Intrinsic value of Nevro - NVRO

Previous Close

$90.35

  Intrinsic Value

$80.71

stock screener

  Rating & Target

hold

-11%

  Value-price divergence*

+799%

Previous close

$90.35

 
Intrinsic value

$80.71

 
Up/down potential

-11%

 
Rating

hold

 
Value-price divergence*

+799%

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

We calculate the intrinsic value of NVRO 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 2.7

 

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, %
  227.14
  41.80
  38.12
  34.81
  31.83
  29.14
  26.73
  24.56
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
Revenue, $m
  229
  325
  449
  605
  797
  1,029
  1,305
  1,625
  1,992
  2,407
  2,871
  3,383
  3,943
  4,549
  5,202
  5,901
  6,643
  7,428
  8,255
  9,124
  10,033
  10,984
  11,975
  13,008
  14,083
  15,200
  16,362
  17,569
  18,824
  20,127
  21,483
Variable operating expenses, $m
 
  247
  341
  460
  606
  782
  991
  1,235
  1,514
  1,830
  2,182
  2,571
  2,996
  3,458
  3,954
  4,484
  5,048
  5,645
  6,274
  6,934
  7,625
  8,348
  9,101
  9,886
  10,703
  11,552
  12,435
  13,353
  14,306
  15,297
  16,327
Fixed operating expenses, $m
 
  83
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  147
  150
  154
  158
  162
  166
  170
Total operating expenses, $m
  253
  330
  426
  547
  695
  874
  1,085
  1,331
  1,613
  1,931
  2,286
  2,677
  3,105
  3,570
  4,068
  4,601
  5,168
  5,768
  6,400
  7,063
  7,758
  8,484
  9,240
  10,029
  10,850
  11,702
  12,589
  13,511
  14,468
  15,463
  16,497
Operating income, $m
  -24
  -5
  23
  58
  102
  155
  219
  294
  379
  477
  585
  706
  837
  980
  1,134
  1,299
  1,474
  1,659
  1,855
  2,060
  2,275
  2,500
  2,735
  2,979
  3,233
  3,498
  3,773
  4,059
  4,356
  4,665
  4,986
EBITDA, $m
  -22
  -3
  25
  61
  106
  161
  226
  303
  391
  490
  601
  725
  859
  1,006
  1,163
  1,332
  1,511
  1,701
  1,901
  2,111
  2,331
  2,562
  2,802
  3,052
  3,312
  3,583
  3,865
  4,157
  4,461
  4,778
  5,106
Interest expense (income), $m
  2
  5
  5
  8
  11
  15
  20
  26
  33
  41
  50
  60
  71
  83
  95
  109
  124
  140
  157
  175
  193
  212
  233
  254
  276
  299
  323
  347
  373
  400
  428
Earnings before tax, $m
  -30
  -10
  17
  50
  91
  140
  199
  267
  346
  436
  536
  646
  767
  898
  1,039
  1,189
  1,350
  1,519
  1,698
  1,886
  2,082
  2,288
  2,502
  2,725
  2,958
  3,199
  3,450
  3,711
  3,983
  4,265
  4,558
Tax expense, $m
  2
  0
  5
  13
  24
  38
  54
  72
  94
  118
  145
  174
  207
  242
  280
  321
  364
  410
  458
  509
  562
  618
  676
  736
  799
  864
  932
  1,002
  1,075
  1,152
  1,231
Net income, $m
  -32
  -10
  13
  36
  66
  102
  145
  195
  253
  318
  391
  472
  560
  655
  758
  868
  985
  1,109
  1,240
  1,377
  1,520
  1,670
  1,826
  1,989
  2,159
  2,335
  2,519
  2,709
  2,907
  3,113
  3,327

