Intrinsic value of Agenus - AGEN

Previous Close

$3.57

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

+118%

Previous close

$3.57

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

+118%

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

We calculate the intrinsic value of AGEN 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 0.3

 

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, %
  -8.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  23
  37
  57
  85
  123
  174
  239
  321
  422
  543
  685
  851
  1,041
  1,254
  1,492
  1,755
  2,041
  2,351
  2,685
  3,041
  3,418
  3,818
  4,239
  4,680
  5,142
  5,625
  6,128
  6,653
  7,198
  7,765
  8,354
Variable operating expenses, $m
 
  155
  239
  356
  516
  727
  999
  1,340
  1,759
  2,263
  2,857
  3,546
  4,335
  5,225
  6,217
  7,310
  8,503
  9,794
  11,183
  12,665
  14,239
  15,903
  17,655
  19,494
  21,419
  23,430
  25,527
  27,710
  29,982
  32,344
  34,799
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
  130
  155
  239
  356
  516
  727
  999
  1,340
  1,759
  2,263
  2,857
  3,546
  4,335
  5,225
  6,217
  7,310
  8,503
  9,794
  11,183
  12,665
  14,239
  15,903
  17,655
  19,494
  21,419
  23,430
  25,527
  27,710
  29,982
  32,344
  34,799
Operating income, $m
  -107
  -119
  -182
  -271
  -393
  -553
  -760
  -1,019
  -1,337
  -1,720
  -2,172
  -2,694
  -3,294
  -3,970
  -4,724
  -5,555
  -6,461
  -7,443
  -8,498
  -9,624
  -10,821
  -12,085
  -13,417
  -14,814
  -16,277
  -17,805
  -19,398
  -21,058
  -22,784
  -24,579
  -26,445
EBITDA, $m
  -102
  -111
  -172
  -257
  -374
  -527
  -725
  -973
  -1,277
  -1,643
  -2,076
  -2,578
  -3,151
  -3,798
  -4,519
  -5,314
  -6,181
  -7,120
  -8,130
  -9,207
  -10,352
  -11,561
  -12,835
  -14,172
  -15,571
  -17,033
  -18,557
  -20,145
  -21,796
  -23,513
  -25,298
Interest expense (income), $m
  1
  5
  6
  10
  16
  24
  35
  49
  67
  89
  115
  146
  181
  222
  268
  320
  376
  438
  505
  577
  654
  735
  821
  912
  1,007
  1,107
  1,211
  1,320
  1,433
  1,551
  1,673
Earnings before tax, $m
  -127
  -123
  -188
  -281
  -409
  -578
  -795
  -1,068
  -1,404
  -1,809
  -2,287
  -2,840
  -3,475
  -4,193
  -4,992
  -5,874
  -6,838
  -7,881
  -9,003
  -10,201
  -11,474
  -12,820
  -14,238
  -15,726
  -17,285
  -18,912
  -20,610
  -22,377
  -24,217
  -26,130
  -28,118
Tax expense, $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
  0
Net income, $m
  -127
  -123
  -188
  -281
  -409
  -578
  -795
  -1,068
  -1,404
  -1,809
  -2,287
  -2,840
  -3,475
  -4,193
  -4,992
  -5,874
  -6,838
  -7,881
  -9,003
  -10,201
  -11,474
  -12,820
  -14,238
  -15,726
  -17,285
  -18,912
  -20,610
  -22,377
  -24,217
  -26,130
  -28,118

