Intrinsic value of Akorn - AKRX

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$33.53

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of AKRX 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 4.0

 

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, %
  13.40
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  1,117
  1,088
  1,197
  1,310
  1,428
  1,551
  1,679
  1,812
  1,950
  2,094
  2,243
  2,398
  2,559
  2,727
  2,902
  3,083
  3,272
  3,469
  3,674
  3,889
  4,112
  4,345
  4,588
  4,843
  5,108
  5,386
  5,677
  5,981
  6,299
  6,632
  6,981
Variable operating expenses, $m
 
  516
  565
  615
  668
  723
  781
  840
  902
  967
  1,033
  1,074
  1,147
  1,222
  1,300
  1,381
  1,466
  1,554
  1,646
  1,742
  1,842
  1,947
  2,056
  2,170
  2,289
  2,413
  2,544
  2,680
  2,822
  2,972
  3,128
Fixed operating expenses, $m
 
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  335
  344
  352
  361
  370
  380
  389
  399
  409
  419
  429
  440
  451
  462
  474
Total operating expenses, $m
  789
  748
  802
  858
  917
  979
  1,043
  1,109
  1,177
  1,249
  1,322
  1,371
  1,451
  1,534
  1,619
  1,708
  1,801
  1,898
  1,998
  2,103
  2,212
  2,327
  2,445
  2,569
  2,698
  2,832
  2,973
  3,120
  3,273
  3,434
  3,602
Operating income, $m
  328
  341
  395
  451
  510
  572
  636
  703
  772
  845
  920
  1,027
  1,109
  1,194
  1,282
  1,374
  1,471
  1,571
  1,676
  1,785
  1,899
  2,019
  2,143
  2,274
  2,411
  2,554
  2,704
  2,861
  3,025
  3,198
  3,379
EBITDA, $m
  416
  445
  507
  571
  638
  709
  782
  858
  937
  1,020
  1,106
  1,195
  1,288
  1,384
  1,485
  1,590
  1,699
  1,814
  1,933
  2,057
  2,187
  2,322
  2,464
  2,613
  2,768
  2,931
  3,101
  3,279
  3,466
  3,662
  3,867
Interest expense (income), $m
  44
  51
  58
  66
  74
  82
  91
  100
  109
  119
  129
  140
  151
  162
  174
  187
  199
  213
  227
  241
  257
  272
  289
  306
  324
  343
  363
  383
  405
  427
  451
Earnings before tax, $m
  271
  290
  336
  385
  436
  490
  545
  603
  663
  726
  791
  887
  958
  1,031
  1,108
  1,188
  1,271
  1,358
  1,449
  1,544
  1,643
  1,746
  1,854
  1,968
  2,086
  2,211
  2,341
  2,477
  2,620
  2,770
  2,928
Tax expense, $m
  87
  78
  91
  104
  118
  132
  147
  163
  179
  196
  214
  240
  259
  278
  299
  321
  343
  367
  391
  417
  443
  471
  501
  531
  563
  597
  632
  669
  708
  748
  791
Net income, $m
  184
  212
  246
  281
  319
  357
  398
  440
  484
  530
  577
  648
  699
  753
  809
  867
  928
  991
  1,058
  1,127
  1,199
  1,275
  1,354
  1,436
  1,523
  1,614
  1,709
  1,809
  1,913
  2,022
  2,137

