Intrinsic value of Immunogen - IMGN

Previous Close

$10.25

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$10.25

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of IMGN 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
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, %
  -63.33
  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
  22
  184
  284
  425
  617
  870
  1,196
  1,606
  2,109
  2,713
  3,427
  4,256
  5,203
  6,272
  7,462
  8,774
  10,207
  11,757
  13,423
  15,203
  17,092
  19,090
  21,193
  23,401
  25,711
  28,125
  30,642
  33,263
  35,990
  38,825
  41,772
Variable operating expenses, $m
 
  567
  877
  1,311
  1,902
  2,684
  3,690
  4,953
  6,503
  8,368
  10,570
  13,125
  16,047
  19,342
  23,013
  27,060
  31,477
  36,259
  41,397
  46,885
  52,712
  58,873
  65,359
  72,167
  79,294
  86,737
  94,499
  102,582
  110,992
  119,736
  128,825
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
  89
  567
  877
  1,311
  1,902
  2,684
  3,690
  4,953
  6,503
  8,368
  10,570
  13,125
  16,047
  19,342
  23,013
  27,060
  31,477
  36,259
  41,397
  46,885
  52,712
  58,873
  65,359
  72,167
  79,294
  86,737
  94,499
  102,582
  110,992
  119,736
  128,825
Operating income, $m
  -67
  -383
  -592
  -886
  -1,286
  -1,814
  -2,493
  -3,347
  -4,395
  -5,655
  -7,143
  -8,869
  -10,844
  -13,070
  -15,551
  -18,285
  -21,270
  -24,502
  -27,974
  -31,682
  -35,620
  -39,783
  -44,166
  -48,767
  -53,582
  -58,612
  -63,857
  -69,319
  -75,002
  -80,911
  -87,053
EBITDA, $m
  -64
  -380
  -588
  -879
  -1,276
  -1,800
  -2,474
  -3,321
  -4,361
  -5,611
  -7,087
  -8,801
  -10,760
  -12,969
  -15,431
  -18,144
  -21,106
  -24,312
  -27,758
  -31,437
  -35,345
  -39,476
  -43,825
  -48,390
  -53,168
  -58,159
  -63,364
  -68,784
  -74,423
  -80,286
  -86,380
Interest expense (income), $m
  0
  0
  -12
  -8
  -2
  6
  16
  29
  45
  66
  90
  119
  152
  190
  233
  281
  334
  392
  454
  522
  593
  669
  750
  835
  924
  1,017
  1,114
  1,215
  1,321
  1,431
  1,545
Earnings before tax, $m
  -79
  -384
  -581
  -878
  -1,283
  -1,819
  -2,509
  -3,376
  -4,440
  -5,721
  -7,233
  -8,988
  -10,996
  -13,261
  -15,785
  -18,567
  -21,605
  -24,894
  -28,429
  -32,204
  -36,213
  -40,452
  -44,916
  -49,601
  -54,506
  -59,629
  -64,971
  -70,534
  -76,323
  -82,342
  -88,598
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
  -79
  -384
  -581
  -878
  -1,283
  -1,819
  -2,509
  -3,376
  -4,440
  -5,721
  -7,233
  -8,988
  -10,996
  -13,261
  -15,785
  -18,567
  -21,605
  -24,894
  -28,429
  -32,204
  -36,213
  -40,452
  -44,916
  -49,601
  -54,506
  -59,629
  -64,971
  -70,534
  -76,323
  -82,342
  -88,598

