Intrinsic value of uniQure - QURE

Previous Close

$8.72

  Intrinsic Value

$0.61

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

+13%

Previous close

$8.72

 
Intrinsic value

$0.61

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

+13%

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

We calculate the intrinsic value of QURE 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 0.2

 

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, %
  127.27
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  25
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Variable operating expenses, $m
 
  59
  91
  137
  198
  280
  385
  517
  678
  873
  1,103
  1,369
  1,674
  2,018
  2,401
  2,823
  3,284
  3,783
  4,319
  4,891
  5,499
  6,142
  6,819
  7,529
  8,272
  9,049
  9,859
  10,702
  11,579
  12,491
  13,440
Fixed operating expenses, $m
 
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
Total operating expenses, $m
  97
  129
  162
  210
  273
  357
  464
  598
  761
  958
  1,190
  1,458
  1,765
  2,112
  2,497
  2,921
  3,385
  3,886
  4,425
  5,000
  5,610
  6,256
  6,936
  7,649
  8,395
  9,175
  9,988
  10,834
  11,715
  12,630
  13,583
Operating income, $m
  -72
  -89
  -101
  -118
  -139
  -168
  -204
  -248
  -303
  -368
  -445
  -533
  -634
  -748
  -875
  -1,014
  -1,166
  -1,330
  -1,507
  -1,695
  -1,895
  -2,106
  -2,329
  -2,562
  -2,806
  -3,061
  -3,327
  -3,603
  -3,891
  -4,190
  -4,501
EBITDA, $m
  -66
  -83
  -92
  -103
  -119
  -139
  -164
  -195
  -232
  -277
  -330
  -391
  -460
  -538
  -625
  -720
  -824
  -937
  -1,057
  -1,186
  -1,323
  -1,467
  -1,619
  -1,778
  -1,945
  -2,119
  -2,301
  -2,490
  -2,686
  -2,891
  -3,103
Interest expense (income), $m
  2
  2
  8
  19
  33
  53
  79
  112
  154
  205
  267
  340
  425
  522
  632
  754
  888
  1,035
  1,194
  1,364
  1,547
  1,740
  1,945
  2,160
  2,386
  2,623
  2,870
  3,128
  3,397
  3,676
  3,966
Earnings before tax, $m
  -72
  -91
  -109
  -136
  -172
  -220
  -282
  -360
  -457
  -573
  -712
  -874
  -1,060
  -1,271
  -1,507
  -1,768
  -2,054
  -2,365
  -2,700
  -3,059
  -3,442
  -3,846
  -4,273
  -4,722
  -5,192
  -5,684
  -6,197
  -6,732
  -7,288
  -7,866
  -8,468
Tax expense, $m
  1
  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
  -73
  -91
  -109
  -136
  -172
  -220
  -282
  -360
  -457
  -573
  -712
  -874
  -1,060
  -1,271
  -1,507
  -1,768
  -2,054
  -2,365
  -2,700
  -3,059
  -3,442
  -3,846
  -4,273
  -4,722
  -5,192
  -5,684
  -6,197
  -6,732
  -7,288
  -7,866
  -8,468

