Intrinsic value of Bio-Techne - TECH

Previous Close

$124.25

  Intrinsic Value

$84.63

stock screener

  Rating & Target

sell

-32%

Previous close

$124.25

 
Intrinsic value

$84.63

 
Up/down potential

-32%

 
Rating

sell

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 2017), $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 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.83
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  563
  655
  754
  861
  975
  1,096
  1,224
  1,358
  1,500
  1,648
  1,802
  1,963
  2,131
  2,306
  2,487
  2,676
  2,872
  3,076
  3,287
  3,507
  3,736
  3,974
  4,222
  4,480
  4,749
  5,030
  5,322
  5,627
  5,945
  6,277
  6,625
Variable operating expenses, $m
 
  448
  507
  570
  638
  710
  786
  866
  950
  1,039
  1,130
  1,168
  1,268
  1,372
  1,480
  1,592
  1,709
  1,830
  1,956
  2,087
  2,224
  2,365
  2,513
  2,667
  2,827
  2,993
  3,167
  3,349
  3,538
  3,736
  3,943
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
  442
  448
  507
  570
  638
  710
  786
  866
  950
  1,039
  1,130
  1,168
  1,268
  1,372
  1,480
  1,592
  1,709
  1,830
  1,956
  2,087
  2,224
  2,365
  2,513
  2,667
  2,827
  2,993
  3,167
  3,349
  3,538
  3,736
  3,943
Operating income, $m
  121
  207
  247
  291
  337
  386
  438
  492
  549
  609
  672
  795
  863
  933
  1,007
  1,083
  1,163
  1,245
  1,331
  1,420
  1,513
  1,609
  1,709
  1,814
  1,923
  2,036
  2,154
  2,278
  2,407
  2,541
  2,682
EBITDA, $m
  181
  300
  346
  395
  447
  503
  561
  623
  688
  756
  827
  900
  977
  1,057
  1,141
  1,227
  1,317
  1,411
  1,508
  1,609
  1,714
  1,823
  1,937
  2,055
  2,178
  2,307
  2,441
  2,581
  2,727
  2,879
  3,039
Interest expense (income), $m
  7
  12
  16
  19
  23
  28
  32
  37
  42
  47
  53
  59
  65
  71
  78
  85
  92
  99
  107
  115
  123
  132
  141
  150
  160
  170
  181
  192
  203
  215
  228
Earnings before tax, $m
  112
  195
  232
  271
  313
  358
  405
  455
  507
  562
  619
  736
  798
  862
  929
  999
  1,071
  1,146
  1,224
  1,305
  1,389
  1,477
  1,568
  1,664
  1,763
  1,866
  1,974
  2,086
  2,203
  2,326
  2,454
Tax expense, $m
  36
  53
  63
  73
  85
  97
  109
  123
  137
  152
  167
  199
  215
  233
  251
  270
  289
  309
  330
  352
  375
  399
  423
  449
  476
  504
  533
  563
  595
  628
  663
Net income, $m
  76
  142
  169
  198
  229
  261
  296
  332
  370
  410
  452
  537
  582
  629
  678
  729
  782
  836
  893
  953
  1,014
  1,078
  1,145
  1,214
  1,287
  1,362
  1,441
  1,523
  1,609
  1,698
  1,791

