Intrinsic value of Epizyme - EPZM

Previous Close

$14.55

  Intrinsic Value

$0.84

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-101%

Previous close

$14.55

 
Intrinsic value

$0.84

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-101%

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

We calculate the intrinsic value of EPZM 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 0.9

 

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, %
  166.67
  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
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Variable operating expenses, $m
 
  367
  376
  385
  396
  408
  421
  436
  451
  468
  486
  505
  526
  547
  571
  595
  621
  649
  678
  709
  742
  776
  812
  850
  891
  933
  978
  1,025
  1,074
  1,126
  1,181
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
  120
  367
  376
  385
  396
  408
  421
  436
  451
  468
  486
  505
  526
  547
  571
  595
  621
  649
  678
  709
  742
  776
  812
  850
  891
  933
  978
  1,025
  1,074
  1,126
  1,181
Operating income, $m
  -112
  -359
  -367
  -377
  -387
  -399
  -412
  -426
  -441
  -458
  -475
  -494
  -514
  -535
  -558
  -582
  -608
  -635
  -663
  -693
  -725
  -759
  -794
  -832
  -871
  -912
  -956
  -1,002
  -1,050
  -1,101
  -1,155
EBITDA, $m
  -110
  -359
  -367
  -376
  -387
  -399
  -412
  -426
  -441
  -457
  -475
  -493
  -513
  -535
  -557
  -581
  -607
  -634
  -662
  -693
  -724
  -758
  -793
  -831
  -870
  -911
  -955
  -1,001
  -1,049
  -1,100
  -1,154
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Earnings before tax, $m
  -110
  -359
  -367
  -377
  -387
  -399
  -412
  -426
  -441
  -458
  -475
  -494
  -514
  -536
  -559
  -583
  -608
  -636
  -664
  -695
  -727
  -760
  -796
  -833
  -873
  -915
  -958
  -1,005
  -1,053
  -1,104
  -1,158
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
  -110
  -359
  -367
  -377
  -387
  -399
  -412
  -426
  -441
  -458
  -475
  -494
  -514
  -536
  -559
  -583
  -608
  -636
  -664
  -695
  -727
  -760
  -796
  -833
  -873
  -915
  -958
  -1,005
  -1,053
  -1,104
  -1,158

