Intrinsic value of Sucampo Pharmaceuticals Cl A - SCMP

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$9.45

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$9.45

 
Intrinsic value

$83.17

 
Up/down potential

+780%

 
Rating

str. buy

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

We calculate the intrinsic value of SCMP 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 0.4

 

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, %
  50.33
  32.70
  29.93
  27.44
  25.19
  23.17
  21.36
  19.72
  18.25
  16.92
  15.73
  14.66
  13.69
  12.82
  12.04
  11.34
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
Revenue, $m
  230
  305
  397
  505
  633
  779
  946
  1,132
  1,339
  1,565
  1,812
  2,077
  2,362
  2,665
  2,985
  3,324
  3,680
  4,052
  4,442
  4,849
  5,273
  5,714
  6,173
  6,650
  7,146
  7,661
  8,197
  8,753
  9,332
  9,934
  10,560
Variable operating expenses, $m
 
  215
  277
  352
  438
  538
  652
  779
  919
  1,074
  1,242
  1,415
  1,609
  1,815
  2,034
  2,264
  2,507
  2,761
  3,026
  3,304
  3,592
  3,893
  4,206
  4,531
  4,868
  5,219
  5,584
  5,963
  6,357
  6,767
  7,194
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
  190
  215
  277
  352
  438
  538
  652
  779
  919
  1,074
  1,242
  1,415
  1,609
  1,815
  2,034
  2,264
  2,507
  2,761
  3,026
  3,304
  3,592
  3,893
  4,206
  4,531
  4,868
  5,219
  5,584
  5,963
  6,357
  6,767
  7,194
Operating income, $m
  40
  90
  119
  154
  194
  241
  294
  354
  419
  492
  570
  662
  753
  849
  952
  1,059
  1,173
  1,292
  1,416
  1,546
  1,681
  1,821
  1,968
  2,120
  2,278
  2,442
  2,613
  2,790
  2,974
  3,166
  3,366
EBITDA, $m
  86
  133
  173
  220
  276
  340
  412
  494
  584
  683
  790
  906
  1,030
  1,162
  1,302
  1,450
  1,605
  1,767
  1,937
  2,115
  2,300
  2,492
  2,692
  2,900
  3,117
  3,341
  3,575
  3,818
  4,070
  4,332
  4,606
Interest expense (income), $m
  20
  22
  24
  32
  43
  55
  68
  84
  101
  121
  142
  165
  190
  216
  245
  275
  306
  340
  374
  411
  449
  489
  530
  573
  617
  664
  712
  762
  814
  868
  925
Earnings before tax, $m
  14
  68
  95
  121
  152
  187
  226
  270
  318
  371
  428
  497
  563
  633
  707
  785
  867
  952
  1,042
  1,135
  1,232
  1,333
  1,438
  1,547
  1,660
  1,778
  1,901
  2,028
  2,160
  2,298
  2,441
Tax expense, $m
  -4
  18
  26
  33
  41
  50
  61
  73
  86
  100
  116
  134
  152
  171
  191
  212
  234
  257
  281
  306
  333
  360
  388
  418
  448
  480
  513
  548
  583
  620
  659
Net income, $m
  18
  50
  70
  89
  111
  136
  165
  197
  232
  271
  313
  363
  411
  462
  516
  573
  633
  695
  760
  828
  899
  973
  1,050
  1,129
  1,212
  1,298
  1,387
  1,480
  1,577
  1,678
  1,782

