Intrinsic value of Retrophin - RTRX

Previous Close

$23.91

  Intrinsic Value

$2.00

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-128%

Previous close

$23.91

 
Intrinsic value

$2.00

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-128%

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

We calculate the intrinsic value of RTRX 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, %
  34.00
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  134
  158
  185
  214
  245
  279
  315
  353
  392
  434
  478
  524
  572
  622
  674
  728
  784
  843
  903
  966
  1,032
  1,100
  1,171
  1,245
  1,322
  1,402
  1,485
  1,572
  1,663
  1,757
  1,856
Variable operating expenses, $m
 
  220
  257
  297
  341
  387
  437
  489
  544
  603
  664
  727
  794
  863
  935
  1,010
  1,088
  1,169
  1,253
  1,341
  1,432
  1,526
  1,625
  1,727
  1,833
  1,944
  2,060
  2,181
  2,306
  2,438
  2,575
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
  192
  220
  257
  297
  341
  387
  437
  489
  544
  603
  664
  727
  794
  863
  935
  1,010
  1,088
  1,169
  1,253
  1,341
  1,432
  1,526
  1,625
  1,727
  1,833
  1,944
  2,060
  2,181
  2,306
  2,438
  2,575
Operating income, $m
  -58
  -61
  -72
  -83
  -95
  -108
  -122
  -137
  -152
  -168
  -185
  -203
  -222
  -241
  -261
  -282
  -304
  -326
  -350
  -374
  -400
  -426
  -453
  -482
  -512
  -543
  -575
  -609
  -644
  -680
  -719
EBITDA, $m
  -42
  -43
  -50
  -57
  -66
  -75
  -84
  -95
  -105
  -117
  -128
  -141
  -154
  -167
  -181
  -195
  -210
  -226
  -242
  -259
  -277
  -295
  -314
  -334
  -355
  -376
  -399
  -422
  -446
  -472
  -498
Interest expense (income), $m
  2
  2
  4
  6
  8
  10
  13
  15
  18
  21
  24
  27
  30
  34
  38
  41
  45
  49
  54
  58
  63
  67
  72
  78
  83
  89
  94
  101
  107
  113
  120
Earnings before tax, $m
  -58
  -63
  -76
  -89
  -103
  -118
  -135
  -152
  -170
  -189
  -209
  -230
  -252
  -275
  -299
  -323
  -349
  -376
  -403
  -432
  -462
  -494
  -526
  -560
  -595
  -631
  -669
  -709
  -751
  -794
  -839
Tax expense, $m
  -10
  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
  -48
  -63
  -76
  -89
  -103
  -118
  -135
  -152
  -170
  -189
  -209
  -230
  -252
  -275
  -299
  -323
  -349
  -376
  -403
  -432
  -462
  -494
  -526
  -560
  -595
  -631
  -669
  -709
  -751
  -794
  -839