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  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
  199
  133
  205
  307
  445
  628
  864
  1,160
  1,523
  1,959
  2,475
  3,073
  3,757
  4,528
  5,388
  6,335
  7,369
  8,489
  9,692
  10,977
  12,341
  13,783
  15,302
  16,896
  18,564
  20,307
  22,124
  24,016
  25,985
  28,032
  30,160
Adjusted assets (=assets-cash), $m
  39
  133
  205
  307
  445
  628
  864
  1,160
  1,523
  1,959
  2,475
  3,073
  3,757
  4,528
  5,388
  6,335
  7,369
  8,489
  9,692
  10,977
  12,341
  13,783
  15,302
  16,896
  18,564
  20,307
  22,124
  24,016
  25,985
  28,032
  30,160
Revenue / Adjusted assets
  0.564
  1.383
  1.385
  1.384
  1.387
  1.385
  1.384
  1.384
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
  1.385
Average production assets, $m
  10
  30
  46
  68
  99
  140
  193
  259
  340
  437
  552
  685
  838
  1,010
  1,201
  1,413
  1,643
  1,893
  2,161
  2,448
  2,752
  3,073
  3,412
  3,767
  4,140
  4,528
  4,933
  5,355
  5,794
  6,251
  6,725
Working capital, $m
  120
  -12
  -18
  -28
  -40
  -57
  -78
  -104
  -137
  -176
  -223
  -277
  -338
  -408
  -485
  -570
  -663
  -764
  -873
  -988
  -1,111
  -1,241
  -1,378
  -1,521
  -1,671
  -1,828
  -1,992
  -2,162
  -2,339
  -2,524
  -2,715
Total debt, $m
  97
  -191
  -126
  -34
  90
  255
  467
  733
  1,060
  1,453
  1,917
  2,455
  3,071
  3,765
  4,538
  5,391
  6,322
  7,329
  8,412
  9,568
  10,796
  12,094
  13,461
  14,896
  16,397
  17,965
  19,601
  21,304
  23,076
  24,919
  26,834
Total liabilities, $m
  352
  120
  185
  276
  401
  566
  777
  1,044
  1,370
  1,763
  2,227
  2,766
  3,381
  4,076
  4,849
  5,702
  6,632
  7,640
  8,723
  9,879
  11,107
  12,405
  13,772
  15,206
  16,708
  18,276
  19,912
  21,615
  23,387
  25,229
  27,144
Total equity, $m
  -153
  13
  21
  31
  45
  63
  86
  116
  152
  196
  247
  307
  376
  453
  539
  634
  737
  849
  969
  1,098
  1,234
  1,378
  1,530
  1,690
  1,856
  2,031
  2,212
  2,402
  2,599
  2,803
  3,016
Total liabilities and equity, $m
  199
  133
  206
  307
  446
  629
  863
  1,160
  1,522
  1,959
  2,474
  3,073
  3,757
  4,529
  5,388
  6,336
  7,369
  8,489
  9,692
  10,977
  12,341
  13,783
  15,302
  16,896
  18,564
  20,307
  22,124
  24,017
  25,986
  28,032
  30,160
Debt-to-equity ratio
  -0.634
  -14.380
  -6.130
  -1.120
  2.030
  4.060
  5.400
  6.320
  6.960
  7.410
  7.740
  7.990
  8.170
  8.310
  8.420
  8.510
  8.580
  8.630
  8.680
  8.720
  8.750
  8.770
  8.800
  8.820
  8.830
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
Adjusted equity ratio
  -8.026
  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
  -79
  -384
  -581
  -878
  -1,283
  -1,819
  -2,509
  -3,376
  -4,440
  -5,721
  -7,233
  -8,988
  -10,996
  -13,261
  -15,785
  -18,567
  -21,605
  -24,894
  -28,429
  -32,204
  -36,213
  -40,452
  -44,916
  -49,601
  -54,506
  -59,629
  -64,971
  -70,534
  -76,323
  -82,342
  -88,598
Depreciation, amort., depletion, $m
  3
  3
  5
  7
  10
  14
  19
  26
  34
  44
  55
  69
  84
  101
  120
  141
  164
  189
  216
  245
  275
  307
  341
  377
  414
  453
  493
  536
  579
  625
  673
Funds from operations, $m
  -97
  -381
  -576
  -871
  -1,273
  -1,805
  -2,490
  -3,350
  -4,406
  -5,677
  -7,177
  -8,920
  -10,912
  -13,160
  -15,664
  -18,426
  -21,440
  -24,704
  -28,212
  -31,959
  -35,938
  -40,145
  -44,575
  -49,225
  -54,092
  -59,176
  -64,478
  -69,999
  -75,744
  -81,717
  -87,925
Change in working capital, $m
  -13
  -4
  -7
  -9
  -12
  -16
  -21
  -27
  -33
  -39
  -46
  -54
  -62
  -69
  -77
  -85
  -93
  -101
  -108
  -116
  -123
  -130
  -137
  -143
  -150
  -157
  -164
  -170
  -177
  -184
  -192
Cash from operations, $m
  -84
  -376
  -569
  -862
  -1,261
  -1,789
  -2,469
  -3,323
  -4,374
  -5,638
  -7,131
  -8,866
  -10,851
  -13,090
  -15,587
  -18,340
  -21,347
  -24,604
  -28,104
  -31,843
  -35,815
  -40,015
  -44,438
  -49,081
  -53,942
  -59,019
  -64,314
  -69,829
  -75,566
  -81,532
  -87,734
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -10
  -14
  -19
  -26
  -34
  -44
  -55
  -69
  -84
  -101
  -120
  -141
  -164
  -189
  -216
  -245
  -275
  -307
  -341
  -377
  -414
  -453
  -493
  -536
  -579
  -625
New CAPEX, $m
  -1
  -11
  -16
  -23
  -31
  -41
  -53
  -66
  -81
  -97
  -115
  -133
  -153
  -172
  -192
  -211
  -231
  -250
  -268
  -286
  -304
  -322
  -339
  -355
  -372
  -389
  -405
  -422
  -439
  -456
  -474
Cash from investing activities, $m
  -1
  -13
  -19
  -28
  -38
  -51
  -67
  -85
  -107
  -131
  -159
  -188
  -222
  -256
  -293
  -331
  -372
  -414
  -457
  -502
  -549
  -597
  -646
  -696
  -749
  -803
  -858
  -915
  -975
  -1,035
  -1,099
Free cash flow, $m
  -85
  -389
  -589
  -889
  -1,299
  -1,840
  -2,535
  -3,409
  -4,480
  -5,769
  -7,290
  -9,055
  -11,072
  -13,346
  -15,880
  -18,672
  -21,719
  -25,018
  -28,562
  -32,346
  -36,364
  -40,612
  -45,084
  -49,778
  -54,691
  -59,822
  -65,172
  -70,744
  -76,541
  -82,568
  -88,833
Issuance/(repayment) of debt, $m
  0
  -193
  65
  92
  125
  165
  212
  266
  327
  393
  464
  538
  616
  694
  774
  853
  931
  1,008
  1,083
  1,156
  1,228
  1,298
  1,367
  1,434
  1,502
  1,568
  1,635
  1,703
  1,772
  1,842
  1,915
Issuance/(repurchase) of shares, $m
  0
  626
  588
  888
  1,297
  1,838
  2,533
  3,405
  4,476
  5,764
  7,284
  9,048
  11,064
  13,338
  15,871
  18,662
  21,708
  25,006
  28,549
  32,332
  36,350
  40,597
  45,068
  49,761
  54,673
  59,803
  65,153
  70,724
  76,520
  82,547
  88,810
Cash from financing (excl. dividends), $m  
  0
  433
  653
  980
  1,422
  2,003
  2,745
  3,671
  4,803
  6,157
  7,748
  9,586
  11,680
  14,032
  16,645
  19,515
  22,639
  26,014
  29,632
  33,488
  37,578
  41,895
  46,435
  51,195
  56,175
  61,371
  66,788
  72,427
  78,292
  84,389
  90,725
Total cash flow (excl. dividends), $m
  -85
  44
  64
  90
  123
  163
  209
  263
  323
  388
  458
  532
  608
  686
  764
  842
  920
  996
  1,070
  1,143
  1,213
  1,283
  1,351
  1,417
  1,484
  1,550
  1,616
  1,683
  1,751
  1,821
  1,892
Retained Cash Flow (-), $m
  71
  -626
  -588
  -888
  -1,297
  -1,838
  -2,533
  -3,405
  -4,476
  -5,764
  -7,284
  -9,048
  -11,064
  -13,338
  -15,871
  -18,662
  -21,708
  -25,006
  -28,549
  -32,332
  -36,350
  -40,597
  -45,068
  -49,761
  -54,673
  -59,803
  -65,153
  -70,724
  -76,520
  -82,547
  -88,810
Prev. year cash balance distribution, $m
 