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  198
  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
  521
  429
  557
  710
  889
  1,095
  1,328
  1,590
  1,880
  2,199
  2,545
  2,918
  3,317
  3,742
  4,193
  4,668
  5,168
  5,692
  6,239
  6,811
  7,406
  8,026
  8,670
  9,340
  10,036
  10,760
  11,512
  12,294
  13,106
  13,952
  14,831
Adjusted assets (=assets-cash), $m
  323
  429
  557
  710
  889
  1,095
  1,328
  1,590
  1,880
  2,199
  2,545
  2,918
  3,317
  3,742
  4,193
  4,668
  5,168
  5,692
  6,239
  6,811
  7,406
  8,026
  8,670
  9,340
  10,036
  10,760
  11,512
  12,294
  13,106
  13,952
  14,831
Revenue / Adjusted assets
  0.712
  0.711
  0.713
  0.711
  0.712
  0.711
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
Average production assets, $m
  135
  179
  233
  297
  371
  457
  555
  665
  786
  919
  1,063
  1,219
  1,386
  1,564
  1,752
  1,951
  2,160
  2,379
  2,608
  2,846
  3,095
  3,354
  3,624
  3,904
  4,195
  4,497
  4,811
  5,138
  5,478
  5,831
  6,199
Working capital, $m
  275
  102
  133
  169
  212
  261
  317
  379
  449
  524
  607
  696
  791
  893
  1,000
  1,113
  1,233
  1,358
  1,488
  1,624
  1,766
  1,914
  2,068
  2,228
  2,394
  2,566
  2,746
  2,932
  3,126
  3,328
  3,538
Total debt, $m
  291
  323
  438
  576
  737
  922
  1,132
  1,368
  1,629
  1,916
  2,227
  2,563
  2,922
  3,305
  3,711
  4,138
  4,588
  5,059
  5,552
  6,066
  6,602
  7,160
  7,740
  8,343
  8,970
  9,621
  10,298
  11,001
  11,733
  12,493
  13,285
Total liabilities, $m
  354
  386
  501
  639
  800
  985
  1,195
  1,431
  1,692
  1,979
  2,290
  2,626
  2,985
  3,368
  3,774
  4,201
  4,651
  5,122
  5,615
  6,129
  6,665
  7,223
  7,803
  8,406
  9,033
  9,684
  10,361
  11,064
  11,796
  12,556
  13,348
Total equity, $m
  167
  43
  56
  71
  89
  109
  133
  159
  188
  220
  254
  292
  332
  374
  419
  467
  517
  569
  624
  681
  741
  803
  867
  934
  1,004
  1,076
  1,151
  1,229
  1,311
  1,395
  1,483
Total liabilities and equity, $m
  521
  429
  557
  710
  889
  1,094
  1,328
  1,590
  1,880
  2,199
  2,544
  2,918
  3,317
  3,742
  4,193
  4,668
  5,168
  5,691
  6,239
  6,810
  7,406
  8,026
  8,670
  9,340
  10,037
  10,760
  11,512
  12,293
  13,107
  13,951
  14,831
Debt-to-equity ratio
  1.743
  7.530
  7.870
  8.110
  8.290
  8.420
  8.530
  8.600
  8.660
  8.710
  8.750
  8.780
  8.810
  8.830
  8.850
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
  8.950
  8.950
  8.960
Adjusted equity ratio
  -0.096
  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
  18
  50
  70
  89
  111
  136
  165
  197
  232
  271
  313
  363
  411
  462
  516
  573
  633
  695
  760
  828
  899
  973
  1,050
  1,129
  1,212
  1,298
  1,387
  1,480
  1,577
  1,678
  1,782
Depreciation, amort., depletion, $m
  46
  43
  54
  67
  82
  99
  118
  140
  164
  191
  220
  244
  277
  313
  350
  390
  432
  476
  522
  569
  619
  671
  725
  781
  839
  899
  962
  1,028
  1,096
  1,166
  1,240
Funds from operations, $m
  -30
  93
  123
  155
  192
  235
  283
  337
  397
  462
  533
  607
  688
  775
  867
  963
  1,065
  1,171
  1,282
  1,398
  1,518
  1,644
  1,774
  1,910
  2,051
  2,197
  2,350
  2,508
  2,673
  2,844
  3,022
Change in working capital, $m
  -38
  25
  31
  36
  43
  49
  56
  62
  69
  76
  82
  89
  95
  101
  107
  113
  119
  125
  131
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
Cash from operations, $m
  8
  67
  93
  119
  150
  186
  227
  275
  328
  386
  450
  518
  593
  673
  759
  850
  945
  1,046
  1,151
  1,261
  1,376
  1,496
  1,621
  1,750
  1,885
  2,025
  2,170
  2,322
  2,479
  2,642
  2,812
Maintenance CAPEX, $m
  0
  -27
  -36
  -47
  -59
  -74
  -91
  -111
  -133
  -157
  -184
  -213
  -244
  -277
  -313
  -350
  -390
  -432
  -476
  -522
  -569
  -619
  -671
  -725
  -781
  -839
  -899
  -962
  -1,028
  -1,096
  -1,166
New CAPEX, $m
  -1
  -44
  -54
  -64
  -75
  -86
  -98
  -109
  -121
  -133
  -145
  -156
  -167
  -178
  -188
  -199
  -209
  -219
  -229
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -353
  -368
Cash from investing activities, $m
  -2
  -71
  -90
  -111
  -134
  -160
  -189
  -220
  -254
  -290
  -329
  -369
  -411
  -455
  -501
  -549
  -599
  -651
  -705
  -761
  -818
  -878
  -940
  -1,005
  -1,072
  -1,141
  -1,213
  -1,289
  -1,368
  -1,449
  -1,534
Free cash flow, $m
  6
  -4
  3
  8
  16
  26
  38
  54
  73
  96
  122
  149
  182
  218
  258
  301
  346
  395
  447
  501
  558
  618
  680
  745
  813
  884
  957
  1,033
  1,111
  1,193
  1,278
Issuance/(repayment) of debt, $m
  21
  32
  115
  138
  161
  185
  210
  236
  261
  286
  311
  336
  360
  383
  406
  428
  450
  471
  493
  514
  536
  558
  580
  603
  627
  651
  677
  703
  731
  761
  792
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  
  71
  32
  115
  138
  161
  185
  210
  236
  261
  286
  311
  336
  360
  383
  406
  428
  450
  471
  493
  514
  536
  558
  580
  603
  627
  651
  677
  703
  731
  761
  792
Total cash flow (excl. dividends), $m
  90
  28
  119
  146
  177
  211
  249
  290
  335
  382
  433
  485
  542
  601
  664
  728
  796
  866
  939
  1,015
  1,094
  1,176
  1,260
  1,348
  1,440
  1,535
  1,633
  1,736
  1,843
  1,954
  2,070
Retained Cash Flow (-), $m
  -81
  -74
  -13
  -15
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
Prev. year cash balance distribution, $m
 
