Intrinsic value of Lannett - LCI

Previous Close

$17.20

  Intrinsic Value

$22.07

stock screener

  Rating & Target

buy

+28%

  Value-price divergence*

-42%

Previous close

$17.20

 
Intrinsic value

$22.07

 
Up/down potential

+28%

 
Rating

buy

 
Value-price divergence*

-42%

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

We calculate the intrinsic value of LCI 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 2017), $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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.54
  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
  637
  650
  665
  682
  701
  722
  746
  771
  798
  828
  860
  894
  930
  969
  1,010
  1,053
  1,099
  1,148
  1,200
  1,255
  1,312
  1,373
  1,437
  1,505
  1,576
  1,651
  1,730
  1,813
  1,901
  1,993
  2,090
Variable operating expenses, $m
 
  502
  513
  525
  539
  554
  571
  590
  609
  631
  654
  644
  670
  698
  728
  759
  792
  827
  865
  904
  946
  989
  1,036
  1,084
  1,136
  1,190
  1,247
  1,307
  1,370
  1,436
  1,506
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
  551
  502
  513
  525
  539
  554
  571
  590
  609
  631
  654
  644
  670
  698
  728
  759
  792
  827
  865
  904
  946
  989
  1,036
  1,084
  1,136
  1,190
  1,247
  1,307
  1,370
  1,436
  1,506
Operating income, $m
  86
  148
  152
  156
  162
  168
  174
  181
  189
  197
  206
  250
  260
  271
  282
  294
  307
  321
  335
  350
  367
  384
  402
  420
  440
  461
  483
  507
  531
  557
  584
EBITDA, $m
  119
  203
  208
  213
  219
  226
  233
  241
  250
  259
  269
  280
  291
  303
  316
  330
  344
  359
  376
  393
  411
  430
  450
  471
  493
  517
  541
  567
  595
  624
  654
Interest expense (income), $m
  53
  46
  47
  48
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
Earnings before tax, $m
  1
  102
  105
  109
  112
  117
  122
  127
  132
  138
  145
  186
  193
  201
  209
  218
  227
  237
  247
  258
  270
  282
  295
  308
  322
  337
  353
  370
  387
  406
  425
Tax expense, $m
  2
  28
  28
  29
  30
  32
  33
  34
  36
  37
  39
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
Net income, $m
  -1
  74
  77
  79
  82
  85
  89
  93
  97
  101
  106
  135
  141
  146
  152
  159
  166
  173
  180
  188
  197
  206
  215
  225
  235
  246
  258
  270
  283
  296
  310