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  276
  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
  431
  220
  304
  409
  540
  697
  883
  1,100
  1,349
  1,630
  1,944
  2,290
  2,669
  3,080
  3,522
  3,995
  4,497
  5,029
  5,589
  6,177
  6,793
  7,437
  8,108
  8,807
  9,535
  10,291
  11,078
  11,895
  12,744
  13,627
  14,545
Adjusted assets (=assets-cash), $m
  155
  220
  304
  409
  540
  697
  883
  1,100
  1,349
  1,630
  1,944
  2,290
  2,669
  3,080
  3,522
  3,995
  4,497
  5,029
  5,589
  6,177
  6,793
  7,437
  8,108
  8,807
  9,535
  10,291
  11,078
  11,895
  12,744
  13,627
  14,545
Revenue / Adjusted assets
  1.477
  1.477
  1.477
  1.479
  1.476
  1.476
  1.478
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
  1.477
Average production assets, $m
  7
  9
  13
  17
  22
  29
  37
  45
  56
  67
  80
  95
  110
  127
  146
  165
  186
  208
  231
  255
  281
  308
  335
  364
  394
  426
  458
  492
  527
  564
  602
Working capital, $m
  378
  145
  200
  269
  355
  458
  581
  723
  886
  1,071
  1,278
  1,505
  1,754
  2,024
  2,315
  2,626
  2,956
  3,305
  3,673
  4,060
  4,465
  4,888
  5,329
  5,789
  6,267
  6,764
  7,281
  7,818
  8,376
  8,957
  9,560
Total debt, $m
  138
  154
  229
  324
  442
  583
  751
  946
  1,170
  1,423
  1,705
  2,017
  2,358
  2,728
  3,126
  3,551
  4,004
  4,482
  4,986
  5,515
  6,070
  6,649
  7,253
  7,882
  8,537
  9,218
  9,926
  10,662
  11,426
  12,220
  13,046
Total liabilities, $m
  182
  198
  273
  368
  486
  627
  795
  990
  1,214
  1,467
  1,749
  2,061
  2,402
  2,772
  3,170
  3,595
  4,048
  4,526
  5,030
  5,559
  6,114
  6,693
  7,297
  7,926
  8,581
  9,262
  9,970
  10,706
  11,470
  12,264
  13,090
Total equity, $m
  249
  22
  30
  41
  54
  70
  88
  110
  135
  163
  194
  229
  267
  308
  352
  399
  450
  503
  559
  618
  679
  744
  811
  881
  953
  1,029
  1,108
  1,190
  1,274
  1,363
  1,454
Total liabilities and equity, $m
  431
  220
  303
  409
  540
  697
  883
  1,100
  1,349
  1,630
  1,943
  2,290
  2,669
  3,080
  3,522
  3,994
  4,498
  5,029
  5,589
  6,177
  6,793
  7,437
  8,108
  8,807
  9,534
  10,291
  11,078
  11,896
  12,744
  13,627
  14,544
Debt-to-equity ratio
  0.554
  7.000
  7.550
  7.930
  8.180
  8.370
  8.500
  8.600
  8.670
  8.730
  8.770
  8.810
  8.840
  8.860
  8.880
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
Adjusted equity ratio
  -0.174
  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
  -32
  -10
  13
  36
  66
  102
  145
  195
  253
  318
  391
  472
  560
  655
  758
  868
  985
  1,109
  1,240
  1,377
  1,520
  1,670
  1,826
  1,989
  2,159
  2,335
  2,519
  2,709
  2,907
  3,113
  3,327
Depreciation, amort., depletion, $m
  2
  2
  3
  3
  4
  6
  7
  9
  11
  13
  16
  19
  22
  25
  29
  33
  37
  42
  46
  51
  56
  62
  67
  73
  79
  85
  92
  98
  105
  113
  120
Funds from operations, $m
  -113
  -8
  15
  40
  71
  108
  152
  204
  264
  331
  407
  490
  582
  681
  787
  901
  1,022
  1,151
  1,286
  1,428
  1,576
  1,732
  1,893
  2,062
  2,238
  2,420
  2,610
  2,808
  3,013
  3,226
  3,448
Change in working capital, $m
  -54
  43
  55
  69
  86
  103
  122
  143
  163
  185
  206
  228
  249
  270
  291
  311
  330
  349
  368
  387
  405
  423
  441
  460
  478
  497
  517
  537
  558
  580
  603
Cash from operations, $m
  -59
  -51
  -40
  -30
  -15
  5
  30
  62
  101
  147
  201
  263
  333
  411
  497
  591
  692
  801
  918
  1,041
  1,171
  1,309
  1,452
  1,603
  1,760
  1,923
  2,093
  2,271
  2,455
  2,646
  2,845
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -3
  -4
  -6
  -7
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -62
  -67
  -73
  -79
  -85
  -92
  -98
  -105
  -113
New CAPEX, $m
  -3
  -3
  -3
  -4
  -5
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
Cash from investing activities, $m
  -132
  -4
  -5
  -7
  -8
  -11
  -14
  -16
  -19
  -23
  -26
  -30
  -35
  -39
  -43
  -49
  -54
  -59
  -65
  -70
  -76
  -83
  -90
  -96
  -103
  -110
  -118
  -126
  -133
  -142
  -151
Free cash flow, $m
  -191
  -55
  -45
  -37
  -24
  -6
  16
  45
  81
  124
  174
  232
  298
  372
  453
  542
  638
  742
  853
  971
  1,095
  1,226
  1,363
  1,507
  1,657
  1,813
  1,976
  2,145
  2,321
  2,504
  2,694
Issuance/(repayment) of debt, $m
  108
  16
  75
  95
  117
  142
  168
  195
  224
  253
  282
  312
  341
  370
  398
  425
  452
  478
  504
  529
  554
  579
  604
  629
  655
  681
  708
  736
  764
  794
  826
Issuance/(repurchase) of shares, $m
  43
  59
  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  
  145
  75
  75
  95
  117
  142
  168
  195
  224
  253
  282
  312
  341
  370
  398
  425
  452
  478
  504
  529
  554
  579
  604
  629
  655
  681
  708
  736
  764
  794
  826
Total cash flow (excl. dividends), $m
  -46
  20
  30
  59
  93
  135
  184
  241
  305
  377
  457
  544
  639
  741
  851
  967
  1,091
  1,221
  1,357
  1,500
  1,649
  1,805
  1,967
  2,136
  2,312
  2,494
  2,684
  2,881
  3,085
  3,298
  3,520
Retained Cash Flow (-), $m
  -14
  -59
  -8
  -11
  -13
  -16
  -19
  -22
  -25
  -28
  -31
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
Prev. year cash balance distribution, $m
 
