Intrinsic value of PharMerica - PMC

Previous Close

$29.05

  Intrinsic Value

$14.60

stock screener

  Rating & Target

sell

-50%

  Value-price divergence*

-56%

Previous close

$29.05

 
Intrinsic value

$14.60

 
Up/down potential

-50%

 
Rating

sell

 
Value-price divergence*

-56%

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

We calculate the intrinsic value of PMC 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 0.9

 

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, %
  3.06
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  2,091
  2,380
  2,687
  3,013
  3,357
  3,718
  4,098
  4,494
  4,908
  5,339
  5,788
  6,255
  6,741
  7,245
  7,770
  8,315
  8,881
  9,470
  10,082
  10,720
  11,383
  12,074
  12,794
  13,545
  14,327
  15,144
  15,997
  16,888
  17,819
  18,792
  19,809
Variable operating expenses, $m
 
  2,310
  2,603
  2,914
  3,242
  3,588
  3,949
  4,328
  4,723
  5,134
  5,563
  5,969
  6,432
  6,914
  7,414
  7,934
  8,475
  9,037
  9,621
  10,229
  10,862
  11,522
  12,209
  12,925
  13,672
  14,452
  15,265
  16,115
  17,004
  17,932
  18,903
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
  2,053
  2,310
  2,603
  2,914
  3,242
  3,588
  3,949
  4,328
  4,723
  5,134
  5,563
  5,969
  6,432
  6,914
  7,414
  7,934
  8,475
  9,037
  9,621
  10,229
  10,862
  11,522
  12,209
  12,925
  13,672
  14,452
  15,265
  16,115
  17,004
  17,932
  18,903
Operating income, $m
  38
  70
  84
  99
  114
  131
  148
  166
  185
  205
  226
  286
  308
  331
  355
  380
  406
  433
  461
  490
  521
  552
  585
  620
  655
  693
  732
  773
  815
  860
  906
EBITDA, $m
  96
  136
  154
  173
  192
  213
  235
  257
  281
  306
  331
  358
  386
  415
  445
  476
  509
  542
  577
  614
  652
  691
  733
  776
  820
  867
  916
  967
  1,020
  1,076
  1,134
Interest expense (income), $m
  11
  16
  20
  24
  28
  32
  36
  41
  46
  51
  56
  61
  67
  73
  79
  85
  92
  99
  106
  113
  121
  129
  137
  146
  155
  165
  175
  185
  196
  207
  219
Earnings before tax, $m
  29
  53
  64
  75
  87
  99
  112
  126
  140
  155
  170
  225
  242
  259
  277
  295
  314
  335
  355
  377
  400
  423
  448
  474
  500
  528
  557
  588
  619
  653
  687
Tax expense, $m
  7
  14
  17
  20
  23
  27
  30
  34
  38
  42
  46
  61
  65
  70
  75
  80
  85
  90
  96
  102
  108
  114
  121
  128
  135
  143
  150
  159
  167
  176
  186
Net income, $m
  22
  39
  47
  55
  63
  72
  82
  92
  102
  113
  124
  164
  176
  189
  202
  215
  230
  244
  259
  275
  292
  309
  327
  346
  365
  386
  407
  429
  452
  476
  502

