Intrinsic value of Enanta Pharmaceuticals - ENTA

Previous Close

$79.41

  Intrinsic Value

$353.12

stock screener

  Rating & Target

str. buy

+345%

Previous close

$79.41

 
Intrinsic value

$353.12

 
Up/down potential

+345%

 
Rating

str. buy

We calculate the intrinsic value of ENTA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.05
  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
  103
  165
  255
  381
  552
  779
  1,072
  1,438
  1,889
  2,430
  3,070
  3,812
  4,660
  5,617
  6,684
  7,859
  9,141
  10,530
  12,023
  13,616
  15,309
  17,098
  18,982
  20,959
  23,028
  25,190
  27,444
  29,792
  32,234
  34,774
  37,413
Variable operating expenses, $m
 
  107
  166
  248
  359
  507
  697
  935
  1,228
  1,580
  1,995
  2,478
  3,029
  3,651
  4,344
  5,108
  5,942
  6,845
  7,815
  8,851
  9,951
  11,114
  12,338
  13,623
  14,968
  16,374
  17,839
  19,365
  20,952
  22,603
  24,319
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
  78
  107
  166
  248
  359
  507
  697
  935
  1,228
  1,580
  1,995
  2,478
  3,029
  3,651
  4,344
  5,108
  5,942
  6,845
  7,815
  8,851
  9,951
  11,114
  12,338
  13,623
  14,968
  16,374
  17,839
  19,365
  20,952
  22,603
  24,319
Operating income, $m
  25
  58
  89
  133
  193
  273
  375
  503
  661
  851
  1,074
  1,334
  1,631
  1,966
  2,339
  2,751
  3,200
  3,686
  4,208
  4,766
  5,358
  5,984
  6,644
  7,336
  8,060
  8,817
  9,605
  10,427
  11,282
  12,171
  13,095
EBITDA, $m
  27
  60
  93
  139
  202
  285
  392
  526
  691
  889
  1,122
  1,394
  1,704
  2,054
  2,443
  2,873
  3,342
  3,850
  4,395
  4,978
  5,597
  6,251
  6,940
  7,663
  8,419
  9,210
  10,034
  10,892
  11,785
  12,713
  13,678
Interest expense (income), $m
  0
  0
  1
  1
  2
  4
  6
  8
  11
  15
  20
  25
  32
  39
  47
  56
  66
  77
  89
  101
  115
  129
  145
  161
  177
  195
  213
  233
  253
  273
  295
Earnings before tax, $m
  27
  58
  89
  132
  191
  269
  369
  495
  650
  835
  1,055
  1,309
  1,600
  1,927
  2,292
  2,695
  3,134
  3,609
  4,119
  4,664
  5,243
  5,855
  6,499
  7,175
  7,883
  8,622
  9,392
  10,195
  11,029
  11,897
  12,800
Tax expense, $m
  9
  16
  24
  36
  52
  73
  100
  134
  175
  226
  285
  353
  432
  520
  619
  728
  846
  974
  1,112
  1,259
  1,416
  1,581
  1,755
  1,937
  2,128
  2,328
  2,536
  2,753
  2,978
  3,212
  3,456
Net income, $m
  18
  42
  65
  96
  139
  196
  270
  361
  474
  610
  770
  955
  1,168
  1,407
  1,673
  1,967
  2,287
  2,634
  3,007
  3,405
  3,827
  4,274
  4,744
  5,238
  5,754
  6,294
  6,856
  7,442
  8,051
  8,685
  9,344

