Intrinsic value of Marrone Bio Innovations - MBII

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$1.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$1.75

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of MBII 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 0.0

 

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, %
  40.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  14
  21
  31
  43
  60
  80
  105
  136
  172
  214
  262
  316
  376
  443
  516
  595
  680
  770
  867
  969
  1,076
  1,188
  1,306
  1,430
  1,558
  1,692
  1,831
  1,976
  2,127
  2,283
  2,446
Variable operating expenses, $m
 
  104
  151
  213
  294
  395
  520
  670
  848
  1,054
  1,291
  1,558
  1,855
  2,184
  2,543
  2,932
  3,350
  3,797
  4,272
  4,774
  5,303
  5,858
  6,439
  7,047
  7,680
  8,340
  9,026
  9,740
  10,482
  11,253
  12,054
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
  38
  104
  151
  213
  294
  395
  520
  670
  848
  1,054
  1,291
  1,558
  1,855
  2,184
  2,543
  2,932
  3,350
  3,797
  4,272
  4,774
  5,303
  5,858
  6,439
  7,047
  7,680
  8,340
  9,026
  9,740
  10,482
  11,253
  12,054
Operating income, $m
  -24
  -83
  -120
  -170
  -234
  -315
  -414
  -534
  -676
  -840
  -1,029
  -1,242
  -1,479
  -1,741
  -2,027
  -2,337
  -2,670
  -3,027
  -3,405
  -3,805
  -4,227
  -4,670
  -5,133
  -5,617
  -6,122
  -6,648
  -7,195
  -7,764
  -8,355
  -8,970
  -9,608
EBITDA, $m
  -22
  -83
  -120
  -170
  -234
  -315
  -414
  -534
  -676
  -840
  -1,029
  -1,242
  -1,479
  -1,741
  -2,027
  -2,337
  -2,670
  -3,027
  -3,405
  -3,805
  -4,227
  -4,670
  -5,133
  -5,617
  -6,122
  -6,648
  -7,195
  -7,764
  -8,355
  -8,970
  -9,608
Interest expense (income), $m
  6
  6
  3
  6
  9
  12
  17
  23
  31
  39
  49
  61
  74
  88
  104
  121
  140
  160
  182
  205
  229
  255
  281
  310
  339
  370
  401
  435
  469
  505
  542
Earnings before tax, $m
  -31
  -88
  -123
  -175
  -243
  -327
  -432
  -557
  -706
  -879
  -1,078
  -1,302
  -1,553
  -1,829
  -2,131
  -2,458
  -2,810
  -3,187
  -3,587
  -4,010
  -4,456
  -4,924
  -5,414
  -5,927
  -6,461
  -7,017
  -7,596
  -8,199
  -8,824
  -9,475
  -10,151
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
  -31
  -88
  -123
  -175
  -243
  -327
  -432
  -557
  -706
  -879
  -1,078
  -1,302
  -1,553
  -1,829
  -2,131
  -2,458
  -2,810
  -3,187
  -3,587
  -4,010
  -4,456
  -4,924
  -5,414
  -5,927
  -6,461
  -7,017
  -7,596
  -8,199
  -8,824
  -9,475
  -10,151

