Intrinsic value of Five Prime Therapeutics - FPRX

Previous Close

$29.85

  Intrinsic Value

$126.87

stock screener

  Rating & Target

str. buy

+325%

  Value-price divergence*

+439%

Previous close

$29.85

 
Intrinsic value

$126.87

 
Up/down potential

+325%

 
Rating

str. buy

 
Value-price divergence*

+439%

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

We calculate the intrinsic value of FPRX 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 0.8

 

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, %
  -91.84
  42.90
  39.11
  35.70
  32.63
  29.87
  27.38
  25.14
  23.13
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.79
Revenue, $m
  31
  44
  62
  84
  111
  144
  183
  230
  283
  343
  410
  485
  567
  656
  752
  855
  965
  1,081
  1,203
  1,332
  1,466
  1,607
  1,754
  1,907
  2,067
  2,233
  2,405
  2,584
  2,770
  2,964
  3,165
Variable operating expenses, $m
 
  11
  16
  22
  29
  37
  47
  59
  73
  88
  106
  125
  146
  169
  194
  221
  249
  279
  310
  344
  378
  415
  453
  492
  533
  576
  620
  667
  715
  765
  817
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
  130
  11
  16
  22
  29
  37
  47
  59
  73
  88
  106
  125
  146
  169
  194
  221
  249
  279
  310
  344
  378
  415
  453
  492
  533
  576
  620
  667
  715
  765
  817
Operating income, $m
  -99
  33
  46
  62
  82
  107
  136
  170
  210
  254
  305
  360
  421
  487
  558
  635
  716
  802
  893
  988
  1,088
  1,192
  1,302
  1,415
  1,534
  1,657
  1,784
  1,917
  2,056
  2,199
  2,348
EBITDA, $m
  -97
  34
  47
  64
  84
  109
  139
  174
  215
  261
  312
  369
  431
  499
  572
  650
  733
  821
  914
  1,012
  1,114
  1,221
  1,333
  1,449
  1,570
  1,696
  1,827
  1,963
  2,105
  2,252
  2,404
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  6
  8
  11
  14
  18
  21
  26
  30
  35
  41
  47
  53
  59
  66
  74
  81
  89
  98
  106
  116
  125
  135
  145
  156
  167
Earnings before tax, $m
  -97
  33
  45
  61
  79
  103
  130
  162
  199
  240
  287
  339
  395
  457
  523
  594
  669
  749
  833
  922
  1,014
  1,111
  1,212
  1,317
  1,427
  1,541
  1,659
  1,783
  1,911
  2,043
  2,182
Tax expense, $m
  -31
  9
  12
  16
  21
  28
  35
  44
  54
  65
  77
  91
  107
  123
  141
  160
  181
  202
  225
  249
  274
  300
  327
  356
  385
  416
  448
  481
  516
  552
  589
Net income, $m
  -66
  24
  33
  44
  58
  75
  95
  118
  145
  175
  210
  247
  289
  333
  382
  433
  488
  547
  608
  673
  740
  811
  885
  962
  1,042
  1,125
  1,211
  1,301
  1,395
  1,492
  1,593

