Intrinsic value of Bio-Techne - TECH

Previous Close

$119.43

  Intrinsic Value

$49.75

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

-21%

Previous close

$119.43

 
Intrinsic value

$49.75

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

-21%

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

We calculate the intrinsic value of TECH 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 4.4

 

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, %
  10.40
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  499
  548
  600
  654
  710
  768
  829
  892
  957
  1,025
  1,096
  1,170
  1,246
  1,326
  1,408
  1,495
  1,585
  1,678
  1,776
  1,878
  1,984
  2,095
  2,211
  2,332
  2,459
  2,591
  2,730
  2,875
  3,027
  3,186
  3,353
Variable operating expenses, $m
 
  366
  396
  428
  461
  495
  531
  568
  607
  647
  688
  688
  734
  780
  829
  880
  933
  988
  1,045
  1,105
  1,168
  1,233
  1,301
  1,373
  1,447
  1,525
  1,607
  1,692
  1,782
  1,876
  1,974
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
  348
  366
  396
  428
  461
  495
  531
  568
  607
  647
  688
  688
  734
  780
  829
  880
  933
  988
  1,045
  1,105
  1,168
  1,233
  1,301
  1,373
  1,447
  1,525
  1,607
  1,692
  1,782
  1,876
  1,974
Operating income, $m
  151
  182
  204
  226
  249
  273
  298
  324
  351
  379
  408
  481
  513
  545
  579
  615
  652
  690
  730
  772
  816
  862
  909
  959
  1,011
  1,066
  1,123
  1,183
  1,245
  1,311
  1,379
EBITDA, $m
  194
  250
  273
  298
  323
  350
  378
  406
  436
  467
  499
  533
  568
  604
  642
  681
  722
  765
  809
  856
  904
  955
  1,007
  1,063
  1,120
  1,181
  1,244
  1,310
  1,379
  1,452
  1,528
Interest expense (income), $m
  0
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
Earnings before tax, $m
  147
  179
  200
  221
  243
  266
  290
  315
  341
  368
  396
  468
  498
  529
  562
  596
  631
  668
  707
  747
  789
  833
  879
  927
  977
  1,029
  1,084
  1,141
  1,201
  1,264
  1,330
Tax expense, $m
  43
  48
  54
  60
  66
  72
  78
  85
  92
  99
  107
  126
  134
  143
  152
  161
  170
  180
  191
  202
  213
  225
  237
  250
  264
  278
  293
  308
  324
  341
  359
Net income, $m
  104
  131
  146
  161
  177
  194
  212
  230
  249
  268
  289
  341
  363
  386
  410
  435
  461
  488
  516
  545
  576
  608
  641
  676
  713
  751
  791
  833
  877
  923
  971

