Intrinsic value of Bio-Rad Laboratories Cl A - BIO

Previous Close

$217.03

  Intrinsic Value

$66.07

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

0%

Previous close

$217.03

 
Intrinsic value

$66.07

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

0%

*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 6.3

 

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
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  2,068
  2,196
  2,330
  2,469
  2,614
  2,765
  2,923
  3,088
  3,260
  3,440
  3,628
  3,824
  4,030
  4,245
  4,470
  4,706
  4,953
  5,212
  5,483
  5,767
  6,064
  6,376
  6,704
  7,047
  7,407
  7,784
  8,180
  8,595
  9,031
  9,488
  9,968
Variable operating expenses, $m
 
  2,013
  2,133
  2,257
  2,387
  2,522
  2,664
  2,811
  2,965
  3,126
  3,294
  3,423
  3,607
  3,799
  4,001
  4,212
  4,433
  4,664
  4,907
  5,161
  5,427
  5,707
  5,999
  6,306
  6,628
  6,966
  7,321
  7,692
  8,082
  8,491
  8,921
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
  2,013
  2,133
  2,257
  2,387
  2,522
  2,664
  2,811
  2,965
  3,126
  3,294
  3,423
  3,607
  3,799
  4,001
  4,212
  4,433
  4,664
  4,907
  5,161
  5,427
  5,707
  5,999
  6,306
  6,628
  6,966
  7,321
  7,692
  8,082
  8,491
  8,921
Operating income, $m
  53
  183
  197
  212
  227
  243
  259
  277
  295
  314
  333
  402
  423
  446
  470
  494
  520
  548
  576
  606
  637
  670
  704
  740
  778
  818
  859
  903
  949
  997
  1,047
EBITDA, $m
  53
  300
  318
  337
  357
  378
  399
  422
  445
  470
  495
  522
  550
  580
  610
  643
  676
  712
  749
  788
  828
  871
  915
  962
  1,011
  1,063
  1,117
  1,174
  1,233
  1,296
  1,361
Interest expense (income), $m
  -21
  15
  18
  21
  24
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  67
  72
  77
  83
  88
  94
  101
  107
  114
  122
  129
  138
  146
  155
  164
  174
Earnings before tax, $m
  42
  168
  179
  191
  203
  216
  229
  243
  258
  273
  289
  353
  371
  389
  408
  428
  449
  471
  494
  518
  543
  569
  597
  626
  656
  688
  722
  757
  794
  833
  873
Tax expense, $m
  14
  45
  48
  52
  55
  58
  62
  66
  70
  74
  78
  95
  100
  105
  110
  116
  121
  127
  133
  140
  147
  154
  161
  169
  177
  186
  195
  204
  214
  225
  236
Net income, $m
  28
  123
  131
  139
  148
  158
  167
  178
  188
  199
  211
  258
  271
  284
  298
  312
  328
  344
  360
  378
  396
  416
  436
  457
  479
  503
  527
  553
  580
  608
  638

