Intrinsic value of Ligand Pharmaceuticals - LGND

Previous Close

$134.70

  Intrinsic Value

$104.25

stock screener

  Rating & Target

sell

-23%

  Value-price divergence*

+3670%

Previous close

$134.70

 
Intrinsic value

$104.25

 
Up/down potential

-23%

 
Rating

sell

 
Value-price divergence*

+3670%

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

We calculate the intrinsic value of LGND 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 2.8

 

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, %
  51.39
  40.00
  36.50
  33.35
  30.52
  27.96
  25.67
  23.60
  21.74
  20.07
  18.56
  17.20
  15.98
  14.89
  13.90
  13.01
  12.21
  11.49
  10.84
  10.25
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
Revenue, $m
  109
  153
  208
  278
  363
  464
  583
  721
  877
  1,053
  1,249
  1,464
  1,697
  1,950
  2,221
  2,510
  2,816
  3,140
  3,480
  3,837
  4,210
  4,600
  5,006
  5,429
  5,869
  6,326
  6,801
  7,295
  7,808
  8,342
  8,896
Variable operating expenses, $m
 
  31
  39
  50
  63
  79
  97
  118
  142
  169
  199
  225
  261
  300
  342
  386
  434
  483
  536
  591
  648
  708
  771
  836
  903
  974
  1,047
  1,123
  1,202
  1,284
  1,370
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
  65
  31
  39
  50
  63
  79
  97
  118
  142
  169
  199
  225
  261
  300
  342
  386
  434
  483
  536
  591
  648
  708
  771
  836
  903
  974
  1,047
  1,123
  1,202
  1,284
  1,370
Operating income, $m
  44
  122
  169
  228
  300
  385
  486
  602
  735
  884
  1,049
  1,238
  1,436
  1,650
  1,879
  2,124
  2,383
  2,657
  2,944
  3,246
  3,562
  3,892
  4,235
  4,593
  4,965
  5,352
  5,754
  6,172
  6,606
  7,058
  7,527
EBITDA, $m
  55
  141
  192
  257
  335
  429
  539
  666
  811
  973
  1,154
  1,352
  1,569
  1,802
  2,052
  2,319
  2,603
  2,901
  3,216
  3,546
  3,890
  4,251
  4,626
  5,017
  5,423
  5,846
  6,285
  6,741
  7,215
  7,708
  8,221
Interest expense (income), $m
  2
  4
  5
  7
  10
  13
  17
  22
  27
  33
  40
  47
  56
  65
  75
  85
  96
  108
  120
  134
  147
  162
  177
  192
  209
  226
  243
  262
  281
  300
  321
Earnings before tax, $m
  8
  118
  164
  220
  289
  372
  469
  581
  708
  851
  1,009
  1,191
  1,380
  1,585
  1,805
  2,039
  2,287
  2,549
  2,824
  3,113
  3,415
  3,730
  4,059
  4,401
  4,757
  5,127
  5,511
  5,911
  6,326
  6,757
  7,206
Tax expense, $m
  10
  32
  44
  60
  78
  100
  127
  157
  191
  230
  273
  322
  373
  428
  487
  550
  617
  688
  762
  840
  922
  1,007
  1,096
  1,188
  1,284
  1,384
  1,488
  1,596
  1,708
  1,824
  1,946
Net income, $m
  -2
  86
  120
  161
  211
  272
  342
  424
  517
  621
  737
  869
  1,008
  1,157
  1,317
  1,488
  1,669
  1,860
  2,062
  2,272
  2,493
  2,723
  2,963
  3,213
  3,472
  3,742
  4,023
  4,315
  4,618
  4,933
  5,260

