ACIIC Analyst Program

ACIIC Analyst Program By: Ivan, Aaquib

November 24, 2013

The Association of Canadian Intercollegiate Investment Clubs

ACIIC Analysts

7 schools across Canada and U.S.

Over 100 applications

39 analysts 9 from Ivey - 8 from McGill

6 from Schulich - 5 from McMaster

5 from Queens - 5 from Laurier

1 from Wharton

ANALYSTS

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Introducing ACIIC

Association of Canadian Intercollegiate Investment Clubs

Formally organized as a non-profit charity organization

6 member Universities across Canada today Goal of expanding from coast to coast

INTRODUCTION

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ACIIC Vision

Investment education Rigorous, structured

Shared resources

Tight-knit community Alumni database

Mentorship

VISION

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ACIIC Conference

Annual 2 day conference set in March

Stock pitch competition Presenting your stock report

Education series

Industry guest speakers

Networking session

CONFERENCE

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Stock Analyst Program

Group of 6-7 assigned to a sector One Chapter Head will be your mentor

One stock report for the next 4 month Goal is to present it at the Annual Conference

6 separate deliverables in stages

Team dialogue is important

PROGRAM

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PROGRAM

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Week of

Action Items Nov-24 Dec-1 Dec-8 Dec-15

Meet the Team

Understanding Industry Themes

Understanding Industry Drivers

Identifying Potential Stock Investments

Industry Analysis

Deliverables 4-5 PowerPoint slides

Identify the key drivers and themes

Identify several stocks that are potential investments

Choose a stock



PROGRAM

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TOPIC 4 Deliverables 5-8 PowerPoint slides

Business model, how does it make money

Identify and analyze the segments of the company

Assess quality of management

Shareholder analysis

Assess competitive landscape (Porter 5 Forces, SWOT)

Calculate ratios, DuPont analysis, comparable valuation

Week of

Action Items Dec-29 Jan-5 Jan-12 Jan-19

Investment Thesis

Company Overview, Segment Analysis, Mangement Analysis, Shareholder Analysis

Competitive Analysis vs. Peers

Comparable Analysis

Company Analysis



PROGRAM

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Operating assumptions should reflect company and industry analysis

Perform DCF valuation

Have at least one other valuation methodology that is relevant to the company

Week of

Action Items Jan-26 Feb-2 Feb-9

Operating Assumptions: Understanding Key Drivers

DCF

Other Valuation: Precedent, Sum of the Parts, LBO, Liquidation Value, NAV

Valuation



PROGRAM

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Risks to the downside (great if you can quantify)

Potential mitigants

Catalyst in the short term horizon (soft and hard)

Week of

Action Items Feb-16

Risks to Valuation and Potential Mitigants, Catalyst

Risks & Catalyst



PROGRAM

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Operational or financial strategy that the company can employ to enhance valuation

Example, if you forecasted margin expansion or to increase cross selling, how is that achieved

Potential acquisition and other transformative transactions

Week of

Action Items Feb-23 Mar-2

Potential Transformative Value Creation Strategies

Strategy



PROGRAM

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TOPIC 4 Deliverables ~20 PowerPoint slides

Compile your presentation and summarize the salient points

Practice it together

Polished

Week of

Action Items Mar-9 Mar-16

Presentation

Presentation



Resources We are here to help

Chapter Head

Industry Mentors

Each Other

Mentorship Mentorship database

Recruitment or questions in general

PROGRAM

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Sector Allocation

SECTORS

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FIG Matthew Parrott

TMT Mario Campea

CRG Colton Dick

Industrials Artie Novik

HC Geoff Clark

NR Dave Marrello


Financial Institutions Group (FIG)

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Matthew Parrott Eric Luo

Alex Hong

Andre Luk

Alex Payne

Andrew Gibbs

Krishna Aggarwal

Sebastian Grutter

SECTORS

FIG By: Matt Parrott

November 24, 2013


What is FIG?

