Search

HND Unit 3 Principles of corporate finance

University:

  • Unit No:
  • Level: Undergraduate/College
  • Pages: 24 / Words 6088
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 4745

Introduction

The principles of corporate finance are important in analysing the performance of industry in effective way. The present report deals with the investment portfolio of various companies in different sectors. In relation to this, Cairn Energy Plc is chosen in the Oil and Gas sector, while, Sports Direct International Plc is taken in General Retailers. On the other hand, Inmarsat Plc is taken from the sector of Mobile communication. The investment portfolio is prepared for all the companies to assess financial performance and outline company that are earning good profits so that investors may make better decisions in this context. Valuation of shares is prepared and an investment strategy is made as well. Furthermore, analysis of the current economic situation is also explained with regard to GDP, taxation, Balance of Payments, and inflation as the economic indicators. Sectorial reports are also listed for three companies of varied industry sectors. Various methods of valuation of shares are also listed in this report.

Part 1

Analysis of the UK economic situation

The UK is one of the largest economies in the world and as such, the nation has various economic indicators. In relation to this, macroeconomic indicators are GDP, Balance of Payments (BoP), inflation, and taxation which impact the overall economy of the UK. Current year growth of the GDP of the UK at the end of February 2018 is decent and is expected to rise by 1.5 % in the financial year 2018. However, as the year progresses, the economy will slow down because of the uncertainty of Brexit on the GDP of the nation (Low, Yao, and Faff, 2016). Moreover, it is assumed that fixed investment and private consumption growth would be lower as well. While, the UK's GDP has been injected into the current situation which will benefit the whole nation in the coming period. This is evident from the fact that in February month, services PMI (Purchasing Managers Index) hiked four times because of quick new orders growth. The unemployment rate has come down as well.

Need to Consult Directly With Our Experts?

Contact Us

BoP is the economic transactions between the UK and the Rest of the World. This is narrowed by GBP 2 billion to 0.965 billion at the end of February 2018. Imports of goods and services has been fallen down by 4.8 % which is 53.41 billion in comparison to 56.11 billion in the month of January. On the other hand, exports of goods and services are also lowered by up to 1.34 %. Thus, it can be said that there is a deficit in the UK economy as it is hiked by 0.4 billion to GBP 6.4 which is all time from January to February 2018. The main reason behind this is that imports were maximized despite of increase in exports.

The inflation rate is another macroeconomic indicator affecting the whole economy. Monetary policy is been revised by the Bank of England and the bank rate is kept at 0.5 % in the month of February. It has been forecasted that inflation will remain around 3 % in the short run because of high oil prices (Kosov and et.al, 2016). The inflation rate is 3 % and has peaked up to a high extent in the past ten years. However, the unemployment rate is significantly lowered from 8.5 % to 4.3 % in the last month. The fall in inflation is likely to be attained in the future. Taxation also plays an important role in the economy. The income tax and capital gains receipts were segregated and amounted to 18.4 billion at the end of February. This figure is 0.9 billion less in comparison to receipts attained in the past year.

Sectorial Report on Groupings

The sectorial reports are prepared with the intention of providing the performance of various departments and units which provides the basis for analysing the efficiency of the units. Sectorial reporting is also known as segmental reporting which is accompanied by the financial statements attached in the company's annual report. This helps investors to assess the performance of operating segments of organisation and make enhanced decisions with much ease. In this report, Cairn Energy Plc is taken from the Oil and gas sector. On the other hand, Inmarsat Plc is taken from the technology sector (Montford and Goldsmith, 2016). While Sports Direct International Plc is selected from the retail sector.

Cairn Energy Plc is one of the biggest oil and gas producers in the UK. The strategy of the company is to extend its brand portfolio and expand its operational segments to lead in the oil and gas industry of the nation. Each of the units is headed by regional director (Chandra, 2017). Among this, Senegal's business is focused on the government exploration plan. Other units are UK and Norway, International, and Other Cairn Energy Group. The net loss was observed in Senegal at 0.6 $million. On the other hand, net profit was obtained in UK and Norway units of $10.9 million and 303 million in Other Cairn Energy Group. While a net loss of 50.4 was incurred in the International segment. Operating lease commitments on administration costs were $9.3 million in the financial year 2017. Total assets amount to 3255.5 while capital expenditure is 592.7.