  198
  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
 
  152
  106
  131
  159
  190
  225
  264
  305
  350
  399
  448
  502
  559
  618
  681
  746
  814
  885
  958
  1,034
  1,114
  1,196
  1,281
  1,370
  1,462
  1,558
  1,658
  1,762
  1,870
  1,982
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  145
  97
  113
  130
  146
  161
  175
  187
  196
  203
  206
  206
  203
  198
  189
  178
  166
  151
  136
  120
  104
  89
  75
  61
  49
  39
  30
  23
  17
  12
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

Sucampo Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the research and development of proprietary drugs for the treatment of gastrointestinal, ophthalmic, autoimmune, and oncology-based inflammatory disorders in the United States, Japan, Switzerland, and internationally. The company’s marketed product includes AMITIZA, a ClC-2 chloride channel activator for the treatment of chronic idiopathic constipation in adults; irritable bowel syndrome with constipation in adult women; opioid-induced constipation in patients with chronic non-cancer pain; chronic constipation; and pediatric functional constipation. Its product candidates, which are in clinical development stage comprise Cobiprostone that is in Phase IIa trials for the treatment of oral mucositis, non-erosive reflux, and symptomatic gastroesophageal reflux diseases; RTU-1096, which has completed Phase I trial for treating inflammation/immune-related disorders; and RTU-009 that is in development stage for inflammation/immune-related disorders, as well as CPP-1X/sulindac combination product, which is in phase III clinical trial for the treatment of familial adenomatous polyposis. Sucampo Pharmaceuticals, Inc. was founded in 1996 is headquartered in Rockville, Maryland.

FINANCIAL RATIOS  of  Sucampo Pharmaceuticals Cl A (SCMP)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 1.8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 51.3
Price to Free Cash Flow 58.6
Growth Rates
Sales Growth Rate 50.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -75%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 174.3%
Total Debt to Equity 174.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 14.2%
Return On Equity - 3 Yr. Avg. 24%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 67%
Gross Margin - 3 Yr. Avg. 76.3%
EBITDA Margin 34.8%
EBITDA Margin - 3 Yr. Avg. 33%
Operating Margin 17.4%
Oper. Margin - 3 Yr. Avg. 23.2%
Pre-Tax Margin 6.1%
Pre-Tax Margin - 3 Yr. Avg. 19.4%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 13.6%
Effective Tax Rate -28.6%
Eff/ Tax Rate - 3 Yr. Avg. 16.1%
Payout Ratio 0%

SCMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCMP stock intrinsic value calculation we used $230 million for the last fiscal year's total revenue generated by Sucampo Pharmaceuticals Cl A. The default revenue input number comes from 2016 income statement of Sucampo Pharmaceuticals Cl A. 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 SCMP stock valuation model: a) initial revenue growth rate of 32.7% 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 4.5%, whose default value for SCMP is calculated based on our internal credit rating of Sucampo Pharmaceuticals Cl A, 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 Sucampo Pharmaceuticals Cl A.
    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 SCMP stock the variable cost ratio is equal to 71.3%.

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 SCMP 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 7.4% for Sucampo Pharmaceuticals Cl A.

Corporate tax rate of 27% is the nominal tax rate for Sucampo Pharmaceuticals Cl A. 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 SCMP 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 SCMP are equal to 58.7%.

Life of production assets of 4.4 years is the average useful life of capital assets used in Sucampo Pharmaceuticals Cl A 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 SCMP is equal to 33.5%. 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 - $167 million for Sucampo Pharmaceuticals Cl A - 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 46.039 million for Sucampo Pharmaceuticals Cl A 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 Sucampo Pharmaceuticals Cl A at the current share price and the inputted number of shares is $0.4 billion.


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COMPANY NEWS

▶ Sucampo Announces First Quarter 2017 Earnings Call   [Apr-19-17 06:30AM  GlobeNewswire]
▶ 7 of the Worst-Performing Stocks in Gurus' Portfolios   [Apr-07-17 04:51PM  GuruFocus.com]
▶ Sucampo just bought this local rare disease company for $200M   [Apr-03-17 10:20AM  at bizjournals.com]
▶ Sucampo just bought this local rare disease company for $200M   [10:20AM  American City Business Journals]
▶ Sucampo Acquires Vtesse Inc.   [06:30AM  GlobeNewswire]
▶ Local drug company stocks react to Trump's proposed cuts to NIH, FDA   [05:50PM  American City Business Journals]
▶ Sucampo Pharmaceuticals Set to Join S&P SmallCap 600   [Feb-17-17 05:41PM  PR Newswire]
▶ Trump, Interest Rates And Biotech Investing In 2017   [Dec-23-16 11:22AM  at Forbes]
Stock chart of SCMP Financial statements of SCMP
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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