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  133
  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
  190
  209
  324
  484
  702
  991
  1,362
  1,828
  2,400
  3,088
  3,901
  4,844
  5,922
  7,138
  8,493
  9,987
  11,617
  13,382
  15,278
  17,303
  19,454
  21,727
  24,121
  26,634
  29,264
  32,011
  34,875
  37,859
  40,962
  44,190
  47,544
Adjusted assets (=assets-cash), $m
  57
  209
  324
  484
  702
  991
  1,362
  1,828
  2,400
  3,088
  3,901
  4,844
  5,922
  7,138
  8,493
  9,987
  11,617
  13,382
  15,278
  17,303
  19,454
  21,727
  24,121
  26,634
  29,264
  32,011
  34,875
  37,859
  40,962
  44,190
  47,544
Revenue / Adjusted assets
  0.439
  0.191
  0.191
  0.190
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
Average production assets, $m
  39
  62
  95
  142
  207
  291
  401
  538
  706
  908
  1,147
  1,425
  1,742
  2,100
  2,498
  2,937
  3,417
  3,936
  4,494
  5,090
  5,722
  6,391
  7,095
  7,834
  8,608
  9,416
  10,258
  11,136
  12,049
  12,998
  13,985
Working capital, $m
  121
  -4
  -6
  -9
  -13
  -19
  -26
  -35
  -46
  -59
  -75
  -93
  -113
  -136
  -162
  -191
  -222
  -256
  -292
  -330
  -372
  -415
  -461
  -509
  -559
  -611
  -666
  -723
  -782
  -844
  -908
Total debt, $m
  20
  82
  185
  329
  526
  785
  1,120
  1,539
  2,054
  2,674
  3,405
  4,254
  5,224
  6,319
  7,538
  8,882
  10,349
  11,937
  13,644
  15,467
  17,403
  19,449
  21,603
  23,865
  26,232
  28,704
  31,282
  33,967
  36,760
  39,665
  42,683
Total liabilities, $m
  127
  188
  291
  435
  632
  891
  1,226
  1,645
  2,160
  2,780
  3,511
  4,360
  5,330
  6,425
  7,644
  8,988
  10,455
  12,043
  13,750
  15,573
  17,509
  19,555
  21,709
  23,971
  26,338
  28,810
  31,388
  34,073
  36,866
  39,771
  42,789
Total equity, $m
  64
  21
  32
  48
  70
  99
  136
  183
  240
  309
  390
  484
  592
  714
  849
  999
  1,162
  1,338
  1,528
  1,730
  1,945
  2,173
  2,412
  2,663
  2,926
  3,201
  3,488
  3,786
  4,096
  4,419
  4,754
Total liabilities and equity, $m
  191
  209
  323
  483
  702
  990
  1,362
  1,828
  2,400
  3,089
  3,901
  4,844
  5,922
  7,139
  8,493
  9,987
  11,617
  13,381
  15,278
  17,303
  19,454
  21,728
  24,121
  26,634
  29,264
  32,011
  34,876
  37,859
  40,962
  44,190
  47,543
Debt-to-equity ratio
  0.313
  3.940
  5.720
  6.810
  7.490
  7.930
  8.220
  8.420
  8.560
  8.660
  8.730
  8.780
  8.820
  8.850
  8.880
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
Adjusted equity ratio
  -1.211
  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
  -73
  -91
  -109
  -136
  -172
  -220
  -282
  -360
  -457
  -573
  -712
  -874
  -1,060
  -1,271
  -1,507
  -1,768
  -2,054
  -2,365
  -2,700
  -3,059
  -3,442
  -3,846
  -4,273
  -4,722
  -5,192
  -5,684
  -6,197
  -6,732
  -7,288
  -7,866
  -8,468
Depreciation, amort., depletion, $m
  6
  6
  10
  14
  21
  29
  40
  54
  71
  91
  115
  142
  174
  210
  250
  294
  342
  394
  449
  509
  572
  639
  710
  783
  861
  942
  1,026
  1,114
  1,205
  1,300
  1,398