Inmarsat Plc is engaged in the mobile communication sector. It is a satellite communication organisation headquartered in the UK. There are five operating segments of the company which are reported to the Chief Operating decision-maker. The segments are Maritime focusing on commercial maritime services, US government on civil and military services, Global government on worldwide civil services, Aviation segment and Enterprise on energy, M2M (Machine to Machine) services, etc. EBITDA obtained in the Maritime segment of 441.9, Aviation segment of 103.9, and Enterprise of 91.9 (Petri, 2018). While US and Global governments have been segregated because of the same services and 265.2 EBITDA. In all net profit attained from operating segments amounts to 182.3. Total capital expenditures are 598.7.

Sports Direct International Plc is one of the greatest sports retailers headquartered in the UK. There are four operating segments UK Sports Retail, International Retail, Premium Lifestyle,  Brands, etc. The operating profit garnered in UK Sports Retail amounts to 157.4 million, profit in  Brands is 76.1. On the other hand, operating losses have been incurred in International Sports Retail and Premium Lifestyle 69.2 and 4.2 respectively. In relation to this, the net profit obtained in the financial year was 231.7. The total assets amount to 2448.8 and the total expenditure comes to 426.9 in 2017. Thus, it can be interpreted that Sports Direct International Plc is able to generate good net profits in the past (Guo, Zhou, Luo, Liu, and Xiong, 2016).

Part 2

Investment Rationale

Assessing the Financial Performance of the Companies Chosen Under Different Sectors

 

Sports direct international

Return in %

Cairn energy

Return in %

Inmarsat

Return in %

3/5/2017

362

 

191.3

 

473.6

 

3/6/2017

370.5

2.35%

197

2.98%

481.2

1.60%

3/7/2017

371.7

0.32%

194.4

-1.32%

462.9

-3.80%

3/8/2017

372

0.08%

196.2

0.93%

463.9

0.22%

3/9/2017

367

-1.34%

196.4

0.10%

432.7

-6.73%

3/10/2017

367.2

0.05%

210.8

7.33%

409.7

-5.32%

3/13/2017

361.6

-1.53%

193.6

-8.16%

386.7

-5.61%

3/14/2017

362.9

0.36%

201.4

4.03%

399.7

3.36%

3/15/2017

368.4

1.52%

199

-1.19%

400.4

0.18%

3/16/2017

371.3

0.79%

205

3.02%

400.6

0.05%

3/17/2017

377

1.54%

205.2

0.10%

392.5

-2.02%

3/20/2017

374.1

-0.77%

206

0.39%

382

-2.68%

3/21/2017

369.5

-1.23%

211.6

2.72%

371

-2.88%

3/22/2017

368.8

-0.19%

208.4

-1.51%

369.3

-0.46%

3/23/2017

371.9

0.84%

204.4

-1.92%

372.9

0.97%

3/24/2017

371.2

-0.19%

206

0.78%

361.4

-3.08%

3/27/2017

370.3

-0.24%

211

2.43%

369.1

2.13%

3/28/2017

369

-0.35%

207.4

-1.71%

372.4

0.89%

3/29/2017

367.6

-0.38%

206

-0.68%

362.1

-2.77%

 

Particulars

Sports direct international

Cairn energy

Inmarsat

Average

0.09%

0.46%

-1.4%

Standard deviation

1.0%

3.2%

2.9%

 

Companies

R(f)

beta

Market return

Expected return

Sports direct international

0.44%

-0.14

-0.03%

0.51%

Cairn energy

0.44%

0.93

-0.03%

0.005%

Inmarsat

0.44%

1.01

-0.03%

-0.03%

 

Covariance analysis

Companies name

SD

Cairn energy

Inmarsat

SD

0.000101

8.84093E-05

0.000155

Cairn energy

8.84E-05

0.000989532

0.000155

Inmarsat

0.000155

0.000191491

0.000774

Correlation analysis

 

SD

Cairn energy

Inmarsat

SD

1

0.279322726

0.554297

Cairn energy

0.279323

1

0.22

0.554297

 

0.21886379

1

 

Expected return

weights

Weight * expected return

Sports direct international

0.51%

0.8

0.41%

Cairn energy

0.01%

0.1

0.001%

Inmarsat

-0.03%

0.1

-0.003%

 

 

 

 

 

 

