Intrinsic value of Taro Pharmaceutical Industries - TARO

Previous Close

$101.89

  Intrinsic Value

$268.30

stock screener

  Rating & Target

str. buy

+163%

  Value-price divergence*

+50%

Previous close

$101.89

 
Intrinsic value

$268.30

 
Up/down potential

+163%

 
Rating

str. buy

 
Value-price divergence*

+50%

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

We calculate the intrinsic value of TARO 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 4.3

 

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, %
  10.20
  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
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  951
  1,048
  1,149
  1,255
  1,366
  1,481
  1,600
  1,724
  1,853
  1,988
  2,127
  2,272
  2,423
  2,579
  2,742
  2,912
  3,089
  3,273
  3,465
  3,665
  3,874
  4,093
  4,320
  4,559
  4,808
  5,068
  5,340
  5,625
  5,923
  6,236
  6,563
Variable operating expenses, $m
 
  82
  90
  98
  106
  115
  124
  134
  144
  154
  165
  176
  187
  199
  212
  225
  239
  253
  268
  283
  299
  316
  334
  352
  371
  392
  413
  435
  458
  482
  507
Fixed operating expenses, $m
 
  282
  289
  296
  304
  311
  319
  327
  335
  343
  352
  361
  370
  379
  389
  398
  408
  418
  429
  440
  451
  462
  473
  485
  497
  510
  523
  536
  549
  563
  577
Total operating expenses, $m
  336
  364
  379
  394
  410
  426
  443
  461
  479
  497
  517
  537
  557
  578
  601
  623
  647
  671
  697
  723
  750
  778
  807
  837
  868
  902
  936
  971
  1,007
  1,045
  1,084
Operating income, $m
  614
  684
  771
  861
  956
  1,054
  1,157
  1,263
  1,374
  1,490
  1,610
  1,736
  1,866
  2,001
  2,142
  2,289
  2,442
  2,602
  2,768
  2,943
  3,124
  3,314
  3,513
  3,721
  3,939
  4,166
  4,405
  4,655
  4,917
  5,191
  5,479
EBITDA, $m
  629
  701
  789
  881
  977
  1,077
  1,182
  1,290
  1,403
  1,521
  1,643
  1,770
  1,902
  2,040
  2,183
  2,333
  2,489
  2,651
  2,821
  2,998
  3,183
  3,377
  3,579
  3,790
  4,012
  4,243
  4,486
  4,740
  5,007
  5,286
  5,578
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  12
  14
  15
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
Earnings before tax, $m
  637
  684
  770
  860
  953
  1,050
  1,152
  1,257
  1,367
  1,481
  1,600
  1,724
  1,853
  1,987
  2,126
  2,272
  2,423
  2,581
  2,746
  2,919
  3,099
  3,287
  3,484
  3,689
  3,905
  4,130
  4,366
  4,613
  4,873
  5,144
  5,429
Tax expense, $m
  95
  185
  208
  232
  257
  284
  311
  339
  369
  400
  432
  466
  500
  536
  574
  613
  654
  697
  742
  788
  837
  887
  941
  996
  1,054
  1,115
  1,179
  1,246
  1,316
  1,389
  1,466
Net income, $m
  541
  500
  562
  628
  696
  767
  841
  918
  998
  1,081
  1,168
  1,259
  1,353
  1,450
  1,552
  1,658
  1,769
  1,884
  2,005
  2,131
  2,262
  2,399
  2,543
  2,693
  2,850
  3,015
  3,187
  3,368
  3,557
  3,755
  3,963

