Intrinsic value of CTI BioPharma - CTIC

Previous Close

$3.29

  Intrinsic Value

$0.12

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

+109%

Previous close

$3.29

 
Intrinsic value

$0.12

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence*

+109%

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

We calculate the intrinsic value of CTIC 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, %
  256.25
  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
  57
  58
  59
  61
  63
  65
  67
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
Variable operating expenses, $m
 
  483
  495
  507
  522
  537
  555
  574
  594
  616
  640
  665
  692
  721
  751
  784
  818
  854
  893
  934
  976
  1,022
  1,069
  1,120
  1,173
  1,229
  1,287
  1,349
  1,414
  1,483
  1,555
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
  107
  483
  495
  507
  522
  537
  555
  574
  594
  616
  640
  665
  692
  721
  751
  784
  818
  854
  893
  934
  976
  1,022
  1,069
  1,120
  1,173
  1,229
  1,287
  1,349
  1,414
  1,483
  1,555
Operating income, $m
  -49
  -425
  -435
  -446
  -459
  -473
  -488
  -505
  -523
  -542
  -563
  -585
  -609
  -634
  -661
  -690
  -720
  -752
  -786
  -821
  -859
  -899
  -941
  -985
  -1,032
  -1,081
  -1,133
  -1,187
  -1,244
  -1,305
  -1,368
EBITDA, $m
  -48
  -425
  -435
  -446
  -459
  -473
  -488
  -504
  -522
  -542
  -563
  -585
  -609
  -634
  -661
  -689
  -719
  -751
  -785
  -821
  -859
  -899
  -940
  -985
  -1,031
  -1,080
  -1,132
  -1,187
  -1,244
  -1,304
  -1,367
Interest expense (income), $m
  4
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
Earnings before tax, $m
  -53
  -427
  -436
  -448
  -460
  -474
  -490
  -507
  -525
  -544
  -565
  -588
  -612
  -637
  -665
  -693
  -724
  -756
  -790
  -827
  -865
  -905
  -947
  -992
  -1,039
  -1,089
  -1,141
  -1,196
  -1,254
  -1,315
  -1,379
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
  -52
  -427
  -436
  -448
  -460
  -474
  -490
  -507
  -525
  -544
  -565
  -588
  -612
  -637
  -665
  -693
  -724
  -756
  -790
  -827
  -865
  -905
  -947
  -992
  -1,039
  -1,089
  -1,141
  -1,196
  -1,254
  -1,315
  -1,379

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  0
  0
  0
  0
  0
  0
  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
  64
  57
  58
  60
  61
  63
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  145
  151
  159
  166
  174
  183
Adjusted assets (=assets-cash), $m
  20
  57
  58
  60
  61
  63
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  145
  151
  159
  166
  174
  183
Revenue / Adjusted assets
  2.850
  1.018
  1.017
  1.017
  1.033
  1.032
  1.031
  1.030
  1.014
  1.028
  1.027
  1.026
  1.025
  1.024
  1.023
  1.022
  1.021
  1.020
  1.019
  1.018
  1.017
  1.025
  1.024
  1.023
  1.022
  1.021
  1.026
  1.019
  1.024
  1.023
  1.022
Average production assets, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
Working capital, $m
  15
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
Total debt, $m
  19
  12
  13
  14
  15
  17
  18
  20
  22
  24
  26
  28
  31
  33
  36
  39
  42
  46
  49
  53
  57
  61
  65
  70
  74
  79
  85
  90
  96
  103
  109
Total liabilities, $m
  51
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  135
  141
Total equity, $m
  13
  13
  13
  14
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
Total liabilities and equity, $m
  64
  57
  58
  60
  61
  63
  65
  67
  70
  73
  75
  78
  82
  84
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  138
  144
  152
  158
  166
  175
  183
Debt-to-equity ratio
  1.462
  0.910
  0.970
  1.030
  1.090
  1.160
  1.230
  1.300
  1.370
  1.440
  1.510
  1.580
  1.650
  1.720
  1.790
  1.850
  1.920
  1.980
  2.040
  2.090
  2.150
  2.200
  2.260
  2.310
  2.350
  2.400
  2.440
  2.490
  2.530
  2.570
  2.600
Adjusted equity ratio
  -1.550
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229
  0.229

