Intrinsic value of Tetraphase Pharmaceuticals - TTPH

Previous Close

$5.89

  Intrinsic Value

$0.69

stock screener

  Rating & Target

str. sell

-88%

Previous close

$5.89

 
Intrinsic value

$0.69

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of TTPH 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 0.3

 

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, %
  -58.33
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Variable operating expenses, $m
 
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  491
  584
  687
  799
  920
  1,051
  1,190
  1,338
  1,494
  1,659
  1,831
  2,012
  2,201
  2,398
  2,603
  2,817
  3,038
  3,269
Fixed operating expenses, $m
 
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
  107
  110
  113
  116
  119
  121
  125
  128
  131
  134
  137
  141
  144
  148
  152
  156
  159
Total operating expenses, $m
  83
  92
  102
  115
  132
  154
  182
  216
  258
  307
  365
  433
  509
  596
  691
  797
  912
  1,036
  1,170
  1,311
  1,463
  1,622
  1,790
  1,965
  2,149
  2,342
  2,542
  2,751
  2,969
  3,194
  3,428
Operating income, $m
  -78
  -84
  -90
  -97
  -105
  -116
  -130
  -146
  -166
  -189
  -216
  -248
  -283
  -323
  -367
  -415
  -468
  -525
  -585
  -650
  -719
  -792
  -868
  -948
  -1,032
  -1,119
  -1,210
  -1,305
  -1,404
  -1,506
  -1,612
EBITDA, $m
  -78
  -84
  -89
  -96
  -105
  -116
  -129
  -145
  -164
  -187
  -214
  -244
  -279
  -317
  -360
  -408
  -459
  -514
  -574
  -637
  -704
  -775
  -850
  -928
  -1,009
  -1,095
  -1,184
  -1,276
  -1,372
  -1,472
  -1,576
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  2
  3
  4
  5
  7
  9
  11
  14
  17
  20
  24
  28
  32
  36
  41
  46
  52
  58
  64
  70
  77
  84
  91
  98
  106
Earnings before tax, $m
  -77
  -84
  -90
  -97
  -106
  -118
  -132
  -149
  -170
  -195
  -224
  -257
  -294
  -337
  -384
  -435
  -491
  -552
  -617
  -687
  -760
  -838
  -920
  -1,006
  -1,095
  -1,189
  -1,287
  -1,389
  -1,494
  -1,604
  -1,718
Tax expense, $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
  0
Net income, $m
  -77
  -84
  -90
  -97
  -106
  -118
  -132
  -149
  -170
  -195
  -224
  -257
  -294
  -337
  -384
  -435
  -491
  -552
  -617
  -687
  -760
  -838
  -920
  -1,006
  -1,095
  -1,189
  -1,287
  -1,389
  -1,494
  -1,604
  -1,718

