Intrinsic value of Qiagen - QGEN

Previous Close

$33.56

  Intrinsic Value

$16.99

stock screener

  Rating & Target

sell

-49%

Previous close

$33.56

 
Intrinsic value

$16.99

 
Up/down potential

-49%

 
Rating

sell

We calculate the intrinsic value of QGEN 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, %
  4.45
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  1,338
  1,437
  1,540
  1,647
  1,758
  1,874
  1,994
  2,119
  2,249
  2,385
  2,526
  2,674
  2,828
  2,988
  3,156
  3,331
  3,514
  3,705
  3,905
  4,115
  4,334
  4,563
  4,803
  5,055
  5,318
  5,594
  5,884
  6,187
  6,505
  6,838
  7,188
Variable operating expenses, $m
 
  1,220
  1,294
  1,370
  1,450
  1,532
  1,618
  1,708
  1,801
  1,898
  1,999
  1,912
  2,022
  2,137
  2,257
  2,382
  2,513
  2,649
  2,792
  2,942
  3,099
  3,263
  3,435
  3,614
  3,803
  4,000
  4,207
  4,424
  4,651
  4,890
  5,140
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
  1,239
  1,220
  1,294
  1,370
  1,450
  1,532
  1,618
  1,708
  1,801
  1,898
  1,999
  1,912
  2,022
  2,137
  2,257
  2,382
  2,513
  2,649
  2,792
  2,942
  3,099
  3,263
  3,435
  3,614
  3,803
  4,000
  4,207
  4,424
  4,651
  4,890
  5,140
Operating income, $m
  99
  217
  246
  277
  308
  341
  376
  411
  448
  487
  527
  762
  806
  851
  899
  949
  1,001
  1,056
  1,113
  1,172
  1,235
  1,300
  1,369
  1,440
  1,515
  1,594
  1,677
  1,763
  1,854
  1,949
  2,048
EBITDA, $m
  312
  490
  525
  562
  600
  639
  680
  723
  767
  813
  862
  912
  965
  1,019
  1,076
  1,136
  1,199
  1,264
  1,332
  1,404
  1,478
  1,556
  1,638
  1,724
  1,814
  1,908
  2,007
  2,110
  2,219
  2,333
  2,452
Interest expense (income), $m
  18
  37
  42
  46
  51
  56
  61
  67
  72
  78
  84
  90
  97
  104
  111
  118
  126
  134
  143
  152
  161
  171
  181
  192
  203
  214
  227
  240
  253
  267
  282
Earnings before tax, $m
  57
  180
  204
  230
  257
  285
  314
  345
  376
  409
  443
  672
  709
  748
  788
  831
  875
  922
  970
  1,021
  1,074
  1,130
  1,188
  1,249
  1,313
  1,380
  1,450
  1,523
  1,600
  1,681
  1,766
Tax expense, $m
  -23
  48
  55
  62
  69
  77
  85
  93
  102
  110
  120
  181
  191
  202
  213
  224
  236
  249
  262
  276
  290
  305
  321
  337
  354
  372
  391
  411
  432
  454
  477
Net income, $m
  80
  131
  149
  168
  188
  208
  229
  252
  275
  299
  324
  490
  518
  546
  576
  607
  639
  673
  708
  745
  784
  825
  867
  912
  958
  1,007
  1,058
  1,112
  1,168
  1,227
  1,289

