Intrinsic value of Adaptimmune Therapeutics ADR - ADAP

Previous Close

$5.22

  Intrinsic Value

$0.73

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

0%

Previous close

$5.22

 
Intrinsic value

$0.73

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of ADAP 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 0.4

 

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, %
  55.56
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  14
  14
  15
  15
  15
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
Variable operating expenses, $m
 
  55
  56
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
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
  87
  55
  56
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
Operating income, $m
  -73
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
EBITDA, $m
  -70
  -39
  -40
  -41
  -42
  -43
  -44
  -46
  -48
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -124
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
Earnings before tax, $m
  -71
  -41
  -42
  -43
  -44
  -45
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136
Tax expense, $m
  1
  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
Net income, $m
  -72
  -41
  -42
  -43
  -44
  -45
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  181
  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
  235
  70
  72
  74
  76
  78
  81
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
Adjusted assets (=assets-cash), $m
  54
  70
  72
  74
  76
  78
  81
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
Revenue / Adjusted assets
  0.259
  0.200
  0.208
  0.203
  0.197
  0.205
  0.198
  0.205
  0.209
  0.200
  0.204
  0.206
  0.198
  0.200
  0.202
  0.202
  0.202
  0.202
  0.200
  0.206
  0.204
  0.201
  0.205
  0.202
  0.205
  0.201
  0.203
  0.204
  0.204
  0.204
  0.204
Average production assets, $m
  21
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
Working capital, $m
  159
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
Total debt, $m
  0
  -6
  -4
  -3
  -1
  1
  4
  6
  9
  12
  15
  18
  22
  25
  29
  34
  38
  43
  48
  53
  59
  65
  71
  78
  85
  92
  100
  108
  116
  125
  135
Total liabilities, $m
  68
  63
  65
  66
  68
  70
  73
  75
  78
  81
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  204
Total equity, $m
  166
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
Total liabilities and equity, $m
  234
  70
  72
  73
  76
  78
  81
  83
  87
  90
  93
  97
  101
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
Debt-to-equity ratio
  0.000
  -0.810
  -0.590
  -0.350
  -0.090
  0.180
  0.450
  0.730
  1.020
  1.300
  1.590
  1.870
  2.150
  2.420
  2.690
  2.950
  3.200
  3.450
  3.690
  3.920
  4.140
  4.360
  4.570
  4.760
  4.960
  5.140
  5.320
  5.490
  5.650
  5.800
  5.950
Adjusted equity ratio
  -0.278
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -72
  -41
  -42
  -43
  -44
  -45
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -136
Depreciation, amort., depletion, $m
  3
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
Funds from operations, $m
  -35
  -39
  -39
  -40
  -42
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -129
Change in working capital, $m
  13
  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 operations, $m
  -48
  -39
  -39
  -40
  -42
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
New CAPEX, $m
  -13
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from investing activities, $m
  18
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -9
Free cash flow, $m
  -30
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -125
  -132
  -138
Issuance/(repayment) of debt, $m
  0
  -6
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
Issuance/(repurchase) of shares, $m
  0
  48
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  137
Cash from financing (excl. dividends), $m  
  0
  42
  43
  45
  46
  48
  49
  51
  54
  56
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  91
  95
  99
  105
  109
  114
  121
  126
  133
  139
  146
Total cash flow (excl. dividends), $m
  -36
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
Retained Cash Flow (-), $m
  69
  -48
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -137
Prev. year cash balance distribution, $m
 
  166
  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
 
  119
  -40
  -41
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -123
  -129
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  114
  -37
  -36
  -35
  -34
  -33
  -32
  -30
  -29
  -27
  -26
  -24
  -22
  -21
  -19
  -17
  -15
  -13
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  50.0
  13.5
  3.6
  1.0
  0.3
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Adaptimmune Therapeutics plc, a clinical-stage biopharmaceutical company, focuses on the provision of cancer immunotherapy products based on its T-cell receptor platform. Its platform enables to identify cancer targets; find and genetically engineer T-cell receptors (TCR); and produce TCR therapeutic candidates for administration to patients. The company’s lead program includes NY-ESO cancer antigen, which is in Phase 1/2 clinical trials for the treatment of patients with solid tumors, as well as hematological cancer types, including synovial sarcoma and multiple myeloma. Adaptimmune Therapeutics plc is also developing MAGE A-10 TCR that is in Phase 1/2 clinical trials for the treatment of non-small cell lung cancer and other solid tumors; and Alpha Fetoprotein TCR therapeutic candidate that has completed preclinical testing for targeting a peptide associated with hepatocellular carcinoma. It has a strategic collaboration and licensing agreement with GlaxoSmithKline for the development and commercialization of the NY-ESO TCR program; and strategic alliance with MD Anderson Cancer Center for the development of adoptive T-cell therapies for various cancers. The company also has a clinical trial collaboration agreement with Merck & Co., Inc. for the assessment of NY-ESO specific peptide enhanced affinity receptor T-cell therapy in combination with anti-programmed death-1 inhibitor in patients with multiple myeloma. Adaptimmune Therapeutics plc was founded in 2014 and is headquartered in Abingdon, the United Kingdom.

