Intrinsic value of Portola Pharmaceuticals - PTLA

Previous Close

$50.65

  Intrinsic Value

$0.86

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-271%

Previous close

$50.65

 
Intrinsic value

$0.86

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-271%

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

We calculate the intrinsic value of PTLA 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 2.8

 

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, %
  200.00
  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
  36
  37
  38
  39
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  113
  118
Variable operating expenses, $m
 
  146
  149
  153
  157
  162
  167
  173
  179
  186
  193
  201
  209
  217
  227
  236
  247
  258
  269
  282
  295
  308
  323
  338
  354
  371
  388
  407
  427
  447
  469
Fixed operating expenses, $m
 
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  337
  346
  355
  363
  372
  382
  391
  401
  411
Total operating expenses, $m
  305
  347
  355
  364
  373
  384
  394
  406
  418
  431
  444
  458
  473
  487
  504
  520
  538
  556
  575
  595
  616
  637
  660
  684
  709
  734
  760
  789
  818
  848
  880
Operating income, $m
  -270
  -310
  -318
  -326
  -334
  -343
  -353
  -362
  -373
  -384
  -395
  -407
  -420
  -433
  -447
  -461
  -476
  -491
  -507
  -524
  -542
  -560
  -579
  -599
  -619
  -641
  -663
  -686
  -711
  -736
  -762
EBITDA, $m
  -268
  -308
  -316
  -324
  -332
  -341
  -350
  -360
  -371
  -382
  -393
  -405
  -417
  -430
  -444
  -458
  -473
  -488
  -504
  -521
  -538
  -556
  -575
  -594
  -615
  -636
  -658
  -681
  -705
  -730
  -756
Interest expense (income), $m
  0
  2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
Earnings before tax, $m
  -268
  -312
  -315
  -323
  -331
  -340
  -350
  -360
  -370
  -381
  -393
  -405
  -417
  -430
  -444
  -458
  -473
  -489
  -505
  -522
  -539
  -558
  -577
  -597
  -617
  -639
  -661
  -685
  -709
  -734
  -761
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
  -269
  -312
  -315
  -323
  -331
  -340
  -350
  -360
  -370
  -381
  -393
  -405
  -417
  -430
  -444
  -458
  -473
  -489
  -505
  -522
  -539
  -558
  -577
  -597
  -617
  -639
  -661
  -685
  -709
  -734
  -761

