Intrinsic value of Acorda Therapeutics - ACOR

Previous Close

$20.65

  Intrinsic Value

$10.17

stock screener

  Rating & Target

str. sell

-51%

  Value-price divergence*

-35%

Previous close

$20.65

 
Intrinsic value

$10.17

 
Up/down potential

-51%

 
Rating

str. sell

 
Value-price divergence*

-35%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ACOR 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 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.48
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  520
  534
  549
  565
  584
  604
  625
  649
  674
  700
  729
  759
  792
  826
  862
  900
  941
  984
  1,029
  1,077
  1,127
  1,180
  1,236
  1,295
  1,357
  1,422
  1,491
  1,563
  1,639
  1,719
  1,803
Variable operating expenses, $m
 
  496
  509
  524
  540
  558
  577
  597
  619
  642
  667
  666
  694
  724
  756
  790
  825
  863
  902
  944
  988
  1,035
  1,084
  1,136
  1,190
  1,247
  1,308
  1,371
  1,438
  1,508
  1,581
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
  556
  496
  509
  524
  540
  558
  577
  597
  619
  642
  667
  666
  694
  724
  756
  790
  825
  863
  902
  944
  988
  1,035
  1,084
  1,136
  1,190
  1,247
  1,308
  1,371
  1,438
  1,508
  1,581
Operating income, $m
  -36
  38
  39
  41
  44
  46
  49
  52
  55
  58
  62
  93
  97
  102
  106
  111
  116
  121
  127
  132
  139
  145
  152
  159
  167
  175
  183
  192
  202
  212
  222
EBITDA, $m
  -14
  87
  89
  92
  95
  98
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  153
  160
  168
  176
  184
  192
  202
  211
  221
  232
  243
  255
  267
  280
  294
Interest expense (income), $m
  6
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
  59
  62
  66
Earnings before tax, $m
  -42
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  73
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
  149
  156
Tax expense, $m
  -6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  20
  20
  21
  22
  23
  24
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
Net income, $m
  -35
  19
  20
  21
  22
  23
  25
  26
  27
  29
  31
  53
  55
  57
  59
  61
  64
  66
  69
  72
  74
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  159
  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
  1,342
  1,213
  1,247
  1,285
  1,327
  1,372
  1,421
  1,474
  1,531
  1,592
  1,657
  1,726
  1,799
  1,877
  1,959
  2,046
  2,139
  2,236
  2,339
  2,447
  2,562
  2,682
  2,809
  2,943
  3,084
  3,233
  3,389
  3,553
  3,725
  3,907
  4,098
Adjusted assets (=assets-cash), $m
  1,183
  1,213
  1,247
  1,285
  1,327
  1,372
  1,421
  1,474
  1,531
  1,592
  1,657
  1,726
  1,799
  1,877
  1,959
  2,046
  2,139
  2,236
  2,339
  2,447
  2,562
  2,682
  2,809
  2,943
  3,084
  3,233
  3,389
  3,553
  3,725
  3,907
  4,098
Revenue / Adjusted assets
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
Average production assets, $m
  624
  640
  658
  678
  700
  724
  750
  778
  808
  840
  874
  910
  949
  990
  1,034
  1,080
  1,128
  1,180
  1,234
  1,291
  1,351
  1,415
  1,482
  1,553
  1,627
  1,705
  1,788
  1,874
  1,965
  2,061
  2,162
Working capital, $m
  125
  -34
  -35
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -98
  -103
  -108
  -114
Total debt, $m
  325
  341
  360
  382
  406
  432
  460
  490
  523
  558
  595
  634
  676
  721
  768
  818
  870
  926
  985
  1,047
  1,112
  1,181
  1,254
  1,331
  1,411
  1,496
  1,585
  1,679
  1,778
  1,882
  1,991
Total liabilities, $m
  678
  694
  713
  735
  759
  785
  813
  843
  876
  911
  948
  987
  1,029
  1,074
  1,121
  1,171
  1,223
  1,279
  1,338
  1,400
  1,465
  1,534
  1,607
  1,684
  1,764
  1,849
  1,938
  2,032
  2,131
  2,235
  2,344
Total equity, $m
  664
  519
  534
  550
  568
  587
  608
  631
  655
  681
  709
  739
  770
  803
  839
  876
  915
  957
  1,001
  1,047
  1,096
  1,148
  1,202
  1,260
  1,320
  1,384
  1,450
  1,521
  1,594
  1,672
  1,754
Total liabilities and equity, $m
  1,342
  1,213
  1,247
  1,285
  1,327
  1,372
  1,421
  1,474
  1,531
  1,592
  1,657
  1,726
  1,799
  1,877
  1,960
  2,047
  2,138
  2,236
  2,339
  2,447
  2,561
  2,682
  2,809
  2,944
  3,084
  3,233
  3,388
  3,553
  3,725
  3,907
  4,098
Debt-to-equity ratio
  0.489
  0.660
  0.680
  0.690
  0.710
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.030
  1.040
  1.060
  1.070
  1.080
  1.090
  1.100
  1.120
  1.130
  1.140
Adjusted equity ratio
  0.427
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428
  0.428

