Intrinsic value of Cempra - CEMP

Previous Close

$2.92

  Intrinsic Value

$1.11

stock screener

  Rating & Target

str. sell

-62%

  Value-price divergence*

+35%

Previous close

$2.92

 
Intrinsic value

$1.11

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence*

+35%

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

We calculate the intrinsic value of CEMP 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 0.2

 

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, %
  -33.33
  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
  18
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Variable operating expenses, $m
 
  79
  80
  82
  85
  87
  90
  93
  97
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
  253
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
  135
  79
  80
  82
  85
  87
  90
  93
  97
  100
  104
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
  230
  241
  253
Operating income, $m
  -117
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
EBITDA, $m
  -117
  -60
  -62
  -63
  -65
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
Interest expense (income), $m
  1
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Earnings before tax, $m
  -118
  -61
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192
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
  -118
  -61
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  232
  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
  239
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Adjusted assets (=assets-cash), $m
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Revenue / Adjusted assets
  2.571
  2.571
  2.714
  2.714
  2.500
  2.500
  2.625
  2.750
  2.556
  2.556
  2.667
  2.500
  2.600
  2.455
  2.636
  2.500
  2.583
  2.462
  2.615
  2.500
  2.643
  2.600
  2.563
  2.529
  2.647
  2.611
  2.579
  2.550
  2.571
  2.545
  2.565
Average production assets, $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
Working capital, $m
  208
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
Total debt, $m
  15
  -35
  -34
  -34
  -34
  -34
  -34
  -33
  -33
  -33
  -32
  -32
  -32
  -31
  -31
  -31
  -30
  -30
  -29
  -29
  -28
  -27
  -27
  -26
  -25
  -25
  -24
  -23
  -22
  -21
  -20
Total liabilities, $m
  55
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
Total equity, $m
  183
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total liabilities and equity, $m
  238
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
Debt-to-equity ratio
  0.082
  -48.410
  -47.120
  -45.720
  -44.220
  -42.650
  -41.040
  -39.390
  -37.720
  -36.050
  -34.390
  -32.740
  -31.110
  -29.510
  -27.950
  -26.420
  -24.930
  -23.490
  -22.090
  -20.730
  -19.430
  -18.170
  -16.960
  -15.790
  -14.670
  -13.590
  -12.560
  -11.570
  -10.630
  -9.720
  -8.850
Adjusted equity ratio
  -7.000
  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
  -118
  -61
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192
Depreciation, amort., depletion, $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
Funds from operations, $m
  -76
  -61
  -60
  -61
  -63
  -65
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192
Change in working capital, $m
  11
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
Cash from operations, $m
  -87
  -60
  -59
  -61
  -62
  -64
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -190
Maintenance CAPEX, $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
New CAPEX, $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
Cash from investing activities, $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
Free cash flow, $m
  -87
  -60
  -59
  -61
  -62
  -64
  -67
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -181
  -190
Issuance/(repayment) of debt, $m
  -4
  -43
  0
  0
  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
Issuance/(repurchase) of shares, $m
  170
  103
  60
  61
  63
  65
  67
  70
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
Cash from financing (excl. dividends), $m  
  165
  60
  60
  61
  63
  65
  67
  70
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  184
  193
Total cash flow (excl. dividends), $m
  78
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
Retained Cash Flow (-), $m
  -65
  -103
  -60
  -61
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -183
  -192
Prev. year cash balance distribution, $m
 
  225
  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
 
  122
  -59
  -61
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
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
 
  117
  -54
  -53
  -51
  -50
  -48
  -46
  -44
  -42
  -40
  -38
  -35
  -33
  -30
  -28
  -25
  -22
  -20
  -17
  -15
  -13
  -11
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  50.0
  0.5
  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
  0.0

Cempra, Inc. is a clinical-stage pharmaceutical company. The Company focuses on developing differentiated antibiotics for the acute care and community settings to meet medical needs in the treatment of bacterial infectious diseases. Its product, solithromycin (CEM-101), which is a macrolide and fluoroketolide, is being developed in oral capsules, intravenous (IV) and suspension formulations for the treatment of community-acquired bacterial pneumonia (CABP). Solithromycin has therapeutic potential and activity to target pathogenic bacteria. It has completed two pivotal Phase III trials for solithromycin to treat CABP, as of December 31, 2016. Its Fusidic acid is an antibiotic and the Company is exploring its use for the long-term oral treatment for refractory bone and joint infections (BJI), including prosthetic joint infections, which are caused by staphylococci, including S. aureus, methicillin-resistant S. aureus, coagulase negative staphylococci and other gram-positive bacteria.