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  157
  252
  389
  582
  845
  1,192
  1,639
  2,200
  2,889
  3,717
  4,695
  5,830
  7,128
  8,591
  10,222
  12,019
  13,982
  16,106
  18,388
  20,825
  23,414
  26,150
  29,032
  32,056
  35,221
  38,527
  41,975
  45,565
  49,301
  53,185
  57,222
Adjusted assets (=assets-cash), $m
  81
  252
  389
  582
  845
  1,192
  1,639
  2,200
  2,889
  3,717
  4,695
  5,830
  7,128
  8,591
  10,222
  12,019
  13,982
  16,106
  18,388
  20,825
  23,414
  26,150
  29,032
  32,056
  35,221
  38,527
  41,975
  45,565
  49,301
  53,185
  57,222
Revenue / Adjusted assets
  0.284
  0.147
  0.147
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
Average production assets, $m
  39
  62
  95
  142
  207
  291
  401
  538
  706
  908
  1,147
  1,425
  1,742
  2,100
  2,498
  2,938
  3,417
  3,936
  4,494
  5,090
  5,722
  6,391
  7,095
  7,835
  8,608
  9,416
  10,259
  11,136
  12,049
  12,999
  13,985
Working capital, $m
  50
  -4
  -6
  -9
  -12
  -17
  -24
  -32
  -42
  -54
  -69
  -85
  -104
  -125
  -149
  -175
  -204
  -235
  -268
  -304
  -342
  -382
  -424
  -468
  -514
  -562
  -613
  -665
  -720
  -776
  -835
Total debt, $m
  131
  162
  285
  459
  696
  1,008
  1,410
  1,915
  2,535
  3,280
  4,160
  5,182
  6,350
  7,667
  9,135
  10,753
  12,518
  14,430
  16,484
  18,678
  21,008
  23,470
  26,063
  28,785
  31,634
  34,610
  37,712
  40,944
  44,306
  47,801
  51,435
Total liabilities, $m
  196
  227
  350
  524
  761
  1,073
  1,475
  1,980
  2,600
  3,345
  4,225
  5,247
  6,415
  7,732
  9,200
  10,818
  12,583
  14,495
  16,549
  18,743
  21,073
  23,535
  26,128
  28,850
  31,699
  34,675
  37,777
  41,009
  44,371
  47,866
  51,500
Total equity, $m
  -39
  25
  39
  58
  85
  119
  164
  220
  289
  372
  469
  583
  713
  859
  1,022
  1,202
  1,398
  1,611
  1,839
  2,083
  2,341
  2,615
  2,903
  3,206
  3,522
  3,853
  4,197
  4,557
  4,930
  5,318
  5,722
Total liabilities and equity, $m
  157
  252
  389
  582
  846
  1,192
  1,639
  2,200
  2,889
  3,717
  4,694
  5,830
  7,128
  8,591
  10,222
  12,020
  13,981
  16,106
  18,388
  20,826
  23,414
  26,150
  29,031
  32,056
  35,221
  38,528
  41,974
  45,566
  49,301
  53,184
  57,222
Debt-to-equity ratio
  -3.359
  6.420
  7.330
  7.880
  8.230
  8.450
  8.600
  8.700
  8.770
  8.830
  8.860
  8.890
  8.910
  8.920
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  -1.420
  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
  -127
  -123
  -188
  -281
  -409
  -578
  -795
  -1,068
  -1,404
  -1,809
  -2,287
  -2,840
  -3,475
  -4,193
  -4,992
  -5,874
  -6,838
  -7,881
  -9,003
  -10,201
  -11,474
  -12,820
  -14,238
  -15,726
  -17,285
  -18,912
  -20,610
  -22,377
  -24,217
  -26,130
  -28,118
Depreciation, amort., depletion, $m
  5
  7
  10
  14
  19
  26
  35
  46
  60
  77
  96
  117
  143
  172
  205
  241
  280
  323
  368
  417
  469
  524
  582
  642
  706
  772
  841
  913
  988
  1,065
  1,146
Funds from operations, $m
  -70
  -116
  -178
  -267
  -390
  -551
  -760
  -1,022
  -1,344
  -1,732
  -2,191
  -2,723
  -3,333
  -4,021
  -4,788
  -5,634
  -6,558
  -7,559
  -8,635
  -9,784
  -11,005
  -12,297
  -13,657
  -15,084
  -16,579
  -18,140
  -19,769
  -21,465
  -23,229
  -25,064
  -26,971
Change in working capital, $m
  10
  -1
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -17
  -19
  -21
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
Cash from operations, $m
  -80
  -115
  -176
  -265
  -386
  -546
  -753
  -1,014
  -1,334
  -1,720
  -2,176
  -2,707
  -3,314
  -3,999
  -4,764
  -5,607
  -6,529
  -7,528
  -8,601
  -9,748
  -10,967
  -12,257
  -13,614
  -15,040
  -16,533
  -18,092
  -19,718
  -21,412
  -23,175
  -25,007
  -26,912
Maintenance CAPEX, $m
  0
  -3
  -5
  -8
  -12
  -17
  -24
  -33
  -44
  -58
  -74
  -94
  -117
  -143
  -172
  -205
  -241
  -280
  -323
  -368
  -417
  -469
  -524
  -582
  -642
  -706
  -772
  -841
  -913
  -988
  -1,065
New CAPEX, $m
  -13
  -23
  -34
  -47
  -64
  -85
  -109
  -137
  -168
  -202
  -239
  -277
  -317
  -358
  -399
  -439
  -480
  -519
  -558
  -596
  -633
  -669
  -704
  -739
  -774
  -808
  -843
  -877
  -913
  -949
  -987
Cash from investing activities, $m
  18
  -26
  -39
  -55
  -76
  -102
  -133
  -170
  -212
  -260
  -313
  -371
  -434
  -501
  -571
  -644
  -721
  -799
  -881
  -964
  -1,050
  -1,138
  -1,228
  -1,321
  -1,416
  -1,514
  -1,615
  -1,718
  -1,826
  -1,937
  -2,052
Free cash flow, $m
  -62
  -141
  -214
  -320
  -462
  -648
  -886
  -1,184
  -1,547
  -1,980
  -2,490
  -3,078
  -3,748
  -4,500
  -5,335
  -6,251
  -7,249
  -8,327
  -9,482
  -10,713
  -12,017
  -13,394
  -14,843
  -16,361
  -17,949
  -19,606
  -21,333
  -23,131
  -25,001
  -26,944
  -28,964
Issuance/(repayment) of debt, $m
  0
  31
  124
  174
  236
  312
  402
  505
  620
  746
  880
  1,022
  1,168
  1,317
  1,468
  1,618
  1,766
  1,912
  2,054
  2,194
  2,330
  2,463
  2,593
  2,722
  2,849
  2,976
  3,103
  3,231
  3,362
  3,496
  3,633
Issuance/(repurchase) of shares, $m
  3
  187
  202
  301
  435
  612
  840
  1,124
  1,473
  1,892
  2,385
  2,953
  3,605
  4,339
  5,156
  6,054
  7,034
  8,094
  9,231
  10,445
  11,733
  13,094
  14,526
  16,029
  17,601
  19,243
  20,954
  22,736
  24,590
  26,518
  28,521
Cash from financing (excl. dividends), $m  
  -2
  218
  326
  475
  671
  924
  1,242
  1,629
  2,093
  2,638
  3,265
  3,975
  4,773
  5,656
  6,624
  7,672
  8,800
  10,006
  11,285
  12,639
  14,063
  15,557
  17,119
  18,751
  20,450
  22,219
  24,057
  25,967
  27,952
  30,014
  32,154
Total cash flow (excl. dividends), $m
  -65
  77
  111
  155
  210
  277
  355
  446
  546
  657
  775
  897
  1,026
  1,157
  1,289
  1,420
  1,550
  1,678
  1,804
  1,926
  2,046
  2,162
  2,277
  2,390
  2,501
  2,613
  2,724
  2,837
  2,952
  3,069
  3,190
Retained Cash Flow (-), $m
  110
  -187
  -202
  -301
  -435
  -612
  -840
  -1,124
  -1,473
  -1,892
  -2,385
  -2,953
  -3,605
  -4,339
  -5,156
  -6,054
  -7,034
  -8,094
  -9,231
  -10,445
  -11,733
  -13,094
  -14,526
  -16,029
  -17,601
  -19,243
  -20,954
  -22,736
  -24,590
  -26,518
  -28,521
Prev. year cash balance distribution, $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 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
 
