Intrinsic value of Ironwood Pharmaceuticals Cl A - IRWD

Previous Close

$14.50

  Intrinsic Value

$0.11

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

+5000%

Previous close

$14.50

 
Intrinsic value

$0.11

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of IRWD 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 2.2

 

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, %
  82.67
  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
  274
  279
  286
  293
  302
  311
  321
  332
  343
  356
  370
  384
  400
  417
  434
  453
  473
  494
  516
  540
  564
  591
  618
  647
  678
  710
  744
  780
  818
  857
  899
Variable operating expenses, $m
 
  167
  171
  176
  181
  186
  192
  199
  206
  213
  221
  230
  239
  249
  260
  271
  283
  296
  309
  323
  338
  354
  370
  387
  406
  425
  445
  467
  489
  513
  538
Fixed operating expenses, $m
 
  170
  174
  179
  183
  188
  193
  197
  202
  207
  212
  218
  223
  229
  235
  240
  246
  253
  259
  265
  272
  279
  286
  293
  300
  308
  315
  323
  331
  340
  348
Total operating expenses, $m
  326
  337
  345
  355
  364
  374
  385
  396
  408
  420
  433
  448
  462
  478
  495
  511
  529
  549
  568
  588
  610
  633
  656
  680
  706
  733
  760
  790
  820
  853
  886
Operating income, $m
  -52
  -58
  -60
  -61
  -62
  -63
  -64
  -64
  -65
  -64
  -64
  -64
  -63
  -62
  -60
  -59
  -57
  -54
  -52
  -49
  -45
  -42
  -38
  -33
  -28
  -23
  -17
  -10
  -3
  4
  13
EBITDA, $m
  -41
  -47
  -49
  -50
  -51
  -51
  -52
  -52
  -51
  -51
  -50
  -49
  -47
  -46
  -44
  -41
  -39
  -36
  -32
  -28
  -24
  -19
  -14
  -9
  -2
  4
  12
  19
  28
  37
  47
Interest expense (income), $m
  24
  24
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  45
  48
  50
  53
  56
  60
  63
  67
  71
  75
  79
  84
  89
  94
  99
  105
  111
Earnings before tax, $m
  -82
  -82
  -84
  -87
  -89
  -91
  -93
  -95
  -97
  -98
  -100
  -101
  -103
  -104
  -105
  -106
  -107
  -108
  -108
  -109
  -109
  -109
  -109
  -108
  -107
  -107
  -105
  -104
  -102
  -100
  -98
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
  -82
  -82
  -84
  -87
  -89
  -91
  -93
  -95
  -97
  -98
  -100
  -101
  -103
  -104
  -105
  -106
  -107
  -108
  -108
  -109
  -109
  -109
  -109
  -108
  -107
  -107
  -105
  -104
  -102
  -100
  -98

