870
  1.900
  1.920
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
  2.070
  2.090
  2.110
  2.120
  2.140
  2.160
  2.170
  2.180
  2.200
  2.210
  2.220
Adjusted equity ratio
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  405
  418
  433
  450
  467
  486
  505
  526
  548
  572
  782
  808
  836
  866
  897
  929
  964
  1,000
  1,038
  1,078
  1,120
  1,165
  1,212
  1,261
  1,313
  1,367
  1,424
  1,484
  1,547
  1,614
Depreciation, amort., depletion, $m
  1,070
  1,098
  1,127
  1,160
  1,194
  1,231
  1,271
  1,313
  1,358
  1,405
  1,202
  1,255
  1,311
  1,371
  1,434
  1,500
  1,570
  1,644
  1,722
  1,804
  1,890
  1,981
  2,076
  2,177
  2,282
  2,393
  2,510
  2,633
  2,762
  2,898
Funds from operations, $m
  1,474
  1,516
  1,561
  1,609
  1,661
  1,717
  1,776
  1,839
  1,906
  1,977
  1,984
  2,063
  2,148
  2,236
  2,330
  2,429
  2,534
  2,644
  2,760
  2,882
  3,010
  3,145
  3,288
  3,437
  3,595
  3,760
  3,934
  4,117
  4,310
  4,512
Change in working capital, $m
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
Cash from operations, $m
  1,482
  1,524
  1,570
  1,619
  1,672
  1,728
  1,788
  1,852
  1,919
  1,991
  1,999
  2,079
  2,164
  2,254
  2,349
  2,449
  2,554
  2,666
  2,783
  2,906
  3,036
  3,172
  3,316
  3,467
  3,626
  3,793
  3,969
  4,154
  4,348
  4,552
Maintenance CAPEX, $m
  -791
  -816
  -844
  -874
  -906
  -940
  -977
  -1,017
  -1,059
  -1,104
  -1,151
  -1,202
  -1,255
  -1,311
  -1,371
  -1,434
  -1,500
  -1,570
  -1,644
  -1,722
  -1,804
  -1,890
  -1,981
  -2,076
  -2,177
  -2,282
  -2,393
  -2,510
  -2,633
  -2,762
New CAPEX, $m
  -176
  -193
  -209
  -226
  -242
  -259
  -277
  -295
  -313
  -332
  -352
  -373
  -395
  -417
  -440
  -465
  -490
  -517
  -544
  -573
  -604
  -635
  -669
  -703
  -740
  -778
  -818
  -860
  -904
  -950
Cash from investing activities, $m
  -967
  -1,009
  -1,053
  -1,100
  -1,148
  -1,199
  -1,254
  -1,312
  -1,372
  -1,436
  -1,503
  -1,575
  -1,650
  -1,728
  -1,811
  -1,899
  -1,990
  -2,087
  -2,188
  -2,295
  -2,408
  -2,525
  -2,650
  -2,779
  -2,917
  -3,060
  -3,211
  -3,370
  -3,537
  -3,712
Free cash flow, $m
  515
  515
  517
  520
  524
  528
  534
  540
  547
  555
  495
  505
  515
  526
  538
  551
  564
  579
  594
  611
  629
  647
  667
  688
  710
  733
  758
  783
  811
  839
Issuance/(repayment) of debt, $m
  354
  375
  407
  439
  471
  504
  538
  573
  609
  646
  685
  725
  767
  811
  856
  903
  953
  1,004
  1,058
  1,115
  1,174
  1,236
  1,300
  1,368
  1,439
  1,513
  1,591
  1,673
  1,758
  1,848
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  
  354
  375
  407
  439
  471
  504
  538
  573
  609
  646
  685
  725
  767
  811
  856
  903
  953
  1,004
  1,058
  1,115
  1,174
  1,236
  1,300
  1,368
  1,439
  1,513
  1,591
  1,673
  1,758
  1,848
Total cash flow (excl. dividends), $m
  869
  890
  924
  958
  995
  1,032
  1,072
  1,113
  1,156
  1,201
  1,180
  1,230
  1,282
  1,337
  1,394
  1,454
  1,517
  1,583
  1,653
  1,726
  1,802
  1,883
  1,967
  2,056
  2,149
  2,246
  2,349
  2,456
  2,569
  2,688
Retained Cash Flow (-), $m
  -139
  -152
  -165
  -177
  -190
  -204
  -218
  -232
  -246
  -261
  -277
  -293
  -310
  -328
  -346
  -365
  -385
  -406
  -428
  -451
  -475
  -500
  -526
  -553
  -582
  -612
  -644
  -677
  -711
  -748
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
  730
  738
  759
  781
  804
  828
  854
  881
  910
  940
  903
  937
  972
  1,009
  1,048
  1,089
  1,132
  1,177
  1,225
  1,275
  1,328
  1,383
  1,441
  1,502
  1,567
  1,634
  1,705
  1,780
  1,858
  1,940
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  687
  650
  621
  589
  556
  521
  484
  447
  408
  370
  308
  274
  241
  210
  180
  152
  127
  104
  84
  66
  52
  39
  29
  22
  15
  11
  7
  5
  3
  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

