Intrinsic value of BioAmber - BIOA

Previous Close

$0.41

  Intrinsic Value

$0.23

stock screener

  Rating & Target

sell

-45%

Previous close

$0.41

 
Intrinsic value

$0.23

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of BIOA 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 0.0

 

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, %
  300.00
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  8
  11
  14
  18
  22
  28
  34
  40
  48
  56
  65
  75
  85
  96
  108
  120
  133
  147
  161
  176
  192
  208
  225
  242
  260
  279
  299
  319
  340
  362
  385
Variable operating expenses, $m
 
  219
  285
  365
  458
  566
  689
  827
  980
  1,149
  1,332
  1,530
  1,743
  1,969
  2,209
  2,463
  2,729
  3,009
  3,301
  3,607
  3,925
  4,256
  4,601
  4,959
  5,331
  5,718
  6,120
  6,538
  6,973
  7,425
  7,895
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
  38
  219
  285
  365
  458
  566
  689
  827
  980
  1,149
  1,332
  1,530
  1,743
  1,969
  2,209
  2,463
  2,729
  3,009
  3,301
  3,607
  3,925
  4,256
  4,601
  4,959
  5,331
  5,718
  6,120
  6,538
  6,973
  7,425
  7,895
Operating income, $m
  -30
  -208
  -271
  -347
  -436
  -539
  -655
  -787
  -933
  -1,093
  -1,267
  -1,456
  -1,658
  -1,873
  -2,101
  -2,342
  -2,596
  -2,862
  -3,140
  -3,431
  -3,733
  -4,048
  -4,376
  -4,717
  -5,071
  -5,439
  -5,821
  -6,219
  -6,632
  -7,062
  -7,509
EBITDA, $m
  -25
  -201
  -263
  -336
  -422
  -521
  -634
  -762
  -903
  -1,058
  -1,227
  -1,409
  -1,605
  -1,813
  -2,034
  -2,268
  -2,513
  -2,771
  -3,040
  -3,321
  -3,614
  -3,919
  -4,237
  -4,567
  -4,910
  -5,266
  -5,636
  -6,021
  -6,421
  -6,837
  -7,270
Interest expense (income), $m
  0
  2
  3
  4
  6
  8
  10
  13
  16
  19
  22
  26
  30
  35
  39
  44
  50
  55
  61
  67
  73
  80
  87
  94
  101
  109
  117
  126
  134
  143
  153
Earnings before tax, $m
  -28
  -210
  -274
  -351
  -442
  -546
  -666
  -799
  -948
  -1,112
  -1,290
  -1,482
  -1,688
  -1,908
  -2,141
  -2,387
  -2,646
  -2,917
  -3,201
  -3,498
  -3,807
  -4,128
  -4,463
  -4,811
  -5,172
  -5,548
  -5,939
  -6,345
  -6,767
  -7,205
  -7,662
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
  -22
  -210
  -274
  -351
  -442
  -546
  -666
  -799
  -948
  -1,112
  -1,290
  -1,482
  -1,688
  -1,908
  -2,141
  -2,387
  -2,646
  -2,917
  -3,201
  -3,498
  -3,807
  -4,128
  -4,463
  -4,811
  -5,172
  -5,548
  -5,939
  -6,345
  -6,767
  -7,205
  -7,662