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
  1,558
  1,629
  1,876
  2,141
  2,425
  2,726
  3,044
  3,379
  3,731
  4,099
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,144
  7,651
  8,177
  8,725
  9,294
  9,887
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
  14,789
  15,616
  16,480
Adjusted assets (=assets-cash), $m
  1,400
  1,629
  1,876
  2,141
  2,425
  2,726
  3,044
  3,379
  3,731
  4,099
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,144
  7,651
  8,177
  8,725
  9,294
  9,887
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
  14,789
  15,616
  16,480
Revenue / Adjusted assets
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
Average production assets, $m
  515
  599
  690
  788
  892
  1,003
  1,120
  1,243
  1,372
  1,508
  1,649
  1,796
  1,950
  2,110
  2,276
  2,448
  2,628
  2,814
  3,008
  3,209
  3,419
  3,637
  3,863
  4,100
  4,346
  4,602
  4,869
  5,148
  5,440
  5,744
  6,062
Working capital, $m
  212
  63
  72
  83
  94
  105
  117
  130
  144
  158
  173
  188
  205
  221
  239
  257
  276
  295
  316
  337
  359
  382
  405
  430
  456
  483
  511
  540
  571
  603
  636
Total debt, $m
  344
  443
  550
  665
  788
  919
  1,057
  1,202
  1,355
  1,515
  1,682
  1,856
  2,037
  2,225
  2,421
  2,625
  2,836
  3,056
  3,285
  3,523
  3,770
  4,027
  4,294
  4,573
  4,863
  5,166
  5,481
  5,811
  6,154
  6,513
  6,888
Total liabilities, $m
  609
  707
  814
  929
  1,052
  1,183
  1,321
  1,466
  1,619
  1,779
  1,946
  2,120
  2,301
  2,489
  2,685
  2,889
  3,100
  3,320
  3,549
  3,787
  4,034
  4,291
  4,558
  4,837
  5,127
  5,430
  5,745
  6,075
  6,418
  6,777
  7,152
Total equity, $m
  950
  922
  1,062
  1,212
  1,372
  1,543
  1,723
  1,913
  2,112
  2,320
  2,537
  2,764
  3,000
  3,246
  3,502
  3,767
  4,043
  4,330
  4,628
  4,938
  5,261
  5,596
  5,945
  6,308
  6,687
  7,081
  7,493
  7,922
  8,370
  8,838
  9,327
Total liabilities and equity, $m
  1,559
  1,629
  1,876
  2,141
  2,424
  2,726
  3,044
  3,379
  3,731
  4,099
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,143
  7,650
  8,177
  8,725
  9,295
  9,887
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
  14,788
  15,615
  16,479
Debt-to-equity ratio
  0.362
  0.480
  0.520
  0.550
  0.570
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
Adjusted equity ratio
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  142
  169
  198
  229
  261
  296
  332
  370
  410
  452
  537
  582
  629
  678
  729
  782
  836
  893
  953
  1,014
  1,078
  1,145
  1,214
  1,287
  1,362
  1,441
  1,523
  1,609
  1,698
  1,791
Depreciation, amort., depletion, $m
  60
  93
  98
  104
  110
  117
  124
  131
  139
  147
  155
  106
  115
  124
  134
  144
  155
  166
  177
  189
  201
  214
  227
  241
  256
  271
  286
  303
  320
  338
  357
Funds from operations, $m
  129
  236
  268
  302
  339
  378
  420
  463
  509
  557
  607
  643
  697
  753
  812
  873
  936
  1,002
  1,070
  1,141
  1,215
  1,292
  1,372
  1,456
  1,542
  1,633
  1,727
  1,826
  1,928
  2,036
  2,148
Change in working capital, $m
  -14
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
Cash from operations, $m
  143
  227
  258
  292
  328
  367
  407
  450
  495
  542
  592
  627
  681
  737
  795
  855
  917
  982
  1,050
  1,120
  1,193
  1,269
  1,348
  1,431
  1,517
  1,606
  1,699
  1,796
  1,898
  2,004
  2,115
Maintenance CAPEX, $m
  0
  -30
  -35
  -41
  -46
  -52
  -59
  -66
  -73
  -81
  -89
  -97
  -106
  -115
  -124
  -134
  -144
  -155
  -166
  -177
  -189
  -201
  -214
  -227
  -241
  -256
  -271
  -286
  -303
  -320
  -338
New CAPEX, $m
  -15
  -84
  -91
  -98
  -104
  -111
  -117
  -123
  -129
  -135
  -141
  -147
  -154
  -160
  -166
  -173
  -179
  -186
  -194
  -201
  -209
  -218
  -227
  -236
  -246
  -256
  -267
  -279
  -291
  -304
  -318
Cash from investing activities, $m
  -306
  -114
  -126
  -139
  -150
  -163
  -176
  -189
  -202
  -216
  -230
  -244
  -260
  -275
  -290
  -307
  -323
  -341
  -360
  -378
  -398
  -419
  -441
  -463
  -487
  -512
  -538
  -565
  -594
  -624
  -656
Free cash flow, $m
  -163
  112
  132
  154
  178
  204
  231
  261
  293
  326
  362
  383
  422
  462
  504
  548
  594
  641
  691
  742
  795
  850
  908
  967
  1,029
  1,094
  1,161
  1,231
  1,304
  1,380
  1,459
Issuance/(repayment) of debt, $m
  252
  99
  107
  115
  123
  131
  138
  145
  153
  160
  167
  174
  181
  188
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  303
  316
  329
  344
  359
  375
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  
  236
  99
  107
  115
  123
  131
  138
  145
  153
  160
  167
  174
  181
  188
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  290
  303
  316
  329
  344
  359
  375
Total cash flow (excl. dividends), $m
  74
  211
  239
  269
  301
  334
  369
  407
  445
  486
  528
  557
  603
  651
  700
  752
  806
  861
  919
  980
  1,042
  1,107
  1,175
  1,246
  1,320
  1,396
  1,477
  1,560
  1,647
  1,739
  1,834
Retained Cash Flow (-), $m
  -71
  -130
  -140
  -150
  -160
  -170
  -180
  -190
  -199
  -208
  -218
  -227
  -236
  -246
  -256
  -266
  -276
  -287
  -298
  -310
  -322
  -335
  -349
  -363
  -379
  -395
  -412
  -429
  -448
  -468
  -489
Prev. year cash balance distribution, $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
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
 
