Intrinsic value of Spectrum Pharmaceuticals - SPPI

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$6.42

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$6.42

 
Intrinsic value

$2.44

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of SPPI 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 0.5

 

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, %
  -10.43
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  146
  185
  209
  235
  262
  290
  319
  350
  383
  416
  451
  488
  525
  565
  606
  648
  692
  738
  786
  836
  887
  941
  997
  1,056
  1,117
  1,181
  1,247
  1,316
  1,389
  1,465
  1,544
Variable operating expenses, $m
 
  116
  131
  146
  163
  180
  198
  217
  237
  258
  279
  300
  323
  347
  372
  399
  426
  454
  483
  514
  546
  579
  613
  649
  687
  726
  767
  810
  854
  901
  950
Fixed operating expenses, $m
 
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
Total operating expenses, $m
  208
  223
  240
  258
  278
  298
  319
  341
  364
  388
  412
  436
  463
  490
  519
  550
  580
  612
  645
  680
  716
  754
  792
  833
  875
  919
  965
  1,013
  1,062
  1,114
  1,168
Operating income, $m
  -62
  -37
  -30
  -23
  -16
  -8
  1
  9
  19
  29
  39
  51
  62
  74
  86
  99
  112
  126
  140
  155
  171
  188
  205
  223
  242
  262
  283
  304
  327
  351
  376
EBITDA, $m
  -36
  -2
  9
  21
  33
  46
  60
  74
  89
  105
  122
  139
  157
  176
  195
  215
  237
  259
  282
  306
  331
  357
  384
  413
  443
  474
  507
  541
  577
  614
  654
Interest expense (income), $m
  3
  3
  4
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  40
  43
  46
  48
  51
  54
  58
  61
Earnings before tax, $m
  -71
  -40
  -35
  -29
  -22
  -16
  -8
  -1
  7
  15
  24
  35
  45
  55
  65
  76
  87
  99
  112
  124
  138
  152
  167
  183
  199
  216
  234
  253
  273
  294
  315
Tax expense, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  2
  4
  7
  9
  12
  15
  18
  20
  24
  27
  30
  34
  37
  41
  45
  49
  54
  58
  63
  68
  74
  79
  85
Net income, $m
  -69
  -40
  -35
  -29
  -22
  -16
  -8
  -1
  5
  11
  18
  26
  33
  40
  47
  55
  64
  72
  81
  91
  101
  111
  122
  133
  145
  158
  171
  185
  199
  214
  230