Funds from operations, $m
  -82
  -85
  -100
  -122
  -152
  -191
  -242
  -307
  -386
  -483
  -597
  -731
  -886
  -1,061
  -1,257
  -1,474
  -1,712
  -1,972
  -2,251
  -2,551
  -2,869
  -3,207
  -3,564
  -3,939
  -4,332
  -4,742
  -5,171
  -5,618
  -6,083
  -6,567
  -7,069
Change in working capital, $m
  -10
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -23
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
Cash from operations, $m
  -72
  -83
  -98
  -119
  -148
  -186
  -235
  -298
  -375
  -469
  -582
  -713
  -865
  -1,037
  -1,231
  -1,446
  -1,681
  -1,938
  -2,215
  -2,512
  -2,828
  -3,164
  -3,518
  -3,891
  -4,281
  -4,690
  -5,116
  -5,561
  -6,024
  -6,505
  -7,005
Maintenance CAPEX, $m
  0
  -4
  -6
  -10
  -14
  -21
  -29
  -40
  -54
  -71
  -91
  -115
  -142
  -174
  -210
  -250
  -294
  -342
  -394
  -449
  -509
  -572
  -639
  -710
  -783
  -861
  -942
  -1,026
  -1,114
  -1,205
  -1,300
New CAPEX, $m
  -17
  -23
  -34
  -47
  -64
  -85
  -109
  -137
  -168
  -202
  -239
  -277
  -317
  -358
  -399
  -439
  -480
  -519
  -558
  -596
  -633
  -669
  -704
  -739
  -774
  -808
  -843
  -877
  -913
  -949
  -987
Cash from investing activities, $m
  -18
  -27
  -40
  -57
  -78
  -106
  -138
  -177
  -222
  -273
  -330
  -392
  -459
  -532
  -609
  -689
  -774
  -861
  -952
  -1,045
  -1,142
  -1,241
  -1,343
  -1,449
  -1,557
  -1,669
  -1,785
  -1,903
  -2,027
  -2,154
  -2,287
Free cash flow, $m
  -90
  -110
  -137
  -175
  -226
  -291
  -373
  -475
  -597
  -743
  -912
  -1,105
  -1,325
  -1,569
  -1,839
  -2,135
  -2,455
  -2,799
  -3,166
  -3,557
  -3,970
  -4,405
  -4,861
  -5,339
  -5,838
  -6,359
  -6,901
  -7,464
  -8,050
  -8,659
  -9,292
Issuance/(repayment) of debt, $m
  0
  63
  103
  144
  196
  260
  334
  420
  515
  619
  731
  849
  970
  1,094
  1,219
  1,344
  1,467
  1,588
  1,707
  1,823
  1,936
  2,046
  2,155
  2,261
  2,367
  2,472
  2,578
  2,685
  2,793
  2,904
  3,019
Issuance/(repurchase) of shares, $m
  3
  106
  121
  152
  194
  249
  319
  407
  514
  642
  793
  968
  1,168
  1,392
  1,642
  1,917
  2,217
  2,542
  2,890
  3,262
  3,657
  4,074
  4,513
  4,973
  5,455
  5,959
  6,483
  7,030
  7,598
  8,189
  8,803
Cash from financing (excl. dividends), $m  
  2
  169
  224
  296
  390
  509
  653
  827
  1,029
  1,261
  1,524
  1,817
  2,138
  2,486
  2,861
  3,261
  3,684
  4,130
  4,597
  5,085
  5,593
  6,120
  6,668
  7,234
  7,822
  8,431
  9,061
  9,715
  10,391
  11,093
  11,822
Total cash flow (excl. dividends), $m
  -89
  59
  86
  121
  165
  218
  280
  352
  432
  519
  613
  711
  813
  917
  1,022
  1,127
  1,230
  1,331
  1,431
  1,528
  1,622
  1,715
  1,806
  1,895
  1,984
  2,072
  2,161
  2,250
  2,341
  2,435
  2,530
Retained Cash Flow (-), $m
  64
  -106
  -121
  -152
  -194
  -249
  -319
  -407
  -514
  -642
  -793
  -968
  -1,168
  -1,392
  -1,642
  -1,917
  -2,217
  -2,542
  -2,890
  -3,262
  -3,657
  -4,074
  -4,513
  -4,973
  -5,455
  -5,959
  -6,483
  -7,030
  -7,598
  -8,189
  -8,803
Prev. year cash balance distribution, $m
 
