Intrinsic value of NovaBay Pharmaceuticals - NBY

Previous Close

$4.70

  Intrinsic Value

$0.11

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

0%

Previous close

$4.70

 
Intrinsic value

$0.11

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of NBY 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 0.1

 

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, %
  200.00
  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
  12
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,359
Variable operating expenses, $m
 
  120
  185
  277
  402
  568
  780
  1,047
  1,375
  1,770
  2,235
  2,776
  3,393
  4,090
  4,867
  5,722
  6,656
  7,668
  8,754
  9,915
  11,147
  12,450
  13,822
  15,261
  16,768
  18,342
  19,984
  21,693
  23,471
  25,321
  27,243
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
  23
  120
  185
  277
  402
  568
  780
  1,047
  1,375
  1,770
  2,235
  2,776
  3,393
  4,090
  4,867
  5,722
  6,656
  7,668
  8,754
  9,915
  11,147
  12,450
  13,822
  15,261
  16,768
  18,342
  19,984
  21,693
  23,471
  25,321
  27,243
Operating income, $m
  -11
  -101
  -156
  -233
  -338
  -477
  -655
  -880
  -1,155
  -1,487
  -1,878
  -2,332
  -2,851
  -3,436
  -4,088
  -4,807
  -5,591
  -6,441
  -7,354
  -8,328
  -9,364
  -10,458
  -11,610
  -12,819
  -14,085
  -15,408
  -16,786
  -18,222
  -19,716
  -21,269
  -22,884
EBITDA, $m
  -11
  -101
  -156
  -233
  -338
  -476
  -655
  -879
  -1,154
  -1,485
  -1,876
  -2,330
  -2,848
  -3,433
  -4,085
  -4,803
  -5,587
  -6,436
  -7,348
  -8,322
  -9,356
  -10,449
  -11,601
  -12,809
  -14,074
  -15,395
  -16,773
  -18,208
  -19,700
  -21,252
  -22,865
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  2
  2
  3
  4
  6
  7
  9
  11
  13
  16
  19
  22
  25
  29
  33
  37
  42
  46
  51
  56
  61
  67
  73
  79
  85
Earnings before tax, $m
  -13
  -101
  -156
  -233
  -339
  -478
  -657
  -882
  -1,158
  -1,491
  -1,883
  -2,339
  -2,860
  -3,447
  -4,101
  -4,823
  -5,610
  -6,463
  -7,379
  -8,358
  -9,397
  -10,495
  -11,652
  -12,866
  -14,136
  -15,464
  -16,848
  -18,289
  -19,789
  -21,348
  -22,969
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
  -13
  -101
  -156
  -233
  -339
  -478
  -657
  -882
  -1,158
  -1,491
  -1,883
  -2,339
  -2,860
  -3,447
  -4,101
  -4,823
  -5,610
  -6,463
  -7,379
  -8,358
  -9,397
  -10,495
  -11,652
  -12,866
  -14,136
  -15,464
  -16,848
  -18,289
  -19,789
  -21,348
  -22,969

