Intrinsic value of ANI Pharmaceuticals - ANIP

Previous Close

$50.09

  Intrinsic Value

$147.82

stock screener

  Rating & Target

str. buy

+195%

  Value-price divergence*

-61%

Previous close

$50.09

 
Intrinsic value

$147.82

 
Up/down potential

+195%

 
Rating

str. buy

 
Value-price divergence*

-61%

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

We calculate the intrinsic value of ANIP 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 0.6

 

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, %
  69.74
  45.20
  41.18
  37.56
  34.31
  31.38
  28.74
  26.36
  24.23
  22.30
  20.57
  19.02
  17.62
  16.35
  15.22
  14.20
  13.28
  12.45
  11.70
  11.03
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
Revenue, $m
  129
  187
  264
  364
  489
  642
  826
  1,044
  1,297
  1,586
  1,913
  2,277
  2,678
  3,116
  3,590
  4,099
  4,644
  5,222
  5,833
  6,476
  7,152
  7,859
  8,598
  9,368
  10,170
  11,005
  11,872
  12,774
  13,712
  14,686
  15,698
Variable operating expenses, $m
 
  109
  153
  211
  283
  372
  479
  605
  752
  919
  1,109
  1,319
  1,552
  1,805
  2,080
  2,375
  2,691
  3,026
  3,380
  3,753
  4,144
  4,554
  4,982
  5,428
  5,893
  6,377
  6,879
  7,402
  7,945
  8,510
  9,096
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
  109
  109
  153
  211
  283
  372
  479
  605
  752
  919
  1,109
  1,319
  1,552
  1,805
  2,080
  2,375
  2,691
  3,026
  3,380
  3,753
  4,144
  4,554
  4,982
  5,428
  5,893
  6,377
  6,879
  7,402
  7,945
  8,510
  9,096
Operating income, $m
  20
  79
  111
  153
  205
  270
  347
  439
  545
  667
  804
  957
  1,126
  1,310
  1,510
  1,724
  1,953
  2,196
  2,453
  2,724
  3,008
  3,305
  3,616
  3,940
  4,277
  4,628
  4,993
  5,372
  5,766
  6,176
  6,602
EBITDA, $m
  42
  110
  156
  214
  288
  378
  487
  615
  764
  935
  1,127
  1,341
  1,578
  1,836
  2,115
  2,415
  2,736
  3,077
  3,437
  3,816
  4,214
  4,631
  5,066
  5,520
  5,992
  6,484
  6,995
  7,527
  8,079
  8,653
  9,250
Interest expense (income), $m
  4
  4
  7
  10
  14
  19
  26
  33
  42
  53
  65
  78
  93
  110
  128
  148
  169
  192
  216
  241
  268
  296
  325
  356
  388
  421
  456
  492
  529
  568
  608
Earnings before tax, $m
  9
  74
  104
  143
  191
  251
  322
  406
  503
  614
  740
  879
  1,033
  1,200
  1,381
  1,576
  1,784
  2,004
  2,237
  2,483
  2,740
  3,009
  3,291
  3,584
  3,889
  4,207
  4,537
  4,881
  5,237
  5,608
  5,994
Tax expense, $m
  5
  20
  28
  39
  52
  68
  87
  110
  136
  166
  200
  237
  279
  324
  373
  426
  482
  541
  604
  670
  740
  813
  888
  968
  1,050
  1,136
  1,225
  1,318
  1,414
  1,514
  1,618
Net income, $m
  4
  54
  76
  104
  140
  183
  235
  296
  367
  448
  540
  642
  754
  876
  1,008
  1,151
  1,302
  1,463
  1,633
  1,812
  2,000
  2,197
  2,402
  2,616
  2,839
  3,071
  3,312
  3,563
  3,823
  4,094
  4,375