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  422
  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
  448
  80
  111
  151
  200
  260
  331
  414
  510
  619
  741
  876
  1,024
  1,185
  1,358
  1,544
  1,741
  1,951
  2,171
  2,403
  2,647
  2,901
  3,166
  3,443
  3,731
  4,030
  4,341
  4,664
  5,000
  5,350
  5,713
Adjusted assets (=assets-cash), $m
  26
  80
  111
  151
  200
  260
  331
  414
  510
  619
  741
  876
  1,024
  1,185
  1,358
  1,544
  1,741
  1,951
  2,171
  2,403
  2,647
  2,901
  3,166
  3,443
  3,731
  4,030
  4,341
  4,664
  5,000
  5,350
  5,713
Revenue / Adjusted assets
  1.192
  0.550
  0.559
  0.556
  0.555
  0.554
  0.553
  0.556
  0.555
  0.554
  0.553
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
Average production assets, $m
  6
  8
  11
  15
  20
  25
  32
  41
  50
  61
  73
  86
  100
  116
  133
  151
  171
  191
  213
  236
  260
  284
  310
  338
  366
  395
  426
  457
  490
  525
  560
Working capital, $m
  401
  -4
  -6
  -8
  -11
  -14
  -18
  -23
  -28
  -34
  -41
  -49
  -57
  -66
  -75
  -86
  -96
  -108
  -120
  -133
  -147
  -161
  -175
  -191
  -207
  -223
  -240
  -258
  -277
  -296
  -316
Total debt, $m
  0
  16
  44
  80
  124
  178
  242
  317
  403
  501
  611
  732
  865
  1,010
  1,166
  1,333
  1,511
  1,699
  1,898
  2,107
  2,326
  2,555
  2,794
  3,043
  3,302
  3,571
  3,851
  4,142
  4,444
  4,759
  5,085
Total liabilities, $m
  57
  72
  100
  136
  180
  234
  298
  373
  459
  557
  667
  788
  921
  1,066
  1,222
  1,389
  1,567
  1,755
  1,954
  2,163
  2,382
  2,611
  2,850
  3,099
  3,358
  3,627
  3,907
  4,198
  4,500
  4,815
  5,141
Total equity, $m
  392
  8
  11
  15
  20
  26
  33
  41
  51
  62
  74
  88
  102
  118
  136
  154
  174
  195
  217
  240
  265
  290
  317
  344
  373
  403
  434
  466
  500
  535
  571
Total liabilities and equity, $m
  449
  80
  111
  151
  200
  260
  331
  414
  510
  619
  741
  876
  1,023
  1,184
  1,358
  1,543
  1,741
  1,950
  2,171
  2,403
  2,647
  2,901
  3,167
  3,443
  3,731
  4,030
  4,341
  4,664
  5,000
  5,350
  5,712
Debt-to-equity ratio
  0.000
  2.000
  3.970
  5.290
  6.200
  6.850
  7.310
  7.650
  7.900
  8.100
  8.240
  8.360
  8.450
  8.530
  8.590
  8.640
  8.680
  8.710
  8.740
  8.770
  8.790
  8.810
  8.820
  8.840
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.900
Adjusted equity ratio
  -1.154
  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
  -66
  24
  33
  44
  58
  75
  95
  118
  145
  175
  210
  247
  289
  333
  382
  433
  488
  547
  608
  673
  740
  811
  885
  962
  1,042
  1,125
  1,211
  1,301
  1,395
  1,492
  1,593
Depreciation, amort., depletion, $m
  2
  1
  1
  1
  2
  3
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  24
  26
  28
  31
  34
  37
  40
  43
  46
  49
  52
  56
Funds from operations, $m
  -147
  25
  34
  46
  60
  77
  98
  122
  150
  182
  217
  256
  299
  345
  395
  449
  506
  566
  629
  696
  766
  840
  916
  995
  1,078
  1,164
  1,254
  1,347
  1,444
  1,544
  1,649
Change in working capital, $m
  -67
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
Cash from operations, $m
  -80
  26
  36
  48
  63
  81
  102
  127
  155
  188
  224
  263
  307
  354
  405
  459
  516
  577
  642
  709
  780
  854
  931
  1,011
  1,094
  1,181
  1,271
  1,365
  1,462
  1,564
  1,669
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
New CAPEX, $m
  -3
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
Cash from investing activities, $m
  -54
  -3
  -4
  -5
  -6
  -8
  -10
  -11
  -13
  -16
  -18
  -20
  -24
  -26
  -29
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -62
  -66
  -71
  -75
  -79
  -83
  -88
Free cash flow, $m
  -134
  23
  32
  43
  56
  73
  92
  115
  142
  172
  206
  243
  284
  328
  376
  427
  482
  540
  601
  665
  732
  803
  876
  953
  1,032
  1,115
  1,201
  1,291
  1,384
  1,480
  1,581
Issuance/(repayment) of debt, $m
  0
  16
  28
  36
  44
  54
  64
  75
  86
  98
  110
  121
  133
  145
  156
  167
  178
  188
  199
  209
  219
  229
  239
  249
  259
  269
  280
  291
  302
  314
  327
Issuance/(repurchase) of shares, $m
  -6
  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  
  -9
  16
  28
  36
  44
  54
  64
  75
  86
  98
  110
  121
  133
  145
  156
  167
  178
  188
  199
  209
  219
  229
  239
  249
  259
  269
  280
  291
  302
  314
  327
Total cash flow (excl. dividends), $m
  -142
  39
  60
  79
  101
  127
  157
  190
  228
  270
  315
  364
  417
  473
  532
  594
  660
  728
  800
  874
  951
  1,032
  1,115
  1,201
  1,291
  1,384
  1,481
  1,582
  1,686
  1,795
  1,907
Retained Cash Flow (-), $m
  41
  -8
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
Prev. year cash balance distribution, $m
 