Financial Institution Group

Three main sub-sectors Banks

Insurance Companies

Asset Managers and Specialty Finance

WHAT IS FIG

THEMES

KEY DRIVERS

INVESTING

THESIS


Recent Themes

Increased regulation Implementation of Basel III

Rising interest rates Insurance companies to benefit the most

Rotation from bonds to equities Asset managers to benefit the most

THEMES

WHAT IS FIG

KEY DRIVERS

INVESTING

THESIS


Key Drivers

Economic growth The financials sector is often considered a

levered play on the economy

Interest rates and inflation

Consumer and business confidence

Fund flows

KEY DRIVERS

WHAT IS FIG

THEMES

INVESTING

THESIS


Investing

Most widely used metric is P/B

Regression between P/B and ROE

Asset/dividend based models as opposed to cash flow models

INVESTING

WHAT IS FIG

THEMES

KEY DRIVERS

THESIS


Sample Investment Thesis

Macro Expectations that interest rates will rise and

equity markets will rally

Micro Insurance company X has the lowest combined

ratio relative to its peers

Valuation Currently trading at a discount on a P/B basis

THESIS

WHAT IS FIG

THEMES

KEY DRIVERS

INVESTING


Questions

FIG By: Matt Parrott

November 24, 2013


TMT (Tech, Media, Telecom)

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Mario Campea Matt Ting

Jin Hwang

Emerson Dieudonne

Julie Vincent

David Greenman

Sean Saggi

Emily Ren

SECTORS

Technology, Media & Telecom By: Mario Campea & Mikhail Stepanov

November 24, 2013


TMT Overview / Trends

Technology

Software Generally refers to computer programs and applications that dictate

specific functions

Hardware Physical elements that a computing system is made of

Many companies sell both Hardware and Software components (ex. IBM)

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS



Technology

Internet Companies that have majority focus on selling products and services using

Internet as main delivery platform

Includes social media, advertising, search engines, user review, e-Commerce, etc.

Cloud Computing Refers to companies that deliver hosted services over the Internet

Software as a Services (SaaS): Vendors deliver applications to customers

Platform as a Service (PaaS): Customers can rent hardware, storage, etc. from vendors

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS



Media

Advertising Usually an in-house function of corporate finance

Investment opportunities emerging in the mobile space

Broadcasting Incredibly saturated industry, with large players being the only ones scalable

enough to compete

Usually a portion of a larger conglomerate (e.g. Rogers Communications, Time Warner Cable)

Very little pure-play broadcasting companies due to high overhead required to compete

Many private companies (e.g. CNBC, Fox News)

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS



Telecom

Carriers Wireline/ Wireless Provide telecommunication services through either wireless or wireline

Ex. Rogers, Bell, AT&T, Verizon

Satellites Provide satellite communication services

Ex. Sirius, Dish Network

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS


Key Drivers

Example TMT Key Success Factors

Potential for Rapid Growth Many investors look to the TMT space specifically for rapidly growing companies

that could provide outsized returns

These high expectations relative to other industries make investors associate this space with a riskier profile

Ex. Twitter

Significant R&D Expenditures R&D expenditure is a key requirement in TMT in order to sustain innovation

Effective R&D will lead to the creation of a patent portfolio and other developments that assist in creating competitive advantages

Ex. Apple

Strong User Base / Defendable Position A strong user base is key to generating sustainable earnings

Providing value to your users through a strong ecosystem will create a defendable position that could prevent being displaced from the market

Ex. iOS App Store

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS


Metrics to Look For

TMT Specific Multiples

Enterprise Value / Revenue Many early-stage TMT companies have little to no profits

Serves as a proxy for the P/E ratio

Compares the entire value of the firm to the revenues generated

Inherent limitations: ignores profitability completely

Important to look at the change in multiples over time

Enterprise Value / Users Company may lack revenues, or it may not be a sound basis for comparison

For most such companies, users are the main driver behind revenue

Google, Facebook, Twitter, Zynga, LinkedIn, etc.

