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4QFY2013 Result Update | IT

April 25, 2013

Infotech Enterprises
Performance Highlights
Y/E March (` cr) Net sales EBITDA EBITDA margin (%) Net profit 4QFY13 464 79 17.0 54 3QFY13 475 88 18.5 62 % chg (qoq) (2.2) (10.2) (151)bp (12.3) 4QFY12 417 83 19.8 71 % chg (yoy) 11.3 (4.4) (279)bp (24.1)

ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code IT 1,834 (498) 0.3 211/150 52,678 5 19,407 5,916 INFE.BO INFTC@IN

`164 `185
12 Months

Source: Company, Angel Research

For 4QFY2013, Infotech Enterprises (Infotech) reported a weak set of results on the operating front. The company witnessed challenges in two of its top 10 client accounts. The Management sounded confident of FY2014 turning out to be a better year than FY2013 and plans to hire ~2,500 gross employees with ~15% planned attrition. We maintain our Accumulate rating on the stock. Quarterly highlights: For 4QFY2013, Infotech reported a revenue of US$85.9mn, down 1.9% qoq, majorly impacted by ramp downs seen in a couple of customer accounts in the America geography - one in heavy engineering and one in hi-tech industry verticals. In INR terms, the revenue came in at `464cr, down 2.2% qoq. The EBITDA and EBIT margins declined by 151bp and 232bp qoq to 17.0% and 12.8%, respectively, due to muted volume growth and inch up in employee costs on account of the gross addition of 783 employees into the system. The PAT came in at `54cr, down 12.3% qoq, impacted by lower other income of `10cr as against `16 in 3QFY2013. Outlook and valuation: The Management sounded confident of FY2014 turning out to be a better year than FY2013. For FY2014, in the ENGG vertical, the Management indicated at a robust deal pipeline in the aerospace business, and is seeing strong signs of growth in the transportation business segment owing to recovery in the transportation industry. Further, the Management cited that it is seeing initial signs of recovery in the hi-tech business segment while heavy engineering is still looking soft. In the UT&C vertical, for FY2014, the Management indicated at a strong pipeline for the utilities business segment; in the telecom business segment, it expects business to remain stable with growth lower than the companys average growth rate. Over FY2013-15, we expect the company to post a USD and INR revenue CAGR of 8.0% and 7.7%, respectively. We value the company at 8.5x FY2015E EPS of `21.9, which gives us a target price of `185; we maintain our Accumulate view on the stock. Key financials (Consolidated)
Y/E March (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) FY2011 1,188 24.6 140 (18.3) 15.2 12.6 13.0 1.7 13.4 12.6 1.2 7.6 FY2012 1,553 30.7 163 16.7 17.4 14.5 11.3 1.5 13.6 18.5 0.8 4.8 FY2013E 1,873 20.6 233 42.9 18.2 20.7 7.9 1.4 17.6 20.9 0.7 3.7 FY2014E 1,956 4.4 227 (2.6) 17.9 20.4 8.0 1.2 14.7 18.3 0.6 3.1 FY2015E 2,174 11.1 243 7.1 17.7 21.9 7.5 1.0 13.7 17.4 0.4 2.4

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 22.4 6.3 29.7 41.7

Abs. (%) Sensex Infotech

3m (3.5) (4.9)

1yr 13.2 2.5

3yr 9.7 (14.6)

