Intrinsic value of DepoMed - DEPO

Previous Close

$10.60

  Intrinsic Value

$1.02

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

-49%

Previous close

$10.60

 
Intrinsic value

$1.02

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

-49%

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

We calculate the intrinsic value of DEPO 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 0.7

 

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, %
  32.94
  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
  456
  465
  476
  488
  502
  517
  534
  552
  572
  593
  615
  640
  666
  693
  723
  754
  787
  822
  859
  898
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,298
  1,361
  1,426
  1,496
Variable operating expenses, $m
 
  156
  160
  164
  169
  174
  179
  185
  192
  199
  207
  215
  224
  233
  243
  253
  264
  276
  289
  302
  316
  330
  346
  362
  379
  397
  416
  436
  457
  479
  503
Fixed operating expenses, $m
 
  292
  299
  307
  315
  322
  331
  339
  347
  356
  365
  374
  383
  393
  403
  413
  423
  434
  445
  456
  467
  479
  491
  503
  515
  528
  542
  555
  569
  583
  598
Total operating expenses, $m
  431
  448
  459
  471
  484
  496
  510
  524
  539
  555
  572
  589
  607
  626
  646
  666
  687
  710
  734
  758
  783
  809
  837
  865
  894
  925
  958
  991
  1,026
  1,062
  1,101
Operating income, $m
  25
  17
  17
  17
  19
  21
  24
  28
  32
  38
  44
  51
  59
  68
  77
  88
  100
  112
  126
  141
  157
  174
  192
  212
  234
  256
  281
  307
  334
  364
  395
EBITDA, $m
  134
  116
  118
  121
  125
  131
  137
  145
  154
  164
  175
  187
  200
  215
  231
  248
  267
  287
  309
  332
  357
  383
  411
  442
  474
  508
  544
  583
  624
  668
  714
Interest expense (income), $m
  71
  67
  69
  71
  73
  76
  79
  82
  86
  90
  94
  98
  103
  108
  114
  120
  126
  132
  139
  146
  154
  162
  171
  180
  189
  199
  210
  221
  233
  245
  258
Earnings before tax, $m
  -65
  -50
  -52
  -54
  -55
  -55
  -55
  -55
  -54
  -52
  -50
  -48
  -44
  -41
  -37
  -32
  -26
  -20
  -13
  -6
  3
  12
  22
  33
  44
  57
  71
  86
  102
  119
  137
Tax expense, $m
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  6
  9
  12
  15
  19
  23
  27
  32
  37
Net income, $m
  -89
  -50
  -52
  -54
  -55
  -55
  -55
  -55
  -54
  -52
  -50
  -48
  -44
  -41
  -37
  -32
  -26
  -20
  -13
  -6
  2
  9
  16
  24
  32
  42
  52
  63
  74
  87
  100