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  141
  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
  602
  647
  883
  1,177
  1,536
  1,966
  2,470
  3,053
  3,717
  4,463
  5,291
  6,201
  7,193
  8,263
  9,412
  10,636
  11,934
  13,305
  14,746
  16,258
  17,840
  19,491
  21,212
  23,004
  24,868
  26,805
  28,819
  30,912
  33,086
  35,347
  37,697
Adjusted assets (=assets-cash), $m
  461
  647
  883
  1,177
  1,536
  1,966
  2,470
  3,053
  3,717
  4,463
  5,291
  6,201
  7,193
  8,263
  9,412
  10,636
  11,934
  13,305
  14,746
  16,258
  17,840
  19,491
  21,212
  23,004
  24,868
  26,805
  28,819
  30,912
  33,086
  35,347
  37,697
Revenue / Adjusted assets
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
Average production assets, $m
  145
  202
  276
  368
  481
  615
  773
  955
  1,163
  1,397
  1,656
  1,941
  2,251
  2,586
  2,945
  3,328
  3,735
  4,163
  4,615
  5,088
  5,583
  6,099
  6,638
  7,199
  7,782
  8,388
  9,019
  9,673
  10,354
  11,061
  11,797
Working capital, $m
  -64
  11
  15
  20
  26
  34
  43
  53
  64
  77
  91
  107
  124
  142
  162
  183
  206
  229
  254
  280
  307
  336
  365
  396
  428
  462
  496
  533
  570
  609
  649
Total debt, $m
  242
  149
  210
  287
  380
  492
  623
  775
  947
  1,141
  1,357
  1,593
  1,851
  2,129
  2,428
  2,746
  3,084
  3,440
  3,815
  4,208
  4,619
  5,049
  5,496
  5,962
  6,447
  6,950
  7,474
  8,018
  8,583
  9,171
  9,782
Total liabilities, $m
  260
  168
  229
  306
  399
  511
  642
  794
  966
  1,160
  1,376
  1,612
  1,870
  2,148
  2,447
  2,765
  3,103
  3,459
  3,834
  4,227
  4,638
  5,068
  5,515
  5,981
  6,466
  6,969
  7,493
  8,037
  8,602
  9,190
  9,801
Total equity, $m
  341
  478
  653
  871
  1,137
  1,455
  1,828
  2,259
  2,751
  3,303
  3,915
  4,589
  5,323
  6,115
  6,965
  7,870
  8,831
  9,845
  10,912
  12,031
  13,202
  14,423
  15,697
  17,023
  18,402
  19,836
  21,326
  22,875
  24,484
  26,157
  27,896
Total liabilities and equity, $m
  601
  646
  882
  1,177
  1,536
  1,966
  2,470
  3,053
  3,717
  4,463
  5,291
  6,201
  7,193
  8,263
  9,412
  10,635
  11,934
  13,304
  14,746
  16,258
  17,840
  19,491
  21,212
  23,004
  24,868
  26,805
  28,819
  30,912
  33,086
  35,347
  37,697
Debt-to-equity ratio
  0.710
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
Adjusted equity ratio
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  86
  120
  161
  211
  272
  342
  424
  517
  621
  737
  869
  1,008
  1,157
  1,317
  1,488
  1,669
  1,860
  2,062
  2,272
  2,493
  2,723
  2,963
  3,213
  3,472
  3,742
  4,023
  4,315
  4,618
  4,933
  5,260
Depreciation, amort., depletion, $m
  11
  19
  23
  29
  35
  43
  53
  63
  76
  89
  105
  114
  132
  152
