Intrinsic value of Amyris - AMRS

Previous Close

$3.53

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$3.53

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of AMRS 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 0.1

 

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, %
  97.06
  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
  67
  107
  166
  248
  359
  507
  697
  936
  1,229
  1,581
  1,997
  2,480
  3,032
  3,654
  4,348
  5,112
  5,946
  6,850
  7,821
  8,857
  9,958
  11,122
  12,347
  13,633
  14,980
  16,386
  17,852
  19,379
  20,968
  22,620
  24,337
Variable operating expenses, $m
 
  581
  897
  1,342
  1,947
  2,747
  3,776
  5,068
  6,655
  8,563
  10,816
  13,431
  16,420
  19,792
  23,548
  27,689
  32,209
  37,102
  42,360
  47,975
  53,938
  60,242
  66,879
  73,845
  81,137
  88,754
  96,696
  104,967
  113,572
  122,520
  131,820
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
  167
  581
  897
  1,342
  1,947
  2,747
  3,776
  5,068
  6,655
  8,563
  10,816
  13,431
  16,420
  19,792
  23,548
  27,689
  32,209
  37,102
  42,360
  47,975
  53,938
  60,242
  66,879
  73,845
  81,137
  88,754
  96,696
  104,967
  113,572
  122,520
  131,820
Operating income, $m
  -100
  -474
  -732
  -1,094
  -1,587
  -2,239
  -3,079
  -4,132
  -5,426
  -6,982
  -8,819
  -10,951
  -13,389
  -16,138
  -19,201
  -22,577
  -26,262
  -30,252
  -34,539
  -39,118
  -43,980
  -49,120
  -54,532
  -60,212
  -66,158
  -72,368
  -78,844
  -85,588
  -92,604
  -99,900
  -107,483
EBITDA, $m
  -89
  -456
  -705
  -1,054
  -1,530
  -2,158
  -2,967
  -3,982
  -5,229
  -6,728
  -8,498
  -10,553
  -12,902
  -15,551
  -18,503
  -21,756
  -25,308
  -29,152
  -33,284
  -37,696
  -42,381
  -47,334
  -52,549
  -58,023
  -63,752
  -69,737
  -75,977
  -82,476
  -89,238
  -96,268
  -103,576
Interest expense (income), $m
  10
  10
  2
  6
  12
  21
  32
  47
  66
  88
  116
  148
  185
  228
  276
  330
  389
  453
  523
  598
  679
  764
  854
  949
  1,048
  1,152
  1,261
  1,375
  1,493
  1,616
  1,743
Earnings before tax, $m
  -97
  -483
  -733
  -1,100
  -1,600
  -2,260
  -3,111
  -4,180
  -5,492
  -7,070
  -8,935
  -11,099
  -13,574
  -16,366
  -19,477
  -22,906
  -26,651
  -30,705
  -35,063
  -39,716
  -44,658
  -49,883
  -55,386
  -61,161
  -67,206
  -73,520
  -80,105
  -86,962
  -94,097
  -101,516
  -109,227
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
  -97
  -483
  -733
  -1,100
  -1,600
  -2,260
  -3,111
  -4,180
  -5,492
  -7,070
  -8,935
  -11,099
  -13,574
  -16,366
  -19,477
  -22,906
  -26,651
  -30,705
  -35,063
  -39,716
  -44,658
  -49,883
  -55,386
  -61,161
  -67,206
  -73,520
  -80,105
  -86,962
  -94,097
  -101,516
  -109,227

