Intrinsic value of Aemetis - AMTX

Previous Close

$0.67

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$0.67

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of AMTX 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 0.0

 

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, %
  -2.72
  24.20
  22.28
  20.55
  19.00
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
Revenue, $m
  143
  178
  217
  262
  312
  366
  426
  491
  561
  635
  714
  798
  885
  978
  1,074
  1,175
  1,280
  1,390
  1,504
  1,623
  1,746
  1,874
  2,007
  2,145
  2,289
  2,439
  2,594
  2,756
  2,925
  3,100
  3,283
Variable operating expenses, $m
 
  190
  232
  280
  333
  392
  456
  525
  600
  679
  764
  853
  947
  1,046
  1,150
  1,258
  1,370
  1,487
  1,609
  1,736
  1,868
  2,005
  2,147
  2,295
  2,449
  2,609
  2,776
  2,949
  3,129
  3,317
  3,513
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
  142
  190
  232
  280
  333
  392
  456
  525
  600
  679
  764
  853
  947
  1,046
  1,150
  1,258
  1,370
  1,487
  1,609
  1,736
  1,868
  2,005
  2,147
  2,295
  2,449
  2,609
  2,776
  2,949
  3,129
  3,317
  3,513
Operating income, $m
  1
  -12
  -15
  -18
  -22
  -26
  -30
  -34
  -39
  -44
  -50
  -56
  -62
  -68
  -75
  -82
  -90
  -97
  -105
  -114
  -122
  -131
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -217
  -230
EBITDA, $m
  6
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -38
  -41
  -45
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -109
  -115
Interest expense (income), $m
  5
  5
  3
  4
  5
  6
  8
  9
  10
  12
  14
  15
  17
  19
  21
  23
  26
  28
  30
  33
  36
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
Earnings before tax, $m
  -16
  -18
  -19
  -23
  -27
  -32
  -37
  -43
  -50
  -56
  -64
  -71
  -79
  -88
  -96
  -106
  -115
  -125
  -136
  -147
  -158
  -169
  -182
  -194
  -207
  -221
  -235
  -250
  -266
  -282
  -298
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
  -16
  -18
  -19
  -23
  -27
  -32
  -37
  -43
  -50
  -56
  -64
  -71
  -79
  -88
  -96
  -106
  -115
  -125
  -136
  -147
  -158
  -169
  -182
  -194
  -207
  -221
  -235
  -250
  -266
  -282
  -298