Ankita Somani
+91 22 3935 7800 Ext: 6819 ankita.somani@angelbroking.com

Source: Company, Angel Research

Please refer to important disclosures at the end of this report

Infotech Enterprises | 4QFY2013 Result Update

Exhibit 1: 4QFY2013 Financial performance


Y/E March (` cr) Total revenue Salary cost Gross profit Gross margin (%) Travel expenditure Purchase of products Other operating costs EBITDA EBITDA margin (%) Dep. and amortization EBIT EBIT margin (%) Financial expenses Other income Profit before tax Exceptional item 4QFY13 464 285 179 38.6 25 14 61 79 17.0 20 60 12.8 0 10 69 17 52 2 54 11.4 4.9 3QFY13 475 286 189 39.9 24 22 55 88 18.5 16 72 15.1 0 16 88 28 60 2 62 12.6 5.6 (12.3) (116)bp (12.5) (38.5) (13.2) 19.9 (21.2) % chg (qoq) (2.2) (0.1) (5.5) (131)bp 5.0 (35.6) 9.9 (10.2) (151)bp 21.0 (17.2) (232)bp 4QFY12 417 247 170 40.8 25 7 55 83 19.8 11 71 17.1 0 35 106 2 38 66 4 71 15.8 6.3 (24.1) (437)bp (22.2) (55.5) (21.0) (46.8) % chg (yoy) 11.3 15.4 5.3 (220)bp 0.9 94.0 9.7 (4.4) (279)bp 72.3 (16.5) (428)bp 8.3 (71.3) (34.7) FY2013 1,873 1,126 747 39.9 98 74 233 342 18.2 64 278 14.8 1 40 317 2 97 218 13 233 12.2 20.7 FY2012 1,553 946 607 39.1 95 41 200 270 17.4 49 221 14.2 1 17 237 2 84 151 10 163 10.4 14.5 42.9 179bp 42.8 15.7 44.1 % chg (yoy) 20.6 19.0 23.1 80bp 3.3 79.1 16.5 26.3 82bp 28.7 25.8 (61)bp (11.7) 136.6 33.9

Tax
PAT

Share of profits of associates


Minority interest

Adj. PAT
PAT margin (%)

EPS(`)
Source: Company, Angel Research

Exhibit 2: 4QFY2013 Actual vs Angel estimates


(` cr) Net revenue EBITDA margin (%) PAT
Source: Company, Angel Research

Actual 464 17.0 54

Estimate 477 18.6 53

% Var (2.7) (157)bp 2.3

Weak operating performance


For 4QFY2013, Infotech reported revenues of US$85.9mn, down 1.9% qoq, majorly impacted by ramp downs seen in a couple of customer accounts from America geography - one in heavy engineering and one in hi-tech industry verticals. In INR terms, the revenue came in at `464cr, down 2.2% qoq.

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Infotech Enterprises | 4QFY2013 Result Update

Exhibit 3: Revenue growth trend (qoq)


88 87 86 3.5 87.2 87.6 85.9 1.6 84.2 83.0 (1.9) 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1.4 0.5 4 3 2

(US $mn)

85 84 83 82 81 80

(1) (2) (3) Revenue (USD terms) qoq growth (%)

Source: Company, Angel Research

UT&C: During the quarter, the UT&C verticals USD revenue declined by 1.1% qoq to US$29.4mn. In INR terms, the revenue came in at `159cr, down 1.4% qoq. The utilities and telecom business segment witnessed a USD and INR revenue decline of 3.2% and 3.7% qoq, respectively. The company added six clients two each in EMEA, APAC and India in the utilities and telecom business segment. The company is witnessing good revenue traction both with direct end users and also via a number of its strategic alliance partners. The content business segment reported a revenue growth of 5.8% and 4.9% qoq in USD and INR terms, respectively. The company added two new clients in the content business segment during the quarter.

Exhibit 4: UT&C vertical Revenue growth trend


32 30 28 5.1 28.3 26.7 25.4 1.6 6.1 29.7 4.8 29.4 7 6 5 4 2 1 0 (1) (1.1) 4QFY12 1QFY13 2QFY13 3QFY13 qoq growth (%) 4QFY13 (2) 3

(US $mn)

26 24 22 20 18 16

Revenue (USD terms)


Source: Company, Angel Research

ENGG: The ENGG verticals revenue declined by 2.7% qoq to US$55.4mn. In INR terms, the revenue came in at `300cr, down 3.0% qoq. In this vertical, the aerospace business segment witnessed a revenue decline of 2.9% and 3.2% in USD and INR terms qoq, respectively and witnessed an addition of a customer during the quarter. During 3QFY2013, the company witnessed challenges in this vertical with two of the top 10 accounts; its impact percolated in 4QFY2013 as well. One of these
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(%)

(%)

Infotech Enterprises | 4QFY2013 Result Update

clients is a heavy equipment client which announced furloughs, thereby impacting a significant part of the engagement; and another being a semiconductor customer which announced exit in two key areas of the companys engagement, resulting in sudden ramp-down of the contract. This resulted in a 2.1% and 2.4% qoq decline in revenues in USD and INR terms qoq, respectively, in the HTH (hitech, transportation and heavy engineering) business segment. Overall the company added 11 new clients in the ENGG vertical.