  -110
  -91
  -146
  -225
  -336
  -484
  -679
  -927
  -1,235
  -1,610
  -2,056
  -2,580
  -3,183
  -3,867
  -4,634
  -5,484
  -6,415
  -7,427
  -8,519
  -9,688
  -10,932
  -12,249
  -13,639
  -15,100
  -16,630
  -18,230
  -19,899
  -21,639
  -23,449
  -25,331
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  -99
  -73
  -104
  -140
  -180
  -222
  -261
  -296
  -322
  -337
  -341
  -332
  -311
  -282
  -247
  -209
  -170
  -134
  -102
  -75
  -53
  -36
  -23
  -15
  -9
  -5
  -3
  -2
  -1
  0
Current shareholders' claim on cash, %
  100
  50.0
  5.6
  0.6
  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
  0.0
  0.0

Agenus Inc., an immuno-oncology company, focuses on the discovery and development of treatments that engage the body’s immune system for patients suffering with cancer. The company offers Retrocyte Display, an antibody discovery platform that screens and generates therapeutic antibody drug candidates using a high-throughput approach incorporating human antibody libraries expressed in mammalian B-lymphocytes. It is also developing Prophage, a heat shock protein-based autologous vaccine, which has completed Phase II clinical trials for the treatment of glioblastoma; and QS-21 Stimulon, a saponin-based vaccine adjuvant that has completed Phase III clinical trials for the treatment of malaria and shingles. The company’s preclinical development products include AutoSynVax, a neo-antigen based vaccine targeting the neo-epitope landscape in cancer patients; PhosphoSynVax, a vaccine candidate designed to induce immunity against a novel class of tumor specific neo-epitopes; and checkpoint modulator product candidates targeting GITR, OX40, CTLA-4, LAG-3, TIM-3, PD-1, CEACAM1, and other undisclosed targets. The company was formerly known as Antigenics Inc. and changed its name to Agenus Inc. in January 2011. Agenus Inc. was founded in 1994 and is headquartered in Lexington, Massachusetts.

