Intrinsic value of Spark Therapeutics - ONCE

Previous Close

$54.19

  Intrinsic Value

$2.19

stock screener

  Rating & Target

str. sell

-96%

Previous close

$54.19

 
Intrinsic value

$2.19

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of ONCE 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
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, %
  -9.09
  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
  20
  32
  49
  74
  107
  151
  208
  279
  367
  472
  596
  740
  905
  1,091
  1,298
  1,526
  1,775
  2,045
  2,334
  2,644
  2,973
  3,320
  3,686
  4,070
  4,472
  4,891
  5,329
  5,785
  6,259
  6,752
  7,265
Variable operating expenses, $m
 
  101
  156
  233
  337
  476
  655
  879
  1,154
  1,484
  1,875
  2,328
  2,846
  3,430
  4,081
  4,799
  5,583
  6,431
  7,342
  8,315
  9,349
  10,441
  11,592
  12,799
  14,063
  15,383
  16,760
  18,193
  19,685
  21,236
  22,847
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
  146
  101
  156
  233
  337
  476
  655
  879
  1,154
  1,484
  1,875
  2,328
  2,846
  3,430
  4,081
  4,799
  5,583
  6,431
  7,342
  8,315
  9,349
  10,441
  11,592
  12,799
  14,063
  15,383
  16,760
  18,193
  19,685
  21,236
  22,847
Operating income, $m
  -125
  -69
  -106
  -159
  -230
  -325
  -446
  -599
  -787
  -1,012
  -1,279
  -1,588
  -1,941
  -2,340
  -2,784
  -3,273
  -3,807
  -4,386
  -5,007
  -5,671
  -6,376
  -7,121
  -7,906
  -8,729
  -9,591
  -10,492
  -11,431
  -12,408
  -13,426
  -14,483
  -15,583
EBITDA, $m
  -121
  -62
  -96
  -144
  -209
  -295
  -406
  -544
  -715
  -920
  -1,162
  -1,442
  -1,764
  -2,126
  -2,529
  -2,974
  -3,459
  -3,985
  -4,550
  -5,153
  -5,793
  -6,470
  -7,183
  -7,931
  -8,714
  -9,532
  -10,385
  -11,274
  -12,198
  -13,159
  -14,158
Interest expense (income), $m
  0
  0
  1
  2
  4
  7
  10
  15
  20
  27
  35
  44
  56
  68
  83
  99
  116
  135
  156
  179
  202
  228
  255
  283
  312
  343
  376
  409
  445
  481
  519
Earnings before tax, $m
  -124
  -69
  -107
  -161
  -234
  -332
  -457
  -614
  -807
  -1,039
  -1,314
  -1,632
  -1,997
  -2,408
  -2,866
  -3,372
  -3,924
  -4,521
  -5,164
  -5,850
  -6,579
  -7,349
  -8,160
  -9,012
  -9,904
  -10,835
  -11,806
  -12,818
  -13,870
  -14,965
  -16,102
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
  -124
  -69
  -107
  -161
  -234
  -332
  -457
  -614
  -807
  -1,039
  -1,314
  -1,632
  -1,997
  -2,408
  -2,866
  -3,372
  -3,924
  -4,521
  -5,164
  -5,850
  -6,579
  -7,349
  -8,160
  -9,012
  -9,904
  -10,835
  -11,806
  -12,818
  -13,870
  -14,965
  -16,102