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  256
  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
  525
  318
  372
  430
  493
  560
  632
  708
  788
  872
  960
  1,053
  1,149
  1,249
  1,353
  1,462
  1,575
  1,692
  1,814
  1,941
  2,072
  2,209
  2,352
  2,500
  2,654
  2,815
  2,982
  3,156
  3,338
  3,528
  3,727
Adjusted assets (=assets-cash), $m
  269
  318
  372
  430
  493
  560
  632
  708
  788
  872
  960
  1,053
  1,149
  1,249
  1,353
  1,462
  1,575
  1,692
  1,814
  1,941
  2,072
  2,209
  2,352
  2,500
  2,654
  2,815
  2,982
  3,156
  3,338
  3,528
  3,727
Revenue / Adjusted assets
  0.498
  0.497
  0.497
  0.498
  0.497
  0.498
  0.498
  0.499
  0.497
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
Average production assets, $m
  172
  203
  238
  275
  315
  358
  404
  453
  504
  558
  614
  673
  735
  799
  865
  935
  1,007
  1,082
  1,160
  1,241
  1,325
  1,413
  1,504
  1,598
  1,697
  1,800
  1,907
  2,018
  2,135
  2,256
  2,383
Working capital, $m
  249
  -8
  -10
  -11
  -13
  -15
  -16
  -18
  -20
  -23
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -97
Total debt, $m
  44
  84
  127
  174
  225
  279
  337
  398
  463
  531
  602
  676
  754
  835
  919
  1,007
  1,098
  1,193
  1,291
  1,393
  1,499
  1,610
  1,725
  1,844
  1,969
  2,098
  2,233
  2,374
  2,521
  2,674
  2,835
Total liabilities, $m
  218
  257
  300
  347
  398
  452
  510
  571
  636
  704
  775
  849
  927
  1,008
  1,092
  1,180
  1,271
  1,366
  1,464
  1,566
  1,672
  1,783
  1,898
  2,017
  2,142
  2,271
  2,406
  2,547
  2,694
  2,847
  3,008
Total equity, $m
  308
  61
  72
  83
  95
  108
  122
  137
  152
  168
  185
  203
  222
  241
  261
  282
  304
  327
  350
  375
  400
  426
  454
  482
  512
  543
  576
  609
  644
  681
  719
Total liabilities and equity, $m
  526
  318
  372
  430
  493
  560
  632
  708
  788
  872
  960
  1,052
  1,149
  1,249
  1,353
  1,462
  1,575
  1,693
  1,814
  1,941
  2,072
  2,209
  2,352
  2,499
  2,654
  2,814
  2,982
  3,156
  3,338
  3,528
  3,727
Debt-to-equity ratio
  0.143
  1.360
  1.770
  2.100
  2.360
  2.580
  2.760
  2.920
  3.040
  3.150
  3.250
  3.330
  3.400
  3.460
  3.520
  3.570
  3.610
  3.650
  3.690
  3.720
  3.750
  3.780
  3.800
  3.820
  3.840
  3.860
  3.880
  3.900
  3.910
  3.930
  3.940
Adjusted equity ratio
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193
  0.193

