Intrinsic value of Neogen - NEOG

Previous Close

$80.38

  Intrinsic Value

$18.59

stock screener

  Rating & Target

str. sell

-77%

Previous close

$80.38

 
Intrinsic value

$18.59

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of NEOG 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 2017), $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 3.1

 

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, %
  12.77
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  362
  409
  460
  513
  569
  627
  689
  753
  820
  889
  962
  1,037
  1,115
  1,196
  1,281
  1,369
  1,460
  1,555
  1,654
  1,756
  1,863
  1,975
  2,091
  2,212
  2,339
  2,471
  2,609
  2,753
  2,904
  3,061
  3,226
Variable operating expenses, $m
 
  319
  357
  397
  439
  483
  529
  577
  628
  680
  735
  781
  840
  901
  965
  1,031
  1,099
  1,171
  1,245
  1,323
  1,403
  1,487
  1,575
  1,666
  1,761
  1,861
  1,965
  2,073
  2,186
  2,305
  2,429
Fixed operating expenses, $m
 
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
Total operating expenses, $m
  297
  333
  372
  412
  454
  499
  545
  594
  645
  697
  753
  799
  859
  920
  985
  1,051
  1,120
  1,192
  1,267
  1,345
  1,426
  1,511
  1,599
  1,691
  1,786
  1,887
  1,992
  2,100
  2,214
  2,334
  2,458
Operating income, $m
  65
  76
  88
  101
  115
  129
  143
  159
  175
  192
  209
  238
  257
  276
  297
  318
  340
  363
  387
  411
  437
  464
  492
  522
  552
  584
  618
  653
  689
  727
  767
EBITDA, $m
  80
  96
  109
  123
  138
  154
  170
  187
  204
  223
  242
  262
  282
  304
  326
  349
  374
  399
  425
  452
  480
  510
  541
  573
  607
  642
  678
  716
  757
  798
  842
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
Earnings before tax, $m
  67
  76
  88
  101
  114
  128
  142
  157
  173
  189
  206
  235
  253
  272
  292
  313
  334
  357
  380
  404
  430
  456
  484
  512
  542
  574
  606
  641
  676
  714
  753
Tax expense, $m
  23
  21
  24
  27
  31
  34
  38
  42
  47
  51
  56
  63
  68
  73
  79
  84
  90
  96
  103
  109
  116
  123
  131
  138
  146
  155
  164
  173
  183
  193
  203
Net income, $m
  44
  56
  64
  73
  83
  93
  104
  115
  126
  138
  151
  171
  185
  199
  213
  228
  244
  260
  278
  295
  314
  333
  353
  374
  396
  419
  443
  468
  494
  521
  550