  239
  99
  119
  140
  164
  189
  217
  246
  278
  311
  330
  367
  405
  445
  486
  530
  575
  621
  670
  720
  772
  826
  883
  941
  1,002
  1,065
  1,131
  1,199
  1,271
  1,345
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
 
  230
  91
  103
  115
  127
  137
  147
  154
  160
  163
  157
  156
  154
  149
  143
  135
  125
  114
  103
  91
  80
  69
  58
  48
  39
  31
  24
  19
  14
  10
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 develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world. The Clinical Controls segment develops and manufactures controls, calibrators, immunoassays and other reagents for the global clinical market. The Protein Platforms segment develops and commercializes systems and consumables for protein analysis. It markets immunoassays on different testing platforms, including microtiter-plate based kits sold under the trade name Quantikine, and immunoassays based on planar spotted surfaces and microfluidic-based multiplex immunoassays on automated testing platform.

FINANCIAL RATIOS  of  Bio-Techne (TECH)

Valuation Ratios
P/E Ratio 61.1
Price to Sales 8.2
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 32.5
Price to Free Cash Flow 36.3
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 36.2%
Total Debt to Equity 36.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 67.4%
EBITDA Margin 31.8%
EBITDA Margin - 3 Yr. Avg. 37.7%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 28.1%
Pre-Tax Margin 19.9%
Pre-Tax Margin - 3 Yr. Avg. 27.8%
Net Profit Margin 13.5%
Net Profit Margin - 3 Yr. Avg. 19.4%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 61.8%

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 $563 million for the last fiscal year's total revenue generated by Bio-Techne. The default revenue input number comes from 2017 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 16.3% 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 69.8%.

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 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 91.5%.

Life of production assets of 17 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 9.6%. 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 - $950 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 37.425 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 $4.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Bio-Techne Corp. : October 10, 2017   [Oct-10-17 11:50AM  Capital Cube]
▶ Bio-Techne Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Bio-Techne Acquires Trevigen Inc.   [Sep-05-17 06:06PM  PR Newswire]
▶ 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]
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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