Intrinsic value of Impax Laboratories - IPXL

Previous Close

$18.75

  Intrinsic Value

$5.47

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

+685%

Previous close

$18.75

 
Intrinsic value

$5.47

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

+685%

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

We calculate the intrinsic value of IPXL 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 1.3

 

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, %
  -4.19
  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
  824
  840
  860
  882
  907
  934
  964
  997
  1,033
  1,071
  1,112
  1,156
  1,203
  1,253
  1,306
  1,362
  1,422
  1,485
  1,552
  1,623
  1,697
  1,776
  1,859
  1,947
  2,039
  2,136
  2,238
  2,345
  2,459
  2,578
  2,703
Variable operating expenses, $m
 
  789
  806
  827
  849
  874
  902
  932
  965
  1,000
  1,037
  1,057
  1,099
  1,145
  1,194
  1,245
  1,300
  1,357
  1,419
  1,483
  1,551
  1,623
  1,699
  1,779
  1,863
  1,952
  2,045
  2,143
  2,247
  2,356
  2,470
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
  1,359
  789
  806
  827
  849
  874
  902
  932
  965
  1,000
  1,037
  1,057
  1,099
  1,145
  1,194
  1,245
  1,300
  1,357
  1,419
  1,483
  1,551
  1,623
  1,699
  1,779
  1,863
  1,952
  2,045
  2,143
  2,247
  2,356
  2,470
Operating income, $m
  -534
  52
  53
  55
  57
  60
  62
  65
  68
  72
  75
  100
  104
  108
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
EBITDA, $m
  -446
  144
  147
  151
  155
  160
  165
  171
  177
  183
  190
  198
  206
  215
  224
  233
  244
  254
  266
  278
  291
  304
  318
  333
  349
  366
  383
  402
  421
  441
  463
Interest expense (income), $m
  18
  28
  29
  30
  31
  33
  34
  35
  37
  39
  41
  43
  45
  47
  50
  53
  55
  58
  62
  65
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
Earnings before tax, $m
  -576
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  57
  59
  60
  63
  65
  67
  70
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  116
Tax expense, $m
  -104
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
Net income, $m
  -472
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  41
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  180
  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
  1,823
  1,674
  1,713
  1,757
  1,806
  1,861
  1,921
  1,986
  2,057
  2,134
  2,215
  2,303
  2,397
  2,496
  2,602
  2,714
  2,833
  2,959
  3,092
  3,233
  3,381
  3,538
  3,703
  3,878
  4,061
  4,254
  4,458
  4,672
  4,898
  5,135
  5,384
Adjusted assets (=assets-cash), $m
  1,643
  1,674
  1,713
  1,757
  1,806
  1,861
  1,921
  1,986
  2,057
  2,134
  2,215
  2,303
  2,397
  2,496
  2,602
  2,714
  2,833
  2,959
  3,092
  3,233
  3,381
  3,538
  3,703
  3,878
  4,061
  4,254
  4,458
  4,672
  4,898
  5,135
  5,384
Revenue / Adjusted assets
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
  0.502
Average production assets, $m
  835
  851
  871
  893
  919
  946
  977
  1,010
  1,046
  1,085
  1,127
  1,171
  1,219
  1,269
  1,323
  1,380
  1,441
  1,505
  1,572
  1,644
  1,719
  1,799
  1,883
  1,972
  2,065
  2,163
  2,267
  2,376
  2,491
  2,611
  2,738
Working capital, $m
  310
  151
  155
  159
  163
  168
  174
  179
  186
  193
  200
  208
  217
  226
  235
  245
  256
  267
  279
  292
  306
  320
  335
  350
  367
  384
  403
  422
  443
  464
  487
Total debt, $m
  831
  836
  863
  895
  931
  970
  1,013
  1,060
  1,111
  1,166
  1,225
  1,288
  1,355
  1,427
  1,503
  1,583
  1,669
  1,759
  1,855
  1,956
  2,063
  2,176
  2,295
  2,420
  2,552
  2,691
  2,837
  2,991
  3,153
  3,324
  3,503
Total liabilities, $m
  1,199
  1,204
  1,231
  1,263
  1,299
  1,338
  1,381
  1,428
  1,479
  1,534
  1,593
  1,656
  1,723
  1,795
  1,871
  1,951
  2,037
  2,127
  2,223
  2,324
  2,431
  2,544
  2,663
  2,788
  2,920
  3,059
  3,205
  3,359
  3,521
  3,692
  3,871
Total equity, $m
  624
  470
  481
  494
  508
  523
  540
  558
  578
  600
  623
  647
  673
  701
  731
  763
  796
  831
  869
  908
  950
  994
  1,041
  1,090
  1,141
  1,195
  1,253
  1,313
  1,376
  1,443
  1,513
Total liabilities and equity, $m
  1,823
  1,674
  1,712
  1,757
  1,807
  1,861
  1,921
  1,986
  2,057
  2,134
  2,216
  2,303
  2,396
  2,496
  2,602
  2,714
  2,833
  2,958
  3,092
  3,232
  3,381
  3,538
  3,704
  3,878
  4,061
  4,254
  4,458
  4,672
  4,897
  5,135
  5,384
Debt-to-equity ratio
  1.332
  1.780
  1.790
  1.810
  1.830
  1.850
  1.880
  1.900
  1.920
  1.940
  1.970
  1.990
  2.010
  2.030
  2.060
  2.080
  2.100
  2.120
  2.140
  2.150
  2.170
  2.190
  2.210
  2.220
  2.240
  2.250
  2.260
  2.280
  2.290
  2.300
  2.320
Adjusted equity ratio
  0.270
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -472
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  41
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
Depreciation, amort., depletion, $m
  88
  92
  94
  96
  98
  100
  103
  106
  109
  112
  115
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  209
  219
  230
Funds from operations, $m
  73
  109
  111
  114
  117
  120
  124
  127
  131
  136
  140
  140
  145
  151
  157
  163
  170
  177
  185
  193
  201
  210
  220
  229
  240
  251
  262
  275
  287
  301
  315
Change in working capital, $m
  -2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
Cash from operations, $m
  75
  106
  108
  110
  112
  115
  118
  121
  125
  129
  133
  132
  137
  142
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  279
  293
Maintenance CAPEX, $m
  0
  -70
  -72
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -209
  -219
New CAPEX, $m
  -53
  -16
  -20
  -22
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -104
  -109
  -115
  -121
  -127
Cash from investing activities, $m
  -627
  -86
  -92
  -95
  -100
  -105
  -111
  -115
  -121
  -127
  -133
  -140
  -146
  -153
  -161
  -168
  -176
  -185
  -194
  -204
  -214
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -315
  -330
  -346
Free cash flow, $m
  -552
  20
  17
  14
  12
  10
  8
  6
  4
  2
  0
  -7
  -9
  -11
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -54
Issuance/(repayment) of debt, $m
  395
  23
  28
  32
  36
  39
  43
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
  171
  179
Issuance/(repurchase) of shares, $m
  9
  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  
  392
  23
  28
  32
  36
  39
  43
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
  171
  179
Total cash flow (excl. dividends), $m
  -160
  42
  45
  46
  48
  49
  51
  53
  55
  57
  59
  56
  58
  60
  63
  66
  68
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  115
  120
  126
Retained Cash Flow (-), $m
  438
  -8
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
Prev. year cash balance distribution, $m
 