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  296
  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
  374
  125
  193
  289
  419
  591
  813
  1,091
  1,433
  1,843
  2,328
  2,891
  3,535
  4,261
  5,069
  5,961
  6,934
  7,987
  9,119
  10,328
  11,612
  12,969
  14,397
  15,897
  17,467
  19,107
  20,816
  22,597
  24,449
  26,376
  28,378
Adjusted assets (=assets-cash), $m
  78
  125
  193
  289
  419
  591
  813
  1,091
  1,433
  1,843
  2,328
  2,891
  3,535
  4,261
  5,069
  5,961
  6,934
  7,987
  9,119
  10,328
  11,612
  12,969
  14,397
  15,897
  17,467
  19,107
  20,816
  22,597
  24,449
  26,376
  28,378
Revenue / Adjusted assets
  0.256
  0.256
  0.254
  0.256
  0.255
  0.255
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
Average production assets, $m
  26
  41
  63
  94
  137
  193
  265
  356
  468
  602
  760
  944
  1,154
  1,391
  1,655
  1,946
  2,263
  2,607
  2,976
  3,371
  3,790
  4,233
  4,699
  5,189
  5,701
  6,236
  6,794
  7,376
  7,980
  8,609
  9,262
Working capital, $m
  285
  -18
  -27
  -41
  -59
  -83
  -114
  -154
  -202
  -260
  -328
  -407
  -498
  -600
  -714
  -839
  -976
  -1,125
  -1,284
  -1,454
  -1,635
  -1,826
  -2,027
  -2,238
  -2,459
  -2,690
  -2,931
  -3,182
  -3,442
  -3,714
  -3,996
Total debt, $m
  2
  29
  67
  121
  194
  291
  416
  573
  766
  998
  1,271
  1,589
  1,952
  2,361
  2,817
  3,320
  3,869
  4,463
  5,101
  5,783
  6,507
  7,272
  8,078
  8,924
  9,809
  10,734
  11,698
  12,703
  13,747
  14,834
  15,963
Total liabilities, $m
  44
  71
  109
  163
  236
  333
  458
  615
  808
  1,040
  1,313
  1,631
  1,994
  2,403
  2,859
  3,362
  3,911
  4,505
  5,143
  5,825
  6,549
  7,314
  8,120
  8,966
  9,851
  10,776
  11,740
  12,745
  13,789
  14,876
  16,005
Total equity, $m
  330
  55
  84
  126
  183
  258
  354
  476
  625
  804
  1,015
  1,261
  1,541
  1,858
  2,210
  2,599
  3,023
  3,482
  3,976
  4,503
  5,063
  5,654
  6,277
  6,931
  7,616
  8,330
  9,076
  9,852
  10,660
  11,500
  12,373
Total liabilities and equity, $m
  374
  126
  193
  289
  419
  591
  812
  1,091
  1,433
  1,844
  2,328
  2,892
  3,535
  4,261
  5,069
  5,961
  6,934
  7,987
  9,119
  10,328
  11,612
  12,968
  14,397
  15,897
  17,467
  19,106
  20,816
  22,597
  24,449
  26,376
  28,378
Debt-to-equity ratio
  0.006
  0.520
  0.790
  0.960
  1.060
  1.130
  1.180
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.270
  1.280
  1.280
  1.280
  1.280
  1.280
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
  1.290
Adjusted equity ratio
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -124
  -69
  -107
  -161
  -234
  -332
  -457
  -614
  -807
  -1,039
  -1,314
  -1,632
  -1,997
  -2,408
  -2,866
  -3,372
  -3,924
  -4,521
  -5,164
  -5,850
  -6,579
  -7,349
  -8,160
  -9,012
  -9,904
  -10,835
  -11,806
  -12,818
  -13,870
  -14,965
  -16,102
Depreciation, amort., depletion, $m
  4
  6
  10
  15
  21
  30
  41
  55
  72
  93
  117
  145
  178
  214
  255
  299
  348
  401
  458
  519
  583
  651
  723
  798
  877
  959
  1,045
  1,135
  1,228
  1,324
  1,425
Funds from operations, $m
  -76
