Intrinsic value of Keryx Biopharmaceuticals - KERX

Previous Close

$6.50

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$6.50

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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 0.8

 

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
  -299
  -370
  -459
  -567
  -697
  -849
  -1,026
  -1,228
  -1,455
  -1,707
  -1,986
  -2,289
  -2,617
  -2,970
  -3,346
  -3,746
  -4,168
  -4,613
  -5,079
  -5,567
  -6,077
  -6,609
  -7,162
  -7,738
  -8,336
  -8,958
Interest expense (income), $m
  0
  4
  1
  1
  3
  4
  6
  9
  12
  16
  21
  26
  33
  41
  49
  59
  69
  80
  93
  106
  120
  135
  151
  168
  185
  204
  223
  243
  264
  285
  308
Earnings before tax, $m
  -161
  -150
  -170
  -204
  -249
  -308
  -383
  -476
  -591
  -728
  -889
  -1,075
  -1,289
  -1,529
  -1,797
  -2,092
  -2,413
  -2,761
  -3,135
  -3,535
  -3,959
  -4,407
  -4,879
  -5,374
  -5,892
  -6,433
  -6,998
  -7,585
  -8,197
  -8,832
  -9,493
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
  -170
  -204
  -249
  -308
  -383
  -476
  -591
  -728
  -889
  -1,075
  -1,289
  -1,529
  -1,797
  -2,092
  -2,413
  -2,761
  -3,135
  -3,535
  -3,959
  -4,407
  -4,879
  -5,374
  -5,892
  -6,433
  -6,998
  -7,585
  -8,197
  -8,832
  -9,493

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
  46
  72
  107
  156
  220
  302
  405
  532
  685
  865
  1,074
  1,313
  1,582
  1,883
  2,214
  2,575
  2,966
  3,386
  3,835
  4,312
  4,816
  5,347
  5,903
  6,486
  7,095
  7,730
  8,391
  9,079
  9,795
  10,538
Adjusted assets (=assets-cash), $m
  29
  46
  72
  107
  156
  220
  302
  405
  532
  685
  865
  1,074
  1,313
  1,582
  1,883
  2,214
  2,575
  2,966
  3,386
  3,835
  4,312
  4,816
  5,347
  5,903
  6,486
  7,095
  7,730
  8,391
  9,079
  9,795
  10,538
Revenue / Adjusted assets
  1.103
  1.109
  1.097
  1.103
  1.103
  1.100
  1.103
  1.104
  1.103
  1.102
  1.103
  1.102
  1.103
  1.103
  1.102
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
  1.103
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
  20
  43
  75
  118
  176
  250
  343
  457
  594
  756
  944
  1,159
  1,402
  1,672
  1,970
  2,295
  2,647
  3,026
  3,430
  3,859
  4,312
  4,790
  5,291
  5,816
  6,364
  6,935
  7,530
  8,149
  8,793
  9,462
Total liabilities, $m
  150
  42
  65
  97
  140
  198
  272
  365
  479
  616
  778
  966
  1,181
  1,424
  1,694
  1,992
  2,317
  2,669
  3,048
  3,452
  3,881
  4,334
  4,812
  5,313
  5,838
  6,386
  6,957
  7,552
  8,171
  8,815
  9,484
Total equity, $m
  -8
  5
  7
  11
  16
  22
  30
  41
  53
  68
  86
  107
  131
  158
  188
  221
  257
  297
  339
  384
  431
  482
  535
  590
  649
  710
  773
  839
  908
  979
  1,054
Total liabilities and equity, $m
  142
  47
  72
  108
  156
  220
  302
  406
  532
  684
  864
  1,073
  1,312
  1,582
  1,882
  2,213
  2,574
  2,966
  3,387
  3,836
  4,312
  4,816
  5,347
  5,903
  6,487
  7,096
  7,730
  8,391
  9,079
  9,794
  10,538
Debt-to-equity ratio
  -15.875
  4.260
  5.930
  6.950
  7.590
  8.000
  8.270
  8.460
  8.590
  8.680
  8.750
  8.800
  8.830
  8.860
  8.880
  8.900
  8.910
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
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
  -170
  -204
  -249
  -308
  -383
  -476
  -591
  -728
  -889
  -1,075
  -1,289
  -1,529
  -1,797
  -2,092
  -2,413
  -2,761
  -3,135
  -3,535
  -3,959
  -4,407
  -4,879
  -5,374
  -5,892
  -6,433
  -6,998
  -7,585
  -8,197
  -8,832
  -9,493
Depreciation, amort., depletion, $m
  1
  1
  2
  3
  4
  5
  7
  9
  12
  15
  19
  23
  28
  34
  40
  48
  55
  64
  73
  82
  93
  104
  115
  127
  140
  153
  166
  180
  195
  211
  227
Funds from operations, $m
  -95
  -149
  -168
  -201
  -245
  -303
  -376
  -467
  -579
  -713
  -870
  -1,052
  -1,261
  -1,495
  -1,756
  -2,044
  -2,358
  -2,698
  -3,063
  -3,452
  -3,866
  -4,303
  -4,764
  -5,247
  -5,753
  -6,281
  -6,831
  -7,405
  -8,001
  -8,622
  -9,266
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
  -168
  -200
  -244
  -301
  -373
  -464
  -574
  -707
  -864
  -1,045
  -1,252
  -1,486
  -1,746
  -2,033
  -2,346
  -2,684
  -3,048
  -3,437
  -3,850
  -4,286
  -4,746
  -5,228
  -5,733
  -6,260
  -6,810
  -7,382
  -7,978
  -8,597
  -9,241
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -5
  -6
  -9
  -11
  -15
  -19
  -23
  -28
  -34
  -40
  -48
  -55
  -64
  -73
  -82
  -93
  -104
  -115
  -127
  -140
  -153
  -166
  -180
  -195
  -211
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
  -8
  -10
  -14
  -19
  -24
  -31
  -37
  -46
  -55
  -64
  -74
  -86
  -97
  -110
  -122
  -136
  -150
  -164
  -180
  -195
  -211
  -227
  -245
  -262
  -280
  -298
  -318
  -339
Free cash flow, $m
  -89
  -152
  -173
  -208
  -254
  -315
  -392
  -488
  -605
  -745
  -909
  -1,100
  -1,317
  -1,561
  -1,832
  -2,130
  -2,455
  -2,807
  -3,184
  -3,587
  -4,014
  -4,466
  -4,940
  -5,439
  -5,960
  -6,504
  -7,071
  -7,662
  -8,277
  -8,915
  -9,579
Issuance/(repayment) of debt, $m
  0
  -107
  23
  32
  44
  58
  74
  93
  114
  137
  162
  188
  215
  243
  270
  298
  325
  352
  378
  404
  429
  454
  478
  501
  525
  548
  571
  595
  619
  644
  669
Issuance/(repurchase) of shares, $m
  0
  274
  173
  208
  254
  314
  391
  487
  603
  743
  907
  1,096
  1,313
  1,556
  1,827
  2,125
  2,449
  2,801
  3,178
  3,580
  4,006
  4,457
  4,932
  5,430
  5,950
  6,494
  7,061
  7,651
  8,265
  8,904
  9,567
Cash from financing (excl. dividends), $m  
  0
  167
  196
  240
  298
  372
  465
  580
  717
  880
  1,069
  1,284
  1,528
  1,799
  2,097
  2,423
  2,774
  3,153
  3,556
  3,984
  4,435
  4,911
  5,410
  5,931
  6,475
  7,042
  7,632
  8,246
  8,884
  9,548
  10,236
Total cash flow (excl. dividends), $m
  -88
  16
  23
  32
  43
  57
  73
  92
  112
  135
  159
  185
  211
  238
  265
  292
  319
  346
  371
  397
  421
  445
  469
  492
  515
  538
  561
  584
  608
  632
  657
Retained Cash Flow (-), $m
  95
  -274
  -173
  -208
  -254
  -314
  -391
  -487
  -603
  -743
  -907
  -1,096
  -1,313
  -1,556
  -1,827
  -2,125
  -2,449
  -2,801
  -3,178
  -3,580
  -4,006
  -4,457
  -4,932
  -5,430
  -5,950
  -6,494
  -7,061
  -7,651
  -8,265
  -8,904
  -9,567
Prev. year cash balance distribution, $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
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
 
