Intrinsic value of Neptune Technologies&Bioressources - NEPT

Previous Close

$2.81

  Intrinsic Value

$27.23

stock screener

  Rating & Target

str. buy

+869%

Previous close

$2.81

 
Intrinsic value

$27.23

 
Up/down potential

+869%

 
Rating

str. buy

We calculate the intrinsic value of NEPT 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
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  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
  0
  56
  87
  129
  188
  265
  364
  489
  642
  826
  1,043
  1,295
  1,584
  1,909
  2,271
  2,670
  3,106
  3,578
  4,085
  4,627
  5,202
  5,810
  6,450
  7,122
  7,825
  8,560
  9,326
  10,123
  10,953
  11,816
  12,713
Variable operating expenses, $m
 
  18
  28
  40
  58
  81
  111
  149
  195
  251
  316
  391
  478
  576
  686
  806
  938
  1,081
  1,234
  1,397
  1,571
  1,755
  1,948
  2,151
  2,363
  2,585
  2,816
  3,057
  3,308
  3,569
  3,839
Fixed operating expenses, $m
 
  22
  23
  23
  24
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
Total operating expenses, $m
  0
  40
  51
  63
  82
  106
  136
  175
  221
  278
  343
  419
  507
  605
  716
  836
  969
  1,113
  1,267
  1,430
  1,605
  1,790
  1,984
  2,187
  2,400
  2,623
  2,855
  3,097
  3,348
  3,610
  3,881
Operating income, $m
  0
  15
  36
  65
  106
  159
  228
  314
  420
  548
  699
  876
  1,077
  1,303
  1,555
  1,833
  2,137
  2,466
  2,819
  3,196
  3,597
  4,021
  4,467
  4,935
  5,425
  5,937
  6,471
  7,027
  7,605
  8,206
  8,832
EBITDA, $m
  0
  24
  49
  84
  132
  195
  277
  380
  506
  658
  838
  1,046
  1,285
  1,554
  1,854
  2,184
  2,545
  2,936
  3,356
  3,804
  4,281
  4,784
  5,314
  5,871
  6,453
  7,062
  7,696
  8,357
  9,044
  9,759
  10,502
Interest expense (income), $m
  0
  2
  4
  8
  12
  18
  27
  37
  51
  67
  87
  110
  137
  168
  203
  242
  285
  332
  383
  437
  496
  557
  623
  692
  764
  840
  918
  1,001
  1,087
  1,176
  1,269
Earnings before tax, $m
  0
  13
  32
  58
  94
  141
  201
  277
  370
  481
  612
  766
  939
  1,135
  1,352
  1,591
  1,852
  2,134
  2,436
  2,759
  3,101
  3,463
  3,844
  4,243
  4,661
  5,097
  5,552
  6,026
  6,518
  7,031
  7,563
Tax expense, $m
  0
  4
  9
  16
  25
  38
  54
  75
  100
  130
  165
  207
  254
  306
  365
  430
  500
  576
  658
  745
  837
  935
  1,038
  1,146
  1,258
  1,376
  1,499
  1,627
  1,760
  1,898
  2,042
Net income, $m
  0
  10
  23
  42
  68
  103
  147
  202
  270
  351
  447
  559
  686
  828
  987
  1,161
  1,352
  1,558
  1,778
  2,014
  2,264
  2,528
  2,806
  3,097
  3,403
  3,721
  4,053
  4,399
  4,758
  5,132
  5,521

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  0
  133
  206
  307
  446
  629
  865
  1,161
  1,524
  1,962
  2,478
  3,077
  3,762
  4,534
  5,395
  6,343
  7,378
  8,499
  9,704
  10,990
  12,356
  13,800
  15,321
  16,917
  18,587
  20,332
  22,151
  24,046
  26,017
  28,067
  30,198
Adjusted assets (=assets-cash), $m
  0
  133
  206
  307
  446
  629
  865
  1,161
  1,524
  1,962
  2,478
  3,077
  3,762
  4,534
  5,395
  6,343
  7,378
  8,499
  9,704
  10,990
  12,356
  13,800
  15,321
  16,917
  18,587
  20,332
  22,151
  24,046
  26,017
  28,067
  30,198
Revenue / Adjusted assets
  0.000
  0.421
  0.422
  0.420
  0.422
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
Average production assets, $m
  0
  74
  114
  170
  247
  348
  478
  642
  843
  1,085
  1,371
  1,702
  2,081
  2,508
  2,984
  3,509
  4,082
  4,702
  5,368
  6,080
  6,835
  7,634
  8,475
  9,358
  10,282
  11,248
  12,254
  13,302
  14,393
  15,527
  16,705
Working capital, $m
  0
  3
  4
  7
  10
  14
  19
  25
  33
  43
  54
  67
  82
  99
  118
  139
  162
  186
  212
  241
  271
  302
  335
  370
  407
  445
  485
  526
  570
  614
  661
Total debt, $m
  0
  40
  71
  114
  174
  252
  353
  479
  634
  821
  1,041
  1,297
  1,589
  1,919
  2,287
  2,692
  3,134
  3,612
  4,127
  4,676
  5,259
  5,876
  6,525
  7,207
  7,920
  8,665
  9,442
  10,251
  11,093
  11,968
  12,878
Total liabilities, $m
  0
  57
  88
  131
  190
  269
  369
  496
  651
  838
  1,058
  1,314
  1,606
  1,936
  2,303
  2,708
  3,151
  3,629
  4,144
  4,693
  5,276
  5,893
  6,542
  7,223
  7,937
  8,682
  9,459
  10,268
  11,109
  11,985
  12,894
Total equity, $m
  0
  76
  118
  176
  256
  361
  496
  665
  874
  1,124
  1,420
  1,763
  2,155
  2,598
  3,091
  3,635
  4,228
  4,870
  5,560
  6,297
  7,080
  7,908
  8,779
  9,693
  10,650
  11,650
  12,693
  13,778
  14,908
  16,082
  17,303
Total liabilities and equity, $m
  0
  133
  206
  307
  446
  630
  865
  1,161
  1,525
  1,962
  2,478
  3,077
  3,761
  4,534
  5,394
  6,343
  7,379
  8,499
  9,704
  10,990
  12,356
  13,801
  15,321
  16,916
  18,587
  20,332
  22,152
  24,046
  26,017
  28,067
  30,197
Debt-to-equity ratio
  0.000
  0.520
  0.600
  0.650
  0.680
  0.700
  0.710
  0.720
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
Adjusted equity ratio
  0.000
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573
  0.573

