Intrinsic value of Bio-Rad Laboratories Cl A - BIO

Previous Close

$253.35

  Intrinsic Value

$73.49

stock screener

  Rating & Target

str. sell

-71%

Previous close

$253.35

 
Intrinsic value

$73.49

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of BIO 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 7.5

 

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, %
  2.43
  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
  2,068
  2,109
  2,158
  2,213
  2,276
  2,345
  2,420
  2,503
  2,592
  2,688
  2,791
  2,902
  3,019
  3,145
  3,278
  3,419
  3,569
  3,728
  3,896
  4,073
  4,260
  4,457
  4,666
  4,885
  5,116
  5,360
  5,616
  5,886
  6,170
  6,469
  6,784
Variable operating expenses, $m
 
  1,935
  1,979
  2,028
  2,084
  2,146
  2,214
  2,287
  2,367
  2,453
  2,546
  2,597
  2,702
  2,814
  2,934
  3,060
  3,194
  3,336
  3,486
  3,645
  3,812
  3,989
  4,175
  4,372
  4,579
  4,797
  5,026
  5,268
  5,522
  5,790
  6,071
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
  2,016
  1,935
  1,979
  2,028
  2,084
  2,146
  2,214
  2,287
  2,367
  2,453
  2,546
  2,597
  2,702
  2,814
  2,934
  3,060
  3,194
  3,336
  3,486
  3,645
  3,812
  3,989
  4,175
  4,372
  4,579
  4,797
  5,026
  5,268
  5,522
  5,790
  6,071
Operating income, $m
  53
  174
  179
  185
  191
  199
  207
  215
  225
  235
  246
  305
  317
  330
  344
  359
  375
  392
  409
  428
  448
  468
  490
  513
  538
  563
  590
  618
  648
  680
  713
EBITDA, $m
  53
  288
  295
  302
  311
  320
  331
  342
  354
  367
  381
  396
  412
  429
  448
  467
  487
  509
  532
  556
  582
  609
  637
  667
  699
  732
  767
  804
  843
  883
  926
Interest expense (income), $m
  -21
  15
  16
  17
  18
  20
  21
  23
  25
  26
  29
  31
  33
  36
  38
  41
  44
  47
  51
  54
  58
  62
  66
  71
  76
  80
  86
  91
  97
  103
  109
Earnings before tax, $m
  42
  159
  163
  168
  173
  179
  185
  192
  200
  208
  217
  274
  284
  295
  306
  318
  331
  344
  359
  374
  389
  406
  424
  442
  462
  483
  504
  527
  551
  577
  603
Tax expense, $m
  14
  43
  44
  45
  47
  48
  50
  52
  54
  56
  59
  74
  77
  80
  83
  86
  89
  93
  97
  101
  105
  110
  114
  119
  125
  130
  136
  142
  149
  156
  163
Net income, $m
  28
  116
  119
  122
  126
  131
  135
  141
  146
  152
  158
  200
  207
  215
  223
  232
  242
  251
  262
  273
  284
  297
  309
  323
  337
  352
  368
  385
  402
  421
  440