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  224
  0
  0
  0
  0
  0
  0
  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
  327
  165
  255
  381
  552
  779
  1,072
  1,438
  1,889
  2,430
  3,070
  3,812
  4,660
  5,617
  6,684
  7,859
  9,141
  10,530
  12,023
  13,616
  15,309
  17,098
  18,982
  20,959
  23,028
  25,190
  27,444
  29,792
  32,234
  34,774
  37,413
Adjusted assets (=assets-cash), $m
  103
  165
  255
  381
  552
  779
  1,072
  1,438
  1,889
  2,430
  3,070
  3,812
  4,660
  5,617
  6,684
  7,859
  9,141
  10,530
  12,023
  13,616
  15,309
  17,098
  18,982
  20,959
  23,028
  25,190
  27,444
  29,792
  32,234
  34,774
  37,413
Revenue / Adjusted assets
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
Average production assets, $m
  8
  13
  20
  30
  43
  61
  84
  112
  147
  190
  239
  297
  364
  438
  521
  613
  713
  821
  938
  1,062
  1,194
  1,334
  1,481
  1,635
  1,796
  1,965
  2,141
  2,324
  2,514
  2,712
  2,918
Working capital, $m
  217
  -11
  -17
  -26
  -38
  -53
  -73
  -98
  -128
  -165
  -209
  -259
  -317
  -382
  -454
  -534
  -622
  -716
  -818
  -926
  -1,041
  -1,163
  -1,291
  -1,425
  -1,566
  -1,713
  -1,866
  -2,026
  -2,192
  -2,365
  -2,544
Total debt, $m
  1
  16
  38
  69
  110
  165
  236
  326
  435
  567
  722
  902
  1,108
  1,341
  1,600
  1,886
  2,197
  2,535
  2,897
  3,285
  3,696
  4,131
  4,589
  5,069
  5,572
  6,097
  6,645
  7,215
  7,809
  8,426
  9,067
Total liabilities, $m
  25
  40
  62
  93
  134
  189
  260
  350
  459
  591
  746
  926
  1,132
  1,365
  1,624
  1,910
  2,221
  2,559
  2,921
  3,309
  3,720
  4,155
  4,613
  5,093
  5,596
  6,121
  6,669
  7,239
  7,833
  8,450
  9,091
Total equity, $m
  302
  125
  193
  288
  418
  590
  811
  1,089
  1,430
  1,840
  2,324
  2,886
  3,528
  4,252
  5,059
  5,949
  6,920
  7,971
  9,101
  10,307
  11,589
  12,943
  14,369
  15,866
  17,432
  19,069
  20,775
  22,552
  24,401
  26,324
  28,322
Total liabilities and equity, $m
  327
  165
  255
  381
  552
  779
  1,071
  1,439
  1,889
  2,431
  3,070
  3,812
  4,660
  5,617
  6,683
  7,859
  9,141
  10,530
  12,022
  13,616
  15,309
  17,098
  18,982
  20,959
  23,028
  25,190
  27,444
  29,791
  32,234
  34,774
  37,413
Debt-to-equity ratio
  0.003
  0.130
  0.200
  0.240
  0.260
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
Adjusted equity ratio
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757
  0.757