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  158
  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
  429
  318
  359
  402
  448
  496
  547
  600
  655
  713
  773
  835
  900
  967
  1,037
  1,110
  1,185
  1,264
  1,346
  1,431
  1,519
  1,612
  1,708
  1,808
  1,912
  2,021
  2,135
  2,254
  2,378
  2,508
  2,644
Adjusted assets (=assets-cash), $m
  271
  318
  359
  402
  448
  496
  547
  600
  655
  713
  773
  835
  900
  967
  1,037
  1,110
  1,185
  1,264
  1,346
  1,431
  1,519
  1,612
  1,708
  1,808
  1,912
  2,021
  2,135
  2,254
  2,378
  2,508
  2,644
Revenue / Adjusted assets
  0.539
  0.582
  0.582
  0.585
  0.585
  0.585
  0.583
  0.583
  0.585
  0.583
  0.583
  0.584
  0.583
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
Average production assets, $m
  178
  240
  271
  304
  339
  375
  413
  453
  495
  539
  584
  631
  680
  731
  784
  839
  896
  955
  1,017
  1,081
  1,148
  1,218
  1,291
  1,366
  1,445
  1,528
  1,614
  1,704
  1,797
  1,896
  1,998
Working capital, $m
  151
  -28
  -32
  -36
  -40
  -44
  -49
  -54
  -59
  -64
  -69
  -75
  -80
  -86
  -93
  -99
  -106
  -113
  -120
  -128
  -136
  -144
  -153
  -162
  -171
  -181
  -191
  -201
  -213
  -224
  -236
Total debt, $m
  97
  127
  158
  190
  224
  259
  297
  336
  376
  419
  463
  509
  557
  607
  658
  712
  768
  826
  886
  949
  1,014
  1,082
  1,153
  1,227
  1,304
  1,385
  1,469
  1,557
  1,648
  1,744
  1,844
Total liabilities, $m
  193
  234
  265
  297
  331
  366
  404
  443
  483
  526
  570
  616
  664
  714
  765
  819
  875
  933
  993
  1,056
  1,121
  1,189
  1,260
  1,334
  1,411
  1,492
  1,576
  1,664
  1,755
  1,851
  1,951
Total equity, $m
  236
  83
  94
  105
  117
  130
  143
  157
  172
  187
  202
  219
  236
  253
  272
  291
  311
  331
  353
  375
  398
  422
  447
  474
  501
  530
  559
  591
  623
  657
  693
Total liabilities and equity, $m
  429
  317
  359
  402
  448
  496
  547
  600
  655
  713
  772
  835
  900
  967
  1,037
  1,110
  1,186
  1,264
  1,346
  1,431
  1,519
  1,611
  1,707
  1,808
  1,912
  2,022
  2,135
  2,255
  2,378
  2,508
  2,644
Debt-to-equity ratio
  0.411
  1.530
  1.680
  1.800
  1.910
  1.990
  2.070
  2.140
  2.190
  2.240
  2.290
  2.330
  2.360
  2.390
  2.420
  2.450
  2.470
  2.490
  2.510
  2.530
  2.550
  2.560
  2.580
  2.590
  2.600
  2.610
  2.630
  2.640
  2.650
  2.650
  2.660
Adjusted equity ratio
  0.288
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -69
  -40
  -35
  -29
  -22
  -16
  -8
  -1
  5
  11
  18
  26
  33
  40
  47
  55
  64
  72
  81
  91
  101
  111
  122
  133
  145
  158
  171
  185
  199
  214
  230
Depreciation, amort., depletion, $m
  26
  35
  39
  44
  49
  54
  59
  65
  71
  77
  83
  88
  94
  102
  109
  116
  124
  133
  141
  150
  159
  169
  179
  190
  201
  212
  224
  237
  250
  263
  278
Funds from operations, $m
  -57
  -5
  5
  15
  26
  38
  51
  64
  76
  88
  101
  113
  127
  141
  156
  172
  188
  205
  223
  241
  260
  280
  301
  323
  346
  370
  395
  421
  449
  478
  508
Change in working capital, $m
  -17
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  -40
  -22
  8
  19
  30
  43
  55
  69
  81
  93
  106
  119
  133
  147
  163
  178
  195
  212
  230
  249
  268
  289
  310
  332
  355
  380
  405
  432
  460
  489
  520
Maintenance CAPEX, $m
  0
  -29
  -33
  -38
  -42
  -47
  -52
  -57
  -63
  -69
  -75
  -81
  -88
  -94
  -102
  -109
  -116
  -124
  -133
  -141
  -150
  -159
  -169
  -179
  -190
  -201
  -212
  -224
  -237
  -250
  -263
New CAPEX, $m
  0
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
Cash from investing activities, $m
  -1
  -58
  -64
  -71
  -77
  -83
  -90
  -97
  -105
  -113
  -120
  -128
  -137
  -145
  -155
  -164
  -173
  -183
  -195
  -205
  -217
  -229
  -242
  -255
  -269
  -283
  -298
  -314
  -331
  -348
  -366
Free cash flow, $m
  -41
  -80
  -56
  -52
  -46
  -41
  -35
  -29
  -24
  -19
  -14
  -9
  -4
  2
  8
  15
  21
  28
  36
  43
  51
  59
  68
  77
  87
  97
  107
  118
  129
  141
  154
Issuance/(repayment) of debt, $m
  -9
  28
  30
  32
  34
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
Issuance/(repurchase) of shares, $m
  73
  0
  37
  31
  25
  18
  11
  4
  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  
  60
  28
  67
  63
  59
  54
  48
  43
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
Total cash flow (excl. dividends), $m
  18
  -52
  -26
  -19
  -13
  -5
  2
  10
  17
  23
  30
  37
  44
  52
  60
  68
  77
  86
  96
  106
  116
  127
  139
  151
  164
  177
  191
  206
  221
  237
  254
Retained Cash Flow (-), $m
  -23
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
Prev. year cash balance distribution, $m
 
  140
  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
 
  78
  0
  0
  0
  0
  0
  0
  2
  8
  14
  20
  27
  34
  41
  49
  57
  66
  74
  84
  93
  103
  114
  125
  136
  148
  161
  174
  188
  203
  219
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
 
  75
  0
  0
  0
  0
  0
  0
  1
  5
  8
  10
  12
  13
  14
  14
  15
  14
  14
  13
  12
  11
  9
  8
  7
  6
  5
  4
  3
  2
  2
Current shareholders' claim on cash, %
  100
  100.0
  84.9
  75.0
  68.6
  64.6
  62.5
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8
  61.8

