Intrinsic value of Bio-Rad Laboratories Cl A - BIO

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$222.50

  Intrinsic Value

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  Value-price divergence*

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

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 6.4

 

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
  263
  269
  276
  284
  293
  302
  312
  323
  335
  348
  362
  377
  392
  409
  427
  445
  465
  486
  508
  531
  556
  582
  610
  638
  669
  701
  734
  770
  807
  846
Interest expense (income), $m
  -21
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  31
  33
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  71
  75
  80
  86
  91
  97
  103
  109
Earnings before tax, $m
  42
  159
  163
  168
  173
  179
  186
  193
  200
  208
  217
  274
  284
  295
  306
  318
  331
  344
  359
  374
  390
  406
  424
  443
  462
  483
  505
  527
  552
  577
  604
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
  159
  200
  208
  215
  224
  232
  242
  251
  262
  273
  284
  297
  310
  323
  337
  352
  368
  385
  403
  421
  441

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
  3,066
  3,136
  3,217
  3,308
  3,408
  3,518
  3,638
  3,767
  3,907
  4,057
  4,217
  4,389
  4,571
  4,765
  4,970
  5,188
  5,418
  5,662
  5,920
  6,192
  6,479
  6,781
  7,101
  7,437
  7,791
  8,163
  8,556
  8,969
  9,403
  9,860
Adjusted assets (=assets-cash), $m
  3,012
  3,066
  3,136
  3,217
  3,308
  3,408
  3,518
  3,638
  3,767
  3,907
  4,057
  4,217
  4,389
  4,571
  4,765
  4,970
  5,188
  5,418
  5,662
  5,920
  6,192
  6,479
  6,781
  7,101
  7,437
  7,791
  8,163
  8,556
  8,969
  9,403
  9,860
Revenue / Adjusted assets
  0.687
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
Average production assets, $m
  651
  416
  425
  436
  448
  462
  477
  493
  511
  530
  550
  572
  595
  620
  646
  674
  703
  734
  767
  802
  839
  878
  919
  962
  1,008
  1,056
  1,106
  1,160
  1,216
  1,274
  1,336
Working capital, $m
  1,374
  540
  552
  567
  583
  600
  620
  641
  664
  688
  715
  743
  773
  805
  839
  875
  914
  954
  997
  1,043
  1,091
  1,141
  1,194
  1,251
  1,310
  1,372
  1,438
  1,507
  1,580
  1,656
  1,737
Total debt, $m
  435
  459
  488
  522
  560
  602
  648
  699
  753
  812
  875
  942
  1,014
  1,091
  1,172
  1,258
  1,350
  1,447
  1,549
  1,657
  1,772
  1,892
  2,019
  2,153
  2,294
  2,443
  2,600
  2,764
  2,938
  3,120
  3,312
Total liabilities, $m
  1,264
  1,288
  1,317
  1,351
  1,389
  1,431
  1,477
  1,528
  1,582
  1,641
  1,704
  1,771
  1,843
  1,920
  2,001
  2,087
  2,179
  2,276
  2,378
  2,486
  2,601
  2,721
  2,848
  2,982
  3,123
  3,272
  3,429
  3,593
  3,767
  3,949
  4,141
Total equity, $m
  2,587
  1,778
  1,819
  1,866
  1,918
  1,977
  2,040
  2,110
  2,185
  2,266
  2,353
  2,446
  2,545
  2,651
  2,763
  2,883
  3,009
  3,143
  3,284
  3,433
  3,591
  3,758
  3,933
  4,118
  4,313
  4,519
  4,735
  4,962
  5,202
  5,454
  5,719
Total liabilities and equity, $m
  3,851
  3,066
  3,136
  3,217
  3,307
  3,408
  3,517
  3,638
  3,767
  3,907
  4,057
  4,217
  4,388
  4,571
  4,764
  4,970
  5,188
  5,419
  5,662
  5,919
  6,192
  6,479
  6,781
  7,100
  7,436
  7,791
  8,164
  8,555
  8,969
  9,403
  9,860
Debt-to-equity ratio
  0.168
  0.260
  0.270
  0.280
  0.290
  0.300
  0.320
  0.330
  0.340
  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
  0.560
  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
  159
  200
  208
  215
  224
  232
  242
  251
  262
  273
  284
  297
  310
  323
  337
  352
  368
  385
  403
  421
  441
Depreciation, amort., depletion, $m
  0
  89
  90
  91
  93
  94
  95
  97
  99
  101
  103
  57
  59
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  134
Funds from operations, $m
  229
  205
  209
  214
  219
  225
  231
  238
  245
  253
  261
  257
  267
  277
  288
  300
  312
  325
  339
  353
  368
  384
  401
  419
  438
  458
  479
  501
  524
  549
  574
Change in working capital, $m
  13
  11
  12
  14
  16
  18
  19
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
  80
Cash from operations, $m
  216
  -50
  197
  200
  203
  207
  211
  216
  222
  228
  235
  229
  237
  245
  254
  263
  274
  284
  296
  308
  320
  334
  348
  363
  379
  396
  413
  432
  451
  472
  494
Maintenance CAPEX, $m
  0
  -41
  -42
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
New CAPEX, $m
  -142
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
Cash from investing activities, $m
  -214
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -101
  -106
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -157
  -164
  -172
  -181
  -189
Free cash flow, $m
  2
  -100
  146
  146
  147
  148
  150
  153
  155
  158
  162
  152
  156
  161
  166
  171
  177
  183
  189
  196
  203
  211
  219
  228
  237
  247
  257
  268
  280
  292
  304
Issuance/(repayment) of debt, $m
  0
  24
  30
  34
  38
  42
  46
  50
  54
  59
  63
  67
  72
  77
  81
  86
  91
  97
  102
  108
  114
  121
  127
  134
  141
  149
  157
  165
  173
  182
  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
  24
  30
  34
  38
  42
  46
  50
  54
  59
  63
  67
  72
  77
  81
  86
  91
  97
  102
  108
  114
  121
  127
  134
  141
  149
  157
  165
  173
  182
  192
Total cash flow (excl. dividends), $m
  -1
  -76
  175
  180
  185
  191
  197
  203
  210
  217
  224
  220
  228
  237
  247
  257
  268
  280
  292
  304
  318
  332
  346
  362
  378
  396
  414
  433
  453
  474
  496
Retained Cash Flow (-), $m
  -96
  -35
  -41
  -47
  -52
  -58
  -64
  -69
  -75
  -81
  -87
  -93
  -99
  -106
  -112
  -119
  -126
  -134
  -141
  -149
  -158
  -166
  -176
  -185
  -195
  -205
  -216
  -228
  -239
  -252
  -265
Prev. year cash balance distribution, $m
 
