Intrinsic value of Nektar Therapeutics - NKTR

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$21.50

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$21.50

 
Intrinsic value

$0.02

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of NKTR 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 3.6

 

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, %
  -28.57
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  165
  168
  172
  177
  182
  187
  193
  200
  207
  214
  223
  232
  241
  251
  262
  273
  285
  297
  311
  325
  340
  356
  372
  390
  408
  428
  448
  470
  492
  516
  541
Variable operating expenses, $m
 
  200
  204
  209
  215
  221
  228
  236
  244
  252
  262
  264
  275
  286
  299
  311
  325
  339
  355
  371
  388
  406
  425
  445
  466
  488
  511
  536
  562
  589
  618
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
  278
  200
  204
  209
  215
  221
  228
  236
  244
  252
  262
  264
  275
  286
  299
  311
  325
  339
  355
  371
  388
  406
  425
  445
  466
  488
  511
  536
  562
  589
  618
Operating income, $m
  -113
  -31
  -32
  -33
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -76
EBITDA, $m
  -98
  -17
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
Interest expense (income), $m
  21
  21
  -6
  -5
  -5
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  18
  19
  21
  23
Earnings before tax, $m
  -153
  -52
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100
Tax expense, $m
  1
  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
  -154
  -52
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  389
  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
  569
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  252
  263
  274
  285
  298
  311
  324
  339
  354
  371
  388
  406
  425
  445
  466
  489
  512
  537
  563
  590
Adjusted assets (=assets-cash), $m
  180
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  252
  263
  274
  285
  298
  311
  324
  339
  354
  371
  388
  406
  425
  445
  466
  489
  512
  537
  563
  590
Revenue / Adjusted assets
  0.917
  0.913
  0.915
  0.917
  0.919
  0.917
  0.915
  0.917
  0.916
  0.915
  0.918
  0.921
  0.916
  0.916
  0.919
  0.916
  0.916
  0.917
  0.917
  0.918
  0.916
  0.918
  0.916
  0.918
  0.917
  0.918
  0.916
  0.918
  0.916
  0.917
  0.917
Average production assets, $m
  69
  70
  71
  73
  75
  78
  80
  83
  86
  89
  92
  96
  100
  104
  109
  113
  118
  123
  129
  135
  141
  148
  154
  162
  169
  177
  186
  195
  204
  214
  225
Working capital, $m
  354
  -33
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
Total debt, $m
  249
  -67
  -63
  -59
  -54
  -48
  -42
  -36
  -29
  -22
  -13
  -5
  4
  14
  25
  36
  47
  60
  73
  87
  102
  117
  133
  151
  169
  188
  208
  229
  251
  275
  299
Total liabilities, $m
  481
  165
  169
  173
  178
  184
  190
  196
  203
  210
  219
  227
  236
  246
  257
  268
  279
  292
  305
  319
  334
  349
  365
  383
  401
  420
  440
  461
  483
  507
  531
Total equity, $m
  88
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Total liabilities and equity, $m
  569
  183
  188
  192
  198
  204
  211
  218
  226
  233
  243
  252
  262
  273
  286
  298
  310
  324
  339
  354
  371
  388
  406
  426
  446
  467
  489
  512
  537
  563
  590
Debt-to-equity ratio
  2.830
  -3.640
  -3.360
  -3.050
  -2.720
  -2.370
  -2.020
  -1.650
  -1.290
  -0.920
  -0.550
  -0.190
  0.170
  0.520
  0.870
  1.200
  1.530
  1.850
  2.160
  2.450
  2.740
  3.020
  3.290
  3.540
  3.790
  4.030
  4.250
  4.470
  4.680
  4.880
  5.070
Adjusted equity ratio
  -1.672
  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
  -154
  -52
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100
Depreciation, amort., depletion, $m
  15
  15
  15
  15
  15
  16
  16
  16
  17
  17
  17
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Funds from operations, $m
  -122
  -37
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -64
  -68
  -72
  -77
Change in working capital, $m
  -5
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  -117
  -39
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
Maintenance CAPEX, $m
  0
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
New CAPEX, $m
  -6
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from investing activities, $m
  -82
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -14
  -14
  -14
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -22
  -22
  -23
  -25
  -25
  -26
  -28
  -29
  -31
  -32
Free cash flow, $m
  -199
  -48
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -99
  -104
Issuance/(repayment) of debt, $m
  -6
  -313
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
Issuance/(repurchase) of shares, $m
  210
  291
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  78
  82
Cash from financing (excl. dividends), $m  
  204
  -22
  20
  21
  22
  23
  25
  26
  28
  31
  32
  34
  36
  39
  41
  44
  47
  49
  53
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  101
  107
Total cash flow (excl. dividends), $m
  4
  -361
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
Retained Cash Flow (-), $m
  -82
  -316
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Prev. year cash balance distribution, $m
 
  386
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  50.0
  46.0
  42.3
  38.8
  35.6
  32.5
  29.7
  27.1
  24.6
  22.3
  20.2
  18.2
  16.4
  14.8
  13.3
  11.9
  10.6
  9.4
  8.4
  7.4
  6.6
  5.8
  5.1
  4.5
  4.0
  3.5
  3.1
  2.7
  2.3
  2.0

