Intrinsic value of Keryx Biopharmaceuticals - KERX

Previous Close

$6.52

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

0%

Previous close

$6.52

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
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 KERX 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 0.7

 

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, %
  128.57
  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
  32
  51
  79
  118
  172
  242
  333
  447
  587
  755
  954
  1,184
  1,448
  1,745
  2,076
  2,442
  2,840
  3,272
  3,735
  4,230
  4,756
  5,312
  5,897
  6,511
  7,154
  7,826
  8,526
  9,256
  10,014
  10,803
  11,623
Variable operating expenses, $m
 
  91
  140
  210
  304
  429
  590
  792
  1,040
  1,338
  1,690
  2,098
  2,565
  3,092
  3,679
  4,325
  5,032
  5,796
  6,617
  7,494
  8,426
  9,411
  10,448
  11,536
  12,675
  13,865
  15,106
  16,398
  17,742
  19,140
  20,592
Fixed operating expenses, $m
 
  106
  108
  111
  114
  117
  119
  122
  125
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
Total operating expenses, $m
  155
  197
  248
  321
  418
  546
  709
  914
  1,165
  1,467
  1,822
  2,233
  2,704
  3,234
  3,825
  4,474
  5,185
  5,953
  6,778
  7,659
  8,595
  9,584
  10,625
  11,718
  12,861
  14,056
  15,302
  16,599
  17,948
  19,351
  20,808
Operating income, $m
  -123
  -145
  -170
  -203
  -246
  -304
  -377
  -468
  -579
  -712
  -868
  -1,049
  -1,256
  -1,489
  -1,748
  -2,033
  -2,344
  -2,681
  -3,043
  -3,429
  -3,839
  -4,272
  -4,728
  -5,206
  -5,707
  -6,230
  -6,775
  -7,343
  -7,933
  -8,547
  -9,185
EBITDA, $m
  -122
  -144
  -168
  -200
  -243
  -300
  -371
  -460
  -569
  -699
  -853
  -1,030
  -1,233
  -1,461
  -1,715
  -1,995
  -2,300
  -2,630
  -2,985
  -3,363
  -3,765
  -4,189
  -4,636
  -5,105
  -5,595
  -6,108
  -6,642
  -7,198
  -7,777
  -8,378
  -9,004
Interest expense (income), $m
  0
  4
  6
  10
  16
  23
  33
  45
  61
  81
  104
  132
  164
  200
  241
  287
  338
  393
  453
  518
  586
  659
  736
  818
  903
  992
  1,085
  1,182
  1,284
  1,389
  1,498
Earnings before tax, $m
  -161
  -150
  -176
  -213
  -262
  -327
  -409
  -513
  -640
  -792
  -972
  -1,181
  -1,419
  -1,689
  -1,989
  -2,320
  -2,682
  -3,074
  -3,496
  -3,946
  -4,425
  -4,931
  -5,464
  -6,024
  -6,610
  -7,222
  -7,860
  -8,525
  -9,217
  -9,936
  -10,683
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
  -161
  -150
  -176
  -213
  -262
  -327
  -409
  -513
  -640
  -792
  -972
  -1,181
  -1,419
  -1,689
  -1,989
  -2,320
  -2,682
  -3,074
  -3,496
  -3,946
  -4,425
  -4,931
  -5,464
  -6,024
  -6,610
  -7,222
  -7,860
  -8,525
  -9,217
  -9,936
  -10,683