Portfolio return 

0.41%

Weight

80%

10%

10%

Investment value on 5th March 2018

1600000

200000

200000

Share prices on 5 March 2018

362.00

191.30

473.60

Number of securities

4420

1045

422

Share prices on 29th March 2018

367.6

206

362.1

Investment value on 29th March 2018

1624751.381

215368.5

152913.9

Capital gain

24751.38122

15368.53

-47086.1

By taking into account the above-depicted evaluation, it can be presented that the average return associated with SD and Cairn energy is higher over others. On the other side, Inmarsat's average return accounted for -1.4% respectively. The rationale behind this, the beta value of Inmarsat is 1 which in turn presents that the stock is highly volatile. In accordance with the changes in stock market share prices of Inmarsat will fluctuate to a great extent (Lombardi and Ravazzolo, 2016). Currently, FTSE 250 index average return is -0.03%. Considering the trend of financial position and performance it can be stated that in the near future all the stocks will grow. Now, portfolio returns with the investment amount of 2 GBP million account for .44% which is slightly lower in comparison to the UK monthly treasury bills return. Hence, now due to the persistence of trade war in the UK stock market investors will face difficulty in earning high returns within the short span (Guo, Yu, Li, and Kar, 2016). Thus, it can be depicted that to earn high returns' an investor needs to carry out and maintain such a portfolio for a longer duration.

Need Academic Writing Help?

Seek the Best Academic Writing Help in the UK

Learn More

Valuation of shares

Valuation of shares is quite important in order to assess the current worth of the company. This means that valuing the shares helps to analyse the worthiness of the assets of organisation. Thus, the performance of the company can be analysed with the help of shares valuation (Swayamjit. 2018). There are several methods of valuing shares which are listed below-

  1. Asset-Backing method

            This method implies that shares are valued on the internal value of assets. It has further bifurcation such as ongoing concern and break-up value of the basis of the company. The ongoing method means that the utility of assets is taken for extracting value while in the other one, realizable value is taken for the purpose of valuation of shares.

  1. Yield-Basis method

            The shares are valued based on yield which is generated from the investments. This is always expressed in the form of a percentage. The valuation is made on a profit and dividend basis. In the case of the former, the average profit is taken and the capitalised value is determined by taking a rate of return, and the number of shares is divided to extract value. While, dividend is taken for deriving share value (Kashyap, 2016).

  1. Fair Value method

            This technique of valuing shares on the basis of yield-basis and asset-backing methods. It implies that fair value can be obtained by taking into account intrinsic and yield value and are taken as average for arriving better valuation of shares.

  1. Return on Capital Employed method

            The rate of return on capital is taken for the purpose of valuation. This method is taken as a pre-determined expected rate of return. After analysing expected earnings, the capital sum of return is calculated (Bilbao-Terol and et.al, 2016).

  1. Price-Earnings Ratio method

            This method is ascertained by relating the market price of shares with EPS (Earnings Per Share).

Sports Direct International Plc

The Price-Earnings ratio is 13.40 and EPS is 11.1

Therefore, the value of share = EPS * Price-Earnings Ratio

= 11.1 * 13.40

= 148.70

Inmarsat Plc

The price-earnings ratio is 12.91 and the EPS is 0.41

Applying the same formula,

= 0.41 * 12.91

= 5.29

Cairn Energy Plc

The price-earnings ratio is 6.94 and the EPS is 44.52

= 6.94 * 44.52

= 308.96

Ratios analysis

Sports Direct International Plc

Particulars

Formula

2017

2016

Profitability ratios

 

 

 

Gross profit ratio

Gross profit / net sales * 100

41

44.2

Net profit ratio

Net profit / Net sales * 100

7.08

9.55

Return on Assets

Net earnings / Total assets

9.56

13.42

Return on Equity (ROE)

Net Profit / Shareholders' Equity

17.51

21.75

 

 

 

 

Liquidity ratios

 

 

 

Current ratio

Current Assets / Current Liabilities

1.72

2.43

Quick ratio

Liquid assets / Current Liabilities

0.77

0.93

 

 

 

 

Efficiency ratios

 

 

 

Debtors Turnover ratio

Net credit sales / Average accounts receivable

69.3

48.53

Stock Turnover ratio

Cost of sales / Average inventory

2.88

2.66

Creditors Turnover ratio

Total supplier's purchases / Average accounts payable

33.58

43.84

 

