Intrinsic value of Mesoblast ADR - MESO

Previous Close

$5.89

  Intrinsic Value

$1.04

stock screener

  Rating & Target

str. sell

-82%

Previous close

$5.89

 
Intrinsic value

$1.04

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of MESO 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -95.35
  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
  2
  3
  5
  7
  11
  15
  21
  28
  37
  47
  60
  74
  90
  109
  130
  153
  178
  204
  233
  264
  297
  332
  369
  407
  447
  489
  533
  578
  626
  675
  726
Variable operating expenses, $m
 
  -6
  -17
  -32
  -53
  -80
  -116
  -160
  -214
  -279
  -356
  -459
  -561
  -676
  -805
  -946
  -1,101
  -1,268
  -1,447
  -1,639
  -1,843
  -2,058
  -2,285
  -2,523
  -2,772
  -3,033
  -3,304
  -3,587
  -3,881
  -4,186
  -4,504
Fixed operating expenses, $m
 
  96
  99
  101
  104
  106
  109
  112
  115
  117
  120
  123
  126
  130
  133
  136
  140
  143
  147
  150
  154
  158
  162
  166
  170
  174
  179
  183
  188
  192
  197
Total operating expenses, $m
  93
  90
  82
  69
  51
  26
  -7
  -48
  -99
  -162
  -236
  -336
  -435
  -546
  -672
  -810
  -961
  -1,125
  -1,300
  -1,489
  -1,689
  -1,900
  -2,123
  -2,357
  -2,602
  -2,859
  -3,125
  -3,404
  -3,693
  -3,994
  -4,307
Operating income, $m
  -90
  -87
  -77
  -61
  -40
  -11
  27
  76
  136
  209
  295
  410
  525
  656
  802
  963
  1,138
  1,329
  1,534
  1,753
  1,986
  2,232
  2,492
  2,764
  3,049
  3,347
  3,658
  3,982
  4,319
  4,669
  5,033
EBITDA, $m
  -90
  -1
  49
  120
  218
  347
  514
  725
  984
  1,296
  1,665
  2,093
  2,584
  3,137
  3,754
  4,434
  5,177
  5,981
  6,845
  7,768
  8,749
  9,785
  10,877
  12,023
  13,222
  14,475
  15,782
  17,142
  18,558
  20,030
  21,561
Interest expense (income), $m
  0
  0
  4
  8
  15
  24
  35
  50
  69
  93
  121
  154
  192
  236
  285
  340
  401
  467
  539
  616
  698
  786
  878
  976
  1,078
  1,185
  1,296
  1,413
  1,534
  1,660
  1,791
Earnings before tax, $m
  -90
  -87
  -80
  -70
  -55
  -34
  -8
  25
  67
  116
  175
  256
  333
  420
  516
  622
  737
  862
  995
  1,137
  1,288
  1,447
  1,614
  1,789
  1,972
  2,163
  2,362
  2,569
  2,785
  3,009
  3,242
Tax expense, $m
  -13
  0
  0
  0
  0
  0
  0
  7
  18
  31
  47
  69
  90
  113
  139
  168
  199
  233
  269
  307
  348
  391
  436
  483
  532
  584
  638
  694
  752
  812
  875
Net income, $m
  -77
  -87
  -80
  -70
  -55
  -34
  -8
  19
  49
  85
  128
  187
  243
  307
  377
  454
  538
  629
  726
  830
  940
  1,056
  1,178
  1,306
  1,439
  1,579
  1,724
  1,876
  2,033
  2,197
  2,367