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  323
  430
  607
  834
  1,121
  1,472
  1,895
  2,395
  2,975
  3,639
  4,387
  5,222
  6,141
  7,146
  8,233
  9,402
  10,650
  11,976
  13,378
  14,854
  16,403
  18,025
  19,719
  21,486
  23,326
  25,240
  27,230
  29,299
  31,449
  33,683
  36,005
Adjusted assets (=assets-cash), $m
  296
  430
  607
  834
  1,121
  1,472
  1,895
  2,395
  2,975
  3,639
  4,387
  5,222
  6,141
  7,146
  8,233
  9,402
  10,650
  11,976
  13,378
  14,854
  16,403
  18,025
  19,719
  21,486
  23,326
  25,240
  27,230
  29,299
  31,449
  33,683
  36,005
Revenue / Adjusted assets
  0.436
  0.435
  0.435
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
Average production assets, $m
  131
  190
  268
  368
  494
  650
  836
  1,057
  1,313
  1,605
  1,936
  2,304
  2,710
  3,153
  3,633
  4,148
  4,699
  5,284
  5,903
  6,554
  7,238
  7,953
  8,701
  9,480
  10,292
  11,137
  12,015
  12,928
  13,876
  14,862
  15,887
Working capital, $m
  71
  64
  90
  124
  167
  219
  282
  356
  442
  541
  652
  776
  913
  1,062
  1,224
  1,398
  1,583
  1,781
  1,989
  2,208
  2,439
  2,680
  2,932
  3,194
  3,468
  3,753
  4,049
  4,356
  4,676
  5,008
  5,353
Total debt, $m
  121
  190
  282
  399
  547
  729
  948
  1,206
  1,506
  1,849
  2,236
  2,668
  3,143
  3,662
  4,225
  4,829
  5,474
  6,160
  6,884
  7,648
  8,449
  9,287
  10,163
  11,076
  12,027
  13,017
  14,046
  15,116
  16,227
  17,382
  18,583
Total liabilities, $m
  153
  222
  314
  431
  579
  761
  980
  1,238
  1,538
  1,881
  2,268
  2,700
  3,175
  3,694
  4,257
  4,861
  5,506
  6,192
  6,916
  7,680
  8,481
  9,319
  10,195
  11,108
  12,059
  13,049
  14,078
  15,148
  16,259
  17,414
  18,615
Total equity, $m
  170
  207
  293
  403
  541
  711
  915
  1,157
  1,437
  1,757
  2,119
  2,522
  2,966
  3,451
  3,977
  4,541
  5,144
  5,784
  6,462
  7,174
  7,923
  8,706
  9,524
  10,378
  11,266
  12,191
  13,152
  14,151
  15,190
  16,269
  17,390
Total liabilities and equity, $m
  323
  429
  607
  834
  1,120
  1,472
  1,895
  2,395
  2,975
  3,638
  4,387
  5,222
  6,141
  7,145
  8,234
  9,402
  10,650
  11,976
  13,378
  14,854
  16,404
  18,025
  19,719
  21,486
  23,325
  25,240
  27,230
  29,299
  31,449
  33,683
  36,005
Debt-to-equity ratio
  0.712
  0.920
  0.960
  0.990
  1.010
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
  1.070
Adjusted equity ratio
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  54
  76
  104
  140
  183
  235
  296
  367
  448
  540
  642
  754
  876
  1,008
  1,151
  1,302
  1,463
  1,633
  1,812
  2,000
  2,197
  2,402
  2,616
  2,839
  3,071
  3,312
  3,563
  3,823
  4,094
  4,375
Depreciation, amort., depletion, $m
  22
  32
  45
  62
  83
  108
  140
  176
  219
  268
  323
  384
  452
  525
  605
  691
  783
  881
  984
  1,092
  1,206