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  319
  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
  343
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
Adjusted assets (=assets-cash), $m
  24
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
Revenue / Adjusted assets
  1.500
  1.542
  1.520
  1.500
  1.538
  1.519
  1.500
  1.517
  1.500
  1.516
  1.531
  1.500
  1.514
  1.528
  1.500
  1.500
  1.512
  1.512
  1.511
  1.511
  1.510
  1.500
  1.500
  1.491
  1.508
  1.500
  1.508
  1.500
  1.486
  1.507
  1.494
Average production assets, $m
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Working capital, $m
  263
  -57
  -58
  -60
  -62
  -64
  -66
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -152
  -159
  -167
  -175
  -184
Total debt, $m
  50
  -80
  -79
  -79
  -78
  -78
  -77
  -76
  -75
  -74
  -73
  -72
  -70
  -69
  -68
  -66
  -65
  -63
  -61
  -59
  -58
  -55
  -53
  -51
  -49
  -46
  -43
  -41
  -38
  -34
  -31
Total liabilities, $m
  153
  22
  23
  23
  24
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  53
  56
  59
  61
  64
  68
  71
Total equity, $m
  191
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Total liabilities and equity, $m
  344
  24
  26
  26
  27
  27
  28
  29
  30
  31
  32
  33
  36
  37
  38
  40
  41
  43
  46
  48
  49
  52
  54
  57
  59
  62
  66
  68
  71
  76
  79
Debt-to-equity ratio
  0.262
  -32.670
  -31.730
  -30.710
  -29.620
  -28.490
  -27.310
  -26.120
  -24.910
  -23.700
  -22.490
  -21.290
  -20.110
  -18.950
  -17.810
  -16.700
  -15.620
  -14.580
  -13.560
  -12.580
  -11.630
  -10.720
  -9.840
  -8.990
  -8.180
  -7.400
  -6.650
  -5.930
  -5.240
  -4.590
  -3.960
Adjusted equity ratio
  -5.333
  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
  -269
  -312
  -315
  -323
  -331
  -340
  -350
  -360
  -370
  -381
  -393
  -405
  -417
  -430
  -444
  -458
  -473
  -489
  -505
  -522
  -539
  -558
  -577
  -597
  -617
  -639
  -661
  -685
  -709
  -734
  -761
Depreciation, amort., depletion, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Funds from operations, $m
  -158
  -310
  -313
  -321
  -329
  -338
  -348
  -358
  -368
  -379
  -390
  -402
  -415
  -428
  -441
  -455
  -470
  -486
  -502
  -518
  -536
  -554
  -573
  -592
  -613
  -634
  -657
  -680
  -704
  -729
  -755
Change in working capital, $m
  38
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
Cash from operations, $m
  -196
  -309
  -312
  -319
  -328
  -336
  -346
  -355
  -366
  -376
  -387
  -399
  -411
  -424
  -438
  -452
  -466
  -481
  -497
  -514
  -531
  -549
  -567
  -587
  -607
  -628
  -650
  -672
  -696
  -721
  -746
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
New CAPEX, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  141
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Free cash flow, $m
  -55
  -311
  -314
  -321
  -330
  -339
  -348
  -358
  -368
  -379
  -390
  -402
  -415
  -427
  -441
  -455
  -470
  -485
  -501
  -518
  -535
  -553
  -572
  -592
  -612
  -633
  -655
  -678
  -702
  -727
  -753
Issuance/(repayment) of debt, $m
  58
  -130
  1
  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
Issuance/(repurchase) of shares, $m
  2
  442
  315
  323
  331
  340
  350
  360
  370
  381
  393
  405
  417
  431
  444
  459
  473
  489
  505
  522
  540
  558
  577
  597
  618
  639
  662
  685
  709
  735
  761
Cash from financing (excl. dividends), $m  
  58
  312
  316
  324
  332
  341
  351
  361
  371
  382
  394
  406
  418
  432
  445
  460
  475
  491
  507
  524
  542
  560
  579
  599
  620
  642
  665
  688
  712
  738
  764
Total cash flow (excl. dividends), $m
  2
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
Retained Cash Flow (-), $m
  236
  -442
  -315
  -323
  -331
  -340
  -350
  -360
  -370
  -381
  -393
  -405
  -417
  -431
  -444
  -459
  -473
  -489
  -505
  -522
  -540
  -558
  -577
  -597
  -618
  -639
  -662
  -685
  -709
  -735
  -761
Prev. year cash balance distribution, $m
 
  319
  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
 
  -122
  -313
  -321
  -329
  -338
  -347
  -357
  -367
  -378
  -389
  -401
  -413
  -426
  -440
  -454
  -468
  -483
  -499
  -516
  -533
  -551
  -570
  -589
  -610
  -631
  -653
  -676
  -699
  -724
  -750
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
 
  -117
  -287
  -279
  -271
  -262
  -252
  -241
  -230
  -217
  -204
  -190
  -176
  -162
  -148
  -133
  -119
  -105
  -92
  -79
  -68
  -57
  -47
  -39
  -31
  -25
  -19
  -15
  -11
  -8
  -6
Current shareholders' claim on cash, %
  100
  50.0
  3.6
  0.3
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Portola Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients having limited or no approved treatment options. The Company's two lead programs, Betrixaban and Andexanet alfa, address unmet medical needs in the area of thrombosis, or blood clots. Its third product candidate is Cerdulatinib. The Company's Syk is a mediator of immune response in various types of immune cells. The Company has a program of selective Syk inhibitors, one of which is partnered with Ora Inc. Betrixaban is an oral once-daily inhibitor of Factor Xa in development for extended duration venous thromboembolism (VTE) prophylaxis in acute medically ill patients. Andexanet alfa is an orphan drug, which is a recombinant protein designed to reverse anticoagulant activity in patients treated with an fXa inhibitor.