Exhibit 5: ENGG vertical Revenue growth trend


60 58 56 54 57.6 1.6 57.7 58.8 56.9 55.4 0.1 2.0 3 2 1

(US $mn)

50 48 46 44 42 40 4QFY12 1QFY13 2QFY13 3QFY13 qoq growth (%) 4QFY13 Revenue (USD terms) (3.2) (2.7)

(1) (2) (3) (4)

Source: Company, Angel Research

Hiring and utilization


During 4QFY2013, Infotech added 383 net employees, taking its total employee base to 10,517. The UT&C vertical witnessed an addition of 415 net employees, taking its employee base to 5,076 while the ENGG vertical saw a reduction in its employee base by 37 employees, taking its total employee base to 4,721. The companys attrition rate (annualized basis) inched up to 17.5 in 4QFY2013 from 15.5 in 3QFY2013.

Exhibit 6: Trend in hiring


4QFY12 Net additions UT&C ENGG Support Total employees UT&C ENGG Support
Source: Company, Angel Research

1QFY13 322 111 31 4,507 4,619 672

2QFY13 88 191 16 4,595 4,810 688

3QFY13 66 (52) 27 4,661 4,758 715

4QFY13 415 (37) 5 5,076 4,721 720

54 93 (10) 4,185 4,508 641

The utilization level for the UT&C vertical declined by ~100bp qoq to 82% due to strong net employee additions, while utilization level for the ENGG vertical increased by ~200bp to 73%.

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Infotech Enterprises | 4QFY2013 Result Update

Exhibit 7: Trend in utilization (Segment wise)


90 85 80 84 82 85 83 82

(%)
75 70 65 4QFY12 1QFY13 UT&C
Source: Company, Angel Research

73 71

73 71 2QFY13 3QFY13 ENGG

73

4QFY13

Margins decline
For 4QFY2013, the EBITDA and EBIT margins of the company declined by 151bp and 232bp qoq to 17.0% and 12.8%, respectively. The companys operating margin faced headwinds from a muted volume growth and healthy gross addition of 783 employees into the system. The Management indicated that the company is planning to give wage hike to employees (quantum not disclosed), effective from 1QFY2014, which is expected to impact 1QFY2014s operating margins by ~250-300bp.

Exhibit 8: Trend in margins


22 20 18 16 14 12 4QFY12 1QFY13 EBITDA margin
Source: Company, Angel Research

19.8 18.7 18.7 18.5 17.0 17.1 15.7 15.7 15.1

(%)

12.8

2QFY13

3QFY13 EBIT margin

4QFY13

Outlook and valuation


The company has been making investments to strengthen its product portfolio and taking initiatives to improve its financial metrics. The Management sounded confident of FY2014 turning out to be a better year than FY2013. The company plans to hire ~2,500 gross employees with ~15% planned attrition. For FY2014, in the ENGG vertical, the Management indicated at a robust deal pipeline in the aerospace business segment and sees strong signs of growth in the transportation business segment owing to recovery in the transportation industry. The
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Infotech Enterprises | 4QFY2013 Result Update

Management cited that it is seeing initial signs of recovery in the hi-tech business segment while heavy engineering is still looking soft. In the UT&C vertical, for FY2014, the Management indicated at a strong pipeline for the utilities business segment and expects business to remain stable in the telecom business segment with growth lower than the companys average growth rate. Over FY2013-15, we expect the company to post a USD and INR revenue CAGR of 8.0% and 7.7%, respectively. Infotech has been consistently underperforming on the operating margin front. The company is now focusing on addressing the same by levers such as improving the utilization level and shifting more work offshore. During FY2014, the operating margins of the company will face headwinds of wage hikes and costs related to increasing sales force, and tailwinds of increasing utilization, pyramid rationalization and offshoring more of the work. We expect EBITDA margin of the company to remain in a narrow range and move to 17.9% in FY2014 and 17.7% in FY2015 from 18.2% in FY2013. At the current market price of `164, the stock is trading at 8.0x FY2014E and 7.5x FY2015E EPS. We value the company at 8.5x FY2015E EPS of `21.9, which gives us a target price of `185; we maintain our Accumulate view on the stock.