  -62
  -97
  -146
  -213
  -302
  -416
  -559
  -735
  -946
  -1,197
  -1,487
  -1,819
  -2,194
  -2,612
  -3,072
  -3,575
  -4,120
  -4,706
  -5,331
  -5,995
  -6,698
  -7,437
  -8,214
  -9,027
  -9,876
  -10,761
  -11,683
  -12,643
  -13,640
  -14,677
Change in working capital, $m
  4
  -7
  -10
  -13
  -18
  -24
  -31
  -39
  -48
  -58
  -68
  -79
  -91
  -102
  -114
  -125
  -137
  -148
  -159
  -170
  -181
  -191
  -201
  -211
  -221
  -231
  -241
  -251
  -261
  -271
  -282
Cash from operations, $m
  -80
  -56
  -88
  -133
  -195
  -278
  -385
  -520
  -687
  -889
  -1,128
  -1,408
  -1,729
  -2,092
  -2,498
  -2,947
  -3,438
  -3,972
  -4,546
  -5,161
  -5,815
  -6,507
  -7,236
  -8,003
  -8,806
  -9,645
  -10,520
  -11,432
  -12,382
  -13,369
  -14,395
Maintenance CAPEX, $m
  0
  -4
  -6
  -10
  -15
  -21
  -30
  -41
  -55
  -72
  -93
  -117
  -145
  -178
  -214
  -255
  -299
  -348
  -401
  -458
  -519
  -583
  -651
  -723
  -798
  -877
  -959
  -1,045
  -1,135
  -1,228
  -1,324
New CAPEX, $m
  -20
  -15
  -22
  -31
  -43
  -56
  -72
  -91
  -111
  -134
  -158
  -184
  -210
  -237
  -264
  -291
  -318
  -344
  -369
  -395
  -419
  -443
  -466
  -489
  -512
  -535
  -558
  -581
  -605
  -629
  -653
Cash from investing activities, $m
  -286
  -19
  -28
  -41
  -58
  -77
  -102
  -132
  -166
  -206
  -251
  -301
  -355
  -415
  -478
  -546
  -617
  -692
  -770
  -853
  -938
  -1,026
  -1,117
  -1,212
  -1,310
  -1,412
  -1,517
  -1,626
  -1,740
  -1,857
  -1,977
Free cash flow, $m
  -366
  -75
  -116
  -174
  -252
  -355
  -487
  -651
  -853
  -1,095
  -1,379
  -1,708
  -2,084
  -2,506
  -2,976
  -3,492
  -4,055
  -4,664
  -5,317
  -6,013
  -6,752
  -7,533
  -8,354
  -9,215
  -10,116
  -11,057
  -12,038
  -13,059
  -14,121
  -15,225
  -16,373
Issuance/(repayment) of debt, $m
  2
  27
  38
  54
  73
  97
  125
  157
  193
  232
  274
  317
  363
  409
  456
  503
  549
  594
  638
  682
  724
  765
  806
  846
  885
  925
  964
  1,004
  1,045
  1,086
  1,129
Issuance/(repurchase) of shares, $m
  130
  89
  137
  203
  291
  407
  553
  735
  956
  1,218
  1,525
  1,878
  2,277
  2,724
  3,219
  3,760
  4,348
  4,981
  5,657
  6,377
  7,138
  7,941
  8,783
  9,666
  10,588
  11,550
  12,552
  13,594
  14,678
  15,804
  16,975
Cash from financing (excl. dividends), $m  
  131
  116
  175
  257
  364
  504
  678
  892
  1,149
  1,450
  1,799
  2,195
  2,640
  3,133
  3,675
  4,263
  4,897
  5,575
  6,295
  7,059
  7,862
  8,706
  9,589
  10,512
  11,473
  12,475
  13,516
  14,598
  15,723
  16,890
  18,104
Total cash flow (excl. dividends), $m
  -235
  41
  59
  83
  113
  149
  192
  241
  295
  355
  419
  487
  556
  628
  699
  771
  841
  911
  979
  1,045
  1,110
  1,173
  1,235
  1,297
  1,357
  1,418
  1,478
  1,539
  1,602
  1,665
  1,731
Retained Cash Flow (-), $m
  -39
  -89
  -137
  -203
  -291
  -407
  -553
  -735
  -956
  -1,218
  -1,525
  -1,878
  -2,277
  -2,724
  -3,219
  -3,760
  -4,348
  -4,981
  -5,657
  -6,377
  -7,138
  -7,941
  -8,783
  -9,666
  -10,588
  -11,550
  -12,552
  -13,594
  -14,678
  -15,804
  -16,975
Prev. year cash balance distribution, $m
 