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -35
  19
  20
  21
  22
  23
  25
  26
  27
  29
  31
  53
  55
  57
  59
  61
  64
  66
  69
  72
  74
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
Depreciation, amort., depletion, $m
  22
  49
  50
  51
  51
  52
  53
  54
  55
  56
  57
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
  66
  69
  72
Funds from operations, $m
  50
  69
  70
  72
  74
  76
  78
  80
  82
  85
  88
  83
  87
  90
  93
  97
  101
  105
  110
  115
  120
  125
  130
  136
  142
  149
  155
  162
  170
  178
  186
Change in working capital, $m
  15
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  35
  69
  71
  73
  75
  77
  79
  81
  84
  87
  90
  85
  89
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
Maintenance CAPEX, $m
  0
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -66
  -69
New CAPEX, $m
  -7
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
Cash from investing activities, $m
  -74
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -76
  -80
  -85
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -126
  -132
  -139
  -147
  -153
  -162
  -170
Free cash flow, $m
  -39
  32
  32
  31
  30
  30
  29
  29
  28
  28
  28
  20
  20
  19
  19
  19
  19
  19
  19
  19
  19
  19
  20
  20
  20
  20
  20
  21
  21
  21
  22
Issuance/(repayment) of debt, $m
  0
  17
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
Issuance/(repurchase) of shares, $m
  76
  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  
  46
  17
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  81
  85
  89
  94
  99
  104
  109
Total cash flow (excl. dividends), $m
  5
  49
  51
  53
  54
  56
  57
  59
  61
  63
  65
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  125
  131
Retained Cash Flow (-), $m
  -61
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
Prev. year cash balance distribution, $m
 
  158
  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
 
  194
  37
  36
  36
  36
  36
  36
  36
  37
  37
  30
  30
  31
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  42
  43
  44
  46
  48
  49
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  183
  32
  30
  27
  25
  23
  21
  19
  17
  15
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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

Acorda Therapeutics, Inc., a biopharmaceutical company, identifies, develops, and commercializes novel therapies for neurological disorders in the United States. The company markets Ampyra (dalfampridine), an oral drug to improve walking in patients with multiple sclerosis (MS); Zanaflex Capsules and tablets for the management of spasticity; and Qutenza, a dermal patch for the management of neuropathic pain associated with post-herpetic neuralgia. It also markets Ampyra as Fampyra in Europe, Asia, and the Americas. In addition, the company develops CVT-301 that is in the Phase IIb clinical trial for the treatment of OFF periods in Parkinson’s disease; CVT-427, which has completed a Phase I clinical trial to treat migraine; and Ampyra/Dalfampridine that is in the Phase I pharmacokinetic studies for the treatment of chronic post-stroke deficits. Further, it develops Plumiaz, a proprietary nasal spray formulation of diazepam to treat people with epilepsy; Cimaglermin alfa/Neuregulins that has completed a Phase I clinical trial for the treatment of heart failure; Remyelinating Antibodies Program, which is in Phase I clinical trial for the treatment of MS; and Chondroitinase Program that is in research stage for the treatment of spinal cord injury. The company has collaborations and license agreements with Biogen International GmbH; Alkermes plc; Rush-Presbyterian St. Luke's Medical Center; Alkermes, Inc.; SK Biopharmaceuticals Co., Ltd.; Astellas Pharma Europe Ltd.; Canadian Spinal Research Organization; Cambridge Enterprise Limited and King's College London; Mayo Foundation for Education and Research; Paion AG; and Brigham and Women’s Hospital, Inc. Acorda Therapeutics, Inc. was founded in 1995 and is headquartered in Ardsley, New York.

FINANCIAL RATIOS  of  Acorda Therapeutics (ACOR)

Valuation Ratios
P/E Ratio -26.9
Price to Sales 1.8
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 26.9
Price to Free Cash Flow 33.7
Growth Rates
Sales Growth Rate 5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 159
Current Ratio 0
LT Debt to Equity 48.8%
Total Debt to Equity 48.9%
Interest Coverage -6
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital -3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity -5.5%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 79%
Gross Margin - 3 Yr. Avg. 80.1%
EBITDA Margin -2.7%
EBITDA Margin - 3 Yr. Avg. 5.3%
Operating Margin -6.9%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin -8.1%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin -6.7%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 0%

ACOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACOR stock intrinsic value calculation we used $520 million for the last fiscal year's total revenue generated by Acorda Therapeutics. The default revenue input number comes from 2016 income statement of Acorda Therapeutics. 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 ACOR stock valuation model: a) initial revenue growth rate of 2.6% 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 6.2%, whose default value for ACOR is calculated based on our internal credit rating of Acorda Therapeutics, 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 Acorda Therapeutics.
    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 ACOR stock the variable cost ratio is equal to 93.1%.

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 ACOR 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 3.5% for Acorda Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Acorda Therapeutics. 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 ACOR 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 ACOR are equal to 119.9%.

Life of production assets of 38.9 years is the average useful life of capital assets used in Acorda Therapeutics 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 ACOR is equal to -6.3%. 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 - $664 million for Acorda Therapeutics - 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 44.396 million for Acorda Therapeutics 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 Acorda Therapeutics at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Biotech Insider Just Loaded Up $234 Million Worth the Stock   [Jun-21-17 02:18PM  TheStreet.com]
▶ Zacks Initiates on Pulmatrix (NASDAQ:PULM)   [06:15AM  Zacks Small Cap Research]
▶ Acorda Shares Fall 5% in an Earnings Miss   [Apr-27-17 09:38PM  TheStreet.com]
▶ Biotech And Pharma Industry And Stock News   [05:31PM  Investor's Business Daily]
▶ Acorda Puts 4 Drugs On Back Burner After Patent Setback   [07:42AM  Investor's Business Daily]
▶ Acorda reports 1Q loss   [06:28AM  Associated Press]
▶ Acorda Trims 20% Of Workforce, But Looming Cuts Could Be Deeper   [Apr-06-17 04:29PM  Investor's Business Daily]
▶ Acorda, Forward, Biogen Fall On Multiple Sclerosis Drug Fight   [04:43PM  Investor's Business Daily]
▶ Acorda Loses Multiple Sclerosis Drug Patents   [03:58PM  at Investopedia]
Stock chart of ACOR Financial statements of ACOR Annual reports of ACOR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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