Intrinsic value of MyoKardia - MYOK

Previous Close

$38.05

  Intrinsic Value

$60.56

stock screener

  Rating & Target

str. buy

+59%

Previous close

$38.05

 
Intrinsic value

$60.56

 
Up/down potential

+59%

 
Rating

str. buy

We calculate the intrinsic value of MYOK 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 1.3

 

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, %
  178.57
  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
  39
  59
  85
  120
  166
  223
  294
  379
  479
  596
  729
  880
  1,049
  1,234
  1,437
  1,657
  1,893
  2,146
  2,414
  2,698
  2,997
  3,311
  3,639
  3,983
  4,341
  4,713
  5,101
  5,505
  5,924
  6,360
  6,812
Variable operating expenses, $m
 
  37
  55
  77
  106
  143
  188
  243
  307
  382
  468
  564
  672
  791
  921
  1,062
  1,214
  1,376
  1,548
  1,729
  1,921
  2,122
  2,333
  2,553
  2,782
  3,021
  3,270
  3,529
  3,797
  4,077
  4,367
Fixed operating expenses, $m
 
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
Total operating expenses, $m
  53
  67
  85
  108
  138
  176
  222
  277
  342
  418
  505
  602
  711
  831
  962
  1,104
  1,257
  1,420
  1,593
  1,775
  1,969
  2,171
  2,383
  2,604
  2,834
  3,075
  3,325
  3,585
  3,855
  4,136
  4,428
Operating income, $m
  -13
  -9
  0
  12
  28
  47
  72
  101
  137
  178
  225
  278
  337
  403
  475
  553
  637
  726
  821
  922
  1,028
  1,140
  1,257
  1,379
  1,506
  1,638
  1,776
  1,920
  2,069
  2,224
  2,385
EBITDA, $m
  -12
  -8
  1
  14
  30
  51
  76
  107
  144
  187
  236
  292
  354
  422
  497
  578
  666
  759
  859
  964
  1,075
  1,191
  1,313
  1,440
  1,573
  1,711
  1,855
  2,004
  2,160
  2,322
  2,490
Interest expense (income), $m
  0
  0
  1
  2
  4
  6
  9
  13
  17
  22
  27
  34
  41
  50
  59
  69
  80
  91
  104
  117
  131
  146
  161
  177
  194
  212
  230
  250
  269
  290
  312
Earnings before tax, $m
  -13
  -9
  -1
  10
  24
  41
  63
  89
  120
  156
  197
  244
  296
  353
  416
  484
  557
  635
  718
  805
  897
  994
  1,095
  1,201
  1,311
  1,426
  1,546
  1,670
  1,799
  1,934
  2,073
Tax expense, $m
  0
  0
  0
  3
  6
  11
  17
  24
  32
  42
  53
  66
  80
  95
  112
  131
  150
  171
  194
  217
  242
  268
  296
  324
  354
  385
  417
  451
  486
  522
  560
Net income, $m
  -13
  -9
  -1
  7
  17
  30
  46
  65
  88
  114
  144
  178
  216
  258
  304
  353
  407
  463
  524
  588
  655
  726
  800
  877
  957
  1,041
  1,128
  1,219
  1,314
  1,412
  1,514

