Intrinsic value of NumereX - NMRX

Previous Close

$3.79

  Intrinsic Value

$0.22

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

+74%

Previous close

$3.79

 
Intrinsic value

$0.22

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

+74%

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

We calculate the intrinsic value of NMRX 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, %
  -20.22
  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
  71
  72
  74
  76
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
Variable operating expenses, $m
 
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
Fixed operating expenses, $m
 
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
Total operating expenses, $m
  94
  98
  101
  103
  105
  109
  111
  114
  116
  120
  122
  123
  126
  129
  133
  137
  141
  145
  149
  153
  157
  161
  166
  171
  176
  181
  186
  192
  198
  203
  209
Operating income, $m
  -23
  -26
  -26
  -27
  -27
  -28
  -28
  -28
  -28
  -27
  -27
  -23
  -22
  -21
  -20
  -19
  -18
  -16
  -15
  -13
  -11
  -8
  -6
  -3
  0
  3
  7
  10
  15
  19
  24
EBITDA, $m
  -15
  -20
  -20
  -21
  -21
  -21
  -21
  -21
  -21
  -21
  -20
  -19
  -19
  -18
  -16
  -15
  -14
  -12
  -10
  -8
  -5
  -3
  0
  3
  6
  10
  14
  18
  22
  27
  32
Interest expense (income), $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Earnings before tax, $m
  -25
  -27
  -27
  -28
  -28
  -29
  -29
  -29
  -29
  -29
  -28
  -25
  -24
  -23
  -22
  -21
  -20
  -19
  -17
  -16
  -14
  -12
  -9
  -7
  -4
  -1
  2
  6
  10
  14
  18
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
  1
  2
  3
  4
  5
Net income, $m
  -24
  -27
  -27
  -28
  -28
  -29
  -29
  -29
  -29
  -29
  -28
  -25
  -24
  -23
  -22
  -21
  -20
  -19
  -17
  -16
  -14
  -12
  -9
  -7
  -4
  -1
  2
  4
  7
  10
  13