Spectrum Pharmaceuticals, Inc., a biotechnology company, develops and commercializes oncology and hematology drug products. The company markets six drug products, including FUSILEV for patients with metastatic colorectal cancer, rescue after high-dose methotrexate therapy in osteosarcoma, and to diminish the toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists; FOLOTYN, a folate analogue metabolic inhibitor to treat patients with relapsed or refractory PTCL; ZEVALIN injection for patients with follicular non-Hodgkin’s lymphoma; MARQIBO, a sphingomyelin/cholesterol liposome-encapsulated formulation of the anticancer drug vincristine for adult patients with Philadelphia chromosome-negative acute lymphoblastic leukemia; BELEODAQ injection for patients with relapsed or refractory PTCL; and EVOMELA for use as a conditioning treatment prior to autologous stem cell transplant in multiple myeloma patients. It is also developing POZIOTINIB for treating breast, gastric, colorectal, and lung cancers; EOQUIN for non-muscle invasive bladder cancer; and SPI-2012 for chemotherapy-induced neutropenia in patients with breast cancer. The company sells its drugs through a direct sales force in the United States; and through distributors in Europe. It has licensing and development agreement with Cell Therapeutics, Inc.; license agreement with Merck & Cie AG, Sloan-Kettering Institute, and Cydex Pharmaceuticals, Inc.; development and commercialization collaboration agreement with Allergan, Inc.; collaboration agreement with Nippon Kayaku Co., Ltd.; licensing and collaboration agreement with TopoTarget A/S; and co-development and commercialization agreement with Hanmi Pharmaceutical Company. The company was formerly known as NeoTherapeutics, Inc. and changed its name to Spectrum Pharmaceuticals, Inc. in December 2002. Spectrum Pharmaceuticals, Inc. was founded in 1987 and is headquartered in Henderson, Nevada.

FINANCIAL RATIOS  of  Spectrum Pharmaceuticals (SPPI)

Valuation Ratios
P/E Ratio -7.5
Price to Sales 3.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow -12.9
Price to Free Cash Flow -12.9
Growth Rates
Sales Growth Rate -10.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 41.1%
Total Debt to Equity 41.1%
Interest Coverage -23
Management Effectiveness
Return On Assets -15.6%
Ret/ On Assets - 3 Yr. Avg. -11.6%
Return On Total Capital -21.4%
Ret/ On T. Cap. - 3 Yr. Avg. -16.5%
Return On Equity -30.7%
Return On Equity - 3 Yr. Avg. -23.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 76%
Gross Margin - 3 Yr. Avg. 81.5%
EBITDA Margin -28.8%
EBITDA Margin - 3 Yr. Avg. -15.5%
Operating Margin -42.5%
Oper. Margin - 3 Yr. Avg. -27.9%
Pre-Tax Margin -48.6%
Pre-Tax Margin - 3 Yr. Avg. -34.3%
Net Profit Margin -47.3%
Net Profit Margin - 3 Yr. Avg. -34.4%
Effective Tax Rate 2.8%
Eff/ Tax Rate - 3 Yr. Avg. -1.2%
Payout Ratio 0%

SPPI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPPI stock intrinsic value calculation we used $163 million for the last fiscal year's total revenue generated by Spectrum Pharmaceuticals. The default revenue input number comes from 2016 income statement of Spectrum Pharmaceuticals. 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 SPPI stock valuation model: a) initial revenue growth rate of 13.8% 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 SPPI is calculated based on our internal credit rating of Spectrum Pharmaceuticals, 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 Spectrum Pharmaceuticals.
    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 SPPI stock the variable cost ratio is equal to 62.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $104 million in the base year in the intrinsic value calculation for SPPI 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 Spectrum Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Spectrum Pharmaceuticals. 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 SPPI 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 SPPI are equal to 129.4%.

Life of production assets of 7.2 years is the average useful life of capital assets used in Spectrum Pharmaceuticals 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 SPPI is equal to -15.3%. 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 - $213 million for Spectrum Pharmaceuticals - 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 82.294 million for Spectrum Pharmaceuticals 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 Spectrum Pharmaceuticals at the current share price and the inputted number of shares is $0.5 billion.


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COMPANY NEWS

▶ Top 4 Small-Cap Stocks for 2017   [May-23-17 06:00AM  Investopedia]
▶ Why Spectrum Pharmaceuticals Stock Is Sinking Today   [May-03-17 01:04PM  Motley Fool]
▶ Spectrum Pharma reports 1Q loss   [May-02-17 06:06PM  Associated Press]
▶ Spectrum Pharma reports 4Q loss   [Mar-08-17 04:32PM  Associated Press]
▶ Spectrum Pharma Sued Again For 'Misleading Investors   [Feb-27-17 11:20AM  at Investopedia]
▶ Should You Avoid Spectrum Pharmaceuticals, Inc. (SPPI)?   [Dec-12-16 09:48AM  at Insider Monkey]
▶ 10 Major Pharma and FDA Catalysts Coming in December   [Dec-05-16 01:05PM  at 24/7 Wall St.]
▶ Spectrum Bladder Cancer Drug Nixed by FDA (SPPI)   [Nov-21-16 08:55AM  at Investopedia]
Stock chart of SPPI Financial statements of SPPI Annual reports of SPPI
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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