Intrinsic value of Dimension Therapeutics - DMTX

Previous Close

$5.95

  Intrinsic Value

$0.60

stock screener

  Rating & Target

str. sell

-90%

Previous close

$5.95

 
Intrinsic value

$0.60

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of DMTX 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, %
  37.50
  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
  11
  18
  27
  41
  59
  83
  114
  154
  202
  260
  328
  407
  498
  600
  714
  839
  976
  1,125
  1,284
  1,454
  1,635
  1,826
  2,027
  2,238
  2,459
  2,690
  2,931
  3,182
  3,442
  3,714
  3,996
Variable operating expenses, $m
 
  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
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
  61
  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
Operating income, $m
  -49
  -77
  -119
  -177
  -257
  -363
  -499
  -670
  -880
  -1,133
  -1,431
  -1,777
  -2,172
  -2,618
  -3,115
  -3,663
  -4,260
  -4,908
  -5,603
  -6,346
  -7,135
  -7,969
  -8,847
  -9,768
  -10,733
  -11,740
  -12,791
  -13,885
  -15,023
  -16,207
  -17,437
EBITDA, $m
  -47
  -75
  -116
  -173
  -252
  -355
  -488
  -655
  -860
  -1,107
  -1,398
  -1,736
  -2,122
  -2,558
  -3,044
  -3,579
  -4,163
  -4,795
  -5,475
  -6,201
  -6,971
  -7,786
  -8,644
  -9,544
  -10,487
  -11,471
  -12,498
  -13,567
  -14,679
  -15,835
  -17,037
Interest expense (income), $m
  0
  0
  0
  0
  1
  2
  3
  4
  6
  8
  11
  14
  18
  22
  27
  32
  37
  44
  51
  58
  66
  74
  83
  92
  102
  112
  122
  133
  145
  157
  169
Earnings before tax, $m
  -49
  -77
  -119
  -178
  -258
  -365
  -502
  -675
  -886
  -1,141
  -1,442
  -1,791
  -2,190
  -2,640
  -3,141
  -3,694
  -4,298
  -4,951
  -5,654
  -6,404
  -7,200
  -8,042
  -8,929
  -9,860
  -10,834
  -11,852
  -12,913
  -14,018
  -15,168
  -16,363
  -17,606
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
  -49
  -77
  -119
  -178
  -258
  -365
  -502
  -675
  -886
  -1,141
  -1,442
  -1,791
  -2,190
  -2,640
  -3,141
  -3,694
  -4,298
  -4,951
  -5,654
  -6,404
  -7,200
  -8,042
  -8,929
  -9,860
  -10,834
  -11,852
  -12,913
  -14,018
  -15,168
  -16,363
  -17,606

