Intrinsic value of Intercept Pharmaceuticals - ICPT

Previous Close

$104.08

  Intrinsic Value

$3.11

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

0%

Previous close

$104.08

 
Intrinsic value

$3.11

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of ICPT 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 2.6

 

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, %
  733.33
  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
  25
  26
  26
  27
  28
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
Variable operating expenses, $m
 
  395
  404
  414
  426
  439
  453
  468
  485
  503
  522
  543
  565
  588
  613
  640
  668
  698
  729
  762
  797
  834
  873
  914
  957
  1,003
  1,051
  1,102
  1,155
  1,211
  1,269
Fixed operating expenses, $m
 
  196
  201
  206
  211
  216
  222
  227
  233
  239
  244
  251
  257
  263
  270
  277
  284
  291
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  401
Total operating expenses, $m
  427
  591
  605
  620
  637
  655
  675
  695
  718
  742
  766
  794
  822
  851
  883
  917
  952
  989
  1,027
  1,067
  1,110
  1,155
  1,202
  1,251
  1,302
  1,357
  1,414
  1,474
  1,536
  1,602
  1,670
Operating income, $m
  -403
  -565
  -578
  -593
  -609
  -627
  -645
  -665
  -686
  -709
  -733
  -759
  -785
  -814
  -844
  -875
  -908
  -943
  -980
  -1,018
  -1,059
  -1,101
  -1,146
  -1,192
  -1,241
  -1,292
  -1,346
  -1,402
  -1,461
  -1,523
  -1,588
EBITDA, $m
  -399
  -564
  -577
  -592
  -608
  -625
  -644
  -664
  -685
  -708
  -732
  -757
  -784
  -812
  -842
  -873
  -907
  -941
  -978
  -1,016
  -1,057
  -1,099
  -1,143
  -1,190
  -1,238
  -1,290
  -1,343
  -1,399
  -1,458
  -1,520
  -1,585
Interest expense (income), $m
  0
  12
  12
  13
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  44
Earnings before tax, $m
  -413
  -577
  -591
  -606
  -622
  -640
  -659
  -680
  -702
  -725
  -750
  -776
  -803
  -833
  -863
  -896
  -930
  -966
  -1,004
  -1,043
  -1,085
  -1,129
  -1,175
  -1,223
  -1,273
  -1,326
  -1,382
  -1,440
  -1,501
  -1,565
  -1,632
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
  -413
  -577
  -591
  -606
  -622
  -640
  -659
  -680
  -702
  -725
  -750
  -776
  -803
  -833
  -863
  -896
  -930
  -966
  -1,004
  -1,043
  -1,085
  -1,129
  -1,175
  -1,223
  -1,273
  -1,326
  -1,382
  -1,440
  -1,501
  -1,565
  -1,632

