Intrinsic value of Retrophin - RTRX

Previous Close

$23.27

  Intrinsic Value

$2.02

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

0%

Previous close

$23.27

 
Intrinsic value

$2.02

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

0%

*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
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.84
  10.25
  9.73
  9.25
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
Revenue, $m
  134
  157
  182
  209
  238
  269
  302
  337
  373
  412
  452
  494
  537
  582
  630
  679
  730
  783
  838
  895
  954
  1,016
  1,081
  1,148
  1,217
  1,290
  1,366
  1,445
  1,528
  1,614
  1,704
Variable operating expenses, $m
 
  218
  253
  290
  331
  374
  419
  467
  518
  571
  627
  685
  745
  808
  873
  941
  1,012
  1,086
  1,162
  1,241
  1,324
  1,410
  1,499
  1,592
  1,689
  1,790
  1,895
  2,005
  2,119
  2,239
  2,363
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
  218
  253
  290
  331
  374
  419
  467
  518
  571
  627
  685
  745
  808
  873
  941
  1,012
  1,086
  1,162
  1,241
  1,324
  1,410
  1,499
  1,592
  1,689
  1,790
  1,895
  2,005
  2,119
  2,239
  2,363
Operating income, $m
  -58
  -61
  -71
  -81
  -92
  -104
  -117
  -131
  -145
  -160
  -175
  -191
  -208
  -226
  -244
  -263
  -283
  -303
  -324
  -347
  -370
  -394
  -418
  -444
  -471
  -500
  -529
  -560
  -592
  -625
  -660
EBITDA, $m
  -42
  -42
  -49
  -56
  -64
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -196
  -210
  -225
  -240
  -256
  -273
  -290
  -308
  -327
  -346
  -367
  -388
  -410
  -433
  -457
Interest expense (income), $m
  2
  2
  4
  5
  7
  10
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  45
  49
  53
  57
  62
  66
  71
  76
  81
  86
  92
  98
  104
  110
Earnings before tax, $m
  -58
  -63
  -74
  -87
  -100
  -114
  -129
  -145
  -161
  -179
  -197
  -216
  -236
  -257
  -279
  -301
  -324
  -348
  -374
  -400
  -427
  -455
  -485
  -515
  -547
  -581
  -615
  -651
  -689
  -729
  -770
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
  -74
  -87
  -100
  -114
  -129
  -145
  -161
  -179
  -197
  -216
  -236
  -257
  -279
  -301
  -324
  -348
  -374
  -400
  -427
  -455
  -485
  -515
  -547
  -581
  -615
  -651
  -689
  -729
  -770