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  42
  65
  96
  139
  196
  270
  361
  474
  610
  770
  955
  1,168
  1,407
  1,673
  1,967
  2,287
  2,634
  3,007
  3,405
  3,827
  4,274
  4,744
  5,238
  5,754
  6,294
  6,856
  7,442
  8,051
  8,685
  9,344
Depreciation, amort., depletion, $m
  2
  3
  4
  6
  9
  12
  17
  22
  29
  38
  48
  59
  73
  88
  104
  123
  143
  164
  188
  212
  239
  267
  296
  327
  359
  393
  428
  465
  503
  542
  584
Funds from operations, $m
  75
  45
  69
  102
  148
  209
  286
  384
  504
  648
  818
  1,015
  1,240
  1,495
  1,778
  2,090
  2,430
  2,799
  3,195
  3,617
  4,066
  4,541
  5,040
  5,565
  6,113
  6,687
  7,284
  7,907
  8,554
  9,228
  9,927
Change in working capital, $m
  22
  -4
  -6
  -9
  -12
  -15
  -20
  -25
  -31
  -37
  -43
  -50
  -58
  -65
  -73
  -80
  -87
  -94
  -101
  -108
  -115
  -122
  -128
  -134
  -141
  -147
  -153
  -160
  -166
  -173
  -179
Cash from operations, $m
  53
  49
  75
  111
  160
  224
  306
  409
  534
  685
  861
  1,065
  1,298
  1,560
  1,850
  2,170
  2,517
  2,893
  3,296
  3,726
  4,181
  4,662
  5,168
  5,699
  6,254
  6,834
  7,438
  8,066
  8,720
  9,400
  10,107
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -9
  -12
  -17
  -22
  -29
  -38
  -48
  -59
  -73
  -88
  -104
  -123
  -143
  -164
  -188
  -212
  -239
  -267
  -296
  -327
  -359
  -393
  -428
  -465
  -503
  -542
New CAPEX, $m
  -3
  -5
  -7
  -10
  -13
  -18
  -23
  -29
  -35
  -42
  -50
  -58
  -66
  -75
  -83
  -92
  -100
  -108
  -116
  -124
  -132
  -140
  -147
  -154
  -161
  -169
  -176
  -183
  -191
  -198
  -206
Cash from investing activities, $m
  -5
  -7
  -10
  -14
  -19
  -27
  -35
  -46
  -57
  -71
  -88
  -106
  -125
  -148
  -171
  -196
  -223
  -251
  -280
  -312
  -344
  -379
  -414
  -450
  -488
  -528
  -569
  -611
  -656
  -701
  -748
Free cash flow, $m
  48
  42
  65
  97
  140
  198
  271
  364
  477
  613
  773
  960
  1,172
  1,412
  1,679
  1,974
  2,295
  2,642
  3,015
  3,414
  3,837
  4,284
  4,755
  5,249
  5,766
  6,306
  6,869
  7,455
  8,065
  8,699
  9,359
Issuance/(repayment) of debt, $m
  0
  15
  22
  31
  42
  55
  71
  89
  109
  132
  155
  180
  206
  233
  259
  286
  312
  337
  363
  387
  411
  435
  458
  480
  503
  525
  548
  570
  594
  617
  641
Issuance/(repurchase) of shares, $m
  1
  5
  3
  0
  0
  0
  0
  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  
  1
  20
  25
  31
  42
  55
  71
  89
  109
  132
  155
  180
  206
  233
  259
  286
  312
  337
  363
  387
  411
  435
  458
  480
  503
  525
  548
  570
  594
  617
  641
Total cash flow (excl. dividends), $m
  49
  62
  90
  128
  182
  253
  342
  453
  586
  744
  929
  1,140
  1,379
  1,645
  1,938
  2,259
  2,606
  2,980
  3,378
  3,801
  4,248
  4,719
  5,213
  5,729
  6,269
  6,831
  7,417
  8,026
  8,659
  9,316
  10,000
Retained Cash Flow (-), $m
  -32
  -47
  -68
  -96
  -130
  -172
  -221
  -278
  -341
  -410
  -484
  -562
  -642
  -724
  -807
  -890
  -971
  -1,051
  -1,130
  -1,206
  -1,281
  -1,354
  -1,426
  -1,497
  -1,567
  -1,636
  -1,706
  -1,777
  -1,849
  -1,922
  -1,998
Prev. year cash balance distribution, $m
 
  224
  0
  0
  0
  0
  0
  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
 
  239
  22
  32
  52
  81
  121
  175
  245
  334
  445
  578
  736
  920
  1,131
  1,370
  1,635
  1,928
  2,248
  2,595
  2,967
  3,364
  3,787
  4,233
  4,702
  5,195
  5,710
  6,249
  6,810
  7,394
  8,002
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
 
  229
  20
  28
  43
  63
  88
  118
  153
  192
  233
  275
  314
  350
  380
  402
  416
  420
  414
  400
  377
  348
  314
  277
  239
  202
  167
  134
  105
  81
  60
Current shareholders' claim on cash, %
  100
  98.8
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3