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  140
  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
  201
  92
  133
  188
  260
  349
  460
  592
  750
  932
  1,141
  1,378
  1,641
  1,932
  2,249
  2,593
  2,963
  3,358
  3,778
  4,222
  4,690
  5,181
  5,695
  6,233
  6,793
  7,376
  7,983
  8,615
  9,271
  9,953
  10,661
Adjusted assets (=assets-cash), $m
  61
  92
  133
  188
  260
  349
  460
  592
  750
  932
  1,141
  1,378
  1,641
  1,932
  2,249
  2,593
  2,963
  3,358
  3,778
  4,222
  4,690
  5,181
  5,695
  6,233
  6,793
  7,376
  7,983
  8,615
  9,271
  9,953
  10,661
Revenue / Adjusted assets
  0.639
  0.641
  0.639
  0.638
  0.638
  0.639
  0.639
  0.640
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
Average production assets, $m
  3
  5
  7
  9
  13
  17
  23
  29
  37
  46
  56
  68
  81
  95
  111
  128
  146
  165
  186
  208
  231
  255
  280
  307
  334
  363
  393
  424
  456
  490
  525
Working capital, $m
  153
  19
  28
  40
  55
  74
  98
  126
  160
  198
  243
  293
  349
  411
  479
  552
  630
  715
  804
  898
  998
  1,102
  1,212
  1,326
  1,445
  1,570
  1,699
  1,833
  1,973
  2,118
  2,269
Total debt, $m
  0
  26
  64
  114
  178
  258
  358
  477
  619
  783
  971
  1,184
  1,421
  1,682
  1,968
  2,278
  2,611
  2,966
  3,344
  3,744
  4,165
  4,607
  5,070
  5,553
  6,057
  6,583
  7,129
  7,697
  8,288
  8,901
  9,539
Total liabilities, $m
  56
  82
  120
  170
  234
  314
  414
  533
  675
  839
  1,027
  1,240
  1,477
  1,738
  2,024
  2,334
  2,667
  3,022
  3,400
  3,800
  4,221
  4,663
  5,126
  5,609
  6,113
  6,639
  7,185
  7,753
  8,344
  8,957
  9,595
Total equity, $m
  145
  9
  13
  19
  26
  35
  46
  59
  75
  93
  114
  138
  164
  193
  225
  259
  296
  336
  378
  422
  469
  518
  570
  623
  679
  738
  798
  861
  927
  995
  1,066
Total liabilities and equity, $m
  201
  91
  133
  189
  260
  349
  460
  592
  750
  932
  1,141
  1,378
  1,641
  1,931
  2,249
  2,593
  2,963
  3,358
  3,778
  4,222
  4,690
  5,181
  5,696
  6,232
  6,792
  7,377
  7,983
  8,614
  9,271
  9,952
  10,661
Debt-to-equity ratio
  0.000
  2.880
  4.800
  6.030
  6.840
  7.400
  7.780
  8.050
  8.250
  8.400
  8.510
  8.590
  8.660
  8.710
  8.750
  8.780
  8.810
  8.830
  8.850
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
Adjusted equity ratio
  0.082
  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
  -13
  -9
  -1
  7
  17
  30
  46
  65
  88
  114
  144
  178
  216
  258
  304
  353
  407
  463
  524
  588
  655
  726
  800
  877
  957
  1,041
  1,128
  1,219
  1,314
  1,412
  1,514
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  3
  3
  5
  6
  7
  9
  11
  14
  16
  19
  22
  26
  29
  33
  37
  42
  46
  51
  56
  61
  67
  73
  79
  85
  91
  98
  105
Funds from operations, $m
  -33
  -8
  0
  9
  20
  33
  50
  71
  95
  123
  155
  192
  232
  277
  326
  379
  436
  497
  561
  629
  701
  777
  856
  938
  1,024
  1,114
  1,207
  1,304
  1,405
  1,510
  1,618
Change in working capital, $m
  -12
  6
  9
  12
  15
  19
  23
  28
  33
  39
  45
  50
  56
  62
  68
  73
  79
  84
  89
  94
  100
  104
  109
  114
  119
  124
  129
  134
  140
  145
  151
Cash from operations, $m
  -21
  -14
  -8
  -3
  5
  14
  27
  42
  61
  84
  111
  141
  176
  215
  258
  306
  357
  412
  472
  535
  602
  672
  746
  824
  905
  990
  1,078
  1,170
  1,265
  1,364
  1,468
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -3
  -5
  -6
  -7
  -9
  -11
  -14
  -16
  -19
  -22
  -26
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -61
  -67
  -73
  -79
  -85
  -91
  -98
New CAPEX, $m
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
Cash from investing activities, $m
  -17
  -3
  -3
  -4
  -6
  -7
  -8
  -12
  -14
  -16
  -19
  -23
  -27
  -30
  -35
  -39
  -44
  -48
  -54
  -59
  -65
  -70
  -76
  -82
  -89
  -96
  -103
  -110
  -117
  -125
  -133
Free cash flow, $m
  -38
  -16
  -11
  -7
  -1
  7
  18
  31
  48
  68
  91
  119
  150
  185
  224
  267
  313
  364
  418
  476
  537
  602
  670
  741
  816
  894
  975
  1,060
  1,148
  1,240
  1,335
Issuance/(repayment) of debt, $m
  0
  26
  37
  50
  64
  81
  99
  120
  141
  164
  188
  213
  237
  262
  286
  310
  333
  356
  378
  400
  421
  442
  463
  483
  504
  525
  546
  568
  591
  614
  638
Issuance/(repurchase) of shares, $m
  62
  13
  5
  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  
  62
  39
  42
  50
  64
  81
  99
  120
  141
  164
  188
  213
  237
  262
  286
  310
  333
  356
  378
  400
  421
  442
  463
  483
  504
  525
  546
  568
  591
  614
  638
Total cash flow (excl. dividends), $m
  24
  23
  31
  43
  63
  88
  117
  151
  189
  232
  280
  331
  387
  446
  509
  576
  646
  720
  796
  875
  958
  1,044
  1,133
  1,225
  1,320
  1,419
  1,522
  1,628
  1,739
  1,853
  1,973
Retained Cash Flow (-), $m
  -51
  -13
  -5
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -26
  -29
  -32
  -34
  -37
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
Prev. year cash balance distribution, $m
 
  140
  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
 
  150
  26
  37
  56
  79
  106
  138
  174
  214
  259
  307
  360
  417
  478
  542
  609
  680
  754
  831
  911
  995
  1,081
  1,171
  1,264
  1,361
  1,461
  1,565
  1,673
  1,785
  1,902
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
 