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
  315
  366
  420
  479
  541
  607
  676
  750
  827
  907
  991
  1,078
  1,170
  1,264
  1,363
  1,465
  1,572
  1,682
  1,797
  1,916
  2,041
  2,170
  2,305
  2,445
  2,591
  2,743
  2,902
  3,067
  3,240
  3,421
Adjusted assets (=assets-cash), $m
  269
  315
  366
  420
  479
  541
  607
  676
  750
  827
  907
  991
  1,078
  1,170
  1,264
  1,363
  1,465
  1,572
  1,682
  1,797
  1,916
  2,041
  2,170
  2,305
  2,445
  2,591
  2,743
  2,902
  3,067
  3,240
  3,421
Revenue / Adjusted assets
  0.498
  0.498
  0.497
  0.498
  0.497
  0.497
  0.498
  0.499
  0.497
  0.498
  0.498
  0.498
  0.498
  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
Average production assets, $m
  172
  202
  234
  269
  306
  346
  388
  433
  479
  529
  580
  634
  690
  748
  808
  871
  937
  1,005
  1,076
  1,149
  1,225
  1,305
  1,388
  1,474
  1,563
  1,657
  1,754
  1,855
  1,961
  2,072
  2,188
Working capital, $m
  249
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -89
Total debt, $m
  44
  81
  122
  166
  213
  263
  317
  373
  432
  494
  559
  627
  697
  771
  847
  927
  1,009
  1,095
  1,184
  1,277
  1,374
  1,474
  1,578
  1,687
  1,800
  1,918
  2,041
  2,169
  2,302
  2,442
  2,588
Total liabilities, $m
  218
  254
  295
  339
  386
  436
  490
  546
  605
  667
  732
  800
  870
  944
  1,020
  1,100
  1,182
  1,268
  1,357
  1,450
  1,547
  1,647
  1,751
  1,860
  1,973
  2,091
  2,214
  2,342
  2,475
  2,615
  2,761
Total equity, $m
  308
  61
  71
  81
  92
  104
  117
  131
  145
  160
  175
  191
  208
  226
  244
  263
  283
  303
  325
  347
  370
  394
  419
  445
  472
  500
  529
  560
  592
  625
  660
Total liabilities and equity, $m
  526
  315
  366
  420
  478
  540
  607
  677
  750
  827
  907
  991
  1,078
  1,170
  1,264
  1,363
  1,465
  1,571
  1,682
  1,797
  1,917
  2,041
  2,170
  2,305
  2,445
  2,591
  2,743
  2,902
  3,067
  3,240
  3,421
Debt-to-equity ratio
  0.143
  1.340
  1.730
  2.050
  2.310
  2.520
  2.700
  2.860
  2.990
  3.100
  3.190
  3.280
  3.350
  3.410
  3.470
  3.520
  3.570
  3.610
  3.650
  3.680
  3.710
  3.740
  3.770
  3.790
  3.810
  3.840
  3.850
  3.870
  3.890
  3.900
  3.920
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
  -74
  -87
  -100
  -114
  -129
  -145
  -161
  -179
  -197
  -216
  -236
  -257
  -279
  -301
  -324
  -348
  -374
  -400
  -427
  -455
  -485
  -515
  -547
  -581
  -615
  -651
  -689
  -729
  -770
Depreciation, amort., depletion, $m
  16
  19
  22
  25
  28
  32
  36
  40
  44
  49
  54
  59
  64
  69
  75
  81
  87
  93
  100
  106
  113
  121
  128
  136
  145
  153
  162
  172
  182
  192
  203
Funds from operations, $m
  3
  -44
  -53
  -62
  -71
  -82
  -93
  -105
  -117
  -130
  -143
  -158
  -172
  -188
  -204
  -220
  -238
  -255
  -274
  -293
  -314
  -335
  -356
  -379
  -403
  -427
  -453
  -480
  -508
  -537
  -567
Change in working capital, $m
  5
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  -2
  -43
  -51
  -60
  -70
  -80
  -91
  -103
  -115
  -128
  -141
  -155
  -170
  -185
  -201
  -218
  -235
  -253
  -271
  -290
  -311
  -331
  -353
  -376
  -399
  -423
  -449
  -476
  -503
  -532
  -562
Maintenance CAPEX, $m
  0
  -16
  -19
  -22
  -25
  -28
  -32
  -36
  -40
  -44
  -49
  -54
  -59
  -64
  -69
  -75
  -81
  -87
  -93
  -100
  -106
  -113
  -121
  -128
  -136
  -145
  -153
  -162
  -172
  -182
  -192
New CAPEX, $m
  -12
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -116
Cash from investing activities, $m
  10
  -46
  -51
  -57
  -62
  -68
  -74
  -81
  -87
  -93
  -100
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -182
  -192
  -204
  -214
  -226
  -238
  -250
  -264
  -278
  -293
  -308
Free cash flow, $m
  8
  -89
  -102
  -117
  -132
  -148
  -165
  -183
  -202
  -221
  -242
  -263
  -285
  -307
  -331
  -356
  -381
  -407
  -435
  -464
  -493
  -524
  -556
  -590
  -625
  -662
  -700
  -739
  -781
  -824
  -870
Issuance/(repayment) of debt, $m
  0
  37
  41
  44
  47
  50
  53
  56
  59
  62
  65
  68
  71
  74
  76
  79
  83
  86
  89
  93
  96
  100
  104
  109
  113
  118
  123
  128
  134
  140
  146
Issuance/(repurchase) of shares, $m
  10
  72
  84
  97
  111
  126
  142
  158
  176
  194
  213
  232
  253
  275
  297
  320
  344
  369
  395
  422
  450
  479
  510
  541
  574
  609
  645
  682
  721
  762
  805
Cash from financing (excl. dividends), $m  
  -6
  109
  125
  141
  158
  176
  195
  214
  235
  256
  278
  300
  324
  349
  373
  399
  427
  455
  484
  515
  546
  579
  614
  650
  687
  727
  768
  810
  855
  902
  951
Total cash flow (excl. dividends), $m
  3
  21
  23
  24
  26
  28
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
  74
  77
  81
Retained Cash Flow (-), $m
  -8
  -72
  -84
  -97
  -111
  -126
  -142
  -158
  -176
  -194
  -213
  -232
  -253
  -275
  -297
  -320
  -344
  -369
  -395
  -422
  -450
  -479
  -510
  -541
  -574
  -609
  -645
  -682
  -721
  -762
  -805
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
  -61
  -73
  -85
  -98
  -112
  -127
  -143
  -159
  -177
  -195
  -214
  -234
  -255
  -276
  -298
  -322
  -346
  -371
  -397
  -424
  -452
  -481
  -512
  -544
  -577
  -611
  -647
  -685
  -724
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
  -56
  -63
  -70
  -76
  -81
  -86
  -89
  -92
  -93
  -93
  -91
  -89
  -85
  -81
  -76
  -70
  -64
  -57
  -50
  -44
  -38
  -32
  -26
  -21
  -17
  -13
  -10
  -7
  -5
Current shareholders' claim on cash, %
  100
  67.5
  45.6
  30.8
  20.9
  14.1
  9.6
  6.5
  4.4
  3.0
  2.1
  1.4
  1.0
  0.7
  0.5
  0.3
  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
  0.0

Retrophin, Inc., a biopharmaceutical company, focuses on the development, acquisition, and commercialization of therapies for the treatment of serious, catastrophic, or rare diseases. Its product line includes Cholbam, a cholic acid for the treatment of bile acid synthesis disorders due to single enzyme defects, and for adjunctive treatment of peroxisomal disorders, such as Zellweger spectrum disorders in patients who exhibit manifestations of liver disease, steatorrhea, or complications from decreased fat soluble vitamin absorption; Thiola, which is indicated for the prevention of cystine stone formation in patients with severe homozygous cystinuria; and Chenodal, a synthetic oral form of chenodeoxycholic acid for radiolucent stones in well-opacifying gallbladders. The company’s product candidates include Sparsentan for the treatment of focal segmental glomerulosclerosis, which is a cause of end-stage renal disease and nephrotic syndrome; RE-024, a novel small molecule for the treatment of pantothenate kinase-associated neurodegeneration; and RE-034, a synthetic hormone analog. Retrophin, Inc. has research collaboration with the Grace Wilsey Foundation and the Warren Family Research Center for drug discovery and development at the University of Notre Dame. Retrophin, Inc. was founded in 2011 and is headquartered in San Diego, California.

FINANCIAL RATIOS  of  Retrophin (RTRX)

Valuation Ratios
P/E Ratio -18.4
Price to Sales 6.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow -441.1
Price to Free Cash Flow -63
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 17.2% 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 37.982 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

▶ 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]
▶ To Gag A Shkreli   [04:47PM  Forbes]
Stock chart of RTRX 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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