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  112
  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
  141
  226
  348
  521
  756
  1,067
  1,467
  1,969
  2,585
  3,326
  4,201
  5,217
  6,378
  7,688
  9,147
  10,756
  12,511
  14,412
  16,455
  18,636
  20,952
  23,401
  25,979
  28,685
  31,517
  34,476
  37,561
  40,774
  44,117
  47,592
  51,205
Adjusted assets (=assets-cash), $m
  29
  226
  348
  521
  756
  1,067
  1,467
  1,969
  2,585
  3,326
  4,201
  5,217
  6,378
  7,688
  9,147
  10,756
  12,511
  14,412
  16,455
  18,636
  20,952
  23,401
  25,979
  28,685
  31,517
  34,476
  37,561
  40,774
  44,117
  47,592
  51,205
Revenue / Adjusted assets
  1.103
  0.226
  0.227
  0.226
  0.228
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
Average production assets, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  272
  324
  381
  443
  510
  583
  660
  742
  829
  920
  1,016
  1,116
  1,221
  1,330
  1,444
  1,562
  1,685
  1,813
Working capital, $m
  111
  -2
  -2
  -4
  -5
  -8
  -10
  -14
  -18
  -23
  -30
  -37
  -45
  -54
  -64
  -76
  -88
  -101
  -116
  -131
  -147
  -165
  -183
  -202
  -222
  -243
  -264
  -287
  -310
  -335
  -360
Total debt, $m
  127
  181
  292
  447
  659
  938
  1,298
  1,750
  2,304
  2,972
  3,759
  4,673
  5,719
  6,897
  8,211
  9,658
  11,238
  12,949
  14,787
  16,750
  18,835
  21,039
  23,359
  25,794
  28,344
  31,006
  33,783
  36,674
  39,683
  42,811
  46,062
Total liabilities, $m
  150
  203
  314
  469
  681
  960
  1,320
  1,772
  2,326
  2,994
  3,781
  4,695
  5,741
  6,919
  8,233
  9,680
  11,260
  12,971
  14,809
  16,772
  18,857
  21,061
  23,381
  25,816
  28,366
  31,028
  33,805
  36,696
  39,705
  42,833
  46,084
Total equity, $m
  -8
  23
  35
  52
  76
  107
  147
  197
  258
  333
  420
  522
  638
  769
  915
  1,076
  1,251
  1,441
  1,645
  1,864
  2,095
  2,340
  2,598
  2,868
  3,152
  3,448
  3,756
  4,077
  4,412
  4,759
  5,120
Total liabilities and equity, $m
  142
  226
  349
  521
  757
  1,067
  1,467
  1,969
  2,584
  3,327
  4,201
  5,217
  6,379
  7,688
  9,148
  10,756
  12,511
  14,412
  16,454
  18,636
  20,952
  23,401
  25,979
  28,684
  31,518
  34,476
  37,561
  40,773
  44,117
  47,592
  51,204
Debt-to-equity ratio
  -15.875
  8.020
  8.370
  8.580
  8.710
  8.790
  8.850
  8.890
  8.910
  8.930
  8.950
  8.960
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  9.000
  9.000
  9.000
Adjusted equity ratio
  -4.138
  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
  -161
  -150
  -176
  -213
  -262
  -327
  -409
  -513
  -640
  -792
  -972
  -1,181
  -1,419
  -1,689
  -1,989
  -2,320
  -2,682
  -3,074
  -3,496
  -3,946
  -4,425
  -4,931
  -5,464
  -6,024
  -6,610
  -7,222
  -7,860
  -8,525
  -9,217
  -9,936
  -10,683
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  4
  5
  7
  9
  12
  15
  18
  23
  27
  32
  38
  44
  51
  58
  66
  74
  83
  92
  102
  112
  122
  133
  144
  156
  169
  181
Funds from operations, $m
  -95
  -149
  -174
  -211
  -259
  -323
  -404
  -506
  -630
  -780
  -957
  -1,162
  -1,397
  -1,662
  -1,957
  -2,282
  -2,638
  -3,023
  -3,438
  -3,880
  -4,351
  -4,848
  -5,372
  -5,922
  -6,498
  -7,100
  -7,727
  -8,381
  -9,060
  -9,767
  -10,502
Change in working capital, $m
  -8
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
Cash from operations, $m
  -87
  -148
  -173
  -209
  -257
  -320
  -401
  -502
  -626
  -775
  -951
  -1,155
  -1,389
  -1,652
  -1,947
  -2,271
  -2,626
  -3,010
  -3,423
  -3,865
  -4,334
  -4,831
  -5,354
  -5,903
  -6,478
  -7,079
  -7,705
  -8,358
  -9,037
  -9,743
  -10,477
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -18
  -23
  -27
  -32
  -38
  -44
  -51
  -58
  -66
  -74
  -83
  -92
  -102
  -112
  -122
  -133
  -144
  -156
  -169
New CAPEX, $m
  -2
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -26
  -31
  -36
  -41
  -46
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -91
  -96
  -100
  -105
  -109
  -114
  -118
  -123
  -128
Cash from investing activities, $m
  -2
  -4
  -5
  -7
  -10
  -14
  -18
  -23
  -29
  -35
  -43
  -51
  -59
  -69
  -79
  -89
  -100
  -111
  -123
  -135
  -148
  -161
  -174
  -188
  -202
  -217
  -231
  -247
  -262
  -279
  -297
Free cash flow, $m
  -89
  -152
  -179
  -217
  -268
  -334
  -419
  -525
  -655
  -810
  -993
  -1,206
  -1,448
  -1,721
  -2,025
  -2,360
  -2,726
  -3,122
  -3,547
  -4,001
  -4,482
  -4,992
  -5,528
  -6,091
  -6,680
  -7,295
  -7,937
  -8,605
  -9,300
  -10,022
  -10,773
Issuance/(repayment) of debt, $m
  0
  54
  111
  155
  212
  280
  360
  452
  555
  667
  788
  914
  1,045
  1,179
  1,313
  1,447
  1,580
  1,711
  1,838
  1,963
  2,085
  2,204
  2,320
  2,435
  2,549
  2,663
  2,777
  2,892
  3,008
  3,128
  3,251
Issuance/(repurchase) of shares, $m
  0
  180
  188
  230
  286
  358
  449
  563
  701
  866
  1,060
  1,282
  1,535
  1,820
  2,135
  2,481
  2,858
  3,265
  3,700
  4,165
  4,657
  5,176
  5,722
  6,294
  6,893
  7,518
  8,169
  8,846
  9,551
  10,283
  11,045
Cash from financing (excl. dividends), $m  
  0
  234
  299
  385
  498
  638
  809
  1,015
  1,256
  1,533
  1,848
  2,196
  2,580
  2,999
  3,448
  3,928
  4,438
  4,976
  5,538
  6,128
  6,742
  7,380
  8,042
  8,729
  9,442
  10,181
  10,946
  11,738
  12,559
  13,411
  14,296
Total cash flow (excl. dividends), $m
  -88
  83
  120
  169
  229
  303
  390
  490
  601
  723
  854
  991
  1,132
  1,277
  1,423
  1,568
  1,712
  1,853
  1,992
  2,127
  2,259
  2,388
  2,514
  2,639
  2,762
  2,885
  3,008
  3,133
  3,260
  3,389
  3,523
Retained Cash Flow (-), $m
  95
  -180
  -188
  -230
  -286
  -358
  -449
  -563
  -701
  -866
  -1,060
  -1,282
  -1,535
  -1,820
  -2,135
  -2,481
  -2,858
  -3,265
  -3,700
  -4,165
  -4,657
  -5,176
  -5,722
  -6,294
  -6,893
  -7,518
  -8,169
  -8,846
  -9,551
  -10,283
  -11,045
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
 
