Intrinsic value of Cempra - CEMP

Previous Close

$3.08

  Intrinsic Value

$1.08

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

0%

Previous close

$3.08

 
Intrinsic value

$1.08

 
Up/down potential

-65%

 
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 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 0.1

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  18
  29
  44
  67
  97
  136
  187
  251
  330
  425
  536
  666
  814
  982
  1,168
  1,373
  1,598
  1,840
  2,101
  2,380
  2,675
  2,988
  3,317
  3,663
  4,024
  4,402
  4,796
  5,206
  5,633
  6,077
  6,538
Variable operating expenses, $m
 
  123
  190
  285
  413
  583
  801
  1,075
  1,412
  1,817
  2,295
  2,850
  3,484
  4,200
  4,997
  5,875
  6,834
  7,873
  8,988
  10,180
  11,445
  12,783
  14,191
  15,669
  17,216
  18,832
  20,518
  22,273
  24,099
  25,997
  27,970
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
  123
  190
  285
  413
  583
  801
  1,075
  1,412
  1,817
  2,295
  2,850
  3,484
  4,200
  4,997
  5,875
  6,834
  7,873
  8,988
  10,180
  11,445
  12,783
  14,191
  15,669
  17,216
  18,832
  20,518
  22,273
  24,099
  25,997
  27,970
Operating income, $m
  -117
  -94
  -146
  -218
  -316
  -447
  -614
  -824
  -1,082
  -1,392
  -1,758
  -2,184
  -2,670
  -3,218
  -3,829
  -4,502
  -5,237
  -6,032
  -6,887
  -7,800
  -8,770
  -9,795
  -10,874
  -12,006
  -13,192
  -14,430
  -15,722
  -17,066
  -18,465
  -19,920
  -21,432
EBITDA, $m
  -117
  -94
  -146
  -218
  -316
  -447
  -614
  -824
  -1,082
  -1,392
  -1,758
  -2,184
  -2,670
  -3,218
  -3,829
  -4,502
  -5,237
  -6,032
  -6,887
  -7,800
  -8,770
  -9,795
  -10,874
  -12,006
  -13,192
  -14,430
  -15,722
  -17,066
  -18,465
  -19,920
  -21,432
Interest expense (income), $m
  1
  0
  2
  5
  8
  13
  19
  27
  37
  49
  64
  81
  101
  124
  150
  179
  211
  246
  283
  324
  367
  413
  462
  513
  566
  623
  681
  742
  806
  872
  941
Earnings before tax, $m
  -118
  -95
  -148
  -223
  -324
  -459
  -633
  -851
  -1,119
  -1,441
  -1,822
  -2,265
  -2,771
  -3,342
  -3,979
  -4,681
  -5,448
  -6,278
  -7,171
  -8,124
  -9,137
  -10,208
  -11,335
  -12,519
  -13,758
  -15,053
  -16,403
  -17,809
  -19,272
  -20,793
  -22,374
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
  -95
  -148
  -223
  -324
  -459
  -633
  -851
  -1,119
  -1,441
  -1,822
  -2,265
  -2,771
  -3,342
  -3,979
  -4,681
  -5,448
  -6,278
  -7,171
  -8,124
  -9,137
  -10,208
  -11,335
  -12,519
  -13,758
  -15,053
  -16,403
  -17,809
  -19,272
  -20,793
  -22,374