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  10
  23
  42
  68
  103
  147
  202
  270
  351
  447
  559
  686
  828
  987
  1,161
  1,352
  1,558
  1,778
  2,014
  2,264
  2,528
  2,806
  3,097
  3,403
  3,721
  4,053
  4,399
  4,758
  5,132
  5,521
Depreciation, amort., depletion, $m
  0
  9
  13
  18
  26
  36
  49
  66
  86
  110
  138
  170
  208
  251
  298
  351
  408
  470
  537
  608
  684
  763
  848
  936
  1,028
  1,125
  1,225
  1,330
  1,439
  1,553
  1,671
Funds from operations, $m
  0
  18
  36
  61
  94
  139
  196
  268
  356
  461
  585
  729
  894
  1,079
  1,285
  1,512
  1,760
  2,028
  2,315
  2,622
  2,948
  3,291
  3,654
  4,033
  4,431
  4,846
  5,278
  5,729
  6,198
  6,685
  7,191
Change in working capital, $m
  0
  1
  2
  2
  3
  4
  5
  6
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  26
  28
  30
  32
  33
  35
  37
  38
  40
  41
  43
  45
  47
Cash from operations, $m
  0
  17
  34
  58
  91
  135
  191
  261
  348
  452
  574
  716
  879
  1,062
  1,267
  1,492
  1,737
  2,003
  2,289
  2,594
  2,918
  3,260
  3,620
  3,998
  4,394
  4,808
  5,239
  5,687
  6,155
  6,640
  7,145
Maintenance CAPEX, $m
  0
  -5
  -7
  -11
  -17
  -25
  -35
  -48
  -64
  -84
  -109
  -137
  -170
  -208
  -251
  -298
  -351
  -408
  -470
  -537
  -608
  -684
  -763
  -848
  -936
  -1,028
  -1,125
  -1,225
  -1,330
  -1,439
  -1,553
New CAPEX, $m
  0
  -27
  -40
  -56
  -77
  -101
  -130
  -164
  -201
  -242
  -285
  -331
  -379
  -427
  -476
  -525
  -573
  -620
  -666
  -712
  -756
  -799
  -841
  -883
  -924
  -965
  -1,006
  -1,048
  -1,091
  -1,134
  -1,179
Cash from investing activities, $m
  0
  -32
  -47
  -67
  -94
  -126
  -165
  -212
  -265
  -326
  -394
  -468
  -549
  -635
  -727
  -823
  -924
  -1,028
  -1,136
  -1,249
  -1,364
  -1,483
  -1,604
  -1,731
  -1,860
  -1,993
  -2,131
  -2,273
  -2,421
  -2,573
  -2,732
Free cash flow, $m
  0
  -15
  -13
  -9
  -2
  9
  26
  50
  82
  125
  180
  248
  330
  427
  540
  668
  814
  975
  1,152
  1,345
  1,554
  1,777
  2,016
  2,268
  2,534
  2,814
  3,107
  3,414
  3,734
  4,067
  4,414
Issuance/(repayment) of debt, $m
  0
  21
  31
  43
  59
  78
  101
  126
  155
  187
  220
  256
  292
  330
  367
  405
  442
  479
  514
  549
  583
  617
  649
  681
  713
  745
  777
  809
  842
  875
  910
Issuance/(repurchase) of shares, $m
  0
  19
  18
  16
  11
  2
  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  
  0
  40
  49
  59
  70
  80
  101
  126
  155
  187
  220
  256
  292
  330
  367
  405
  442
  479
  514
  549
  583
  617
  649
  681
  713
  745
  777
  809
  842
  875
  910
Total cash flow (excl. dividends), $m
  0
  25
  36
  50
  68
  89
  126
  176
  238
  312
  401
  503
  622
  757
  907
  1,073
  1,256
  1,454
  1,667
  1,895
  2,137
  2,394
  2,665
  2,949
  3,248
  3,559
  3,884
  4,223
  4,576
  4,942
  5,323
Retained Cash Flow (-), $m
  0
  -28
  -42
  -58
  -79
  -105
  -135
  -170
  -208
  -250
  -296
  -343
  -392
  -443
  -493
  -543
  -593
  -642
  -690
  -737
  -783
  -827
  -871
  -914
  -957
  -1,000
  -1,043
  -1,086
  -1,130
  -1,175
  -1,221
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  2
  2
  4
  6
  8
  11
  16
  21
  28
  36
  45
  56
  68
  82
  98
  115
  134
  154
  176
  199
  224
  250
  277
  306
  336
  368
  401
  435
  471
  508
Cash available for distribution, $m
 
