Intrinsic value of Impax Laboratories - IPXL

Previous Close

$16.60

  Intrinsic Value

$7.98

stock screener

  Rating & Target

str. sell

-52%

Previous close

$16.60

 
Intrinsic value

$7.98

 
Up/down potential

-52%

 
Rating

str. sell

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 1.2

 

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, %
  -4.19
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  824
  962
  1,113
  1,275
  1,448
  1,633
  1,828
  2,034
  2,251
  2,477
  2,715
  2,962
  3,220
  3,488
  3,767
  4,057
  4,359
  4,672
  4,997
  5,336
  5,688
  6,054
  6,434
  6,831
  7,244
  7,674
  8,123
  8,591
  9,080
  9,590
  10,122
Variable operating expenses, $m
 
  900
  1,038
  1,186
  1,344
  1,513
  1,691
  1,880
  2,077
  2,285
  2,502
  2,707
  2,943
  3,188
  3,443
  3,708
  3,983
  4,270
  4,567
  4,876
  5,198
  5,532
  5,880
  6,243
  6,620
  7,013
  7,423
  7,851
  8,298
  8,764
  9,251
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
  900
  1,038
  1,186
  1,344
  1,513
  1,691
  1,880
  2,077
  2,285
  2,502
  2,707
  2,943
  3,188
  3,443
  3,708
  3,983
  4,270
  4,567
  4,876
  5,198
  5,532
  5,880
  6,243
  6,620
  7,013
  7,423
  7,851
  8,298
  8,764
  9,251
Operating income, $m
  -534
  62
  75
  89
  104
  120
  137
  154
  173
  193
  213
  255
  277
  300
  324
  349
  375
  402
  430
  460
  490
  521
  554
  588
  624
  661
  700
  740
  782
  826
  872
EBITDA, $m
  -446
  165
  191
  218
  248
  280
  313
  348
  385
  424
  465
  507
  551
  597
  645
  695
  746
  800
  856
  914
  974
  1,037
  1,102
  1,170
  1,240
  1,314
  1,391
  1,471
  1,555
  1,642
  1,733
Interest expense (income), $m
  18
  28
  35
  43
  51
  60
  69
  79
  89
  100
  111
  123
  136
  149
  162
  176
  191
  206
  221
  238
  255
  272
  291
  310
  330
  350
  372
  394
  418
  442
  468
Earnings before tax, $m
  -576
  34
  40
  46
  53
  60
  68
  76
  84
  93
  102
  132
  142
  152
  162
  173
  185
  197
  209
  222
  235
  249
  264
  279
  294
  311
  328
  346
  364
  384
  404
Tax expense, $m
  -104
  9
  11
  12
  14
  16
  18
  20
  23
  25
  27
  36
  38
  41
  44
  47
  50
  53
  56
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
  104
  109
Net income, $m
  -472
  25
  29
  34
  39
  44
  49
  55
  61
  68
  74
  96
  103
  111
  119
  127
  135
  144
  153
  162
  172
  182
  192
  203
  215
  227
  239
  252
  266
  280
  295