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
  96
  148
  221
  321
  453
  622
  835
  1,097
  1,411
  1,782
  2,213
  2,706
  3,261
  3,880
  4,563
  5,307
  6,114
  6,980
  7,905
  8,888
  9,927
  11,021
  12,168
  13,370
  14,625
  15,934
  17,297
  18,715
  20,189
  21,722
Adjusted assets (=assets-cash), $m
  7
  96
  148
  221
  321
  453
  622
  835
  1,097
  1,411
  1,782
  2,213
  2,706
  3,261
  3,880
  4,563
  5,307
  6,114
  6,980
  7,905
  8,888
  9,927
  11,021
  12,168
  13,370
  14,625
  15,934
  17,297
  18,715
  20,189
  21,722
Revenue / Adjusted assets
  2.571
  0.302
  0.297
  0.303
  0.302
  0.300
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
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
  -3
  -4
  -7
  -10
  -14
  -19
  -25
  -33
  -42
  -54
  -67
  -81
  -98
  -117
  -137
  -160
  -184
  -210
  -238
  -268
  -299
  -332
  -366
  -402
  -440
  -480
  -521
  -563
  -608
  -654
Total debt, $m
  15
  37
  80
  140
  222
  330
  469
  644
  858
  1,116
  1,420
  1,774
  2,178
  2,633
  3,141
  3,700
  4,311
  4,972
  5,683
  6,441
  7,247
  8,099
  8,996
  9,937
  10,922
  11,952
  13,025
  14,142
  15,305
  16,514
  17,771
Total liabilities, $m
  55
  78
  121
  181
  263
  371
  510
  685
  899
  1,157
  1,461
  1,815
  2,219
  2,674
  3,182
  3,741
  4,352
  5,013
  5,724
  6,482
  7,288
  8,140
  9,037
  9,978
  10,963
  11,993
  13,066
  14,183
  15,346
  16,555
  17,812
Total equity, $m
  183
  17
  27
  40
  58
  81
  112
  150
  197
  254
  321
  398
  487
  587
  698
  821
  955
  1,100
  1,256
  1,423
  1,600
  1,787
  1,984
  2,190
  2,407
  2,633
  2,868
  3,113
  3,369
  3,634
  3,910
Total liabilities and equity, $m
  238
  95
  148
  221
  321
  452
  622
  835
  1,096
  1,411
  1,782
  2,213
  2,706
  3,261
  3,880
  4,562
  5,307
  6,113
  6,980
  7,905
  8,888
  9,927
  11,021
  12,168
  13,370
  14,626
  15,934
  17,296
  18,715
  20,189
  21,722
Debt-to-equity ratio
  0.082
  2.170
  3.010
  3.530
  3.850
  4.050
  4.190
  4.280
  4.350
  4.390
  4.430
  4.450
  4.470
  4.490
  4.500
  4.510
  4.510
  4.520
  4.520
  4.530
  4.530
  4.530
  4.530
  4.540
  4.540
  4.540
  4.540
  4.540
  4.540
  4.540
  4.550
Adjusted equity ratio
  -7.000
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -118
  -95
  -148
  -223
  -324
  -459
  -633
  -851
  -1,119
  -1,441
  -1,822
  -2,265
  -2,771
  -3,342
  -3,979
  -4,681
  -5,448
  -6,278
  -7,171
  -8,124
  -9,137
  -10,208
  -11,335
  -12,519
  -13,758
  -15,053
  -16,403
  -17,809
  -19,272
  -20,793
  -22,374
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
  -95
  -148
  -223
  -324
  -459
  -633
  -851
  -1,119
  -1,441
  -1,822
  -2,265
  -2,771
  -3,342
  -3,979
  -4,681
  -5,448
  -6,278
  -7,171
  -8,124
  -9,137
  -10,208
  -11,335
  -12,519
  -13,758
  -15,053
  -16,403
  -17,809
  -19,272
  -20,793
  -22,374
Change in working capital, $m
  11
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
Cash from operations, $m
  -87
  -94
  -146
  -220
  -321
  -455
  -628
  -844
  -1,111
  -1,432
  -1,811
  -2,252
  -2,756
  -3,325
  -3,960
  -4,660
  -5,425
  -6,254
  -7,145
  -8,096
  -9,107
  -10,176
  -11,302
  -12,485
  -13,722
  -15,015
  -16,363
  -17,768
  -19,229
  -20,748
  -22,327
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
  -94
  -146
  -220
  -321
  -455
  -628
  -844
  -1,111
  -1,432
  -1,811
  -2,252
  -2,756
  -3,325
  -3,960
  -4,660
  -5,425
  -6,254
  -7,145
  -8,096
  -9,107
  -10,176
  -11,302
  -12,485
  -13,722
  -15,015
  -16,363
  -17,768
  -19,229
  -20,748
  -22,327
Issuance/(repayment) of debt, $m
  -4
  29
  43
  60
  82
  108
  139
  175
  214
  258
  304
  353
  404
  456
  508
  559
  611
  661
  711
  759
  806
  852
  897
  941
  985
  1,029
  1,073
  1,118
  1,163
  1,209
  1,257
Issuance/(repurchase) of shares, $m
  170
  101
  157
  236
  342
  483
  663
  889
  1,166
  1,498
  1,889
  2,342
  2,860
  3,442
  4,090
  4,804
  5,582
  6,423
  7,327
  8,291
  9,314
  10,395
  11,532
  12,726
  13,975
  15,279
  16,638
  18,054
  19,527
  21,058
  22,649
Cash from financing (excl. dividends), $m  
  165
  130
  200
  296
  424
  591
  802
  1,064
  1,380
  1,756
  2,193
  2,695
  3,264
  3,898
  4,598
  5,363
  6,193
  7,084
  8,038
  9,050
  10,120
  11,247
  12,429
  13,667
  14,960
  16,308
  17,711
  19,172
  20,690
  22,267
  23,906
Total cash flow (excl. dividends), $m
  78
  37
  54
  75
  103
  136
  175
  219
  269
  324
  382
  444
  507
  572
  638
  703
  767
  831
  893
  953
  1,012
  1,070
  1,127
  1,182
  1,238
  1,293
  1,348
  1,404
  1,461
  1,519
  1,579
Retained Cash Flow (-), $m
  -65
  -101
  -157
  -236
  -342
  -483
  -663
  -889
  -1,166
  -1,498
  -1,889
  -2,342
  -2,860
  -3,442
  -4,090
  -4,804
  -5,582
  -6,423
  -7,327
  -8,291
  -9,314
  -10,395
  -11,532
  -12,726
  -13,975
  -15,279
  -16,638
  -18,054
  -19,527
  -21,058
  -22,649
Prev. year cash balance distribution, $m
 
