Intrinsic value of Penumbra - PEN

Previous Close

$85.00

  Intrinsic Value

$2.16

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-79%

Previous close

$85.00

 
Intrinsic value

$2.16

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-79%

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

We calculate the intrinsic value of PEN 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 2.6

 

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, %
  41.40
  25.90
  23.81
  21.93
  20.24
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
Revenue, $m
  263
  331
  410
  500
  601
  713
  837
  972
  1,118
  1,274
  1,441
  1,618
  1,805
  2,002
  2,209
  2,425
  2,650
  2,885
  3,130
  3,385
  3,650
  3,925
  4,211
  4,508
  4,817
  5,138
  5,472
  5,820
  6,181
  6,558
  6,951
Variable operating expenses, $m
 
  324
  401
  488
  587
  697
  818
  950
  1,092
  1,245
  1,408
  1,581
  1,764
  1,956
  2,158
  2,369
  2,589
  2,819
  3,058
  3,307
  3,566
  3,835
  4,114
  4,404
  4,706
  5,020
  5,346
  5,686
  6,039
  6,407
  6,791
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
  265
  324
  401
  488
  587
  697
  818
  950
  1,092
  1,245
  1,408
  1,581
  1,764
  1,956
  2,158
  2,369
  2,589
  2,819
  3,058
  3,307
  3,566
  3,835
  4,114
  4,404
  4,706
  5,020
  5,346
  5,686
  6,039
  6,407
  6,791
Operating income, $m
  -1
  8
  9
  11
  14
  16
  19
  22
  26
  29
  33
  37
  42
  46
  51
  56
  61
  66
  72
  78
  84
  90
  97
  104
  111
  118
  126
  134
  142
  151
  160
EBITDA, $m
  1
  10
  12
  14
  17
  20
  24
  28
  32
  37
  41
  46
  52
  57
  63
  70
  76
  83
  90
  97
  105
  113
  121
  129
  138
  147
  157
  167
  177
  188
  199
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  6
  7
  8
  9
  11
  12
  13
  14
  16
  17
  18
  20
  22
  23
  25
  27
  28
  30
  32
  34
Earnings before tax, $m
  -1
  8
  9
  11
  13
  15
  17
  19
  22
  25
  28
  31
  34
  38
  41
  45
  49
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  112
  119
  126
Tax expense, $m
  -16
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
Net income, $m
  15
  6
  7
  8
  9
  11
  12
  14
  16
  18
  20
  22
  25
  27
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  129
  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
  308
  225
  279
  340
  409
  486
  570
  662
  761
  867
  981
  1,102
  1,229
  1,363
  1,503
  1,651
  1,804
  1,964
  2,131
  2,304
  2,484
  2,672
  2,866
  3,069
  3,279
  3,498
  3,725
  3,962
  4,208
  4,464
  4,731
Adjusted assets (=assets-cash), $m
  179
  225
  279
  340
  409
  486
  570
  662
  761
  867
  981
  1,102
  1,229
  1,363
  1,503
  1,651
  1,804
  1,964
  2,131
  2,304
  2,484
  2,672
  2,866
  3,069
  3,279
  3,498
  3,725
  3,962
  4,208
  4,464
  4,731
Revenue / Adjusted assets
  1.469
  1.471
  1.470
  1.471
  1.469
  1.467
  1.468
  1.468
  1.469
  1.469
  1.469
  1.468
  1.469
  1.469
  1.470
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
  1.469
Average production assets, $m
  15
  19
  23
  28
  34
  41
  48
  55
  64
  73
  82
  92
  103
  114
  126
  138
  151
  164
  178
  193
  208
  224
  240
  257
  275
  293
  312
  332
  352
  374
  396
Working capital, $m
  228
  124
  154
  188
  226
  268
  315
  365
  420
  479
  542
  608
  679
  753
  830
  912
  996
  1,085
  1,177
  1,273
  1,372
  1,476
  1,583
  1,695
  1,811
  1,932
  2,058
  2,188
  2,324
  2,466
  2,613
Total debt, $m
  0
  11
  23
  37
  53
  70
  90
  111
  133
  158
  184
  211
  240
  271
  303
  337
  372
  409
  447
  487
  528
  571
  615
  662
  710
  760
  812
  866
  923
  981
  1,043
Total liabilities, $m
  42
  52
  64
  78
  94
  111
  131
  152
  174
  199
  225
  252
  281
  312
  344
  378
  413
  450
  488