  -98
  -68
  -61
  -56
  -55
  -59
  -73
  -100
  -143
  -206
  -292
  -403
  -543
  -712
  -913
  -1,146
  -1,411
  -1,708
  -2,038
  -2,398
  -2,788
  -3,208
  -3,656
  -4,131
  -4,633
  -5,160
  -5,713
  -6,291
  -6,894
  -7,522
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -91
  -59
  -49
  -42
  -37
  -36
  -40
  -49
  -61
  -77
  -93
  -110
  -124
  -135
  -141
  -142
  -139
  -131
  -119
  -105
  -90
  -74
  -60
  -46
  -35
  -25
  -18
  -12
  -8
  -5
Current shareholders' claim on cash, %
  100
  50.0
  5.4
  0.7
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Keryx Biopharmaceuticals, Inc., a biopharmaceutical company, focuses on providing therapies for patients with renal disease in the United States. Its lead product Auryxia (ferric citrate), an oral, ferric iron-based compound that has the capacity to bind to phosphate in the gastrointestinal tract and form non-absorbable complexes, as well as treats iron deficiency anemia. Auryxia is also used to control serum phosphorus levels in patients with chronic kidney disease on dialysis. The company has licensing and collaboration agreements with Japan Tobacco Inc. and Torii Pharmaceutical Co., Ltd. for the development and commercialization of Auryxia in Japan. It also has strategic alliance with Panion & BF Biotech, Inc. Keryx Biopharmaceuticals, Inc. was founded in 1997 and is headquartered in Boston, Massachusetts.

