Intrinsic value of Glaukos - GKOS

Previous Close

$33.62

  Intrinsic Value

$189.72

stock screener

  Rating & Target

str. buy

+464%

Previous close

$33.62

 
Intrinsic value

$189.72

 
Up/down potential

+464%

 
Rating

str. buy

We calculate the intrinsic value of GKOS 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 1.2

 

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, %
  58.33
  41.40
  37.76
  34.48
  31.54
  28.88
  26.49
  24.34
  22.41
  20.67
  19.10
  17.69
  16.42
  15.28
  14.25
  13.33
  12.49
  11.74
  11.07
  10.46
  9.92
  9.43
  8.98
  8.58
  8.23
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
Revenue, $m
  114
  161
  222
  299
  393
  506
  640
  796
  975
  1,176
  1,401
  1,649
  1,920
  2,213
  2,528
  2,865
  3,223
  3,602
  4,000
  4,419
  4,857
  5,315
  5,793
  6,290
  6,807
  7,345
  7,904
  8,486
  9,089
  9,717
  10,369
Variable operating expenses, $m
 
  48
  66
  89
  117
  151
  191
  237
  290
  351
  417
  491
  572
  659
  753
  854
  961
  1,073
  1,192
  1,317
  1,447
  1,584
  1,726
  1,874
  2,029
  2,189
  2,356
  2,529
  2,709
  2,896
  3,090
Fixed operating expenses, $m
 
  90
  92
  95
  97
  100
  102
  105
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
  144
  148
  151
  155
  159
  163
  167
  171
  176
  180
  185
Total operating expenses, $m
  110
  138
  158
  184
  214
  251
  293
  342
  397
  461
  530
  606
  690
  780
  877
  981
  1,092
  1,207
  1,329
  1,458
  1,591
  1,732
  1,877
  2,029
  2,188
  2,352
  2,523
  2,700
  2,885
  3,076
  3,275
Operating income, $m
  4
  23
  63
  115
  179
  256
  348
  454
  577
  716
  871
  1,042
  1,229
  1,432
  1,650
  1,884
  2,132
  2,395
  2,671
  2,961
  3,266
  3,583
  3,915
  4,260
  4,619
  4,993
  5,382
  5,785
  6,205
  6,641
  7,095
EBITDA, $m
  9
  27
  69
  122
  188
  268
  363
  473
  600
  744
  904
  1,081
  1,274
  1,484
  1,710
  1,952
  2,208
  2,480
  2,765
  3,066
  3,380
  3,709
  4,052
  4,409
  4,780
  5,167
  5,568
  5,986
  6,420
  6,871
  7,340
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  3
  4
  4
  6
  7
  8
  9
  11
  13
  14
  16
  18
  20
  22
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
Earnings before tax, $m
  5
  23
  63
  114
  178
  254
  345
  452
  574
  711
  865
  1,035
  1,221
  1,423
  1,640
  1,871
  2,118
  2,378
  2,653
  2,941
  3,243
  3,559
  3,888
  4,231
  4,587
  4,958
  5,344
  5,745
  6,161
  6,594
  7,045
Tax expense, $m
  0
  6
  17
  31
  48
  69
  93
  122
  155
  192
  234
  280
  330
  384
  443
  505
  572
  642
  716
  794
  876
  961
  1,050
  1,142
  1,239
  1,339
  1,443
  1,551
  1,664
  1,781
  1,902
Net income, $m
  5
  17
  46
  83
  130
  186
  252
  330
  419
  519
  632
  756
  891
  1,039
  1,197
  1,366
  1,546
  1,736
  1,937
  2,147
  2,368
  2,598
  2,838
  3,088
  3,349
  3,620
  3,901
  4,194
  4,498
  4,814
  5,143