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  144
  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
  528
  434
  488
  544
  603
  665
  731
  798
  869
  943
  1,020
  1,100
  1,183
  1,269
  1,358
  1,451
  1,548
  1,649
  1,754
  1,863
  1,976
  2,094
  2,218
  2,346
  2,480
  2,620
  2,767
  2,920
  3,079
  3,246
  3,421
Adjusted assets (=assets-cash), $m
  384
  434
  488
  544
  603
  665
  731
  798
  869
  943
  1,020
  1,100
  1,183
  1,269
  1,358
  1,451
  1,548
  1,649
  1,754
  1,863
  1,976
  2,094
  2,218
  2,346
  2,480
  2,620
  2,767
  2,920
  3,079
  3,246
  3,421
Revenue / Adjusted assets
  0.943
  0.942
  0.943
  0.943
  0.944
  0.943
  0.943
  0.944
  0.944
  0.943
  0.943
  0.943
  0.943
  0.942
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
Average production assets, $m
  123
  138
  155
  173
  192
  212
  233
  255
  277
  301
  325
  351
  377
  404
  433
  463
  493
  526
  559
  594
  630
  668
  707
  748
  791
  835
  882
  931
  981
  1,035
  1,090
Working capital, $m
  257
  128
  143
  160
  177
  196
  215
  235
  256
  277
  300
  324
  348
  373
  400
  427
  456
  485
  516
  548
  581
  616
  652
  690
  730
  771
  814
  859
  906
  955
  1,006
Total debt, $m
  0
  7
  15
  23
  32
  41
  51
  61
  71
  82
  93
  105
  117
  129
  142
  156
  170
  185
  200
  216
  233
  250
  268
  287
  306
  327
  348
  370
  394
  418
  443
Total liabilities, $m
  57
  63
  71
  79
  88
  97
  107
  117
  127
  138
  149
  161
  173
  185
  198
  212
  226
  241
  256
  272
  289
  306
  324
  343
  362
  383
  404
  426
  450
  474
  499
Total equity, $m
  472
  371
  416
  464
  515
  568
  624
  682
  742
  805
  871
  939
  1,010
  1,084
  1,160
  1,240
  1,322
  1,408
  1,498
  1,591
  1,688
  1,789
  1,894
  2,004
  2,118
  2,238
  2,363
  2,493
  2,630
  2,772
  2,921
Total liabilities and equity, $m
  529
  434
  487
  543
  603
  665
  731
  799
  869
  943
  1,020
  1,100
  1,183
  1,269
  1,358
  1,452
  1,548
  1,649
  1,754
  1,863
  1,977
  2,095
  2,218
  2,347
  2,480
  2,621
  2,767
  2,919
  3,080
  3,246
  3,420
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Adjusted equity ratio
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  56
  64
  73
  83
  93
  104
  115
  126
  138
  151
  171
  185
  199
  213
  228
  244
  260
  278
  295
  314
  333
  353
  374
  396
  419
  443
  468
  494
  521
  550
Depreciation, amort., depletion, $m
  15
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  75
Funds from operations, $m
  61
  76
  85
  96
  107
  118
  130
  143
  156
  169
  183
  195
  210
  226
  243
  260
  278
  296
  316
  336
  357
  379
  402
  425
  450
  476
  503
  531
  561
  592
  624
Change in working capital, $m
  1
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
Cash from operations, $m
  60
  61
  70
  79
  89
  100
  111
  123
  135
  148
  161
  172
  186
  201
  217
  233
  249
  267
  285
  304
  323
  344
  365
  387
  411
  435
  460
  486
  514
  543
  573
Maintenance CAPEX, $m
  0
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
New CAPEX, $m
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
Cash from investing activities, $m
  -62
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -120
  -127
Free cash flow, $m
  -2
  37
  43
  51
  58
  67
  76
  85
  95
  105
  116
  124
  136
  148
  160
  173
  187
  201
  216
  231
  247
  263
  280
  298
  317
  336
  356
  377
  399
  422
  446
Issuance/(repayment) of debt, $m
  0
  7
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
Issuance/(repurchase) of shares, $m
  21
  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 financing (excl. dividends), $m  
  25
  7
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
Total cash flow (excl. dividends), $m
  22
  44
  51
  59
  67
  76
  85
  95
  105
  116
  127
  136
  148
  160
  173
  187
  201
  216
  231
  247
  263
  280
  298
  317
  336
  356
  378
  400
  423
  447
  472
Retained Cash Flow (-), $m
  -68
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -76
  -79
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -136
  -143
  -149
Prev. year cash balance distribution, $m
 
  144
  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
 
  145
  5
  11
  16
  23
  30
  37
  45
  53
  61
  68
  77
  87
  97
  107
  118
  130
  141
  154
  166
  179
  193
  207
  222
  237
  253
  269
  286
  304
  323
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
 
  139
  5
  9
  14
  18
  21
  25
  28
  30
  32
  32
  33
  33
  33
  32
  30
  28
  26
  24
  21
  19
  16
  14
  11
  9
  7
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  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
  100.0

Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the production and marketing of products dedicated to animal health, including a range of consumable products marketed to veterinarians and animal health product distributors. The Animal Safety segment also provides genetic identification services. Additionally, the Animal Safety segment produces and markets rodenticides, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities.