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  130
  162
  250
  374
  542
  765
  1,051
  1,411
  1,853
  2,384
  3,012
  3,740
  4,572
  5,511
  6,557
  7,710
  8,969
  10,331
  11,796
  13,359
  15,020
  16,775
  18,623
  20,563
  22,594
  24,715
  26,926
  29,229
  31,626
  34,117
  36,707
Adjusted assets (=assets-cash), $m
  101
  162
  250
  374
  542
  765
  1,051
  1,411
  1,853
  2,384
  3,012
  3,740
  4,572
  5,511
  6,557
  7,710
  8,969
  10,331
  11,796
  13,359
  15,020
  16,775
  18,623
  20,563
  22,594
  24,715
  26,926
  29,229
  31,626
  34,117
  36,707
Revenue / Adjusted assets
  0.663
  0.660
  0.664
  0.663
  0.662
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
Average production assets, $m
  57
  91
  141
  211
  306
  431
  593
  796
  1,046
  1,345
  1,699
  2,110
  2,580
  3,110
  3,700
  4,350
  5,060
  5,829
  6,655
  7,537
  8,474
  9,465
  10,508
  11,602
  12,748
  13,944
  15,192
  16,492
  17,844
  19,249
  20,711
Working capital, $m
  -51
  -85
  -131
  -196
  -284
  -401
  -551
  -740
  -972
  -1,250
  -1,579
  -1,961
  -2,398
  -2,890
  -3,439
  -4,044
  -4,704
  -5,418
  -6,186
  -7,006
  -7,877
  -8,797
  -9,767
  -10,784
  -11,849
  -12,961
  -14,121
  -15,329
  -16,586
  -17,892
  -19,250
Total debt, $m
  195
  27
  106
  217
  369
  569
  827
  1,151
  1,549
  2,027
  2,592
  3,247
  3,996
  4,841
  5,783
  6,820
  7,953
  9,179
  10,497
  11,904
  13,399
  14,979
  16,642
  18,388
  20,215
  22,124
  24,115
  26,187
  28,344
  30,587
  32,917
Total liabilities, $m
  314
  146
  225
  336
  488
  688
  946
  1,270
  1,668
  2,146
  2,711
  3,366
  4,115
  4,960
  5,902
  6,939
  8,072
  9,298
  10,616
  12,023
  13,518
  15,098
  16,761
  18,507
  20,334
  22,243
  24,234
  26,306
  28,463
  30,706
  33,036
Total equity, $m
  -184
  16
  25
  37
  54
  76
  105
  141
  185
  238
  301
  374
  457
  551
  656
  771
  897
  1,033
  1,180
  1,336
  1,502
  1,678
  1,862
  2,056
  2,259
  2,471
  2,693
  2,923
  3,163
  3,412
  3,671
Total liabilities and equity, $m
  130
  162
  250
  373
  542
  764
  1,051
  1,411
  1,853
  2,384
  3,012
  3,740
  4,572
  5,511
  6,558
  7,710
  8,969
  10,331
  11,796
  13,359
  15,020
  16,776
  18,623
  20,563
  22,593
  24,714
  26,927
  29,229
  31,626
  34,118
  36,707
Debt-to-equity ratio
  -1.060
  1.640
  4.240
  5.810
  6.800
  7.440
  7.870
  8.160
  8.360
  8.500
  8.600
  8.680
  8.740
  8.780
  8.820
  8.850
  8.870
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
Adjusted equity ratio
  -2.109
  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
  -97
  -483
  -733
  -1,100
  -1,600
  -2,260
  -3,111
  -4,180
  -5,492
  -7,070
  -8,935
  -11,099
  -13,574
  -16,366
  -19,477
  -22,906
  -26,651
  -30,705
  -35,063
  -39,716
  -44,658
  -49,883
  -55,386
  -61,161
  -67,206
  -73,520
  -80,105
  -86,962
  -94,097
  -101,516
  -109,227
Depreciation, amort., depletion, $m
  11
  17
  27
  40
  58
  82
  112
  150
  197
  254
  321
  398
  487
  587
  698
  821
  955
  1,100
  1,256
  1,422
  1,599
  1,786
  1,983
  2,189
  2,405
  2,631
  2,866
  3,112
  3,367
  3,632
  3,908
Funds from operations, $m
  -71
  -466
  -706
  -1,060
  -1,542
  -2,179
  -2,999
  -4,029
  -5,294
  -6,816
  -8,614
  -10,701
  -13,087
  -15,779
  -18,779