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  46
  54
  79
  111
  153
  206
  271
  349
  442
  550
  673
  812
  968
  1,139
  1,326
  1,529
  1,747
  1,980
  2,228
  2,490
  2,766
  3,055
  3,358
  3,675
  4,006
  4,350
  4,708
  5,080
  5,467
  5,869
  6,287
Adjusted assets (=assets-cash), $m
  36
  54
  79
  111
  153
  206
  271
  349
  442
  550
  673
  812
  968
  1,139
  1,326
  1,529
  1,747
  1,980
  2,228
  2,490
  2,766
  3,055
  3,358
  3,675
  4,006
  4,350
  4,708
  5,080
  5,467
  5,869
  6,287
Revenue / Adjusted assets
  0.389
  0.389
  0.392
  0.387
  0.392
  0.388
  0.387
  0.390
  0.389
  0.389
  0.389
  0.389
  0.388
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
  0.389
Average production assets, $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
Working capital, $m
  12
  4
  7
  9
  13
  17
  23
  29
  37
  46
  56
  68
  81
  95
  110
  127
  145
  165
  185
  207
  230
  254
  280
  306
  333
  362
  392
  423
  455
  489
  523
Total debt, $m
  59
  32
  54
  83
  121
  168
  227
  297
  381
  478
  589
  714
  854
  1,008
  1,177
  1,359
  1,556
  1,765
  1,988
  2,224
  2,472
  2,733
  3,006
  3,291
  3,588
  3,898
  4,220
  4,555
  4,903
  5,265
  5,641
Total liabilities, $m
  76
  49
  71
  100
  138
  185
  244
  314
  398
  495
  606
  731
  871
  1,025
  1,194
  1,376
  1,573
  1,782
  2,005
  2,241
  2,489
  2,750
  3,023
  3,308
  3,605
  3,915
  4,237
  4,572
  4,920
  5,282
  5,658
Total equity, $m
  -30
  5
  8
  11
  15
  21
  27
  35
  44
  55
  67
  81
  97
  114
  133
  153
  175
  198
  223
  249
  277
  306
  336
  368
  401
  435
  471
  508
  547
  587
  629
Total liabilities and equity, $m
  46
  54
  79
  111
  153
  206
  271
  349
  442
  550
  673
  812
  968
  1,139
  1,327
  1,529
  1,748
  1,980
  2,228
  2,490
  2,766
  3,056
  3,359
  3,676
  4,006
  4,350
  4,708
  5,080
  5,467
  5,869
  6,287
Debt-to-equity ratio
  -1.967
  5.850
  6.840
  7.470
  7.890
  8.170
  8.370
  8.510
  8.620
  8.690
  8.750
  8.790
  8.820
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  -1.111
  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
  -31
  -88
  -123
  -175
  -243
  -327
  -432
  -557
  -706
  -879
  -1,078
  -1,302
  -1,553
  -1,829
  -2,131
  -2,458
  -2,810
  -3,187
  -3,587
  -4,010
  -4,456
  -4,924
  -5,414
  -5,927
  -6,461
  -7,017
  -7,596
  -8,199
  -8,824
  -9,475
  -10,151
Depreciation, amort., depletion, $m
  2
  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
Funds from operations, $m
  -24
  -88
  -123
  -175
  -243
  -327
  -432
  -557
  -706
  -879
  -1,078
  -1,302
  -1,553
  -1,829
  -2,131
  -2,458
  -2,810
  -3,187
  -3,587
  -4,010
  -4,456
  -4,924
  -5,414
  -5,927
  -6,461
  -7,017
  -7,596
  -8,199
  -8,824
  -9,475
  -10,151
Change in working capital, $m
  0
  1
  2
  3
  3
  4
  5
  7
  8
  9
  10
  12
  13
  14
  16
  17
  18
  19
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
Cash from operations, $m
  -24
  -90
  -125
  -178
  -246
  -332
  -437
  -564
  -714
  -888
  -1,088
  -1,314
  -1,565
  -1,843
  -2,146
  -2,475
  -2,829
  -3,206
  -3,608
  -4,032
  -4,479
  -4,948
  -5,440
  -5,953
  -6,488
  -7,046
  -7,626
  -8,230
  -8,857
  -9,508
  -10,185
Maintenance CAPEX, $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
New CAPEX, $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
Cash from investing activities, $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
Free cash flow, $m
  -24
  -90
  -125
  -178
  -246
  -332
  -437
  -564
  -714
  -888
  -1,088
  -1,314
  -1,565
  -1,843
  -2,146
  -2,475
  -2,829
  -3,206
  -3,608
  -4,032
  -4,479
  -4,948
  -5,440
  -5,953
  -6,488
  -7,046
  -7,626
  -8,230
  -8,857
  -9,508
  -10,185
Issuance/(repayment) of debt, $m
  -1
  -26
  22
  29
  38
  48
  59
  71
  83
  97
  111
  125
  140
  154
  169
  183
  196
  210
  223
  236
  248
  261
  273
  285
  297
  310
  322
  335
  348
  362
  376
Issuance/(repurchase) of shares, $m
  0
  152
  106
  152
  212
  289
  385
  501
  640
  802
  990
  1,202
  1,441
  1,706
  1,997
  2,313
  2,654
  3,020
  3,409
  3,822
  4,258
  4,717
  5,197
  5,700
  6,224
  6,771
  7,340
  7,932
  8,547
  9,187
  9,851
Cash from financing (excl. dividends), $m  
  14
  126
  128
  181
  250
  337
  444
  572
  723
  899
  1,101
  1,327
  1,581
  1,860
  2,166
  2,496
  2,850
  3,230
  3,632
  4,058
  4,506
  4,978
  5,470
  5,985
  6,521
  7,081
  7,662
  8,267
  8,895
  9,549
  10,227
Total cash flow (excl. dividends), $m
  -10
  -116
  -103
  -149
  -208
  -284
  -378
  -493
  -631
  -791
  -977
  -1,188
  -1,426
  -1,689
  -1,978
  -2,293
  -2,632
  -2,997
  -3,385
  -3,796
  -4,231
  -4,688
  -5,167
  -5,668
  -6,191
  -6,736
  -7,304
  -7,895
  -8,508
  -9,146
  -9,809
Retained Cash Flow (-), $m
  28
  -44
  -2
  -3
  -4
  -5
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
Prev. year cash balance distribution, $m
 