  528
  569
  612
  656
  703
  751
  801
  853
  907
  964
  1,022
  1,084
Total equity, $m
  267
  174
  215
  262
  315
  374
  439
  510
  587
  669
  756
  849
  948
  1,051
  1,159
  1,273
  1,391
  1,514
  1,643
  1,777
  1,916
  2,060
  2,210
  2,366
  2,528
  2,697
  2,872
  3,054
  3,244
  3,442
  3,648
Total liabilities and equity, $m
  309
  226
  279
  340
  409
  485
  570
  662
  761
  868
  981
  1,101
  1,229
  1,363
  1,503
  1,651
  1,804
  1,964
  2,131
  2,305
  2,485
  2,672
  2,866
  3,069
  3,279
  3,498
  3,725
  3,961
  4,208
  4,464
  4,732
Debt-to-equity ratio
  0.000
  0.060
  0.110
  0.140
  0.170
  0.190
  0.200
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.290
  0.290
Adjusted equity ratio
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  6
  7
  8
  9
  11
  12
  14
  16
  18
  20
  22
  25
  27
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  77
  82
  87
  92
Depreciation, amort., depletion, $m
  2
  2
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  40
Funds from operations, $m
  -49
  7
  9
  11
  13
  15
  17
  20
  22
  25
  28
  32
  35
  39
  43
  47
  51
  55
  60
  65
  70
  75
  80
  86
  91
  97
  104
  110
  117
  124
  131
Change in working capital, $m
  -36
  26
  30
  34
  38
  42
  47
  51
  55
  59
  63
  67
  70
  74
  78
  81
  85
  88
  92
  96
  100
  103
  108
  112
  116
  121
  126
  131
  136
  142
  148
Cash from operations, $m
  -13
  -18
  -21
  -23
  -25
  -28
  -29
  -31
  -32
  -34
  -34
  -35
  -35
  -35
  -35
  -34
  -34
  -33
  -32
  -31
  -30
  -29
  -27
  -26
  -25
  -23
  -22
  -21
  -19
  -18
  -16
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
New CAPEX, $m
  -14
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
Cash from investing activities, $m
  1
  -6
  -6
  -7
  -9
  -9
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -33
  -34
  -37
  -38
  -41
  -44
  -45
  -48
  -51
  -54
  -56
  -59
Free cash flow, $m
  -12
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -46
  -49
  -51
  -53
  -55
  -57
  -58
  -59
  -60
  -62
  -63
  -63
  -64
  -65
  -66
  -67
  -68
  -69
  -70
  -72
  -73
  -74
  -76
Issuance/(repayment) of debt, $m
  0
  11
  12
  14
  16
  18
  19
  21
  23
  24
  26
  28
  29
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
Issuance/(repurchase) of shares, $m
  10
  30
  35
  39
  44
  48
  53
  57
  61
  64
  67
  70
  73
  76
  78
  80
  83
  84
  86
  88
  90
  92
  94
  96
  98
  100
  103
  105
  108
  111
  114
Cash from financing (excl. dividends), $m  
  7
  41
  47
  53
  60
  66
  72
  78
  84
  88
  93
  98
  102
  107
  110
  114
  118
  121
  124
  128
  131
  135
  139
  142
  146
  150
  155
  159
  164
  170
  175
Total cash flow (excl. dividends), $m
  -6
  17
  20
  23
  26
  29
  31
  34
  37
  40
  42
  45
  47
  50
  52
  55
  57
  60
  62
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  95
  99
Retained Cash Flow (-), $m
  -34
  -36
  -41
  -47
  -53
  -59
  -65
  -71
  -77
  -82
  -88
  -93
  -98
  -103
  -108
  -113
  -118
  -123
  -129
  -134
  -139
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -190
  -198
  -206
Prev. year cash balance distribution, $m
 
  129
  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
 
  111
  -21
  -24
  -27
  -31
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
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
 
  106
  -20
  -21
  -23
  -24
  -24
  -25
  -25
  -24
  -24
  -23
  -22
  -20
  -19
  -17
  -16
  -14
  -12
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  97.8
  95.9
  94.1
  92.6
  91.1
  89.8
  88.7
  87.6
  86.7
  85.8
  85.0
  84.2
  83.6
  82.9
  82.4
  81.8
  81.3
  80.8
  80.4
  80.0
  79.6
  79.2
  78.9
  78.6
  78.2
  77.9
  77.7
  77.4
  77.1
  76.8