FINANCIAL RATIOS  of  Agenus (AGEN)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 13.6
Price to Book -8
Price to Tangible Book
Price to Cash Flow -3.9
Price to Free Cash Flow -3.4
Growth Rates
Sales Growth Rate -8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 225%
Cap. Spend. - 3 Yr. Gr. Rate 67%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -335.9%
Total Debt to Equity -335.9%
Interest Coverage -126
Management Effectiveness
Return On Assets -63.2%
Ret/ On Assets - 3 Yr. Avg. -64.2%
Return On Total Capital -91.7%
Ret/ On T. Cap. - 3 Yr. Avg. -140.3%
Return On Equity -793.8%
Return On Equity - 3 Yr. Avg. -474.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 66.7%
EBITDA Margin -526.1%
EBITDA Margin - 3 Yr. Avg. -481.1%
Operating Margin -465.2%
Oper. Margin - 3 Yr. Avg. -467.8%
Pre-Tax Margin -552.2%
Pre-Tax Margin - 3 Yr. Avg. -508.1%
Net Profit Margin -552.2%
Net Profit Margin - 3 Yr. Avg. -501.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.8%
Payout Ratio 0%

AGEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGEN stock intrinsic value calculation we used $23 million for the last fiscal year's total revenue generated by Agenus. The default revenue input number comes from 2016 income statement of Agenus. 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 AGEN stock valuation model: a) initial revenue growth rate of 60% 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 10.9%, whose default value for AGEN is calculated based on our internal credit rating of Agenus, 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 Agenus.
    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 AGEN stock the variable cost ratio is equal to 426.1%.

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 AGEN 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 Agenus.

Corporate tax rate of 27% is the nominal tax rate for Agenus. 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 AGEN 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 AGEN are equal to 167.4%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Agenus 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 AGEN 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 - $-39 million for Agenus - 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 87.413 million for Agenus 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 Agenus at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ 3 Beaten-Up Biotech Stocks: Are They Bargains?   [Aug-14-17 09:37AM  Motley Fool]
▶ Here's Why Agenus Inc. Stock Slipped 13.6% in July   [Aug-04-17 05:51PM  Motley Fool]
▶ Agenus reports 2Q loss   [12:40AM  Associated Press]
▶ Did the Checkpoint Inhibitor Bubble Just Burst?   [Jul-27-17 01:26PM  Motley Fool]
▶ New Strong Buy Stocks for July 20th   [Jul-20-17 10:46AM  Zacks]
▶ 3 Stocks That Are Ridiculously Cheap Right Now   [Jul-16-17 08:18PM  Motley Fool]
▶ Better Buy: Agenus Inc. vs. Kite Pharma   [Jul-02-17 07:42AM  Motley Fool]
▶ 3 Stocks With Exelixis-Like Return Potential   [Jun-05-17 04:29PM  Motley Fool]
▶ ETFs with exposure to Agenus, Inc. : May 22, 2017   [May-22-17 01:19PM  Capital Cube]
▶ Better Buy: Celldex Therapeutics, Inc. vs. Agenus Inc.   [May-21-17 06:41AM  Motley Fool]
▶ ETFs with exposure to Agenus, Inc. : May 11, 2017   [May-11-17 04:02PM  Capital Cube]
▶ Agenus, Inc. Value Analysis (NASDAQ:AGEN) : May 8, 2017   [May-08-17 05:37PM  Capital Cube]
▶ Here's Why Agenus Inc. Stock Is Climbing Today   [May-04-17 04:22PM  Motley Fool]
▶ Agenus reports 1Q loss   [09:01AM  Associated Press]
▶ First malaria vaccine to be tested in Africa, with boost from Lexington's Agenus   [Apr-24-17 12:30PM  American City Business Journals]
▶ ETFs with exposure to Agenus, Inc. : April 10, 2017   [Apr-10-17 01:40PM  Capital Cube]
▶ ETFs with exposure to Agenus, Inc. : March 27, 2017   [Mar-27-17 03:47PM  Capital Cube]
▶ Better Buy: Agenus Inc. vs. Celldex Therapeutics   [Mar-10-17 02:42PM  at Motley Fool]
▶ Troubling Trial Data Weighed on Agenus Inc Stock Today   [Feb-22-17 04:42PM  at Motley Fool]
▶ Incyte and Agenus Amend Drug Licensing Deal   [11:35AM  at Investopedia]
▶ Why Agenus Stock Is Surging Today   [11:01AM  at Motley Fool]
▶ 3 Growth Stocks That Could Double   [09:05AM  at Motley Fool]
▶ Better Buy: Agenus Inc. vs. Alnylam Pharmaceuticals, Inc.   [Feb-07-17 09:45AM  at Motley Fool]
Stock chart of AGEN Financial statements of AGEN
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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