  -3
  -5
  -8
  -11
  -16
  -9
  6
  29
  62
  105
  160
  230
  314
  414
  530
  662
  811
  976
  1,158
  1,355
  1,567
  1,794
  2,035
  2,290
  2,559
  2,842
  3,137
  3,446
  3,768
  4,103
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
 
  -3
  -5
  -7
  -9
  -12
  -6
  4
  18
  35
  55
  76
  98
  119
  139
  156
  168
  177
  180
  178
  172
  162
  149
  133
  117
  100
  83
  67
  53
  41
  31
Current shareholders' claim on cash, %
  100
  92.2
  87.6
  85.0
  83.9
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7

Neptune Technologies & Bioressources Inc. is a solution provider of omega-3's and other functional ingredients to branded marketers in the nutraceutical industry, primarily in North America. The Company is engaged in the development, manufacture and commercialization of marine-derived omega-3 fatty acids. The Company's products include Krill-Based Nutraceutical Products, including Neptune Krill Oil (NKO), OCEANO3, Formulations Derived from NKO and Neptune Krill Aquatein (NKA); Other Nutraceutical Products, and Pharmaceutical Product Candidate (CaPre)-Acasti. The Company's NKO is a marine oil extracted from krill (Euphasia superba). NKO consists of phospholipids, which contain omega-3 fatty acids, including eicosapentaenoic acid and docosahexaenoic acid (EPA & DHA), and antioxidants, such as astaxanthin, vitamin A and vitamin E. The Company sells OCEANO3 directly to consumers in Canada through its online platform (www.oceano3.com), under its brand name.

FINANCIAL RATIOS  of  Neptune Technologies&Bioressources (NEPT)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
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 NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NEPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEPT stock intrinsic value calculation we used $35 million for the last fiscal year's total revenue generated by Neptune Technologies&Bioressources. The default revenue input number comes from income statement of Neptune Technologies&Bioressources. 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 NEPT 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 NEPT is calculated based on our internal credit rating of Neptune Technologies&Bioressources, 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 Neptune Technologies&Bioressources.
    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 NEPT stock the variable cost ratio is equal to 34.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $22 million in the base year in the intrinsic value calculation for NEPT 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 10.6% for Neptune Technologies&Bioressources.

Corporate tax rate of 27% is the nominal tax rate for Neptune Technologies&Bioressources. 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 NEPT stock is equal to 4.3%.

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 NEPT are equal to 131.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Neptune Technologies&Bioressources 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 NEPT is equal to 5.2%. 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 - $48 million for Neptune Technologies&Bioressources - 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 78 million for Neptune Technologies&Bioressources 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 Neptune Technologies&Bioressources at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

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▶ Neptune Announces Fourth Quarter and Year-end Results   [Jun-05-18 04:48PM  CNW Group]
▶ Neptune Announces Third Quarter Results   [Feb-14-18 04:00PM  Marketwired]
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▶ Neptune Announces Second Quarter Results   [Nov-14-17 04:05PM  Marketwired]
▶ Neptune announces appointments for its Cannabis Business   [Sep-28-17 07:30AM  Marketwired]
▶ Acasti Pharma Grants Stock Options   [Aug-31-17 07:10PM  Marketwired]
▶ Neptune Announces the Election of its Directors   [Aug-17-17 08:00AM  Marketwired]
▶ Neptune Announces First Quarter Results   [Aug-14-17 05:30PM  Marketwired]
▶ CORRECTION: Acasti Pharma Grants Stock Options   [Jun-16-17 08:00AM  Marketwired]
▶ Acasti Pharma Grants Stock Options   [Jun-14-17 02:22PM  Marketwired]
▶ Acasti Pharma Grants Incentive Stock and Options   [Feb-24-17 12:33PM  Marketwired]
▶ Neptune Tech posts 3Q profit   [Jan-12-17 05:16PM  Associated Press]
▶ Neptune Announces Second Quarter Results   [04:00PM  Marketwired]
▶ Neptune Announces First Quarter Results   [05:30PM  Marketwired]
▶ Acasti Announces First Quarter Results   [05:30PM  Marketwired]
Financial statements of NEPT
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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