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -48
  -63
  -76
  -89
  -103
  -118
  -135
  -152
  -170
  -189
  -209
  -230
  -252
  -275
  -299
  -323
  -349
  -376
  -403
  -432
  -462
  -494
  -526
  -560
  -595
  -631
  -669
  -709
  -751
  -794
  -839
Depreciation, amort., depletion, $m
  16
  19
  22
  26
  29
  33
  38
  42
  47
  52
  57
  62
  68
  74
  80
  87
  93
  100
  107
  115
  123
  131
  139
  148
  157
  167
  177
  187
  198
  209
  221
Funds from operations, $m
  3
  -44
  -53
  -63
  -74
  -85
  -97
  -110
  -123
  -137
  -152
  -168
  -184
  -201
  -218
  -237
  -256
  -276
  -296
  -317
  -340
  -363
  -387
  -412
  -438
  -465
  -493
  -522
  -553
  -585
  -618
Change in working capital, $m
  5
  -1
  -1
  -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
Cash from operations, $m
  -2
  -43
  -52
  -62
  -72
  -83
  -95
  -108
  -121
  -135
  -150
  -165
  -181
  -198
  -216
  -234
  -253
  -273
  -293
  -314
  -336
  -359
  -383
  -408
  -434
  -461
  -489
  -518
  -548
  -580
  -613
Maintenance CAPEX, $m
  0
  -16
  -19
  -22
  -25
  -29
  -33
  -37
  -42
  -47
  -52
  -57
  -62
  -68
  -74
  -80
  -87
  -93
  -100
  -107
  -115
  -123
  -131
  -139
  -148
  -157
  -167
  -177
  -187
  -198
  -209
New CAPEX, $m
  -12
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -127
Cash from investing activities, $m
  10
  -47
  -53
  -59
  -65
  -72
  -79
  -86
  -93
  -101
  -108
  -116
  -124
  -132
  -141
  -149
  -159
  -168
  -178
  -188
  -199
  -211
  -222
  -234
  -247
  -260
  -274
  -289
  -303
  -319
  -336
Free cash flow, $m
  8
  -91
  -105
  -121
  -138
  -155
  -174
  -194
  -214
  -236
  -258
  -281
  -305
  -330
  -356
  -383
  -412
  -441
  -471
  -503
  -535
  -569
  -605
  -642
  -680
  -720
  -762
  -806
  -852
  -899
  -949
Issuance/(repayment) of debt, $m
  0
  40
  43
  47
  51
  54
  58
  61
  65
  68
  71
  74
  78
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  120
  124
  130
  135
  141
  147
  153
  160
Issuance/(repurchase) of shares, $m
  10
  73
  86
  100
  115
  131
  148
  166
  185
  205
  226
  248
  271
  294
  319
  344
  371
  398
  427
  457
  488
  520
  553
  588
  625
  662
  702
  743
  786
  831
  877
Cash from financing (excl. dividends), $m  
  -6
  113
  129
  147
  166
  185
  206
  227
  250
  273
  297
  322
  349
  375
  403
  432
  462
  493
  525
  559
  594
  630
  668
  708
  749
  792
  837
  884
  933
  984
  1,037
Total cash flow (excl. dividends), $m
  3
  22
  24
  26
  28
  30
  32
  34
  36
  38
  39
  41
  43
  45
  47
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  72
  75
  78
  81
  85
  88
Retained Cash Flow (-), $m
  -8
  -73
  -86
  -100
  -115
  -131
  -148
  -166
  -185
  -205
  -226
  -248
  -271
  -294
  -319
  -344
  -371
  -398
  -427
  -457
  -488
  -520
  -553
  -588
  -625
  -662
  -702
  -743
  -786
  -831
  -877
Prev. year cash balance distribution, $m
 
  256
  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
 
  205
  -62
  -74
  -87
  -101
  -116
  -133
  -150
  -168
  -187
  -207
  -228
  -249
  -272
  -296
  -321
  -346
  -373
  -400
  -429
  -459
  -490
  -522
  -556
  -591
  -627
  -665
  -705
  -746
  -789
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
 
  197
  -57
  -64
  -72
  -78
  -84
  -90
  -94
  -96
  -98
  -98
  -97
  -95
  -91
  -87
  -81
  -75
  -69
  -62
  -55
  -47
  -41
  -34
  -28
  -23
  -18
  -14
  -11
  -8
  -6
Current shareholders' claim on cash, %
  100
  68.1
  46.3
  31.6
  21.6
  14.7
  10.1
  6.9
  4.8
  3.3
  2.3
  1.6
  1.1
  0.7
  0.5
  0.4
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Retrophin, Inc. is a biopharmaceutical company. The Company is focused on the development, acquisition and commercialization of therapies for the treatment of serious, catastrophic or rare diseases. The Company sells three products, including Chenodal (chenodeoxycholic acid), Cholbam (cholic acid) and Thiola (tiopronin). Its Chenodal is approved in the United States for the treatment of patients suffering from gallstones in whom surgery poses an unacceptable health risk due to disease or advanced age. Chenodal has also been care for cerebrotendinous xanthomatosis (CTX) patients. Its Cholbam is approved in the United States for the treatment of bile acid synthesis disorders due to single enzyme defects and is further indicated for adjunctive treatment of patients with peroxisomal disorders. Its Thiola is approved in the United States for the prevention of cystine (kidney) stone formation in patients with severe homozygous cystinuria.