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  532
  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
  4,308
  4,059
  4,350
  4,652
  4,966
  5,293
  5,632
  5,986
  6,354
  6,737
  7,136
  7,553
  7,988
  8,441
  8,915
  9,409
  9,926
  10,467
  11,032
  11,623
  12,242
  12,890
  13,568
  14,279
  15,023
  15,803
  16,620
  17,477
  18,375
  19,317
  20,305
Adjusted assets (=assets-cash), $m
  3,776
  4,059
  4,350
  4,652
  4,966
  5,293
  5,632
  5,986
  6,354
  6,737
  7,136
  7,553
  7,988
  8,441
  8,915
  9,409
  9,926
  10,467
  11,032
  11,623
  12,242
  12,890
  13,568
  14,279
  15,023
  15,803
  16,620
  17,477
  18,375
  19,317
  20,305
Revenue / Adjusted assets
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
Average production assets, $m
  1,037
  1,114
  1,193
  1,276
  1,362
  1,452
  1,545
  1,642
  1,743
  1,848
  1,958
  2,072
  2,191
  2,316
  2,446
  2,581
  2,723
  2,872
  3,027
  3,189
  3,359
  3,536
  3,722
  3,917
  4,122
  4,336
  4,560
  4,795
  5,041
  5,300
  5,571
Working capital, $m
  730
  214
  229
  245
  262
  279
  297
  316
  335
  355
  376
  398
  421
  445
  470
  496
  524
  552
  582
  613
  646
  680
  716
  753
  792
  834
  877
  922
  969
  1,019
  1,071
Total debt, $m
  1,068
  1,194
  1,325
  1,460
  1,602
  1,749
  1,901
  2,061
  2,226
  2,399
  2,578
  2,766
  2,961
  3,165
  3,379
  3,601
  3,834
  4,077
  4,331
  4,597
  4,876
  5,167
  5,473
  5,792
  6,127
  6,478
  6,846
  7,232
  7,636
  8,060
  8,504
Total liabilities, $m
  1,701
  1,827
  1,958
  2,093
  2,235
  2,382
  2,534
  2,694
  2,859
  3,032
  3,211
  3,399
  3,594
  3,798
  4,012
  4,234
  4,467
  4,710
  4,964
  5,230
  5,509
  5,800
  6,106
  6,425
  6,760
  7,111
  7,479
  7,865
  8,269
  8,693
  9,137
Total equity, $m
  2,607
  2,233
  2,393
  2,559
  2,731
  2,911
  3,098
  3,292
  3,495
  3,705
  3,925
  4,154
  4,393
  4,643
  4,903
  5,175
  5,459
  5,757
  6,068
  6,393
  6,733
  7,089
  7,463
  7,853
  8,263
  8,692
  9,141
  9,612
  10,106
  10,624
  11,168
Total liabilities and equity, $m
  4,308
  4,060
  4,351
  4,652
  4,966
  5,293
  5,632
  5,986
  6,354
  6,737
  7,136
  7,553
  7,987
  8,441
  8,915
  9,409
  9,926
  10,467
  11,032
  11,623
  12,242
  12,889
  13,569
  14,278
  15,023
  15,803
  16,620
  17,477
  18,375
  19,317
  20,305
Debt-to-equity ratio
  0.410
  0.530
  0.550
  0.570
  0.590
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
Adjusted equity ratio
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  80
  131
  149
  168
  188
  208
  229
  252
  275
  299
  324
  490
  518
  546
  576
  607
  639
  673
  708
  745
  784
  825
  867
  912
  958
  1,007
  1,058
  1,112
  1,168
  1,227
  1,289
Depreciation, amort., depletion, $m
  213
  273
  279
  285
  291
  298
  305
  312
  319
  327
  334
  150
  159
  168
  177
  187
  197
  208
  219
  231
  243
  256
  270
  284
  299
  314
  330
  347
  365
  384
  404
Funds from operations, $m
  352
  404
  428
  453
  479
  506
  534
  563
  594
  625
  658
  640
  676
  714
  753
  794
  836
  881
  927
  976
  1,027
  1,081
  1,137
  1,195
  1,257
  1,321
  1,389
  1,459
  1,534
  1,611
  1,693
Change in working capital, $m
  10
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
Cash from operations, $m
  342
  390
  413
  437
  463
  489
  516
  545
  574
  605
  637
  618
  653
  690
  728
  768
  809
  852
  898
  945
  995
  1,047
  1,101
  1,158
  1,218
  1,280
  1,346
  1,414
  1,486
  1,562
  1,641
Maintenance CAPEX, $m
  0
  -75
  -81
  -86
  -92
  -99
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -270
  -284
  -299
  -314
  -330
  -347
  -365
  -384
New CAPEX, $m
  -94
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -271
Cash from investing activities, $m
  -179
  -152
  -161
  -169
  -178
  -189
  -198
  -209
  -220
  -231
  -244
  -256
  -269
  -283
  -298
  -313
  -329
  -345
  -363
  -381
  -401
  -421
  -442
  -465
  -488
  -513
  -538
  -565
  -593
  -623
  -655
Free cash flow, $m
  163
  237
  253
  268
  284
  300
  318
  336
  354
  373
  393
  362
  384
  407
  430
  455
  480
  507
  535
  564
  594
  626
  659
  693
  730
  768
  807
  849
  892
  938
  986
Issuance/(repayment) of debt, $m
  -8
  127
  131
  136
  141
  147
  153
  159
  166
  172
  180
  187
  196
  204
  213
  223
  233
  243
  254
  266
  278
  292
  305
  320
  335
  351
  368
  386
  404
  424
  444
Issuance/(repurchase) of shares, $m
  6
  26
  11
  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  
  -11
  153
  142
  136
  141
  147
  153
  159
  166
  172
  180
  187
  196
  204
  213
  223
  233
  243
  254
  266
  278
  292
  305
  320
  335
  351
  368
  386
  404
  424
  444
Total cash flow (excl. dividends), $m
  149
  390
  394
  404
  425
  447
  471
  495
  520
  546
  573
  550
  580
  611
  643
  677
  713
  750
  789
  830
  872
  917
  964
  1,013
  1,065
  1,118
  1,175
  1,234
  1,297
  1,362
  1,430
Retained Cash Flow (-), $m
  -41
  -157
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -211
  -220
  -229
  -239
  -249
  -260
  -272
  -284
  -297
  -311
  -325
  -340
  -356
  -373
  -391
  -409
  -429
  -450
  -471
  -494
  -518
  -543
Prev. year cash balance distribution, $m
 