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  689
  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
  739
  520
  532
  546
  561
  578
  597
  617
  639
  663
  689
  716
  745
  776
  809
  844
  881
  920
  961
  1,005
  1,051
  1,100
  1,151
  1,205
  1,262
  1,322
  1,386
  1,452
  1,522
  1,596
  1,674
Adjusted assets (=assets-cash), $m
  50
  520
  532
  546
  561
  578
  597
  617
  639
  663
  689
  716
  745
  776
  809
  844
  881
  920
  961
  1,005
  1,051
  1,100
  1,151
  1,205
  1,262
  1,322
  1,386
  1,452
  1,522
  1,596
  1,674
Revenue / Adjusted assets
  0.500
  0.050
  0.049
  0.049
  0.050
  0.048
  0.049
  0.049
  0.049
  0.048
  0.049
  0.049
  0.050
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
Average production assets, $m
  11
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Working capital, $m
  629
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Total debt, $m
  341
  351
  360
  372
  385
  399
  414
  431
  450
  469
  491
  513
  538
  563
  591
  620
  651
  683
  718
  754
  792
  833
  876
  921
  968
  1,019
  1,071
  1,127
  1,185
  1,247
  1,311
Total liabilities, $m
  424
  434
  443
  455
  468
  482
  497
  514
  533
  552
  574
  596
  621
  646
  674
  703
  734
  766
  801
  837
  875
  916
  959
  1,004
  1,051
  1,102
  1,154
  1,210
  1,268
  1,330
  1,394
Total equity, $m
  315
  87
  89
  91
  94
  97
  100
  103
  107
  111
  115
  120
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
  192
  201
  211
  221
  231
  243
  254
  267
  279
Total liabilities and equity, $m
  739
  521
  532
  546
  562
  579
  597
  617
  640
  663
  689
  716
  745
  776
  809
  844
  881
  920
  962
  1,005
  1,051
  1,100
  1,151
  1,205
  1,262
  1,323
  1,385
  1,453
  1,522
  1,597
  1,673
Debt-to-equity ratio
  1.083
  4.030
  4.050
  4.080
  4.100
  4.130
  4.160
  4.180
  4.210
  4.240
  4.270
  4.290
  4.320
  4.350
  4.370
  4.400
  4.420
  4.450
  4.470
  4.490
  4.520
  4.540
  4.560
  4.580
  4.590
  4.610
  4.630
  4.650
  4.660
  4.680
  4.690
Adjusted equity ratio
  -7.480
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -413
  -577
  -591
  -606
  -622
  -640
  -659
  -680
  -702
  -725
  -750
  -776
  -803
  -833
  -863
  -896
  -930
  -966
  -1,004
  -1,043
  -1,085
  -1,129
  -1,175
  -1,223
  -1,273
  -1,326
  -1,382
  -1,440
  -1,501
  -1,565
  -1,632
Depreciation, amort., depletion, $m
  4
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Funds from operations, $m
  -334
  -576
  -590
  -605
  -621
  -639
  -658
  -678
  -700
  -723
  -748
  -774
  -802
  -831
  -862
  -894
  -928
  -964
  -1,002
  -1,041
  -1,083
  -1,127
  -1,172
  -1,220
  -1,271
  -1,324
  -1,379
  -1,437
  -1,498
  -1,561
  -1,628
Change in working capital, $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 operations, $m
  -342
  -576
  -590
  -605
  -621
  -639
  -658
  -678
  -700
  -723
  -748
  -774
  -802
  -831
  -862
  -894
  -928
  -964
  -1,002
  -1,041
  -1,083
  -1,126
  -1,172
  -1,220
  -1,270
  -1,323
  -1,379
  -1,437
  -1,497
  -1,561
  -1,628
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
New CAPEX, $m
  -5
  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
  -2
  -2
Cash from investing activities, $m
  -60
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
Free cash flow, $m
  -402
  -577
  -591
  -606
  -622
  -640
  -659
  -680
  -702
  -725
  -750
  -776
  -804
  -833
  -864
  -896
  -931
  -966
  -1,004
  -1,044
  -1,086
  -1,129
  -1,175
  -1,224
  -1,274
  -1,327
  -1,383
  -1,441
  -1,502
  -1,566
  -1,633
Issuance/(repayment) of debt, $m
  448
  10
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  41
  43
  45
  48
  50
  53
  55
  58
  61
  65
Issuance/(repurchase) of shares, $m
  5
  579
  593
  608
  625
  643
  662
  683
  705
  729
  754
  780
  808
  838
  869
  902
  936
  972
  1,011
  1,051
  1,093
  1,137
  1,183
  1,232
  1,283
  1,336
  1,392
  1,451
  1,513
  1,577
  1,645
Cash from financing (excl. dividends), $m  
  414
  589
  603
  619
  638
  657
  678
  700
  723
  749
  775
  803
  832
  864
  896
  931
  967
  1,005
  1,045
  1,087
  1,131
  1,178
  1,226
  1,277
  1,331
  1,386
  1,445
  1,506
  1,571
  1,638
  1,710
Total cash flow (excl. dividends), $m
  11
  11
  12
  13
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  32
  34
  36
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
  76
Retained Cash Flow (-), $m
  287
  -579
  -593
  -608
  -625
  -643
  -662
  -683
  -705
  -729
  -754
  -780
  -808
  -838
  -869
  -902
  -936
  -972
  -1,011
  -1,051
  -1,093
  -1,137
  -1,183
  -1,232
  -1,283
  -1,336
  -1,392
  -1,451
  -1,513
  -1,577
  -1,645
Prev. year cash balance distribution, $m
 
  230
  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
 
  -338
  -581
  -595
  -610
  -626
  -644
  -663
  -683
  -705
  -729
  -753
  -780
  -807
  -836
  -867
  -900
  -934
  -970
  -1,008
  -1,047
  -1,089
  -1,133
  -1,178
  -1,227
  -1,277
  -1,330
  -1,385
  -1,443
  -1,504
  -1,568
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
 
  -324
  -532
  -517
  -502
  -485
  -467
  -448
  -427
  -405
  -382
  -358
  -333
  -307
  -281
  -255
  -229
  -203
  -179
  -155
  -133
  -113
  -94
  -77
  -62
  -50
  -39
  -30
  -22
  -16
  -12
Current shareholders' claim on cash, %
  100
  55.2
  30.4
  16.8
  9.2
  5.1
  2.8
  1.5
  0.8
  0.5
  0.3
  0.1
  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