  1,326
  1,450
  1,580
  1,715
  1,856
  2,002
  2,155
  2,313
  2,477
  2,648
Funds from operations, $m
  17
  86
  121
  166
  222
  291
  374
  473
  586
  716
  863
  1,026
  1,206
  1,402
  1,614
  1,842
  2,085
  2,344
  2,617
  2,905
  3,207
  3,522
  3,852
  4,196
  4,555
  4,927
  5,315
  5,718
  6,136
  6,571
  7,023
Change in working capital, $m
  -10
  20
  26
  34
  43
  52
  63
  74
  86
  99
  111
  124
  137
  149
  162
  174
  186
  197
  208
  219
  230
  241
  252
  263
  274
  285
  296
  308
  320
  332
  345
Cash from operations, $m
  27
  66
  95
  132
  180
  239
  312
  398
  500
  618
  751
  902
  1,069
  1,252
  1,452
  1,668
  1,900
  2,147
  2,409
  2,685
  2,976
  3,281
  3,600
  3,934
  4,281
  4,643
  5,019
  5,410
  5,816
  6,239
  6,678
Maintenance CAPEX, $m
  0
  -22
  -32
  -45
  -61
  -82
  -108
  -139
  -176
  -219
  -268
  -323
  -384
  -452
  -525
  -605
  -691
  -783
  -881
  -984
  -1,092
  -1,206
  -1,326
  -1,450
  -1,580
  -1,715
  -1,856
  -2,002
  -2,155
  -2,313
  -2,477
New CAPEX, $m
  -5
  -59
  -78
  -101
  -126
  -155
  -187
  -220
  -256
  -293
  -330
  -368
  -406
  -443
  -480
  -516
  -551
  -585
  -618
  -651
  -684
  -716
  -748
  -779
  -812
  -845
  -878
  -913
  -949
  -986
  -1,025
Cash from investing activities, $m
  -154
  -81
  -110
  -146
  -187
  -237
  -295
  -359
  -432
  -512
  -598
  -691
  -790
  -895
  -1,005
  -1,121
  -1,242
  -1,368
  -1,499
  -1,635
  -1,776
  -1,922
  -2,074
  -2,229
  -2,392
  -2,560
  -2,734
  -2,915
  -3,104
  -3,299
  -3,502
Free cash flow, $m
  -127
  -15
  -15
  -13
  -8
  2
  17
  38
  68
  106
  153
  211
  279
  358
  447
  547
  658
  779
  909
  1,050
  1,200
  1,359
  1,527
  1,704
  1,889
  2,083
  2,284
  2,495
  2,713
  2,940
  3,176
Issuance/(repayment) of debt, $m
  0
  69
  91
  118
  148
  182
  219
  258
  300
  343
  387
  431
  476
  519
  562
  604
  645
  685
  725
  763
  801
  839
  876
  913
  951
  990
  1,029
  1,070
  1,111
  1,155
  1,200
Issuance/(repurchase) of shares, $m
  -1
  10
  9
  6
  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  
  -1
  79
  100
  124
  148
  182
  219
  258
  300
  343
  387
  431
  476
  519
  562
  604
  645
  685
  725
  763
  801
  839
  876
  913
  951
  990
  1,029
  1,070
  1,111
  1,155
  1,200
Total cash flow (excl. dividends), $m
  -127
  65
  86
  110
  140
  183
  235
  297
  368
  449
  541
  642
  754
  877
  1,009
  1,151
  1,303
  1,464
  1,634
  1,813
  2,001
  2,198
  2,403
  2,617
  2,840
  3,072
  3,314
  3,564
  3,825
  4,095
  4,377
Retained Cash Flow (-), $m
  -10
  -64
  -85
  -110
  -138
  -170
  -204
  -241
  -280
  -321
  -362
  -403
  -444
  -485
  -525
  -565
  -603
  -640
  -677
  -713
  -748
  -783
  -818
  -853
  -889
  -925
  -961
  -999
  -1,038
  -1,079
  -1,121
Prev. year cash balance distribution, $m
 
