Intrinsic value of Arena Pharmaceuticals - ARNA

Previous Close

$20.53

  Intrinsic Value

$0.04

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

+363%

Previous close

$20.53

 
Intrinsic value

$0.04

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

+363%

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

We calculate the intrinsic value of ARNA 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 5.0

 

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, %
  226.32
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  124
  126
  129
  133
  136
  141
  145
  150
  155
  161
  167
  174
  181
  189
  197
  205
  214
  224
  234
  244
  255
  267
  280
  293
  307
  321
  337
  353
  370
  388
  407
Variable operating expenses, $m
 
  472
  483
  496
  509
  525
  542
  560
  580
  602
  625
  650
  676
  704
  734
  766
  799
  835
  872
  912
  954
  998
  1,045
  1,094
  1,146
  1,200
  1,258
  1,318
  1,382
  1,448
  1,519
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
  141
  472
  483
  496
  509
  525
  542
  560
  580
  602
  625
  650
  676
  704
  734
  766
  799
  835
  872
  912
  954
  998
  1,045
  1,094
  1,146
  1,200
  1,258
  1,318
  1,382
  1,448
  1,519
Operating income, $m
  -17
  -346
  -354
  -363
  -373
  -384
  -397
  -410
  -425
  -441
  -458
  -476
  -495
  -516
  -537
  -561
  -585
  -611
  -639
  -668
  -698
  -731
  -765
  -801
  -839
  -879
  -921
  -965
  -1,012
  -1,061
  -1,112
EBITDA, $m
  -8
  -339
  -347
  -356
  -366
  -377
  -389
  -403
  -417
  -433
  -449
  -467
  -486
  -506
  -527
  -550
  -574
  -600
  -627
  -655
  -685
  -717
  -751
  -786
  -823
  -862
  -904
  -947
  -993
  -1,041
  -1,092
Interest expense (income), $m
  6
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
Earnings before tax, $m
  -23
  -351
  -359
  -369
  -379
  -391
  -404
  -418
  -433
  -449
  -466
  -485
  -505
  -526
  -549
  -573
  -598
  -625
  -653
  -683
  -715
  -748
  -783
  -820
  -860
  -901
  -944
  -990
  -1,038
  -1,088
  -1,142
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
  -23
  -351
  -359
  -369
  -379
  -391
  -404
  -418
  -433
  -449
  -466
  -485
  -505
  -526
  -549
  -573
  -598
  -625
  -653
  -683
  -715
  -748
  -783
  -820
  -860
  -901
  -944
  -990
  -1,038
  -1,088
  -1,142

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  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
  169
  148
  152
  155
  160
  165
  170
  176
  182
  189
  196
  204
  212
  221
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  394
  413
  433
  454
  476
Adjusted assets (=assets-cash), $m
  78
  148
  152
  155
  160
  165
  170
  176
  182
  189
  196
  204
  212
  221
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  394
  413
  433
  454
  476
Revenue / Adjusted assets
  1.590
  0.851
  0.849
  0.858
  0.850
  0.855
  0.853
  0.852
  0.852
  0.852
  0.852
  0.853
  0.854
  0.855
  0.857
  0.854
  0.853
  0.855
  0.854
  0.853
  0.853
  0.853
  0.854
  0.854
  0.855
  0.854
  0.855
  0.855
  0.855
  0.855
  0.855
Average production assets, $m
  63
  64
  65
  67
  69
  71
  73
  76
  78
  81
  84
  88
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  186
  196
  205
Working capital, $m
  56
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
Total debt, $m
  65
  64
  66
  70
  74
  78
  82
  87
  93
  99
  105
  111
  119
  126
  134
  143
  152
  161
  171
  182
  194
  205
  218
  231
  245
  260
  276
  292
  309
  327
  346
Total liabilities, $m
  129
  128
  130
  134
  138
  142
  146
  151
  157
  163
  169
  175
  183
  190
  198
  207
  216
  225
  235
  246
  258
  269
  282
  295
  309
  324
  340
  356
  373
  391
  410
Total equity, $m
  40
  21
  21
  22
  22
  23
  24
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
Total liabilities and equity, $m
  169
  149
  151
  156
  160
  165
  170
  175
  182
  189
  196
  203
  212
  221
  230
  240
  251
  261
  273
  286
  300
  313
  328
  343
  359
  376
  395
  413
  433
  454
  476
Debt-to-equity ratio
  1.625
  3.090
  3.160
  3.230
  3.310
  3.400
  3.480
  3.570
  3.660
  3.750
  3.840
  3.930
  4.020
  4.110
  4.190
  4.280
  4.360
  4.440
  4.510
  4.580
  4.650
  4.720
  4.790
  4.850
  4.910
  4.970
  5.030
  5.080
  5.130
  5.180
  5.230
Adjusted equity ratio
  -0.654
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139
  0.139

