Intrinsic value of Albany Molecular Research - AMRI

Previous Close

$21.74

  Intrinsic Value

$26.91

stock screener

  Rating & Target

buy

+24%

  Value-price divergence*

+527%

Previous close

$21.74

 
Intrinsic value

$26.91

 
Up/down potential

+24%

 
Rating

buy

 
Value-price divergence*

+527%

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

We calculate the intrinsic value of AMRI 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, %
  41.79
  43.00
  39.20
  35.78
  32.70
  29.93
  27.44
  25.19
  23.18
  21.36
  19.72
  18.25
  16.92
  15.73
  14.66
  13.69
  12.82
  12.04
  11.34
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
Revenue, $m
  570
  815
  1,135
  1,541
  2,044
  2,656
  3,385
  4,238
  5,220
  6,335
  7,585
  8,969
  10,487
  12,136
  13,916
  15,821
  17,850
  19,999
  22,267
  24,650
  27,148
  29,760
  32,485
  35,325
  38,281
  41,355
  44,551
  47,872
  51,324
  54,911
  58,639
Variable operating expenses, $m
 
  779
  1,075
  1,452
  1,919
  2,487
  3,163
  3,954
  4,865
  5,899
  7,058
  8,318
  9,726
  11,256
  12,906
  14,674
  16,555
  18,549
  20,652
  22,862
  25,179
  27,601
  30,129
  32,763
  35,504
  38,356
  41,320
  44,400
  47,601
  50,928
  54,386
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
  589
  779
  1,075
  1,452
  1,919
  2,487
  3,163
  3,954
  4,865
  5,899
  7,058
  8,318
  9,726
  11,256
  12,906
  14,674
  16,555
  18,549
  20,652
  22,862
  25,179
  27,601
  30,129
  32,763
  35,504
  38,356
  41,320
  44,400
  47,601
  50,928
  54,386
Operating income, $m
  -19
  36
  59
  89
  125
  170
  222
  284
  356
  436
  527
  650
  761
  880
  1,009
  1,147
  1,295
  1,450
  1,615
  1,788
  1,969
  2,158
  2,356
  2,562
  2,776
  2,999
  3,231
  3,472
  3,722
  3,982
  4,253
EBITDA, $m
  32
  109
  152
  206
  274
  355
  453
  567
  699
  848
  1,015
  1,200
  1,403
  1,624
  1,862
  2,117
  2,389
  2,676
  2,980
  3,299
  3,633
  3,983
  4,347
  4,727
  5,123
  5,534
  5,962
  6,407
  6,869
  7,349
  7,847
Interest expense (income), $m
  21
  25
  40
  60
  86
  118
  156
  202
  256
  317
  388
  466
  553
  649
  753
  864
  984
  1,112
  1,247
  1,390
  1,540
  1,697
  1,861
  2,033
  2,211
  2,397
  2,591
  2,792
  3,001
  3,218
  3,444
Earnings before tax, $m
  -60
  11
  19
  28
  39
  52
  66
  82
  100
  119
  139
  184
  207
  231
  257
  283
  310
  338
  368
  398
  429
  461
  495
  529
  565
  602
  640
  680
  721
  764
  809
Tax expense, $m
  10
  3
  5
  8
  11
  14
  18
  22
  27
  32
  38
  50
  56
  63
  69
  76
  84
  91
  99
  107
  116
  125
  134
  143
  153
  163
  173
  184
  195
  206
  218
Net income, $m
  -70
  8
  14
  21
  29
  38
  48
  60
  73
  87
  102
  135
  151
  169
  187
  207
  226
  247
  268
  290
  313
  337
  361
  386
  412
  439
  467
  496
  527
  558
  591