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  96
  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
  1,130
  1,135
  1,242
  1,354
  1,470
  1,590
  1,716
  1,846
  1,982
  2,123
  2,269
  2,422
  2,580
  2,745
  2,916
  3,095
  3,281
  3,474
  3,676
  3,887
  4,107
  4,337
  4,577
  4,828
  5,091
  5,365
  5,652
  5,953
  6,267
  6,597
  6,942
Adjusted assets (=assets-cash), $m
  1,034
  1,135
  1,242
  1,354
  1,470
  1,590
  1,716
  1,846
  1,982
  2,123
  2,269
  2,422
  2,580
  2,745
  2,916
  3,095
  3,281
  3,474
  3,676
  3,887
  4,107
  4,337
  4,577
  4,828
  5,091
  5,365
  5,652
  5,953
  6,267
  6,597
  6,942
Revenue / Adjusted assets
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
  0.483
Average production assets, $m
  433
  476
  521
  568
  616
  667
  719
  774
  831
  890
  951
  1,015
  1,082
  1,151
  1,223
  1,297
  1,375
  1,457
  1,541
  1,630
  1,722
  1,818
  1,919
  2,024
  2,134
  2,249
  2,370
  2,496
  2,628
  2,766
  2,910
Working capital, $m
  200
  118
  130
  141
  153
  166
  179
  193
  207
  221
  237
  253
  269
  286
  304
  323
  342
  362
  384
  406
  429
  452
  478
  504
  531
  560
  590
  621
  654
  688
  724
Total debt, $m
  95
  115
  141
  168
  195
  224
  254
  285
  318
  351
  386
  423
  461
  500
  541
  584
  628
  674
  723
  773
  826
  881
  938
  998
  1,061
  1,126
  1,195
  1,267
  1,342
  1,421
  1,503
Total liabilities, $m
  250
  271
  297
  324
  351
  380
  410
  441
  474
  507
  542
  579
  617
  656
  697
  740
  784
  830
  879
  929
  982
  1,037
  1,094
  1,154
  1,217
  1,282
  1,351
  1,423
  1,498
  1,577
  1,659
Total equity, $m
  879
  864
  945
  1,030
  1,118
  1,210
  1,306
  1,405
  1,508
  1,616
  1,727
  1,843
  1,963
  2,089
  2,219
  2,355
  2,496
  2,644
  2,798
  2,958
  3,126
  3,301
  3,483
  3,674
  3,874
  4,083
  4,301
  4,530
  4,770
  5,020
  5,283
Total liabilities and equity, $m
  1,129
  1,135
  1,242
  1,354
  1,469
  1,590
  1,716
  1,846
  1,982
  2,123
  2,269
  2,422
  2,580
  2,745
  2,916
  3,095
  3,280
  3,474
  3,677
  3,887
  4,108
  4,338
  4,577
  4,828
  5,091
  5,365
  5,652
  5,953
  6,268
  6,597
  6,942
Debt-to-equity ratio
  0.108
  0.130
  0.150
  0.160
  0.170
  0.190
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.757
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  104
  131
  146
  161
  177
  194
  212
  230
  249
  268
  289
  341
  363
  386
  410
  435
  461
  488
  516
  545
  576
  608
  641
  676
  713
  751
  791
  833
  877
  923
  971
Depreciation, amort., depletion, $m
  43
  67
  70
  72
  75
  77
  80
  83
  85
  89
  92
  52
  55
  59
  62
  66
  70
  74
  79
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
Funds from operations, $m
  129
  198
  215
  233
  252
  271
  292
  312
  334
  357
  380
  393
  419
  445
  473
  501
  531
  562
  595
  629
  664
  701
  739
  780
  822
  866
  912
  960
  1,011
  1,064
  1,119
Change in working capital, $m
  -15
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
Cash from operations, $m
  144
  188
  204
  222
  240
  259
  278
  299
  320
  342
  365
  377
  402
  428
  455
  483
  512
  542
  574
  607
  641
  677
  714
  753
  794
  837
  882
  929
  978
  1,029
  1,083
Maintenance CAPEX, $m
  0
  -22
  -24
  -27
  -29
  -31
  -34
  -37
  -39
  -42
  -45
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
New CAPEX, $m
  -17
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
Cash from investing activities, $m
  -108
  -65
  -69
  -74
  -78
  -82
  -87
  -92
  -96
  -101
  -106
  -113
  -118
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
Free cash flow, $m
  36
  123
  135
  148
  162
  177
  192
  207
  224
  241
  258
  265
  284
  304
  324
  345
  368
  391
  415
  439
  465
  493
  521
  550
  581
  613
  647
  682
  719
  757
  797
Issuance/(repayment) of debt, $m
  19
  24
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  82
Issuance/(repurchase) of shares, $m
  5
  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  
  25
  24
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  82
Total cash flow (excl. dividends), $m
  58
  147
  161
  175
  190
  206
  222
  239
  256
  274
  293
  301
  322
  343
  365
  388
  412
  437
  463
  490
  518
  548
  578
  610
  644
  679
  715
  754
  794
  836
  880
Retained Cash Flow (-), $m
  -32
  -77
  -81
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -136
  -142
  -147
  -154
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -239
  -251
  -263
Prev. year cash balance distribution, $m
 
  92
  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
 
  162
  79
  90
  102
  114
  126
  139
  153
  167
  182
  185
  201
  218
  235
  252
  270
  289
  309
  329
  351
  373
  396
  419
  444
  470
  497
  525
  554
  585
  617
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
 
  155
  73
  79
  84
  88
  92
  94
  96
  96
  95
  88
  86
  83
  79
  74
  69
  63
  57
  51
  45
  39
  33
  27
  23
  18
  14
  11
  9
  6
  5
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