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  96
  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
  134
  54
  74
  100
  131
  169
  213
  265
  325
  392
  467
  550
  640
  738
  843
  955
  1,074
  1,201
  1,333
  1,473
  1,619
  1,772
  1,931
  2,097
  2,269
  2,448
  2,635
  2,829
  3,030
  3,239
  3,456
Adjusted assets (=assets-cash), $m
  38
  54
  74
  100
  131
  169
  213
  265
  325
  392
  467
  550
  640
  738
  843
  955
  1,074
  1,201
  1,333
  1,473
  1,619
  1,772
  1,931
  2,097
  2,269
  2,448
  2,635
  2,829
  3,030
  3,239
  3,456
Revenue / Adjusted assets
  3.000
  2.981
  3.000
  2.990
  3.000
  2.994
  3.005
  3.004
  3.000
  3.000
  3.000
  2.998
  3.000
  2.999
  2.999
  3.000
  3.001
  2.999
  3.001
  3.000
  3.000
  2.999
  3.000
  3.000
  3.000
  3.000
  3.000
  3.000
  3.000
  3.000
  3.000
Average production assets, $m
  14
  19
  26
  35
  46
  60
  76
  94
  115
  139
  165
  195
  227
  261
  298
  338
  380
  425
  472
  521
  573
  627
  684
  742
  803
  867
  933
  1,001
  1,073
  1,147
  1,224
Working capital, $m
  103
  10
  14
  18
  24
  31
  39
  49
  59
  72
  85
  101
  117
  135
  154
  175
  197
  220
  244
  270
  296
  324
  353
  384
  415
  448
  482
  518
  554
  593
  633
Total debt, $m
  0
  7
  16
  27
  42
  58
  78
  102
  128
  158
  192
  229
  269
  313
  360
  410
  463
  520
  579
  641
  707
  775
  846
  920
  997
  1,077
  1,161
  1,247
  1,337
  1,431
  1,528
Total liabilities, $m
  17
  24
  33
  44
  59
  75
  95
  119
  145
  175
  209
  246
  286
  330
  377
  427
  480
  537
  596
  658
  724
  792
  863
  937
  1,014
  1,094
  1,178
  1,264
  1,354
  1,448
  1,545
Total equity, $m
  117
  30
  41
  55
  72
  93
  118
  147
  180
  217
  258
  304
  354
  408
  466
  528
  594
  664
  737
  815
  895
  980
  1,068
  1,159
  1,255
  1,354
  1,457
  1,564
  1,675
  1,791
  1,911
Total liabilities and equity, $m
  134
  54
  74
  99
  131
  168
  213
  266
  325
  392
  467
  550
  640
  738
  843
  955
  1,074
  1,201
  1,333
  1,473
  1,619
  1,772
  1,931
  2,096
  2,269
  2,448
  2,635
  2,828
  3,029
  3,239
  3,456
Debt-to-equity ratio
  0.000
  0.240
  0.390
  0.500
  0.570
  0.630
  0.660
  0.690
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Adjusted equity ratio
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553
  0.553