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  242
  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
  252
  51
  53
  54
  55
  57
  59
  61
  63
  65
  68
  71
  73
  77
  80
  83
  87
  91
  95
  99
  104
  108
  114
  119
  124
  130
  137
  143
  150
  157
  165
Adjusted assets (=assets-cash), $m
  10
  51
  53
  54
  55
  57
  59
  61
  63
  65
  68
  71
  73
  77
  80
  83
  87
  91
  95
  99
  104
  108
  114
  119
  124
  130
  137
  143
  150
  157
  165
Revenue / Adjusted assets
  0.800
  0.157
  0.151
  0.167
  0.164
  0.158
  0.153
  0.164
  0.159
  0.154
  0.162
  0.155
  0.164
  0.156
  0.163
  0.157
  0.161
  0.154
  0.158
  0.162
  0.154
  0.157
  0.158
  0.160
  0.161
  0.162
  0.161
  0.161
  0.160
  0.159
  0.158
Average production assets, $m
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
Working capital, $m
  227
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Total debt, $m
  1
  -3
  -2
  -1
  1
  2
  4
  6
  8
  10
  12
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  49
  53
  58
  63
  68
  74
  80
  86
  93
  100
Total liabilities, $m
  51
  46
  47
  48
  50
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  142
  149
Total equity, $m
  202
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
Total liabilities and equity, $m
  253
  51
  52
  53
  56
  57
  59
  61
  63
  66
  68
  71
  73
  77
  80
  83
  87
  91
  94
  99
  103
  109
  113
  119
  124
  130
  137
  143
  150
  158
  166
Debt-to-equity ratio
  0.005
  -0.550
  -0.330
  -0.100
  0.150
  0.410
  0.680
  0.950
  1.230
  1.510
  1.780
  2.060
  2.330
  2.600
  2.860
  3.110
  3.360
  3.600
  3.830
  4.060
  4.270
  4.480
  4.680
  4.880
  5.060
  5.240
  5.410
  5.580
  5.740
  5.890
  6.030
Adjusted equity ratio
  -4.000
  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
  -110
  -359
  -367
  -377
  -387
  -399
  -412
  -426
  -441
  -458
  -475
  -494
  -514
  -536
  -559
  -583
  -608
  -636
  -664
  -695
  -727
  -760
  -796
  -833
  -873
  -915
  -958
  -1,005
  -1,053
  -1,104
  -1,158
Depreciation, amort., depletion, $m
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  -94
  -359
  -367
  -376
  -387
  -399
  -412
  -426
  -441
  -457
  -475
  -494
  -514
  -535
  -558
  -582
  -608
  -635
  -664
  -694
  -726
  -760
  -795
  -833
  -872
  -914
  -957
  -1,004
  -1,052
  -1,103
  -1,157
Change in working capital, $m
  2
  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 operations, $m
  -96
  -359
  -367
  -376
  -387
  -399
  -412
  -426
  -441
  -457
  -475
  -494
  -514
  -535
  -558
  -582
  -608
  -635
  -663
  -694
  -726
  -759
  -795
  -832
  -872
  -914
  -957
  -1,003
  -1,052
  -1,103
  -1,157
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New CAPEX, $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
  -1
  -1
Cash from investing activities, $m
  -165
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
Free cash flow, $m
  -261
  -359
  -367
  -377
  -387
  -399
  -412
  -426
  -441
  -458
  -476
  -494
  -515
  -536
  -559
  -583
  -609
  -636
  -664
  -695
  -727
  -760
  -796
  -834
  -873
  -915
  -959
  -1,005
  -1,053
  -1,105
  -1,158
Issuance/(repayment) of debt, $m
  0
  -3
  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
Issuance/(repurchase) of shares, $m
  2
  363
  367
  377
  387
  399
  412
  426
  442
  458
  476
  495
  515
  536
  559
  583
  609
  636
  665
  695
  727
  761
  796
  834
  873
  915
  959
  1,005
  1,054
  1,105
  1,159
Cash from financing (excl. dividends), $m  
  131
  360
  368
  378
  388
  401
  414
  428
  444
  460
  478
  497
  518
  539
  562
  586
  612
  639
  669
  699
  731
  765
  801
  839
  878
  920
  965
  1,011
  1,060
  1,112
  1,166
Total cash flow (excl. dividends), $m
  -130
  1
  1
  1
  1
  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
  7
Retained Cash Flow (-), $m
  -32
  -363
  -367
  -377
  -387
  -399
  -412
  -426
  -442
  -458
  -476
  -495
  -515
  -536
  -559
  -583
  -609
  -636
  -665
  -695
  -727
  -761
  -796
  -834
  -873
  -915
  -959
  -1,005
  -1,054
  -1,105
  -1,159
Prev. year cash balance distribution, $m
 
  201
  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
 
  -161
  -366
  -376
  -386
  -398
  -410
  -424
  -440
  -456
  -473
  -492
  -512
  -533
  -556
  -580
  -605
  -632
  -661
  -691
  -723
  -756
  -792
  -829
  -868
  -909
  -953
  -999
  -1,047
  -1,098
  -1,151
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
 
  -155
  -335
  -327
  -318
  -308
  -298
  -287
  -275
  -262
  -248
  -234
  -218
  -203
  -187
  -170
  -154
  -138
  -122
  -106
  -92
  -78
  -66
  -54
  -44
  -35
  -28
  -21
  -16
  -12
  -9
Current shareholders' claim on cash, %
  100
  1.5
  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
  0.0