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  78
  96
  117
  141
  168
  197
  230
  264
  302
  342
  385
  429
  477
  527
  579
  633
  690
  749
  810
  874
  940
  1,009
  1,081
  1,155
  1,233
  1,313
  1,397
  1,484
  1,575
  1,669
  1,768
Adjusted assets (=assets-cash), $m
  77
  96
  117
  141
  168
  197
  230
  264
  302
  342
  385
  429
  477
  527
  579
  633
  690
  749
  810
  874
  940
  1,009
  1,081
  1,155
  1,233
  1,313
  1,397
  1,484
  1,575
  1,669
  1,768
Revenue / Adjusted assets
  1.857
  1.854
  1.855
  1.858
  1.857
  1.858
  1.852
  1.860
  1.858
  1.857
  1.855
  1.860
  1.855
  1.856
  1.855
  1.856
  1.855
  1.856
  1.857
  1.857
  1.857
  1.857
  1.857
  1.857
  1.856
  1.858
  1.857
  1.857
  1.857
  1.857
  1.857
Average production assets, $m
  69
  86
  105
  126
  150
  177
  206
  237
  271
  307
  345
  385
  428
  472
  519
  568
  618
  671
  726
  784
  843
  905
  969
  1,036
  1,106
  1,178
  1,253
  1,331
  1,413
  1,497
  1,586
Working capital, $m
  -20
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -35
  -39
  -43
  -48
  -53
  -58
  -63
  -68
  -74
  -80
  -86
  -92
  -98
  -105
  -112
  -119
  -127
  -135
  -143
  -152
  -161
Total debt, $m
  115
  73
  92
  114
  138
  165
  194
  225
  259
  295
  333
  374
  416
  461
  508
  557
  608
  661
  716
  773
  833
  895
  960
  1,027
  1,096
  1,169
  1,244
  1,323
  1,404
  1,489
  1,578
Total liabilities, $m
  128
  86
  105
  127
  151
  178
  207
  238
  272
  308
  346
  387
  429
  474
  521
  570
  621
  674
  729
  786
  846
  908
  973
  1,040
  1,109
  1,182
  1,257
  1,336
  1,417
  1,502
  1,591
Total equity, $m
  -50
  10
  12
  14
  17
  20
  23
  26
  30
  34
  38
  43
  48
  53
  58
  63
  69
  75
  81
  87
  94
  101
  108
  116
  123
  131
  140
  148
  157
  167
  177
Total liabilities and equity, $m
  78
  96
  117
  141
  168
  198
  230
  264
  302
  342
  384
  430
  477
  527
  579
  633
  690
  749
  810
  873
  940
  1,009
  1,081
  1,156
  1,232
  1,313
  1,397
  1,484
  1,574
  1,669
  1,768
Debt-to-equity ratio
  -2.300
  7.640
  7.890
  8.080
  8.230
  8.340
  8.430
  8.510
  8.570
  8.620
  8.660
  8.700
  8.730
  8.750
  8.780
  8.790
  8.810
  8.830
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.890
  8.900
  8.910
  8.910
  8.920
  8.920
  8.930
Adjusted equity ratio
  -0.649
  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
  -16
  -18
  -19
  -23
  -27
  -32
  -37
  -43
  -50
  -56
  -64
  -71
  -79
  -88
  -96
  -106
  -115
  -125
  -136
  -147
  -158
  -169
  -182
  -194
  -207
  -221
  -235
  -250
  -266
  -282
  -298
Depreciation, amort., depletion, $m
  5
  6
  8
  9
  11
  13
  15
  17
  20
  22
  25
  28
  31
  34
  38
  41
  45
  49
  53
  57
  61
  66
  70
  75
  80
  85
  91
  96
  102
  109
  115
Funds from operations, $m
  7
  -11
  -11
  -13
  -16
  -19
  -22
  -26
  -30
  -34
  -39
  -43
  -48
  -53
  -59
  -64
  -70
  -77
  -83
  -90
  -97
  -104
  -111
  -119
  -127
  -136
  -145
  -154
  -163
  -173
  -183
Change in working capital, $m
  7
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  0
  -10
  -9
  -11
  -14
  -16
  -20
  -23
  -27
  -30
  -35
  -39
  -44
  -49
  -54
  -60
  -65
  -71
  -77
  -84
  -91
  -98
  -105
  -112
  -120
  -128
  -137
  -146
  -155
  -165
  -174
Maintenance CAPEX, $m
  0
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -38
  -41
  -45
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -109
New CAPEX, $m
  -1
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
Cash from investing activities, $m
  -1
  -22
  -25
  -30
  -33
  -37
  -42
  -46
  -51
  -56
  -60
  -65
  -70
  -76
  -81
  -87
  -92
  -98
  -104
  -110
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -177
  -187
  -197
Free cash flow, $m
  -1
  -32
  -34
  -40
  -47
  -54
  -61
  -69
  -77
  -86
  -95
  -104
  -114
  -124
  -135
  -146
  -157
  -169
  -181
  -194
  -207
  -221
  -235
  -249
  -265
  -281
  -297
  -315
  -333
  -352
  -371
Issuance/(repayment) of debt, $m
  2
  -41
  19
  22
  24
  27
  29
  31
  34
  36
  38
  40
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  64
  67
  70
  72
  75
  78
  82
  85
  89
Issuance/(repurchase) of shares, $m
  0
  77
  21
  25
  30
  35
  41
  47
  53
  60
  68
  76
  84
  93
  102
  111
  121
  131
  142
  153
  164
  176
  189
  202
  215
  229
  244
  259
  275
  291
  308
Cash from financing (excl. dividends), $m  
  2
  36
  40
  47
  54
  62
  70
  78
  87
  96
  106
  116
  127
  138
  149
  160
  172
  184
  197
  210
  224
  238
  253
  269
  285
  301
  319
  337
  357
  376
  397
Total cash flow (excl. dividends), $m
  1
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  26
Retained Cash Flow (-), $m
  15
  -77
  -21
  -25
  -30
  -35
  -41
  -47
  -53
  -60
  -68
  -76
  -84
  -93
  -102
  -111
  -121
  -131
  -142
  -153
  -164
  -176
  -189
  -202
  -215
  -229
  -244
  -259
  -275
  -291
  -308
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
 
  -72
  -15
  -19
  -23
  -27
  -32
  -38
  -44
  -50
  -57
  -64
  -72
  -80
  -88
  -97
  -106
  -116
  -126
  -136
  -147
  -159
  -170
  -182
  -195
  -208
  -222
  -236
  -251
  -267
  -283
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
 
  -62
  -11
  -11
  -12
  -11
  -11
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  15.8
  5.0
  1.6
  0.5
  0.2
  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

Aemetis, Inc. is an international renewable fuels and biochemicals company. The Company is focused on the production of fuels and chemicals through the acquisition, development and commercialization of technologies that replace traditional petroleum-based products by conversion of first-generation ethanol and biodiesel plants into biorefineries. Its segments include North America and India. The North America segment includes the Company's approximately 60 million gallon per year capacity ethanol manufacturing plant in Keyes, California and its technology lab in College Park, Maryland. The India segment includes the Company's over 50 million gallon per year capacity biodiesel manufacturing plant in Kakinada, the administrative offices in Hyderabad, India, and the holding companies in Nevada and Mauritius. The Keyes plant produces denatured ethanol, Wet Distillers Grains, corn oil and Condensed Distillers Solubles. It produces biodiesel and refined glycerin at the Kakinada plant.