  296
  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
 
  247
  -78
  -120
  -179
  -258
  -362
  -494
  -660
  -863
  -1,106
  -1,391
  -1,721
  -2,097
  -2,520
  -2,990
  -3,507
  -4,070
  -4,678
  -5,332
  -6,028
  -6,767
  -7,548
  -8,369
  -9,231
  -10,132
  -11,074
  -12,055
  -13,076
  -14,139
  -15,244
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
 
  237
  -71
  -104
  -147
  -200
  -262
  -334
  -413
  -496
  -580
  -661
  -734
  -797
  -846
  -878
  -891
  -886
  -862
  -821
  -766
  -700
  -626
  -549
  -470
  -394
  -323
  -259
  -202
  -154
  -115
Current shareholders' claim on cash, %
  100
  70.1
  49.8
  35.8
  26.0
  19.1
  14.2
  10.6
  8.0
  6.1
  4.7
  3.6
  2.8
  2.2
  1.7
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

Spark Therapeutics, Inc. is a gene therapy company. The Company focuses on treating orphan diseases. It has a pipeline of product candidates targeting multiple rare blinding conditions, hematologic disorders and neurodegenerative diseases. Its pipeline includes a product candidate targeting choroideremia (CHM), which is in a Phase I/II clinical trial and a product candidate for hemophilia A, which is in a Phase I/II clinical trial. Its product investigational candidate, voretigene neparvovec, is intended to treat a genetic blinding condition or inherited retinal disease (IRD). The programs targeting hematologic disorders include SPK-FIX, for which the lead product candidate, SPK-9001, is in a Phase I/II clinical trial for the treatment of hemophilia B, as well as SPK-FVIII for the treatment of hemophilia A. In its SPK-FVIII program for the treatment of hemophilia A, the Company has initiated a dose-escalating Phase I/II clinical trial for its lead product candidate, SPK-8011.

FINANCIAL RATIOS  of  Spark Therapeutics (ONCE)

Valuation Ratios
P/E Ratio -11.8
Price to Sales 73.3
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow -18.3
Price to Free Cash Flow -14.7
Growth Rates
Sales Growth Rate -9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.6%
Total Debt to Equity 0.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -35.2%
Ret/ On Assets - 3 Yr. Avg. -36%
Return On Total Capital -39.8%
Ret/ On T. Cap. - 3 Yr. Avg. -49.9%
Return On Equity -39.9%
Return On Equity - 3 Yr. Avg. -50%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -600%
EBITDA Margin - 3 Yr. Avg. -1068.2%
Operating Margin -630%
Oper. Margin - 3 Yr. Avg. -1081.2%
Pre-Tax Margin -620%
Pre-Tax Margin - 3 Yr. Avg. -1077.9%
Net Profit Margin -620%
Net Profit Margin - 3 Yr. Avg. -1077.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ONCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ONCE stock intrinsic value calculation we used $20 million for the last fiscal year's total revenue generated by Spark Therapeutics. The default revenue input number comes from 2016 income statement of Spark 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 ONCE 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 ONCE is calculated based on our internal credit rating of Spark 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 Spark 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 ONCE stock the variable cost ratio is equal to 315%.

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 ONCE 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 Spark Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Spark 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 ONCE 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 ONCE are equal to 127.5%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Spark 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 ONCE is equal to -55%. 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 - $330 million for Spark 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 37.534 million for Spark 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 Spark Therapeutics at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Why This Gene Therapy Pioneer Crashed 29.8% in December   [Jan-06-18 10:30AM  Motley Fool]
▶ Corrections & Amplifications   [01:02AM  The Wall Street Journal]
▶ An $850,000 Cure for Blindness, With a Twist   [Jan-04-18 07:30PM  Motley Fool]
▶ Spark, Glaxo Gene Therapies Near $1 Million Still A Bargain?   [04:11PM  Investor's Business Daily]
▶ Spark Should Spark a Pricing Trend   [01:50PM  Bloomberg]
▶ Drug Firm Will Charge $850,000 for Vision-Loss Gene Therapy   [09:21AM  The Wall Street Journal]
▶ 3 Stocks That Could Double Your Money   [Dec-16-17 10:32AM  Motley Fool]
▶ ASH 2017 Recap: These Were the Big Winners and Losers   [Dec-14-17 07:09PM  Motley Fool]
▶ Why This Biotech Stock Is Defying A Hematology-Related Pitfall   [Dec-12-17 04:59PM  Investor's Business Daily]
▶ Spark Therapeutics: This Looks Bad   [12:31PM  Barrons.com]
▶ Stocks May Bring Volatility for the Holidays   [07:30AM  InvestorPlace]
▶ What Happened in the Stock Market Today   [05:08PM  Motley Fool]
▶ Why Spark Therapeutics stock price dropped by 40% this morning   [04:11PM  American City Business Journals]
▶ With new lease, Spark Therapeutics stays true to West Phila. roots   [Dec-08-17 10:15AM  American City Business Journals]
▶ [$$] Lighting a Spark for Gene Therapy   [Dec-07-17 01:53PM  Barrons.com]
▶ Spark Therapeutics Inc (ONCE): Financial Strength Analysis   [Dec-06-17 07:27PM  Simply Wall St.]
Financial statements of ONCE
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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