Intrinsic value of Natera - NTRA

Previous Close

$11.19

  Intrinsic Value

$0.52

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+137%

Previous close

$11.19

 
Intrinsic value

$0.52

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+137%

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

We calculate the intrinsic value of NTRA 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 0.6

 

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, %
  14.21
  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
  217
  221
  226
  232
  239
  246
  254
  263
  272
  282
  293
  304
  317
  330
  344
  359
  375
  391
  409
  427
  447
  468
  490
  513
  537
  562
  589
  618
  647
  679
  712
Variable operating expenses, $m
 
  292
  298
  306
  315
  324
  335
  346
  358
  372
  386
  401
  418
  435
  453
  473
  494
  516
  539
  563
  589
  616
  645
  676
  708
  741
  777
  814
  853
  895
  938
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
  314
  292
  298
  306
  315
  324
  335
  346
  358
  372
  386
  401
  418
  435
  453
  473
  494
  516
  539
  563
  589
  616
  645
  676
  708
  741
  777
  814
  853
  895
  938
Operating income, $m
  -96
  -70
  -72
  -74
  -76
  -78
  -81
  -84
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -226
EBITDA, $m
  -90
  -68
  -70
  -71
  -73
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -97
  -101
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
Earnings before tax, $m
  -96
  -70
  -72
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -97
  -102
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -190
  -200
  -209
  -220
  -230
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
  -96
  -70
  -72
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -97
  -102
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -190
  -200
  -209
  -220
  -230

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  146
  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
  211
  120
  123
  126
  129
  133
  138
  142
  147
  153
  159
  165
  172
  179
  186
  194
  203
  212
  221
  231
  242
  253
  265
  278
  291
  305
  319
  334
  351
  368
  385
Adjusted assets (=assets-cash), $m
  65
  120
  123
  126
  129
  133
  138
  142
  147
  153
  159
  165
  172
  179
  186
  194
  203
  212
  221
  231
  242
  253
  265
  278
  291
  305
  319
  334
  351
  368
  385
Revenue / Adjusted assets
  3.338
  1.842
  1.837
  1.841
  1.853
  1.850
  1.841
  1.852
  1.850
  1.843
  1.843
  1.842
  1.843
  1.844
  1.849
  1.851
  1.847
  1.844
  1.851
  1.848
  1.847
  1.850
  1.849
  1.845
  1.845
  1.843
  1.846
  1.850
  1.843
  1.845
  1.849
Average production assets, $m
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
Working capital, $m
  78
  -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 debt, $m
  50
  1
  2
  4
  6
  7
  9
  12
  14
  16
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  58
  64
  69
  75
  81
  88
  94
  102
  109
  117
  125
Total liabilities, $m
  104
  56
  57
  59
  61
  62
  64
  67
  69
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
Total equity, $m
  106
  64
  65
  67
  69
  71
  73
  76
  78
  81
  84
  88
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  186
  196
  205
Total liabilities and equity, $m
  210
  120
  122
  126
  130
  133
  137
  143
  147
  152
  158
  165
  171
  179
  186
  194
  203
  212
  222
  231
  242
  254
  265
  278
  291
  305
  319
  335
  350
  368
  385
Debt-to-equity ratio
  0.472
  0.020
  0.040
  0.060
  0.080
  0.100
  0.130
  0.150
  0.180
  0.200
  0.230
  0.250
  0.280
  0.300
  0.320
  0.350
  0.370
  0.390
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.560
  0.570
  0.580
  0.600
  0.610
Adjusted equity ratio
  0.154
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532
  0.532

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -96
  -70
  -72
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -97
  -102
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -190
  -200
  -209
  -220
  -230
Depreciation, amort., depletion, $m
  6
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Funds from operations, $m
  -74
  -68
  -70
  -71
  -74
  -76
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -203
  -212
  -223
Change in working capital, $m
  0
  0
  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
Cash from operations, $m
  -74
  -68
  -69
  -71
  -73
  -75
  -78
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
New CAPEX, $m
  -23
  0
  -1
  -1
  -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
  -3
Cash from investing activities, $m
  47
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
Free cash flow, $m
  -27
  -70
  -72
  -74
  -76
  -79
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -231
Issuance/(repayment) of debt, $m
  7
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
Issuance/(repurchase) of shares, $m
  6
  72
  74
  76
  78
  81
  83
  86
  90
  93
  97
  101
  105
  110
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
  229
  240
Cash from financing (excl. dividends), $m  
  13
  73
  75
  77
  80
  83
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  186
  195
  205
  215
  226
  237
  248
Total cash flow (excl. dividends), $m
  -14
  3
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
Retained Cash Flow (-), $m
  79
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -240
Prev. year cash balance distribution, $m
 
  44
  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
 
  -26
  -71
  -73
  -74
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -223
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
 
  -25
  -65
  -63
  -61
  -59
  -57
  -55
  -53
  -50
  -48
  -45
  -42
  -39
  -36
  -33
  -30
  -26
  -23
  -20
  -18
  -15
  -13
  -10
  -9
  -7
  -5
  -4
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  82.3
  67.7
  55.6
  45.6
  37.4
  30.7
  25.1
  20.5
  16.8
  13.7
  11.2
  9.2
  7.5
  6.1
  5.0
  4.1
  3.3
  2.7
  2.2
  1.8
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2