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. The company operates through three segments: Biotechnology, Clinical Controls, and Protein Platforms. The Biotechnology segment provides proteins, such as cytokines, growth factors, and enzymes; polyclonal antibodies in goats, sheep, and rabbits, as well as monoclonal antibodies; microtiter-plate based kits, immunoassays based on encoded bead technology and planar spotted surfaces, and microfluidic-based immunoassays to quantify the level of a specific protein in biological fluids; and erythropoietin, transferrin receptor, and Beta2-microglobulin immunoassays for use as in vitro diagnostic devices. This segment also offers fluorochrome labeled antibodies and kits to determine the immuno-phenotypic properties of cells from various tissues; and natural or synthetic chemical compounds for use as agonists, antagonists, and/or inhibitors of various biological functions. The Clinical Controls segment provides hematology controls and calibrators for hematology clinical instruments; clinical controls for blood glucose and blood gas devices, as well as coagulation device control products; and bulk purified proteins, enzymes, disease-state plasmas, infectious disease antigens, and processed serums to the clinical diagnostic industry. The Protein Platforms segment develops, manufactures, and sells tools comprising Simple Western platform, an assay for protein analysis and identification; SimplePlex platform, an assay used in research and clinical diagnostics; and Biologics Instrumentation to interrogate protein purity and identify contaminants during the development and production of biologics. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was founded in 1976 and is headquartered in Minneapolis, Minnesota.

FINANCIAL RATIOS  of  Bio-Techne (TECH)

Valuation Ratios
P/E Ratio 42.8
Price to Sales 8.9
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 30.9
Price to Free Cash Flow 35
Growth Rates
Sales Growth Rate 10.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio 24
Current Ratio 0.1
LT Debt to Equity 10.4%
Total Debt to Equity 10.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 11.4%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 12.6%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 67.5%
Gross Margin - 3 Yr. Avg. 68.5%
EBITDA Margin 38.1%
EBITDA Margin - 3 Yr. Avg. 43.5%
Operating Margin 30.3%
Oper. Margin - 3 Yr. Avg. 35.8%
Pre-Tax Margin 29.5%
Pre-Tax Margin - 3 Yr. Avg. 36.2%
Net Profit Margin 20.8%
Net Profit Margin - 3 Yr. Avg. 25.2%
Effective Tax Rate 29.3%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 46.2%

TECH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TECH stock intrinsic value calculation we used $499 million for the last fiscal year's total revenue generated by Bio-Techne. The default revenue input number comes from 2016 income statement of Bio-Techne. 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 TECH stock valuation model: a) initial revenue growth rate of 9.9% 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 TECH is calculated based on our internal credit rating of Bio-Techne, 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 Bio-Techne.
    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 TECH stock the variable cost ratio is equal to 67.5%.

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 TECH 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 Bio-Techne.

Corporate tax rate of 27% is the nominal tax rate for Bio-Techne. 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 TECH 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 TECH are equal to 86.8%.

Life of production assets of 19.6 years is the average useful life of capital assets used in Bio-Techne 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 TECH is equal to 21.6%. 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 - $879 million for Bio-Techne - 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 36.969 million for Bio-Techne 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 Bio-Techne at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ Bio-Techne Declares Dividend   [Aug-10-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : August 1, 2017   [Aug-01-17 05:22PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : July 13, 2017   [Jul-13-17 04:43PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : July 3, 2017   [Jul-03-17 03:53PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : June 19, 2017   [Jun-19-17 04:10PM  Capital Cube]
▶ Investor Network: Bio-Techne to Host Earnings Call   [May-02-17 07:30AM  Accesswire]
▶ Bio-Techne Declares Dividend   [07:30AM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : April 7, 2017   [Apr-07-17 05:35PM  Capital Cube]
▶ Innovative Veterinary Diagnostic Setting A New Standard   [Mar-01-17 08:30AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [07:30AM  PR Newswire]
▶ Bio-Techne And Astute Medical Form Strategic Partnership   [Dec-14-16 04:14PM  PR Newswire]
▶ Bio-Techne Declares Dividend   [08:00AM  PR Newswire]
▶ Bio-Techne Announces Investor Day And Webcast   [Aug-31-16 09:35AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [07:00AM  PR Newswire]
Financial statements of TECH
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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