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -23
  -351
  -359
  -369
  -379
  -391
  -404
  -418
  -433
  -449
  -466
  -485
  -505
  -526
  -549
  -573
  -598
  -625
  -653
  -683
  -715
  -748
  -783
  -820
  -860
  -901
  -944
  -990
  -1,038
  -1,088
  -1,142
Depreciation, amort., depletion, $m
  9
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
Funds from operations, $m
  -145
  -345
  -353
  -362
  -372
  -384
  -396
  -410
  -425
  -441
  -458
  -476
  -496
  -517
  -539
  -562
  -587
  -614
  -641
  -671
  -702
  -735
  -769
  -806
  -844
  -885
  -927
  -972
  -1,019
  -1,069
  -1,121
Change in working capital, $m
  -83
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  -62
  -345
  -353
  -362
  -372
  -383
  -396
  -410
  -424
  -440
  -457
  -476
  -495
  -516
  -538
  -561
  -586
  -613
  -640
  -670
  -701
  -733
  -768
  -804
  -843
  -883
  -926
  -970
  -1,017
  -1,067
  -1,119
Maintenance CAPEX, $m
  0
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
New CAPEX, $m
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
Cash from investing activities, $m
  -1
  -7
  -7
  -9
  -9
  -9
  -9
  -9
  -11
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -21
  -22
  -22
  -24
  -25
  -27
  -28
  -29
Free cash flow, $m
  -63
  -352
  -360
  -370
  -381
  -392
  -405
  -419
  -435
  -451
  -469
  -487
  -507
  -529
  -552
  -576
  -601
  -628
  -657
  -687
  -719
  -752
  -788
  -825
  -864
  -906
  -950
  -996
  -1,044
  -1,095
  -1,148
Issuance/(repayment) of debt, $m
  -3
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
Issuance/(repurchase) of shares, $m
  0
  352
  360
  369
  380
  392
  405
  418
  434
  450
  467
  486
  506
  527
  550
  574
  599
  626
  655
  685
  717
  750
  785
  823
  862
  903
  947
  992
  1,041
  1,091
  1,145
Cash from financing (excl. dividends), $m  
  -2
  355
  363
  372
  384
  396
  410
  423
  439
  456
  473
  493
  513
  535
  558
  583
  608
  636
  665
  696
  728
  762
  798
  836
  876
  918
  963
  1,008
  1,058
  1,109
  1,164
Total cash flow (excl. dividends), $m
  -65
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Retained Cash Flow (-), $m
  14
  -352
  -360
  -369
  -380
  -392
  -405
  -418
  -434
  -450
  -467
  -486
  -506
  -527
  -550
  -574
  -599
  -626
  -655
  -685
  -717
  -750
  -785
  -823
  -862
  -903
  -947
  -992
  -1,041
  -1,091
  -1,145
Prev. year cash balance distribution, $m
 
  20
  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
 
  -330
  -358
  -367
  -377
  -388
  -401
  -414
  -429
  -445
  -462
  -481
  -500
  -521
  -543
  -567
  -592
  -619
  -647
  -676
  -707
  -740
  -775
  -812
  -851
  -891
  -934
  -979
  -1,027
  -1,077
  -1,129
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -316
  -327
  -319
  -310
  -301
  -291
  -280
  -268
  -256
  -242
  -228
  -214
  -198
  -182
  -166
  -150
  -135
  -119
  -104
  -90
  -77
  -64
  -53
  -43
  -35
  -27
  -21
  -16
  -12
  -9
Current shareholders' claim on cash, %
  100
  36.5
  13.3
  4.8
  1.8
  0.6
  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

Arena Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing novel small molecule drugs for various therapeutic areas. It focuses on three primary proprietary investigational clinical programs: etrasimod (APD334), which is in Phase 2 evaluation for ulcerative colitis, as well as initiating Phase 2 clinical trials for additional indications; APD371 that is entering in Phase 2 evaluation for the treatment of pain associated with Crohn's disease; and ralinepag (APD811), which is in Phase 2 evaluation for pulmonary arterial hypertension. The company has collaboration agreements with Eisai Co., Ltd., Eisai Inc., Axovant Sciences, and Boehringer Ingelheim International GmbH. The company was founded in 1997 and is based in San Diego, California.