  58
  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
 
  11
  -35
  -31
  -30
  -32
  -39
  -55
  -82
  -123
  -180
  -257
  -354
  -475
  -620
  -791
  -987
  -1,210
  -1,459
  -1,734
  -2,034
  -2,359
  -2,707
  -3,078
  -3,471
  -3,886
  -4,323
  -4,779
  -5,257
  -5,755
  -6,273
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
 
  11
  -32
  -27
  -24
  -24
  -29
  -37
  -51
  -71
  -95
  -122
  -151
  -181
  -208
  -232
  -251
  -263
  -269
  -267
  -258
  -244
  -225
  -202
  -177
  -151
  -126
  -103
  -81
  -63
  -47
Current shareholders' claim on cash, %
  100
  16.8
  6.4
  2.7
  1.3
  0.6
  0.3
  0.2
  0.1
  0.1
  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

uniQure N.V., a biopharmaceutical company, engages in the discovery, development, and commercialization of gene therapies in the Netherlands. The company offers Glybera, a gene therapy product for the treatment of patients with lipoprotein lipase deficiency. It is also developing AMT-060, a gene therapy that is in Phase I/II clinical trial for the treatment of hemophilia B; AMT-110, a gene therapy that has been completed Phase I/II clinical trial for the treatment of sanfilippo B syndrome; AAV2/glial cell line-derived neurotrophic factor, which is in Phase I clinical trial for the treatment of parkinson's disease; S100A1, a preclinical product candidate for the treatment of congestive heart failure; AMT-130 for the treatment of huntington's disease; and AAV5 for the treatment of hemophilia A. The company has collaborations with Bristol-Myers Squibb Company, 4D Molecular Therapeutics, Treeway B.V., Chiesi Farmaceutici S.p.A. uniQure N.V. was founded in 1998 and is headquartered in Amsterdam, the Netherlands.

FINANCIAL RATIOS  of  uniQure (QURE)

Valuation Ratios
P/E Ratio -3
Price to Sales 8.8
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow -3.1
Price to Free Cash Flow -2.5
Growth Rates
Sales Growth Rate 127.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 112.5%
Cap. Spend. - 3 Yr. Gr. Rate 19.4%
Financial Strength
Quick Ratio 133
Current Ratio 0
LT Debt to Equity 29.7%
Total Debt to Equity 31.3%
Interest Coverage -35
Management Effectiveness
Return On Assets -31.3%
Ret/ On Assets - 3 Yr. Avg. -46.2%
Return On Total Capital -62.9%
Ret/ On T. Cap. - 3 Yr. Avg. -88.2%
Return On Equity -76%
Return On Equity - 3 Yr. Avg. -118.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -256%
EBITDA Margin - 3 Yr. Avg. -562.6%
Operating Margin -288%
Oper. Margin - 3 Yr. Avg. -611.2%
Pre-Tax Margin -288%
Pre-Tax Margin - 3 Yr. Avg. -625.3%
Net Profit Margin -292%
Net Profit Margin - 3 Yr. Avg. -623.6%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. -0.1%
Payout Ratio 0%

QURE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QURE stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by uniQure. The default revenue input number comes from 2016 income statement of uniQure. 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 QURE stock valuation model: a) initial revenue growth rate of 60% 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 QURE is calculated based on our internal credit rating of uniQure, 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 uniQure.
    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 QURE stock the variable cost ratio is equal to 148%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $68 million in the base year in the intrinsic value calculation for QURE 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 10% for uniQure.

Corporate tax rate of 27% is the nominal tax rate for uniQure. 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 QURE 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 QURE are equal to 154%.

Life of production assets of 10 years is the average useful life of capital assets used in uniQure 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 QURE is equal to -10%. 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 - $64 million for uniQure - 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 26.045 million for uniQure 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 uniQure at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ UniQure reports 2Q loss   [Aug-08-17 05:22PM  Associated Press]
▶ Will Uniqure (QURE) Continue to Surge Higher?   [Feb-10-17 03:32AM  Zacks]
▶ uniQure Appoints Matthew Kapusta as Chief Executive Officer   [Dec-19-16 07:00AM  GlobeNewswire]
▶ Many Billion-Dollar Biobuck Drug Deals Go Bust   [Nov-28-16 04:50AM  at Investopedia]
▶ UniQure Sees $22M Savings on Restructuring (QURE)   [Nov-17-16 12:00PM  at Investopedia]
▶ uniQure Announces Management and Board Changes   [Sep-22-16 04:18PM  GlobeNewswire]
▶ uniQure Appoints Jonathan Garen as Chief Business Officer   [Jul-07-16 06:43AM  GlobeNewswire]
▶ uniQure Appoints Paul Firuta as Chief Commercial Officer   [May-03-16 05:00AM  GlobeNewswire]
▶ What recent gene therapy offerings tell us about todays Editas IPO   [Feb-03-16 07:00AM  at bizjournals.com]
▶ Lightning Round: Take the money and run   [Jan-27-16 07:00PM  at CNBC]
▶ Xenon Outlines Key Milestones for 2016   [08:00AM  GlobeNewswire]
Stock chart of QURE Financial statements of QURE
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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