Intrinsic value of Qiagen - QGEN

Previous Close

$31.26

  Intrinsic Value

$16.45

stock screener

  Rating & Target

sell

-47%

Previous close

$31.26

 
Intrinsic value

$16.45

 
Up/down potential

-47%

 
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

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 7.2

 

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
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  1,338
  1,398
  1,462
  1,529
  1,600
  1,675
  1,753
  1,836
  1,924
  2,016
  2,113
  2,215
  2,322
  2,435
  2,553
  2,678
  2,809
  2,947
  3,092
  3,244
  3,404
  3,573
  3,749
  3,935
  4,130
  4,335
  4,550
  4,776
  5,013
  5,263
  5,525
Variable operating expenses, $m
 
  1,192
  1,238
  1,286
  1,337
  1,390
  1,446
  1,506
  1,568
  1,634
  1,703
  1,584
  1,660
  1,741
  1,826
  1,915
  2,009
  2,107
  2,211
  2,320
  2,434
  2,555
  2,681
  2,814
  2,953
  3,100
  3,253
  3,415
  3,585
  3,763
  3,950
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
  1,192
  1,238
  1,286
  1,337
  1,390
  1,446
  1,506
  1,568
  1,634
  1,703
  1,584
  1,660
  1,741
  1,826
  1,915
  2,009
  2,107
  2,211
  2,320
  2,434
  2,555
  2,681
  2,814
  2,953
  3,100
  3,253
  3,415
  3,585
  3,763
  3,950
Operating income, $m
  99
  206
  224
  243
  263
  285
  307
  331
  356
  382
  409
  631
  662
  694
  728
  763
  801
  840
  881
  924
  970
  1,018
  1,068
  1,121
  1,177
  1,235
  1,296
  1,361
  1,429
  1,500
  1,574
EBITDA, $m
  312
  477
  499
  522
  546
  571
  598
  626
  656
  688
  721
  755
  792
  831
  871
  914
  958
  1,005
  1,055
  1,107
  1,161
  1,219
  1,279
  1,342
  1,409
  1,479
  1,552
  1,629
  1,710
  1,795
  1,884
Interest expense (income), $m
  18
  37
  40
  43
  46
  49
  52
  56
  60
  63
  68
  72
  76
  81
  86
  91
  97
  103
  109
  115
  122
  129
  137
  145
  153
  162
  171
  180
  190
  201
  212
Earnings before tax, $m
  57
  168
  184
  200
  217
  236
  255
  275
  296
  318
  342
  559
  585
  613
  641
  672
  704
  737
  772
  809
  848
  889
  932
  977
  1,024
  1,074
  1,126
  1,181
  1,238
  1,299
  1,362
Tax expense, $m
  -23
  45
  50
  54
  59
  64
  69
  74
  80
  86
  92
  151
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  252
  264
  276
  290
  304
  319
  334
  351
  368
Net income, $m
  80
  123
  134
  146
  159
  172
  186
  201
  216
  232
  250
  408
  427
  447
  468
  490
  514
  538
  564
  591
  619
  649
  680
  713
  747
  784
  822
  862
  904
  948
  994