Grupo Televisa, S.A.B. is a media company in the international entertainment business. The Company operates in four business segments: Content, Sky, Telecommunications, and Other Businesses. It operates four broadcast channels in Mexico City and has affiliated stations throughout the country. It produces pay-television channels with national and international feeds, throughout Latin America, the United States, Canada, Europe and Asia Pacific. It exports its programs and formats to television networks around the world. It is also a Spanish-language magazine publisher. Its pay-television channels include three music, six movie, seven variety and entertainment channels and two sports channels. Its programs include telenovelas, newscasts, situation comedies, game shows, reality shows, children's programs, comedy and variety programs, musical and cultural events, movies and educational programming. Its programming also includes broadcasts of special events and sports events in Mexico.

FINANCIAL RATIOS  of  Grupo Televisa ADR (TV)

Valuation Ratios
P/E Ratio 8743.8
Price to Sales 1081.9
Price to Book 1090.3
Price to Tangible Book
Price to Cash Flow 3045.1
Price to Free Cash Flow 22659.9
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.1%
Cap. Spend. - 3 Yr. Gr. Rate 17.2%
Financial Strength
Quick Ratio 12
Current Ratio 0.1
LT Debt to Equity 134.7%
Total Debt to Equity 140%
Interest Coverage 4
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 13.3%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 46.4%
Gross Margin - 3 Yr. Avg. 46.4%
EBITDA Margin 44.6%
EBITDA Margin - 3 Yr. Avg. 38.7%
Operating Margin 21.3%
Oper. Margin - 3 Yr. Avg. 21.4%
Pre-Tax Margin 21.2%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 30.5%
Payout Ratio 10%

TV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TV stock intrinsic value calculation we used $4792.79283172 million for the last fiscal year's total revenue generated by Grupo Televisa ADR. The default revenue input number comes from 0001 income statement of Grupo Televisa ADR. 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 TV stock valuation model: a) initial revenue growth rate of 3.2% 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 6.3%, whose default value for TV is calculated based on our internal credit rating of Grupo Televisa ADR, 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 Grupo Televisa ADR.
    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 TV stock the variable cost ratio is equal to 79.5%.

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 TV 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 6.9% for Grupo Televisa ADR.

Corporate tax rate of 27% is the nominal tax rate for Grupo Televisa ADR. 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 TV 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 TV are equal to 115.5%.

Life of production assets of 7 years is the average useful life of capital assets used in Grupo Televisa ADR 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 TV is equal to -4.9%. 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 - $4354.94478902 million for Grupo Televisa ADR - 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 330.675 million for Grupo Televisa ADR 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 Grupo Televisa ADR at the current share price and the inputted number of shares is $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
T AT&T 30.12 51.95  str.buy
NFLX Netflix 290.06 364.74  hold
DIS Walt Disney 117.11 221.57  str.buy
CBS CBS Cl B 57.30 66.10  buy

COMPANY NEWS

▶ Trevali Mining Corporation to Host Earnings Call   [Aug-09-18 08:30AM  ACCESSWIRE]
▶ 101 People Survive Mexico Airline Crash   [Jul-31-18 05:54PM  Bloomberg]

CONTACT US       ASSET ALLOCATION

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

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