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  177
  0
  0
  0
  0
  0
  0
  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
  1,225
  1,181
  1,208
  1,239
  1,274
  1,312
  1,355
  1,401
  1,451
  1,504
  1,562
  1,624
  1,690
  1,760
  1,835
  1,914
  1,998
  2,086
  2,180
  2,279
  2,384
  2,495
  2,611
  2,734
  2,863
  3,000
  3,143
  3,294
  3,453
  3,621
  3,796
Adjusted assets (=assets-cash), $m
  1,048
  1,181
  1,208
  1,239
  1,274
  1,312
  1,355
  1,401
  1,451
  1,504
  1,562
  1,624
  1,690
  1,760
  1,835
  1,914
  1,998
  2,086
  2,180
  2,279
  2,384
  2,495
  2,611
  2,734
  2,863
  3,000
  3,143
  3,294
  3,453
  3,621
  3,796
Revenue / Adjusted assets
  0.435
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
Average production assets, $m
  971
  990
  1,013
  1,039
  1,068
  1,100
  1,136
  1,174
  1,216
  1,261
  1,310
  1,362
  1,417
  1,476
  1,538
  1,604
  1,675
  1,749
  1,828
  1,911
  1,999
  2,092
  2,189
  2,292
  2,401
  2,515
  2,635
  2,762
  2,895
  3,036
  3,183
Working capital, $m
  79
  -47
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
Total debt, $m
  729
  749
  772
  798
  827
  860
  896
  934
  976
  1,022
  1,070
  1,122
  1,178
  1,237
  1,300
  1,366
  1,437
  1,512
  1,591
  1,674
  1,762
  1,855
  1,954
  2,057
  2,166
  2,281
  2,402
  2,529
  2,663
  2,804
  2,952
Total liabilities, $m
  975
  994
  1,017
  1,043
  1,072
  1,105
  1,141
  1,179
  1,221
  1,267
  1,315
  1,367
  1,423
  1,482
  1,545
  1,611
  1,682
  1,757
  1,836
  1,919
  2,007
  2,100
  2,199
  2,302
  2,411
  2,526
  2,647
  2,774
  2,908
  3,049
  3,197
Total equity, $m
  251
  187
  191
  196
  201
  207
  214
  221
  229
  238
  247
  257
  267
  278
  290
  302
  316
  330
  344
  360
  377
  394
  413
  432
  452
  474
  497
  521
  546
  572
  600
Total liabilities and equity, $m
  1,226
  1,181
  1,208
  1,239
  1,273
  1,312
  1,355
  1,400
  1,450
  1,505
  1,562
  1,624
  1,690
  1,760
  1,835
  1,913
  1,998
  2,087
  2,180
  2,279
  2,384
  2,494
  2,612
  2,734
  2,863
  3,000
  3,144
  3,295
  3,454
  3,621
  3,797
Debt-to-equity ratio
  2.904
  4.020
  4.050
  4.080
  4.110
  4.150
  4.180
  4.220
  4.260
  4.300
  4.340
  4.370
  4.410
  4.450
  4.480
  4.520
  4.550
  4.590
  4.620
  4.650
  4.680
  4.710
  4.740
  4.760
  4.790
  4.810
  4.840
  4.860
  4.880
  4.900
  4.920
Adjusted equity ratio
  0.071
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -89
  -50
  -52
  -54
  -55
  -55
  -55
  -55
  -54
  -52
  -50
  -48
  -44
  -41
  -37
  -32
  -26
  -20
  -13
  -6
  2
  9
  16
  24
  32
  42
  52
  63
  74
  87
  100
Depreciation, amort., depletion, $m
  109
  99
  101
  104
  107
  110
  114
  117
  122
  126
  131
  136
  142
  148
  154
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  318
Funds from operations, $m
  52
  49
  49
  50
  52
  55
  58
  63
  68
  74
  81
  89
  97
  107
  117
  129
  141
  155
  170
  185
  202
  218
  235
  253
  272
  293
  315
  339
  364
  390
  419
Change in working capital, $m
  -14
  -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
  -7
Cash from operations, $m
  66
  50
  50
  51
  53
  56
  60
  65
  70
  76
  83
  91
  100
  110
  120
  132
  145
  158
  173
  189
  206
  222
  239
  258
  278
  299
  321
  345
  370
  397
  426
Maintenance CAPEX, $m
  0
  -97
  -99
  -101
  -104
  -107
  -110
  -114
  -117
  -122
  -126
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -252
  -264
  -276
  -290
  -304
New CAPEX, $m
  -3
  -19
  -23
  -26
  -29
  -32
  -36
  -39
  -42
  -45
  -48
  -52
  -55
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
  -147
Cash from investing activities, $m
  46
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -159
  -167
  -174
  -183
  -191
  -201
  -211
  -220
  -230
  -241
  -254
  -266
  -279
  -293
  -307
  -322
  -338
  -354
  -372
  -391
  -409
  -430
  -451
Free cash flow, $m
  112
  -67
  -72
  -76
  -80
  -83
  -86
  -88
  -89
  -91
  -91
  -92
  -92
  -91
  -90
  -88
  -86
  -84
  -80
  -77
  -73
  -70
  -67
  -64
  -60
  -56
  -51
  -45
  -39
  -33
  -25
Issuance/(repayment) of debt, $m
  -100
  20
  23
  26
  29
  33
  36
  39
  42
  45
  49
  52
  55
  59
  63
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
Issuance/(repurchase) of shares, $m
  10
  55
  57
  59
  60
  61
  62
  62
  62
  61
  59
  57
  55
  52
  48
  44
  39
  34
  28
  21
  15
  9
  3
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -94
  75
  80
  85
  89
  94
  98
  101
  104
  106
  108
  109
  110
  111
  111
  111
  110
  109
  107
  105
  103
  102
  101
  103
  109
  115
  121
  127
  134
  141
  148
Total cash flow (excl. dividends), $m
  17
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  39
  49
  59
  70
  82
  94
  108
  123
Retained Cash Flow (-), $m
  64
  -55
  -57
  -59
  -60
  -61
  -62
  -62
  -62
  -61
  -59
  -57
  -55
  -52
  -48
  -44
  -39
  -34
  -28
  -21
  -17
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
Prev. year cash balance distribution, $m
 
  69
  0
  0
  0
  0
  0
  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
 
  22
  -49
  -50
  -50
  -50
  -50
  -49
  -47
  -45
  -43
  -40
  -36
  -32
  -27
  -22
  -16
  -9
  -1
  7
  13
  14
  15
  20
  28
  37
  47
  58
  69
  82
  95
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  20
  -41
  -38
  -34
  -30
  -26
  -22
  -18
  -15
  -12
  -9
  -6
  -5
  -3
  -2
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.6
  80.2
  71.7
  64.1
  57.4
  51.4
  46.3
  41.8
  37.9
  34.6
  31.7
  29.3
  27.3
  25.6
  24.1
  23.0
  22.1
  21.4
  20.9
  20.5
  20.4
  20.3
  20.3
  20.3
  20.3
  20.3
  20.3
  20.3
  20.3
  20.3