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  52
  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
  1,210
  1,657
  2,306
  3,131
  4,155
  5,399
  6,880
  8,614
  10,610
  12,876
  15,416
  18,229
  21,314
  24,668
  28,284
  32,157
  36,280
  40,649
  45,258
  50,102
  55,179
  60,487
  66,026
  71,798
  77,806
  84,055
  90,551
  97,301
  104,317
  111,607
  119,185
Adjusted assets (=assets-cash), $m
  1,158
  1,657
  2,306
  3,131
  4,155
  5,399
  6,880
  8,614
  10,610
  12,876
  15,416
  18,229
  21,314
  24,668
  28,284
  32,157
  36,280
  40,649
  45,258
  50,102
  55,179
  60,487
  66,026
  71,798
  77,806
  84,055
  90,551
  97,301
  104,317
  111,607
  119,185
Revenue / Adjusted assets
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
  0.492
Average production assets, $m
  430
  615
  856
  1,162
  1,541
  2,003
  2,552
  3,195
  3,936
  4,777
  5,719
  6,762
  7,907
  9,151
  10,492
  11,929
  13,459
  15,079
  16,789
  18,586
  20,470
  22,439
  24,494
  26,635
  28,864
  31,182
  33,591
  36,096
  38,698
  41,403
  44,214
Working capital, $m
  217
  289
  402
  545
  724
  940
  1,198
  1,500
  1,848
  2,243
  2,685
  3,175
  3,712
  4,296
  4,926
  5,601
  6,319
  7,080
  7,882
  8,726
  9,610
  10,535
  11,500
  12,505
  13,551
  14,640
  15,771
  16,947
  18,169
  19,438
  20,758
Total debt, $m
  641
  981
  1,471
  2,094
  2,867
  3,806
  4,925
  6,234
  7,741
  9,452
  11,369
  13,493
  15,822
  18,354
  21,084
  24,008
  27,122
  30,420
  33,899
  37,557
  41,390
  45,398
  49,580
  53,938
  58,474
  63,192
  68,096
  73,193
  78,489
  83,993
  89,715
Total liabilities, $m
  911
  1,251
  1,741
  2,364
  3,137
  4,076
  5,195
  6,504
  8,011
  9,722
  11,639
  13,763
  16,092
  18,624
  21,354
  24,278
  27,392
  30,690
  34,169
  37,827
  41,660
  45,668
  49,850
  54,208
  58,744
  63,462
  68,366
  73,463
  78,759
  84,263
  89,985
Total equity, $m
  299
  406
  565
  767
  1,018
  1,323
  1,686
  2,110
  2,600
  3,155
  3,777
  4,466
  5,222
  6,044
  6,930
  7,878
  8,889
  9,959
  11,088
  12,275
  13,519
  14,819
  16,176
  17,591
  19,063
  20,593
  22,185
  23,839
  25,558
  27,344
  29,200
Total liabilities and equity, $m
  1,210
  1,657
  2,306
  3,131
  4,155
  5,399
  6,881
  8,614
  10,611
  12,877
  15,416
  18,229
  21,314
  24,668
  28,284
  32,156
  36,281
  40,649
  45,257
  50,102
  55,179
  60,487
  66,026
  71,799
  77,807
  84,055
  90,551
  97,302
  104,317
  111,607
  119,185
Debt-to-equity ratio
  2.144
  2.420
  2.600
  2.730
  2.820
  2.880
  2.920
  2.950
  2.980
  3.000
  3.010
  3.020
  3.030
  3.040
  3.040
  3.050
  3.050
  3.050
  3.060
  3.060
  3.060
  3.060
  3.060
  3.070
  3.070
  3.070
  3.070
  3.070
  3.070
  3.070
  3.070
Adjusted equity ratio
  0.233
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -70
  8
  14
  21
  29
  38
  48
  60
  73
  87
  102
  135
  151
  169
  187
  207
  226
  247
  268
  290
  313
  337
  361
  386
  412
  439
  467
  496
  527
  558
  591
Depreciation, amort., depletion, $m
  51
  73
  93
  118
  148
  186
  231
  283
  343
  411
  488
  550
  643
  744
  853
  970
  1,094
  1,226
  1,365
  1,511
  1,664
  1,824
  1,991
  2,165
  2,347
  2,535