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  839
  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
  3,851
  3,070
  3,141
  3,222
  3,312
  3,413
  3,523
  3,643
  3,773
  3,913
  4,063
  4,224
  4,395
  4,577
  4,771
  4,977
  5,195
  5,426
  5,670
  5,928
  6,201
  6,488
  6,791
  7,111
  7,448
  7,802
  8,175
  8,568
  8,982
  9,417
  9,874
Adjusted assets (=assets-cash), $m
  3,012
  3,070
  3,141
  3,222
  3,312
  3,413
  3,523
  3,643
  3,773
  3,913
  4,063
  4,224
  4,395
  4,577
  4,771
  4,977
  5,195
  5,426
  5,670
  5,928
  6,201
  6,488
  6,791
  7,111
  7,448
  7,802
  8,175
  8,568
  8,982
  9,417
  9,874
Revenue / Adjusted assets
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
  0.687
Average production assets, $m
  651
  664
  680
  697
  717
  739
  762
  788
  816
  847
  879
  914
  951
  991
  1,033
  1,077
  1,124
  1,174
  1,227
  1,283
  1,342
  1,404
  1,470
  1,539
  1,612
  1,688
  1,769
  1,854
  1,944
  2,038
  2,137
Working capital, $m
  1,374
  546
  559
  573
  589
  607
  627
  648
  671
  696
  723
  752
  782
  814
  849
  886
  924
  966
  1,009
  1,055
  1,103
  1,154
  1,208
  1,265
  1,325
  1,388
  1,455
  1,525
  1,598
  1,676
  1,757
Total debt, $m
  435
  461
  490
  524
  562
  604
  651
  701
  756
  814
  877
  945
  1,017
  1,094
  1,175
  1,261
  1,353
  1,450
  1,553
  1,661
  1,775
  1,896
  2,023
  2,158
  2,299
  2,448
  2,605
  2,770
  2,943
  3,126
  3,318
Total liabilities, $m
  1,264
  1,290
  1,319
  1,353
  1,391
  1,433
  1,480
  1,530
  1,585
  1,643
  1,706
  1,774
  1,846
  1,923
  2,004
  2,090
  2,182
  2,279
  2,382
  2,490
  2,604
  2,725
  2,852
  2,987
  3,128
  3,277
  3,434
  3,599
  3,772
  3,955
  4,147
Total equity, $m
  2,587
  1,781
  1,822
  1,869
  1,921
  1,979
  2,043
  2,113
  2,188
  2,269
  2,356
  2,450
  2,549
  2,655
  2,767
  2,887
  3,013
  3,147
  3,289
  3,438
  3,596
  3,763
  3,939
  4,124
  4,320
  4,525
  4,742
  4,970
  5,209
  5,462
  5,727
Total liabilities and equity, $m
  3,851
  3,071
  3,141
  3,222
  3,312
  3,412
  3,523
  3,643
  3,773
  3,912
  4,062
  4,224
  4,395
  4,578
  4,771
  4,977
  5,195
  5,426
  5,671
  5,928
  6,200
  6,488
  6,791
  7,111
  7,448
  7,802
  8,176
  8,569
  8,981
  9,417
  9,874
Debt-to-equity ratio
  0.168
  0.260
  0.270
  0.280
  0.290
  0.310
  0.320
  0.330
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
Adjusted equity ratio
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  116
  119
  122
  126
  131
  135
  141
  146
  152
  158
  200
  207
  215
  223
  232
  242
  251
  262
  273
  284
  297
  309
  323
  337
  352
  368
  385
  402
  421
  440
Depreciation, amort., depletion, $m
  0
  114
  116
  117
  119
  122
  124
  127
  129
  132
  136
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  204
  214
Funds from operations, $m
  229
  230
  235
  240
  246
  252
  259
  267
  275
  284
  294
  292
  303
  314
  327
  340
  354
  369
  384
  401
  418
  437
  456
  477
  498
  521
  545
  570
  597
  625
  654
Change in working capital, $m
  13
  11
  13
  14
  16
  18
  20
  21
  23
  25
  27
  29
  31
  32
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  74
  77
  81
Cash from operations, $m
  216
  219
  222
  225
  230
  234
  240
  246
  252
  260
  267
  263
  272
  282
  292
  303
  315
  328
  341
  355
  370
  386
  402
  420
  439
  458
  479
  500
  523
  547
  573
Maintenance CAPEX, $m
  0
  -65
  -66
  -68
  -70
  -72
  -74
  -76
  -79
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
New CAPEX, $m
  -142
  -13
  -15
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
Cash from investing activities, $m
  -214
  -78
  -81
  -85
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -148
  -155
  -162
  -170
  -179
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -274
  -288
  -303
Free cash flow, $m
  2
  141
  140
  140
  140
  141
  142
  143
  145
  148
  150
  140
  144
  147
  151
  156
  160
  165
  171
  177
  183
  189
  196
  204
  212
  220
  229
  238
  248
  259
  270
Issuance/(repayment) of debt, $m
  0
  26
  30
  34
  38
  42
  46
  50
  55
  59
  63
  67
  72
  77
  81
  86
  92
  97
  103
  108
  114
  121
  127
  134
  141
  149
  157
  165
  174
  183
  192
Issuance/(repurchase) of shares, $m
  11
  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 from financing (excl. dividends), $m  
  9
  26
  30
  34
  38
  42
  46
  50
  55
  59
  63
  67
  72
  77
  81
  86
  92
  97
  103
  108
  114
  121
  127
  134
  141
  149
  157
  165
  174
  183
  192
Total cash flow (excl. dividends), $m
  -1
  166
  170
  174
  178
  183
  188
  194
  200
  206
  213
  208
  216
  224
  233
  242
  252
  262
  273
  285
  297
  310
  324
  338
  353
  369
  386
  404
  422
  442
  462
Retained Cash Flow (-), $m
  -96
  -33
  -41
  -47
  -53
  -58
  -64
  -70
  -75
  -81
  -87
  -93
  -99
  -106
  -113
  -119
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -206
  -217
  -228
  -240
  -252
  -265
Prev. year cash balance distribution, $m
 