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  202
  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
  1,974
  1,870
  2,056
  2,251
  2,453
  2,665
  2,884
  3,113
  3,350
  3,597
  3,854
  4,120
  4,398
  4,686
  4,986
  5,298
  5,622
  5,961
  6,314
  6,681
  7,065
  7,466
  7,884
  8,321
  8,777
  9,255
  9,754
  10,276
  10,823
  11,395
  11,994
Adjusted assets (=assets-cash), $m
  1,772
  1,870
  2,056
  2,251
  2,453
  2,665
  2,884
  3,113
  3,350
  3,597
  3,854
  4,120
  4,398
  4,686
  4,986
  5,298
  5,622
  5,961
  6,314
  6,681
  7,065
  7,466
  7,884
  8,321
  8,777
  9,255
  9,754
  10,276
  10,823
  11,395
  11,994
Revenue / Adjusted assets
  0.630
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
Average production assets, $m
  1,022
  1,187
  1,306
  1,429
  1,558
  1,692
  1,831
  1,977
  2,127
  2,284
  2,447
  2,616
  2,792
  2,975
  3,166
  3,364
  3,570
  3,785
  4,009
  4,242
  4,486
  4,740
  5,006
  5,283
  5,573
  5,876
  6,193
  6,525
  6,872
  7,236
  7,616
Working capital, $m
  510
  197
  217
  237
  258
  281
  304
  328
  353
  379
  406
  434
  463
  494
  525
  558
  592
  628
  665
  704
  744
  786
  830
  877
  925
  975
  1,027
  1,083
  1,140
  1,200
  1,264
Total debt, $m
  810
  1,139
  1,289
  1,447
  1,611
  1,782
  1,959
  2,144
  2,337
  2,536
  2,744
  2,959
  3,184
  3,417
  3,659
  3,912
  4,175
  4,448
  4,734
  5,031
  5,342
  5,666
  6,004
  6,357
  6,727
  7,113
  7,517
  7,939
  8,382
  8,845
  9,330
Total liabilities, $m
  1,155
  1,513
  1,663
  1,821
  1,985
  2,156
  2,333
  2,518
  2,711
  2,910
  3,118
  3,333
  3,558
  3,791
  4,033
  4,286
  4,549
  4,822
  5,108
  5,405
  5,716
  6,040
  6,378
  6,731
  7,101
  7,487
  7,891
  8,313
  8,756
  9,219
  9,704
Total equity, $m
  819
  357
  393
  430
  469
  509
  551
  595
  640
  687
  736
  787
  840
  895
  952
  1,012
  1,074
  1,139
  1,206
  1,276
  1,349
  1,426
  1,506
  1,589
  1,676
  1,768
  1,863
  1,963
  2,067
  2,176
  2,291
Total liabilities and equity, $m
  1,974
  1,870
  2,056
  2,251
  2,454
  2,665
  2,884
  3,113
  3,351
  3,597
  3,854
  4,120
  4,398
  4,686
  4,985
  5,298
  5,623
  5,961
  6,314
  6,681
  7,065
  7,466
  7,884
  8,320
  8,777
  9,255
  9,754
  10,276
  10,823
  11,395
  11,995
Debt-to-equity ratio
  0.989
  3.190
  3.280
  3.370
  3.440
  3.500
  3.560
  3.610
  3.650
  3.690
  3.730
  3.760
  3.790
  3.820
  3.840
  3.870
  3.890
  3.910
  3.930
  3.940
  3.960
  3.970
  3.990
  4.000
  4.010
  4.020
  4.030
  4.050
  4.050
  4.060
  4.070
Adjusted equity ratio
  0.348
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  184
  212
  246
  281
  319
  357
  398
  440
  484
  530
  577
  648
  699
  753
  809
  867
  928
  991
  1,058
  1,127
  1,199
  1,275
  1,354
  1,436
  1,523
  1,614
  1,709
  1,809
  1,913
  2,022
  2,137
Depreciation, amort., depletion, $m
  88
  105
  112
  120
  128
  137
  146
  155
  165
  175
  185
  168
  179
  191
  203
  216
  229
  243
  257
  272
  288
  304
  321
  339
  357
  377
  397
  418
  441
  464
  488
Funds from operations, $m
  30
  316
  358
  401
  447
  494
  544
  595
  649
  705
  763
  815
  878
  944
  1,012
  1,083
  1,157
  1,234
  1,315
  1,399
  1,487
  1,579
  1,675
  1,775
  1,880
  1,991
  2,106
  2,227
  2,353
  2,486
  2,625
Change in working capital, $m
  -138
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
Cash from operations, $m
  168
  268
  338
  381
  426
  472
  521
  571
  624
  679
  736
  787
  849
  913
  980
  1,050
  1,123
  1,198
  1,277
  1,360
  1,446
  1,536
  1,631
  1,729
  1,832
  1,940
  2,053
  2,172
  2,296
  2,426
  2,562
Maintenance CAPEX, $m
  0
  -69
  -76
  -84
  -92
  -100
  -108
  -117
  -127
  -136
  -146
  -157
  -168
  -179
  -191
  -203
  -216
  -229
  -243
  -257
  -272
  -288
  -304
  -321
  -339
  -357
  -377
  -397
  -418
  -441
  -464
New CAPEX, $m
  -79
  -113
  -118
  -123
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -215
  -224
  -234
  -244
  -254
  -266
  -277
  -290
  -303
  -317
  -332
  -347
  -363
  -381
Cash from investing activities, $m
  -73
  -182
  -194
  -207
  -221
  -234
  -248
  -262
  -278
  -293
  -309
  -326
  -344
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
  -542
  -570
  -598
  -629
  -660
  -694
  -729
  -765
  -804
  -845
Free cash flow, $m
  95
  86
  144
  174
  205
  238
  273
  309
  346
  386
  426
  461
  505
  551
  599
  649
  701
  755
  811
  869
  931
  994
  1,061
  1,131
  1,204
  1,280
  1,360
  1,443
  1,530
  1,622
  1,718
Issuance/(repayment) of debt, $m
  -200
  145
  151
  157
  164
  171
  178
  185
  192
  200
  208
  216
  224
  233
  243
  252
  263
  274
  285
  298
  310
  324
  338
  353
  369
  386
  404
  423
  442
  463
  485
Issuance/(repurchase) of shares, $m
  -35
  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  
  -240
  145
  151
  157
  164
  171
  178
  185
  192
  200
  208
  216
  224
  233
  243
  252
  263
  274
  285
  298
  310
  324
  338
  353
  369
  386
  404
  423
  442
  463
  485
Total cash flow (excl. dividends), $m
  -145
  231
  294
  331
  369
  409
  450
  494
  538
  585
  634
  677
  729
  784
  842
  901
  963
  1,028
  1,096
  1,167
  1,241
  1,318
  1,399
  1,484
  1,573
  1,666
  1,764
  1,866
  1,973
  2,085
  2,203
Retained Cash Flow (-), $m
  -197
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
Prev. year cash balance distribution, $m
 