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,229
  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
  2,188
  1,056
  1,159
  1,265
  1,377
  1,493
  1,613
  1,738
  1,868
  2,004
  2,144
  2,290
  2,442
  2,600
  2,764
  2,936
  3,114
  3,299
  3,493
  3,695
  3,906
  4,126
  4,355
  4,595
  4,846
  5,109
  5,383
  5,671
  5,971
  6,286
  6,616
Adjusted assets (=assets-cash), $m
  959
  1,056
  1,159
  1,265
  1,377
  1,493
  1,613
  1,738
  1,868
  2,004
  2,144
  2,290
  2,442
  2,600
  2,764
  2,936
  3,114
  3,299
  3,493
  3,695
  3,906
  4,126
  4,355
  4,595
  4,846
  5,109
  5,383
  5,671
  5,971
  6,286
  6,616
Revenue / Adjusted assets
  0.992
  0.992
  0.991
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
  0.992
Average production assets, $m
  167
  184
  202
  221
  240
  261
  282
  303
  326
  350
  374
  400
  426
  454
  483
  513
  544
  576
  610
  645
  682
  720
  760
  802
  846
  892
  940
  990
  1,043
  1,097
  1,155
Working capital, $m
  1,633
  445
  489
  534
  580
  629
  680
  733
  788
  845
  904
  966
  1,030
  1,096
  1,165
  1,238
  1,313
  1,391
  1,473
  1,558
  1,647
  1,739
  1,836
  1,937
  2,043
  2,154
  2,270
  2,391
  2,517
  2,650
  2,789
Total debt, $m
  0
  26
  54
  82
  112
  143
  175
  209
  244
  280
  318
  357
  397
  440
  484
  530
  577
  627
  679
  733
  790
  849
  910
  975
  1,042
  1,112
  1,186
  1,263
  1,343
  1,428
  1,516
Total liabilities, $m
  257
  283
  311
  339
  369
  400
  432
  466
  501
  537
  575
  614
  654
  697
  741
  787
  834
  884
  936
  990
  1,047
  1,106
  1,167
  1,232
  1,299
  1,369
  1,443
  1,520
  1,600
  1,685
  1,773
Total equity, $m
  1,931
  773
  848
  926
  1,008
  1,093
  1,181
  1,272
  1,368
  1,467
  1,569
  1,676
  1,788
  1,903
  2,024
  2,149
  2,279
  2,415
  2,557
  2,705
  2,859
  3,020
  3,188
  3,364
  3,548
  3,740
  3,941
  4,151
  4,371
  4,601
  4,843
Total liabilities and equity, $m
  2,188
  1,056
  1,159
  1,265
  1,377
  1,493
  1,613
  1,738
  1,869
  2,004
  2,144
  2,290
  2,442
  2,600
  2,765
  2,936
  3,113
  3,299
  3,493
  3,695
  3,906
  4,126
  4,355
  4,596
  4,847
  5,109
  5,384
  5,671
  5,971
  6,286
  6,616
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.090
  0.110
  0.130
  0.150
  0.160
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.270
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732
  0.732

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  541
  500
  562
  628
  696
  767
  841
  918
  998
  1,081
  1,168
  1,259
  1,353
  1,450
  1,552
  1,658
  1,769
  1,884
  2,005
  2,131
  2,262
  2,399
  2,543
  2,693
  2,850
  3,015
  3,187
  3,368
  3,557
  3,755
  3,963
Depreciation, amort., depletion, $m
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  95
  100
Funds from operations, $m
  258
  516
  580
  647
  717
  790
  866
  945
  1,027
  1,112
  1,201
  1,293
  1,389
  1,490
  1,594
  1,703
  1,816
  1,934
  2,057
  2,186
  2,321
  2,461
  2,609
  2,762
  2,923
  3,092
  3,268
  3,453
  3,647
  3,850
  4,063
Change in working capital, $m
  -137
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
Cash from operations, $m
  395
  475
  537
  602
  670
  741
  815
  892
  972
  1,055
  1,142
  1,232
  1,325
  1,423
  1,525
  1,630
  1,741
  1,856
  1,976
  2,101
  2,232
  2,369
  2,512
  2,661
  2,817
  2,981
  3,153
  3,332
  3,520
  3,717
  3,924
Maintenance CAPEX, $m
  0
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -95
New CAPEX, $m
  -19
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -58
Cash from investing activities, $m
  -285
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -137
  -145
  -153
Free cash flow, $m
  110
  443
  503
  566
  632
  700
  772
  846
  923
  1,003
  1,087
  1,174
  1,264
  1,359
  1,457
  1,559
  1,665
  1,777
  1,892
  2,013
  2,140
  2,272
  2,409
  2,554
  2,705
  2,862
  3,028
  3,201
  3,382
  3,572
  3,771
Issuance/(repayment) of debt, $m
  -6
  26
  27
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
Issuance/(repurchase) of shares, $m
  -9
  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  
  -15
  26
  27
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
Total cash flow (excl. dividends), $m
  95
  469
  531
  595
  662
  731
  804
  879
  958
  1,040
  1,125
  1,213
  1,305
  1,401
  1,501
  1,605
  1,713
  1,826
  1,944
  2,067
  2,196
  2,331
  2,471
  2,618
  2,772
  2,933
  3,101
  3,278
  3,463
  3,657
  3,860
Retained Cash Flow (-), $m
  -519
  -71
  -75
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -136
  -142
  -148
  -154
  -161
  -168
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -241
Prev. year cash balance distribution, $m
 
  1,229
  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
 
  1,627
  456
  517
  580
  646
  716
  788
  863
  941
  1,022
  1,106
  1,194
  1,285
  1,381
  1,480
  1,583
  1,690
  1,803
  1,920
  2,042
  2,169
  2,303
  2,442
  2,588
  2,741
  2,900
  3,068
  3,243
  3,426
  3,619
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
 
  1,560
  417
  450
  478
  501
  519
  532
  539
  540
  536
  525
  510
  489
  463
  434
  402
  368
  332
  296
  259
  224
  191
  160
  132
  107
  85
  66
  50
  37
  27
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

Taro Pharmaceutical Industries Ltd., a science-based pharmaceutical company, engages in the development, manufacture, and marketing of pharmaceutical products in the United States, Canada, Israel, and internationally. The company offers prescription and over-the-counter pharmaceutical products focusing on primary areas, including topical creams and ointments, liquids, capsules, and tablets in the dermatological and topical, cardiovascular, neuropsychiatric, and anti-inflammatory therapeutic categories. It sells and distributes its products principally to drug industry wholesalers, drug store chains, mass merchandisers, healthcare institutions, and private pharmacies. The company was founded in 1959 and is based in Haifa Bay, Israel. Taro Pharmaceutical Industries Ltd. is a subsidiary of Sun Pharmaceutical Industries Ltd.