  276
  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
 
  237
  22
  48
  80
  119
  166
  219
  280
  349
  425
  510
  601
  700
  807
  920
  1,040
  1,167
  1,301
  1,441
  1,588
  1,741
  1,900
  2,066
  2,239
  2,418
  2,605
  2,799
  3,001
  3,210
  3,428
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
 
  227
  20
  42
  66
  93
  120
  148
  175
  200
  223
  242
  257
  266
  271
  270
  264
  254
  240
  222
  202
  180
  158
  135
  114
  94
  76
  60
  46
  35
  26
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Nevro Corp. is a global medical device company. The Company focuses on providing products that improve the quality of life of patients suffering from chronic pain. The Company has developed and commercialized the Senza spinal cord stimulation (SCS) system, an evidence-based neuromodulation platform for the treatment of chronic pain. Its HF10 therapy is designed to deliver neuromodulation solutions for treating chronic pain. HF10 therapy enables patients to achieve sustained pain relief without paresthesia, thus enabling its patients to avoid the uncomfortable shocking or jolting sensations commonly associated with paresthesia. HF10 therapy relies on consistent anatomical lead placement. As of December 31, 2016, it was investigating the use of HF10 therapy to address additional indications, such as chronic upper limb and neck pain, painful neuropathies and non-surgical refractory back pain. The Senza system is approved to create electrical impulses from 2 hertz (Hz) to 10,000 Hz.

FINANCIAL RATIOS  of  Nevro (NVRO)

Valuation Ratios
P/E Ratio -81.6
Price to Sales 11.4
Price to Book 10.5
Price to Tangible Book
Price to Cash Flow -44.2
Price to Free Cash Flow -42.1
Growth Rates
Sales Growth Rate 227.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 55.4%
Total Debt to Equity 55.4%
Interest Coverage -14
Management Effectiveness
Return On Assets -8.3%
Ret/ On Assets - 3 Yr. Avg. -19%
Return On Total Capital -10%
Ret/ On T. Cap. - 3 Yr. Avg. -21.3%
Return On Equity -13.2%
Return On Equity - 3 Yr. Avg. -24%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.8%
Gross Margin - 3 Yr. Avg. 63%
EBITDA Margin -11.4%
EBITDA Margin - 3 Yr. Avg. -64.1%
Operating Margin -10.5%
Oper. Margin - 3 Yr. Avg. -61.3%
Pre-Tax Margin -13.1%
Pre-Tax Margin - 3 Yr. Avg. -66.1%
Net Profit Margin -14%
Net Profit Margin - 3 Yr. Avg. -67.9%
Effective Tax Rate -6.7%
Eff/ Tax Rate - 3 Yr. Avg. -3.8%
Payout Ratio 0%

NVRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVRO stock intrinsic value calculation we used $229 million for the last fiscal year's total revenue generated by Nevro. The default revenue input number comes from 2016 income statement of Nevro. 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 NVRO stock valuation model: a) initial revenue growth rate of 41.8% 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 NVRO is calculated based on our internal credit rating of Nevro, 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 Nevro.
    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 NVRO stock the variable cost ratio is equal to 76%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $81 million in the base year in the intrinsic value calculation for NVRO 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 Nevro.

Corporate tax rate of 27% is the nominal tax rate for Nevro. 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 NVRO 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 NVRO are equal to 2.8%.

Life of production assets of 3.3 years is the average useful life of capital assets used in Nevro 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 NVRO is equal to 44.5%. 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 - $249 million for Nevro - 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 29.622 million for Nevro 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 Nevro at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Nevro Corp. : October 13, 2017   [Oct-13-17 11:06AM  Capital Cube]
▶ ETFs with exposure to Nevro Corp. : October 2, 2017   [Oct-02-17 10:59AM  Capital Cube]
▶ Nevro Trying To Close In On Key Technical Benchmark   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Nevro Gets Relative Strength Rating Upgrade   [Sep-14-17 03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Nevro   [03:00AM  Investor's Business Daily]
▶ Nevro to Present at Upcoming Investor Conferences   [Aug-24-17 04:09PM  PR Newswire]
▶ Nevro reports 2Q loss   [Aug-08-17 12:00AM  Associated Press]
▶ Nevro Reports Second Quarter 2017 Financial Results   [Aug-07-17 04:14PM  PR Newswire]
▶ Should You Buy Nevro (NVRO) Ahead of Earnings?   [Aug-03-17 08:59AM  Zacks]
▶ ETFs with exposure to Nevro Corp. : July 7, 2017   [Jul-07-17 03:18PM  Capital Cube]
▶ Nevro (NVRO) Surges: Stock Moves 11.4% Higher   [Jul-06-17 08:48AM  Zacks]
▶ ETFs with exposure to Nevro Corp. : June 26, 2017   [Jun-26-17 04:34PM  Capital Cube]
▶ ETFs with exposure to Nevro Corp. : June 16, 2017   [Jun-16-17 04:07PM  Capital Cube]
▶ Biotech And Pharma Industry And Stock News   [May-10-17 03:02PM  Investor's Business Daily]
▶ Medtech Player Losses Double That Of Views; Shares Tumble   [04:26PM  Investor's Business Daily]
▶ Nevro reports 1Q loss   [May-08-17 04:21PM  Associated Press]
▶ Nevro Corp. Value Analysis (NYSE:NVRO) : May 1, 2017   [May-01-17 05:14PM  Capital Cube]
▶ ETFs with exposure to Nevro Corp. : April 21, 2017   [Apr-21-17 03:02PM  Capital Cube]
▶ ETFs with exposure to Nevro Corp. : April 7, 2017   [Apr-07-17 05:11PM  Capital Cube]
▶ Nevro reports 4Q loss   [04:26PM  Associated Press]
▶ ETFs with exposure to Nevro Corp. : January 25, 2017   [Jan-25-17 01:27PM  Capital Cube]
▶ Nevro Corp. Value Analysis (NYSE:NVRO) : January 11, 2017   [Jan-11-17 11:22AM  Capital Cube]
▶ Nevro Announces Filing of Lawsuit by Boston Scientific   [Dec-09-16 05:22PM  PR Newswire]
▶ Boston Scientific Hit With Patent Lawsuit (BSX, NVRO)   [Nov-29-16 04:02PM  at Investopedia]
▶ Are Investors Right To Be Bullish On Nevro Corp (NVRO)?   [Nov-23-16 12:53PM  at Insider Monkey]
Financial statements of NVRO
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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