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  17
  46
  83
  130
  186
  252
  330
  419
  519
  632
  756
  891
  1,039
  1,197
  1,366
  1,546
  1,736
  1,937
  2,147
  2,368
  2,598
  2,838
  3,088
  3,349
  3,620
  3,901
  4,194
  4,498
  4,814
  5,143
Depreciation, amort., depletion, $m
  5
  4
  5
  7
  9
  12
  15
  19
  23
  28
  33
  39
  45
  52
  60
  68
  76
  85
  94
  104
  115
  125
  137
  148
  161
  173
  187
  200
  215
  229
  245
Funds from operations, $m
  6
  21
  51
  90
  139
  198
  267
  349
  442
  547
  665
  795
  937
  1,091
  1,257
  1,434
  1,622
  1,821
  2,031
  2,251
  2,482
  2,723
  2,975
  3,237
  3,509
  3,793
  4,088
  4,394
  4,712
  5,043
  5,387
Change in working capital, $m
  -6
  3
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
Cash from operations, $m
  12
  18
  48
  86
  133
  191
  259
  339
  431
  535
  651
  780
  920
  1,073
  1,237
  1,413
  1,600
  1,798
  2,007
  2,226
  2,455
  2,695
  2,946
  3,206
  3,478
  3,760
  4,054
  4,359
  4,676
  5,005
  5,348
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -19
  -23
  -28
  -33
  -39
  -45
  -52
  -60
  -68
  -76
  -85
  -94
  -104
  -115
  -125
  -137
  -148
  -161
  -173
  -187
  -200
  -215
  -229
New CAPEX, $m
  -6
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
Cash from investing activities, $m
  -26
  -9
  -11
  -14
  -18
  -22
  -28
  -33
  -40
  -47
  -55
  -62
  -71
  -80
  -89
  -100
  -110
  -121
  -132
  -143
  -156
  -169
  -181
  -196
  -209
  -224
  -239
  -256
  -271
  -289
  -306
Free cash flow, $m
  -14
  9
  37
  72
  115
  168
  231
  305
  391
  488
  597
  717
  849
  993
  1,148
  1,314
  1,490
  1,677
  1,875
  2,082
  2,299
  2,527
  2,764
  3,011
  3,268
  3,536
  3,814
  4,103
  4,404
  4,716
  5,041
Issuance/(repayment) of debt, $m
  -10
  7
  9
  11
  14
  17
  20
  23
  27
  30
  33
  37
  40
  44
  47
  50
  53
  56
  59
  62
  65
  68
  71
  74
  77
  80
  83
  87
  90
  94
  97
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -2
  7
  9
  11
  14
  17
  20
  23
  27
  30
  33
  37
  40
  44
  47
  50
  53
  56
  59
  62
  65
  68
  71
  74
  77
  80
  83
  87
  90
  94
  97
Total cash flow (excl. dividends), $m
  -15
  16
  46
  83
  129
  185
  251
  329
  418
  518
  630
  754
  890
  1,037
  1,195
  1,364
  1,544
  1,734
  1,934
  2,144
  2,365
  2,595
  2,835
  3,085
  3,345
  3,616
  3,898
  4,190
  4,494
  4,810
  5,138
Retained Cash Flow (-), $m
  -22
  -9
  -11
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -41
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -73
  -77
  -81
  -84
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
Prev. year cash balance distribution, $m
 
  96
  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
 
  104
  35
  69
  112
  164
  227
  300
  385
  481
  589
  708
  840
  983
  1,137
  1,302
  1,478
  1,664
  1,861
  2,067
  2,284
  2,510
  2,747
  2,993
  3,250
  3,517
  3,794
  4,083
  4,383
  4,694
  5,018
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
 
  99
  32
  60
  92
  127
  164
  203
  240
  276
  309
  336
  358
  374
  382
  382
  375
  362
  343
  318
  290
  260
  228
  196
  166
  137
  111
  88
  68
  51
  38
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

Glaukos Corporation is an ophthalmic medical technology company. The Company focuses on the development and commercialization of products and procedures for the treatment of glaucoma. It offers iStent, a micro-invasive glaucoma surgery (MIGS) device. The iStent is a micro-bypass stent inserted through the small corneal incision made during cataract surgery and placed into Schlemm's canal, a circular channel in the eye that collects aqueous humor and delivers it back into the bloodstream. It is developing three additional pipeline products: the iStent Inject, the iStent Supra and iDose. The iStent Inject includes two stents pre-loaded in an auto-injection inserter. The iStent Supra is designed to access an alternative drainage space within the eye. iDose is a drug delivery system that is designed to be implanted in the eye to continuously deliver therapeutic levels of medication for extended periods of time to lower intraocular pressure in glaucoma patients.