FINANCIAL RATIOS  of  Aemetis (AMTX)

Valuation Ratios
P/E Ratio -0.8
Price to Sales 0.1
Price to Book -0.3
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -13.3
Growth Rates
Sales Growth Rate -2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -202%
Total Debt to Equity -230%
Interest Coverage -2
Management Effectiveness
Return On Assets -13.7%
Ret/ On Assets - 3 Yr. Avg. -10%
Return On Total Capital -23.9%
Ret/ On T. Cap. - 3 Yr. Avg. -17.3%
Return On Equity 37.6%
Return On Equity - 3 Yr. Avg. 30.8%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 8.4%
Gross Margin - 3 Yr. Avg. 9.6%
EBITDA Margin -4.2%
EBITDA Margin - 3 Yr. Avg. -3.3%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin -11.2%
Pre-Tax Margin - 3 Yr. Avg. -8.7%
Net Profit Margin -11.2%
Net Profit Margin - 3 Yr. Avg. -8.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AMTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMTX stock intrinsic value calculation we used $143 million for the last fiscal year's total revenue generated by Aemetis. The default revenue input number comes from 2016 income statement of Aemetis. 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 AMTX stock valuation model: a) initial revenue growth rate of 24.2% 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 16.1%, whose default value for AMTX is calculated based on our internal credit rating of Aemetis, 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 Aemetis.
    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 AMTX stock the variable cost ratio is equal to 107%.

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 AMTX 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 4.6% for Aemetis.

Corporate tax rate of 27% is the nominal tax rate for Aemetis. 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 AMTX 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 AMTX are equal to 48.3%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Aemetis 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 AMTX is equal to -4.9%. 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 - $-50 million for Aemetis - 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 19.823 million for Aemetis 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 Aemetis at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Aemetis, Inc. : December 5, 2017   [Dec-05-17 12:18PM  Capital Cube]
▶ AEMETIS INC to Host Earnings Call   [Nov-09-17 11:05AM  ACCESSWIRE]
▶ ETFs with exposure to Aemetis, Inc. : October 26, 2017   [Oct-26-17 10:14AM  Capital Cube]
▶ Who Owns Aemetis Inc (AMTX)?   [Oct-20-17 12:16PM  Simply Wall St.]
▶ When Will Loss-Maker Aemetis Inc (AMTX) Need More Cash?   [Oct-04-17 12:36PM  Simply Wall St.]
▶ How Does Aemetis Inc (AMTX) Affect Your Portfolio Returns?   [Sep-20-17 10:15AM  Simply Wall St.]
▶ Investor Network: AEMETIS INC to Host Earnings Call   [Aug-10-17 11:00AM  ACCESSWIRE]
▶ ETFs with exposure to Aemetis, Inc. : June 14, 2017   [Jun-14-17 01:24PM  Capital Cube]
▶ ETFs with exposure to Aemetis, Inc. : May 25, 2017   [May-25-17 12:34PM  Capital Cube]
▶ Investor Network: AEMETIS INC to Host Earnings Call   [May-11-17 11:00AM  Accesswire]
▶ ETFs with exposure to Aemetis, Inc. : April 19, 2017   [Apr-19-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Aemetis, Inc. : April 7, 2017   [Apr-07-17 03:47PM  Capital Cube]
▶ Aemetis reports 4Q loss   [Mar-07-17 07:36PM  Associated Press]
▶ ETFs with exposure to Aemetis, Inc. : January 20, 2017   [Jan-20-17 12:47PM  Capital Cube]
▶ 6 Stocks to Gain from Obama's Economic Legacy   [Jan-11-17 02:34PM  Zacks]
▶ ETFs with exposure to Aemetis, Inc. : December 22, 2016   [Dec-22-16 10:23AM  Capital Cube]
▶ Lydia I. Beebe Joins Aemetis Board of Directors   [Nov-17-16 08:45AM  Accesswire]
▶ Aemetis Awards Stock Option   [Sep-30-16 07:00PM  Accesswire]
▶ [$$] Aemetis to Acquire Edeniq in Latest Cleantech Disappointment   [May-09-16 06:00PM  at The Wall Street Journal]
▶ Term Sheet Friday, May 7   [May-06-16 10:08AM  at Fortune]
▶ Aemetis CEO to Present at 28th Annual ROTH Conference   [Mar-09-16 09:00AM  Marketwired]
Financial statements of AMTX
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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