Exhibit 9: Key assumptions


FY2014 Revenue growth (USD) Revenue growth (INR) EBITDA margin (%) EBIT margin (%) Tax rate (%) PAT growth (%)
Source: Company, Angel Research

FY2015 11.0 11.0 17.7 14.2 31.0 7.1

5.0 4.4 17.9 14.4 31.0 (2.6)

Exhibit 10: One-year forward PE (x) chart


400 350 300 250 200 150 100 50 0

(` )

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12
2x

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Price
Source: Company, Angel Research

18x

14x

10x

6x

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Infotech Enterprises | 4QFY2013 Result Update

Exhibit 11: Recommendation summary


Company HCL Tech Hexaware Infosys Infotech Entp. KPIT Cummins Mahindra Satyam MindTree Mphasis NIIT^ Persistent TCS Tech Mahindra Wipro Reco. Buy Buy Accumulate Accumulate Buy Buy Accumulate Accumulate Buy Accumulate Accumulate Buy Accumulate CMP (`) 718 85 2,227 164 94 106 811 370 24 536 1,402 927 335 Tgt. price (`) 863 105 2,465 185 130 143 920 395 30 593 1,585 1,230 385 Upside (%) 20.1 23.8 10.7 13.0 38.2 35.5 13.5 6.8 25.0 10.6 13.0 32.7 14.9 FY2015E EBITDA (%) 20.7 19.2 27.7 17.7 15.2 19.1 19.2 17.4 9.1 25.0 27.9 18.1 20.6 FY2015E P/E (x) 11.6 7.2 12.2 7.5 6.5 8.9 8.8 8.9 4.5 9.0 15.9 8.1 11.8 FY2012-15E 19.6 9.5 7.9 14.7 21.8 2.3 19.8 3.3 (7.1) 18.7 17.4 10.7 7.9 FY2015E 1.3 0.9 2.0 0.4 0.4 0.8 0.8 0.6 0.1 0.8 3.1 1.3 1.3 FY2015E RoE (%) 21.5 22.1 19.3 13.7 18.8 20.1 18.9 13.6 11.9 16.5 27.9 19.1 18.4 EPS CAGR (%) EV/Sales (%)

Source: Company, Angel Research; Note: ^Valued on SOTP basis

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Infotech Enterprises | 4QFY2013 Result Update

Company background
Infotech Enterprises, a mid-cap Indian IT company, specializes in geographical spatial solutions and engineering design services with a focus on the aerospace, rail and hi-tech segments. Infotech has entered into long-term strategic relationships with global clients, such as Bombardier, Boeing, Hamilton Sunstrand and Alstom Transport, and has signed multi-million dollar contracts with them. The company's offerings are spread across two verticals - network and content engineering (UT&C; contributing ~31% to revenue) and engineering manufacturing and industrial products (ENGG; contributing ~69% to revenue).

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Infotech Enterprises | 4QFY2013 Result Update

Profit and Loss statement


Y/E March (` cr) Net sales Cost of revenues Gross profit % of net sales Selling and mktg. expense % of net sales General and admin exp. % of net sales EBITDA % of net sales Dep. and amortization % of net sales EBIT % of net sales Other income Interest expenses Profit before tax Exceptional item Provision for tax % of PBT PAT Minority interest Adj. PAT Fully diluted EPS (`) FY2011 1,188 735 453 38.1 119 10.0 154 12.9 180 15.2 49 4.1 132 11.1 30 2 160 27 16.9 133 (7) 140 12.6 FY2012 1,553 946 607 39.1 136 8.8 200 12.9 270 17.4 49 3.2 221 14.2 17 1 236 2 84 35.3 151 (10) 163 14.5 FY2013E 1,873 1,126 747 39.9 172 9.2 233 12.5 342 18.2 64 3.4 278 14.8 40 1 317 2 97 30.5 218 (13) 233 20.7 97 31.0 217 (10) 227 20.4 105 31.0 233 (10) 243 21.9 FY2014E 1,956 1,185 771 39.4 176 9.0 244 12.5 350 17.9 68 3.5 282 14.4 34 1 314 FY2015E 2,174 1,322 852 39.2 196 9.0 272 12.5 385 17.7 76 3.5 309 14.2 30 1 338

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Infotech Enterprises | 4QFY2013 Result Update