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
  1,917
  2,217
  2,539
  2,885
  3,252
  3,642
  4,052
  4,483
  4,935
  5,408
  5,900
  6,414
  6,948
  7,504
  8,082
  8,683
  9,306
  9,955
  10,629
  11,330
  12,059
  12,818
  13,607
  14,430
  15,287
  16,181
  17,114
  18,087
  19,103
  20,164
Adjusted assets (=assets-cash), $m
  1,643
  1,917
  2,217
  2,539
  2,885
  3,252
  3,642
  4,052
  4,483
  4,935
  5,408
  5,900
  6,414
  6,948
  7,504
  8,082
  8,683
  9,306
  9,955
  10,629
  11,330
  12,059
  12,818
  13,607
  14,430
  15,287
  16,181
  17,114
  18,087
  19,103
  20,164
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
  975
  1,127
  1,291
  1,467
  1,654
  1,852
  2,061
  2,280
  2,510
  2,750
  3,001
  3,262
  3,533
  3,816
  4,110
  4,415
  4,733
  5,062
  5,405
  5,762
  6,132
  6,518
  6,920
  7,338
  7,774
  8,229
  8,703
  9,198
  9,714
  10,254
Working capital, $m
  310
  173
  200
  229
  261
  294
  329
  366
  405
  446
  489
  533
  580
  628
  678
  730
  785
  841
  900
  960
  1,024
  1,090
  1,158
  1,230
  1,304
  1,381
  1,462
  1,546
  1,634
  1,726
  1,822
Total debt, $m
  831
  1,010
  1,226
  1,458
  1,706
  1,970
  2,250
  2,545
  2,856
  3,180
  3,520
  3,874
  4,244
  4,628
  5,028
  5,443
  5,875
  6,323
  6,790
  7,274
  7,778
  8,302
  8,848
  9,416
  10,007
  10,624
  11,266
  11,937
  12,636
  13,367
  14,130
Total liabilities, $m
  1,199
  1,378
  1,594
  1,826
  2,074
  2,338
  2,618
  2,913
  3,224
  3,548
  3,888
  4,242
  4,612
  4,996
  5,396
  5,811
  6,243
  6,691
  7,158
  7,642
  8,146
  8,670
  9,216
  9,784
  10,375
  10,992
  11,634
  12,305
  13,004
  13,735
  14,498
Total equity, $m
  624
  539
  623
  714
  811
  914
  1,023
  1,139
  1,260
  1,387
  1,520
  1,658
  1,802
  1,953
  2,109
  2,271
  2,440
  2,615
  2,797
  2,987
  3,184
  3,389
  3,602
  3,824
  4,055
  4,296
  4,547
  4,809
  5,082
  5,368
  5,666
Total liabilities and equity, $m
  1,823
  1,917
  2,217
  2,540
  2,885
  3,252
  3,641
  4,052
  4,484
  4,935
  5,408
  5,900
  6,414
  6,949
  7,505
  8,082
  8,683
  9,306
  9,955
  10,629
  11,330
  12,059
  12,818
  13,608
  14,430
  15,288
  16,181
  17,114
  18,086
  19,103
  20,164
Debt-to-equity ratio
  1.332
  1.880
  1.970
  2.040
  2.100
  2.160
  2.200
  2.240
  2.270
  2.290
  2.320
  2.340
  2.350
  2.370
  2.380
  2.400
  2.410
  2.420
  2.430
  2.440
  2.440
  2.450
  2.460
  2.460
  2.470
  2.470
  2.480
  2.480
  2.490
  2.490
  2.490
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
  25
  29
  34
  39
  44
  49
  55
  61
  68
  74
  96
  103
  111
  119
  127
  135
  144
  153
  162
  172
  182
  192
  203
  215
  227
  239
  252
  266
  280
  295
Depreciation, amort., depletion, $m
  88
  103
  115
  129
  144
  160
  176
  194
  212
  232
  252
  252
  274
  297
  321
  345
  371
  398
  425
  454
  484
  515
  548
  581
  617
  653
  691
  731
  773
  816
  862
Funds from operations, $m
  73
  127
  144
  163
  183
  204
  226
  249
  274
  299
  326
  348
  378
  408
  439
  472
  506
  541
  578
  616
  656
  697
  740
  785
  831
  880
  931
  984
  1,039
  1,096
  1,157
Change in working capital, $m
  -2
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  71
  74
  77
  81
  84
  88
  92
  96
Cash from operations, $m
  75
  102
  117
  134
  151
  170
  191
  212
  235
  258
  283
  304
  331
  360
  389
  420
  452
  485
  519
  555
  593
  631
  672
  714
  757
  803
  850
  899
  951
  1,005
  1,061
Maintenance CAPEX, $m
  0
  -70
  -82
  -95
  -109
  -123
  -139
  -156
  -173
  -192
  -211
  -231
  -252
  -274
  -297
  -321
  -345
  -371
  -398
  -425
  -454
  -484
  -515
  -548
  -581
  -617
  -653
  -691
  -731
  -773
  -816
New CAPEX, $m
  -53
  -140
  -152
  -164
  -176
  -187
  -198
  -209
  -219
  -230
  -240
  -251
  -261
  -272
  -283
  -294
  -305
  -317
  -330
  -343
  -356
  -371
  -386
  -402
  -418
  -436
  -455
  -474
  -495
  -517
  -540
Cash from investing activities, $m
  -627
  -210
  -234
  -259
  -285
  -310
  -337
  -365
  -392
  -422
  -451
  -482
  -513
  -546
  -580
  -615
  -650
  -688
  -728
  -768
  -810
  -855
  -901
  -950
  -999
  -1,053
  -1,108
  -1,165
  -1,226
  -1,290
  -1,356
Free cash flow, $m
  -552
  -108
  -117
  -125
  -133
  -140
  -146
  -152
  -158
  -163
  -168
  -178
  -182
  -186
  -191
  -195
  -199
  -203
  -208
  -213
  -218
  -224
  -230
  -236
  -243
  -250
  -258
  -266
  -275
  -285
  -295
Issuance/(repayment) of debt, $m
  395
  197
  215
  232
  248
  264
  280
  295
  310
  325
  340
  354
  369
  384
  400
  415
  432
  449
  466
  485
  504
  524
  545
  568
  592
  616
  643
  670
  700
  731
  763
Issuance/(repurchase) of shares, $m
  9
  52
  55
  57
  58
  59
  60
  60
  60
  59
  58
  42
  41
  39
  38
  36
  34
  32
  30
  27
  25
  23
  21
  19
  16
  14
  12
  10
  8
  5
  3
Cash from financing (excl. dividends), $m  
  392
  249
  270
  289
  306
  323
  340
  355
  370
  384
  398
  396
  410
  423
  438
  451
  466
  481
  496
  512
  529
  547
  566
  587
  608
  630
  655
  680
  708
  736
  766
Total cash flow (excl. dividends), $m
  -160
  142
  154
  164
  174
  184
  193
  203
  212
  221
  230
  219
  228
  237
  247
  256
  267
  277
  288
  299
  311
  324
  337
  351
  365
  381
  397
  414
  432
  451
  471
Retained Cash Flow (-), $m
  438
  -77
  -84
  -91
  -97
  -103
  -109
  -115
  -121
  -127
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -231
  -241
  -251
  -262
  -273
  -286
  -298
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
 