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
  3,950
  4,129
  4,319
  4,519
  4,731
  4,953
  5,188
  5,435
  5,695
  5,968
  6,256
  6,559
  6,878
  7,213
  7,566
  7,936
  8,326
  8,735
  9,165
  9,617
  10,092
  10,591
  11,116
  11,666
  12,245
  12,853
  13,491
  14,162
  14,867
  15,606
Adjusted assets (=assets-cash), $m
  3,776
  3,950
  4,129
  4,319
  4,519
  4,731
  4,953
  5,188
  5,435
  5,695
  5,968
  6,256
  6,559
  6,878
  7,213
  7,566
  7,936
  8,326
  8,735
  9,165
  9,617
  10,092
  10,591
  11,116
  11,666
  12,245
  12,853
  13,491
  14,162
  14,867
  15,606
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
  1,084
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,800
  1,887
  1,979
  2,076
  2,177
  2,284
  2,396
  2,514
  2,638
  2,769
  2,906
  3,050
  3,201
  3,359
  3,526
  3,701
  3,885
  4,079
  4,282
Working capital, $m
  730
  208
  218
  228
  238
  250
  261
  274
  287
  300
  315
  330
  346
  363
  380
  399
  419
  439
  461
  483
  507
  532
  559
  586
  615
  646
  678
  712
  747
  784
  823
Total debt, $m
  1,068
  1,144
  1,225
  1,311
  1,401
  1,496
  1,596
  1,701
  1,813
  1,930
  2,053
  2,182
  2,319
  2,462
  2,613
  2,772
  2,938
  3,114
  3,298
  3,491
  3,695
  3,908
  4,133
  4,369
  4,617
  4,877
  5,151
  5,438
  5,740
  6,057
  6,390
Total liabilities, $m
  1,701
  1,777
  1,858
  1,944
  2,034
  2,129
  2,229
  2,334
  2,446
  2,563
  2,686
  2,815
  2,952
  3,095
  3,246
  3,405
  3,571
  3,747
  3,931
  4,124
  4,328
  4,541
  4,766
  5,002
  5,250
  5,510
  5,784
  6,071
  6,373
  6,690
  7,023
Total equity, $m
  2,607
  2,172
  2,271
  2,376
  2,486
  2,602
  2,724
  2,853
  2,989
  3,132
  3,283
  3,441
  3,608
  3,783
  3,967
  4,161
  4,365
  4,579
  4,804
  5,041
  5,289
  5,551
  5,825
  6,114
  6,417
  6,735
  7,069
  7,420
  7,789
  8,177
  8,584
Total liabilities and equity, $m
  4,308
  3,949
  4,129
  4,320
  4,520
  4,731
  4,953
  5,187
  5,435
  5,695
  5,969
  6,256
  6,560
  6,878
  7,213
  7,566
  7,936
  8,326
  8,735
  9,165
  9,617
  10,092
  10,591
  11,116
  11,667
  12,245
  12,853
  13,491
  14,162
  14,867
  15,607
Debt-to-equity ratio
  0.410
  0.530
  0.540
  0.550
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.740
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
  123
  134
  146
  159
  172
  186
  201
  216
  232
  250
  408
  427
  447
  468
  490
  514
  538
  564
  591
  619
  649
  680
  713
  747
  784
  822
  862
  904
  948
  994
Depreciation, amort., depletion, $m
  213
  271
  275
  278
  282
  287
  291
  296
  301
  306
  311
  124
  130
  137
  143
  150
  158
  166
  174
  182
  191
  201
  211
  221
  232
  243
  256
  268
  282
  296
  310
Funds from operations, $m
  352
  394
  409
  425
  441
  459
  477
  496
  517
  538
  561
  533
  558
  584
  612
  641
  671
  704
  737
  773
  810
  849
  891
  934
  979
  1,027
  1,077
  1,130
  1,185
  1,244
  1,305
Change in working capital, $m
  10
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
Cash from operations, $m
  342
  385
  399
  415
  431
  447
  465
  484
  504
  525
  546
  517
  542
  567
  594
  622
  652
  683
  716
  750
  786
  824
  864
  906
  950
  997
  1,045
  1,096
  1,150
  1,206
  1,266
Maintenance CAPEX, $m
  0
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -143
  -150
  -158
  -166
  -174
  -182
  -191
  -201
  -211
  -221
  -232
  -243
  -256
  -268
  -282
  -296
New CAPEX, $m
  -94
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
Cash from investing activities, $m
  -179
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -171
  -179
  -188
  -198
  -207
  -217
  -229
  -240
  -252
  -265
  -278
  -292
  -306
  -321
  -338
  -355
  -372
  -391
  -410
  -431
  -452
  -475
  -499
Free cash flow, $m
  163
  263
  272
  280
  290
  300
  310
  321
  333
  345
  358
  320
  334
  349
  365
  382
  400
  418
  438
  458
  480
  503
  527
  552
  578
  606
  635
  666
  698
  732
  767
Issuance/(repayment) of debt, $m
  -8
  77
  81
  85
  90
  95
  100
  106
  111
  117
  123
  130
  136
  143
  151
  159
  167
  175
  184
  194
  203
  214
  225
  236
  248
  260
  274
  287
  302
  317
  333
Issuance/(repurchase) of shares, $m
  6
  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 from financing (excl. dividends), $m  
  -11
  77
  81
  85
  90
  95
  100
  106
  111
  117
  123
  130
  136
  143
  151
  159
  167
  175
  184
  194
  203
  214
  225
  236
  248
  260
  274
  287
  302
  317
  333
Total cash flow (excl. dividends), $m
  149
  340
  352
  366
  380
  395
  410
  427
  444
  462
  481
  449
  471
  493
  516
  541
  566
  594
  622
  652
  684
  717
  751
  788
  826
  866
  909
  953
  1,000
  1,049
  1,100
Retained Cash Flow (-), $m
  -41
  -96
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -194
  -204
  -214
  -225
  -237
  -249
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -369
  -387
  -407
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
 
  775
  254
  261
  270
  279
  288
  298
  308
  319
  331
  291
  304
  317
  332
  347
  363
  379
  397
  415
  435
  455
  477
  499
  523
  548
  574
  602
  631
  661
  693
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
 
  743
  232
  228
  222
  216
  209
  201
  193
  183
  173
  138
  130
  121
  111
  102
  92
  83
  73
  64
  55
  47
  40
  33
  27
  21
  17
  13
  10
  7
  5
Current shareholders' claim on cash, %
  100
  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
  100.0

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 88.3
Price to Sales 5.3
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 28.5
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 4.5% 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 230.882 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 $7.2 billion.

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COMPANY NEWS

▶ 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]
▶ 3 Top Gene-Sequencing Stocks Poised for Solid Growth   [May-31-17 04:42PM  Motley Fool]
▶ QIAGEN NV's Getting It Done   [May-04-17 02:40PM  Motley Fool]
▶ Qiagen beats Street 1Q forecasts   [May-02-17 07:07PM  Associated Press]
▶ QIAGEN NV Value Analysis (NASDAQ:QGEN) : April 26, 2017   [Apr-26-17 04:30PM  Capital Cube]
▶ The Top Gene-Sequencing Stock to Buy in 2017   [Apr-20-17 04:20PM  Motley Fool]
▶ QIAGEN Posts 2016 Annual Report on its Website   [Apr-06-17 12:15PM  PR Newswire]
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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