FINANCIAL RATIOS  of  Taro Pharmaceutical Industries (TARO)

Valuation Ratios
P/E Ratio 8.1
Price to Sales 4.6
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 11.6
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.9
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 27.6%
Ret/ On Assets - 3 Yr. Avg. 30%
Return On Total Capital 32.3%
Ret/ On T. Cap. - 3 Yr. Avg. 36.2%
Return On Equity 32.4%
Return On Equity - 3 Yr. Avg. 36.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 82.1%
Gross Margin - 3 Yr. Avg. 79%
EBITDA Margin 68.6%
EBITDA Margin - 3 Yr. Avg. 66.3%
Operating Margin 64.7%
Oper. Margin - 3 Yr. Avg. 60.8%
Pre-Tax Margin 67%
Pre-Tax Margin - 3 Yr. Avg. 64.3%
Net Profit Margin 56.9%
Net Profit Margin - 3 Yr. Avg. 53.5%
Effective Tax Rate 14.9%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 0%

TARO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TARO stock intrinsic value calculation we used $951 million for the last fiscal year's total revenue generated by Taro Pharmaceutical Industries. The default revenue input number comes from 2016 income statement of Taro Pharmaceutical Industries. 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 TARO stock valuation model: a) initial revenue growth rate of 10.2% 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 TARO is calculated based on our internal credit rating of Taro Pharmaceutical Industries, 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 Taro Pharmaceutical Industries.
    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 TARO stock the variable cost ratio is equal to 7.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $275 million in the base year in the intrinsic value calculation for TARO 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 Taro Pharmaceutical Industries.

Corporate tax rate of 27% is the nominal tax rate for Taro Pharmaceutical Industries. 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 TARO 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 TARO are equal to 17.6%.

Life of production assets of 11.6 years is the average useful life of capital assets used in Taro Pharmaceutical Industries 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 TARO is equal to 42.5%. 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 - $1931 million for Taro Pharmaceutical Industries - 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 42.07 million for Taro Pharmaceutical Industries 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 Taro Pharmaceutical Industries at the current share price and the inputted number of shares is $4.3 billion.

RELATED COMPANIES Price Int.Val. Rating
TEVA Teva Pharmaceu 17.30 70.59  str.buy
NVS Novartis ADR 82.76 35.73  str.sell
GSK GlaxoSmithKlin 38.75 96.05  str.buy
PFE Pfizer 32.67 28.58  hold
VRX Valeant Pharma 14.39 21.86  buy
AKRX Akorn 31.98 24.23  sell
JNJ Johnson&Johnso 132.63 94.54  sell
AZN AstraZeneca AD 29.12 17.48  sell

COMPANY NEWS

▶ Taro posts 1Q profit   [Aug-09-17 03:16PM  Associated Press]
▶ Taro Provides Results for Quarter Ended June 2017   [Aug-08-17 06:48PM  Business Wire]
▶ Taro to Announce First Quarter Results on August 8, 2017   [Aug-02-17 08:00AM  Business Wire]
▶ [$$] In Hot Pursuit of Indian Growth Stocks   [Jul-13-17 09:02PM  Barrons.com]
▶ Taro posts 4Q profit   [May-22-17 06:56PM  Associated Press]
▶ 3 Drug Stocks With Some of the Highest Profit Margins   [Mar-17-17 11:03AM  Motley Fool]
▶ Taro Pharma 3Q Net $140M Versus $189M Last Year   [Feb-10-17 10:32AM  Investopedia]
▶ Taro posts 3Q profit   [Feb-09-17 07:51PM  Associated Press]
▶ Taro Provides Results for December 31, 2016   [05:05PM  Business Wire]
▶ Taro to Announce Third Quarter Results on February 9, 2017   [Jan-31-17 05:17PM  Business Wire]
▶ Taro Announces Appointment of Interim CEO   [Dec-01-16 05:05PM  Business Wire]
▶ NYPD Union Goes After Drug Prices Amid DOJ Pharma Probe   [Nov-17-16 11:00AM  at Bloomberg]
▶ Taro Provides Results for September 30, 2016   [05:32PM  Business Wire]
Stock chart of TARO Financial statements of TARO
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.