  2,731
  2,935
  3,146
  3,366
  3,595
Funds from operations, $m
  42
  81
  107
  138
  177
  224
  279
  343
  416
  498
  590
  684
  794
  913
  1,040
  1,176
  1,321
  1,473
  1,633
  1,802
  1,977
  2,161
  2,352
  2,552
  2,759
  2,974
  3,198
  3,431
  3,673
  3,924
  4,185
Change in working capital, $m
  15
  87
  113
  144
  178
  217
  258
  302
  348
  395
  442
  490
  537
  584
  630
  675
  718
  761
  803
  844
  884
  925
  965
  1,005
  1,046
  1,088
  1,131
  1,176
  1,222
  1,270
  1,320
Cash from operations, $m
  27
  -5
  -7
  -6
  -1
  7
  21
  41
  68
  104
  148
  194
  257
  329
  411
  502
  602
  712
  831
  958
  1,093
  1,237
  1,388
  1,546
  1,713
  1,886
  2,067
  2,255
  2,451
  2,654
  2,865
Maintenance CAPEX, $m
  0
  -35
  -50
  -70
  -94
  -125
  -163
  -208
  -260
  -320
  -388
  -465
  -550
  -643
  -744
  -853
  -970
  -1,094
  -1,226
  -1,365
  -1,511
  -1,664
  -1,824
  -1,991
  -2,165
  -2,347
  -2,535
  -2,731
  -2,935
  -3,146
  -3,366
New CAPEX, $m
  -52
  -185
  -241
  -306
  -380
  -461
  -550
  -643
  -741
  -841
  -942
  -1,044
  -1,145
  -1,244
  -1,341
  -1,437
  -1,530
  -1,621
  -1,710
  -1,797
  -1,883
  -1,969
  -2,055
  -2,141
  -2,229
  -2,318
  -2,410
  -2,504
  -2,602
  -2,705
  -2,811
Cash from investing activities, $m
  -193
  -220
  -291
  -376
  -474
  -586
  -713
  -851
  -1,001
  -1,161
  -1,330
  -1,509
  -1,695
  -1,887
  -2,085
  -2,290
  -2,500
  -2,715
  -2,936
  -3,162
  -3,394
  -3,633
  -3,879
  -4,132
  -4,394
  -4,665
  -4,945
  -5,235
  -5,537
  -5,851
  -6,177
Free cash flow, $m
  -166
  -225
  -297
  -381
  -476
  -579
  -691
  -809
  -932
  -1,057
  -1,183
  -1,314
  -1,437
  -1,558
  -1,675
  -1,788
  -1,897
  -2,003
  -2,105
  -2,204
  -2,301
  -2,397
  -2,491
  -2,586
  -2,682
  -2,779
  -2,878
  -2,980
  -3,086
  -3,196
  -3,312
Issuance/(repayment) of debt, $m
  175
  377
  490
  623
  773
  939
  1,118
  1,309
  1,507
  1,711
  1,917
  2,124
  2,329
  2,532
  2,730
  2,924
  3,113
  3,298
  3,479
  3,657
  3,833
  4,008
  4,182
  4,358
  4,536
  4,718
  4,904
  5,097
  5,296
  5,504
  5,721
Issuance/(repurchase) of shares, $m
  1
  114
  145
  181
  222
  267
  315
  365
  416
  468
  520
  555
  605
  653
  699
  742
  784
  823
  861
  896
  931
  964
  996
  1,028
  1,060
  1,092
  1,124
  1,157
  1,192
  1,228
  1,266
Cash from financing (excl. dividends), $m  
  171
  491
  635
  804
  995
  1,206
  1,433
  1,674
  1,923
  2,179
  2,437
  2,679
  2,934
  3,185
  3,429
  3,666
  3,897
  4,121
  4,340
  4,553
  4,764
  4,972
  5,178
  5,386
  5,596
  5,810
  6,028
  6,254
  6,488
  6,732
  6,987
Total cash flow (excl. dividends), $m
  3
  265
  338
  423
  520
  626
  742
  864
  991
  1,122
  1,255
  1,365
  1,496
  1,626
  1,754
  1,878
  2,000
  2,119
  2,235
  2,350
  2,462
  2,575
  2,687
  2,800
  2,914
  3,031
  3,151
  3,274
  3,403
  3,536
  3,675
Retained Cash Flow (-), $m
  -12
  -122
  -159
  -202
  -251
  -305
  -363
  -425
  -489
  -555
  -622
  -689
  -756
  -822
  -886
  -949
  -1,010
  -1,070
  -1,129
  -1,187
  -1,244
  -1,300
  -1,357
  -1,414
  -1,472
  -1,531
  -1,591
  -1,654
  -1,719
  -1,786
  -1,857
Prev. year cash balance distribution, $m
 