  144
  24
  33
  46
  61
  77
  93
  109
  123
  136
  146
  154
  159
  160
  159
  155
  148
  139
  128
  116
  103
  90
  77
  64
  53
  43
  34
  26
  19
  14
Current shareholders' claim on cash, %
  100
  78.1
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7
  73.7

MyoKardia, Inc. is a clinical-stage biopharmaceutical company. The Company focuses on the treatment of heritable cardiomyopathies, a group of rare, genetically-driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction. The Company is engaged in the business of developing and commercializing therapeutics. The Company has used its precision medicine platform to generate an initial pipeline of over four therapeutic programs for the chronic treatment of two forms of heritable cardiomyopathy-hypertrophic cardiomyopathy (HCM), and dilated cardiomyopathy (DCM). Additionally, the Company has three preclinical programs, HCM-2, DCM-2 and LUS-1. Its lead product candidate, MYK-461, is an orally-administered small molecule designed to reduce excessive cardiac muscle contractility leading to HCM.

FINANCIAL RATIOS  of  MyoKardia (MYOK)

Valuation Ratios
P/E Ratio -92
Price to Sales 30.7
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow -56.9
Price to Free Cash Flow -54.4
Growth Rates
Sales Growth Rate 178.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
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 -8.2%
Ret/ On Assets - 3 Yr. Avg. -33.9%
Return On Total Capital -10.9%
Ret/ On T. Cap. - 3 Yr. Avg. -84.4%
Return On Equity -10.9%
Return On Equity - 3 Yr. Avg. -84.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -30.8%
EBITDA Margin - 3 Yr. Avg. -151.5%
Operating Margin -35.9%
Oper. Margin - 3 Yr. Avg. -161.2%
Pre-Tax Margin -33.3%
Pre-Tax Margin - 3 Yr. Avg. -160.3%
Net Profit Margin -33.3%
Net Profit Margin - 3 Yr. Avg. -160.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MYOK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MYOK stock intrinsic value calculation we used $39 million for the last fiscal year's total revenue generated by MyoKardia. The default revenue input number comes from 2016 income statement of MyoKardia. 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 MYOK 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 4.3%, whose default value for MYOK is calculated based on our internal credit rating of MyoKardia, 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 MyoKardia.
    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 MYOK stock the variable cost ratio is equal to 64.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $29 million in the base year in the intrinsic value calculation for MYOK 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 MyoKardia.

Corporate tax rate of 27% is the nominal tax rate for MyoKardia. 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 MYOK 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 MYOK are equal to 7.7%.

Life of production assets of 3 years is the average useful life of capital assets used in MyoKardia 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 MYOK is equal to 33.3%. 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 - $145 million for MyoKardia - 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 34.912 million for MyoKardia 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 MyoKardia at the current share price and the inputted number of shares is $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Myokardia Inc (MYOK) Q3:17 Update At First Glance   [Nov-07-17 12:48PM  SmarterAnalyst]
▶ MyoKardia reports 3Q loss   [Nov-02-17 05:54PM  Associated Press]
▶ ETFs with exposure to MyoKardia, Inc. : October 10, 2017   [Oct-10-17 11:39AM  Capital Cube]
▶ MyoKardia Provides Update on MYK-491 Clinical Progress   [Sep-27-17 07:30AM  GlobeNewswire]
▶ [$$] Zinsli's Take: Biotech's Saviors Keep Up VCs' Hopes   [Aug-09-17 07:30AM  The Wall Street Journal]
▶ MyoKardia reports 2Q loss   [Aug-07-17 11:59PM  Associated Press]
▶ ETFs with exposure to MyoKardia, Inc. : July 24, 2017   [Jul-24-17 05:30PM  Capital Cube]
▶ ETFs with exposure to MyoKardia, Inc. : July 14, 2017   [Jul-14-17 03:47PM  Capital Cube]
▶ ETFs with exposure to MyoKardia, Inc. : June 15, 2017   [Jun-15-17 02:42PM  Capital Cube]
▶ MyoKardia reports 1Q loss   [May-09-17 06:44PM  Associated Press]
▶ ETFs with exposure to MyoKardia, Inc. : April 13, 2017   [Apr-13-17 12:36PM  Capital Cube]
▶ MyoKardia reports 4Q loss   [08:40AM  Associated Press]
▶ 7 Stocks Trending With Monster Volume   [Mar-02-17 07:00AM  TheStreet.com]
▶ Is Myokardia Inc (MYOK) A Good Stock To Buy?   [Dec-09-16 03:21AM  at Insider Monkey]
▶ Heres Why These Five Stocks Are Trading Higher Today   [Sep-28-16 03:14PM  at Insider Monkey]
▶ MyoKardia to Host R&D Day on September 21   [Sep-14-16 08:45AM  GlobeNewswire]
Financial statements of MYOK
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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