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  161
  194
  253
  324
  407
  502
  611
  734
  870
  1,019
  1,182
  1,358
  1,547
  1,747
  1,961
  2,185
  2,422
  2,670
  2,930
  3,201
  3,483
  3,777
  4,083
  4,401
  4,731
  5,075
  5,431
  5,802
  6,188
  6,589
  7,006
Adjusted assets (=assets-cash), $m
  145
  194
  253
  324
  407
  502
  611
  734
  870
  1,019
  1,182
  1,358
  1,547
  1,747
  1,961
  2,185
  2,422
  2,670
  2,930
  3,201
  3,483
  3,777
  4,083
  4,401
  4,731
  5,075
  5,431
  5,802
  6,188
  6,589
  7,006
Revenue / Adjusted assets
  0.055
  0.057
  0.055
  0.056
  0.054
  0.056
  0.056
  0.054
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
Average production assets, $m
  128
  171
  223
  285
  358
  442
  538
  646
  766
  897
  1,040
  1,195
  1,361
  1,538
  1,725
  1,923
  2,131
  2,350
  2,578
  2,817
  3,065
  3,324
  3,593
  3,873
  4,163
  4,466
  4,780
  5,106
  5,445
  5,798
  6,165
Working capital, $m
  -14
  5
  7
  9
  11
  14
  17
  20
  24
  28
  33
  37
  43
  48
  54
  60
  67
  73
  81
  88
  96
  104
  112
  121
  130
  140
  149
  160
  170
  181
  193
Total debt, $m
  67
  84
  123
  170
  226
  290
  363
  445
  536
  636
  745
  863
  989
  1,123
  1,266
  1,416
  1,574
  1,740
  1,914
  2,095
  2,284
  2,481
  2,685
  2,898
  3,119
  3,349
  3,588
  3,836
  4,094
  4,362
  4,641
Total liabilities, $m
  113
  130
  169
  216
  272
  336
  409
  491
  582
  682
  791
  909
  1,035
  1,169
  1,312
  1,462
  1,620
  1,786
  1,960
  2,141
  2,330
  2,527
  2,731
  2,944
  3,165
  3,395
  3,634
  3,882
  4,140
  4,408
  4,687
Total equity, $m
  48
  64
  84
  107
  135
  166
  202
  243
  288
  337
  391
  450
  512
  578
  649
  723
  802
  884
  970
  1,059
  1,153
  1,250
  1,351
  1,457
  1,566
  1,680
  1,798
  1,921
  2,048
  2,181
  2,319
Total liabilities and equity, $m
  161
  194
  253
  323
  407
  502
  611
  734
  870
  1,019
  1,182
  1,359
  1,547
  1,747
  1,961
  2,185
  2,422
  2,670
  2,930
  3,200
  3,483
  3,777
  4,082
  4,401
  4,731
  5,075
  5,432
  5,803
  6,188
  6,589
  7,006
Debt-to-equity ratio
  1.396
  1.300
  1.470
  1.590
  1.680
  1.740
  1.790
  1.830
  1.860
  1.880
  1.900
  1.920
  1.930
  1.940
  1.950
  1.960
  1.960
  1.970
  1.970
  1.980
  1.980
  1.980
  1.990
  1.990
  1.990
  1.990
  2.000
  2.000
  2.000
  2.000
  2.000
Adjusted equity ratio
  0.221
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331
  0.331

