Intrinsic value of Diplomat Pharmacy - DPLO

Previous Close

$15.00

  Intrinsic Value

$10.12

stock screener

  Rating & Target

sell

-33%

Previous close

$15.00

 
Intrinsic value

$10.12

 
Up/down potential

-33%

 
Rating

sell

We calculate the intrinsic value of DPLO 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 1.0

 

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, %
  30.98
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  4,410
  4,560
  4,722
  4,897
  5,085
  5,286
  5,500
  5,728
  5,971
  6,228
  6,501
  6,790
  7,095
  7,418
  7,759
  8,118
  8,498
  8,897
  9,318
  9,762
  10,229
  10,720
  11,238
  11,782
  12,354
  12,956
  13,589
  14,255
  14,954
  15,689
  16,462
Variable operating expenses, $m
 
  4,495
  4,654
  4,825
  5,009
  5,205
  5,415
  5,639
  5,876
  6,128
  6,395
  6,646
  6,945
  7,261
  7,594
  7,946
  8,318
  8,709
  9,121
  9,555
  10,012
  10,493
  11,000
  11,532
  12,092
  12,682
  13,301
  13,953
  14,637
  15,357
  16,113
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
  4,363
  4,495
  4,654
  4,825
  5,009
  5,205
  5,415
  5,639
  5,876
  6,128
  6,395
  6,646
  6,945
  7,261
  7,594
  7,946
  8,318
  8,709
  9,121
  9,555
  10,012
  10,493
  11,000
  11,532
  12,092
  12,682
  13,301
  13,953
  14,637
  15,357
  16,113
Operating income, $m
  47
  65
  68
  72
  76
  80
  85
  90
  95
  100
  106
  144
  150
  157
  164
  172
  180
  189
  197
  207
  217
  227
  238
  250
  262
  275
  288
  302
  317
  332
  349
EBITDA, $m
  97
  121
  125
  130
  135
  140
  146
  152
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  328
  343
  360
  378
  396
  416
  436
Interest expense (income), $m
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  46
  49
  52
Earnings before tax, $m
  36
  60
  62
  65
  69
  72
  76
  80
  84
  89
  93
  130
  135
  141
  147
  153
  160
  166
  174
  181
  189
  198
  207
  216
  226
  237
  247
  259
  271
  284
  297
Tax expense, $m
  11
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
Net income, $m
  28
  44
  46
  48
  50
  53
  55
  58
  61
  65
  68
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  207
  217