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
  15
  13
  20
  30
  43
  61
  83
  112
  147
  189
  238
  296
  362
  436
  519
  610
  710
  818
  934
  1,058
  1,189
  1,328
  1,474
  1,628
  1,789
  1,957
  2,132
  2,314
  2,504
  2,701
  2,906
Adjusted assets (=assets-cash), $m
  5
  13
  20
  30
  43
  61
  83
  112
  147
  189
  238
  296
  362
  436
  519
  610
  710
  818
  934
  1,058
  1,189
  1,328
  1,474
  1,628
  1,789
  1,957
  2,132
  2,314
  2,504
  2,701
  2,906
Revenue / Adjusted assets
  2.400
  1.462
  1.500
  1.467
  1.488
  1.492
  1.506
  1.500
  1.497
  1.497
  1.504
  1.500
  1.500
  1.500
  1.501
  1.502
  1.500
  1.500
  1.500
  1.499
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
  1.500
Average production assets, $m
  1
  1
  1
  2
  3
  4
  5
  7
  9
  12
  15
  19
  23
  27
  33
  38
  45
  52
  59
  67
  75
  84
  93
  103
  113
  123
  134
  146
  158
  170
  183
Working capital, $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 debt, $m
  0
  4
  10
  19
  31
  46
  67
  93
  124
  162
  207
  258
  318
  385
  459
  541
  631
  728
  832
  944
  1,062
  1,187
  1,319
  1,457
  1,602
  1,753
  1,910
  2,075
  2,245
  2,423
  2,607
Total liabilities, $m
  8
  12
  18
  27
  39
  54
  75
  101
  132
  170
  215
  266
  326
  393
  467
  549
  639
  736
  840
  952
  1,070
  1,195
  1,327
  1,465
  1,610
  1,761
  1,918
  2,083
  2,253
  2,431
  2,615
Total equity, $m
  7
  1
  2
  3
  4
  6
  8
  11
  15
  19
  24
  30
  36
  44
  52
  61
  71
  82
  93
  106
  119
  133
  147
  163
  179
  196
  213
  231
  250
  270
  291
Total liabilities and equity, $m
  15
  13
  20
  30
  43
  60
  83
  112
  147
  189
  239
  296
  362
  437
  519
  610
  710
  818
  933
  1,058
  1,189
  1,328
  1,474
  1,628
  1,789
  1,957
  2,131
  2,314
  2,503
  2,701
  2,906
Debt-to-equity ratio
  0.000
  2.750
  4.950
  6.300
  7.140
  7.680
  8.040
  8.280
  8.450
  8.580
  8.660
  8.730
  8.780
  8.820
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  -0.600
  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
  -101
  -156
  -233
  -339
  -478
  -657
  -882
  -1,158
  -1,491
  -1,883
  -2,339
  -2,860
  -3,447
  -4,101
  -4,823
  -5,610
  -6,463
  -7,379
  -8,358
  -9,397
  -10,495
  -11,652
  -12,866
  -14,136
  -15,464
  -16,848
  -18,289
  -19,789
  -21,348
  -22,969
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
Funds from operations, $m
  -15
  -101
  -156
  -233
  -338
  -477
  -657
  -881
  -1,158
  -1,490
  -1,882
  -2,337
  -2,857
  -3,444
  -4,098
  -4,819
  -5,606
  -6,458
  -7,373
  -8,351
  -9,389
  -10,487
  -11,642
  -12,855
  -14,125
  -15,451
  -16,834
  -18,274
  -19,773
  -21,331
  -22,950
Change in working capital, $m
  -3
  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 operations, $m
  -12
  -101
  -156
  -233
  -338
  -477
  -657
  -881
  -1,158
  -1,490
  -1,882
  -2,337
  -2,857
  -3,444
  -4,098
  -4,819
  -5,606
  -6,458
  -7,373
  -8,351
  -9,389
  -10,487
  -11,642
  -12,855
  -14,125
  -15,451
  -16,834
  -18,274
  -19,773
  -21,331
  -22,950
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
New CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
Cash from investing activities, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -3
  -3
  -4
  -4
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -24
  -27
  -28
  -30
Free cash flow, $m
  -12
  -101
  -156
  -234
  -339
  -479
  -658
  -884
  -1,160
  -1,493
  -1,886
  -2,342
  -2,863
  -3,451
  -4,106
  -4,828
  -5,616
  -6,469
  -7,386
  -8,365
  -9,404
  -10,503
  -11,660
  -12,874
  -14,145
  -15,473
  -16,858
  -18,299
  -19,799
  -21,359
  -22,980
Issuance/(repayment) of debt, $m
  -2
  4
  6
  9
  12
  16
  20
  26
  31
  38
  45
  52
  59
  67
  75
  82
  90
  97
  104
  111
  118
  125
  132
  138
  145
  151
  158
  164
  171
  178
  185
Issuance/(repurchase) of shares, $m
  21
  102
  157
  234
  340
  480
  659
  885
  1,162
  1,495
  1,888
  2,345
  2,866
  3,454
  4,110
  4,832
  5,620
  6,474
  7,391
  8,370
  9,410
  10,509
  11,666
  12,881
  14,152
  15,480
  16,865
  18,307
  19,808
  21,368
  22,989
Cash from financing (excl. dividends), $m  
  19
  106
  163
  243
  352
  496
  679
  911
  1,193
  1,533
  1,933
  2,397
  2,925
  3,521
  4,185
  4,914
  5,710
  6,571
  7,495
  8,481
  9,528
  10,634
  11,798
  13,019
  14,297
  15,631
  17,023
  18,471
  19,979
  21,546
  23,174
Total cash flow (excl. dividends), $m
  7
  5
  7
  9
  13
  17
  21
  27
  33
  40
  47
  54
  62
  70
  78
  86
  94
  102
  109
  117
  124
  131
  138
  145
  152
  158
  165
  172
  179
  186
  193
Retained Cash Flow (-), $m
  -12
  -102
  -157
  -234
  -340
  -480
  -659
  -885
  -1,162
  -1,495
  -1,888
  -2,345
  -2,866
  -3,454
  -4,110
  -4,832
  -5,620
  -6,474
  -7,391
  -8,370
  -9,410
  -10,509
  -11,666
  -12,881
  -14,152
  -15,480
  -16,865
  -18,307
  -19,808
  -21,368
  -22,989
Prev. year cash balance distribution, $m
 