FINANCIAL RATIOS  of  Adaptimmune Therapeutics ADR (ADAP)

Valuation Ratios
P/E Ratio -30.8
Price to Sales 158.4
Price to Book 13.4
Price to Tangible Book
Price to Cash Flow -46.2
Price to Free Cash Flow -36.4
Growth Rates
Sales Growth Rate 55.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30%
Cap. Spend. - 3 Yr. Gr. Rate 67%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -27.6%
Ret/ On Assets - 3 Yr. Avg. -16.2%
Return On Total Capital -35.9%
Ret/ On T. Cap. - 3 Yr. Avg. -21%
Return On Equity -35.9%
Return On Equity - 3 Yr. Avg. -21%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -485.7%
EBITDA Margin - 3 Yr. Avg. -310.1%
Operating Margin -521.4%
Oper. Margin - 3 Yr. Avg. -340.5%
Pre-Tax Margin -507.1%
Pre-Tax Margin - 3 Yr. Avg. -324.6%
Net Profit Margin -514.3%
Net Profit Margin - 3 Yr. Avg. -323.3%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. 1.3%
Payout Ratio 0%

ADAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADAP stock intrinsic value calculation we used $14 million for the last fiscal year's total revenue generated by Adaptimmune Therapeutics ADR. The default revenue input number comes from 2016 income statement of Adaptimmune Therapeutics ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADAP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ADAP is calculated based on our internal credit rating of Adaptimmune Therapeutics ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Adaptimmune Therapeutics ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADAP stock the variable cost ratio is equal to 385.7%.

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 ADAP 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 Adaptimmune Therapeutics ADR.

Corporate tax rate of 27% is the nominal tax rate for Adaptimmune Therapeutics ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADAP 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 ADAP are equal to 146.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Adaptimmune Therapeutics ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADAP is equal to -10%. 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 - $166 million for Adaptimmune Therapeutics ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 69.407 million for Adaptimmune Therapeutics ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Adaptimmune Therapeutics ADR at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Adaptimmune Reports Second Quarter 2017 Financial Results   [Aug-03-17 07:30AM  GlobeNewswire]
▶ 5 Stocks Setting Up for Big Breakouts   [May-26-17 12:46PM  TheStreet.com]
▶ Adaptimmune Reports First Quarter 2017 Financial Results   [May-10-17 07:30AM  GlobeNewswire]
▶ Adaptimmune Broadens Executive Team   [07:31AM  GlobeNewswire]
▶ Adaptimmune Broadens Executive Team   [07:30AM  GlobeNewswire]
▶ Adaptimmune to Participate in Upcoming Investor Conference   [Feb-09-17 02:00PM  GlobeNewswire]
▶ Is Adaptimmune Therapeutics PLC (ADAP) A Good Stock To Buy?   [Dec-17-16 04:52PM  at Insider Monkey]
▶ How Verso Corporation (VRS) Stacks Up Against Its Peers   [Dec-14-16 06:03AM  at Insider Monkey]
▶ Adaptimmune, Merck to Test Cancer Drug (ADAP, MRK)   [Oct-30-16 10:57AM  at Investopedia]
▶ Adaptimmune Announces Board Changes   [04:00PM  GlobeNewswire]
▶ [$$] Clinical Development News, Oct. 17-21   [Oct-21-16 06:45PM  at The Wall Street Journal]
▶ Adaptimmune, MD Anderson teaming up to tackle cancer   [Sep-26-16 09:40AM  at bizjournals.com]
Stock chart of ADAP Financial statements of ADAP
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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