Penumbra, Inc. designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, PXSLIM, and Velocity brands; aspiration based thrombectomy systems and accessory devices under the Penumbra System brand; and stent retriever for mechanical thrombectomy under the 3D brand. It also provides neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400 and Penumbra SMART Coil brands; and neurovascular stents for stent-assisted coiling in large and wide-neck aneurysms under the LIBERTY Stent brand. In addition, the company offers neurosurgical tools for the removal of tissue and fluids under the Apollo System brand; and detachable embolic coil systems for peripheral embolization under the RUBY Coil brand, as well as Lantern, a microcatheter for the delivery of detachable coils and occlusion devices. Further, it provides detachable, microcatheter-deliverable occlusion devices under the POD (penumbra occlusion device) brand; and aspiration-based thrombectomy systems for peripheral applications under the Indigo System brand, as well as POD Packing Coil, a device for use with RUBY Coil and POD for vessel occlusion. The company sells its products through direct sales organizations and distributors to hospitals in neuro and peripheral vascular markets. Penumbra, Inc. was founded in 2004 and is headquartered in Alameda, California.

FINANCIAL RATIOS  of  Penumbra (PEN)

Valuation Ratios
P/E Ratio 176.3
Price to Sales 10.1
Price to Book 9.9
Price to Tangible Book
Price to Cash Flow -203.4
Price to Free Cash Flow -97.9
Growth Rates
Sales Growth Rate 41.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 180%
Cap. Spend. - 3 Yr. Gr. Rate 69.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 65%
Gross Margin - 3 Yr. Avg. 65.9%
EBITDA Margin 0.4%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin -0.8%
Oper. Margin - 3 Yr. Avg. 1.3%
Pre-Tax Margin -0.4%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 1600%
Eff/ Tax Rate - 3 Yr. Avg. 561.1%
Payout Ratio 0%

PEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEN stock intrinsic value calculation we used $263 million for the last fiscal year's total revenue generated by Penumbra. The default revenue input number comes from 2016 income statement of Penumbra. 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 PEN stock valuation model: a) initial revenue growth rate of 25.9% 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 PEN is calculated based on our internal credit rating of Penumbra, 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 Penumbra.
    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 PEN stock the variable cost ratio is equal to 97.7%.

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 PEN 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 Penumbra.

Corporate tax rate of 27% is the nominal tax rate for Penumbra. 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 PEN 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 PEN are equal to 5.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Penumbra 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 PEN is equal to 37.6%. 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 - $267 million for Penumbra - 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 30.92 million for Penumbra 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 Penumbra at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Penumbra reports 2Q loss   [Aug-08-17 05:37PM  Associated Press]
▶ Penumbra, Inc. Value Analysis (NYSE:PEN) : July 31, 2017   [Jul-31-17 07:06PM  Capital Cube]
▶ ETFs with exposure to Penumbra, Inc. : July 21, 2017   [Jul-21-17 01:57PM  Capital Cube]
▶ ETFs with exposure to Penumbra, Inc. : July 10, 2017   [Jul-10-17 03:02PM  Capital Cube]
▶ ETFs with exposure to Penumbra, Inc. : June 26, 2017   [Jun-26-17 04:40PM  Capital Cube]
▶ ETFs with exposure to Penumbra, Inc. : June 12, 2017   [Jun-12-17 02:20PM  Capital Cube]
▶ Meet the highest-paid Bay Area executives under 40 in 2017   [Jun-05-17 03:30PM  American City Business Journals]
▶ Penumbra, Inc. Value Analysis (NYSE:PEN) : May 19, 2017   [May-19-17 02:36PM  Capital Cube]
▶ Penumbra reports 1Q loss   [May-09-17 05:42PM  Associated Press]
▶ ETFs with exposure to Penumbra, Inc. : April 13, 2017   [Apr-13-17 12:37PM  Capital Cube]
▶ Is Penumbra Inc (PEN) A Good Stock To Buy?   [Dec-13-16 11:19AM  at Insider Monkey]
Stock chart of PEN Financial statements of PEN
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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