  531
  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
 
  764
  234
  238
  253
  268
  284
  300
  317
  335
  354
  321
  341
  361
  383
  405
  428
  453
  478
  504
  532
  561
  591
  622
  655
  690
  725
  763
  803
  844
  887
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
 
  732
  214
  207
  208
  208
  206
  203
  198
  193
  185
  152
  145
  137
  128
  119
  109
  98
  88
  78
  68
  58
  49
  41
  33
  27
  21
  16
  12
  9
  7
Current shareholders' claim on cash, %
  100
  99.6
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

QIAGEN N.V. (QIAGEN) is a holding company. The Company is engaged in providing Sample to Insight solutions that transform biological samples into molecular insights. Its Sample to Insight solutions integrate sample and assay technologies, bioinformatics and automation systems. Its sample technologies are used for isolating and preparing deoxyribonucleic acid (DNA), ribonucleic acid (RNA) and proteins from blood or other liquids, tissue, plants or other materials. Its assay technologies make these biomolecules visible for analysis, such as identifying the genetic information of a pathogen or a gene mutation in a tumor. Its bioinformatics solutions interpret data to provide actionable insights. The Company's automation platforms based on polymerase chain reaction (PCR), next-generation sequencing (NGS) and other technologies tie these together in molecular testing workflows from Sample to Insight.

FINANCIAL RATIOS  of  Qiagen (QGEN)

Valuation Ratios
P/E Ratio 94.8
Price to Sales 5.7
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 22.2
Price to Free Cash Flow 30.6
Growth Rates
Sales Growth Rate 4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.7%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 532
Current Ratio 0
LT Debt to Equity 40.9%
Total Debt to Equity 41%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 63.2%
Gross Margin - 3 Yr. Avg. 64.7%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 24.8%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate -40.4%
Eff/ Tax Rate - 3 Yr. Avg. -11.4%
Payout Ratio 0%

QGEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QGEN stock intrinsic value calculation we used $1338 million for the last fiscal year's total revenue generated by Qiagen. The default revenue input number comes from 2016 income statement of Qiagen. 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 QGEN stock valuation model: a) initial revenue growth rate of 7.4% 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 QGEN is calculated based on our internal credit rating of Qiagen, 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 Qiagen.
    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 QGEN stock the variable cost ratio is equal to 85.9%.

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 QGEN 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 Qiagen.

Corporate tax rate of 27% is the nominal tax rate for Qiagen. 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 QGEN 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 QGEN are equal to 77.5%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Qiagen 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 QGEN is equal to 14.9%. 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 - $2607 million for Qiagen - 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 232.137 million for Qiagen 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 Qiagen at the current share price and the inputted number of shares is $7.8 billion.

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COMPANY NEWS

▶ QIAGENs QuantiFERON-TB Gold Plus gains approval in Japan   [Feb-08-18 04:05PM  Business Wire]
▶ Qiagen reports 4Q loss   [05:02AM  Associated Press]
▶ Should You Buy QIAGEN NV (NYSE:QGEN) Now?   [07:09AM  Simply Wall St.]
▶ QIAGEN to Transfer U.S. Listing of Global Shares to NYSE   [Dec-08-17 04:05PM  PR Newswire]
▶ Qiagen meets 3Q profit forecasts   [Nov-06-17 05:44PM  Associated Press]
▶ Should You Sell QIAGEN (QGEN) Before Earnings?   [Nov-03-17 08:36AM  Zacks]
▶ ETFs with exposure to QIAGEN NV : November 2, 2017   [Nov-02-17 12:30PM  Capital Cube]
▶ Stocks With Rising Relative Strength: Qiagen   [03:00AM  Investor's Business Daily]
▶ Qiagen Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Qiagen Shows Improved Relative Strength; Still Shy Of Benchmark   [Oct-26-17 03:00AM  Investor's Business Daily]
▶ Qiagen Trying To Close In On Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Qiagen Trying To Close In On Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ QIAGEN NV Value Analysis (NASDAQ:QGEN) : August 14, 2017   [Aug-14-17 06:08PM  Capital Cube]
▶ A Beat From Qiagen NV, but Only Half a Raise   [Jul-31-17 12:49PM  Motley Fool]
▶ Qiagen beats Street 2Q forecasts   [Jul-27-17 05:46PM  Associated Press]
▶ ETFs with exposure to QIAGEN NV : July 5, 2017   [Jul-05-17 01:07PM  Capital Cube]
▶ ETFs with exposure to QIAGEN NV : June 22, 2017   [Jun-22-17 04:18PM  Capital Cube]
Financial statements of QGEN
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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