Epizyme, Inc., a clinical stage biopharmaceutical company, discovers and develops epigenetic therapies for cancer patients. The company’s proprietary product platform creates small molecule inhibitors of enzymes known as histone methyltransferases (HMTs). Its lead product candidate includes tazemetostat, an inhibitor of the EZH2 HMT, which is in Phase II clinical study in adults with relapsed or refractory non-Hodgkin lymphoma; and in phase II study in adults and phase I study in children with certain genetically-defined solid tumors, as well as for the treatment of mesothelioma. The company is also developing additional programs, including a Phase I clinical trial of pinometostat, an inhibitor of the DOT1L HMT for the treatment of children with MLL-r, an acute leukemia with genetic alterations of the MLL gene. It has therapeutic collaboration agreements with Celgene Corporation, Celgene RIVOT Ltd., Celgene International Sàrl, and Glaxo Group Limited, as well as with Roche Molecular Systems, Inc. and Eisai Co. Ltd.; and collaboration agreement with the Lymphoma Study Association. Epizyme, Inc. was founded in 2007 and is headquartered in Cambridge, Massachusetts.

FINANCIAL RATIOS  of  Epizyme (EPZM)

Valuation Ratios
P/E Ratio -7.7
Price to Sales 105.6
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow -8.8
Price to Free Cash Flow -8.7
Growth Rates
Sales Growth Rate 166.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 242
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -46.8%
Ret/ On Assets - 3 Yr. Avg. -46.8%
Return On Total Capital -58.8%
Ret/ On T. Cap. - 3 Yr. Avg. -60.1%
Return On Equity -59.1%
Return On Equity - 3 Yr. Avg. -60.3%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1350%
EBITDA Margin - 3 Yr. Avg. -1949.5%
Operating Margin -1400%
Oper. Margin - 3 Yr. Avg. -1978%
Pre-Tax Margin -1375%
Pre-Tax Margin - 3 Yr. Avg. -1969.7%
Net Profit Margin -1375%
Net Profit Margin - 3 Yr. Avg. -1969.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EPZM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EPZM stock intrinsic value calculation we used $8 million for the last fiscal year's total revenue generated by Epizyme. The default revenue input number comes from 2016 income statement of Epizyme. 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 EPZM 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 EPZM is calculated based on our internal credit rating of Epizyme, 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 Epizyme.
    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 EPZM stock the variable cost ratio is equal to 4500%.

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 EPZM 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 Epizyme.

Corporate tax rate of 27% is the nominal tax rate for Epizyme. 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 EPZM 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 EPZM are equal to 43.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Epizyme 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 EPZM 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 - $202 million for Epizyme - 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 60.349 million for Epizyme 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 Epizyme at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Epizyme reports 2Q loss   [Aug-04-17 09:38PM  Associated Press]
▶ Biotech Movers: Sangamo, Epizyme, Revance   [Jun-21-17 09:36AM  TheStreet.com]
▶ Biotech Movers: AveXis, Clovis, Epizyme   [Jun-20-17 09:33AM  TheStreet.com]
▶ Biotech Stocks To Watch And Pharma Industry News   [Jun-16-17 01:06PM  Investor's Business Daily]
▶ Why Epizyme Inc.'s Shares Are Skyrocketing Today   [Jun-15-17 08:33PM  Motley Fool]
▶ Could This Small Biotech Pique Interest Of Gilead And Others?   [03:20PM  Investor's Business Daily]
▶ A New Era of Cancer Research as ASCO Kicks Off   [Jun-01-17 07:20AM  24/7 Wall St.]
▶ 3 Stocks With iRobot-Like Return Potential   [May-26-17 09:49AM  Motley Fool]
▶ Epizyme reports 1Q loss   [07:04AM  Associated Press]
▶ Why Epizyme Inc. Shares Are Soaring Today   [Apr-25-17 02:01PM  Motley Fool]
▶ ETFs with exposure to Epizyme, Inc. : April 7, 2017   [Apr-07-17 04:26PM  Capital Cube]
▶ Epizyme reports 4Q loss   [06:40AM  Associated Press]
▶ Epizyme to Present at Upcoming Investor Conferences   [Feb-02-17 06:30AM  GlobeNewswire]
▶ New England Venture Capital Association adds new board members   [Jan-10-17 05:55PM  at bizjournals.com]
▶ Should You Add Epizyme Inc (EPZM) to Your Portfolio?   [Dec-08-16 12:25PM  at Insider Monkey]
Stock chart of EPZM Financial statements of EPZM
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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