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
  3,197
  3,391
  3,594
  3,805
  4,025
  4,255
  4,495
  4,745
  5,007
  5,281
  5,567
  5,866
  6,179
  6,507
  6,850
  7,210
  7,586
  7,981
  8,394
  8,827
  9,282
  9,758
  10,257
  10,781
  11,330
  11,907
  12,511
  13,146
  13,811
  14,510
Adjusted assets (=assets-cash), $m
  3,012
  3,197
  3,391
  3,594
  3,805
  4,025
  4,255
  4,495
  4,745
  5,007
  5,281
  5,567
  5,866
  6,179
  6,507
  6,850
  7,210
  7,586
  7,981
  8,394
  8,827
  9,282
  9,758
  10,257
  10,781
  11,330
  11,907
  12,511
  13,146
  13,811
  14,510
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
  692
  734
  778
  823
  871
  921
  973
  1,027
  1,084
  1,143
  1,205
  1,269
  1,337
  1,408
  1,482
  1,560
  1,642
  1,727
  1,817
  1,910
  2,009
  2,112
  2,220
  2,333
  2,452
  2,577
  2,708
  2,845
  2,989
  3,140
Working capital, $m
  1,374
  569
  603
  639
  677
  716
  757
  800
  844
  891
  940
  991
  1,044
  1,099
  1,158
  1,219
  1,283
  1,350
  1,420
  1,494
  1,571
  1,652
  1,736
  1,825
  1,918
  2,016
  2,119
  2,226
  2,339
  2,457
  2,582
Total debt, $m
  435
  514
  595
  680
  769
  862
  958
  1,059
  1,164
  1,274
  1,389
  1,509
  1,635
  1,766
  1,904
  2,048
  2,199
  2,357
  2,523
  2,697
  2,879
  3,069
  3,269
  3,479
  3,699
  3,930
  4,172
  4,426
  4,692
  4,972
  5,265
Total liabilities, $m
  1,264
  1,343
  1,424
  1,509
  1,598
  1,691
  1,787
  1,888
  1,993
  2,103
  2,218
  2,338
  2,464
  2,595
  2,733
  2,877
  3,028
  3,186
  3,352
  3,526
  3,708
  3,898
  4,098
  4,308
  4,528
  4,759
  5,001
  5,255
  5,521
  5,801
  6,094
Total equity, $m
  2,587
  1,854
  1,967
  2,084
  2,207
  2,335
  2,468
  2,607
  2,752
  2,904
  3,063
  3,229
  3,402
  3,584
  3,774
  3,973
  4,182
  4,400
  4,629
  4,869
  5,120
  5,383
  5,660
  5,949
  6,253
  6,572
  6,906
  7,257
  7,624
  8,010
  8,416
Total liabilities and equity, $m
  3,851
  3,197
  3,391
  3,593
  3,805
  4,026
  4,255
  4,495
  4,745
  5,007
  5,281
  5,567
  5,866
  6,179
  6,507
  6,850
  7,210
  7,586
  7,981
  8,395
  8,828
  9,281
  9,758
  10,257
  10,781
  11,331
  11,907
  12,512
  13,145
  13,811
  14,510
Debt-to-equity ratio
  0.168
  0.280
  0.300
  0.330
  0.350
  0.370
  0.390
  0.410
  0.420
  0.440
  0.450
  0.470
  0.480
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
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
  123
  131
  139
  148
  158
  167
  178
  188
  199
  211
  258
  271
  284
  298
  312
  328
  344
  360
  378
  396
  416
  436
  457
  479
  503
  527
  553
  580
  608
  638
Depreciation, amort., depletion, $m
  0
  117
  121
  125
  130
  135
  140
  145
  150
  156
  162
  120
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
  211
  222
  233
  245
  258
  271
  284
  299
  314
Funds from operations, $m
  229
  239
  252
  265
  278
  292
  307
  323
  339
  355
  373
  378
  397
  418
  439
  461
  484
  508
  533
  559
  587
  616
  647
  679
  712
  748
  785
  823
  864
  907
  951
Change in working capital, $m
  13
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  118
  124
Cash from operations, $m
  216
  206
  217
  229
  241
  253
  266
  280
  294
  309
  324
  327
  344
  362
  380
  399
  420
  441
  463
  486
  510
  536
  562
  590
  619
  650
  682
  716
  751
  788
  827
Maintenance CAPEX, $m
  0
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -258
  -271
  -284
  -299
New CAPEX, $m
  -142
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
Cash from investing activities, $m
  -214
  -106
  -111
  -117
  -124
  -130
  -137
  -144
  -151
  -160
  -167
  -176
  -185
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -276
  -289
  -304
  -319
  -335
  -352
  -370
  -389
  -408
  -428
  -450
Free cash flow, $m
  2
  100
  106
  112
  117
  123
  129
  136
  142
  149
  157
  151
  159
  167
  176
  184
  194
  203
  213
  224
  235
  246
  258
  271
  284
  298
  312
  327
  343
  360
  377
Issuance/(repayment) of debt, $m
  0
  79
  82
  85
  89
  92
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  266
  280
  293
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
  79
  82
  85
  89
  92
  97
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  242
  254
  266
  280
  293
Total cash flow (excl. dividends), $m
  -1
  179
  188
  197
  206
  216
  226
  237
  248
  259
  272
  271
  285
  299
  313
  329
  345
  361
  379
  397
  417
  437
  458
  481
  504
  528
  554
  581
  610
  639
  671
Retained Cash Flow (-), $m
  -96
  -106
  -113
  -117
  -122
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -229
  -240
  -251
  -263
  -276
  -290
  -304
  -319
  -334
  -351
  -368
  -386
  -405
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
 
  912
  75
  79
  84
  88
  93
  97
  102
  108
  113
  105
  111
  117
  123
  129
  136
  143
  150
  158
  165
  174
  182
  191
  200
  210
  220
  231
  242
  253
  265
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
 
  874
  69
  69
  69
  68
  67
  66
  64
  62
  59
  50
  47
  44
  41
  38
  35
  31
  28
  24
  21
  18
  15
  13
  10
  8
  6
  5
  4
  3
  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 229.3
Price to Sales 3.1
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 29.7
Price to Free Cash Flow 86.8
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 6.2% 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 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 $6.3 billion.

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VWR VWR 32.99 23.32  sell
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COMPANY NEWS

▶ 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]
▶ [$$] Bio-Rad to Acquire Former IPO Aspirant RainDance   [Jan-17-17 05:45PM  at The Wall Street Journal]
▶ [$$] 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
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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