Forward multiples are very important

Inherent limitation: ignores revenue generation completely

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS


Metrics to Look For

Other Core Metrics

Subscriber or user growth rate Since users drive revenues, user growth is critical to TMT

Retention rate High retention rates indicate more stable revenues and cash flows

Can indicate quality of product and distinguish fads

Time on site More time means more potential exposure to advertisements and products

Paying Users/ Users What percentage of users actually contribute to revenues

Revenue per user Compliments above metrics, and the EV / U multiple

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS


Example Thesis

Post MSFT deal, the company has been transformed

Pure play network services infrastructure leader

Focus on the companys strongest business segment

Divestiture of non-core assets to unlock shareholder value

Monetization of industry leading patent portfolio

Previously defensive segment allows for growth

Unfair overhanging Nokia could Historically deteriorating performance of the handset business

Different ways to value the business

Network services infrastructure using a DCF and comparables

Patent portfolio using precedents and Gordon Growth method

TECHNOLOGY

MEDIA

TELECOM

KEY DRIVERS

EX. THESIS

KEY METRICS

Nokia

Technology, Media & Telecom By: Mario Campea & Mikhail Stepanov

November 24, 2013

I apologize for being unable to attend. Please feel free to reach out and we can arrange a chat. Mario Campea ([email protected])


CRG (Consumer, Retail)

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Colton Dick Vinayak Modi

Will Zed

Daniel Viner

Steven Lo

Erik Chu

Fred Jackson

Asem Mosmer

SECTORS

Consumer Discretionary & Staples Industry By: Colton Dick

November 24, 2013


Industry Introduction

Consumer Staples: Non-cyclical companies that sell food, beverage, tobacco,

and other household items

Consumer Discretionary Cyclical companies that sell durable and non-durable

products/services; considered non-necessities

INTRO

THEMES

DRIVERS

OPPORTUNITY

TJX


Recent Industry Themes

U.S. economic recovery distribution of recovery is not equal

Luxury

Discount - Those that need a bargain and those that want a bargain.

Canadian grocer consolidation Loblaw/Shoppers & Empire/Safeway

Recent earnings prove Canadian environment is saturated and extremely competitive

THEMES

INTRO

DRIVERS

OPPORTUNITY

TJX


Recovery Gains

THEMES

INTRO

DRIVERS

OPPORTUNITY

TJX

Negative real income gains heightens the number of value conscious consumers

(0.8%)

(1.2%) (1.2%) (1.2%)

2.0%

5.2%

(2.0%)

(1.0%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Lowest Fifth Second Fifth Third Fifth Fourth Fifth Highest Fifth Top 5 %


Increasing Valuations

THEMES

INTRO

DRIVERS

OPPORTUNITY

TJX

21%

11%

17%

0.9

0.95

1

1.05

1.1

1.15

1.2

1.25

1.3

2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013

U.S. Normalized NTM P/E Growth

S5COND Index S5CONS Index SPX Index

Discretionary has seen margin expansion relative to the S&P500, whereas Staples has seen a relative margin contraction


Industry Key Drivers

Macro Drivers Unemployment Rate

Outstanding Household Debt

Real Disposable Income

Emerging Market & European Recovery

Micro Drivers Same Store Sales Growth

Food Inflation

Margin Expansion

Pricing Power

DRIVERS

INTRO

THEMES

OPPORTUNITY

TJX


Industry Opportunities

Off-Price & Luxury Retail

Gaming

Newspapers

Diversified Food Packagers

OPPORTUNITY

INTRO

THEMES

DRIVERS

TJX


TJX Investment Thesis

TJX

INTRO

THEMES

DRIVERS

OPPORTUNITY

The Market is undervaluing.

Especially to its only true competitors ROSS

Marmaxx Remodel Compete with department store experience

eCommerce Potential significant growth Consumer analytics insight

HomeGoods Store growth in USA, SSS driven by housing recovery

Europe Store growth in new/existing countries Convergence to US margins

Global Buying Organization

Barrier to entry Foundation for successful international expansion Continued margin expansion


TJX Investment Thesis

TJX

INTRO

THEMES

DRIVERS

OPPORTUNITY

TJXs dominance as a leader in off-price retail is reflected by a high return on invested capital and as such, commands a premium to its peers

Data as at November 20, 2013

(in US$ millions) Market Enterprise adj. EV / adj. EBITDAR( 1) ( 2 ) P / E( 1) ( 2 ) adj. Net Debt / adj. EBITDAR( 1) ( 2 ) SSS Growth LTM EBITDA LTM