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  78
  0
  0
  0
  0
  0
  0
  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
  94
  26
  40
  59
  86
  121
  166
  223
  293
  377
  477
  592
  723
  872
  1,037
  1,220
  1,419
  1,635
  1,866
  2,114
  2,376
  2,654
  2,946
  3,253
  3,575
  3,910
  4,260
  4,624
  5,004
  5,398
  5,808
Adjusted assets (=assets-cash), $m
  16
  26
  40
  59
  86
  121
  166
  223
  293
  377
  477
  592
  723
  872
  1,037
  1,220
  1,419
  1,635
  1,866
  2,114
  2,376
  2,654
  2,946
  3,253
  3,575
  3,910
  4,260
  4,624
  5,004
  5,398
  5,808
Revenue / Adjusted assets
  0.688
  0.692
  0.675
  0.695
  0.686
  0.686
  0.687
  0.691
  0.689
  0.690
  0.688
  0.688
  0.689
  0.688
  0.689
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
Average production assets, $m
  6
  9
  14
  20
  30
  42
  57
  77
  101
  130
  164
  204
  249
  300
  357
  420
  488
  562
  642
  727
  817
  913
  1,014
  1,119
  1,230
  1,345
  1,465
  1,591
  1,721
  1,857
  1,998
Working capital, $m
  64
  -19
  -30
  -44
  -64
  -91
  -125
  -168
  -220
  -283
  -358
  -444
  -543
  -655
  -779
  -916
  -1,065
  -1,227
  -1,401
  -1,586
  -1,784
  -1,992
  -2,212
  -2,442
  -2,683
  -2,935
  -3,198
  -3,471
  -3,756
  -4,052
  -4,359
Total debt, $m
  7
  -4
  9
  26
  50
  82
  123
  174
  237
  313
  402
  506
  624
  758
  907
  1,071
  1,250
  1,444
  1,653
  1,875
  2,112
  2,362
  2,625
  2,901
  3,190
  3,492
  3,807
  4,135
  4,476
  4,831
  5,200
Total liabilities, $m
  34
  23
  36
  53
  77
  109
  150
  201
  264
  340
  429
  533
  651
  785
  934
  1,098
  1,277
  1,471
  1,680
  1,902
  2,139
  2,389
  2,652
  2,928
  3,217
  3,519
  3,834
  4,162
  4,503
  4,858
  5,227
Total equity, $m
  60
  3
  4
  6
  9
  12
  17
  22
  29
  38
  48
  59
  72
  87
  104
  122
  142
  163
  187
  211
  238
  265
  295
  325
  357
  391
  426
  462
  500
  540
  581
Total liabilities and equity, $m
  94
  26
  40
  59
  86
  121
  167
  223
  293
  378
  477
  592
  723
  872
  1,038
  1,220
  1,419
  1,634
  1,867
  2,113
  2,377
  2,654
  2,947
  3,253
  3,574
  3,910
  4,260
  4,624
  5,003
  5,398
  5,808
Debt-to-equity ratio
  0.117
  -1.550
  2.170
  4.430
  5.850
  6.770
  7.380
  7.790
  8.080
  8.280
  8.430
  8.540
  8.630
  8.690
  8.740
  8.780
  8.810
  8.830
  8.860
  8.870
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.950
Adjusted equity ratio
  -1.125
  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
  -49
  -77
  -119
  -178
  -258
  -365
  -502
  -675
  -886
  -1,141
  -1,442
  -1,791
  -2,190
  -2,640
  -3,141
  -3,694
  -4,298
  -4,951
  -5,654
  -6,404
  -7,200
  -8,042
  -8,929
  -9,860
  -10,834
  -11,852
  -12,913
  -14,018
  -15,168
  -16,363
  -17,606
Depreciation, amort., depletion, $m
  2
  2
  3
  4
  6
  8
  11
  15
  20
  26
  33
  41
  50
  60
  71
  84
  98
  112
  128
  145
  163
  183
  203
  224
  246
  269
  293
  318
  344
  371
  400
Funds from operations, $m
  -52
  -75
  -116
  -174
  -253
  -357
  -491
  -659
  -866
  -1,115
  -1,409
  -1,750
  -2,140
  -2,580
  -3,070
  -3,610
  -4,200
  -4,839
  -5,525
  -6,258
  -7,037
  -7,860
  -8,726
  -9,636
  -10,588
  -11,583
  -12,620
  -13,700
  -14,823
  -15,992
  -17,206
Change in working capital, $m
  -4
  -7
  -10
  -15
  -20
  -26
  -34
  -43
  -52
  -63
  -74
  -86
  -99
  -111
  -124
  -137
  -149
  -162
  -174
  -186
  -197
  -208
  -219
  -230
  -241
  -252
  -263
  -274
  -285
  -296
  -308
Cash from operations, $m
  -48
  -68
  -105
  -159
  -233
  -330
  -457
  -617
  -814
  -1,052
  -1,334
  -1,663
  -2,041
  -2,468
  -2,946
  -3,473
  -4,051
  -4,677
  -5,352
  -6,073
  -6,840
  -7,651
  -8,507
  -9,406
  -10,347
  -11,331
  -12,357
  -13,426
  -14,539
  -15,696
  -16,899
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -15
  -20
  -26
  -33
  -41
  -50
  -60
  -71
  -84
  -98
  -112
  -128
  -145
  -163
  -183
  -203
  -224
  -246
  -269
  -293
  -318
  -344
  -371
New CAPEX, $m
  -7
  -3
  -5
  -7
  -9
  -12
  -16
  -20
  -24
  -29
  -34
  -40
  -45
  -51
  -57
  -63
  -69
  -74
  -80
  -85
  -90
  -96
  -101
  -106
  -111
  -115
  -120
  -125
  -130
  -136
  -141
Cash from investing activities, $m
  -54
  -4
  -7
  -10
  -13
  -18
  -24
  -31
  -39
  -49
  -60
  -73
  -86
  -101
  -117
  -134
  -153
  -172
  -192
  -213
  -235
  -259
  -284
  -309
  -335
  -361
  -389
  -418
  -448
  -480
  -512
Free cash flow, $m
  -102
  -72
  -112
  -168
  -246
  -348
  -481
  -648
  -853
  -1,101
  -1,394
  -1,736
  -2,127
  -2,569
  -3,063
  -3,608
  -4,203
  -4,849
  -5,544
  -6,286
  -7,075
  -7,910
  -8,790
  -9,714
  -10,681
  -11,692
  -12,746
  -13,845
  -14,987
  -16,176
  -17,411
Issuance/(repayment) of debt, $m
  5
  -9
  13
  18
  24
  32
  41
  51
  63
  76
  89
  104
  119
  134
  149
  164
  179
  194
  208
  223
  236
  250
  263
  276
  289
  302
  315
  328
  341
  355
  369
Issuance/(repurchase) of shares, $m
  0
  96
  120
  180
  261
  369
  507
  680
  893
  1,149
  1,452
  1,802
  2,203
  2,655
  3,158
  3,713
  4,318
  4,973
  5,677
  6,429
  7,227
  8,070
  8,958
  9,891
  10,866
  11,885
  12,948
  14,054
  15,206
  16,403
  17,647
Cash from financing (excl. dividends), $m  
  5
  87
  133
  198
  285
  401
  548
  731
  956
  1,225
  1,541
  1,906
  2,322
  2,789
  3,307
  3,877
  4,497
  5,167
  5,885
  6,652
  7,463
  8,320
  9,221
  10,167
  11,155
  12,187
  13,263
  14,382
  15,547
  16,758
  18,016
Total cash flow (excl. dividends), $m
  -97
  14
  21
  29
  39
  52
  67
  84
  103
  124
  146
  170
  194
  219
  244
  269
  294
  318
  342
  365
  388
  410
  431
  453
  474
  495
  516
  538
  559
  582
  605
Retained Cash Flow (-), $m
  46
  -96
  -120
  -180
  -261
  -369
  -507
  -680
  -893
  -1,149
  -1,452
  -1,802
  -2,203
  -2,655
  -3,158
  -3,713
  -4,318
  -4,973
  -5,677
  -6,429
  -7,227
  -8,070
  -8,958
  -9,891
  -10,866
  -11,885
  -12,948
  -14,054
  -15,206
  -16,403
  -17,647
Prev. year cash balance distribution, $m
 