FINANCIAL RATIOS  of  Retrophin (RTRX)

Valuation Ratios
P/E Ratio -18.9
Price to Sales 6.8
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow -453.2
Price to Free Cash Flow -64.7
Growth Rates
Sales Growth Rate 34%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 71.4%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 14.3%
Total Debt to Equity 14.3%
Interest Coverage -28
Management Effectiveness
Return On Assets -8.9%
Ret/ On Assets - 3 Yr. Avg. -36%
Return On Total Capital -13.8%
Ret/ On T. Cap. - 3 Yr. Avg. -231.4%
Return On Equity -15.8%
Return On Equity - 3 Yr. Avg. 154.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 96.3%
Gross Margin - 3 Yr. Avg. 98.1%
EBITDA Margin -29.9%
EBITDA Margin - 3 Yr. Avg. -92.4%
Operating Margin -43.3%
Oper. Margin - 3 Yr. Avg. -122.7%
Pre-Tax Margin -43.3%
Pre-Tax Margin - 3 Yr. Avg. -114%
Net Profit Margin -35.8%
Net Profit Margin - 3 Yr. Avg. -105.1%
Effective Tax Rate 17.2%
Eff/ Tax Rate - 3 Yr. Avg. 2.5%
Payout Ratio 0%

RTRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RTRX stock intrinsic value calculation we used $134 million for the last fiscal year's total revenue generated by Retrophin. The default revenue input number comes from 2016 income statement of Retrophin. 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 RTRX stock valuation model: a) initial revenue growth rate of 18.2% 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 RTRX is calculated based on our internal credit rating of Retrophin, 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 Retrophin.
    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 RTRX stock the variable cost ratio is equal to 138.8%.

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 RTRX 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 4.5% for Retrophin.

Corporate tax rate of 27% is the nominal tax rate for Retrophin. 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 RTRX 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 RTRX are equal to 128.4%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Retrophin 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 RTRX is equal to -5.2%. 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 - $308 million for Retrophin - 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 38.45 million for Retrophin 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 Retrophin at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ [$$] Jury Selection to Begin in Trial of Martin Shkrelis Lawyer   [Oct-15-17 07:42PM  The Wall Street Journal]
▶ ETFs with exposure to Retrophin, Inc. : October 2, 2017   [Oct-02-17 11:05AM  Capital Cube]
▶ Retrophin to Present at September Investor Conferences   [Sep-11-17 04:30PM  GlobeNewswire]
▶ Retrophin reports 2Q loss   [Aug-09-17 05:06PM  Associated Press]
▶ Shkreli's Delight and Crypto Karma   [Aug-07-17 09:31AM  Bloomberg]
▶ Securities experts chime in on Shkreli trial   [Aug-03-17 02:39PM  American City Business Journals]
▶ Shkreli closing arguments get heated: 'This is rich people B.S.'   [03:47PM  American City Business Journals]
▶ [$$] Prosecution in Martin Shkreli Case Makes Final Push   [Jul-27-17 08:06PM  The Wall Street Journal]
▶ Retrophin to Report Second Quarter 2017 Financial Results   [Jul-26-17 04:30PM  GlobeNewswire]
▶ Prosecution and defense officially rest in Shkreli trial   [01:53PM  American City Business Journals]
▶ 'Pharma Bro' Shkreli opts not to take witness stand as government calls last witness   [Jul-25-17 10:30PM  American City Business Journals]
▶ Shkreli trial on hiatus after prosecutors' dispute with defense   [Jul-19-17 03:50PM  American City Business Journals]
▶ Judge sides with Shkreli defense regarding nasty email   [02:35PM  American City Business Journals]
▶ Retrophin stands to make millions if Shkreli is convicted: defense attorney   [Jul-14-17 03:26PM  American City Business Journals]
▶ Retrophin CEO: Martin Shkreli was 'the pied piper'   [06:04PM  American City Business Journals]
▶ [$$] Witness Details Shkreli Friendship, Investments   [Jul-11-17 08:31PM  The Wall Street Journal]
▶ [$$] Witness Details Shkreli Friendship, Investments   [07:57PM  The Wall Street Journal]
Financial statements of RTRX
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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