 

 

 

Solvency ratios

 

 

 

Gearing ratio

Debt / Equity

0

0.24

Debt to assets ratio

Debt / Assets

0

0.14

It can be interpreted from the above ratios of Sports Direct International Plc that company has performed satisfactorily. The profitability ratios such as Gross Profit and Net Profit ratio declined. Gross profit was 44.2 in 2016 and 41 in 2017. The net profit ratio was 9.55 in 2016 and 7.08 in the next year. This means that organisation has to initiate control of its expenses. Return on Assets and Return on Equity have also been lowered (Vershinina and et.al., 2016). Thus, profitability position is required to be improved. On the other hand, the current ratio has come down to 1.72 while it was 2.43 in the financial year 2016. The quick ratio is also good and as such, it can be said that organisation has a good liquidity position and is able to pay off short-term liabilities within a stipulated time.

Efficiency ratios such as the Debtors Turnover ratio were 48.53 in 2016 and 69.3 in the financial year 2017. This implies that strict credit policies are required to be implemented. Creditors Turnover ratio is decreased which means that the firm is making faster payments to suppliers. The stock turnover ratio is slightly reduced (Ries, 2018). The gearing ratio was 0.24 in the financial year 2016 and in the next year, it was zero. This means that no debt has been used in 2017. On the other hand, Debt to assets ratio was 0.14 in 2016 and zero in the next financial year.

Inmarsat Plc

Particulars

Formula

2017

2016

Profitability ratios

 

 

 

Gross profit ratio

Gross profit / net sales * 100

89.7

90.5

Net profit ratio

Net profit / Net sales * 100

12.98

18.27

Return on Assets

Net earnings / Total assets

3.71

5.34

Return on Equity (ROE)

Net Profit / Shareholders' Equity

14.57

19.51

 

 

 

 

Liquidity ratios

 

 

 

Current ratio

Current Assets / Current Liabilities

0.99

1.35

Quick ratio

Liquid assets / Current Liabilities

0.82

1.2

 

 

 

 

Efficiency ratios

 

 

 

Debtors Turnover ratio

Net credit sales / Average accounts receivable

6.86

6.53

Stock Turnover ratio

Cost of sales / Average inventory

4.21

4.27

Creditors Turnover ratio

Total supplier's purchases / Average accounts payable

437.26

324.93

 

 

 

 

Solvency ratios

 

 

 

Gearing ratio

Debt / Equity

1.94

1.97

Debt to assets ratio

Debt / Assets

0.49

0.51

The financial ratios have been computed for Inmarsat Plc. Profitability ratios such as gross profit ratio was 90.5 in 2016 and in the next period was 89.7. This shows that the gross margin had come down and the net profit ratio was 18.27 and 12.98 in 2016 and 2017 respectively. This implies that a firm has to control its costs to generate more revenue. Return on Assets was 5.34 in 2016 and 3.71 in 2017. This means that assets should be effectively utilised by company to produce revenue. Return on Equity was 19.51 in the previous year while came down to 14.57. Thus, the profitability position needs to be enhanced (Zou, Wang and Wu, 2018).

Liquidity ratios such as the current ratio were 1.35 in 2016 and 0.99 in the next year. On the other hand, the quick ratio was 1.2 in 2016 and 0.82 in the financial year 2017. This means that the firm has to improve its liquidity to make short-term payments. Efficiency ratios such as the Debtors Turnover ratio were enhanced in 2017 which means that credit policies are good enough to recover payments. The creditor's Turnover ratio is, however, increased which implies that the company is not making quick payments to suppliers. While stock turnover ratio is reduced which shows that inventory is replenished quickly. Solvency ratios such as the Gearing ratio are more and imply that company has more debt in its capital structure. The debt-to-assets ratio is reduced which is quite good for the organisation as it lower risk (Wang and Huang, 2017).