FINANCIAL RATIOS  of  Cempra (CEMP)

Valuation Ratios
P/E Ratio -1.3
Price to Sales 8.5
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -1.8
Price to Free Cash Flow -1.8
Growth Rates
Sales Growth Rate -33.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 33
Current Ratio 0
LT Debt to Equity 4.4%
Total Debt to Equity 8.2%
Interest Coverage -117
Management Effectiveness
Return On Assets -58.4%
Ret/ On Assets - 3 Yr. Avg. -61.3%
Return On Total Capital -70.2%
Ret/ On T. Cap. - 3 Yr. Avg. -76.6%
Return On Equity -78.4%
Return On Equity - 3 Yr. Avg. -91.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -650%
EBITDA Margin - 3 Yr. Avg. -459.9%
Operating Margin -650%
Oper. Margin - 3 Yr. Avg. -459.9%
Pre-Tax Margin -655.6%
Pre-Tax Margin - 3 Yr. Avg. -468.6%
Net Profit Margin -655.6%
Net Profit Margin - 3 Yr. Avg. -468.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CEMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CEMP stock intrinsic value calculation we used $18 million for the last fiscal year's total revenue generated by Cempra. The default revenue input number comes from 2016 income statement of Cempra. 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 CEMP 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 CEMP is calculated based on our internal credit rating of Cempra, 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 Cempra.
    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 CEMP stock the variable cost ratio is equal to 427.8%.

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 CEMP 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 5.7% for Cempra.

Corporate tax rate of 27% is the nominal tax rate for Cempra. 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 CEMP 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 CEMP are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Cempra 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 CEMP is equal to -94.4%. 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 - $183 million for Cempra - 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 52.507 million for Cempra 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 Cempra at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to Cempra, Inc. : October 9, 2017   [Oct-09-17 11:22AM  Capital Cube]
▶ ETFs with exposure to Cempra, Inc. : August 31, 2017   [Aug-31-17 05:41PM  Capital Cube]
▶ Cempra joins with Melinta to form new company that intends to go public   [Aug-11-17 03:38PM  American City Business Journals]
▶ [$$] Melinta to Secure Public Listing With Cempra Merger   [01:56PM  The Wall Street Journal]
▶ Cempra reports 2Q loss   [Aug-09-17 10:22PM  Associated Press]
▶ Cempra to Report Second Quarter 2017 Financial Results   [Jul-20-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Cempra, Inc. : June 30, 2017   [Jun-30-17 02:46PM  Capital Cube]
▶ In case of sale, Cempra execs primed for golden parachutes   [Jun-29-17 12:20PM  American City Business Journals]
▶ ETFs with exposure to Cempra, Inc. : June 19, 2017   [Jun-19-17 03:04PM  Capital Cube]
▶ ETFs with exposure to Cempra, Inc. : June 2, 2017   [Jun-02-17 01:58PM  Capital Cube]
▶ [$$] Health-Care Investor Agent Capital Seeks $100 Million Fund   [May-16-17 04:55PM  The Wall Street Journal]
▶ ETFs with exposure to Cempra, Inc. : May 15, 2017   [May-15-17 03:26PM  Capital Cube]
▶ Cempra Presents Data on Ophthalmic Solithromycin at ARVO   [May-10-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Cempra, Inc. : May 4, 2017   [May-04-17 03:47PM  Capital Cube]
▶ Cempra loses executive, but eyes FDA feedback   [May-01-17 05:55PM  American City Business Journals]
▶ Cempra reports 1Q loss   [Apr-28-17 07:38AM  Associated Press]
▶ Cempra to Report First Quarter 2017 Financial Results   [Apr-13-17 07:00AM  GlobeNewswire]
▶ Cempra Withdraws Solithromycin MAA in Europe   [Mar-28-17 12:59PM  Investopedia]
▶ Cempra Withdraws Solithromycin MAA in Europe   [12:59PM  at Investopedia]
▶ For Chapel Hill's Cempra, no European launch for now   [10:50AM  American City Business Journals]
▶ ETFs with exposure to Cempra, Inc. : March 27, 2017   [Mar-27-17 03:51PM  Capital Cube]
▶ With $230M in cash, Cempras strategic business options wide-ranging   [03:30PM  American City Business Journals]
▶ Pharmaceutical, marketing firms to lay off 136 workers statewide   [Mar-06-17 10:20AM  at bizjournals.com]
▶ Cempra to Present at 29th Annual ROTH Conference   [Mar-03-17 07:00AM  GlobeNewswire]
▶ Cempra cuts workforce by 67 percent   [Feb-28-17 03:45PM  at bizjournals.com]
▶ Cempra Skin Infection Drug Succeeds in Trial   [Feb-27-17 01:39PM  at Investopedia]
▶ Cempra to Present at J.P. Morgan Healthcare Conference   [Jan-04-17 07:00AM  GlobeNewswire]
▶ Cempra: You Can Brag   [12:50PM  at Barrons.com]
Financial statements of CEMP
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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