Intrinsic value of Momenta Pharmaceuticals - MNTA

Previous Close

$16.80

  Intrinsic Value

$11.39

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

+1754%

Previous close

$16.80

 
Intrinsic value

$11.39

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

+1754%

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

We calculate the intrinsic value of MNTA 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 1.2

 

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, %
  22.22
  35.00
  32.00
  29.30
  26.87
  24.68
  22.71
  20.94
  19.35
  17.91
  16.62
  15.46
  14.41
  13.47
  12.63
  11.86
  11.18
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
Revenue, $m
  110
  149
  196
  253
  322
  401
  492
  595
  710
  837
  977
  1,128
  1,290
  1,464
  1,649
  1,844
  2,050
  2,267
  2,494
  2,731
  2,978
  3,235
  3,503
  3,782
  4,072
  4,373
  4,686
  5,011
  5,349
  5,700
  6,066
Variable operating expenses, $m
 
  74
  98
  127
  161
  200
  246
  298
  355
  419
  488
  564
  645
  732
  824
  922
  1,025
  1,133
  1,247
  1,365
  1,489
  1,618
  1,752
  1,891
  2,036
  2,186
  2,343
  2,505
  2,674
  2,850
  3,033
Fixed operating expenses, $m
 
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
Total operating expenses, $m
  184
  209
  237
  269
  307
  349
  399
  455
  516
  584
  657
  737
  823
  914
  1,011
  1,113
  1,221
  1,334
  1,453
  1,576
  1,705
  1,840
  1,979
  2,124
  2,275
  2,431
  2,594
  2,762
  2,938
  3,120
  3,310
Operating income, $m
  -75
  -61
  -41
  -15
  15
  51
  93
  141
  194
  254
  319
  391
  468
  550
  638
  731
  829
  933
  1,041
  1,154
  1,273
  1,396
  1,524
  1,658
  1,797
  1,942
  2,092
  2,248
  2,411
  2,580
  2,756
EBITDA, $m
  -65
  -58
  -36
  -10
  23
  60
  104
  154
  211
  273
  342
  417
  497
  584
  676
  774
  877
  985
  1,099
  1,218
  1,342
  1,471
  1,606
  1,746
  1,892
  2,043
  2,201
  2,364
  2,535
  2,712
  2,897
Interest expense (income), $m
  0
  0
  1
  3
  5
  7
  10
  13
  16
  20
  25
  29
  34
  40
  46
  52
  58
  65
  73
  80
  88
  97
  105
  114
  124
  134
  144
  154
  165
  177
  189
Earnings before tax, $m
  -21
  -61
  -42
  -18
  10
  44
  83
  128
  178
  234
  295
  361
  433
  510
  592
  679
  771
  867
  968
  1,074
  1,184
  1,299
  1,419
  1,544
  1,673
  1,808
  1,948
  2,094
  2,245
  2,403
  2,567
Tax expense, $m
  0
  0
  0
  0
  3
  12
  22
  34
  48
  63
  80
  98
  117
  138
  160
  183
  208
  234
  261
  290
  320
  351
  383
  417
  452
  488
  526
  565
  606
  649
  693
Net income, $m
  -21
  -61
  -42
  -18
  7
  32
  61
  93
  130
  171
  215
  264
  316
  372
  432
  496
  563
  633
  707
  784
  865
  948
  1,036
  1,127
  1,221
  1,320
  1,422
  1,529
  1,639
  1,754
  1,874