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  0
  0
  0
  0
  0
  0
  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
  1,099
  1,128
  1,168
  1,212
  1,258
  1,308
  1,361
  1,417
  1,477
  1,541
  1,608
  1,680
  1,755
  1,835
  1,920
  2,009
  2,102
  2,201
  2,305
  2,415
  2,531
  2,652
  2,780
  2,915
  3,056
  3,205
  3,362
  3,527
  3,700
  3,882
  4,073
Adjusted assets (=assets-cash), $m
  1,091
  1,128
  1,168
  1,212
  1,258
  1,308
  1,361
  1,417
  1,477
  1,541
  1,608
  1,680
  1,755
  1,835
  1,920
  2,009
  2,102
  2,201
  2,305
  2,415
  2,531
  2,652
  2,780
  2,915
  3,056
  3,205
  3,362
  3,527
  3,700
  3,882
  4,073
Revenue / Adjusted assets
  4.042
  4.043
  4.043
  4.040
  4.042
  4.041
  4.041
  4.042
  4.043
  4.042
  4.043
  4.042
  4.043
  4.043
  4.041
  4.041
  4.043
  4.042
  4.043
  4.042
  4.041
  4.042
  4.042
  4.042
  4.043
  4.042
  4.042
  4.042
  4.042
  4.041
  4.042
Average production assets, $m
  256
  264
  274
  284
  295
  307
  319
  332
  346
  361
  377
  394
  412
  430
  450
  471
  493
  516
  540
  566
  593
  622
  652
  683
  717
  751
  788
  827
  867
  910
  955
Working capital, $m
  120
  164
  170
  176
  183
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  306
  320
  335
  351
  368
  386
  405
  424
  445
  466
  489
  513
  538
  565
  593
Total debt, $m
  147
  155
  173
  192
  212
  234
  257
  282
  308
  336
  365
  397
  430
  465
  502
  541
  582
  625
  671
  719
  769
  823
  879
  938
  1,000
  1,065
  1,134
  1,206
  1,281
  1,361
  1,445
Total liabilities, $m
  486
  494
  512
  531
  551
  573
  596
  621
  647
  675
  704
  736
  769
  804
  841
  880
  921
  964
  1,010
  1,058
  1,108
  1,162
  1,218
  1,277
  1,339
  1,404
  1,473
  1,545
  1,620
  1,700
  1,784
Total equity, $m
  613
  634
  657
  681
  707
  735
  765
  796
  830
  866
  904
  944
  987
  1,031
  1,079
  1,129
  1,182
  1,237
  1,296
  1,357
  1,422
  1,491
  1,562
  1,638
  1,718
  1,801
  1,889
  1,982
  2,079
  2,181
  2,289
Total liabilities and equity, $m
  1,099
  1,128
  1,169
  1,212
  1,258
  1,308
  1,361
  1,417
  1,477
  1,541
  1,608
  1,680
  1,756
  1,835
  1,920
  2,009
  2,103
  2,201
  2,306
  2,415
  2,530
  2,653
  2,780
  2,915
  3,057
  3,205
  3,362
  3,527
  3,699
  3,881
  4,073
Debt-to-equity ratio
  0.240
  0.240
  0.260
  0.280
  0.300
  0.320
  0.340
  0.350
  0.370
  0.390
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
Adjusted equity ratio
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  44
  46
  48
  50
  53
  55
  58
  61
  65
  68
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  207
  217
Depreciation, amort., depletion, $m
  50
  56
  57
  58
  59
  60
  61
  62
  63
  65
  66
  36
  38
  39
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  83
  88
Funds from operations, $m
  -34
  99
  102
  106
  109
  113
  116
  121
  125
  129
  134
  131
  136
  142
  148
  155
  162
  169
  176
  184
  193
  202
  211
  221
  231
  242
  253
  265
  277
  291
  304
Change in working capital, $m
  -65
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
Cash from operations, $m
  31
  94
  97
  99
  102
  105
  109
  112
  116
  120
  125
  121
  126
  131
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  277
Maintenance CAPEX, $m
  0
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
New CAPEX, $m
  -19
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -86
  -31
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -128
Free cash flow, $m
  -55
  62
  63
  64
  65
  67
  68
  70
  72
  74
  76
  69
  72
  74
  77
  80
  83
  86
  89
  93
  97
  101
  105
  110
  114
  119
  125
  130
  136
  142
  148
Issuance/(repayment) of debt, $m
  33
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
Issuance/(repurchase) of shares, $m
  4
  0
  0
  0
  0
  0
  0
  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 financing (excl. dividends), $m  
  35
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
Total cash flow (excl. dividends), $m
  -20
  78
  80
  83
  86
  88
  91
  95
  98
  101
  105
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  169
  176
  185
  193
  202
  212
  222
  232
Retained Cash Flow (-), $m
  -101
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
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
 
  57
  58
  59
  59
  60
  62
  63
  64
  66
  67
  60
  62
  64
  66
  69
  71
  74
  77
  79
  83
  86
  89
  93
  97
  101
  105
  110
  114
  119
  125
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
 
  55
  53
  51
  49
  47
  45
  42
  40
  38
  35
  29
  27
  24
  22
  20
  18
  16
  14
  12
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

Diplomat Pharmacy, Inc. (Diplomat) operates a specialty pharmacy business, which stocks, dispenses and distributes prescriptions for various biotechnology and specialty pharmaceutical manufacturers. The Company operates through specialty pharmacy services segment. The Company's primary focus is on medication management programs for individuals with chronic diseases, including oncology, immunology, hepatitis, multiple sclerosis, specialty infusion therapy, and various other serious and/or long-term conditions. The Company provides specialty pharmacy support services to a national network of retailers and independent pharmacy groups, hospitals and health systems. The Company offers various services, such as specialty drug dispensing, retail specialty services, hospital and health system services, and hub services. The Company's patient care system is used to coordinate and track patient adherence and safety.