Company Cap. Value CY2013E CY2014E CY2015E CY2013E CY2014E CY2015E CY2013E CY2014E CY2015E LTM Margin ROIC

Off-Price Retailers

Big Lots $2,204 $2,281 6.8x 6.5x 6.5x 13.0x 11.7x 11.3x 3.7x 3.6x 3.6x (2.7%) 7.2% 19.2%

Ross Stores $17,844 $17,443 10.3x 9.6x 9.0x 20.6x 18.3x 16.2x 1.6x 1.5x 1.4x 6.0% 15.4% 43.6%

Stein Mart $695 $647 8.1x 7.8x nmf 22.8x 20.3x 18.5x 3.6x 3.5x 7.4x 2.7% 5.6% 10.6%

Burlington Coat $1,544 $3,205 n/a n/a n/a n/a n/a n/a n/a n/a n/a 1.2% 7.6% n/a

Average 8.4x 8.0x 7.8x 18.8x 16.8x 15.3x 3.0x 2.9x 4.1x 1.8% 8.9% 24.5%

TJX Companies $46,218.21 $45,482 10.7x 9.9x 9.3x 22.0x 19.4x 17.4x 1.7x 1.6x 1.5x 7.0% 14.4% 43.8%

Notes:

Share price as at November 20, 2013

(1) EV, and Net Debt adjusted for capitalized operating leases

(2) All estimates are consensus as at November 20, 2013


Questions

Consumer Discretionary & Staples Industry By: Colton Dick

November 24, 2013


Industrials

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Artie Novik Ryan Haydon

Jonathan Kim

John Lu

Chris Pepper

Dean Brown

Hyla Nayeri

SECTORS

Industrials By: Artie Novikov

November 24, 2013


Sector Overview

Diverse sector including companies involved with: Capital Goods

Aerospace & Defense

Building Products

Construction & Engineering

Electrical Equipment

Industrial Conglomerates

Machinery

Services Commercial Services & Supplies

Professional Services

Transportation

Air Freight & Logistics

Airlines

Marine

Road & Rail

Transportation Infrastructure

INTRODUCTION

THEMES

KEY DRIVERS

KEY RISKS

THESIS

SPECIFICS

RETURNS

QUESTIONS Market Cap $7.77T

P/E 20.4 x


Themes & Trends

Services an increasingly important source of revenues

Industrials scaling back on operational leverage

Focus on cost reductions and divestiture of non-core operations

THEMES

INTRODUCTION

KEY DRIVERS

KEY RISKS

THESIS

SPECIFICS

RETURNS

QUESTIONS


Key Drivers

Performance largely driven by demand for building construction, manufactured products, and capital goods

GDP growth provides good indicator of future demand

Growth in government spending

Large infrastructure projects

KEY DRIVERS

INTRODUCTION

THEMES

KEY RISKS

THESIS

SPECIFICS

RETURNS

QUESTIONS


Key Risks

Large companies putting off investments due to uncertain economic conditions

Increasing interest rates

Declining budget environment for several subsectors

KEY RISKS

INTRODUCTION

THEMES

KEY DRIVERS

THESIS

SPECIFICS

RETURNS

QUESTIONS


Sector Specifics

PMI is a good leading indicator of industrial production

Generation of Free Cash Flow is key

Airlines: EV/Plane

EV/Passenger

Infrastructure: EV/NAV

P/B

SPECIFICS

INTRODUCTION

THEMES

KEY DRIVERS

THESIS

KEY RISKS

RETURNS

QUESTIONS


Thesis Example

Micro

High return on capital

Barriers to entry

High margins relative to industry

Good management

THESIS

INTRODUCTION

THEMES

KEY DRIVERS

SPECIFICS

KEY RISKS

RETURNS

QUESTIONS


Thesis Example

Macro Important to understand what is happening at

the subsector, sector, and national levels

GDP reports & forecasts: U.S., China, Germany

Setup What is the current state of your pitch?