FINANCIAL RATIOS  of  Neogen (NEOG)

Valuation Ratios
P/E Ratio 69.8
Price to Sales 8.5
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 51.2
Price to Free Cash Flow 68.2
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
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 9%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 10%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 48.2%
EBITDA Margin 22.7%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 12.2%
Net Profit Margin - 3 Yr. Avg. 11.9%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

NEOG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEOG stock intrinsic value calculation we used $362 million for the last fiscal year's total revenue generated by Neogen. The default revenue input number comes from 2017 income statement of Neogen. 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 NEOG stock valuation model: a) initial revenue growth rate of 13.1% 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 NEOG is calculated based on our internal credit rating of Neogen, 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 Neogen.
    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 NEOG stock the variable cost ratio is equal to 78.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14 million in the base year in the intrinsic value calculation for NEOG 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 Neogen.

Corporate tax rate of 27% is the nominal tax rate for Neogen. 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 NEOG 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 NEOG are equal to 33.8%.

Life of production assets of 14.6 years is the average useful life of capital assets used in Neogen 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 NEOG is equal to 31.2%. 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 - $472 million for Neogen - 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 38.174 million for Neogen 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 Neogen at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Stocks With Rising Composite Ratings: Neogen   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Neogen Corp. : November 6, 2017   [Nov-06-17 12:08PM  Capital Cube]
▶ Neogen announces science change   [Oct-31-17 09:15AM  PR Newswire]
▶ ETFs with exposure to Neogen Corp. : October 26, 2017   [Oct-26-17 10:41AM  Capital Cube]
▶ ETFs with exposure to Neogen Corp. : October 16, 2017   [Oct-16-17 09:57AM  Capital Cube]
▶ ETFs with exposure to Neogen Corp. : October 4, 2017   [Oct-04-17 10:52AM  Capital Cube]
▶ Neogen Earns Membership In 95-Plus Composite Rating Club   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Neogen Corp. : September 22, 2017   [Sep-22-17 11:15AM  Capital Cube]
▶ Neogen announces management change   [08:00AM  PR Newswire]
▶ Neogen beats Street 1Q forecasts   [Sep-19-17 11:56PM  Associated Press]
▶ Neogen reports 21% net income increase   [08:45AM  PR Newswire]
▶ ETFs with exposure to Neogen Corp. : August 15, 2017   [Aug-15-17 04:40PM  Capital Cube]
▶ Neogen meets 4Q profit forecasts   [Jul-18-17 07:01PM  Associated Press]
▶ Neogen names new CEO   [08:00AM  PR Newswire]
▶ Neogen develops fastest Listeria test with no enrichment   [Jul-10-17 08:45AM  PR Newswire]
▶ ETFs with exposure to Neogen Corp. : July 7, 2017   [Jul-07-17 03:14PM  Capital Cube]
▶ Neogen expands food safety genomic testing   [Jun-19-17 08:45AM  PR Newswire]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Jun-13-17 11:25AM  Investor's Business Daily]
▶ Thinly Traded Medical Stock Nears Buy Zone, Gets Rating Upgrade   [Jun-12-17 11:03AM  Investor's Business Daily]
▶ Neogen launches sesame food allergen test kit   [Jun-05-17 08:45AM  PR Newswire]
▶ Diagnostic Kit Maker Tests Resistance In Base; Gets Rating Upgrade   [Apr-28-17 11:29AM  Investor's Business Daily]
▶ ETFs with exposure to Neogen Corp. : April 27, 2017   [Apr-27-17 04:10PM  Capital Cube]
▶ ETFs with exposure to Neogen Corp. : April 17, 2017   [Apr-17-17 01:01PM  Capital Cube]
▶ Lansing City Council reconsiders sanctuary city status   [Apr-13-17 06:23PM  Fox Business Videos]
▶ ETFs with exposure to Neogen Corp. : April 5, 2017   [Apr-05-17 05:09PM  Capital Cube]
▶ Neogen meets 3Q profit forecasts   [08:52AM  Associated Press]
▶ Neogen reports 24% increase in net income   [08:45AM  PR Newswire]
Financial statements of NEOG
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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