Balance sheet
Y/E March (` cr) Equity capital Share premium account Reserves and surplus Shareholders funds Minority interest Borrowings Total capital employed Gross block Accumulated depreciation Net block CWIP Deferred tax asset Investments Sundry debtors Cash and cash equivalents Loans and advances Prepaid and other current assets Total current assets Sundry creditors and others Other current liabilities Provisions Total current liab. and provisions Net current assets Total capital deployed FY2011 56 334 655 1,046 0.6 1,046 560 288 273 65 1.5 91 268 350 185 34 929 79 25 118 222 707 1,046 FY2012 56 334 805 1,195 0.6 1,196 620 337 283 65 2.0 98 300 426 220 28 1,071 92 77 57 225 846 1,196 3.2 1,329 759 401 358 92 3.8 61 401 498 59 100 1,119 121 75 48 245 875 1,329 1,540 819 469 350 92 3.8 91 464 643 94 100 1,392 136 113 48 298 1,094 1,540 1,770 879 545 334 92 3.8 121 522 787 129 100 1,659 148 123 48 319 1,340 1,770 FY2013E 56 4 1,266 1,326 FY2014E 56 4 1,480 1,540 FY2015E 56 4 1,710 1,770

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Infotech Enterprises | 4QFY2013 Result Update

Cash flow statement


Y/E March (` cr) Pre-tax profit from oper. Depreciation Exp. (deferred)/written off Pre tax cash from oper. Other inc./prior period ad Net cash from operations Tax Cash profits (Inc)/dec in Sundry debtors Loans and advances Other current assets Sundry creditors Others Net trade working capital Cash flow from oper. actv. (Inc)/dec in fixed assets (Inc)/dec in investments (Inc)/dec in dfrd. tax asst. Cash flow from invest. actv. Inc/(dec) in debt Inc/(dec) in equity/premium Dividends Cash flow from fin. actv. Cash generated/(utilized) Cash at start of the year Cash at end of the year (61) (51) (2) 13 (8) (109) 79 (71) 111 1 42 (4) 16 (16) (4) 117 234 350 (33) (35) 7 13 (10) (57) 155 (60) (7) (1) (67) (0) (13) (13) 75 350 426 (100) 161 (73) 29 (10) 7 303 (166) 37 (2) (131) 3 (89) (13) (100) 73 426 498 (63) (35) 15 39 (45) 251 (60) (30) (90) (3) 0 (13) (16) 145 498 643 (58) (35) 12 10 (72) 247 (60) (30) (90) 0 (13) (13) 144 643 787 FY2011 130 49 (7) 186 30 215 27 188 FY2012 220 49 (10) 279 17 296 84 212 FY2013E 277 64 (13) 353 40 393 97 296 FY2014E 280 68 (10) 359 34 393 97 295 FY2015E 308 76 (10) 394 30 424 105 319

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Infotech Enterprises | 4QFY2013 Result Update

Key ratios
Y/E March Valuation ratio (x) P/E P/CEPS P/BVPS Dividend yield (%) EV/Sales EV/EBITDA EV/Total assets Per share data (`) EPS (Basic) EPS (Fully diluted) Cash EPS Dividend Book value DuPont analysis Tax retention ratio (PAT/PBT) Cost of debt (PBT/EBIT) EBIT margin (EBIT/Sales) Asset turnover ratio (Sales/Assets) Leverage ratio (Assets/Equity) Operating ROE Return ratios (%) RoCE (pre-tax) Angel RoIC RoE Turnover ratios (x) Asset turnover (gross block) Receivables days Payable days 2.1 73 36 2.5 67 33 2.5 68 35 2.4 69 37 2.5 69 37 12.6 24.4 13.4 18.5 36.4 13.6 20.9 41.0 17.6 18.3 39.5 14.7 17.4 40.1 13.7 0.8 1.2 0.1 1.1 1.0 12.7 0.6 1.1 0.1 1.3 1.0 12.7 0.7 1.1 0.1 1.4 1.0 16.4 0.7 1.1 0.1 1.3 1.0 14.1 0.7 1.1 0.1 1.2 1.0 13.2 12.6 12.6 17.0 1.3 94 14.5 14.5 19.1 1.0 108 20.7 20.7 26.7 1.0 120 20.4 20.4 26.6 1.0 139 21.9 21.9 28.7 1.0 159 13.0 9.7 1.7 0.8 1.2 7.6 1.3 11.3 8.6 1.5 0.6 0.8 4.8 1.1 7.9 6.1 1.4 0.6 0.7 3.7 0.9 8.0 6.2 1.2 0.6 0.6 3.1 0.7 7.5 5.7 1.0 0.6 0.4 2.4 0.5 FY2011 FY2012 FY2013E FY2014E FY2015E

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Infotech Enterprises | 4QFY2013 Result Update

Research Team Tel: 022 - 3935 7800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Infotech Enterprises No No No No

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

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