Enanta Pharmaceuticals, Inc. is a research and development-focused biotechnology company. The Company uses chemistry-driven approach and drug discovery solutions to create small molecule drugs for the treatment of viral infections and liver diseases. Its research and development programs are focused on three disease targets: non-alcoholic steatohepatitis (NASH)/ primary biliary cholangitis (PBC), respiratory syncytial virus (RSV) and hepatitis B virus (HBV). It has discovered novel protease inhibitors that are members of the direct-acting-antiviral (DAA) inhibitor classes designed for use against the hepatitis C virus (HCV). These protease inhibitors, developed through its collaboration with AbbVie Inc. (AbbVie), include paritaprevir and glecaprevir (ABT-493). Its product candidates also include EDP-305, which is a farnesoid X receptor (FXR) agonist product candidate for NASH and PBC, and EDP-938, which is a clinical candidate for RSV.

FINANCIAL RATIOS  of  Enanta Pharmaceuticals (ENTA)

Valuation Ratios
P/E Ratio 84.4
Price to Sales 14.7
Price to Book 5
Price to Tangible Book
Price to Cash Flow 28.6
Price to Free Cash Flow 30.4
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.3%
Total Debt to Equity 0.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 17.9%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 18.6%
Return On Equity 6.3%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 28.2%
EBITDA Margin - 3 Yr. Avg. 48.7%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 45.5%
Pre-Tax Margin 26.2%
Pre-Tax Margin - 3 Yr. Avg. 47.1%
Net Profit Margin 17.5%
Net Profit Margin - 3 Yr. Avg. 30.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 0%

ENTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENTA stock intrinsic value calculation we used $103 million for the last fiscal year's total revenue generated by Enanta Pharmaceuticals. The default revenue input number comes from 2017 income statement of Enanta Pharmaceuticals. 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 ENTA 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 ENTA is calculated based on our internal credit rating of Enanta Pharmaceuticals, 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 Enanta Pharmaceuticals.
    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 ENTA stock the variable cost ratio is equal to 65%.

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 ENTA 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 Enanta Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Enanta Pharmaceuticals. 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 ENTA 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 ENTA are equal to 7.8%.

Life of production assets of 4 years is the average useful life of capital assets used in Enanta Pharmaceuticals 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 ENTA is equal to -6.8%. 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 - $302 million for Enanta Pharmaceuticals - 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 19.427 million for Enanta Pharmaceuticals 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 Enanta Pharmaceuticals at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Enanta Pharmaceuticals posts 1Q profit   [Feb-07-18 05:15PM  Associated Press]
▶ [$$] AbbVie Gives More Juice to Drug Rally   [Jan-29-18 12:16AM  The Wall Street Journal]
▶ [$$] AbbVie Gives More Juice to Drug Rally   [Jan-27-18 10:00AM  The Wall Street Journal]
▶ Enanta Pharmaceuticals posts 4Q profit   [Nov-20-17 04:25PM  Associated Press]
▶ Enanta Pharmaceuticals reports 3Q loss   [Aug-07-17 11:56PM  Associated Press]
▶ The Best Hep C Drug Stock to Buy in 2017   [Jun-08-17 02:41PM  Motley Fool]
▶ Top 4 Pharmaceutical Stocks for 2017   [May-19-17 08:00AM  Investopedia]
▶ Enanta Pharmaceuticals reports 2Q loss   [04:07PM  Associated Press]
▶ [$$] Rare Discovery: A Value in the Biotech World   [Mar-23-17 12:51AM  The Wall Street Journal]
▶ [$$] Rare Discovery: A Value in the Biotech World   [Mar-22-17 01:12PM  at The Wall Street Journal]
▶ Enanta Pharmaceuticals reports 1Q loss   [Feb-08-17 05:24PM  Associated Press]
Financial statements of ENTA
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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