FINANCIAL RATIOS  of  Diplomat Pharmacy (DPLO)

Valuation Ratios
P/E Ratio 35.8
Price to Sales 0.2
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 32.3
Price to Free Cash Flow 83.5
Growth Rates
Sales Growth Rate 31%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 16.3%
Total Debt to Equity 24%
Interest Coverage 8
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 4.2
Profitability Ratios
Gross Margin 7.4%
Gross Margin - 3 Yr. Avg. 7.2%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 1.7%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 0.8%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

DPLO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DPLO stock intrinsic value calculation we used $4410 million for the last fiscal year's total revenue generated by Diplomat Pharmacy. The default revenue input number comes from 2016 income statement of Diplomat Pharmacy. 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 DPLO stock valuation model: a) initial revenue growth rate of 3.4% 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 DPLO is calculated based on our internal credit rating of Diplomat Pharmacy, 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 Diplomat Pharmacy.
    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 DPLO stock the variable cost ratio is equal to 98.6%.

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 DPLO 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 3.8% for Diplomat Pharmacy.

Corporate tax rate of 27% is the nominal tax rate for Diplomat Pharmacy. 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 DPLO 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 DPLO are equal to 5.8%.

Life of production assets of 10.9 years is the average useful life of capital assets used in Diplomat Pharmacy 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 DPLO is equal to 3.6%. 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 - $613 million for Diplomat Pharmacy - 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 68.256 million for Diplomat Pharmacy 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 Diplomat Pharmacy at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Why Diplomat Pharmacy Inc Fell Today   [01:58PM  Motley Fool]
▶ Diplomat Pharmacy Inc. Expands Its Offerings   [Nov-13-17 04:28PM  Motley Fool]
▶ Why Diplomat Pharmacy Inc Fell Today   [Nov-07-17 05:02PM  Motley Fool]
▶ Diplomat Pharmaceuticals posts 3Q profit   [Nov-06-17 04:39PM  Associated Press]
▶ Diplomat Pharmacy Shows Rising Price Performance With Jump To 92 RS Rating   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Diplomat Selected to Dispense VERZENIO for Breast Cancer   [Oct-10-17 08:00AM  PR Newswire]
▶ Diplomat Acquires 8th Day Software, Names New CIO   [Oct-02-17 04:15PM  PR Newswire]
▶ Diplomat Pharmacy Joins Elite Club Of Stocks With RS Ratings Over 90   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ Diplomat Pharmacy Hits 80-Plus Relative Strength Rating Benchmark   [Sep-21-17 03:00AM  Investor's Business Daily]
▶ Diplomat Acquires Focus Rx   [Sep-11-17 06:04PM  PR Newswire]
▶ Diplomat to Participate in Upcoming Investor Conferences   [Aug-22-17 10:10AM  PR Newswire]
▶ Diplomat Dispensing MAVYRET to Treat Chronic Hepatitis C   [Aug-17-17 04:30PM  PR Newswire]
▶ Diplomat Dispensing Opioid-Overdose Antidote Naloxone   [Aug-15-17 04:30PM  PR Newswire]
▶ Diplomat Pharmacy Inc Makes Up for Lost Contracts   [Aug-10-17 04:06PM  Motley Fool]
▶ Diplomat Pharmaceuticals posts 2Q profit   [Aug-07-17 11:56PM  Associated Press]
▶ Diplomat Announces A New President   [04:15PM  PR Newswire]
▶ Diplomat Named Exclusive Distributor of NITYR   [Aug-03-17 08:00AM  PR Newswire]
▶ 3 Healthcare Stocks for Ambitious Investors   [Jun-15-17 04:23PM  Motley Fool]
▶ Jeff Park Elected to Diplomat Board of Directors   [Jun-08-17 04:30PM  PR Newswire]
▶ Diplomat Pharmaceuticals posts 1Q profit   [04:59PM  Associated Press]
▶ Diplomat Acquires WRB Communications   [04:10PM  PR Newswire]
▶ Diplomat Promotes Executive Jennifer Cretu   [Apr-13-17 05:10PM  PR Newswire]
▶ Diplomat Appoints New Chief Financial Officer   [Apr-11-17 08:00AM  PR Newswire]
▶ 3 Top Specialty Pharma Stocks to Buy in 2017   [Apr-02-17 02:01PM  Motley Fool]
Financial statements of DPLO
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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