  173
  196
  220
  245
  271
  299
  328
  359
  390
  423
  458
  493
  531
  569
  609
  651
  694
Funds from operations, $m
  52
  106
  143
  190
  247
  315
  395
  487
  592
  710
  841
  983
  1,140
  1,309
  1,491
  1,684
  1,889
  2,105
  2,333
  2,572
  2,821
  3,082
  3,353
  3,636
  3,930
  4,236
  4,554
  4,884
  5,227
  5,583
  5,954
Change in working capital, $m
  -11
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
Cash from operations, $m
  63
  102
  139
  185
  241
  308
  386
  477
  581
  698
  827
  968
  1,123
  1,291
  1,471
  1,663
  1,867
  2,082
  2,308
  2,546
  2,794
  3,053
  3,324
  3,605
  3,898
  4,202
  4,519
  4,848
  5,189
  5,545
  5,914
Maintenance CAPEX, $m
  0
  -9
  -12
  -16
  -22
  -28
  -36
  -45
  -56
  -68
  -82
  -97
  -114
  -132
  -152
  -173
  -196
  -220
  -245
  -271
  -299
  -328
  -359
  -390
  -423
  -458
  -493
  -531
  -569
  -609
  -651
New CAPEX, $m
  -20
  -58
  -74
  -92
  -112
  -134
  -158
  -182
  -208
  -233
  -259
  -285
  -310
  -335
  -359
  -383
  -406
  -429
  -451
  -473
  -495
  -517
  -539
  -561
  -583
  -606
  -630
  -655
  -681
  -707
  -735
Cash from investing activities, $m
  -143
  -67
  -86
  -108
  -134
  -162
  -194
  -227
  -264
  -301
  -341
  -382
  -424
  -467
  -511
  -556
  -602
  -649
  -696
  -744
  -794
  -845
  -898
  -951
  -1,006
  -1,064
  -1,123
  -1,186
  -1,250
  -1,316
  -1,386
Free cash flow, $m
  -80
  36
  53
  76
  107
  145
  192
  249
  317
  396
  486
  585
  699
  823
  959
  1,107
  1,265
  1,433
  1,612
  1,801
  2,000
  2,208
  2,426
  2,654
  2,891
  3,138
  3,395
  3,662
  3,940
  4,228
  4,528
Issuance/(repayment) of debt, $m
  0
  48
  61
  77
  93
  112
  131
  152
  173
  194
  215
  237
  258
  278
  299
  318
  338
  356
  375
  393
  411
  429
  447
  466
  485
  504
  524
  544
  565
  588
  611
Issuance/(repurchase) of shares, $m
  3
  51
  55
  57
  54
  46
  31
  8
  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  
  2
  99
  116
  134
  147
  158
  162
  160
  173
  194
  215
  237
  258
  278
  299
  318
  338
  356
  375
  393
  411
  429
  447
  466
  485
  504
  524
  544
  565
  588
  611
Total cash flow (excl. dividends), $m
  -79
  135
  170
  210
  254
  303
  354
  408
  490
  590
  701
  822
  956
  1,102
  1,258
  1,425
  1,602
  1,790
  1,987
  2,194
  2,411
  2,638
  2,874
  3,120
  3,376
  3,642
  3,919
  4,206
  4,505
  4,816
  5,139
Retained Cash Flow (-), $m
  -104
  -137
  -175
  -218
  -266
  -318
  -373
  -431
  -491
  -552
  -613
  -674
  -733
  -792
  -850
  -906
  -961
  -1,014
  -1,067
  -1,119
  -1,170
  -1,222
  -1,274
  -1,326
  -1,379
  -1,434
  -1,490
  -1,549
  -1,609
  -1,673
  -1,739
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
 