  15
  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
 
  158
  179
  221
  269
  322
  379
  439
  502
  567
  633
  675
  741
  805
  868
  930
  990
  1,049
  1,106
  1,163
  1,219
  1,274
  1,330
  1,385
  1,442
  1,500
  1,559
  1,620
  1,684
  1,750
  1,819
Discount rate, %
 
  11.00
  11.55
  12.13
  12.73
  13.37
  14.04
  14.74
  15.48
  16.25
  17.06
  17.92
  18.81
  19.75
  20.74
  21.78
  22.87
  24.01
  25.21
  26.47
  27.80
  29.19
  30.65
  32.18
  33.79
  35.48
  37.25
  39.11
  41.07
  43.12
  45.28
PV of cash for distribution, $m
 
  142
  144
  157
  166
  172
  172
  168
  159
  146
  131
  110
  94
  77
  62
  48
  37
  27
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  88.7
  79.6
  72.2
  66.1
  61.0
  56.7
  53.0
  49.9
  47.2
  44.8
  42.8
  41.1
  39.5
  38.1
  36.8
  35.7
  34.7
  33.7
  32.9
  32.1
  31.4
  30.7
  30.1
  29.6
  29.0
  28.5
  28.1
  27.6
  27.2
  26.8

Albany Molecular Research, Inc. is a contract research and manufacturing company. The Company operates through Discovery and Development Services (DDS), Active Pharmaceutical Ingredients (API), Drug Product (DP) and Fine Chemicals (FC) segments. The DDS segment includes activities, such as drug lead discovery, optimization, drug development and small scale commercial manufacturing. The API segment includes pilot to commercial scale manufacturing of active pharmaceutical ingredients and intermediates. The DP segment includes pre-formulation, formulation and process development through commercial scale production of complex liquid-filled and lyophilized sterile injectable products and ophthalmic formulations. The FC segment includes lab to commercial scale synthesis of reagents and diverse compounds. It supplies a range of services and technologies supporting the discovery and development of pharmaceutical products, the manufacturing of API and drug product for new and generic drugs.

FINANCIAL RATIOS  of  Albany Molecular Research (AMRI)

Valuation Ratios
P/E Ratio -13.3
Price to Sales 1.6
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 34.5
Price to Free Cash Flow -37.3
Growth Rates
Sales Growth Rate 41.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 136.4%
Cap. Spend. - 3 Yr. Gr. Rate 34.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 202%
Total Debt to Equity 214.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -4.4%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital -8.7%
Ret/ On T. Cap. - 3 Yr. Avg. -3.3%
Return On Equity -23.9%
Return On Equity - 3 Yr. Avg. -8.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 23.3%
Gross Margin - 3 Yr. Avg. 24.5%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 5.7%
Operating Margin -3.3%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin -10.5%
Pre-Tax Margin - 3 Yr. Avg. -4.4%
Net Profit Margin -12.3%
Net Profit Margin - 3 Yr. Avg. -4.6%
Effective Tax Rate -16.7%
Eff/ Tax Rate - 3 Yr. Avg. 18.9%
Payout Ratio 0%

AMRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMRI stock intrinsic value calculation we used $570 million for the last fiscal year's total revenue generated by Albany Molecular Research. The default revenue input number comes from 2016 income statement of Albany Molecular Research. 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 AMRI stock valuation model: a) initial revenue growth rate of 43% 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 11%, whose default value for AMRI is calculated based on our internal credit rating of Albany Molecular Research, 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 Albany Molecular Research.
    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 AMRI stock the variable cost ratio is equal to 96.8%.

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 AMRI 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 4.1% for Albany Molecular Research.

Corporate tax rate of 27% is the nominal tax rate for Albany Molecular Research. 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 AMRI 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 AMRI are equal to 75.4%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Albany Molecular Research 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 AMRI is equal to 35.4%. 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 - $299 million for Albany Molecular Research - 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 43.139 million for Albany Molecular Research 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 Albany Molecular Research at the current share price and the inputted number of shares is $0.9 billion.

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Financial statements of AMRI
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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