  27
  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
 
  27
  0
  0
  2
  14
  31
  55
  88
  129
  179
  239
  310
  392
  484
  587
  700
  824
  957
  1,100
  1,253
  1,415
  1,585
  1,764
  1,952
  2,148
  2,352
  2,565
  2,786
  3,016
  3,255
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  26
  0
  0
  1
  10
  21
  34
  48
  64
  79
  93
  105
  115
  122
  124
  124
  120
  113
  104
  93
  81
  69
  57
  46
  36
  28
  21
  15
  10
  7
Current shareholders' claim on cash, %
  100
  97.9
  96.7
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1

ANI Pharmaceuticals, Inc. is an integrated specialty pharmaceutical company. The Company is engaged in developing, manufacturing and marketing branded and generic prescription pharmaceuticals. The Company focuses on areas, including controlled substances, anti-cancer (oncolytics), hormones and steroids, and complex formulations. It also performs contract manufacturing for other pharmaceutical companies. Its products include both branded and generic pharmaceuticals. Its generic products include Erythromycin Ethylsuccinate, Esterified Estrogen with Methyltestosterone (EEMT), Etodolac Fenofibrate, Flecainide, Fluvoxamine, Hydrocortisone Enema, Methazolamide, Metoclopramide Syrup Nilutamide, Nimodipine, Opium Tincture, Oxycodone Capsules, Oxycodone Oral Solution, Propafenone and Vancomycin. Its branded products include Cortenema, Inderal LA, Lithobid, Reglan and Vancocin. Its pharmaceutical manufacturing facilities are located in Baudette, Minnesota.

FINANCIAL RATIOS  of  ANI Pharmaceuticals (ANIP)

Valuation Ratios
P/E Ratio 145.3
Price to Sales 4.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 21.5
Price to Free Cash Flow 26.4
Growth Rates
Sales Growth Rate 69.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 150%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 71.2%
Total Debt to Equity 71.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 62%
Gross Margin - 3 Yr. Avg. 75.5%
EBITDA Margin 27.1%
EBITDA Margin - 3 Yr. Avg. 37.2%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 31.1%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. 23.3%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 24.9%
Effective Tax Rate 55.6%
Eff/ Tax Rate - 3 Yr. Avg. 11.6%
Payout Ratio 0%

ANIP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANIP stock intrinsic value calculation we used $129 million for the last fiscal year's total revenue generated by ANI Pharmaceuticals. The default revenue input number comes from 2016 income statement of ANI Pharmaceuticals. 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 ANIP stock valuation model: a) initial revenue growth rate of 45.2% 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 5.5%, whose default value for ANIP is calculated based on our internal credit rating of ANI Pharmaceuticals, 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 ANI Pharmaceuticals.
    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 ANIP stock the variable cost ratio is equal to 58.1%.

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 ANIP 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 ANI Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for ANI Pharmaceuticals. 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 ANIP 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 ANIP are equal to 101.2%.

Life of production assets of 6 years is the average useful life of capital assets used in ANI Pharmaceuticals 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 ANIP is equal to 34.1%. 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 - $170 million for ANI Pharmaceuticals - 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 11.563 million for ANI Pharmaceuticals 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 ANI Pharmaceuticals at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ 3 Top Small-Cap Stocks to Buy in August   [Aug-21-17 07:34AM  Motley Fool]
▶ ANI posts 2Q profit   [Aug-04-17 12:38AM  Associated Press]
▶ 4 Top Small-Cap Stocks to Buy in June   [Jun-12-17 08:49AM  Motley Fool]
▶ 4 of the Cheapest Biotech Stocks in the World   [May-11-17 12:00AM  Motley Fool]
▶ ANI Pharmaceuticals Announces Launch of Pindolol Tablets   [May-08-17 09:15AM  PR Newswire]
▶ ANI posts 1Q profit   [09:02AM  Associated Press]
▶ ANI reports 4Q loss   [Mar-02-17 08:54AM  Associated Press]
▶ 4 Top Small-Cap Stocks to Buy This Winter   [Jan-23-17 09:20AM  Motley Fool]
▶ 4 Top Small-Cap Stocks to Buy This Winter   [09:20AM  at Motley Fool]
▶ 5 Growth Stocks That Could Double   [Jan-07-17 08:37AM  at Motley Fool]
▶ Is ANI Pharmaceuticals Inc (ANIP) a Good Stock To Buy?   [Dec-04-16 06:30PM  at Insider Monkey]
▶ The Greatest Small-Cap Stocks You've Never Heard About   [Dec-02-16 09:02AM  at Motley Fool]
▶ ANI Pharmaceuticals 3Q Net Beats Street (ANIP)   [Nov-04-16 10:33AM  at Investopedia]
▶ [$$] AOSI Conference: 21 Cheap Stocks   [Oct-22-16 12:01AM  at Barrons.com]
Financial statements of ANIP
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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