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  0
  0
  0
  0
  0
  0
  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
  656
  1,067
  1,648
  2,465
  3,576
  5,045
  6,936
  9,310
  12,225
  15,730
  19,869
  24,672
  30,164
  36,358
  43,259
  50,865
  59,168
  68,157
  77,816
  88,131
  99,085
  110,665
  122,858
  135,656
  149,051
  163,043
  177,633
  192,826
  208,635
  225,072
  242,156
Adjusted assets (=assets-cash), $m
  610
  1,067
  1,648
  2,465
  3,576
  5,045
  6,936
  9,310
  12,225
  15,730
  19,869
  24,672
  30,164
  36,358
  43,259
  50,865
  59,168
  68,157
  77,816
  88,131
  99,085
  110,665
  122,858
  135,656
  149,051
  163,043
  177,633
  192,826
  208,635
  225,072
  242,156
Revenue / Adjusted assets
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
  0.003
Average production assets, $m
  455
  728
  1,125
  1,682
  2,441
  3,443
  4,734
  6,354
  8,343
  10,736
  13,560
  16,839
  20,587
  24,814
  29,524
  34,715
  40,382
  46,517
  53,110
  60,149
  67,626
  75,529
  83,851
  92,585
  101,727
  111,277
  121,234
  131,604
  142,393
  153,612
  165,272
Working capital, $m
  27
  -30
  -47
  -70
  -102
  -144
  -198
  -265
  -348
  -448
  -566
  -703
  -860
  -1,036
  -1,233
  -1,450
  -1,686
  -1,942
  -2,218
  -2,512
  -2,824
  -3,154
  -3,501
  -3,866
  -4,248
  -4,647
  -5,063
  -5,496
  -5,946
  -6,415
  -6,901
Total debt, $m
  0
  104
  237
  423
  676
  1,011
  1,442
  1,984
  2,648
  3,448
  4,391
  5,486
  6,738
  8,151
  9,724
  11,458
  13,351
  15,401
  17,603
  19,955
  22,452
  25,093
  27,873
  30,790
  33,845
  37,035
  40,361
  43,825
  47,430
  51,177
  55,073
Total liabilities, $m
  139
  243
  376
  562
  815
  1,150
  1,581
  2,123
  2,787
  3,587
  4,530
  5,625
  6,877
  8,290
  9,863
  11,597
  13,490
  15,540
  17,742
  20,094
  22,591
  25,232
  28,012
  30,929
  33,984
  37,174
  40,500
  43,964
  47,569
  51,316
  55,212
Total equity, $m
  517
  823
  1,272
  1,903
  2,761
  3,895
  5,355
  7,187
  9,438
  12,144
  15,339
  19,047
  23,287
  28,069
  33,396
  39,268
  45,678
  52,617
  60,074
  68,037
  76,494
  85,434
  94,847
  104,726
  115,067
  125,869
  137,132
  148,862
  161,066
  173,756
  186,945
Total liabilities and equity, $m
  656
  1,066
  1,648
  2,465
  3,576
  5,045
  6,936
  9,310
  12,225
  15,731
  19,869
  24,672
  30,164
  36,359
  43,259
  50,865
  59,168
  68,157
  77,816
  88,131
  99,085
  110,666
  122,859
  135,655
  149,051
  163,043
  177,632
  192,826
  208,635
  225,072
  242,157
Debt-to-equity ratio
  0.000
  0.130
  0.190
  0.220
  0.240
  0.260
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
Adjusted equity ratio
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772
  0.772