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  145
  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
  1,603
  1,487
  1,521
  1,560
  1,604
  1,653
  1,706
  1,764
  1,827
  1,895
  1,967
  2,045
  2,128
  2,217
  2,311
  2,410
  2,516
  2,628
  2,746
  2,871
  3,003
  3,142
  3,289
  3,443
  3,606
  3,778
  3,959
  4,149
  4,349
  4,560
  4,782
Adjusted assets (=assets-cash), $m
  1,458
  1,487
  1,521
  1,560
  1,604
  1,653
  1,706
  1,764
  1,827
  1,895
  1,967
  2,045
  2,128
  2,217
  2,311
  2,410
  2,516
  2,628
  2,746
  2,871
  3,003
  3,142
  3,289
  3,443
  3,606
  3,778
  3,959
  4,149
  4,349
  4,560
  4,782
Revenue / Adjusted assets
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
Average production assets, $m
  623
  635
  650
  667
  686
  706
  729
  754
  781
  810
  841
  874
  910
  947
  987
  1,030
  1,075
  1,123
  1,174
  1,227
  1,283
  1,343
  1,406
  1,472
  1,541
  1,615
  1,692
  1,773
  1,859
  1,949
  2,044
Working capital, $m
  332
  252
  258
  265
  272
  280
  289
  299
  310
  321
  334
  347
  361
  376
  392
  409
  427
  446
  466
  487
  509
  533
  558
  584
  611
  641
  671
  704
  737
  773
  811
Total debt, $m
  904
  864
  887
  914
  943
  976
  1,012
  1,051
  1,093
  1,139
  1,188
  1,240
  1,296
  1,356
  1,419
  1,486
  1,558
  1,633
  1,713
  1,797
  1,886
  1,980
  2,079
  2,183
  2,293
  2,408
  2,530
  2,659
  2,793
  2,935
  3,085
Total liabilities, $m
  1,042
  1,002
  1,025
  1,052
  1,081
  1,114
  1,150
  1,189
  1,231
  1,277
  1,326
  1,378
  1,434
  1,494
  1,557
  1,624
  1,696
  1,771
  1,851
  1,935
  2,024
  2,118
  2,217
  2,321
  2,431
  2,546
  2,668
  2,797
  2,931
  3,073
  3,223
Total equity, $m
  561
  485
  496
  509
  523
  539
  556
  575
  596
  618
  641
  667
  694
  723
  753
  786
  820
  857
  895
  936
  979
  1,024
  1,072
  1,123
  1,176
  1,232
  1,291
  1,353
  1,418
  1,487
  1,559
Total liabilities and equity, $m
  1,603
  1,487
  1,521
  1,561
  1,604
  1,653
  1,706
  1,764
  1,827
  1,895
  1,967
  2,045
  2,128
  2,217
  2,310
  2,410
  2,516
  2,628
  2,746
  2,871
  3,003
  3,142
  3,289
  3,444
  3,607
  3,778
  3,959
  4,150
  4,349
  4,560
  4,782
Debt-to-equity ratio
  1.611
  1.780
  1.790
  1.800
  1.800
  1.810
  1.820
  1.830
  1.840
  1.840
  1.850
  1.860
  1.870
  1.880
  1.880
  1.890
  1.900
  1.910
  1.910
  1.920
  1.930
  1.930
  1.940
  1.940
  1.950
  1.960
  1.960
  1.970
  1.970
  1.970
  1.980
Adjusted equity ratio
  0.285
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  74
  77
  79
  82
  85
  89
  93
  97
  101
  106
  135
  141
  146
  152
  159
  166
  173
  180
  188
  197
  206
  215
  225
  235
  246
  258
  270
  283
  296
  310
Depreciation, amort., depletion, $m
  33
  56
  56
  57
  58
  58
  59
  60
  61
  62
  63
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
  70
Funds from operations, $m
  173
  130
  133
  136
  140
  144
  148
  152
  157
  163
  169
  165
  172
  179
  186
  194
  203
  211
  221
  231
  241
  252
  263
  276
  288
  302
  316
  331
  347
  363
  381
Change in working capital, $m
  38
  5
  6
  7
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
Cash from operations, $m
  135
  125
  127
  130
  132
  135
  139
  143
  147
  151
  156
  152
  158
  164
  170
  177
  185
  192
  201
  209
  219
  228
  238
  249
  261
  273
  285
  299
  313
  328
  343
Maintenance CAPEX, $m
  0
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
New CAPEX, $m
  -24
  -12
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
Cash from investing activities, $m
  -959
  -33
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -77
  -80
  -85
  -90
  -93
  -98
  -103
  -109
  -114
  -121
  -126
  -132
  -139
  -147
  -154
  -162
Free cash flow, $m
  -824
  91
  91
  90
  91
  91
  92
  93
  94
  95
  97
  90
  92
  95
  98
  101
  104
  108
  112
  116
  120
  125
  130
  135
  140
  146
  153
  159
  166
  174
  181
Issuance/(repayment) of debt, $m
  754
  20
  23
  26
  30
  33
  36
  39
  42
  46
  49
  52
  56
  60
  63
  67
  71
  75
  80
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
Issuance/(repurchase) of shares, $m
  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
Cash from financing (excl. dividends), $m  
  848
  20
  23
  26
  30
  33
  36
  39
  42
  46
  49
  52
  56
  60
  63
  67
  71
  75
  80
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
Total cash flow (excl. dividends), $m
  24
  112
  114
  117
  120
  124
  128
  132
  136
  141
  146
  143
  148
  155
  161
  168
  175
  183
  191
  200
  209
  218
  229
  239
  250
  262
  274
  287
  301
  316
  331
Retained Cash Flow (-), $m
  -7
  -9
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
Prev. year cash balance distribution, $m
 
  85
  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
 
  188
  103
  104
  106
  108
  110
  113
  116
  119
  123
  117
  121
  126
  130
  136
  141
  147
  153
  159
  166
  173
  181
  189
  197
  206
  216
  225
  236
  247
  259
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  173
  86
  79
  72
  65
  58
  52
  46
  40
  34
  27
  23
  19
  15
  12
  10
  7
  6
  4
  3
  2
  1
  1
  1
  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

Lannett Company, Inc. develops, manufactures, markets and distributes generic versions of brand pharmaceutical products. The Company manufactures and/or distributes prescription products with the exception of a small portfolio of over-the-counter products manufactured by its subsidiary, Silarx Pharmaceuticals, Inc. As of June 30, 2016, the Company's products included Acetazolamide Tablets; Butalbital, Acetaminophen and Caffeine Tablets; Butalbital, Aspirin and Caffeine Capsules; C-Topical Solution; Digoxin Tablets; Glycolax Rx; Isosorbide Mononitrate CR; Levothyroxine Sodium Tablets; Methylphenidate HCL CD; Methylphenidate ER; Nifedipine CR; Omeprazole DR; Oxbutynin ER; Pantoprazole DR; Pilocarpine HCl Tablets; Triamterene w/Hydrochlorothiazide Capsules, and Ursodiol Capsules. The Company has additional products under development, which are orally administered solid oral-dosage products (tablet/capsule) or oral solutions, nasal, topicals or parentarels, as well as other dosage forms.