  9
  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
 
  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
Discount rate, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
PV of cash for 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
Current shareholders' claim on cash, %
  100
  50.0
  2.4
  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
  0.0

Marrone Bio Innovations, Inc. provides bio-based pest management and plant health products primarily for agricultural and water markets in the United States and internationally. It offers herbicides; fungicides; nematicides; insecticides; algaecides for algae control; molluscicides for mussel and snail control; plant growth and stress regulators; and water treatment products for various applications, such as hydroelectric and thermoelectric power generation, industrial applications, drinking water, aquaculture, irrigation, and recreation. The company’s products include Regalia, a plant extract-based fungicidal biopesticide for plant disease control and plant health; and Grandevo, a bioinsecticide for insect and mite control to the growers of specialty crops, such as grapes, citrus, tomatoes, vegetables, nuts, leafy greens, and ornamental plants. It also provides Zequanox, a biomolluscicide that kills invasive mussels, which cause infrastructure and ecological damage primarily to power and industrial companies; and Venerate, a bioinsecticide, which kills a range of chewing and sucking insects and mites, as well as flies and plant parasitic nematodes. In addition, the company offers Majestene, a bionematicide to control soil-dwelling nematodes by preventing and reducing root galls, as well as reducing adult reproduction and egg hatch. Marrone Bio Innovations, Inc. provides its products directly, as well as through distributors. The company formerly known as Marrone Organic Innovations, Inc. Marrone Bio Innovations, Inc. was founded in 2006 and is headquartered in Davis, California.

FINANCIAL RATIOS  of  Marrone Bio Innovations (MBII)

Valuation Ratios
P/E Ratio -1.4
Price to Sales 3.1
Price to Book -1.4
Price to Tangible Book
Price to Cash Flow -1.8
Price to Free Cash Flow -1.8
Growth Rates
Sales Growth Rate 40%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 10
Current Ratio 0.3
LT Debt to Equity -193.3%
Total Debt to Equity -196.7%
Interest Coverage -4
Management Effectiveness
Return On Assets -42.7%
Ret/ On Assets - 3 Yr. Avg. -55.8%
Return On Total Capital -72.9%
Ret/ On T. Cap. - 3 Yr. Avg. -81.5%
Return On Equity 193.8%
Return On Equity - 3 Yr. Avg. -78.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 15.2%
EBITDA Margin -164.3%
EBITDA Margin - 3 Yr. Avg. -355.5%
Operating Margin -171.4%
Oper. Margin - 3 Yr. Avg. -368.6%
Pre-Tax Margin -221.4%
Pre-Tax Margin - 3 Yr. Avg. -413.1%
Net Profit Margin -221.4%
Net Profit Margin - 3 Yr. Avg. -413.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MBII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MBII stock intrinsic value calculation we used $14 million for the last fiscal year's total revenue generated by Marrone Bio Innovations. The default revenue input number comes from 2016 income statement of Marrone Bio Innovations. 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 MBII stock valuation model: a) initial revenue growth rate of 50% 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 16.1%, whose default value for MBII is calculated based on our internal credit rating of Marrone Bio Innovations, 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 Marrone Bio Innovations.
    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 MBII stock the variable cost ratio is equal to 492.9%.

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 MBII 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 10.3% for Marrone Bio Innovations.

Corporate tax rate of 27% is the nominal tax rate for Marrone Bio Innovations. 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 MBII 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 MBII are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Marrone Bio Innovations 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 MBII is equal to 21.4%. 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 - $-30 million for Marrone Bio Innovations - 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 23.457 million for Marrone Bio Innovations 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 Marrone Bio Innovations at the current share price and the inputted number of shares is $0.0 billion.


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COMPANY NEWS

▶ Marrone Bio Innovations Hosts Grower Nematicide Training   [Feb-21-17 10:00AM  GlobeNewswire]
▶ Marrone Bio Innovations to Hold Bioinsecticides Webinar   [Feb-10-17 06:00AM  GlobeNewswire]
▶ Ed Goldman: Pam Marrone has declared war on weeds   [Oct-06-16 05:28PM  at bizjournals.com]
▶ Ed Goldman: Pam Marrones rollercoaster ride is smoothing out   [Oct-05-16 11:40AM  at bizjournals.com]
▶ Marrone Bio posts smaller loss, growing sales   [May-12-16 07:07PM  at bizjournals.com]
▶ Marrone Bio discloses another Nasdaq warning   [May-10-16 10:10AM  at bizjournals.com]
Stock chart of MBII Financial statements of MBII
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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