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  -210
  -274
  -351
  -442
  -546
  -666
  -799
  -948
  -1,112
  -1,290
  -1,482
  -1,688
  -1,908
  -2,141
  -2,387
  -2,646
  -2,917
  -3,201
  -3,498
  -3,807
  -4,128
  -4,463
  -4,811
  -5,172
  -5,548
  -5,939
  -6,345
  -6,767
  -7,205
  -7,662
Depreciation, amort., depletion, $m
  5
  7
  9
  11
  14
  17
  21
  25
  30
  35
  40
  46
  53
  60
  67
  75
  83
  91
  100
  109
  119
  129
  139
  150
  161
  173
  185
  198
  211
  225
  239
Funds from operations, $m
  -49
  -203
  -265
  -340
  -428
  -529
  -645
  -774
  -918
  -1,077
  -1,249
  -1,435
  -1,635
  -1,848
  -2,074
  -2,312
  -2,563
  -2,826
  -3,101
  -3,388
  -3,688
  -3,999
  -4,324
  -4,661
  -5,011
  -5,375
  -5,753
  -6,147
  -6,555
  -6,981
  -7,423
Change in working capital, $m
  -11
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
Cash from operations, $m
  -38
  -204
  -267
  -342
  -430
  -532
  -648
  -778
  -922
  -1,081
  -1,254
  -1,440
  -1,640
  -1,853
  -2,080
  -2,318
  -2,569
  -2,833
  -3,108
  -3,396
  -3,696
  -4,008
  -4,332
  -4,669
  -5,020
  -5,385
  -5,763
  -6,157
  -6,566
  -6,992
  -7,435
Maintenance CAPEX, $m
  0
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -30
  -35
  -40
  -46
  -53
  -60
  -67
  -75
  -83
  -91
  -100
  -109
  -119
  -129
  -139
  -150
  -161
  -173
  -185
  -198
  -211
  -225
New CAPEX, $m
  -1
  -43
  -52
  -62
  -73
  -84
  -96
  -108
  -120
  -132
  -143
  -155
  -166
  -177
  -188
  -198
  -208
  -218
  -228
  -238
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -326
  -339
  -353
  -367
Cash from investing activities, $m
  -1
  -48
  -59
  -71
  -84
  -98
  -113
  -129
  -145
  -162
  -178
  -195
  -212
  -230
  -248
  -265
  -283
  -301
  -319
  -338
  -358
  -378
  -398
  -419
  -441
  -463
  -487
  -511
  -537
  -564
  -592
Free cash flow, $m
  -39
  -252
  -326
  -413
  -514
  -630
  -761
  -906
  -1,067
  -1,242
  -1,432
  -1,635
  -1,852
  -2,083
  -2,327
  -2,583
  -2,852
  -3,134
  -3,428
  -3,734
  -4,053
  -4,385
  -4,730
  -5,089
  -5,461
  -5,848
  -6,250
  -6,668
  -7,103
  -7,556
  -8,026
Issuance/(repayment) of debt, $m
  12
  33
  40
  47
  55
  64
  73
  82
  91
  100
  109
  118
  126
  134
  143
  150
  158
  166
  174
  181
  189
  197
  205
  213
  221
  230
  239
  248
  258
  268
  279
Issuance/(repurchase) of shares, $m
  36
  226
  294
  375
  469
  578
  702
  840
  993
  1,161
  1,343
  1,540
  1,750
  1,974
  2,211
  2,461
  2,724
  2,999
  3,287
  3,587
  3,900
  4,226
  4,564
  4,916
  5,282
  5,662
  6,057
  6,467
  6,894
  7,338
  7,800
Cash from financing (excl. dividends), $m  
  47
  259
  334
  422
  524
  642
  775
  922
  1,084
  1,261
  1,452
  1,658
  1,876
  2,108
  2,354
  2,611
  2,882
  3,165
  3,461
  3,768
  4,089
  4,423
  4,769
  5,129
  5,503
  5,892
  6,296
  6,715
  7,152
  7,606
  8,079
Total cash flow (excl. dividends), $m
  9
  7
  8
  9
  11
  12
  14
  16
  17
  19
  21
  22
  24
  25
  27
  28
  30
  31
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
Retained Cash Flow (-), $m
  -2
  -226
  -294
  -375
  -469
  -578
  -702
  -840
  -993
  -1,161
  -1,343
  -1,540
  -1,750
  -1,974
  -2,211
  -2,461
  -2,724
  -2,999
  -3,287
  -3,587
  -3,900
  -4,226
  -4,564
  -4,916
  -5,282
  -5,662
  -6,057
  -6,467
  -6,894
  -7,338
  -7,800
Prev. year cash balance distribution, $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 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
 