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  353
  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
  478
  169
  223
  288
  365
  456
  559
  676
  807
  952
  1,110
  1,281
  1,466
  1,664
  1,874
  2,096
  2,330
  2,576
  2,834
  3,103
  3,384
  3,677
  3,981
  4,298
  4,627
  4,969
  5,325
  5,694
  6,078
  6,477
  6,893
Adjusted assets (=assets-cash), $m
  125
  169
  223
  288
  365
  456
  559
  676
  807
  952
  1,110
  1,281
  1,466
  1,664
  1,874
  2,096
  2,330
  2,576
  2,834
  3,103
  3,384
  3,677
  3,981
  4,298
  4,627
  4,969
  5,325
  5,694
  6,078
  6,477
  6,893
Revenue / Adjusted assets
  0.880
  0.882
  0.879
  0.878
  0.882
  0.879
  0.880
  0.880
  0.880
  0.879
  0.880
  0.881
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
Average production assets, $m
  26
  34
  45
  59
  75
  93
  114
  138
  165
  194
  227
  262
  299
  340
  383
  428
  476
  526
  579
  634
  691
  751
  813
  877
  945
  1,014
  1,087
  1,162
  1,241
  1,322
  1,407
Working capital, $m
  357
  5
  7
  9
  12
  14
  18
  21
  26
  30
  35
  41
  46
  53
  59
  66
  74
  82
  90
  98
  107
  116
  126
  136
  147
  157
  169
  180
  193
  205
  218
Total debt, $m
  0
  37
  83
  138
  204
  280
  368
  467
  578
  701
  835
  981
  1,137
  1,305
  1,483
  1,671
  1,870
  2,079
  2,297
  2,525
  2,764
  3,012
  3,270
  3,539
  3,818
  4,108
  4,409
  4,722
  5,048
  5,387
  5,739
Total liabilities, $m
  106
  143
  189
  244
  310
  386
  474
  573
  684
  807
  941
  1,087
  1,243
  1,411
  1,589
  1,777
  1,976
  2,185
  2,403
  2,631
  2,870
  3,118
  3,376
  3,645
  3,924
  4,214
  4,515
  4,828
  5,154
  5,493
  5,845
Total equity, $m
  372
  26
  34
  44
  56
  69
  85
  103
  123
  145
  169
  195
  223
  253
  285
  319
  354
  392
  431
  472
  514
  559
  605
  653
  703
  755
  809
  865
  924
  985
  1,048
Total liabilities and equity, $m
  478
  169
  223
  288
  366
  455
  559
  676
  807
  952
  1,110
  1,282
  1,466
  1,664
  1,874
  2,096
  2,330
  2,577
  2,834
  3,103
  3,384
  3,677
  3,981
  4,298
  4,627
  4,969
  5,324
  5,693
  6,078
  6,478
  6,893
Debt-to-equity ratio
  0.000
  1.450
  2.450
  3.160
  3.670
  4.050
  4.330
  4.550
  4.710
  4.850
  4.950
  5.030
  5.100
  5.160
  5.210
  5.250
  5.280
  5.310
  5.330
  5.350
  5.370
  5.390
  5.400
  5.420
  5.430
  5.440
  5.450
  5.460
  5.460
  5.470
  5.480
Adjusted equity ratio
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  -61
  -42
  -18
  7
  32
  61
  93
  130
  171
  215
  264
  316
  372
  432
  496
  563
  633
  707
  784
  865
  948
  1,036
  1,127
  1,221
  1,320
  1,422
  1,529
  1,639
  1,754
  1,874
Depreciation, amort., depletion, $m
  10
  3
  5
  6
  7
  9
  11
  14
  16
  19
  23
  26
  30
  34
  38
  43
  48
  53
  58
  63
  69
  75
  81
  88
  94
  101
  109
  116
  124
  132
  141
Funds from operations, $m
  9
  -58
  -37
  -12
  15
  41
  72
  107
  146
  190
  238
  290
  346
  406
  471
  539
  610
  686
  765
  847
  934
  1,024
  1,117
  1,215
  1,316
  1,421
  1,531
  1,645
  1,763
  1,887
  2,015
Change in working capital, $m
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
Cash from operations, $m
  8
  -59
  -39
  -15
  12
  39
  69
  103
  142
  185
  233
  285
  340
  400
  464
  531
  603
  678
  757
  839
  925
  1,014
  1,108
  1,205
  1,306
  1,410
  1,520
  1,633
  1,751
  1,874
  2,002
Maintenance CAPEX, $m
  0
  -3
  -3
  -5
  -6
  -7
  -9
  -11
  -14
  -16
  -19
  -23
  -26
  -30
  -34
  -38
  -43
  -48
  -53
  -58
  -63
  -69
  -75
  -81
  -88
  -94
  -101
  -109
  -116
  -124
  -132
New CAPEX, $m
  -6
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -82
  -85
Cash from investing activities, $m
  80
  -12
  -14
  -18
  -22
  -25
  -30
  -35
  -41
  -46
  -51
  -58
  -64
  -70
  -77
  -83
  -91
  -98
  -106
  -113
  -120
  -129
  -137
  -146
  -155
  -164
  -174
  -184
  -194
  -206
  -217
Free cash flow, $m
  88
  -70
  -54
  -32
  -9
  13
  38
  68
  102
  139
  181
  227
  276
  330
  387
  448
  512
  580
  651
  726
  804
  885
  970
  1,059
  1,151
  1,246
  1,346
  1,449
  1,556
  1,668
  1,785
Issuance/(repayment) of debt, $m
  0
  37
  46
  55
  66
  76
  88
  99
  111
  123
  134
  145
  157
  167
  178
  188
  199
  209
  219
  228
  238
  248
  258
  269
  279
  290
  301
  313
  326
  339
  352
Issuance/(repurchase) of shares, $m
  1
  68
  50
  28
  4
  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  
  1
  105
  96
  83
  70
  76
  88
  99
  111
  123
  134
  145
  157
  167
  178
  188
  199
  209
  219
  228
  238
  248
  258
  269
  279
  290
  301
  313
  326
  339
  352
Total cash flow (excl. dividends), $m
  89
  34
  42
  51
  61
  89
  126
  167
  213
  262
  315
  372
  433
  497
  565
  636
  711
  789
  870
  954
  1,042
  1,134
  1,229
  1,327
  1,430
  1,536
  1,647
  1,762
  1,882
  2,007
  2,137
Retained Cash Flow (-), $m
  -2
  -68
  -50
  -28
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
Prev. year cash balance distribution, $m
 