  76
  0
  0
  0
  0
  0
  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
 
  -5
  -99
  -151
  -222
  -317
  -440
  -596
  -790
  -1,025
  -1,305
  -1,632
  -2,009
  -2,436
  -2,914
  -3,443
  -4,024
  -4,655
  -5,335
  -6,064
  -6,839
  -7,661
  -8,527
  -9,438
  -10,392
  -11,390
  -12,432
  -13,517
  -14,646
  -15,821
  -17,042
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
 
  -5
  -91
  -131
  -183
  -245
  -319
  -403
  -494
  -589
  -684
  -775
  -857
  -926
  -978
  -1,011
  -1,023
  -1,013
  -983
  -934
  -869
  -792
  -708
  -619
  -529
  -443
  -363
  -290
  -227
  -173
  -128
Current shareholders' claim on cash, %
  100
  50.0
  2.5
  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
  0.0

Dimension Therapeutics, Inc. is a gene therapy company. The Company is focused on discovering and developing therapeutic products for people living with rare diseases associated with the liver and caused by genetic mutations. It has programs for hemophilia B, hemophilia A, ornithine transcarbamylase (OTC) deficiency, and glycogen storage disease type Ia (GSDIa). The Company's gene therapy product candidates and programs are designed to provide a functional copy of an abnormal or missing gene using the advanced adeno-associated virus (AAV)-based vector delivery technology. DTX101 is the Company's lead gene therapy product candidate designed to deliver Factor IX (FIX), gene expression in patients with hemophilia B. DTX201 is its Factor VIII (FVIII) gene therapy program for the treatment of hemophilia A. DTX301 is its gene therapy product candidate designed for the treatment of patients with OTC deficiency. DTX401 is its gene therapy program for the treatment of patients with GSDIa.

FINANCIAL RATIOS  of  Dimension Therapeutics (DMTX)

Valuation Ratios
P/E Ratio -3
Price to Sales 13.5
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow -3.1
Price to Free Cash Flow -2.7
Growth Rates
Sales Growth Rate 37.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 133.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 39
Current Ratio 0.2
LT Debt to Equity 8.3%
Total Debt to Equity 11.7%
Interest Coverage 0
Management Effectiveness
Return On Assets -43.2%
Ret/ On Assets - 3 Yr. Avg. -61.5%
Return On Total Capital -56.3%
Ret/ On T. Cap. - 3 Yr. Avg. -41.2%
Return On Equity -59%
Return On Equity - 3 Yr. Avg. 390.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -427.3%
EBITDA Margin - 3 Yr. Avg. -428.5%
Operating Margin -454.5%
Oper. Margin - 3 Yr. Avg. -441.8%
Pre-Tax Margin -445.5%
Pre-Tax Margin - 3 Yr. Avg. -438.8%
Net Profit Margin -445.5%
Net Profit Margin - 3 Yr. Avg. -438.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

DMTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DMTX stock intrinsic value calculation we used $11 million for the last fiscal year's total revenue generated by Dimension Therapeutics. The default revenue input number comes from 2016 income statement of Dimension Therapeutics. 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 DMTX 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 DMTX is calculated based on our internal credit rating of Dimension Therapeutics, 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 Dimension Therapeutics.
    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 DMTX stock the variable cost ratio is equal to 536.4%.

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 DMTX 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 Dimension Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Dimension Therapeutics. 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 DMTX 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 DMTX are equal to 50%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Dimension Therapeutics 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 DMTX is equal to -109.1%. 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 - $60 million for Dimension Therapeutics - 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 25.074 million for Dimension Therapeutics 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 Dimension Therapeutics at the current share price and the inputted number of shares is $0.1 billion.

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Financial statements of DMTX
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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