  162
  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
 
  196
  34
  34
  34
  34
  34
  35
  35
  36
  36
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  53
  56
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  181
  29
  26
  24
  21
  19
  17
  15
  13
  11
  8
  7
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Impax Laboratories, Inc., a specialty pharmaceutical company, develops, manufactures, and markets bioequivalent pharmaceutical products. It operates in two segments, Impax Generics and Impax Specialty Pharma. The Impax Generics segment provides generic pharmaceutical products directly to wholesalers, large retail drug chains, and others; generic prescription products through third-party pharmaceutical entities pursuant to alliance and collaboration agreements; generic pharmaceutical over-the-counter (OTC) and prescription products to third parties; and generic pharmaceutical OTC products through third-party pharmaceutical companies pursuant to alliance, collaboration, and supply agreements. The Impax Specialty Pharma segment focuses on the development and promotion through its specialty sales force of proprietary brand pharmaceutical products for the treatment of central nervous system disorders, including migraine, multiple sclerosis, Parkinson’s disease, and postherpetic neuralgia. The company markets and sells its products to drug wholesalers, warehousing chain drug stores, mass merchandisers, and mail-order pharmacies in the continental United States and the Commonwealth of Puerto Rico. Impax Laboratories, Inc. has a strategic alliance agreement with Teva Pharmaceuticals Curacao N.V to develop, manufacture, and distribute controlled release generic pharmaceutical products. The company was founded in 1993 and is headquartered in Hayward, California.