  299
  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
 
  496
  259
  294
  330
  369
  408
  450
  493
  538
  585
  626
  677
  729
  784
  842
  901
  964
  1,029
  1,097
  1,168
  1,242
  1,320
  1,401
  1,486
  1,575
  1,668
  1,766
  1,868
  1,976
  2,088
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  465
  226
  237
  245
  249
  250
  246
  240
  230
  218
  200
  184
  167
  148
  130
  112
  95
  79
  64
  51
  40
  31
  23
  17
  12
  8
  6
  4
  2
  1
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

Akorn, Inc., a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, as well as private-label over-the-counter (OTC) consumer health products and animal health pharmaceuticals in the United States and internationally. It operates in two segments, Prescription Pharmaceuticals and Consumer Health. The Prescription Pharmaceuticals segment markets generic and branded ophthalmics, injectables, oral liquids, otics, topicals, inhalants, and nasal sprays. This segmentÂ’s generic products include Atropine Sulfate Ophthalmic Solution; Clobetasol Propionate Ointment; Dehydrated Alcohol Injection; Ephedrine Sulfate Injection; Hydralazine Hydrochloride Injection; Lidocaine Ointment; Methylene Blue Injection; Myorisan Soft Gelatin Capsules; Nembutal Sodium Solution; and Progesterone Capsules. The Consumer Health segment markets branded and private label animal health products, as well as OTC products for the treatment of dry eye under the TheraTears brand name. This segment also markets other OTC consumer health products, including Mag-Ox, a magnesium supplement, as well as the Diabetic Tussin line of cough and cold products. Akorn, Inc. was founded in 1971 and is headquartered in Lake Forest, Illinois.