FINANCIAL RATIOS  of  Lannett (LCI)

Valuation Ratios
P/E Ratio -635
Price to Sales 1
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow 5.7
Growth Rates
Sales Growth Rate 12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 150.4%
Total Debt to Equity 161.1%
Interest Coverage 1
Management Effectiveness
Return On Assets -3.2%
Ret/ On Assets - 3 Yr. Avg. 12%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.6%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 47.9%
Gross Margin - 3 Yr. Avg. 59.3%
EBITDA Margin 13.7%
EBITDA Margin - 3 Yr. Avg. 27.6%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 30.6%
Pre-Tax Margin 0.2%
Pre-Tax Margin - 3 Yr. Avg. 22.3%
Net Profit Margin -0.2%
Net Profit Margin - 3 Yr. Avg. 14.9%
Effective Tax Rate 200%
Eff/ Tax Rate - 3 Yr. Avg. 87.1%
Payout Ratio 0%

LCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LCI stock intrinsic value calculation we used $637 million for the last fiscal year's total revenue generated by Lannett. The default revenue input number comes from 2017 income statement of Lannett. 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 LCI 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 8.8%, whose default value for LCI is calculated based on our internal credit rating of Lannett, 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 Lannett.
    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 LCI stock the variable cost ratio is equal to 77.4%.

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 LCI 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 5.4% for Lannett.

Corporate tax rate of 27% is the nominal tax rate for Lannett. 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 LCI 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 LCI are equal to 97.8%.

Life of production assets of 29.1 years is the average useful life of capital assets used in Lannett 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 LCI is equal to 38.8%. 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 - $561 million for Lannett - 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 37.82 million for Lannett 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 Lannett at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ What Is Lannett Company Incs (LCI) Share Price Doing?   [Sep-06-17 05:02PM  Simply Wall St.]
▶ Lannett receives FDA OK for generic Nexium product   [Sep-05-17 03:30PM  American City Business Journals]
▶ Lannett posts 4Q profit   [Aug-23-17 09:46PM  Associated Press]
▶ Teva, Mylan Seen to Stay on M&A Sidelines   [Aug-05-17 08:27AM  TheStreet.com]
▶ ETFs with exposure to Lannett Co., Inc. : July 24, 2017   [Jul-24-17 04:57PM  Capital Cube]
▶ Fox Rothschild partner becomes general counsel of local drug manufacturer   [Jul-17-17 09:01AM  American City Business Journals]
▶ ETFs with exposure to Lannett Co., Inc. : July 12, 2017   [Jul-12-17 02:46PM  Capital Cube]
▶ Lannett Names Patrick G. LePore To Board of Directors   [Jun-20-17 06:52AM  PR Newswire]
▶ ETFs with exposure to Lannett Co., Inc. : June 19, 2017   [Jun-19-17 03:38PM  Capital Cube]
▶ Lannett Co., Inc. Value Analysis (NYSE:LCI) : May 5, 2017   [May-05-17 05:08PM  Capital Cube]
▶ Here's Why Lannett Company, Inc. Is Having a Lousy Day   [May-03-17 01:07PM  Motley Fool]
▶ Biotech And Pharma Industry And Stock News   [12:46PM  Investor's Business Daily]
▶ Perrigo Stock Sliding on DOJ Search   [08:53AM  TheStreet.com]
▶ Lannett misses Street 3Q forecasts   [May-02-17 07:41PM  Associated Press]
▶ Akorn Acquisition Talks Send Generic Drugmakers Into Orbit   [Apr-10-17 04:31PM  Investor's Business Daily]
▶ Lannett Refuses to Go Lower   [Apr-03-17 12:14PM  TheStreet.com]
▶ 3 Top Generic Drug Companies to Buy in 2017   [Mar-24-17 02:43PM  Motley Fool]
▶ 3 Top Generic Drug Companies to Buy in 2017   [02:43PM  at Motley Fool]
▶ Lannett Announces Addition To Management Team   [Feb-23-17 06:53AM  PR Newswire]
▶ FDA gives Lannett more time to make its case for ADHD drug   [Feb-22-17 11:25AM  at bizjournals.com]
Financial statements of LCI
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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