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -52
  -427
  -436
  -448
  -460
  -474
  -490
  -507
  -525
  -544
  -565
  -588
  -612
  -637
  -665
  -693
  -724
  -756
  -790
  -827
  -865
  -905
  -947
  -992
  -1,039
  -1,089
  -1,141
  -1,196
  -1,254
  -1,315
  -1,379
Depreciation, amort., depletion, $m
  1
  0
  0
  0
  0
  0
  0
  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
  -86
  -426
  -436
  -448
  -460
  -474
  -490
  -506
  -525
  -544
  -565
  -588
  -612
  -637
  -664
  -693
  -724
  -756
  -790
  -826
  -864
  -905
  -947
  -992
  -1,039
  -1,088
  -1,141
  -1,196
  -1,254
  -1,314
  -1,378
Change in working capital, $m
  -9
  0
  0
  0
  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
Cash from operations, $m
  -77
  -426
  -436
  -447
  -460
  -474
  -489
  -506
  -524
  -544
  -565
  -587
  -611
  -637
  -664
  -693
  -723
  -756
  -790
  -826
  -864
  -904
  -946
  -991
  -1,038
  -1,088
  -1,140
  -1,195
  -1,253
  -1,314
  -1,378
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
  -77
  -426
  -436
  -448
  -460
  -474
  -490
  -506
  -525
  -544
  -565
  -588
  -612
  -637
  -664
  -693
  -724
  -756
  -790
  -826
  -864
  -904
  -947
  -992
  -1,039
  -1,088
  -1,141
  -1,195
  -1,253
  -1,314
  -1,378
Issuance/(repayment) of debt, $m
  -7
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
Issuance/(repurchase) of shares, $m
  0
  427
  437
  448
  461
  475
  490
  507
  525
  545
  566
  589
  613
  638
  665
  694
  725
  757
  791
  828
  866
  906
  949
  993
  1,041
  1,090
  1,143
  1,198
  1,256
  1,317
  1,381
Cash from financing (excl. dividends), $m  
  -7
  428
  438
  449
  462
  476
  492
  509
  527
  547
  568
  591
  615
  641
  668
  697
  728
  760
  794
  832
  870
  910
  953
  998
  1,046
  1,095
  1,148
  1,204
  1,262
  1,323
  1,388
Total cash flow (excl. dividends), $m
  -84
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Retained Cash Flow (-), $m
  39
  -427
  -437
  -448
  -461
  -475
  -490
  -507
  -525
  -545
  -566
  -589
  -613
  -638
  -665
  -694
  -725
  -757
  -791
  -828
  -866
  -906
  -949
  -993
  -1,041
  -1,090
  -1,143
  -1,198
  -1,256
  -1,317
  -1,381
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
 
  -425
  -435
  -446
  -459
  -473
  -488
  -505
  -523
  -542
  -563
  -585
  -609
  -635
  -662
  -690
  -720
  -753
  -787
  -822
  -860
  -900
  -943
  -987
  -1,034
  -1,083
  -1,135
  -1,190
  -1,247
  -1,308
  -1,372
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
 
  -408
  -398
  -389
  -378
  -367
  -354
  -341
  -327
  -311
  -295
  -278
  -260
  -241
  -222
  -203
  -183
  -164
  -145
  -127
  -109
  -93
  -78
  -65
  -53
  -42
  -33
  -26
  -19
  -14
  -10
Current shareholders' claim on cash, %
  100
  16.8
  2.8
  0.5
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