  172
  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
 
  108
  -104
  -160
  -240
  -347
  -489
  -670
  -896
  -1,174
  -1,507
  -1,898
  -2,352
  -2,870
  -3,453
  -4,101
  -4,815
  -5,593
  -6,434
  -7,337
  -8,301
  -9,325
  -10,406
  -11,543
  -12,737
  -13,986
  -15,290
  -16,650
  -18,066
  -19,539
  -21,071
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
 
  103
  -95
  -140
  -197
  -269
  -355
  -452
  -560
  -674
  -790
  -901
  -1,004
  -1,091
  -1,159
  -1,204
  -1,223
  -1,217
  -1,185
  -1,130
  -1,055
  -964
  -863
  -757
  -649
  -544
  -446
  -357
  -280
  -213
  -159
Current shareholders' claim on cash, %
  100
  7.0
  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., a clinical-stage pharmaceutical company, focuses on developing antibiotics to meet medical needs in the treatment of bacterial infectious diseases in North America. Its lead product candidates include solithromycin (CEM-101), which is in Phase III clinical trials for the treatment of community acquired bacterial pneumonia, as well as for uncomplicated bacterial urethritis; and Taksta, an antibiotic that has completed Phase II clinical trials for refractory bone and joint infections. The company also produces novel macrolides for non-antibiotic uses, such as the treatment of chronic inflammatory diseases, endocrine diseases, and gastric motility disorders. It has collaborative research and development and license agreement with Optimer Pharmaceuticals, Inc. The company was formerly known as Cempra Holdings, LLC and changed its name to Cempra, Inc. in February 2012. Cempra, Inc. was founded in 2005 and is headquartered in Chapel Hill, North Carolina.

FINANCIAL RATIOS  of  Cempra (CEMP)

Valuation Ratios
P/E Ratio -1.4
Price to Sales 9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -1.9
Price to Free Cash Flow -1.9
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 60% 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 -10%. 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 42.403 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 $0.1 billion.

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COMPANY NEWS

▶ 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]
▶ Why Cempra Got Slaughtered Today   [12:48PM  at Motley Fool]
Stock chart of CEMP 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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