FINANCIAL RATIOS  of  Impax Laboratories (IPXL)

Valuation Ratios
P/E Ratio -2.9
Price to Sales 1.7
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow 62.8
Growth Rates
Sales Growth Rate -4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 71%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 130.3%
Total Debt to Equity 133.2%
Interest Coverage -31
Management Effectiveness
Return On Assets -24.4%
Ret/ On Assets - 3 Yr. Avg. -5.2%
Return On Total Capital -32.1%
Ret/ On T. Cap. - 3 Yr. Avg. -7.4%
Return On Equity -56%
Return On Equity - 3 Yr. Avg. -15.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin -18.3%
Gross Margin - 3 Yr. Avg. 25.5%
EBITDA Margin -57%
EBITDA Margin - 3 Yr. Avg. -6.5%
Operating Margin -64.9%
Oper. Margin - 3 Yr. Avg. -14.6%
Pre-Tax Margin -69.9%
Pre-Tax Margin - 3 Yr. Avg. -15.9%
Net Profit Margin -57.3%
Net Profit Margin - 3 Yr. Avg. -14.4%
Effective Tax Rate 18.1%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 0%

IPXL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IPXL stock intrinsic value calculation we used $824 million for the last fiscal year's total revenue generated by Impax Laboratories. The default revenue input number comes from 2016 income statement of Impax Laboratories. 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 IPXL 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 8.2%, whose default value for IPXL is calculated based on our internal credit rating of Impax Laboratories, 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 Impax Laboratories.
    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 IPXL stock the variable cost ratio is equal to 93.9%.

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 IPXL 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 Impax Laboratories.

Corporate tax rate of 27% is the nominal tax rate for Impax Laboratories. 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 IPXL 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 IPXL are equal to 101.3%.

Life of production assets of 11.9 years is the average useful life of capital assets used in Impax Laboratories 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 IPXL is equal to 18%. 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 - $624 million for Impax Laboratories - 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 71.856 million for Impax Laboratories 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 Impax Laboratories at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Dominion Diamond and Impax rise; FedEx and BlackRock fall   [Jul-17-17 05:17PM  Associated Press]
▶ How Endo's Opioid Pitfall Could Be A Boon For These Drugmakers   [04:07PM  Investor's Business Daily]
▶ Impax Laboratories Trying To Close In On Key Technical Benchmark   [Jun-02-17 11:21AM  Investor's Business Daily]
▶ Impax to Present at the UBS Global Healthcare Conference   [May-17-17 09:20AM  PR Newswire]
▶ These Stocks Show Change of Direction   [01:00PM  TheStreet.com]
▶ Impax Labs reports 1Q loss   [05:03AM  Associated Press]
▶ Vetr Crowd Urges Sell For Impax Laboratories   [Apr-24-17 04:51PM  Benzinga]
▶ Why Impax Labs Soared 37.3% Today   [Mar-27-17 06:00PM  Motley Fool]
▶ Skincare Makers Lead Biotech Movers   [09:28AM  TheStreet.com]
▶ Why Impax Labs Is Crashing 29% Today   [12:27PM  at Motley Fool]
▶ Impax to Present at Upcoming Investor Conferences   [Feb-27-17 08:35AM  PR Newswire]
▶ 7 Stocks You Should Sell Right Now   [Feb-02-17 09:50AM  at Kiplinger]
▶ [$$] Cigna Drops EpiPen Coverage for Generic   [04:33PM  at The Wall Street Journal]
Stock chart of IPXL Financial statements of IPXL Annual reports of IPXL
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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