  7
  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
 
  -91
  -150
  -225
  -327
  -463
  -638
  -858
  -1,129
  -1,455
  -1,841
  -2,290
  -2,804
  -3,384
  -4,032
  -4,746
  -5,526
  -6,372
  -7,281
  -8,253
  -9,286
  -10,378
  -11,528
  -12,736
  -14,001
  -15,322
  -16,700
  -18,135
  -19,629
  -21,182
  -22,796
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
 
  -87
  -137
  -196
  -270
  -359
  -463
  -580
  -706
  -836
  -965
  -1,088
  -1,197
  -1,287
  -1,353
  -1,393
  -1,404
  -1,386
  -1,341
  -1,271
  -1,180
  -1,073
  -957
  -835
  -713
  -596
  -487
  -389
  -304
  -231
  -172
Current shareholders' claim on cash, %
  100
  50.0
  3.8
  0.3
  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

NovaBay Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes non-antibiotic anti-infective products for the eye care market in the United States. Its commercial products include the Neutrox family of products, Avenova for the eye care market; NovaClear intelli-Case, a device for soft and rigid gas permeable contact lenses; Neutrophase for wound care; CelleRx for the dermatology market; and Aganocide compounds patented synthetic molecules with a range of spectrum of activity against bacteria, viruses, and fungi to mimic the mechanism of action against infections with a low likelihood of developing bacterial and viral resistance. The company has collaboration and license agreement with Galderma S.A. to develop and commercialize its Aganocide compounds that cover various dermatological conditions. The company was formerly known as NovaCal Pharmaceuticals, Inc. and changed its name to NovaBay Pharmaceuticals, Inc. in February 2007. NovaBay Pharmaceuticals, Inc. was incorporated in 2000 and is based in Emeryville, California.

FINANCIAL RATIOS  of  NovaBay Pharmaceuticals (NBY)

Valuation Ratios
P/E Ratio -5.5
Price to Sales 6
Price to Book 10.3
Price to Tangible Book
Price to Cash Flow -6
Price to Free Cash Flow -6
Growth Rates
Sales Growth Rate 200%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
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 -130%
Ret/ On Assets - 3 Yr. Avg. -182.4%
Return On Total Capital -650%
Ret/ On T. Cap. - 3 Yr. Avg. 959.1%
Return On Equity -1300%
Return On Equity - 3 Yr. Avg. -102%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 75%
Gross Margin - 3 Yr. Avg. 83.3%
EBITDA Margin -108.3%
EBITDA Margin - 3 Yr. Avg. -694.4%
Operating Margin -91.7%
Oper. Margin - 3 Yr. Avg. -772.2%
Pre-Tax Margin -108.3%
Pre-Tax Margin - 3 Yr. Avg. -694.4%
Net Profit Margin -108.3%
Net Profit Margin - 3 Yr. Avg. -694.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NBY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBY stock intrinsic value calculation we used $12 million for the last fiscal year's total revenue generated by NovaBay Pharmaceuticals. The default revenue input number comes from 2016 income statement of NovaBay 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 NBY 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 NBY is calculated based on our internal credit rating of NovaBay 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 NovaBay 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 NBY stock the variable cost ratio is equal to 625%.

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 NBY 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 NovaBay Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for NovaBay 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 NBY 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 NBY are equal to 4.2%.

Life of production assets of 10 years is the average useful life of capital assets used in NovaBay 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 NBY is equal to 0%. 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 - $7 million for NovaBay 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 15.732 million for NovaBay 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 NovaBay Pharmaceuticals at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ NovaBay's Avenova Offers Key Benefits in Glaucoma Care   [Aug-14-17 09:00AM  ACCESSWIRE]
▶ NovaBay Pharmaceuticals Joins the Russell Microcap Index   [Jun-26-17 06:50AM  Business Wire]
▶ NovaBay to Present at LD Micro Main Event   [Dec-01-16 06:50AM  Business Wire]
▶ Five Stocks Under $5.00 for December (NAK, GGB)   [Nov-23-16 10:59AM  at Investopedia]
▶ Dry Eye: A Growing Problem in an Aging Population   [Aug-15-16 10:00AM  Accesswire]
▶ [$$] NovaBay Not Seen Breaking Even for Years   [Apr-07-16 01:01PM  at Barrons.com]
▶ 3 Biotech Stocks Under $10 to Trade for Big Breakouts   [Jan-08-16 07:15AM  at TheStreet]
▶ NovaBay Pharmaceuticals Secures $3 Million Bridge Loan   [Jan-07-16 07:00AM  Business Wire]
▶ NovaBay Declares Reverse Stock Split   [Dec-11  07:00PM  Business Wire]
▶ New Study Shows Success Fighting Eye Mites   [Nov-11  08:00AM  PR Newswire]
Stock chart of NBY Financial statements of NBY
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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