  -147
  -150
  -176
  -211
  -257
  -318
  -395
  -491
  -608
  -747
  -912
  -1,102
  -1,318
  -1,562
  -1,832
  -2,130
  -2,455
  -2,806
  -3,183
  -3,585
  -4,012
  -4,463
  -4,937
  -5,435
  -5,956
  -6,500
  -7,067
  -7,658
  -8,272
  -8,910
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
 
  -138
  -131
  -142
  -156
  -174
  -194
  -216
  -239
  -260
  -278
  -292
  -300
  -301
  -295
  -283
  -264
  -241
  -214
  -186
  -157
  -129
  -103
  -80
  -61
  -45
  -32
  -22
  -15
  -10
  -6
Current shareholders' claim on cash, %
  100
  50.0
  1.3
  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

Keryx Biopharmaceuticals, Inc. is a biopharmaceutical company focused on the development of medicines for people with renal disease. The Company is engaged in the manufacture, development and commercialization of products for use in treating human diseases. Its marketed product, Auryxia (ferric citrate), which is an orally available, absorbable, iron-based medicine is approved in the United States for the control of serum phosphorus levels in patients with chronic kidney disease (CKD) on dialysis. Auryxia is marketed in Japan under the brand name Riona. It is investigating the use of ferric citrate for the treatment of iron deficiency anemia (IDA) in adults with non-dialysis dependent (NDD), CKD and NDD-CKD. It focuses on Keryx Patient Plus program to assist with patient accessibility to Auryxia. It has completed a Phase II clinical trial and a Phase III clinical trial of ferric citrate to gain Food and Drug Administration approval to use ferric citrate in patients with NDD-CKD.

FINANCIAL RATIOS  of  Keryx Biopharmaceuticals (KERX)

Valuation Ratios
P/E Ratio -4.3
Price to Sales 21.5
Price to Book -86
Price to Tangible Book
Price to Cash Flow -7.9
Price to Free Cash Flow -7.7
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 8 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 118.751 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 $0.8 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]
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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