Nektar Therapeutics develops drug candidates that utilize its PEGylation and polymer conjugate technology platforms in the United States. Its product pipeline includes drug candidates in therapeutic areas comprising oncology, pain, anti-infectives, and immunology. The company offers MOVANTIK, an oral peripherally-acting mu-opioid antagonist for the treatment of opioid-induced constipation in adult patients with chronic non-cancer pain, as well as MOVENTIG for the treatment of opioid-induced constipation in adult patients who have an inadequate response to laxatives. Its drug candidates in clinical development stage comprises ADYNOVATE that is in Phase III clinical trial for treating Hemophilia A; BAY41-6551, which is in Phase III clinical trial to treat gram-negative pneumonias; NKTR-181 that is in Phase III clinical trial for chronic pain; and NKTR-214 that is in Phase 1/2 stage to treat oncology, as well as MOVANTIK, which is in research/preclinical stage for treating chronic pain without constipation. The company’s drug candidates in clinical development stage also include NKTR-102, a topoisomerase I inhibitor that is in Phase III clinical trial for metastatic breast cancer, as well as completed Phase II clinical trial stage for refractory ovarian cancer and second-line metastatic colorectal cancer; and in combination with 5-fluorouracil/leucovorin to treat gastrointestinal-related solid tumors, which has completed Phase I clinical trial. In addition, it holds license, manufacturing, and supply agreements with Ophthotech Corporation for Fovista; Halozyme Therapeutics, Inc. for PEG-PH20; and UCB Pharma for dapirolizumab pegol. Further, the company holds a range of license, manufacturing, and supply agreements with other biotechnology and pharmaceutical companies, including Amgen Inc.; Allergan, Inc.; Merck & Co., Inc.; Pfizer, Inc.; and F. Hoffmann-La Roche Ltd (Roche). Nektar Therapeutics was founded in 1990 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Nektar Therapeutics (NKTR)

Valuation Ratios
P/E Ratio -21.4
Price to Sales 20
Price to Book 37.4
Price to Tangible Book
Price to Cash Flow -28.2
Price to Free Cash Flow -26.8
Growth Rates
Sales Growth Rate -28.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 130
Current Ratio 0.1
LT Debt to Equity 279.5%
Total Debt to Equity 283%
Interest Coverage -6
Management Effectiveness
Return On Assets -24.9%
Ret/ On Assets - 3 Yr. Avg. -15.4%
Return On Total Capital -52.1%
Ret/ On T. Cap. - 3 Yr. Avg. -42.8%
Return On Equity -327.7%
Return On Equity - 3 Yr. Avg. -171.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 81.8%
Gross Margin - 3 Yr. Avg. 84.2%
EBITDA Margin -70.9%
EBITDA Margin - 3 Yr. Avg. -34.5%
Operating Margin -68.5%
Oper. Margin - 3 Yr. Avg. -31.7%
Pre-Tax Margin -92.7%
Pre-Tax Margin - 3 Yr. Avg. -51.6%
Net Profit Margin -93.3%
Net Profit Margin - 3 Yr. Avg. -51.8%
Effective Tax Rate -0.7%
Eff/ Tax Rate - 3 Yr. Avg. -0.2%
Payout Ratio 0%

NKTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NKTR stock intrinsic value calculation we used $165 million for the last fiscal year's total revenue generated by Nektar Therapeutics. The default revenue input number comes from 2016 income statement of Nektar Therapeutics. 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 NKTR stock valuation model: a) initial revenue growth rate of 2% 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 NKTR is calculated based on our internal credit rating of Nektar Therapeutics, 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 Nektar Therapeutics.
    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 NKTR stock the variable cost ratio is equal to 118.8%.

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 NKTR 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 8.5% for Nektar Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Nektar Therapeutics. 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 NKTR 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 NKTR are equal to 41.5%.

Life of production assets of 9.7 years is the average useful life of capital assets used in Nektar Therapeutics 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 NKTR is equal to -19.4%. 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 - $88 million for Nektar Therapeutics - 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 165.581 million for Nektar Therapeutics 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 Nektar Therapeutics at the current share price and the inputted number of shares is $3.6 billion.


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COMPANY NEWS

▶ Bristol-Incyte Match Beats Dow's Merck In Combination Trials   [May-19-17 04:26PM  Investor's Business Daily]
▶ Nektar reports 1Q loss   [May-09-17 05:50PM  Associated Press]
▶ Why Nektar Therapeutics Shares Fell 19.2% in April   [May-06-17 08:41AM  Motley Fool]
▶ Biotech Surge: How To Survive In A Volatile Market   [Apr-28-17 08:55AM  Investor's Business Daily]
▶ Can Drugmakers Cure the Opioid Crisis?   [Apr-18-17 07:24AM  Motley Fool]
▶ 3 Revolutionary Drugs for Chronic Pain   [Mar-30-17 04:42PM  Motley Fool]
▶ Could Nektar Therapeutics Be Worth More?   [Mar-23-17 04:43PM  Motley Fool]
▶ Nektar Therapeutics (NKTR): Heres What Just Happened   [Mar-21-17 12:09PM  Insider Monkey]
▶ After-hours buzz: ESPR, NKTR, MMSI & more   [Mar-20-17 06:21PM  at CNBC]
▶ Why Nektar Therapeutics Inc. Is Rising Today   [11:46AM  at Motley Fool]
▶ Is The New York Times Co (NYT) A Good Stock To Buy?   [Nov-28-16 12:32PM  at Insider Monkey]
Stock chart of NKTR Financial statements of NKTR Annual reports of NKTR
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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