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -77
  -87
  -80
  -70
  -55
  -34
  -8
  19
  49
  85
  128
  187
  243
  307
  377
  454
  538
  629
  726
  830
  940
  1,056
  1,178
  1,306
  1,439
  1,579
  1,724
  1,876
  2,033
  2,197
  2,367
Depreciation, amort., depletion, $m
  0
  86
  126
  182
  257
  358
  487
  649
  848
  1,087
  1,369
  1,684
  2,059
  2,481
  2,952
  3,472
  4,038
  4,652
  5,311
  6,015
  6,763
  7,553
  8,385
  9,258
  10,173
  11,128
  12,123
  13,160
  14,239
  15,361
  16,527
Funds from operations, $m
  -90
  -1
  46
  112
  203
  323
  479
  667
  896
  1,172
  1,497
  1,871
  2,302
  2,788
  3,329
  3,926
  4,577
  5,281
  6,037
  6,845
  7,703
  8,609
  9,563
  10,564
  11,612
  12,707
  13,848
  15,036
  16,272
  17,558
  18,894
Change in working capital, $m
  5
  -11
  -17
  -23
  -32
  -42
  -54
  -68
  -83
  -100
  -118
  -137
  -157
  -177
  -197
  -217
  -237
  -256
  -275
  -294
  -312
  -330
  -348
  -365
  -382
  -399
  -416
  -433
  -451
  -468
  -487
Cash from operations, $m
  -95
  11
  62
  135
  234
  365
  533
  735
  979
  1,272
  1,615
  2,008
  2,458
  2,965
  3,526
  4,143
  4,813
  5,537
  6,313
  7,139
  8,015
  8,939
  9,911
  10,929
  11,994
  13,105
  14,264
  15,469
  16,723
  18,026
  19,381
Maintenance CAPEX, $m
  0
  -46
  -73
  -112
  -168
  -244
  -344
  -473
  -635
  -834
  -1,074
  -1,356
  -1,684
  -2,059
  -2,481
  -2,952
  -3,472
  -4,038
  -4,652
  -5,311
  -6,015
  -6,763
  -7,553
  -8,385
  -9,258
  -10,173
  -11,128
  -12,123
  -13,160
  -14,239
  -15,361
New CAPEX, $m
  0
  -273
  -397
  -557
  -759
  -1,003
  -1,290
  -1,620
  -1,989
  -2,393
  -2,824
  -3,279
  -3,748
  -4,227
  -4,710
  -5,191
  -5,667
  -6,135
  -6,593
  -7,040
  -7,476
  -7,903
  -8,322
  -8,734
  -9,142
  -9,549
  -9,958
  -10,370
  -10,789
  -11,218
  -11,660
Cash from investing activities, $m
  0
  -319
  -470
  -669
  -927
  -1,247
  -1,634
  -2,093
  -2,624
  -3,227
  -3,898
  -4,635
  -5,432
  -6,286
  -7,191
  -8,143
  -9,139
  -10,173
  -11,245
  -12,351
  -13,491
  -14,666
  -15,875
  -17,119
  -18,400
  -19,722
  -21,086
  -22,493
  -23,949
  -25,457
  -27,021
Free cash flow, $m
  -95
  -308
  -407
  -535
  -692
  -882
  -1,102
  -1,359
  -1,645
  -1,955
  -2,283
  -2,627
  -2,974
  -3,322
  -3,665
  -4,001
  -4,325
  -4,636
  -4,932
  -5,212
  -5,476
  -5,727
  -5,964
  -6,190
  -6,407
  -6,617
  -6,822
  -7,024
  -7,227
  -7,431
  -7,640
Issuance/(repayment) of debt, $m
  0
  104
  133
  186
  253
  335
  431
  541
  665
  799
  944
  1,095
  1,252
  1,412
  1,573
  1,734
  1,893
  2,049
  2,202
  2,352
  2,498
  2,640
  2,780
  2,918
  3,054
  3,190
  3,326
  3,464
  3,604
  3,748
  3,895
Issuance/(repurchase) of shares, $m
  62
  439
  529
  700
  913
  1,169
  1,468
  1,814
  2,201
  2,621
  3,067
  3,522
  3,997
  4,475
  4,951
  5,418
  5,872
  6,310
  6,731
  7,133
  7,517
  7,884
  8,235
  8,574
  8,902
  9,223
  9,539
  9,854
  10,171
  10,493
  10,822
Cash from financing (excl. dividends), $m  
  60
  543
  662
  886
  1,166
  1,504
  1,899
  2,355
  2,866
  3,420
  4,011
  4,617
  5,249
  5,887
  6,524
  7,152
  7,765
  8,359
  8,933
  9,485
  10,015
  10,524
  11,015
  11,492
  11,956
  12,413
  12,865
  13,318
  13,775
  14,241
  14,717
Total cash flow (excl. dividends), $m
  -35
  236
  254
  352
  474
  622
  797
  997
  1,221
  1,466
  1,728
  1,990
  2,275
  2,566
  2,859
  3,151
  3,440
  3,724
  4,001
  4,273
  4,538
  4,797
  5,051
  5,301
  5,549
  5,796
  6,044
  6,294
  6,549
  6,809
  7,077
Retained Cash Flow (-), $m
  11
  -439
  -529
  -700
  -913
  -1,169
  -1,468
  -1,833
  -2,250
  -2,706
  -3,195
  -3,708
  -4,240
  -4,782
  -5,327
  -5,872
  -6,410
  -6,939
  -7,457
  -7,963
  -8,457
  -8,940
  -9,413
  -9,879
  -10,341
  -10,802
  -11,263
  -11,730
  -12,204
  -12,689
  -13,189
Prev. year cash balance distribution, $m
 
  46
  0
  0
  0
  0
  0
  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
 
  -157
  -275
  -348
  -439
  -547
  -671
  -836
  -1,029
  -1,241
  -1,467
  -1,719
  -1,965
  -2,216
  -2,469
  -2,721
  -2,970
  -3,216
  -3,456
  -3,690
  -3,919
  -4,143
  -4,362
  -4,578
  -4,792
  -5,006
  -5,219
  -5,436
  -5,655
  -5,880
  -6,112
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
 
