Intrinsic value of Array BioPharma - ARRY

Previous Close

$11.08

  Intrinsic Value

$0.02

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-268%

Previous close

$11.08

 
Intrinsic value

$0.02

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-268%

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

We calculate the intrinsic value of ARRY 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 2017), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.42
  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
  151
  154
  158
  162
  166
  171
  177
  183
  189
  196
  204
  212
  220
  230
  239
  250
  261
  272
  284
  297
  311
  325
  341
  357
  374
  391
  410
  430
  451
  472
  495
Variable operating expenses, $m
 
  246
  251
  258
  265
  273
  282
  292
  302
  313
  325
  338
  352
  366
  382
  398
  416
  434
  454
  475
  496
  519
  544
  569
  596
  625
  655
  686
  719
  754
  791
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
  254
  246
  251
  258
  265
  273
  282
  292
  302
  313
  325
  338
  352
  366
  382
  398
  416
  434
  454
  475
  496
  519
  544
  569
  596
  625
  655
  686
  719
  754
  791
Operating income, $m
  -104
  -92
  -94
  -96
  -99
  -102
  -105
  -109
  -113
  -117
  -121
  -126
  -131
  -137
  -143
  -149
  -155
  -162
  -170
  -177
  -185
  -194
  -203
  -213
  -223
  -233
  -244
  -256
  -269
  -282
  -295
EBITDA, $m
  -102
  -90
  -92
  -95
  -97
  -100
  -104
  -107
  -111
  -115
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -160
  -167
  -174
  -182
  -191
  -200
  -209
  -219
  -229
  -240
  -252
  -264
  -277
  -290
Interest expense (income), $m
  4
  5
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
Earnings before tax, $m
  -117
  -96
  -91
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
  -295
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
  -117
  -96
  -91
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
  -295

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  234
  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
  279
  46
  47
  48
  50
  51
  53
  54
  56
  58
  61
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  148
Adjusted assets (=assets-cash), $m
  45
  46
  47
  48
  50
  51
  53
  54
  56
  58
  61
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  148
Revenue / Adjusted assets
  3.356
  3.348
  3.362
  3.375
  3.320
  3.353
  3.340
  3.389
  3.375
  3.379
  3.344
  3.365
  3.333
  3.382
  3.366
  3.378
  3.346
  3.358
  3.341
  3.337
  3.344
  3.351
  3.343
  3.368
  3.369
  3.342
  3.361
  3.359
  3.366
  3.348
  3.345
Average production assets, $m
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  21
  23
  24
  25
Working capital, $m
  200
  -35
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
Total debt, $m
  134
  -92
  -91
  -90
  -88
  -87
  -86
  -84
  -82
  -80
  -78
  -76
  -74
  -71
  -69
  -66
  -63
  -60
  -57
  -53
  -50
  -46
  -42
  -37
  -33
  -28
  -23
  -18
  -12
  -6
  0
Total liabilities, $m
  267
  41
  42
  43
  45
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
Total equity, $m
  12
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
Total liabilities and equity, $m
  279
  46
  47
  48
  50
  51
  52
  54
  57
  59
  61
  63
  66
  69
  71
  74
  78
  81
  84
  89
  92
  97
  101
  107
  111
  117
  122
  128
  134
  141
  148
Debt-to-equity ratio
  11.167
  -19.980
  -19.330
  -18.620
  -17.860
  -17.070
  -16.260
  -15.430
  -14.580
  -13.740
  -12.900
  -12.070
  -11.250
  -10.440
  -9.650
  -8.880
  -8.130
  -7.400
  -6.690
  -6.010
  -5.350
  -4.710
  -4.100
  -3.510
  -2.950
  -2.400
  -1.880
  -1.380
  -0.910
  -0.450
  -0.010
Adjusted equity ratio
  -4.933
  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
  -117
  -96
  -91
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
  -295
Depreciation, amort., depletion, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Funds from operations, $m
  15
  -95
  -89
  -92
  -94
  -97
  -101
  -104
  -108
  -112
  -117
  -121
  -127
  -132
  -138
  -144
  -150
  -157
  -165
  -172
  -180
  -189
  -198
  -208
  -218
  -228
  -239
  -251
  -263
  -276
  -290
Change in working capital, $m
  54
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from operations, $m
  -39
  -94
  -88
  -91
  -93
  -96
  -99
  -103
  -106
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -186
  -195
  -204
  -214
  -224
  -235
  -247
  -259
  -271
  -285
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
New CAPEX, $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -58
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
Free cash flow, $m
  -97
  -96
  -90
  -92
  -95
  -98
  -101
  -105
  -109
  -113
  -117
  -122
  -127
  -133
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -208
  -218
  -229
  -240
  -252
  -264
  -277
  -291
Issuance/(repayment) of debt, $m
  10
  -226
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Issuance/(repurchase) of shares, $m
  165
  323
  91
  93
  96
  99
  102
  106
  110
  114
  119
  124
  129
  135
  140
  147
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  269
  282
  296
Cash from financing (excl. dividends), $m  
  167
  97
  92
  94
  97
  100
  103
  108
  112
  116
  121
  126
  131
  137
  143
  150
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
  249
  261
  275
  288
  302
Total cash flow (excl. dividends), $m
  69
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
Retained Cash Flow (-), $m
  -50
  -323
  -91
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -140
  -147
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -269
  -282
  -296
Prev. year cash balance distribution, $m
 