Cairn Energy Plc

Particulars

Formula

2017

2016

Profitability ratios

 

 

 

Gross profit ratio

Gross profit / net sales * 100

19.8

0

Net profit ratio

Net profit / Net sales * 100

7.97

0

Return on Assets

Net earnings / Total assets

9.21

-3.99

Return on Equity (ROE)

Net Profit / Shareholders' Equity

11.23

-4.43

 

 

 

 

Liquidity ratios

 

 

 

Current ratio

Current Assets / Current Liabilities

0.85

3.86

Quick ratio

Liquid assets / Current Liabilities

0.59

3.47

 

 

 

 

Efficiency ratios

 

 

 

Debtors Turnover ratio

Net credit sales / Average accounts receivable

0.63

0

Stock Turnover ratio

Cost of sales / Average inventory

5.13

0

Creditors Turnover ratio

Total supplier's purchases / Average accounts payable

68.35

0

 

 

 

 

Solvency ratios

 

 

 

Gearing ratio

Debt / Equity

0

0

Debt to assets ratio

Debt / Assets

0.07

0

Financial ratios of Cairn Energy Plc are calculated which shows company had good gross profit in 2017 as no profit was made in 2016. The net profit ratio was 0 and in the next year, 7.97 was attained. This shows organisation has formulated structured strategies that have benefited from profits. Return on assets was negative in 2016 and 9.21 in the next period which highlights company has effectively utilised assets for producing revenue. Return on Equity has also increased as it was negative in the previous year. This means that the profitability position has been effectively maximised (Chirkunova, Kireeva, Kornilova, and Pschenichnikova, 2016).

The current ratio and quick ratio both are lowered as it was much in the previous year. This means that assets are quickly converted into cash. The efficiency ratio was zero in 2016 and increased in the next year which means that efficiency has maximised in terms of debtors, creditors, and stock turnover ratio. Solvency ratios such as the gearing ratio were zero in both years. Moreover, debts to asset ratio was zero in 2016 and 0.07 in the financial year 2017. This implies that more debt is required to be used by company (Braun, Schmeiser, and Schreiber, 2017).

Stating the Manner in Which Concerned Investment Will Meet Investment Strategy

The investment can be made in Sports Direct International Plc and even in Cairn Energy Plc as both have higher average returns. While, Inmarsat Plc has high volatility which means that the price of shares will remain unstable. Thus, in accordance to the investment portfolio, investors may get low returns in short term. However, adequate returns will be generated in the long run.

Conclusion

Hereby it can be concluded that corporate finance plays a crucial role in the company. Principles of finance help not only management but also investors. This is the main reason behind assessing whether investment should be made in the securities of the organisation or not. The investors come to know whether adequate returns will be imparted by a company or not. Moreover, the investment portfolio is quite important with regard to individuals or firms holding the value of assets. Investors are keen to know whether good average returns would be provided by the company or not and thus, enhanced decisions are made by them. Furthermore, it can be analysed that Inmarsat Plc has volatility which is not preferable for investors in the short-run as returns would fluctuate. On the other hand, financial ratios are calculated to assess the overall performance of all three companies. This helps to analyse which organisation is performing well in the market. Furthermore, methods of valuation of shares are also been discussed for carrying out the price of shares.

Need Personalised Assistance from Our Experts?

Share Your Requirements via Whatsapp!