  353
  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
 
  320
  -8
  23
  49
  75
  110
  150
  193
  240
  291
  346
  405
  467
  533
  603
  675
  751
  831
  913
  1,000
  1,089
  1,182
  1,279
  1,380
  1,484
  1,593
  1,706
  1,824
  1,946
  2,074
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
 
  306
  -7
  20
  40
  58
  80
  101
  120
  138
  153
  164
  173
  178
  179
  177
  172
  163
  153
  141
  127
  113
  98
  84
  70
  58
  46
  37
  28
  21
  16
Current shareholders' claim on cash, %
  100
  46.8
  28.9
  22.8
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1
  22.1

Momenta Pharmaceuticals, Inc., a biotechnology company, focuses on developing generic versions of complex drugs, biosimilars, and novel therapeutics for oncology and autoimmune diseases. The company’s complex generics programs include Enoxaparin sodium injection, a generic version of Lovenox that is used to prevent and treat deep vein thrombosis, and to support the treatment of acute coronary syndromes; GLATOPA, a generic version of once-daily COPAXONE for the treatment of patients with relapsing-remitting multiple sclerosis; and M356, a generic product candidate for three-times-weekly COPAXONE. Its biosimilars programs comprise M923, a biosimilar of HUMIRA for the treatment of patients with rheumatoid arthritis, Crohn's disease, ulcerative colitis, and psoriasis; and M834, a biosimilar of ORENCIA for the treatment of rheumatoid arthritis and juvenile idiopathic arthritis. The company’s novel therapeutics programs include Necuparanib, a novel oncology product candidate derived from heparin; Anti-FcRn program for acute and chronic/intermittent therapies in a range of autoantibody driven diseases; SIF3 program, a novel recombinant protein containing three IgG Fc regions to maximize activity; and hsIVIg, a hyper-sialylated version of intravenous immunoglobulin to treat various inflammatory diseases, including idiopathic thrombocytopenic purpura, Kawasaki disease, and chronic inflammatory demyelinating polyneuropathy. It has collaboration and license agreements with Sandoz AG, Mylan Ireland Limited, Baxalta U.S. Inc., Baxalta GmbH, and Baxalta Incorporated. The company was formerly known as Mimeon, Inc. and changed its name to Momenta Pharmaceuticals, Inc. in September 2002. Momenta Pharmaceuticals, Inc. was founded in 2001 and is headquartered in Cambridge, Massachusetts.

FINANCIAL RATIOS  of  Momenta Pharmaceuticals (MNTA)

Valuation Ratios
P/E Ratio -56.9
Price to Sales 10.9
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 149.3
Price to Free Cash Flow 597.1
Growth Rates
Sales Growth Rate 22.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
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 -4.7%
Ret/ On Assets - 3 Yr. Avg. -21.2%
Return On Total Capital -5.7%
Ret/ On T. Cap. - 3 Yr. Avg. -25.4%
Return On Equity -5.7%
Return On Equity - 3 Yr. Avg. -25.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -10%
EBITDA Margin - 3 Yr. Avg. -88.4%
Operating Margin -67.3%
Oper. Margin - 3 Yr. Avg. -117.6%
Pre-Tax Margin -19.1%
Pre-Tax Margin - 3 Yr. Avg. -100.6%
Net Profit Margin -19.1%
Net Profit Margin - 3 Yr. Avg. -100.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MNTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNTA stock intrinsic value calculation we used $110 million for the last fiscal year's total revenue generated by Momenta Pharmaceuticals. The default revenue input number comes from 2016 income statement of Momenta 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 MNTA stock valuation model: a) initial revenue growth rate of 35% 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 MNTA is calculated based on our internal credit rating of Momenta 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 Momenta 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 MNTA 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 $132 million in the base year in the intrinsic value calculation for MNTA 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 Momenta Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Momenta 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 MNTA 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 MNTA are equal to 23.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Momenta 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 MNTA is equal to 3.6%. 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 - $372 million for Momenta 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 69.536 million for Momenta 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 Momenta Pharmaceuticals at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Jury nixes Momenta patent case that sought $938M in damages   [03:00PM  American City Business Journals]
▶ Mylan In FDA Limbo On Generic Multiple Sclerosis Drug   [Jun-15-17 12:15PM  Investor's Business Daily]
▶ Novartis CEO sees no need for big takeover   [May-31-17 11:44AM  Reuters]
▶ Momenta Pharmaceuticals, Inc. Looks for Some Momentum   [May-03-17 04:19PM  Motley Fool]
▶ Momenta reports 1Q loss   [08:07AM  Associated Press]
▶ Momenta Pharmaceuticals, Inc. Earnings Take a Back Seat   [Feb-23-17 03:58PM  Motley Fool]
▶ Momenta 4Q Net 60 Cents a Share   [11:05AM  at Investopedia]
▶ Momenta stock rises 4% on corporate update   [08:23AM  at MarketWatch]
Stock chart of MNTA Financial statements of MNTA Annual reports of MNTA
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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