CTI BioPharma Corp., a biopharmaceutical company, engages in the acquisition, development, and commercialization of novel targeted therapies for blood-related cancers in the United States and internationally. It primarily focuses on the commercialization of PIXUVRI, an aza-anthracenedione for the treatment of adult patients with multiply relapsed or refractory aggressive B-cell non-Hodgkin lymphoma in the European Union. The company is also developing Pacritinib, an investigational oral kinase inhibitor with specificity for JAK2, FLT3, IRAK1, and CSF1R, which is in Phase III clinical trials for the treatment of myelofibrosis. In addition, it is developing Tosedostat, an oral once-daily aminopeptidase inhibitor that is in Phase II clinical trials for the treatment of acute myeloid leukemia; and Opaxio, a chemotherapeutic agent, which is in Phase III clinical trials for the treatment of various solid tumors, including non-small cell lung, ovarian, breast, and prostate cancers. The company has license and collaboration agreement with Les Laboratoires Servier and Institut de Recherches Internationales Servier; development, commercialization, and license agreement with Baxter International Inc.; agreements with the University of Vermont, S*BIO Pte Ltd., Gynecologic Oncology Group, and PG-TXL Company, L.P; and license agreement with Vernalis (R&D) Limited. The company was formerly known as Cell Therapeutics, Inc. and changed its name to CTI BioPharma Corp. in May 2014. CTI BioPharma Corp. was founded in 1991 and is headquartered in Seattle, Washington.

FINANCIAL RATIOS  of  CTI BioPharma (CTIC)

Valuation Ratios
P/E Ratio -1.8
Price to Sales 1.6
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow -1.2
Price to Free Cash Flow -1.2
Growth Rates
Sales Growth Rate 256.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 84.6%
Total Debt to Equity 146.2%
Interest Coverage -12
Management Effectiveness
Return On Assets -46.2%
Ret/ On Assets - 3 Yr. Avg. -81.1%
Return On Total Capital -74.3%
Ret/ On T. Cap. - 3 Yr. Avg. -125.3%
Return On Equity -160%
Return On Equity - 3 Yr. Avg. -209%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 98.2%
Gross Margin - 3 Yr. Avg. 94.7%
EBITDA Margin -84.2%
EBITDA Margin - 3 Yr. Avg. -324.5%
Operating Margin -87.7%
Oper. Margin - 3 Yr. Avg. -320.8%
Pre-Tax Margin -93%
Pre-Tax Margin - 3 Yr. Avg. -335.3%
Net Profit Margin -91.2%
Net Profit Margin - 3 Yr. Avg. -330%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CTIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTIC stock intrinsic value calculation we used $57 million for the last fiscal year's total revenue generated by CTI BioPharma. The default revenue input number comes from 2016 income statement of CTI BioPharma. 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 CTIC 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 CTIC is calculated based on our internal credit rating of CTI BioPharma, 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 CTI BioPharma.
    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 CTIC stock the variable cost ratio is equal to 831.6%.

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 CTIC 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 10.7% for CTI BioPharma.

Corporate tax rate of 27% is the nominal tax rate for CTI BioPharma. 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 CTIC 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 CTIC are equal to 2.6%.

Life of production assets of 10 years is the average useful life of capital assets used in CTI BioPharma 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 CTIC 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 - $13 million for CTI BioPharma - 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 26.767 million for CTI BioPharma 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 CTI BioPharma at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ CTI BioPharma posts 2Q profit   [Aug-04-17 03:11AM  Associated Press]
▶ ETFs with exposure to CTI BioPharma Corp. : June 8, 2017   [Jun-08-17 01:31PM  Capital Cube]
▶ ETFs with exposure to CTI BioPharma Corp. : May 25, 2017   [May-25-17 12:37PM  Capital Cube]
▶ ETFs with exposure to CTI BioPharma Corp. : May 8, 2017   [May-08-17 04:22PM  Capital Cube]
▶ CTI BioPharma reports 1Q loss   [May-03-17 05:20PM  Associated Press]
▶ CTI BioPharma reports 4Q loss   [Mar-02-17 04:43PM  Associated Press]
▶ CTI BioPharma hires new CEO   [Mar-01-17 08:35PM  at bizjournals.com]
▶ CTI BioPharma hires new CEO   [08:35PM  American City Business Journals]
▶ CTI Biopharma stock revived after FDA ruling, reverse stock split   [Jan-06-17 10:05PM  at bizjournals.com]
▶ Why CTI BioPharma Corp. Stock Popped Today   [12:43PM  at Motley Fool]
▶ Do Hedge Funds Love Manning and Napier Inc (MN)?   [Dec-11-16 08:08AM  at Insider Monkey]
▶ 5 Biotech Penny Stocks Smart Money Is Piling On   [Oct-23-16 04:23PM  at Insider Monkey]
Stock chart of CTIC Financial statements of CTIC
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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