FINANCIAL RATIOS  of  Portola Pharmaceuticals (PTLA)

Valuation Ratios
P/E Ratio -10.6
Price to Sales 79.5
Price to Book 15
Price to Tangible Book
Price to Cash Flow -14.6
Price to Free Cash Flow -14.5
Growth Rates
Sales Growth Rate 200%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 26.2%
Total Debt to Equity 26.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -63.6%
Ret/ On Assets - 3 Yr. Avg. -49.9%
Return On Total Capital -80.5%
Ret/ On T. Cap. - 3 Yr. Avg. -60.6%
Return On Equity -87.1%
Return On Equity - 3 Yr. Avg. -62.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -738.9%
EBITDA Margin - 3 Yr. Avg. -1324.1%
Operating Margin -747.2%
Oper. Margin - 3 Yr. Avg. -1336.3%
Pre-Tax Margin -744.4%
Pre-Tax Margin - 3 Yr. Avg. -1335.4%
Net Profit Margin -747.2%
Net Profit Margin - 3 Yr. Avg. -1336.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

PTLA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTLA stock intrinsic value calculation we used $36 million for the last fiscal year's total revenue generated by Portola Pharmaceuticals. The default revenue input number comes from 2016 income statement of Portola Pharmaceuticals. 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 PTLA 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 PTLA is calculated based on our internal credit rating of Portola Pharmaceuticals, 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 Portola Pharmaceuticals.
    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 PTLA stock the variable cost ratio is equal to 397.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $196 million in the base year in the intrinsic value calculation for PTLA 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 Portola Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Portola Pharmaceuticals. 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 PTLA 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 PTLA are equal to 25%.

Life of production assets of 4.5 years is the average useful life of capital assets used in Portola Pharmaceuticals 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 PTLA is equal to -155.6%. 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 - $191 million for Portola Pharmaceuticals - 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 55.419 million for Portola Pharmaceuticals 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 Portola Pharmaceuticals at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Cramer's lightning round: Portola's no one-trick pony   [Sep-26-17 06:58PM  CNBC Videos]
▶ [$$] Down With Teva, Up With Portola   [11:03AM  Barrons.com]
▶ These Biotech Stocks are BOOMING   [Aug-10-17 10:01AM  TheStreet.com]
▶ Portola Pharmaceuticals posts 2Q loss   [12:33AM  Associated Press]
▶ Is It Time to Sell Portola?   [Jul-14-17 07:19AM  Motley Fool]
▶ How Portola Is Looking to Change the Anticoagulant Game   [Jul-11-17 07:18AM  Motley Fool]
▶ What Was Behind Portola Pharmaceuticals' 45% Pop?   [Jul-06-17 02:35PM  Motley Fool]
▶ Why Portola Pharmaceuticals Skyrocketed 54% in June   [Jul-05-17 09:01PM  Motley Fool]
▶ Is It Too Late to Buy Portola Pharmaceuticals Stock?   [Jun-29-17 04:43PM  Motley Fool]
▶ These 3 Small Biotechs Have a Healthy Shot   [Jun-28-17 03:30PM  TheStreet.com]
▶ Company News for June 26, 2017   [10:16AM  Zacks]
▶ Here Comes a Big Breakout For Alibaba   [06:30AM  TheStreet.com]
▶ Key FDA Events to Watch Out for in Jun 2017   [Jun-05-17 07:47AM  Zacks]
▶ Portola Pharmaceuticals Could Be a Great June Trade   [Jun-02-17 01:27PM  GuruFocus.com]
▶ Two Red Hot Biotechs With Big Near-term Catalysts Ahead   [May-28-17 03:20PM  Motley Fool]
▶ 3 Top Biotech Stocks For May   [09:17AM  Motley Fool]
▶ Why Portola Pharmaceuticals Shot 12.8% Higher Today   [May-09-17 05:50PM  Motley Fool]
▶ Portola Pharmaceuticals posts 1Q loss   [May-08-17 06:20PM  Associated Press]
▶ Losing Money on a Stock? Blame Your Brain   [Apr-10-17 10:04AM  Motley Fool]
▶ 3 Hot Stocks to Buy in April   [Apr-04-17 08:48AM  Motley Fool]
▶ My 3 Top Biotech Stocks to Buy Now   [Mar-31-17 12:00PM  Motley Fool]
Financial statements of PTLA
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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