FINANCIAL RATIOS  of  Akorn (AKRX)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 3.7
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 24.8
Price to Free Cash Flow 46.9
Growth Rates
Sales Growth Rate 13.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 146.9%
Cap. Spend. - 3 Yr. Gr. Rate 45.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 98.9%
Total Debt to Equity 98.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 25.5%
Return On Equity - 3 Yr. Avg. 20.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 60.3%
Gross Margin - 3 Yr. Avg. 56%
EBITDA Margin 36.1%
EBITDA Margin - 3 Yr. Avg. 31.5%
Operating Margin 29.4%
Oper. Margin - 3 Yr. Avg. 24%
Pre-Tax Margin 24.3%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 37%
Payout Ratio 0%

AKRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKRX stock intrinsic value calculation we used $985 million for the last fiscal year's total revenue generated by Akorn. The default revenue input number comes from 2016 income statement of Akorn. 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 AKRX stock valuation model: a) initial revenue growth rate of 10.5% 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 6.7%, whose default value for AKRX is calculated based on our internal credit rating of Akorn, 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 Akorn.
    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 AKRX stock the variable cost ratio is equal to 47.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $226 million in the base year in the intrinsic value calculation for AKRX 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 5.1% for Akorn.

Corporate tax rate of 27% is the nominal tax rate for Akorn. 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 AKRX 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 AKRX are equal to 109.1%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Akorn 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 AKRX is equal to 18.1%. 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 - $622 million for Akorn - 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 118.078 million for Akorn 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 Akorn at the current share price and the inputted number of shares is $4.0 billion.


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COMPANY NEWS

▶ ETFs with exposure to Akorn, Inc. : June 19, 2017   [Jun-19-17 02:52PM  Capital Cube]
▶ Top 3 Companies Owned by Valeant (VRX)   [09:27AM  Investopedia]
▶ Fresenius Tops Estimates, Raises Outlook   [May-03-17 03:45AM  Bloomberg Video]
▶ Fresenius Buys Akorn -- What Now?   [09:29AM  Motley Fool]
▶ Merger Buzz Drives Akorn to Top of Health Chart in April   [Apr-30-17 04:20PM  TheStreet.com]
▶ Fresenius Kabi to Acquire Akorn   [04:58PM  Business Wire]
▶ 4 Stocks With Strong Technical Momentum   [Apr-21-17 08:40AM  Benzinga]
▶ Akorn Acquisition Talks Send Generic Drugmakers Into Orbit   [Apr-10-17 04:31PM  Investor's Business Daily]
▶ Akorn Takeover Talk Unsurprising   [01:00PM  Morningstar]
▶ Akorn Acquisition Talks Send Generic Drugmakers Into Orbit   [12:25PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:26AM  Briefing.com]
▶ The Market In 5 Minutes   [09:15AM  Benzinga]
▶ [$$] Fresenius in Talks to Buy U.S. Drug Maker Akorn   [Apr-08-17 07:26AM  The Wall Street Journal]
▶ Akorn Launches To Six-Month High On Fresenius Takeover Rumor   [04:39PM  Investor's Business Daily]
▶ Why Valeant Just Popped   [01:41PM  Barrons.com]
▶ Is The Market Expensive? Buffett Says No   [Mar-20-17 02:55PM  Forbes]
▶ ETFs with exposure to Akorn, Inc. : March 6, 2017   [Mar-06-17 01:27PM  Capital Cube]
▶ Bullish and Bearish Reversals in the Market   [12:00PM  TheStreet.com]
▶ Akorn to Report Fourth Quarter and Full Year 2016 Results   [Feb-06-17 07:30AM  GlobeNewswire]
▶ Value Investing 2017: 3 Stocks to Put on Your Radar   [Jan-19-17 01:27PM  at Motley Fool]
▶ [$$] Akorn Is a Best Idea for 2017   [Dec-15-16 07:54AM  at Barrons.com]
▶ Why Baytex Energy, Akorn, and Alamos Gold Jumped Today   [Dec-12-16 05:52PM  at Motley Fool]
▶ Why Akorn, Inc. Shares Are Surging 10%   [03:04PM  at Motley Fool]
▶ 3 Reasons Akorn Inc. Could Fall   [10:35AM  at Motley Fool]
▶ 3 Reasons Akorn Inc. Stock Could Rise   [Dec-02-16 09:49AM  at Motley Fool]
Stock chart of AKRX Financial statements of AKRX Annual reports of AKRX
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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