  -22,086
  -25,696
  -29,605
  -33,807
  -38,294
  -43,060
  -48,098
  -53,403
  -58,972
  -64,801
  -70,889
  -77,238
  -83,851
  -90,730
  -97,884
  -105,319
Change in working capital, $m
  11
  -32
  -46
  -65
  -88
  -117
  -150
  -189
  -232
  -279
  -329
  -382
  -437
  -492
  -549
  -605
  -660
  -715
  -768
  -820
  -871
  -921
  -969
  -1,017
  -1,065
  -1,112
  -1,160
  -1,208
  -1,257
  -1,307
  -1,358
Cash from operations, $m
  -82
  -434
  -660
  -995
  -1,454
  -2,062
  -2,849
  -3,841
  -5,063
  -6,538
  -8,285
  -10,319
  -12,650
  -15,287
  -18,230
  -21,481
  -25,036
  -28,891
  -33,039
  -37,474
  -42,189
  -47,177
  -52,434
  -57,954
  -63,736
  -69,777
  -76,079
  -82,643
  -89,474
  -96,577
  -103,961
Maintenance CAPEX, $m
  0
  -11
  -17
  -27
  -40
  -58
  -81
  -112
  -150
  -197
  -254
  -321
  -398
  -487
  -587
  -698
  -821
  -955
  -1,100
  -1,256
  -1,422
  -1,599
  -1,786
  -1,983
  -2,189
  -2,405
  -2,631
  -2,866
  -3,112
  -3,367
  -3,632
New CAPEX, $m
  -1
  -34
  -50
  -70
  -95
  -126
  -162
  -203
  -249
  -300
  -354
  -411
  -470
  -530
  -590
  -650
  -710
  -769
  -826
  -882
  -937
  -990
  -1,043
  -1,094
  -1,146
  -1,197
  -1,248
  -1,299
  -1,352
  -1,406
  -1,461
Cash from investing activities, $m
  6
  -45
  -67
  -97
  -135
  -184
  -243
  -315
  -399
  -497
  -608
  -732
  -868
  -1,017
  -1,177
  -1,348
  -1,531
  -1,724
  -1,926
  -2,138
  -2,359
  -2,589
  -2,829
  -3,077
  -3,335
  -3,602
  -3,879
  -4,165
  -4,464
  -4,773
  -5,093
Free cash flow, $m
  -76
  -479
  -727
  -1,092
  -1,588
  -2,246
  -3,092
  -4,156
  -5,462
  -7,035
  -8,893
  -11,050
  -13,518
  -16,303
  -19,407
  -22,830
  -26,567
  -30,614
  -34,965
  -39,612
  -44,548
  -49,766
  -55,262
  -61,031
  -67,070
  -73,379
  -79,957
  -86,809
  -93,937
  -101,350
  -109,054
Issuance/(repayment) of debt, $m
  82
  -141
  79
  111
  152
  200
  258
  324
  398
  478
  565
  655
  749
  845
  941
  1,038
  1,133
  1,226
  1,318
  1,407
  1,494
  1,580
  1,663
  1,746
  1,827
  1,909
  1,990
  2,073
  2,157
  2,242
  2,331
Issuance/(repurchase) of shares, $m
  5
  685
  742
  1,112
  1,617
  2,283
  3,140
  4,216
  5,536
  7,124
  8,997
  11,172
  13,657
  16,460
  19,581
  23,022
  26,777
  30,842
  35,209
  39,872
  44,825
  50,059
  55,570
  61,355
  67,409
  73,732
  80,326
  87,193
  94,337
  101,765
  109,486
Cash from financing (excl. dividends), $m  
  92
  544
  821
  1,223
  1,769
  2,483
  3,398
  4,540
  5,934
  7,602
  9,562
  11,827
  14,406
  17,305
  20,522
  24,060
  27,910
  32,068
  36,527
  41,279
  46,319
  51,639
  57,233
  63,101
  69,236
  75,641
  82,316
  89,266
  96,494
  104,007
  111,817
Total cash flow (excl. dividends), $m
  15
  65
  94
  132
  180
  238
  306
  384
  471
  567
  669
  777
  888
  1,001
  1,116
  1,230
  1,343
  1,453
  1,562
  1,668
  1,771
  1,872
  1,972
  2,069
  2,166
  2,262
  2,359
  2,457
  2,556
  2,658
  2,762
Retained Cash Flow (-), $m
  26
  -685
  -742
  -1,112
  -1,617
  -2,283
  -3,140
  -4,216
  -5,536
  -7,124
  -8,997
  -11,172
  -13,657
  -16,460
  -19,581
  -23,022
  -26,777
  -30,842
  -35,209
  -39,872
  -44,825
  -50,059
  -55,570
  -61,355
  -67,409
  -73,732
  -80,326
  -87,193
  -94,337
  -101,765
  -109,486
Prev. year cash balance distribution, $m
 