FINANCIAL RATIOS  of  Keryx Biopharmaceuticals (KERX)

Valuation Ratios
P/E Ratio -4.3
Price to Sales 21.6
Price to Book -86.3
Price to Tangible Book
Price to Cash Flow -7.9
Price to Free Cash Flow -7.8
Growth Rates
Sales Growth Rate 128.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -1587.5%
Total Debt to Equity -1587.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -80.5%
Ret/ On Assets - 3 Yr. Avg. -94.7%
Return On Total Capital -107.7%
Ret/ On T. Cap. - 3 Yr. Avg. -131.6%
Return On Equity -407.6%
Return On Equity - 3 Yr. Avg. -250.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin -28.1%
Gross Margin - 3 Yr. Avg. 37.6%
EBITDA Margin -500%
EBITDA Margin - 3 Yr. Avg. -793.5%
Operating Margin -384.4%
Oper. Margin - 3 Yr. Avg. -728.8%
Pre-Tax Margin -503.1%
Pre-Tax Margin - 3 Yr. Avg. -796.9%
Net Profit Margin -503.1%
Net Profit Margin - 3 Yr. Avg. -800%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.3%
Payout Ratio 0%

KERX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KERX stock intrinsic value calculation we used $32 million for the last fiscal year's total revenue generated by Keryx Biopharmaceuticals. The default revenue input number comes from 2016 income statement of Keryx Biopharmaceuticals. 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 KERX 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 6.7%, whose default value for KERX is calculated based on our internal credit rating of Keryx Biopharmaceuticals, 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 Keryx Biopharmaceuticals.
    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 KERX stock the variable cost ratio is equal to 178.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $103 million in the base year in the intrinsic value calculation for KERX 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 Keryx Biopharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Keryx Biopharmaceuticals. 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 KERX 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 KERX are equal to 15.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Keryx Biopharmaceuticals 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 KERX is equal to -3.1%. 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 - $-8 million for Keryx Biopharmaceuticals - 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 101.521 million for Keryx Biopharmaceuticals 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 Keryx Biopharmaceuticals at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ 3 Biotech Stocks With Big News Coming   [Aug-02-17 08:15AM  Motley Fool]
▶ Keryx Biopharma reports 2Q loss   [Jul-27-17 10:35PM  Associated Press]
▶ Top 4 Pharmaceutical Stocks for 2017   [May-19-17 08:00AM  Investopedia]
▶ Keryx Biopharma reports 1Q loss   [May-04-17 07:57AM  Associated Press]
▶ 3 Top Stocks Under $5   [Mar-08-17 03:51PM  Motley Fool]
▶ 3 Top Stocks Under $5   [03:51PM  at Motley Fool]
▶ 3 Companies Whose Revenue Could Double in 2017   [Dec-24-16 09:51AM  at Motley Fool]
▶ Do Hedge Funds Love Keryx Biopharmaceuticals Inc (KERX)?   [Dec-11-16 04:48AM  at Insider Monkey]
▶ This Is Why Keryx Biopharmaceuticals Surged 28% in November   [Dec-06-16 03:54PM  at Motley Fool]
▶ 3 Biotech Investing Tips That Could Earn You Thousands   [Nov-28-16 09:47AM  at Motley Fool]
▶ FDA action helps Keryx move past drug supply snafu   [05:40AM  at bizjournals.com]
▶ Why Keryx Biopharmaceuticals Stock Jumped Today   [Nov-09-16 04:45PM  at Motley Fool]
Stock chart of KERX Financial statements of KERX
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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