Depomed, Inc., a specialty pharmaceutical company, engages in the development, sale, and licensing of products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the management of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults; Zipsor (diclofenac potassium) liquid filled capsule, a non-steroidal anti-inflammatory drug for the treatment of mild to moderate acute pain in adults; and Lazanda (fentanyl) nasal spray, an intranasal fentanyl drug used to manage breakthrough pain in adults. The company also provides NUCYNTA ER (tapentadol extended release tablets), a product for the management of pain severe enough to long term opioid treatment, including neuropathic pain associated with diabetic peripheral neuropathy (DPN) in adults; and NUCYNTA (tapentadol), a product for the management of moderate to severe acute pain in adults. In addition, it is involved in the clinical development of Cebranopadol for the treatment of chronic nociceptive and neuropathic pain. The company sells its products to wholesalers and retail pharmacies. It also has a portfolio of license agreements based on its proprietary Acuform gastroretentive drug delivery technology with Mallinckrodt Inc.; Ironwood Pharmaceuticals, Inc.; and Janssen Pharmaceuticals, Inc. The company was founded in 1995 and is headquartered in Newark, California.

FINANCIAL RATIOS  of  DepoMed (DEPO)

Valuation Ratios
P/E Ratio -7.4
Price to Sales 1.4
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate 32.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 290.4%
Total Debt to Equity 290.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital -8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity -31.4%
Return On Equity - 3 Yr. Avg. -0.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 80.7%
Gross Margin - 3 Yr. Avg. 85.7%
EBITDA Margin 25.2%
EBITDA Margin - 3 Yr. Avg. 27.9%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 17.1%
Pre-Tax Margin -14.3%
Pre-Tax Margin - 3 Yr. Avg. 1.5%
Net Profit Margin -19.5%
Net Profit Margin - 3 Yr. Avg. -2.6%
Effective Tax Rate -36.9%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 0%

DEPO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DEPO stock intrinsic value calculation we used $456 million for the last fiscal year's total revenue generated by DepoMed. The default revenue input number comes from 2016 income statement of DepoMed. 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 DEPO 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 9%, whose default value for DEPO is calculated based on our internal credit rating of DepoMed, 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 DepoMed.
    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 DEPO stock the variable cost ratio is equal to 33.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $285 million in the base year in the intrinsic value calculation for DEPO 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 9.2% for DepoMed.

Corporate tax rate of 27% is the nominal tax rate for DepoMed. 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 DEPO 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 DEPO are equal to 212.8%.

Life of production assets of 10 years is the average useful life of capital assets used in DepoMed 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 DEPO 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 - $251 million for DepoMed - 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 61.406 million for DepoMed 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 DepoMed at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
MNK Mallinckrodt 47.42 34.25  sell
INSY Insys Therapeu 11.98 5.54  str.sell
IRWD Ironwood Pharm 17.22 0.11  str.sell
PFE Pfizer 33.48 28.58  hold

COMPANY NEWS

▶ ETFs with exposure to Depomed, Inc. : July 21, 2017   [Jul-21-17 01:49PM  Capital Cube]
▶ ETFs with exposure to Depomed, Inc. : July 10, 2017   [Jul-10-17 02:18PM  Capital Cube]
▶ ETFs with exposure to Depomed, Inc. : June 27, 2017   [Jun-27-17 03:08PM  Capital Cube]
▶ ETFs with exposure to Depomed, Inc. : June 16, 2017   [Jun-16-17 03:39PM  Capital Cube]
▶ Opioid Stocks Feel the Pressure of FDA Measures   [Jun-11-17 02:27PM  Investopedia]
▶ Biotech And Pharma Industry And Stock News   [May-26-17 02:00PM  Investor's Business Daily]
▶ Teva Pharma, Eagle Pharma, Depomed Among Slew Getting Price Haircuts   [May-25-17 04:10PM  Investor's Business Daily]
▶ Depomed Announces Corporate Governance Updates   [May-22-17 07:30AM  GlobeNewswire]
▶ Depomed to Present at the UBS Global Healthcare Conference   [May-16-17 04:02PM  GlobeNewswire]
▶ Depomed reports 1Q loss   [May-09-17 06:40PM  Associated Press]
▶ Which Drugmakers Will Rock The Sector In Q1?   [Apr-13-17 05:51PM  Investor's Business Daily]
▶ Will This Biotech Survive Activist Investor Or Get Taken Over?   [Mar-29-17 04:19PM  Investor's Business Daily]
▶ Depomed to Present at Healthcare Conferences in March   [Mar-06-17 08:00AM  GlobeNewswire]
▶ 3 Companies That Need to Kick Their CEO to the Curb   [Feb-20-17 03:35PM  at Motley Fool]
▶ Depomed to Present at Healthcare Conferences in February   [Feb-08-17 08:00AM  GlobeNewswire]
▶ What Happened in the Stock Market Today   [Jan-03-17 05:16PM  at Motley Fool]
▶ Why Depomed Inc. Stock Spiked Today   [11:00AM  at Motley Fool]
▶ Why Depomed Inc. Got Wacked Today   [Dec-12-16 02:52PM  at Motley Fool]
▶ Is Depomed Inc (DEPO) A Good Stock To Buy?   [Dec-02-16 08:40AM  at Insider Monkey]
▶ Stocks to Watch: Valeant, CVS Health, Hertz Global   [09:29AM  at The Wall Street Journal]
Stock chart of DEPO Financial statements of DEPO Annual reports of DEPO
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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