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  305
  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
  710
  724
  741
  760
  781
  805
  831
  859
  890
  923
  958
  996
  1,036
  1,079
  1,125
  1,174
  1,225
  1,280
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,756
  1,840
  1,928
  2,021
  2,118
  2,221
  2,328
Adjusted assets (=assets-cash), $m
  405
  724
  741
  760
  781
  805
  831
  859
  890
  923
  958
  996
  1,036
  1,079
  1,125
  1,174
  1,225
  1,280
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,756
  1,840
  1,928
  2,021
  2,118
  2,221
  2,328
Revenue / Adjusted assets
  0.677
  0.385
  0.386
  0.386
  0.387
  0.386
  0.386
  0.386
  0.385
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
  0.386
Average production assets, $m
  104
  106
  109
  111
  115
  118
  122
  126
  130
  135
  141
  146
  152
  158
  165
  172
  180
  188
  196
  205
  214
  224
  235
  246
  258
  270
  283
  296
  311
  326
  342
Working capital, $m
  289
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
Total debt, $m
  373
  382
  397
  414
  433
  454
  478
  503
  531
  560
  592
  626
  663
  701
  743
  786
  833
  882
  933
  988
  1,046
  1,107
  1,171
  1,239
  1,311
  1,386
  1,465
  1,548
  1,636
  1,729
  1,826
Total liabilities, $m
  643
  652
  667
  684
  703
  724
  748
  773
  801
  830
  862
  896
  933
  971
  1,013
  1,056
  1,103
  1,152
  1,203
  1,258
  1,316
  1,377
  1,441
  1,509
  1,581
  1,656
  1,735
  1,818
  1,906
  1,999
  2,096
Total equity, $m
  67
  72
  74
  76
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
Total liabilities and equity, $m
  710
  724
  741
  760
  781
  804
  831
  859
  890
  922
  958
  996
  1,037
  1,079
  1,126
  1,173
  1,226
  1,280
  1,337
  1,398
  1,462
  1,530
  1,601
  1,677
  1,757
  1,840
  1,928
  2,020
  2,118
  2,221
  2,329
Debt-to-equity ratio
  5.567
  5.270
  5.350
  5.450
  5.540
  5.650
  5.750
  5.860
  5.970
  6.070
  6.180
  6.290
  6.390
  6.500
  6.600
  6.700
  6.800
  6.890
  6.980
  7.070
  7.150
  7.240
  7.310
  7.390
  7.460
  7.530
  7.600
  7.660
  7.730
  7.780
  7.840
Adjusted equity ratio
  -0.588
  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
  -82
  -82
  -84
  -87
  -89
  -91
  -93
  -95
  -97
  -98
  -100
  -101
  -103
  -104
  -105
  -106
  -107
  -108
  -108
  -109
  -109
  -109
  -109
  -108
  -107
  -107
  -105
  -104
  -102
  -100
  -98
Depreciation, amort., depletion, $m
  11
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
Funds from operations, $m
  -30
  -71
  -73
  -75
  -77
  -79
  -81
  -82
  -84
  -85
  -86
  -87
  -88
  -88
  -89
  -89
  -89
  -89
  -89
  -88
  -87
  -86
  -85
  -84
  -82
  -80
  -77
  -74
  -71
  -68
  -64
Change in working capital, $m
  -5
  0
  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
  -1
Cash from operations, $m
  -25
  -71
  -73
  -75
  -77
  -79
  -80
  -82
  -83
  -84
  -85
  -86
  -87
  -88
  -88
  -88
  -88
  -88
  -88
  -87
  -86
  -85
  -84
  -82
  -81
  -78
  -76
  -73
  -70
  -66
  -62
Maintenance CAPEX, $m
  0
  -10
  -11
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
New CAPEX, $m
  -104
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Cash from investing activities, $m
  -178
  -12
  -13
  -14
  -14
  -14
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -37
  -38
  -40
  -42
  -44
  -46
  -49
Free cash flow, $m
  -203
  -84
  -86
  -89
  -91
  -94
  -96
  -98
  -100
  -102
  -104
  -106
  -108
  -109
  -111
  -112
  -113
  -114
  -115
  -116
  -116
  -117
  -117
  -117
  -117
  -116
  -116
  -115
  -114
  -113
  -111
Issuance/(repayment) of debt, $m
  -29
  9
  15
  17
  19
  21
  23
  25
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
Issuance/(repurchase) of shares, $m
  25
  87
  86
  88
  91
  93
  96
  98
  100
  102
  104
  105
  107
  108
  110
  111
  112
  113
  114
  115
  115
  115
  116
  116
  115
  115
  114
  113
  112
  111
  109
Cash from financing (excl. dividends), $m  
  -4
  96
  101
  105
  110
  114
  119
  123
  128
  132
  136
  139
  143
  147
  151
  155
  158
  162
  166
  170
  173
  176
  180
  184
  186
  190
  193
  196
  200
  203
  206
Total cash flow (excl. dividends), $m
  -207
  12
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  66
  70
  74
  78
  82
  86
  90
  95
Retained Cash Flow (-), $m
  28
  -87
  -86
  -88
  -91
  -93
  -96
  -98
  -100
  -102
  -104
  -105
  -107
  -108
  -110
  -111
  -112
  -113
  -114
  -115
  -115
  -115
  -116
  -116
  -115
  -115
  -114
  -113
  -112
  -111
  -109
Prev. year cash balance distribution, $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 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
 
  -75
  -71
  -72
  -72
  -72
  -73
  -73
  -73
  -73
  -72
  -72
  -71
  -70
  -69
  -68
  -67
  -65
  -63
  -61
  -58
  -56
  -53
  -49
  -45
  -41
  -37
  -32
  -26
  -20
  -14
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  -70
  -62
  -57
  -53
  -48
  -44
  -39
  -35
  -30
  -26
  -22
  -19
  -15
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  88.5
  79.1
  70.7
  63.1
  56.4
  50.4
  45.1
  40.4
  36.2
  32.6
  29.4
  26.5
  24.0
  21.8
  19.8
  18.1
  16.6
  15.2
  14.0
  13.0
  12.0
  11.2
  10.4
  9.7
  9.1
  8.6
  8.1
  7.7
  7.3
  7.0