Chat Now

References

  • Bilbao-Terol, A. and et.al, 2016. Multi-criteria decision making for choosing socially responsible investment within a behavioral portfolio theory framework: a new way of investing into a crisis environment. Annals of Operations Research. 247(2). pp.549-580.
  • Braun, A., Schmeiser, H. and Schreiber, F., 2017. Portfolio optimization under solvency II: implicit constraints imposed by the market risk standard formula. Journal of Risk and Insurance. 84(1). pp.177-207.
  • Chandra, P., 2017. Investment analysis and portfolio management. McGraw-Hill Education.
  • Chirkunova, E. K., Kireeva, E. E., Kornilova, A. D. and Pschenichnikova, J. S., 2016. Research of instruments for financing of innovation and investment construction projects.Procedia Engineering. 153. pp.112-117.
  • Guo, S., Yu, L., Li, X. and Kar, S., 2016. Fuzzy multi-period portfolio selection with different investment horizons.European Journal of Operational Research. 254(3). pp.1026-1035.
  • Guo, Y., Zhou, W., Luo, C., Liu, C., and Xiong, H., 2016. Instance-based credit risk assessment for investment decisions in P2P lending. European Journal of Operational Research.249(2). pp.417-426.
  • Kashyap, R., 2016. The Circle of Investment: Connecting the Dots of the Portfolio Management Cycle... arXiv preprint arXiv:1603.06047.
  • Kosov, M. E. and et.al, 2016. Economic practicability substantiation of financial instrument choice.Journal of Applied Economic Sciences. 11(8). pp.1613-1623.
  • Lombardi, M. J. and Ravazzolo, F., 2016. On the correlation between commodity and equity returns: implications for portfolio allocation. Journal of Commodity Markets. 2(1). pp.45-57.
  • Low, R.K.Y., Yao, Y. and Faff, R., 2016. Diamonds vs. precious metals: What shines brightest in your investment portfolio? International Review of Financial Analysis. 43. pp.1-14.
  • Montford, W. and Goldsmith, R. E., 2016. How gender and financial selfefficacy influence investment risk-taking.International journal of consumer studies. 40(1). pp.101-106.
  • Petri, P. A., 2018. The interdependence of trade and investment in the Pacific. In Corporate links and foreign direct investment in Asia and the Pacific (pp. 29-55). Routledge.
  • Ries, C. P., 2018. Introduction and overview. In Capital Controls In Emerging Economies (pp. 1-12). Routledge.
  • Vershinina, A.A., and et.al., 2016. State of the Investment Fund Market as an Indicator of the Country's Socio-Economic Development. Journal of Internet Banking and Commerce.21(S3). p.1.
  • Wang, H. and Huang, J., 2017. Joint investment and operation of microgrid. IEEE Transactions on Smart Grid.8(2). pp.833-845.
  • Zou, J., Wang, F. and Wu, Y., 2018. Large portfolio allocation using high-frequency financial data. Statistics and Its Interface. 11(1). pp.141-152.
Download Full Sample
Cite This Work To export references to this Sample, select the desired referencing style below:
Assignment Desk.(2024) HND Unit 3 Principles of corporate finance Retrieved from: https://www.assignmentdesk.co.uk/free-samples/financial-management/hnd-unit-3-principles-of-corporate-finance
Copy to Clipboard
Copy to Clipboard
Assignment Desk (2024) HND Unit 3 Principles of corporate finance[Online]. Retrieved from: https://www.assignmentdesk.co.uk/free-samples/financial-management/hnd-unit-3-principles-of-corporate-finance
Copy to Clipboard
Assignment Desk HND Unit 3 Principles of corporate finance. (Assignment Desk, 2024) https://www.assignmentdesk.co.uk/free-samples/financial-management/hnd-unit-3-principles-of-corporate-finance
Copy to Clipboard
Assignment Desk HND Unit 3 Principles of corporate finance. [Internet]. Assignment Desk.(2024), Retrieved from: https://www.assignmentdesk.co.uk/free-samples/financial-management/hnd-unit-3-principles-of-corporate-finance
Copy to Clipboard
Struggling with writing assignments? Take our academic writing services to resolve your problems. We not only provide online assignment help but also various other services like thesis, dissertation, and essay writing services. If you have any doubts about our experts, then we suggest you check our “Samples” before seeking dissertation help from us. Our experts can ease the complexity of your work. All you have to do is ask, “Can you do my assignment?”
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price
USD 6

    Delivered on-time or your money back

    100+ Qualified Writers

    For Best Finance Management Assignment Help

    View All Writers
    FREE Tools

    To Make Your Work Original

    • tools Paraphrasing Tool

      Check your work against paraphrasing & get a free Plagiarism report!

      Check Paraphrasing
    • tools Plagiarism Checker

      Check your work against plagiarism & get a free Plagiarism report!

      Check Plagiarism
    • tools Dissertation Outline Generator

      Quick and Simple Tool to Generate Dissertation Outline Instantly

      Dissertation Outline Generator
    • tools Grammar Checker Tool

      Make your content free of errors in just a few clicks for free!

      Grammar Checker
    • tools Essay Typer

      Generate plagiarism-free essays as per your topic’s requirement!

      Essay Typer
    • tools Thesis Statement Generator

      Generate a Compelling Thesis Statement and Impress Your Professor

      Try Thesis Generator Tool

    Professional Academic Help at Pocket-Friendly Prices!

    Captcha Code refresh

        Estimated Price

        USD 6.32 25% OFF
        Total Price USD 6
        182532+Delivered Orders 4500+PhD Writers 4.8/5Client Rating

         
        AD whatsapp

        Limited Time Offer

        Exclusive Library Membership + FREE Wallet Balance