  839
  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
 
  972
  129
  127
  126
  125
  124
  124
  125
  125
  126
  115
  116
  118
  120
  123
  125
  128
  132
  135
  139
  143
  148
  153
  158
  163
  169
  176
  182
  189
  197
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
 
  932
  118
  111
  104
  97
  90
  84
  78
  72
  66
  54
  50
  45
  40
  36
  32
  28
  24
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

Bio-Rad Laboratories, Inc. (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components. The Life Science segment develops, manufactures, sells and services reagents, apparatus and instruments used for biological research. The Clinical Diagnostics segment develops, manufactures, sells and services automated test systems, informatics systems, test kits and specialized quality controls for the healthcare market. As of December 31, 2016, Bio-Rad sold more than 8,000 products and services to a client base, including scientific research, healthcare, education and government customers around the world.

FINANCIAL RATIOS  of  Bio-Rad Laboratories Cl A (BIO)

Valuation Ratios
P/E Ratio 267.6
Price to Sales 3.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 34.7
Price to Free Cash Flow 101.3
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 16.8%
Total Debt to Equity 16.8%
Interest Coverage -1
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 55.1%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 4.1%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 0%

BIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIO stock intrinsic value calculation we used $2068 million for the last fiscal year's total revenue generated by Bio-Rad Laboratories Cl A. The default revenue input number comes from 2016 income statement of Bio-Rad Laboratories Cl A. 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 BIO 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 BIO is calculated based on our internal credit rating of Bio-Rad Laboratories Cl A, 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 Bio-Rad Laboratories Cl A.
    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 BIO stock the variable cost ratio is equal to 91.8%.

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 BIO 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 Bio-Rad Laboratories Cl A.

Corporate tax rate of 27% is the nominal tax rate for Bio-Rad Laboratories Cl A. 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 BIO 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 BIO are equal to 31.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Bio-Rad Laboratories Cl A 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 BIO is equal to 25.9%. 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 - $2587 million for Bio-Rad Laboratories Cl A - 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 29.512 million for Bio-Rad Laboratories Cl A 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 Bio-Rad Laboratories Cl A at the current share price and the inputted number of shares is $7.5 billion.

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COMPANY NEWS

▶ Bio-Rad to Webcast Investor Day 2017   [Nov-21-17 03:58PM  Business Wire]
▶ Bio-Rad posts 3Q profit   [Nov-06-17 05:37AM  Associated Press]
▶ Bio-Rad tops Street 3Q forecasts   [Nov-02-17 07:09PM  Associated Press]
▶ New Strong Sell Stocks for November 1st   [Nov-01-17 08:06AM  Zacks]
▶ New Strong Sell Stocks for October 24th   [Oct-24-17 08:57AM  Zacks]
▶ New Strong Sell Stocks for October 20th   [Oct-20-17 09:17AM  Zacks]
▶ Bio-Rad posts 2Q profit   [Aug-05-17 01:10AM  Associated Press]
▶ Bio-Rad misses 2Q profit forecasts   [01:10AM  Associated Press]
▶ Bio-Rad Reports Second-Quarter 2017 Financial Results   [Aug-03-17 04:41PM  Marketwired]
▶ Adamas Appoints New Chief Financial Officer   [09:00AM  GlobeNewswire]
▶ What Bio-Rad Laboratories Expects from Life Science   [May-23-17 07:37AM  Market Realist]
▶ Bio-Rad posts 1Q profit   [May-04-17 06:02PM  Associated Press]
▶ Bio-Rad Reports 4Q Loss, Flat Revenue   [08:29AM  Investopedia]
▶ Bio-Rad Reports 4Q Loss, Flat Revenue   [08:29AM  at Investopedia]
▶ Bio-Rad reports 4Q loss   [05:02AM  Associated Press]
▶ New Strong Sell Stocks for February 22nd   [Feb-22-17 09:32AM  Zacks]
▶ Corruption Currents: Trump, Putin to Discuss Sanctions on Russia   [Jan-27-17 01:02PM  at The Wall Street Journal]
Financial statements of BIO
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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