52-week highs/lows

Short-interest

THESIS

INTRODUCTION

THEMES

KEY DRIVERS

SPECIFICS

KEY RISKS

RETURNS

QUESTIONS


Sector Performance

RETURNS

INTRODUCTION

THEMES

KEY DRIVERS

SPECIFICS

KEY RISKS

TOPIC 7

QUESTIONS


Questions

Industrials By: Artie Novikov

March 9, 2013


NR (Natural Resources)

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David Marrello Karishma Balani

Bill Cong

Akshay Gujral

Darren Viegas

Egor Gaggin

Jenny Kletnich

SECTORS

Natural Resources By: David Marrello

November 24, 2013


Sector Intro

Metals and Mining Was once Canadas most important sector

Major underperformer for 2013 (-24% for the year)

Key Canadian companies in the sector include Barrick Gold, Agnico Eagle, and Potash Corp.

Success of the industry highly dependent on the prices of underlying precious metals

Companies have different specialties: as producers or as explorers

SEC. INTROS

SEC. THEMES

KEY DRIVERS

INVESTING

SAMPLE THES.


Sector Intro

Energy Includes: Petroleum, Gas, Electrical Power,

Coal, Nuclear, and Renewables

Currently Canadas second most important sector

Also an underperformer for 2013 (8% for the year

Key Canadian companies in the sector include

Suncor, CNR, Encana, Talisman, & Imperial Oil

Success of the industry highly dependent on the prices of underlying commodities


Sector Themes

Mining and Metals Shift in mining focus towards developing nations

The profound impact of new technology (ex. Arctic mining)

The increased importance of small to medium sized miners

Energy Increased prominence of renewable technologies and

decreased reliance on nuclear

A shift in demand from developed nations to developing nations

New technologies (deepwater drilling now only 9% but increasing)

The profound impact of new technology (ex Deepwater drilling)

US energy independence

SEC. THEMES

SEC. INTROS

KEY DRIVERS

INVESTING

SAMPLE THES.


Key Drivers

Metals and Mining Prices of Underlying Precious Metals (gold, silver,

diamonds)

Production efficiencies of miners

Regulation (threat of nationalization)

Ability to raise debt/equity, and cash flow

Macroeconomic considerations

Energy Underlying commodity prices

Government subsidies and regulations

Global demand and supply outlook

Mergers and Acquisitions

KEY DRIVERS

SEC. INTROS

SEC. THEMES

INVESTING

SAMPLE THES.


Investing Specifics

Key Industry Metrics

Metals and Mining Production/Capacity/Reserves (typically measured in

weight)

Cash flow from operations

EBITDAX

Net Asset Value Model

Typified by long lasting, but punctuated cycles

Energy Production/Capacity/Reserves (typically measured in

barrels or other volume measure)

EBITDAX

Net Asset Value Model

Dividend yield may be a consideration

INVESTING

SEC. INTROS

SEC. THEMES

KEY DRIVERS

SAMPLE THES.

The Association of Canadian Intercollegiate Investment Clubs Sample Investment Thesis

1. Larger multi-mineral mining companies are leaving the industry to pursue the opportunities that come with increased demand for other commodities such as steel, iron, copper etc; giving companies such as Dominion Diamond Corporation the opportunity to step in and increase their market share in the diamond industry substantially.

2. The rough-diamond market is expected to remain balanced from 2013 through 2017. From 2018 onward, as existing mines get depleted and no major new deposits come online, supply is expected to decline, falling behind expected demand growth that will be driven by China, India and the US.

3. Proved and Probable Recoverable and Attributable Reserves showing signs of growth, especially from 2012 to 2013:expected to grow from 30840 T to 37080 T

4. Current Ekati mine plan calls for further seven years of production until 2019, however Dominion Diamond Corp has discovered additional resources on Ekati property.

Dominion Diamonds

SAMPLE THES.

SEC. INTROS

SEC. THEMES

KEY DRIVERS

INVESTING


Thesis Continued

The Company is the fourth largest diamond producer by value globally

Largest publicly listed diamond mining pure play by market capitalization

Both mines located in the low political risk environment

In Q3, a 62% increase in carats sold was offset by a 9% decrease in achieved diamond prices

Rough prices had picked up by about 6% in the first months of the year

Since then, prices have been flat

Production at the Misery pit, where stripping is under way, is slated to begin in 2016.