  -151
  -252
  -303
  -361
  -424
  -487
  -565
  -643
  -713
  -769
  -816
  -838
  -843
  -829
  -799
  -755
  -700
  -636
  -568
  -498
  -428
  -362
  -300
  -244
  -195
  -152
  -117
  -87
  -64
  -46
Current shareholders' claim on cash, %
  100
  52.8
  32.7
  21.4
  14.7
  10.5
  7.7
  5.8
  4.5
  3.5
  2.9
  2.3
  1.9
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8
  0.8
  0.7
  0.6
  0.6
  0.5
  0.5
  0.4
  0.4
  0.4
  0.4
  0.3
  0.3

Mesoblast Limited is engaged in developing cell-based medicines. The Company has leveraged its technology platform, which is based on specialized cells known as mesenchymal lineage adult stem cells, to establish a portfolio of late-stage product candidates. Its allogeneic, off-the-shelf cell product candidates target advanced stages of diseases with high, unmet medical needs, including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncologic/hematologic conditions.

FINANCIAL RATIOS  of  Mesoblast ADR (MESO)

Valuation Ratios
P/E Ratio -32.5
Price to Sales 1250.8
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow -26.3
Price to Free Cash Flow -26.3
Growth Rates
Sales Growth Rate -95.3%
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 NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -11.5%
Ret/ On Assets - 3 Yr. Avg. -8.4%
Return On Total Capital -14.7%
Ret/ On T. Cap. - 3 Yr. Avg. -12.3%
Return On Equity -14.7%
Return On Equity - 3 Yr. Avg. -12.3%
Asset Turnover 0
Profitability Ratios
Gross Margin -500%
Gross Margin - 3 Yr. Avg. -163.3%
EBITDA Margin -4500%
EBITDA Margin - 3 Yr. Avg. -1730.5%
Operating Margin -4550%
Oper. Margin - 3 Yr. Avg. -1742%
Pre-Tax Margin -4500%
Pre-Tax Margin - 3 Yr. Avg. -1730.5%
Net Profit Margin -3850%
Net Profit Margin - 3 Yr. Avg. -1446.4%
Effective Tax Rate 14.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 0%

MESO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MESO stock intrinsic value calculation we used $2 million for the last fiscal year's total revenue generated by Mesoblast ADR. The default revenue input number comes from 2017 income statement of Mesoblast ADR. 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 MESO 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 4.3%, whose default value for MESO is calculated based on our internal credit rating of Mesoblast ADR, 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 Mesoblast ADR.
    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 MESO stock the variable cost ratio is equal to 50%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $94 million in the base year in the intrinsic value calculation for MESO 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 Mesoblast ADR.

Corporate tax rate of 27% is the nominal tax rate for Mesoblast ADR. 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 MESO 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 MESO are equal to 22750%.

Life of production assets of 10 years is the average useful life of capital assets used in Mesoblast ADR 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 MESO is equal to -950%. 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 - $517 million for Mesoblast ADR - 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 91.721 million for Mesoblast ADR 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 Mesoblast ADR at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Best Growth Stocks To Buy   [Jan-17-18 07:02PM  Simply Wall St.]
▶ ETFs with exposure to Mesoblast Ltd. : December 28, 2017   [Dec-28-17 12:23PM  Capital Cube]
▶ 3 Stocks Under $10 That Plummeted Today   [Nov-15-17 03:45PM  Zacks]
▶ ETFs with exposure to Mesoblast Ltd. : November 6, 2017   [Nov-06-17 12:03PM  Capital Cube]
▶ ETFs with exposure to Mesoblast Ltd. : October 23, 2017   [Oct-23-17 10:47AM  Capital Cube]
▶ Should You Buy Mesoblast Limited (ASX:MSB)?   [Oct-16-17 11:29PM  Simply Wall St.]
▶ ETFs with exposure to Mesoblast Ltd. : October 9, 2017   [Oct-09-17 11:46AM  Capital Cube]
▶ ETFs with exposure to Mesoblast Ltd. : September 6, 2017   [Sep-05-17 09:25PM  Capital Cube]
▶ ETFs with exposure to Mesoblast Ltd. : June 5, 2017   [Jun-05-17 02:31PM  Capital Cube]
▶ ETFs with exposure to Mesoblast Ltd. : May 9, 2017   [May-09-17 04:48PM  Capital Cube]
▶ Mesoblast Raises US$40 Million   [Mar-27-17 06:00AM  GlobeNewswire]
Financial statements of MESO
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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