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  1,273
  1,443
  1,629
  1,827
  2,036
  2,255
  2,485
  2,725
  2,976
  3,238
  3,510
  3,793
  4,088
  4,394
  4,712
  5,042
  5,386
  5,743
  6,114
  6,501
  6,903
  7,322
  7,759
  8,214
  8,689
  9,184
  9,701
  10,241
  10,806
  11,396
  12,013
Adjusted assets (=assets-cash), $m
  1,268
  1,443
  1,629
  1,827
  2,036
  2,255
  2,485
  2,725
  2,976
  3,238
  3,510
  3,793
  4,088
  4,394
  4,712
  5,042
  5,386
  5,743
  6,114
  6,501
  6,903
  7,322
  7,759
  8,214
  8,689
  9,184
  9,701
  10,241
  10,806
  11,396
  12,013
Revenue / Adjusted assets
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
Average production assets, $m
  270
  307
  347
  389
  433
  480
  529
  580
  633
  689
  747
  807
  870
  935
  1,002
  1,073
  1,146
  1,222
  1,301
  1,383
  1,468
  1,558
  1,650
  1,747
  1,848
  1,954
  2,064
  2,179
  2,299
  2,424
  2,555
Working capital, $m
  335
  393
  443
  497
  554
  614
  676
  742
  810
  881
  955
  1,032
  1,112
  1,195
  1,282
  1,372
  1,465
  1,563
  1,664
  1,769
  1,878
  1,992
  2,111
  2,235
  2,364
  2,499
  2,640
  2,787
  2,940
  3,101
  3,269
Total debt, $m
  473
  568
  674
  787
  906
  1,032
  1,163
  1,300
  1,443
  1,593
  1,748
  1,910
  2,078
  2,253
  2,434
  2,623
  2,819
  3,023
  3,235
  3,456
  3,686
  3,925
  4,174
  4,434
  4,705
  4,988
  5,283
  5,592
  5,914
  6,251
  6,603
Total liabilities, $m
  729
  824
  930
  1,043
  1,162
  1,288
  1,419
  1,556
  1,699
  1,849
  2,004
  2,166
  2,334
  2,509
  2,690
  2,879
  3,075
  3,279
  3,491
  3,712
  3,942
  4,181
  4,430
  4,690
  4,961
  5,244
  5,539
  5,848
  6,170
  6,507
  6,859
Total equity, $m
  544
  619
  699
  784
  873
  967
  1,066
  1,169
  1,277
  1,389
  1,506
  1,627
  1,754
  1,885
  2,021
  2,163
  2,310
  2,464
  2,623
  2,789
  2,961
  3,141
  3,328
  3,524
  3,727
  3,940
  4,162
  4,394
  4,636
  4,889
  5,154
Total liabilities and equity, $m
  1,273
  1,443
  1,629
  1,827
  2,035
  2,255
  2,485
  2,725
  2,976
  3,238
  3,510
  3,793
  4,088
  4,394
  4,711
  5,042
  5,385
  5,743
  6,114
  6,501
  6,903
  7,322
  7,758
  8,214
  8,688
  9,184
  9,701
  10,242
  10,806
  11,396
  12,013
Debt-to-equity ratio
  0.869
  0.920
  0.960
  1.000
  1.040
  1.070
  1.090
  1.110
  1.130
  1.150
  1.160
  1.170
  1.190
  1.200
  1.200
  1.210
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.260
  1.260
  1.270
  1.270
  1.270
  1.280
  1.280
  1.280
Adjusted equity ratio
  0.425
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  39
  47
  55
  63
  72
  82
  92
  102
  113
  124
  164
  176
  189
  202
  215
  230
  244
  259
  275
  292
  309
  327
  346
  365
  386
  407
  429
  452
  476
  502
Depreciation, amort., depletion, $m
  58
  67
  70
  74
  78
  82
  86
  91
  96
  101
  106
  72
  78
  83
  89
  96
  102
  109
  116
  123
  131
  139
  147
  156
  165
  174
  184
  195
  205
  216
  228
Funds from operations, $m
  -32
  106
  117
  129
  141
  154
  168
  183
  198
  214
  230
  236
  254
  272
  291
  311
  332
  353
  376
  399
  423
  448
  474
  502
  530
  560
  591
  624
  657
  693
  730
Change in working capital, $m
  -63
  48
  51
  54
  57
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
Cash from operations, $m
  31
  58
  66
  75
  84
  95
  106
  117
  130
  142
  156
  159
  174
  189
  205
  221
  238
  256
  275
  294
  313
  334
  356
  378
  401
  425
  450
  477
  504
  532
  562
Maintenance CAPEX, $m
  0
  -24
  -27
  -31
  -35
  -39
  -43
  -47
  -52
  -57
  -61
  -67
  -72
  -78
  -83
  -89
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -195
  -205
  -216
New CAPEX, $m
  -34
  -37
  -40
  -42
  -44
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -131
Cash from investing activities, $m
  -92
  -61
  -67
  -73
  -79
  -86
  -92
  -98
  -105
  -113
  -119
  -127
  -135
  -143
  -151
  -159
  -169
  -178
  -188
  -198
  -209
  -220
  -232
  -244
  -257
  -270
  -284
  -299
  -315
  -331
  -347
Free cash flow, $m
  -61
  -4
  -1
  2
  5
  9
  14
  19
  24
  30
  36
  32
  39
  46
  54
  62
  70
  78
  86
  95
  104
  114
  124
  134
  144
  155
  166
  177
  189
  202
  214
Issuance/(repayment) of debt, $m
  47
  100
  106
  113
  119
  125
  131
  137
  143
  149
  155
  162
  168
  175
  182
  189
  196
  204
  212
  221
  230
  239
  249
  260
  271
  283
  295
  308
  322
  337
  352
Issuance/(repurchase) of shares, $m
  -3
  36
  33
  30
  26
  22
  17
  11
  6
  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  
  43
  136
  139
  143
  145
  147
  148
  148
  149
  149
  155
  162
  168
  175
  182
  189
  196
  204
  212
  221
  230
  239
  249
  260
  271
  283
  295
  308
  322
  337
  352
Total cash flow (excl. dividends), $m
  -18
  133
  139
  145
  151
  156
  162
  168
  173
  180
  192
  194
  207
  221
  235
  250
  266
  282
  299
  316
  334
  353
  373
  394
  415
  438
  461
  486
  512
  539
  567
Retained Cash Flow (-), $m
  -25
  -75
  -80
  -85
  -89
  -94
  -99
  -103
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -187
  -195
  -204
  -213
  -222
  -232
  -242
  -253
  -265
Prev. year cash balance distribution, $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 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
 