FINANCIAL RATIOS  of  Glaukos (GKOS)

Valuation Ratios
P/E Ratio 228.2
Price to Sales 10
Price to Book 9.8
Price to Tangible Book
Price to Cash Flow 95.1
Price to Free Cash Flow 190.2
Growth Rates
Sales Growth Rate 58.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -62.5%
Cap. Spend. - 3 Yr. Gr. Rate 43.1%
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 4%
Ret/ On Assets - 3 Yr. Avg. -28.3%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. -31.3%
Return On Equity 4.7%
Return On Equity - 3 Yr. Avg. -60.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 86%
Gross Margin - 3 Yr. Avg. 80.6%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. -18.9%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. -24.9%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. -26.3%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. -24.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

GKOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GKOS stock intrinsic value calculation we used $114 million for the last fiscal year's total revenue generated by Glaukos. The default revenue input number comes from 2016 income statement of Glaukos. 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 GKOS stock valuation model: a) initial revenue growth rate of 41.4% 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 GKOS is calculated based on our internal credit rating of Glaukos, 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 Glaukos.
    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 GKOS stock the variable cost ratio is equal to 29.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $88 million in the base year in the intrinsic value calculation for GKOS 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 Glaukos.

Corporate tax rate of 27% is the nominal tax rate for Glaukos. 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 GKOS 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 GKOS are equal to 11.8%.

Life of production assets of 2.7 years is the average useful life of capital assets used in Glaukos 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 GKOS is equal to 6.1%. 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 - $117 million for Glaukos - 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 34.503 million for Glaukos 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 Glaukos at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to Glaukos Corp. : October 16, 2017   [Oct-16-17 09:53AM  Capital Cube]
▶ Should You Be Holding Glaukos Corporation (GKOS) Right Now?   [Oct-03-17 05:06PM  Simply Wall St.]
▶ ETFs with exposure to Glaukos Corp. : October 2, 2017   [Oct-02-17 10:51AM  Capital Cube]
▶ Here's Why Glaukos Corp. Stock Is Stumbling Today   [Sep-14-17 12:07PM  Motley Fool]
▶ IBD Rating Upgrades: Glaukos Flashes Improved Price Strength   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ Glaukos Announces 2017 Investor Day and Webcast   [Aug-31-17 07:00AM  Business Wire]
▶ Glaukos reports 2Q loss   [Aug-04-17 03:17AM  Associated Press]
▶ Here's What's Pressuring Glaukos Corp Stock Today   [Aug-03-17 01:17PM  Motley Fool]
▶ Glaukos Corp. Value Analysis (NYSE:GKOS) : August 1, 2017   [Aug-01-17 06:27PM  Capital Cube]
▶ ETFs with exposure to Glaukos Corp. : July 24, 2017   [Jul-24-17 04:08PM  Capital Cube]
▶ ETFs with exposure to Glaukos Corp. : July 11, 2017   [Jul-11-17 02:34PM  Capital Cube]
▶ ETFs with exposure to Glaukos Corp. : June 30, 2017   [Jun-30-17 02:57PM  Capital Cube]
▶ ETFs with exposure to Glaukos Corp. : June 19, 2017   [Jun-19-17 03:24PM  Capital Cube]
▶ 3 Growth Stocks for Bold Investors   [Jun-10-17 02:06PM  Motley Fool]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-24-17 12:05PM  Investor's Business Daily]
▶ Can This 2015 Medical IPO Inject New Life Into Its Stock?   [12:03PM  Investor's Business Daily]
▶ Glaukos beats Street 1Q forecasts   [May-03-17 07:27PM  Associated Press]
▶ Glaukos Corp. Value Analysis (NYSE:GKOS) : May 1, 2017   [May-01-17 04:59PM  Capital Cube]
▶ 3 Stocks That Are Overvalued   [Apr-10-17 10:20AM  Motley Fool]
▶ [$$] Skeptics Eye Potential Trouble for Glaukos   [Apr-08-17 12:21AM  Barrons.com]
▶ ETFs with exposure to Glaukos Corp. : April 5, 2017   [Apr-05-17 04:49PM  Capital Cube]
▶ ETFs with exposure to Glaukos Corp. : March 6, 2017   [Mar-06-17 01:42PM  Capital Cube]
Financial statements of GKOS
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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