  211
  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
 
  11
  18
  28
  42
  60
  85
  117
  157
  207
  266
  336
  417
  510
  615
  731
  860
  1,000
  1,152
  1,315
  1,490
  1,675
  1,871
  2,077
  2,293
  2,520
  2,756
  3,003
  3,260
  3,527
  3,805
Cash available for distribution, $m
 
  -371
  -523
  -798
  -1,174
  -1,675
  -2,323
  -3,142
  -4,154
  -5,376
  -6,826
  -8,516
  -10,456
  -12,652
  -15,106
  -17,819
  -20,788
  -24,010
  -27,479
  -31,190
  -35,137
  -39,314
  -43,717
  -48,343
  -53,189
  -58,253
  -63,537
  -69,041
  -74,769
  -80,726
  -86,918
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  -351
  -467
  -667
  -913
  -1,205
  -1,535
  -1,894
  -2,264
  -2,629
  -2,967
  -3,260
  -3,489
  -3,640
  -3,705
  -3,680
  -3,569
  -3,380
  -3,126
  -2,823
  -2,490
  -2,144
  -1,801
  -1,476
  -1,179
  -918
  -695
  -513
  -367
  -256
  -172
Current shareholders' claim on cash, %
  100
  50.0
  1.1
  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

ImmunoGen, Inc. is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. An ADC with the Company's technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target. Its product candidates include Mirvetuximab soravtansine; IMGN779; IMGN632; and Coltuximab ravtansine. Its portfolio is led by Mirvetuximab soravtansine, a first-in-class ADC targeting folate-receptor alpha (Fra), which is in a Phase III registrational trial called FORWARD I. Its FORWARD II trial consists of cohorts assessing Mirvetuximab soravtansine in combination with Avastin (bevacizumab), Keytruda (pembrolizumab) and carboplatin. The Company has developed tubulin-acting maytansinoid payload agents, which include DM1 and DM4, as well as deoxyribonucleic acid (DNA)-alkylating agents called IGNs.