Ironwood Pharmaceuticals, Inc., a commercial biotechnology company, engages in the research, development, and commercialization of human therapeutic products. The company markets linaclotide, a guanylate cyclase type-C agonist for the treatment of adults suffering from irritable bowel syndrome with constipation or chronic idiopathic constipation (CIC) under the LINZESS name in the United States and Constella name in the European Union; and lesinurad for the treatment of hyperuricemia associated with uncontrolled gout under ZURAMPIC and DUZALLO names. It has collaboration agreements with Allergan plc and AstraZeneca AB to develop and commercialize linaclotide for the treatment of IBS-C, CIC, and other GI conditions in North America, China, Hong Kong, and Macau; and license agreement with Astellas Pharma Inc. to develop and commercialize linaclotide for the treatment of IBS-C, chronic constipation, and other GI conditions in Japan. The company was formerly known as Microbia, Inc. and changed its name to Ironwood Pharmaceuticals, Inc. in April 2008. Ironwood Pharmaceuticals, Inc. was founded in 1998 and is headquartered in Cambridge, Massachusetts.

FINANCIAL RATIOS  of  Ironwood Pharmaceuticals Cl A (IRWD)

Valuation Ratios
P/E Ratio -26.1
Price to Sales 7.8
Price to Book 31.9
Price to Tangible Book
Price to Cash Flow -85.5
Price to Free Cash Flow -16.6
Growth Rates
Sales Growth Rate 82.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2500%
Cap. Spend. - 3 Yr. Gr. Rate 59.7%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 547.8%
Total Debt to Equity 556.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -8.7%
Ret/ On Assets - 3 Yr. Avg. -30%
Return On Total Capital -17.9%
Ret/ On T. Cap. - 3 Yr. Avg. -45.3%
Return On Equity -101.2%
Return On Equity - 3 Yr. Avg. -185.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 99.3%
Gross Margin - 3 Yr. Avg. 88.8%
EBITDA Margin -17.2%
EBITDA Margin - 3 Yr. Avg. -99%
Operating Margin -19%
Oper. Margin - 3 Yr. Avg. -103.6%
Pre-Tax Margin -29.9%
Pre-Tax Margin - 3 Yr. Avg. -125.1%
Net Profit Margin -29.9%
Net Profit Margin - 3 Yr. Avg. -125.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IRWD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRWD stock intrinsic value calculation we used $274 million for the last fiscal year's total revenue generated by Ironwood Pharmaceuticals Cl A. The default revenue input number comes from 2016 income statement of Ironwood Pharmaceuticals Cl A. 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 IRWD 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 6.9%, whose default value for IRWD is calculated based on our internal credit rating of Ironwood Pharmaceuticals Cl A, 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 Ironwood Pharmaceuticals Cl A.
    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 IRWD stock the variable cost ratio is equal to 59.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $166 million in the base year in the intrinsic value calculation for IRWD 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 6.4% for Ironwood Pharmaceuticals Cl A.

Corporate tax rate of 27% is the nominal tax rate for Ironwood Pharmaceuticals Cl A. 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 IRWD 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 IRWD are equal to 38%.

Life of production assets of 10 years is the average useful life of capital assets used in Ironwood Pharmaceuticals Cl A 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 IRWD is equal to -3.6%. 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 - $67 million for Ironwood Pharmaceuticals Cl A - 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 149.133 million for Ironwood Pharmaceuticals Cl A 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 Ironwood Pharmaceuticals Cl A at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Ironwood reports 2Q loss   [12:07AM  Associated Press]
▶ Is Ironwood's Growth About to Slow?   [Jun-05-17 09:01AM  Motley Fool]
▶ Ironwood reports 1Q loss   [08:18AM  Associated Press]
▶ Synergy Pharmaceuticals: Approval, Now What?   [Mar-13-17 09:29AM  Motley Fool]
▶ [$$] Celebrating Failure in a Tough Drug Industry   [Mar-03-17 11:11PM  The Wall Street Journal]
▶ Ironwood Pharmaceuticals to Host R&D Day on March 9, 2017   [Feb-23-17 04:01PM  Business Wire]
▶ Cambridge's Ironwood reports positive data on constipation drug   [Dec-22-16 11:20AM  at bizjournals.com]
▶ Is Kite Realty Group Trust (KRG) A Good Stock To Buy?   [Dec-12-16 05:35PM  at Insider Monkey]
▶ Hedge Funds Are Buying Ironwood Pharmaceuticals, Inc. (IRWD)   [Nov-29-16 06:53PM  at Insider Monkey]
Stock chart of IRWD Financial statements of IRWD
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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