  2
  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
 
  -618
  -648
  -980
  -1,437
  -2,045
  -2,834
  -3,832
  -5,065
  -6,557
  -8,328
  -10,395
  -12,769
  -15,458
  -18,466
  -21,792
  -25,434
  -29,388
  -33,647
  -38,205
  -43,053
  -48,187
  -53,599
  -59,285
  -65,243
  -71,470
  -77,967
  -84,736
  -91,781
  -99,107
  -106,723
Discount rate, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
PV of cash for distribution, $m
 
  -533
  -474
  -600
  -725
  -837
  -923
  -976
  -989
  -961
  -896
  -802
  -690
  -569
  -451
  -343
  -251
  -176
  -118
  -76
  -47
  -27
  -15
  -8
  -4
  -2
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  1.1
  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
  0.0
  0.0

Amyris, Inc. is an integrated industrial biotechnology company. The Company is engaged in research and development and sales of fuels and farnesene-derived products. It is applying its industrial synthetic biology platform to engineer, manufacture and sell products into a range of consumer and industrial markets, including cosmetics, flavors and fragrances (F&F), solvents and cleaners, polymers, lubricants, healthcare products and fuels. The Company focuses on a renewable hydrocarbon molecule called farnesene (Biofene). The Company is expanding its range of products across various categories divided into consumer and industrial applications. For consumer applications, the Company is developing and selling personal care products (which include ingredients for cosmetics and F&F), healthcare products and formulated end user products, such as Biossance brand skincare products and Muck Daddy brand hand cleaner product.

FINANCIAL RATIOS  of  Amyris (AMRS)

Valuation Ratios
P/E Ratio -0.7
Price to Sales 1
Price to Book -0.4
Price to Tangible Book
Price to Cash Flow -0.8
Price to Free Cash Flow -0.8
Growth Rates
Sales Growth Rate 97.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate -34%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -91.3%
Total Debt to Equity -106%
Interest Coverage -9
Management Effectiveness
Return On Assets -73.7%
Ret/ On Assets - 3 Yr. Avg. -66.6%
Return On Total Capital -3233.3%
Ret/ On T. Cap. - 3 Yr. Avg. -1216.5%
Return On Equity 56.7%
Return On Equity - 3 Yr. Avg. 69.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 16.4%
Gross Margin - 3 Yr. Avg. 10.3%
EBITDA Margin -113.4%
EBITDA Margin - 3 Yr. Avg. -203.4%
Operating Margin -149.3%
Oper. Margin - 3 Yr. Avg. -282.9%
Pre-Tax Margin -144.8%
Pre-Tax Margin - 3 Yr. Avg. -252.4%
Net Profit Margin -144.8%
Net Profit Margin - 3 Yr. Avg. -260.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 5.4%
Payout Ratio 0%

AMRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMRS stock intrinsic value calculation we used $67 million for the last fiscal year's total revenue generated by Amyris. The default revenue input number comes from 2016 income statement of Amyris. 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 AMRS 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 16.1%, whose default value for AMRS is calculated based on our internal credit rating of Amyris, 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 Amyris.
    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 AMRS stock the variable cost ratio is equal to 541.8%.

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 AMRS 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 5.7% for Amyris.

Corporate tax rate of 27% is the nominal tax rate for Amyris. 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 AMRS 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 AMRS are equal to 85.1%.

Life of production assets of 5.3 years is the average useful life of capital assets used in Amyris 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 AMRS is equal to -79.1%. 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 - $-184 million for Amyris - 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 37.607 million for Amyris 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 Amyris at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Amyris reports 3Q loss   [Nov-16-17 05:12AM  Associated Press]
▶ Amyris, Inc. to Host Earnings Call   [11:00AM  ACCESSWIRE]
▶ Should You Worry About Amyris Incs (AMRS) CEO Pay?   [Nov-08-17 12:19PM  Simply Wall St.]
▶ ETFs with exposure to Amyris, Inc. : October 27, 2017   [Oct-27-17 10:43AM  Capital Cube]
▶ ETFs with exposure to Amyris, Inc. : October 12, 2017   [Oct-12-17 10:17AM  Capital Cube]
▶ How Does Amyris Inc (AMRS) Affect Your Portfolio Returns?   [Sep-30-17 07:47PM  Simply Wall St.]
▶ ETFs with exposure to Amyris, Inc. : September 28, 2017   [Sep-28-17 10:09AM  Capital Cube]
▶ ETFs with exposure to Amyris, Inc. : September 13, 2017   [Sep-13-17 05:17PM  Capital Cube]
▶ ETFs with exposure to Amyris, Inc. : August 31, 2017   [Aug-31-17 05:13PM  Capital Cube]
▶ Amyris posts 2Q profit   [Aug-10-17 09:28PM  Associated Press]
▶ Amyris Biossance Launches in SEPHORA Canada Stores   [Jul-26-17 08:30AM  GlobeNewswire]
▶ Amyris reports 1Q loss   [May-15-17 06:38PM  Associated Press]
Financial statements of AMRS
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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