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  91
  84
  86
  88
  90
  93
  96
  99
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  169
  177
  185
  194
  203
  212
  223
  233
  245
  256
  269
Adjusted assets (=assets-cash), $m
  82
  84
  86
  88
  90
  93
  96
  99
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  169
  177
  185
  194
  203
  212
  223
  233
  245
  256
  269
Revenue / Adjusted assets
  0.866
  0.857
  0.860
  0.864
  0.867
  0.860
  0.865
  0.869
  0.864
  0.860
  0.865
  0.870
  0.867
  0.864
  0.869
  0.860
  0.866
  0.865
  0.870
  0.870
  0.864
  0.864
  0.865
  0.866
  0.867
  0.868
  0.865
  0.867
  0.865
  0.867
  0.866
Average production assets, $m
  26
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
Working capital, $m
  8
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
Total debt, $m
  17
  16
  17
  18
  19
  20
  21
  23
  25
  26
  28
  30
  32
  35
  37
  40
  43
  45
  49
  52
  55
  59
  63
  67
  71
  75
  80
  85
  90
  96
  102
Total liabilities, $m
  40
  39
  40
  41
  42
  43
  44
  46
  48
  49
  51
  53
  55
  58
  60
  63
  66
  68
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  119
  125
Total equity, $m
  51
  45
  46
  47
  48
  50
  52
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  144
Total liabilities and equity, $m
  91
  84
  86
  88
  90
  93
  96
  99
  103
  106
  110
  115
  119
  125
  130
  136
  142
  147
  155
  162
  169
  177
  185
  194
  203
  212
  223
  233
  244
  257
  269
Debt-to-equity ratio
  0.333
  0.350
  0.360
  0.370
  0.390
  0.400
  0.420
  0.430
  0.450
  0.460
  0.480
  0.490
  0.500
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
Adjusted equity ratio
  0.512
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -24
  -27
  -27
  -28
  -28
  -29
  -29
  -29
  -29
  -29
  -28
  -25
  -24
  -23
  -22
  -21
  -20
  -19
  -17
  -16
  -14
  -12
  -9
  -7
  -4
  -1
  2
  4
  7
  10
  13
Depreciation, amort., depletion, $m
  8
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Funds from operations, $m
  0
  -21
  -21
  -22
  -22
  -22
  -23
  -23
  -22
  -22
  -22
  -21
  -20
  -19
  -18
  -17
  -16
  -14
  -12
  -11
  -8
  -6
  -3
  -1
  2
  6
  9
  12
  15
  18
  22
Change in working capital, $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
Cash from operations, $m
  0
  -21
  -21
  -22
  -22
  -22
  -23
  -23
  -22
  -22
  -22
  -21
  -20
  -19
  -18
  -17
  -16
  -14
  -13
  -11
  -8
  -6
  -4
  -1
  2
  6
  9
  12
  15
  18
  22
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
New CAPEX, $m
  -3
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from investing activities, $m
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
Free cash flow, $m
  -3
  -24
  -25
  -25
  -26
  -26
  -26
  -27
  -27
  -26
  -26
  -26
  -25
  -25
  -24
  -23
  -22
  -21
  -19
  -18
  -16
  -14
  -12
  -9
  -7
  -4
  -1
  1
  4
  7
  10
Issuance/(repayment) of debt, $m
  -2
  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
  5
  5
  6
Issuance/(repurchase) of shares, $m
  0
  28
  28
  29
  30
  30
  31
  31
  31
  31
  31
  27
  26
  26
  25
  24
  23
  22
  21
  19
  18
  16
  14
  11
  9
  6
  4
  1
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -3
  29
  29
  30
  31
  31
  32
  33
  33
  33
  33
  29
  28
  28
  27
  27
  26
  25
  24
  22
  21
  20
  18
  15
  13
  10
  9
  6
  5
  5
  6
Total cash flow (excl. dividends), $m
  -7
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  9
  12
  16
Retained Cash Flow (-), $m
  22
  -28
  -28
  -29
  -30
  -30
  -31
  -31
  -31
  -31
  -31
  -27
  -26
  -26
  -25
  -24
  -23
  -22
  -21
  -19
  -18
  -16
  -14
  -11
  -9
  -6
  -5
  -6
  -6
  -6
  -7
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
 
  -16
  -24
  -24
  -25
  -25
  -25
  -25
  -25
  -25
  -24
  -24
  -23
  -22
  -21
  -20
  -19
  -18
  -16
  -14
  -12
  -10
  -8
  -5
  -2
  1
  2
  2
  3
  6
  9
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  -15
  -21
  -20
  -18
  -17
  -15
  -14
  -12
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  69.5
  48.1
  33.3
  23.1
  16.0
  11.2
  7.9
  5.6
  4.0
  2.9
  2.2
  1.7
  1.3
  1.1
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2
  0.2
  0.2

Numerex Corp. provides managed enterprise solutions enabling the Internet of Things (IoT) primarily in the United States. The company offers a portfolio of managed end-to-end IoT solutions, including smart devices, network connectivity, and service applications that address the needs of various vertical markets and industrial customers. It offers its technology and services through its integrated platforms, which are sold on a subscription basis. The company also focuses on data security, service reliability, and around-the-clock support of its customers. Numerex Corp. was founded in 1988 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  NumereX (NMRX)

Valuation Ratios
P/E Ratio -3.1
Price to Sales 1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -24.8
Growth Rates
Sales Growth Rate -20.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 29.4%
Total Debt to Equity 33.3%
Interest Coverage -24
Management Effectiveness
Return On Assets -22.8%
Ret/ On Assets - 3 Yr. Avg. -11.5%
Return On Total Capital -30%
Ret/ On T. Cap. - 3 Yr. Avg. -15.5%
Return On Equity -38.7%
Return On Equity - 3 Yr. Avg. -20%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.9%
Gross Margin - 3 Yr. Avg. 46.2%
EBITDA Margin -22.5%
EBITDA Margin - 3 Yr. Avg. -3.6%
Operating Margin -32.4%
Oper. Margin - 3 Yr. Avg. -13.5%
Pre-Tax Margin -35.2%
Pre-Tax Margin - 3 Yr. Avg. -14%
Net Profit Margin -33.8%
Net Profit Margin - 3 Yr. Avg. -17.7%
Effective Tax Rate 4%
Eff/ Tax Rate - 3 Yr. Avg. -24.6%
Payout Ratio 0%

NMRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NMRX stock intrinsic value calculation we used $71 million for the last fiscal year's total revenue generated by NumereX. The default revenue input number comes from 2016 income statement of NumereX. 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 NMRX 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 6.6%, whose default value for NMRX is calculated based on our internal credit rating of NumereX, 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 NumereX.
    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 NMRX stock the variable cost ratio is equal to 22.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $80 million in the base year in the intrinsic value calculation for NMRX 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 5.6% for NumereX.

Corporate tax rate of 27% is the nominal tax rate for NumereX. 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 NMRX 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 NMRX are equal to 35.9%.

Life of production assets of 10 years is the average useful life of capital assets used in NumereX 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 NMRX is equal to 1.4%. 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 - $51 million for NumereX - 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 19.162 million for NumereX 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 NumereX at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Numerex Reports Second Quarter 2017 Financial Results   [Aug-08-17 04:05PM  GlobeNewswire]
▶ Why Sierra Wireless, Inc. Stock Is Sinking Today   [Aug-03-17 11:57AM  Motley Fool]
▶ Sierra Wireless to Acquire Numerex Corp.   [04:39PM  Business Wire]
▶ ETFs with exposure to Numerex Corp. : May 23, 2017   [May-23-17 01:01PM  Capital Cube]
▶ Numerex reports 1Q loss   [May-09-17 06:26PM  Associated Press]
▶ ETFs with exposure to Numerex Corp. : April 19, 2017   [Apr-19-17 02:28PM  Capital Cube]
▶ ETFs with exposure to Numerex Corp. : April 7, 2017   [Apr-07-17 05:09PM  Capital Cube]
▶ Numerex reports 4Q loss   [Mar-16-17 05:30PM  Associated Press]
▶ Numerex Announces nxCONNECT LTE Wireless Backup   [Mar-08-17 07:15AM  GlobeNewswire]
▶ Numerex to Exhibit and Present at IoT Evolution Expo   [Jan-23-17 11:00AM  GlobeNewswire]
▶ UPDATE -- Numerex Reports Senior Leadership Changes   [Jan-11-17 12:03PM  GlobeNewswire]
▶ Numerex Reports Senior Leadership Changes   [09:15AM  GlobeNewswire]
▶ ETFs with exposure to Numerex Corp. : January 4, 2017   [Jan-04-17 11:20AM  Capital Cube]
▶ ETFs with exposure to Numerex Corp. : December 8, 2016   [Dec-08-16 03:01PM  Capital Cube]
▶ ETFs with exposure to Numerex Corp. : November 10, 2016   [Nov-10-16 12:46PM  Capital Cube]
▶ ETFs with exposure to Numerex Corp. : September 27, 2016   [Sep-27-16 10:11AM  Capital Cube]
▶ Numerex Receives Two IoT Evolution Awards   [Sep-08-16 08:11AM  GlobeNewswire]
▶ Numerex reports 2Q loss   [Aug-04-16 07:41PM  AP]
▶ Numerex Launches mySHIELD SOS Powered by the Sprint Network   [Jul-18-16 09:00AM  GlobeNewswire]
▶ Numerex Added to Russell 3000 Stock Market Index   [Jun-23-16 08:00AM  GlobeNewswire]
▶ Numerex Selected as a Cool Vendor By Gartner   [May-03-16 09:13AM  GlobeNewswire]
▶ Numerex Announces Agreement with Viex Capital Advisors   [Mar-30-16 04:46PM  GlobeNewswire]
▶ Numerex reports 4Q loss   [Mar-14-16 04:53PM  AP]
▶ CFO Moves: Numerex, CAE, Veritas Technologies   [Mar-02-16 09:29PM  at The Wall Street Journal]
Stock chart of NMRX Financial statements of NMRX
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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