FINANCIAL RATIOS  of  Immunogen (IMGN)

Valuation Ratios
P/E Ratio -11.3
Price to Sales 40.7
Price to Book -5.8
Price to Tangible Book
Price to Cash Flow -10.7
Price to Free Cash Flow -10.5
Growth Rates
Sales Growth Rate -63.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -90%
Cap. Spend. - 3 Yr. Gr. Rate -34%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -63.4%
Total Debt to Equity -63.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -33.1%
Ret/ On Assets - 3 Yr. Avg. -35.8%
Return On Total Capital 385.4%
Ret/ On T. Cap. - 3 Yr. Avg. -101.5%
Return On Equity 67.2%
Return On Equity - 3 Yr. Avg. 191.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -345.5%
EBITDA Margin - 3 Yr. Avg. -214.2%
Operating Margin -304.5%
Oper. Margin - 3 Yr. Avg. -191.9%
Pre-Tax Margin -359.1%
Pre-Tax Margin - 3 Yr. Avg. -223.9%
Net Profit Margin -359.1%
Net Profit Margin - 3 Yr. Avg. -223.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IMGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMGN stock intrinsic value calculation we used $115 million for the last fiscal year's total revenue generated by Immunogen. The default revenue input number comes from 2016 income statement of Immunogen. 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 IMGN 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 5.6%, whose default value for IMGN is calculated based on our internal credit rating of Immunogen, 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 Immunogen.
    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 IMGN stock the variable cost ratio is equal to 308.4%.

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 IMGN 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 6.2% for Immunogen.

Corporate tax rate of 27% is the nominal tax rate for Immunogen. 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 IMGN stock is equal to 9.8%.

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 IMGN are equal to 16.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Immunogen 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 IMGN is equal to -6.5%. 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 - $-18 million for Immunogen - 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 98 million for Immunogen 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 Immunogen at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Here's Why ImmunoGen Fell 15.1% in June   [Jul-13-18 02:33PM  Motley Fool]
▶ Better Buy: Exelixis, Inc. vs. Immunogen, Inc.   [Jun-26-18 08:05AM  Motley Fool]
▶ Here's Why ImmunoGen Inc. Fell 9.2% Today   [Jun-07-18 05:33PM  Motley Fool]
▶ Why ImmunoGen Jumped Higher Today   [May-31-18 03:31PM  Motley Fool]
▶ ImmunoGen Presses Forward   [May-08-18 07:34PM  Motley Fool]
▶ ImmunoGen (IMGN) Q1 Loss Wider, Revenues Beat   [May-04-18 07:18AM  Zacks]
▶ ImmunoGen: 1Q Earnings Snapshot   [06:40AM  Associated Press]
▶ ImmunoGen, Inc. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Why ImmunoGen, Inc. Stock Is on the Rise Today   [Apr-27-18 01:04PM  Motley Fool]
▶ What Knocked ImmunoGen, Inc. Down 15% on Tuesday?   [Mar-28-18 01:56PM  Motley Fool]
▶ ImmunoGen (IMGN) Jumps: Stock Rises 7%   [Mar-27-18 08:56AM  Zacks]
▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Feb-17-18 10:34AM  Motley Fool]
▶ ImmunoGen Moves One Foot Forward   [Feb-13-18 03:54PM  Motley Fool]
▶ Why ImmunoGen Jumped Higher Today   [Feb-12-18 03:50PM  Motley Fool]
▶ ImmunoGen reports 4Q loss   [06:56AM  Associated Press]
▶ Why ImmunoGen Inc. Pulled Back Today   [Feb-05-18 04:40PM  Motley Fool]
▶ Here's What's Lifting ImmunoGen, Inc. Shares Today   [Jan-31-18 12:28PM  Motley Fool]
▶ ImmunoGen Appoints Stuart A. Arbuckle to Board of Directors   [Jan-24-18 08:00AM  Business Wire]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [Dec-13-17 04:12PM  Motley Fool]
▶ 5 Cheap Biotech Stocks to Snag on the Bounce   [Dec-08-17 01:59PM  InvestorPlace]
▶ ImmunoGen, Inc. Moves Forward   [Nov-09-17 03:49PM  Motley Fool]
▶ ImmunoGen reports 3Q loss   [06:47AM  Associated Press]
▶ Why ImmunoGen, Inc. Got Burned into ASH Today   [Nov-01-17 04:51PM  Motley Fool]
▶ Who Owns Most Of ImmunoGen Inc (IMGN)?   [Oct-23-17 03:16PM  Simply Wall St.]
Financial statements of IMGN
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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