Natera, Inc., a diagnostics company, provides preconception and prenatal genetic testing services. It primarily offers Panorama, a non-invasive prenatal test that screens for chromosomal abnormalities of a fetus typically with a blood draw from the mother; Horizon carrier screening to determine carrier status for various genetic diseases that could be passed on to the carrier’s children; and Spectrum pre-implantation genetic screening and Spectrum pre-implantation genetic diagnosis to analyze chromosomal anomalies or inherited genetic conditions during an in vitro fertilization cycle. The company also provides products of conception testing under the Anora brand to analyze fetal chromosomes to understand the cause of miscarriage; non-invasive paternity testing products to determine paternity by analyzing the fragments of fetal deoxyribonucleic acid in a pregnant mother's blood and a blood sample from the alleged father. In addition, it offers Constellation, a cloud-based software product that allows laboratory customers to gain access through the cloud to the company’s algorithms and bioinformatics in order to validate and launch tests. The company offers products through its direct sales force, as well as through a network of approximately 70 laboratory and distribution partners in the United States and internationally. The company has a research collaboration with the University of California, San Francisco to study the level of donor-derived cell-free DNA (dd-cfDNA) in over several hundred retrospectively banked plasma samples from kidney transplant recipients with and without organ injury. The company was formerly known as Gene Security Network, Inc. and changed its name to Natera, Inc. in 2012. Natera, Inc. was founded in 2003 and is headquartered in San Carlos, California.

FINANCIAL RATIOS  of  Natera (NTRA)

Valuation Ratios
P/E Ratio -6.1
Price to Sales 2.7
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow -8
Price to Free Cash Flow -6.1
Growth Rates
Sales Growth Rate 14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 187.5%
Cap. Spend. - 3 Yr. Gr. Rate 23.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 47.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -40.3%
Ret/ On Assets - 3 Yr. Avg. -26.2%
Return On Total Capital -50.1%
Ret/ On T. Cap. - 3 Yr. Avg. -33.6%
Return On Equity -66%
Return On Equity - 3 Yr. Avg. -44.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 43.3%
EBITDA Margin -41.5%
EBITDA Margin - 3 Yr. Avg. -24.3%
Operating Margin -44.7%
Oper. Margin - 3 Yr. Avg. -25.4%
Pre-Tax Margin -44.2%
Pre-Tax Margin - 3 Yr. Avg. -28.1%
Net Profit Margin -44.2%
Net Profit Margin - 3 Yr. Avg. -28.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NTRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTRA stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by Natera. The default revenue input number comes from 2016 income statement of Natera. 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 NTRA 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 NTRA is calculated based on our internal credit rating of Natera, 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 Natera.
    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 NTRA stock the variable cost ratio is equal to 131.8%.

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 NTRA 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 Natera.

Corporate tax rate of 27% is the nominal tax rate for Natera. 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 NTRA 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 NTRA are equal to 10.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Natera 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 NTRA is equal to -8.3%. 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 - $106 million for Natera - 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 50.533 million for Natera 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 Natera at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Natera, Inc. : August 14, 2017   [Aug-14-17 05:02PM  Capital Cube]
▶ Natera reports 2Q loss   [Aug-08-17 10:29PM  Associated Press]
▶ ETFs with exposure to Natera, Inc. : July 7, 2017   [Jul-07-17 03:17PM  Capital Cube]
▶ ETFs with exposure to Natera, Inc. : June 26, 2017   [Jun-26-17 04:33PM  Capital Cube]
▶ ETFs with exposure to Natera, Inc. : June 16, 2017   [Jun-16-17 04:06PM  Capital Cube]
▶ Here's Why Natera Inc. Stock Is Surging Today   [May-10-17 04:48PM  Motley Fool]
▶ Natera reports 1Q loss   [May-09-17 06:24PM  Associated Press]
▶ ETFs with exposure to Natera, Inc. : April 27, 2017   [Apr-27-17 04:10PM  Capital Cube]
▶ ETFs with exposure to Natera, Inc. : April 17, 2017   [Apr-17-17 01:01PM  Capital Cube]
▶ ETFs with exposure to Natera, Inc. : April 5, 2017   [Apr-05-17 05:11PM  Capital Cube]
▶ Here's Why Natera, Inc. Is Tumbling Today   [Mar-08-17 12:55PM  Motley Fool]
▶ Natera reports 4Q loss   [Mar-07-17 06:24PM  Associated Press]
▶ Natera Provides Constellation Update   [Dec-21-16 08:00AM  PR Newswire]
▶ Is Alon USA Energy, Inc. (ALJ) a Good Stock to Buy?   [Dec-10-16 01:32PM  at Insider Monkey]
▶ Is Natera Inc (NTRA) A Good Stock To Buy?   [Dec-05-16 02:22AM  at Insider Monkey]
▶ Natera Announces Second Quarter Earnings Conference Call   [Jul-28-16 07:21PM  PR Newswire]
Stock chart of NTRA Financial statements of NTRA
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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