One-time expenses due to purchase of Ekati resulted in the US$16.3-million net loss

Excluding such one-time items, the company would have seen $11.1 million, or 13 a share, in profit


Investment Thesis Continued

At $14/share, Dominion is undervalued


Questions

Natural Resources By: David Marrello


Healthcare

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Geoff Clark Tianhao Fang

Wahaaj Ud Din

Tanveer Randhawa

Rahul Sharma

Dmitry Kutsyy

SECTORS

Healthcare By: Geoffrey Clark

November 24, 2013


Sector Introduction

The healthcare sector is made of many different sub-industries Pharmaceuticals and biotechs: Manufacturers

of drugs

Device manufacturers: Medical equipment

Hospitals

Health-insurers

INTRODUCTION

RECENT

THEMES

KEY DRIVERS

SECTOR

SPECIFICS

SAMPLE

INVESTMENT

THESIS


Recent Themes

Shift towards a single-payer system in the U.S. Obamacare, Medicare, Medicaid

Healthcare spending growing in relation to GDP Currently at 18% of U.S. GDP and growing at 4%

annually Sector growing too fast for its own good

Focus is on cutting costs, companies that can will be successful

Employers passing burden on employees Rising costs of insurance Increased amount of part-time/contract workers

RECENT

THEMES

INTRODUCTION

KEY DRIVERS

SECTOR

SPECIFICS

SAMPLE

INVESTMENT

THESIS


Recent Themes

Changing demographics from aging population People are living longer and suffering from chronic

diseases for more of their lives

Environmental factors Air and water pollution are increasing the

prevalence of conditions like asthma

Rise of problems like obesity, diabetes and allergies

Increased prevalence and awareness of mental disabilities

RECENT

THEMES

INTRODUCTION

KEY DRIVERS

SECTOR

SPECIFICS

SAMPLE

INVESTMENT

THESIS


Key Drivers

Government budgets For most states, Medicaid is the number one

cost

Healthcare spending growing faster than other categories

KEY DRIVERS

INTRODUCTION

RECENT

THEMES

SECTOR

SPECIFICS

SAMPLE

INVESTMENT

THESIS


Key Drivers

Management Innovation Company must be able to offer innovative

solutions to meaningfully impact diseases Either be first in the area or be the best

Companies must find ways to cut costs Healthcare is too expensive

Upcoming clinical trials A trial failure or an increase in time to market

can cripple some companies

KEY DRIVERS

INTRODUCTION

RECENT

THEMES

SECTOR

SPECIFICS

SAMPLE

INVESTMENT

THESIS


Sector Specifics

Pharmaceuticals and Biotechs Patent protection: Intellectual property is key

Difficult to make money when generic brands are available

Long and expensive process to bring products to market FDA and other regulatory approvals take time

High R&D budgets Look for companies with consistent success in

developing innovative products

SECTOR

SPECIFICS

INTRODUCTION

RECENT

THEMES

KEY DRIVERS

SAMPLE

INVESTMENT

THESIS


Sector Specifics

Facilities Focus on operating costs and sustained cost

advantages

Large and well-funded systems vs. local hospitals Significant M&A activity between the two

SECTOR

SPECIFICS

INTRODUCTION

RECENT

THEMES

KEY DRIVERS

SAMPLE

INVESTMENT

THESIS


Sector Specifics

Health Insurers and Managed Care Providers: Focus on medical cost ratio, the reverse of

operating profit Healthcare costs divided by revenue from premiums

Shows whether the company is skilled in underwriting

Affected by interest rates Most investment holdings are short-term,

investment grade fixed income securities

SECTOR

SPECIFICS

INTRODUCTION

RECENT

THEMES

KEY DRIVERS

SAMPLE

INVESTMENT

THESIS


Sample Investment Thesis

For company XYZ in healthcare facilities: Leading market share in large and growing

urban centers

Economies of scale act as barrier to entry to newcomers and protect against existing local hospitals

Benefiting from increased M&A activity with a balance sheet that can support it

SAMPLE

INVESTMENT

THESIS

INTRODUCTION

RECENT

THEMES

KEY DRIVERS

SECTOR

SPECIFICS


Questions

ACIIC Analyst Program By: Ivan, Aaquib

November 24, 2013

Documents

ACIIC Analyst Program