  392
  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
 
  423
  57
  75
  96
  121
  149
  182
  219
  259
  303
  351
  402
  457
  515
  576
  640
  707
  778
  851
  927
  1,006
  1,088
  1,174
  1,263
  1,355
  1,450
  1,549
  1,652
  1,760
  1,871
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
 
  406
  52
  65
  79
  94
  108
  123
  137
  149
  159
  167
  172
  174
  173
  169
  163
  154
  143
  131
  118
  104
  90
  77
  64
  53
  42
  33
  26
  19
  14
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

Five Prime Therapeutics, Inc., a clinical-stage biotechnology company, focuses on the discovery and development of immuno-oncology protein therapeutics in the United States. The company’s product candidates include Cabiralizumab, an antibody that inhibits colony stimulating factor-1 receptor and is in Phase Ia/Ib clinical trials for the treatment of various cancers in combination with nivolumab; and is in Phase I/II clinical trials for the treatment of pigmented villonodular synovitis tumor, as well as conducts Phase I clinical trials for the treatment of rheumatoid arthritis. Its product candidates also comprise FPA144, an antibody that inhibits fibroblast growth factor receptor IIb and is in Phase I clinical trials to treat patients with gastric cancer; and FP-1039, a fusion protein that traps and neutralizes cancer-promoting fibroblast growth factors. The company’s FP-1039 is in Phase Ib clinical trials to treat patients with malignant pleural mesothelioma. Its preclinical product candidates include FPA150, a CD8 T cell checkpoint inhibitor antibody; FPA154, a tetravalent agonistic antibody that activates glucocorticoid-induced tumor necrosis factor receptor; and FPT155, a CD80-Fc fusion protein, which modulates signaling pathways. The company has license and collaboration agreement with GlaxoSmithKline LLC, Bristol-Myers Squibb Company, and UCB Pharma S.A.; and license agreement with INBRX 110 LP, Galaxy Biotech, LLC, BioWa, Inc., and Lonza Sales AG. Five Prime Therapeutics, Inc. was founded in 2001 and is headquartered in South San Francisco, California.

FINANCIAL RATIOS  of  Five Prime Therapeutics (FPRX)

Valuation Ratios
P/E Ratio -12.4
Price to Sales 26.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow -10.3
Price to Free Cash Flow -9.9
Growth Rates
Sales Growth Rate -91.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -13.3%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital -16%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity -16%
Return On Equity - 3 Yr. Avg. 9.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -306.5%
EBITDA Margin - 3 Yr. Avg. -138.2%
Operating Margin -319.4%
Oper. Margin - 3 Yr. Avg. -147.9%
Pre-Tax Margin -312.9%
Pre-Tax Margin - 3 Yr. Avg. -144%
Net Profit Margin -212.9%
Net Profit Margin - 3 Yr. Avg. -114%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 15%
Payout Ratio 0%

FPRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FPRX stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by Five Prime Therapeutics. The default revenue input number comes from 2016 income statement of Five Prime 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 FPRX stock valuation model: a) initial revenue growth rate of 42.9% 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 FPRX is calculated based on our internal credit rating of Five Prime 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 Five Prime 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 FPRX stock the variable cost ratio is equal to 25.8%.

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 FPRX 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 Five Prime Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Five Prime 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 FPRX 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 FPRX are equal to 17.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Five Prime 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 FPRX 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 - $392 million for Five Prime 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 27.474 million for Five Prime 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 Five Prime Therapeutics at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Five Prime Therapeutics founder, CEO to step down   [Jun-21-17 04:33PM  MarketWatch]
▶ Five Prime Welcomes Garry Nicholson to Board of Directors   [May-15-17 04:05PM  GlobeNewswire]
▶ Five Prime Therapeutics posts 1Q loss   [May-05-17 05:03AM  Associated Press]
▶ Five Prime Therapeutics posts 4Q loss   [05:49PM  Associated Press]
▶ Is TASER International, Inc. (TASR) Firing Blanks?   [Dec-09-16 03:47PM  at Insider Monkey]
▶ Is Five Prime Therapeutics Inc (FPRX) A Good Stock To Buy?   [Dec-07-16 03:43PM  at Insider Monkey]
▶ [$$] Biotech M&A Could Surge Under Trump   [Nov-15-16 12:16PM  at Barrons.com]
▶ Five Prime Therapeutics Announces Key Executive Promotions   [Sep-20-16 04:41PM  GlobeNewswire]
▶ Why Do Hedge Funds Like Five Prime Therapeutics?   [Aug-31-16 11:36AM  at Insider Monkey]
Stock chart of FPRX Financial statements of FPRX Annual reports of FPRX
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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