FINANCIAL RATIOS  of  Arena Pharmaceuticals (ARNA)

Valuation Ratios
P/E Ratio -217.3
Price to Sales 40.3
Price to Book 124.9
Price to Tangible Book
Price to Cash Flow -80.6
Price to Free Cash Flow -79.3
Growth Rates
Sales Growth Rate 226.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -90.9%
Cap. Spend. - 3 Yr. Gr. Rate -35.6%
Financial Strength
Quick Ratio 23
Current Ratio 0
LT Debt to Equity 152.5%
Total Debt to Equity 162.5%
Interest Coverage -3
Management Effectiveness
Return On Assets -8%
Ret/ On Assets - 3 Yr. Avg. -21.1%
Return On Total Capital -20.3%
Ret/ On T. Cap. - 3 Yr. Avg. -51.1%
Return On Equity -48.9%
Return On Equity - 3 Yr. Avg. -116.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 87.9%
Gross Margin - 3 Yr. Avg. 77.4%
EBITDA Margin -6.5%
EBITDA Margin - 3 Yr. Avg. -121.6%
Operating Margin -13.7%
Oper. Margin - 3 Yr. Avg. -190.4%
Pre-Tax Margin -18.5%
Pre-Tax Margin - 3 Yr. Avg. -155.9%
Net Profit Margin -18.5%
Net Profit Margin - 3 Yr. Avg. -155.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ARNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARNA stock intrinsic value calculation we used $124 million for the last fiscal year's total revenue generated by Arena Pharmaceuticals. The default revenue input number comes from 2016 income statement of Arena 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 ARNA stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for ARNA is calculated based on our internal credit rating of Arena 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 Arena 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 ARNA stock the variable cost ratio is equal to 373.4%.

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 ARNA 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 9% for Arena Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Arena 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 ARNA 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 ARNA are equal to 50.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Arena 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 ARNA is equal to -10%. 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 - $40 million for Arena 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 244.863 million for Arena 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 Arena Pharmaceuticals at the current share price and the inputted number of shares is $5.0 billion.

RELATED COMPANIES Price Int.Val. Rating
OREX Orexigen Thera 2.42 1.12  str.sell
VVUS VIVUS 1.01 0.04  str.sell
ATHX Athersys 1.67 0.03  str.sell
UTHR United Therape 129.10 177.21  buy
AVEO AVEO Pharmaceu 3.07 0.06  str.sell

COMPANY NEWS

▶ Arena Pharmaceuticals reports 2Q loss   [Aug-07-17 11:57PM  Associated Press]
▶ These 3 Stocks Have Jumped 60% in a Single Month   [Jul-26-17 11:13AM  Motley Fool]
▶ Top Ranked Momentum Stocks to Buy for July 24th   [Jul-24-17 10:18AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for July 14th   [Jul-14-17 09:11AM  Zacks]
▶ What Happened in the Stock Market Today   [Jul-11-17 04:50PM  Motley Fool]
▶ After-hours buzz: CUDA, ARNA & more   [Jul-10-17 05:25PM  CNBC]
▶ Arena Upgraded, Analyst Sees 44% Upside   [Jul-07-17 09:09AM  Benzinga]
▶ Better Know a Marijuana Stock: Arena Pharmaceuticals   [Jun-23-17 09:04AM  Motley Fool]
▶ Arena Pharmaceuticals reports 1Q loss   [May-09-17 05:12PM  Associated Press]
▶ The State of Play in Axovant Sciences   [Apr-11-17 06:00AM  Investopedia]
▶ Why Arena Pharmaceuticals Stock Slimmed Down in March   [Apr-10-17 03:48PM  Motley Fool]
▶ New Strong Sell Stocks for April 6th   [Apr-06-17 09:11AM  Zacks]
▶ Wednesdays Biggest Biopharma Movers   [12:10PM  24/7 Wall St.]
Stock chart of ARNA Financial statements of ARNA
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.