  57
  59
  60
  61
  62
  63
  64
  66
  67
  75
  73
  81
  90
  99
  108
  118
  129
  139
  150
  162
  173
  186
  198
  211
  225
  239
  254
  269
  285
  302
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  53
  50
  47
  43
  40
  36
  32
  29
  26
  24
  20
  18
  17
  15
  13
  11
  9
  7
  6
  5
  3
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.2
  93.1
  90.8
  89.0
  87.7
  86.8
  86.3
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0

PharMerica Corporation is an institutional pharmacy services company. The Company services healthcare facilities, provides pharmacy management services to hospitals and specialty infusion services to patients outside a hospital setting, and offers the national oncology pharmacy in the United States. Its segments include institutional pharmacy, which provides pharmacy products and services to residents and patients in skilled nursing facilities, nursing centers, assisted living facilities, hospitals and other long-term alternative care settings; specialty infusion services, which provides specialty infusion services focused on providing pharmaceutical products and clinical services to patients in client facilities, hospice and outside of hospital or nursing home settings, and specialty oncology pharmacy, which provides dispensing of oncology drugs, care management and other related services to patients, oncology practices and hospitals.

FINANCIAL RATIOS  of  PharMerica (PMC)

Valuation Ratios
P/E Ratio 40.6
Price to Sales 0.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 28.8
Price to Free Cash Flow -298.1
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 84%
Total Debt to Equity 86.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 15.6%
Gross Margin - 3 Yr. Avg. 16.7%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 2%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. 1.5%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate 24.1%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 0%

PMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PMC stock intrinsic value calculation we used $2091 million for the last fiscal year's total revenue generated by PharMerica. The default revenue input number comes from 2016 income statement of PharMerica. 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 PMC stock valuation model: a) initial revenue growth rate of 13.8% 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 7.7%, whose default value for PMC is calculated based on our internal credit rating of PharMerica, 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 PharMerica.
    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 PMC stock the variable cost ratio is equal to 97.3%.

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 PMC 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 PharMerica.

Corporate tax rate of 27% is the nominal tax rate for PharMerica. 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 PMC 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 PMC are equal to 12.9%.

Life of production assets of 11.2 years is the average useful life of capital assets used in PharMerica 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 PMC is equal to 16.5%. 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 - $544 million for PharMerica - 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 31.175 million for PharMerica 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 PharMerica at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Private Briefing: KKR's Healthcare Deal Spree   [Sep-04-17 02:13PM  TheStreet.com]
▶ PharMerica meets 2Q profit forecasts   [Aug-02-17 10:51PM  Associated Press]
▶ Why PharMerica Stock Is Soaring Today   [12:21PM  Motley Fool]
▶ PharMerica to be acquired for $1.4 billion   [10:34AM  American City Business Journals]
▶ [$$] PharMerica to Be Taken Private by KKR-Backed Company   [08:16AM  The Wall Street Journal]
▶ ETFs with exposure to PharMerica Corp. : June 26, 2017   [Jun-26-17 04:43PM  Capital Cube]
▶ ETFs with exposure to PharMerica Corp. : June 8, 2017   [Jun-08-17 01:52PM  Capital Cube]
▶ PharMerica beats 1Q estimates, reveals acquisition   [May-10-17 01:05PM  American City Business Journals]
▶ PharMerica beats 1Q profit forecasts   [08:08AM  Associated Press]
▶ Pharmerica reveals how much executives made in 2016   [May-03-17 08:54AM  American City Business Journals]
▶ PharMerica Acquires CareMed Specialty Pharmacy   [Mar-16-17 04:15PM  Business Wire]
▶ Pharmerica increases goal for merger revenue in Q4 earnings call   [Feb-24-17 02:45PM  at bizjournals.com]
▶ Pharmerica increases goal for merger revenue in Q4 earnings call   [02:45PM  American City Business Journals]
▶ PharMerica beats 4Q profit forecasts   [08:28AM  Associated Press]
▶ Should You Avoid PharMerica Corporation (PMC)?   [Dec-05-16 02:22PM  at Insider Monkey]
▶ What can Pharmerica do to get buyers to swipe right?   [Aug-30-16 11:20AM  at bizjournals.com]
▶ Why PharMerica Soared 13.4% Today   [Aug-24-16 08:23PM  at Motley Fool]
▶ Report: Louisville's Pharmerica may sell   [05:03PM  at bizjournals.com]
▶ One of Pharmerica's top execs plans to retire   [08:46AM  at bizjournals.com]
Financial statements of PMC
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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