  844
  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
 
  733
  134
  133
  133
  132
  133
  133
  134
  136
  138
  127
  129
  132
  135
  138
  142
  146
  150
  155
  160
  165
  171
  177
  183
  190
  198
  205
  213
  222
  231
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
 
  703
  123
  116
  109
  103
  96
  90
  84
  78
  72
  60
  55
  50
  45
  41
  36
  32
  28
  24
  20
  17
  14
  12
  9
  7
  6
  4
  3
  2
  2
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. manufactures and supplies a range of reagents, apparatus, and equipment to separate complex chemical and biological materials, as well as to identify, analyze, and purify components for life science research, healthcare, analytical chemistry, and other markets. The company operates through two segments, Life Science and Clinical Diagnostics. The Life Science segment develops, manufactures, and markets a range of reagents, apparatus, and laboratory instruments that are used in research techniques, biopharmaceutical production processes, and food testing regimes. It focuses on selected segments of the life sciences market in proteomics, genomics, biopharmaceutical production, cell biology, and food safety. This segment serves universities and medical schools, industrial research organizations, government agencies, pharmaceutical manufacturers, biotechnology researchers, food producers, and food testing laboratories. The Clinical Diagnostics segment designs, manufactures, sells, and supports test systems, informatics systems, test kits, and specialized quality controls that serve clinical laboratories in the diagnostics market. Its products include reagents, instruments, and software which address specific niches within the in vitro diagnostics (IVD) test market. This segment sells its products to reference laboratories, hospital laboratories, state newborn screening facilities, physiciansÂ’ office laboratories, transfusion laboratories, and insurance and forensic testing laboratories. The company offers its products through its direct sales force and a service network. It has operations in Europe, Pacific Rim, the United States, Canada, Latin America, and internationally. Bio-Rad Laboratories, Inc. was founded in 1952 and is headquartered in Hercules, California.

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

Valuation Ratios
P/E Ratio 235.1
Price to Sales 3.2
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 30.5
Price to Free Cash Flow 88.9
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 19.7%.

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 25.6%. 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 28.977 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 $6.4 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] Bio-Rad to Acquire Former IPO Aspirant RainDance   [Jan-17-17 05:45PM  at The Wall Street Journal]
▶ [$$] Trial Reveals Pitfalls of Whistleblower Claims From In-House Lawyers   [Jan-15-17 09:00AM  at The Wall Street Journal]
▶ Will 2017 Be Illumina's Best Year Yet?   [Jan-14-17 04:55PM  at Motley Fool]
▶ Here's Why Illumina Is Soaring Today   [Jan-10-17 01:07PM  at Motley Fool]
▶ Hedge Funds Are Betting On Bio-Rad Laboratories, Inc. (BIO)   [Dec-01-16 08:43AM  at Insider Monkey]
Stock chart of BIO Financial statements of BIO Annual reports 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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