  234
  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
 
  -88
  -89
  -91
  -94
  -97
  -100
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -259
  -271
  -285
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
 
  -84
  -82
  -79
  -77
  -75
  -72
  -70
  -67
  -64
  -60
  -57
  -53
  -49
  -46
  -42
  -38
  -34
  -30
  -26
  -23
  -19
  -16
  -13
  -11
  -9
  -7
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  50.0
  16.8
  5.6
  1.9
  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

Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company's programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC). Its binimetinib and encorafenib are in Phase III trials in advanced cancer patients, including the COLUMBUS trial studying encorafenib in combination with binimetinib in patients with BRAF-mutant melanoma and has initiated BEACON CRC trial to study encorafenib in combination with binimetinib and cetuximab in patients with BRAF V600E-mutant colorectal cancer (BRAFm CRC). Its selumetinib is a mitogen-activated protein kinase (MEK) inhibitor for cancer, which is in Phase III trial. Its advanced clinical-stage drugs include Filanesib, ARRY-797, ASC08/Danoprevir, Ipatasertib/GDC-0068, Motolimod/VTX-2337, LOXO-101, ONT-380/ARRY-380, GDC-0575, GDC-0994 and ARRY-382.

FINANCIAL RATIOS  of  Array BioPharma (ARRY)

Valuation Ratios
P/E Ratio -16.2
Price to Sales 12.6
Price to Book 158.2
Price to Tangible Book
Price to Cash Flow -48.7
Price to Free Cash Flow -44.1
Growth Rates
Sales Growth Rate 9.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1116.7%
Total Debt to Equity 1116.7%
Interest Coverage -28
Management Effectiveness
Return On Assets -50.4%
Ret/ On Assets - 3 Yr. Avg. -30.4%
Return On Total Capital -105.4%
Ret/ On T. Cap. - 3 Yr. Avg. -59.9%
Return On Equity 900%
Return On Equity - 3 Yr. Avg. -904.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 76.2%
Gross Margin - 3 Yr. Avg. 58.3%
EBITDA Margin -73.5%
EBITDA Margin - 3 Yr. Avg. -34.6%
Operating Margin -68.2%
Oper. Margin - 3 Yr. Avg. -40.6%
Pre-Tax Margin -77.5%
Pre-Tax Margin - 3 Yr. Avg. -42.5%
Net Profit Margin -77.5%
Net Profit Margin - 3 Yr. Avg. -42.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ARRY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARRY stock intrinsic value calculation we used $151 million for the last fiscal year's total revenue generated by Array BioPharma. The default revenue input number comes from 2017 income statement of Array BioPharma. 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 ARRY 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 ARRY is calculated based on our internal credit rating of Array BioPharma, 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 Array BioPharma.
    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 ARRY stock the variable cost ratio is equal to 159.6%.

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 ARRY 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 Array BioPharma.

Corporate tax rate of 27% is the nominal tax rate for Array BioPharma. 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 ARRY 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 ARRY are equal to 5%.

Life of production assets of 3.8 years is the average useful life of capital assets used in Array BioPharma 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 ARRY is equal to -22.5%. 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 - $12 million for Array BioPharma - 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 158.351 million for Array BioPharma 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 Array BioPharma at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Mirati Skyrockets On Positive Data - Biotech Movers   [Sep-15-17 09:24AM  TheStreet.com]
▶ Colorado biotech plans $200 million stock offering   [09:53AM  American City Business Journals]
▶ Array BioPharma Slides on Secondary Offering   [09:15AM  24/7 Wall St.]
▶ Steven Cohen Dives Into Array BioPharma   [12:08PM  GuruFocus.com]
▶ Array Resumes Trades After Unveiling Data In Colon Cancer Trial   [Sep-08-17 04:35PM  Investor's Business Daily]
▶ Array BioPharma Seems to Be in a New Uptrend   [08:14AM  TheStreet.com]
▶ Array BioPharma reports 4Q loss   [Aug-09-17 09:30PM  Associated Press]
▶ Here's Why Array BioPharma Inc. Fell 13.7% in July   [Aug-07-17 04:19PM  Motley Fool]
▶ New Strong Sell Stocks for July 20th   [Jul-20-17 11:08AM  Zacks]
▶ Colorado biotech makes deal with industry giant   [Jul-18-17 12:03PM  American City Business Journals]
▶ Why Array BioPharma Inc. Sank 13.5% in May   [Jun-05-17 05:49PM  Motley Fool]
▶ Biotech Movers: Akari, Array, Amicus   [09:54AM  TheStreet.com]
▶ Bristol-Myers Hookup Boosts Array BioPharma   [May-30-17 06:20PM  TheStreet.com]
▶ Array BioPharma reports 3Q loss   [08:14AM  Associated Press]
▶ Shalini Sharp Joins Array BioPharma Board of Directors   [Apr-27-17 02:00PM  PR Newswire]
Financial statements of ARRY
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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