  -2
  -5
  -8
  -11
  -15
  -19
  -23
  -2
  38
  88
  149
  223
  309
  408
  519
  641
  775
  920
  1,075
  1,241
  1,416
  1,600
  1,794
  1,997
  2,208
  2,429
  2,658
  2,896
  3,143
  3,400
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -2
  -5
  -7
  -9
  -12
  -14
  -16
  -1
  22
  46
  71
  95
  118
  137
  152
  163
  169
  169
  166
  158
  146
  133
  118
  102
  86
  71
  57
  45
  34
  26
Current shareholders' claim on cash, %
  100
  98.2
  96.8
  95.8
  95.1
  94.6
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals. As of December 31, 2016, it had partnerships and license agreements with over 85 pharmaceutical and biotechnology companies, and over 140 various programs under license with it were in various stages of commercialization and development. It has contributed research and technologies for approved medicines that treat cancer, osteoporosis, fungal infections and low blood platelets, among others.

FINANCIAL RATIOS  of  Ligand Pharmaceuticals (LGND)

Valuation Ratios
P/E Ratio -1408.3
Price to Sales 25.8
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 44.7
Price to Free Cash Flow 65.5
Growth Rates
Sales Growth Rate 51.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 38%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 8.5%
Total Debt to Equity 71%
Interest Coverage 5
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 23.3%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 68.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 94.5%
Gross Margin - 3 Yr. Avg. 90.3%
EBITDA Margin 19.3%
EBITDA Margin - 3 Yr. Avg. 32.1%
Operating Margin 40.4%
Oper. Margin - 3 Yr. Avg. 49.6%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 24.3%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 112%
Effective Tax Rate 125%
Eff/ Tax Rate - 3 Yr. Avg. -141.2%
Payout Ratio 0%

LGND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGND stock intrinsic value calculation we used $109 million for the last fiscal year's total revenue generated by Ligand Pharmaceuticals. The default revenue input number comes from 2016 income statement of Ligand Pharmaceuticals. 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 LGND stock valuation model: a) initial revenue growth rate of 40% 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 4.3%, whose default value for LGND is calculated based on our internal credit rating of Ligand Pharmaceuticals, 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 Ligand Pharmaceuticals.
    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 LGND stock the variable cost ratio is equal to 22%.

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 LGND 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 Ligand Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Ligand Pharmaceuticals. 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 LGND 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 LGND are equal to 132.6%.

Life of production assets of 17 years is the average useful life of capital assets used in Ligand Pharmaceuticals 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 LGND is equal to 7.3%. 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 - $341 million for Ligand Pharmaceuticals - 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 20.556 million for Ligand Pharmaceuticals 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 Ligand Pharmaceuticals at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ 5 Top-Ranked Biotech Stocks to Buy Right Now   [Sep-11-17 09:33AM  Zacks]
▶ Baxdela Is Expected to Boost Ligand Pharmaceuticals Revenues   [Sep-04-17 07:37AM  Market Realist]
▶ Evomelas Market Share Is Increasing in 2017   [10:38AM  Market Realist]
▶ Ligand Pharmaceuticals Net Profit Margins Could Rise in 2017   [Aug-30-17 10:37AM  Market Realist]
▶ Ligand Appoints Dr. Nancy Gray to its Board of Directors   [Aug-21-17 09:00AM  Business Wire]
▶ Ligand posts 2Q profit   [Aug-07-17 11:59PM  Associated Press]
▶ Ligand to Report Second Quarter 2017 Results on August 7th   [Jul-20-17 04:01PM  Business Wire]
▶ Invest Like "Royalty" With These 3 Stocks   [Jul-18-17 11:22AM  Motley Fool]
▶ 3 Hot Stocks to Buy in July   [Jul-10-17 07:41AM  Motley Fool]
▶ Key FDA Events to Watch Out for in Jun 2017   [Jun-05-17 07:47AM  Zacks]
▶ These 3 Stocks Look Expensive but Are Actually Cheap   [May-11-17 10:43AM  Motley Fool]
▶ Ligand posts 1Q profit   [May-09-17 05:12PM  Associated Press]
▶ Ligand to Report First Quarter 2017 Results on May 9th   [Apr-13-17 09:00AM  Business Wire]
▶ 3 Stocks With Apple-Like Return Potential   [Apr-11-17 08:51AM  Motley Fool]
▶ 3 Least Risky Biotech Stocks on the Market   [07:23AM  at Motley Fool]
▶ 3 Stocks to Invest in Healthcare   [Mar-26-17 02:03PM  Motley Fool]
▶ 3 Stocks to Invest in Healthcare   [02:03PM  at Motley Fool]
▶ Ligand to Participate in Upcoming Investor Conference   [Mar-09-17 08:00AM  Business Wire]
▶ New Strong Sell Stocks for March 7th   [Mar-07-17 09:12AM  Zacks]
▶ Ligand Provides Highlights from Todays Analyst Day Event   [Feb-28-17 04:10PM  Business Wire]
Financial statements of LGND
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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