  227
  69
  73
  77
  81
  84
  88
  91
  94
  98
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
  152
  158
  165
  173
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
 
  210
  59
  57
  54
  50
  46
  42
  38
  34
  29
  20
  17
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.6
  90.0
  86.0
  82.6
  79.6
  77.1
  74.8
  72.9
  71.2
  69.7
  68.8
  67.9
  67.2
  66.5
  66.0
  65.5
  65.0
  64.7
  64.3
  64.1
  63.8
  63.6
  63.5
  63.3
  63.2
  63.1
  63.1
  63.0
  63.0
  63.0

Impax Laboratories, Inc. is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), in addition to the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma. The Impax Generics segment is focused on the development, manufacture, sale and distribution of its generic products, which are the pharmaceutical and therapeutic equivalents of brand-name drug products and are marketed under their established drug names. The Impax Specialty Pharma segment is engaged in the promotion, sale and distribution of several branded products, including its branded pharmaceutical product, Rytary, an extended release oral capsule formulation of carbidopa-levodopa for the treatment of Parkinson's disease, post-encephalitic Parkinsonism and Parkinsonism, and Zomig (zolmitriptan) products, indicated for the treatment of migraine headaches.

FINANCIAL RATIOS  of  Impax Laboratories (IPXL)

Valuation Ratios
P/E Ratio -2.6
Price to Sales 1.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 55.6
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 16.8% 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 74.353 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 $1.2 billion.

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COMPANY NEWS

▶ Impax Labs reports 3Q loss   [Nov-09-17 07:39AM  Associated Press]
▶ Impax Reports Third Quarter 2017 Results   [07:00AM  PR Newswire]
▶ Impax Announces Consent Solicitation   [Oct-30-17 08:15PM  PR Newswire]
▶ Generic Drugmaker Soars 11%; Investors Warm Up To Merger Deal   [Oct-18-17 05:02PM  Investor's Business Daily]
▶ This Generic Drug Maker Dives As Much As 16% On Merger News   [04:36PM  Investor's Business Daily]
▶ Amneal And Impax To Combine   [07:30AM  PR Newswire]
▶ [$$] Impax Laboratories and Amneal Pharmaceuticals Near Merger Agreement   [Oct-16-17 06:03PM  The Wall Street Journal]
▶ Why Impax Laboratories Inc (IPXL) Could Be A Buy   [Oct-12-17 05:14PM  Simply Wall St.]
▶ Could this East Bay generic drug maker have the urge to merge?   [Sep-22-17 04:53PM  American City Business Journals]
▶ Should You Buy Impax Laboratories Inc (IPXL) Now?   [Sep-21-17 09:44PM  Simply Wall St.]
▶ Impax Shares Jump on Merger Buzz   [02:02PM  TheStreet.com]
▶ U.K. Firm Impax to Buy Pax World Management   [Sep-18-17 10:02AM  Barrons.com]
▶ Impax Shares Jump After Chinese Firm Reveals 5% Stake   [Aug-31-17 02:33PM  TheStreet.com]
▶ Stocks With Rising Relative Price Strength: Impax Laboratories   [Aug-28-17 03:00AM  Investor's Business Daily]
▶ Impax Labs reports 2Q loss   [Aug-09-17 10:34PM  Associated Press]
▶ Here's Why Impax Laboratories Inc Jumped 18% In July   [Aug-07-17 11:04AM  Motley Fool]
▶ Teva: Hire a CEOPlease!!!   [Aug-03-17 01:44PM  Barrons.com]
▶ Three biotech companies to watch ahead of earnings   [Jul-25-17 04:25PM  MarketWatch]
▶ 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]
Financial statements 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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