Intercept Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics to treat non-viral, progressive liver diseases. Its lead product candidate is obeticholic acid, a bile acid analog, that completed Phase III clinical trials for the treatment of primary biliary cholangitis and Phase II clinical trials for the treatment of nonalcoholic fatty liver disease; and is in Phase III clinical trials for the treatment of nonalcoholic steatohepatitis, Phase II clinical trials for the treatments of primary sclerosing cholangitis, and Phase II clinical trial for the treatment of biliary atresia. The company is also developing INT-767, an orally administered dual FXR and TGR5 agonist, which is in Phase I clinical trial for the treatment of fibrosis; and INT-777, an orally administered TGR5 agonist that is in preclinical stage for the treatment of type 2 diabetes. Intercept Pharmaceuticals, Inc. was founded in 2002 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Intercept Pharmaceuticals (ICPT)

Valuation Ratios
P/E Ratio -6.3
Price to Sales 103.3
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow -7.6
Price to Free Cash Flow -7.4
Growth Rates
Sales Growth Rate 733.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 108.3%
Total Debt to Equity 108.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -59.2%
Ret/ On Assets - 3 Yr. Avg. -83%
Return On Total Capital -65.7%
Ret/ On T. Cap. - 3 Yr. Avg. -100.3%
Return On Equity -90.1%
Return On Equity - 3 Yr. Avg. -108.4%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1636%
EBITDA Margin - 3 Yr. Avg. -7750.9%
Operating Margin -1608%
Oper. Margin - 3 Yr. Avg. -4963.8%
Pre-Tax Margin -1652%
Pre-Tax Margin - 3 Yr. Avg. -7778.4%
Net Profit Margin -1652%
Net Profit Margin - 3 Yr. Avg. -7778.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ICPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICPT stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by Intercept Pharmaceuticals. The default revenue input number comes from 2016 income statement of Intercept 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 ICPT 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 ICPT is calculated based on our internal credit rating of Intercept 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 Intercept 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 ICPT stock the variable cost ratio is equal to 1548%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $191 million in the base year in the intrinsic value calculation for ICPT 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 Intercept Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Intercept 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 ICPT 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 ICPT are equal to 42%.

Life of production assets of 10 years is the average useful life of capital assets used in Intercept 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 ICPT 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 - $315 million for Intercept 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 25.351 million for Intercept 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 Intercept Pharmaceuticals at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Here's My Top Stock to Buy in August   [Aug-14-17 09:38AM  Motley Fool]
▶ Intercept to Present at Upcoming Conference   [Aug-10-17 05:00PM  GlobeNewswire]
▶ Intercept reports 2Q loss   [Jul-31-17 10:16PM  Associated Press]
▶ Clovis Sell-Off May Be Overdone   [01:45PM  TheStreet.com]
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▶ The Best Stock in New York: Intercept Pharmaceuticals   [Jul-21-17 11:50PM  Kiplinger]
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▶ 3 Stocks That Feel Like Microsoft in 1986   [Jun-03-17 11:00AM  Motley Fool]
▶ Intercept to Present at Upcoming Conferences   [May-17-17 05:00PM  GlobeNewswire]
▶ Another top executive at Sanofi Genzyme leaves company   [May-10-17 08:50PM  American City Business Journals]
▶ These Biotechs Are Grabbing Bullish Views In Wake Of Earnings   [May-05-17 04:27PM  Investor's Business Daily]
▶ Intercept (ICPT) Reports A Narrower Loss in Q1   [May-04-17 09:02AM  Zacks]
▶ Intercept reports 1Q loss   [07:57AM  Associated Press]
▶ Should Gilead Sciences Be Worried About Allergan?   [Apr-23-17 11:41AM  Motley Fool]
▶ What Does Big Pharma Want To Buy? 3 Drugmakers On Merger Track   [Mar-31-17 04:10PM  Investor's Business Daily]
▶ Intercept to Present at Upcoming Conference   [Mar-30-17 04:05PM  GlobeNewswire]
▶ Intercept to Present at Upcoming Conference   [Mar-16-17 04:05PM  GlobeNewswire]
▶ Morningstar Runs the Numbers   [Mar-04-17 06:00AM  Morningstar]
▶ Morningstar Runs the Numbers   [06:00AM  at Morningstar]
▶ Nasdaq Slips as Biotechnology Shares Decline   [12:00AM  The Wall Street Journal]
▶ Nasdaq Slips as Biotechnology Shares Decline   [12:00AM  at The Wall Street Journal]
▶ Nasdaq Slips as Biotechnology Shares Decline   [Feb-23-17 04:21PM  at The Wall Street Journal]
▶ Intercept Spikes on Liver Drug Study Redesign   [Feb-14-17 10:16AM  at Investopedia]
Stock chart of ICPT Financial statements of ICPT
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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