  -219
  -286
  -366
  -459
  -566
  -688
  -824
  -976
  -1,142
  -1,323
  -1,518
  -1,726
  -1,949
  -2,184
  -2,433
  -2,694
  -2,968
  -3,254
  -3,553
  -3,864
  -4,188
  -4,525
  -4,876
  -5,240
  -5,618
  -6,012
  -6,420
  -6,845
  -7,287
  -7,747
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  -201
  -237
  -273
  -305
  -331
  -351
  -362
  -365
  -358
  -344
  -322
  -294
  -262
  -227
  -193
  -159
  -128
  -100
  -77
  -57
  -41
  -28
  -19
  -13
  -8
  -5
  -3
  -2
  -1
  0
Current shareholders' claim on cash, %
  100
  12.9
  1.7
  0.2
  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
  0.0
  0.0
  0.0
  0.0

BioAmber Inc. (BioAmber), formerly DNP Green Technology, Inc., is an industrial biotechnology company, which produces sustainable chemicals. The Company's technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products. Its geographical segments include Europe and North America. Its product pipeline includes the derivatives of bio-succinic acid, such as 1,4 Butanediol (1,4 BDO) and tetrahydrofuran (THF), and succinic acid-based polyesters, and C6 building block chemicals, such as adipic acid, caprolactam and hexamethylenediamine (HMDA). Its products are used in various applications, including polyurethanes, resins and coatings, de-icing and coolant solutions, fine chemicals, lubricants, carpets, engineering plastics and artificial leather products.

FINANCIAL RATIOS  of  BioAmber (BIOA)

Valuation Ratios
P/E Ratio -0.6
Price to Sales 1.6
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow -0.3
Price to Free Cash Flow -0.3
Growth Rates
Sales Growth Rate 300%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -98.4%
Cap. Spend. - 3 Yr. Gr. Rate -40.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 60.4%
Total Debt to Equity 139.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.5%
Ret/ On Assets - 3 Yr. Avg. -24.8%
Return On Total Capital -22%
Ret/ On T. Cap. - 3 Yr. Avg. -37.3%
Return On Equity -46.8%
Return On Equity - 3 Yr. Avg. -65.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin -62.5%
Gross Margin - 3 Yr. Avg. -104.2%
EBITDA Margin -287.5%
EBITDA Margin - 3 Yr. Avg. -1545.8%
Operating Margin -375%
Oper. Margin - 3 Yr. Avg. -1358.3%
Pre-Tax Margin -350%
Pre-Tax Margin - 3 Yr. Avg. -1583.3%
Net Profit Margin -275%
Net Profit Margin - 3 Yr. Avg. -1475%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BIOA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIOA stock intrinsic value calculation we used $8 million for the last fiscal year's total revenue generated by BioAmber. The default revenue input number comes from 2016 income statement of BioAmber. 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 BIOA stock valuation model: a) initial revenue growth rate of 33.3% 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 9.3%, whose default value for BIOA is calculated based on our internal credit rating of BioAmber, 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 BioAmber.
    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 BIOA stock the variable cost ratio is equal to 2050%.

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 BIOA 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 BioAmber.

Corporate tax rate of 27% is the nominal tax rate for BioAmber. 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 BIOA 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 BIOA are equal to 1600%.

Life of production assets of 25.8 years is the average useful life of capital assets used in BioAmber 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 BIOA is equal to 50%. 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 - $48 million for BioAmber - 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 52.09 million for BioAmber 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 BioAmber at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Is It Too Late To Buy BioAmber Inc (BIOA)?   [Nov-21-17 01:59PM  Simply Wall St.]
▶ BioAmber reports 3Q loss   [Nov-07-17 06:24PM  Associated Press]
▶ BioAmber President and COO Steps Down   [Oct-24-17 05:00PM  PR Newswire]
▶ BioAmber Announces New Chief Executive Officer   [Sep-14-17 07:30AM  PR Newswire]
▶ BioAmber reports 2Q loss   [Aug-04-17 02:34AM  Associated Press]
▶ BioAmber posts 1Q profit   [May-09-17 05:30PM  Associated Press]
Financial statements of BIOA
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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