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  142
  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
  152
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  888
  1,022
  1,167
  1,322
  1,486
  1,660
  1,843
  2,035
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Adjusted assets (=assets-cash), $m
  10
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  888
  1,022
  1,167
  1,322
  1,486
  1,660
  1,843
  2,035
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Revenue / Adjusted assets
  0.500
  0.500
  0.480
  0.486
  0.500
  0.500
  0.500
  0.500
  0.503
  0.500
  0.500
  0.500
  0.500
  0.501
  0.499
  0.499
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Average production assets, $m
  1
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  55
  65
  76
  89
  102
  117
  132
  149
  166
  184
  203
  224
  245
  266
  289
  313
  338
  363
Working capital, $m
  139
  -5
  -7
  -11
  -16
  -23
  -31
  -42
  -55
  -71
  -89
  -111
  -136
  -164
  -195
  -229
  -266
  -307
  -350
  -397
  -446
  -498
  -553
  -610
  -671
  -734
  -799
  -868
  -939
  -1,013
  -1,090
Total debt, $m
  0
  2
  10
  21
  36
  56
  82
  114
  153
  200
  256
  321
  395
  479
  572
  675
  787
  908
  1,039
  1,178
  1,326
  1,482
  1,647
  1,819
  2,000
  2,189
  2,386
  2,591
  2,805
  3,026
  3,257
Total liabilities, $m
  12
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  491
  584
  687
  799
  920
  1,051
  1,190
  1,338
  1,494
  1,659
  1,831
  2,012
  2,201
  2,398
  2,603
  2,817
  3,038
  3,269
Total equity, $m
  140
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  55
  65
  76
  89
  102
  117
  132
  149
  166
  184
  203
  224
  245
  266
  289
  313
  338
  363
Total liabilities and equity, $m
  152
  16
  24
  37
  53
  76
  104
  140
  183
  236
  298
  370
  452
  546
  649
  763
  888
  1,022
  1,168
  1,322
  1,487
  1,660
  1,843
  2,034
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Debt-to-equity ratio
  0.000
  1.500
  4.150
  5.750
  6.760
  7.410
  7.850
  8.140
  8.350
  8.490
  8.600
  8.680
  8.730
  8.780
  8.820
  8.840
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
Adjusted equity ratio
  -0.200
  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
  -77
  -84
  -90
  -97
  -106
  -118
  -132
  -149
  -170
  -195
  -224
  -257
  -294
  -337
  -384
  -435
  -491
  -552
  -617
  -687
  -760
  -838
  -920
  -1,006
  -1,095
  -1,189
  -1,287
  -1,389
  -1,494
  -1,604
  -1,718
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  4
  5
  5
  6
  8
  9
  10
  12
  13
  15
  17
  18
  20
  22
  24
  27
  29
  31
  34
  36
Funds from operations, $m
  -64
  -84
  -90
  -97
  -106
  -117
  -131
  -148
  -168
  -192
  -221
  -253
  -290
  -331
  -377
  -428
  -483
  -542
  -606
  -673
  -745
  -821
  -901
  -985
  -1,073
  -1,165
  -1,260
  -1,360
  -1,463
  -1,570
  -1,682
Change in working capital, $m
  0
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -77
Cash from operations, $m
  -64
  -82
  -87
  -93
  -101
  -110
  -122
  -137
  -155
  -177
  -202
  -231
  -265
  -303
  -346
  -393
  -445
  -501
  -562
  -627
  -696
  -769
  -847
  -928
  -1,013
  -1,102
  -1,195
  -1,291
  -1,392
  -1,496
  -1,605
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -5
  -6
  -8
  -9
  -10
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -27
  -29
  -31
  -34
New CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -5
  -7
  -8
  -10
  -12
  -14
  -15
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
Free cash flow, $m
  -64
  -83
  -88
  -94
  -103
  -113
  -126
  -142
  -161
  -184
  -210
  -242
  -277
  -317
  -362
  -411
  -465
  -524
  -587
  -654
  -726
  -802
  -881
  -965
  -1,053
  -1,145
  -1,241
  -1,341
  -1,444
  -1,552
  -1,664
Issuance/(repayment) of debt, $m
  0
  2
  8
  11
  15
  20
  26
  32
  39
  47
  56
  65
  74
  84
  93
  103
  112
  121
  130
  139
  148
  156
  165
  173
  181
  189
  197
  205
  213
  222
  231
Issuance/(repurchase) of shares, $m
  0
  88
  91
  98
  108
  120
  135
  153
  174
  200
  230
  264
  303
  346
  394
  447
  504
  566
  632
  702
  777
  855
  938
  1,025
  1,116
  1,210
  1,309
  1,411
  1,518
  1,629
  1,744
Cash from financing (excl. dividends), $m  
  0
  90
  99
  109
  123
  140
  161
  185
  213
  247
  286
  329
  377
  430
  487
  550
  616
  687
  762
  841
  925
  1,011
  1,103
  1,198
  1,297
  1,399
  1,506
  1,616
  1,731
  1,851
  1,975
Total cash flow (excl. dividends), $m
  -64
  7
  11
  15
  20
  27
  34
  43
  53
  64
  75
  87
  100
  112
  125
  138
  151
  163
  175
  187
  199
  210
  221
  232
  243
  254
  265
  276
  287
  298
  310
Retained Cash Flow (-), $m
  64
  -88
  -91
  -98
  -108
  -120
  -135
  -153
  -174
  -200
  -230
  -264
  -303
  -346
  -394
  -447
  -504
  -566
  -632
  -702
  -777
  -855
  -938
  -1,025
  -1,116
  -1,210
  -1,309
  -1,411
  -1,518
  -1,629
  -1,744
Prev. year cash balance distribution, $m
 
  142
  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
 
  61
  -80
  -83
  -88
  -93
  -100
  -110
  -121
  -136
  -155
  -177
  -203
  -234
  -269
  -309
  -353
  -402
  -456
  -515
  -578
  -645
  -717
  -793
  -872
  -956
  -1,044
  -1,136
  -1,231
  -1,330
  -1,434
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
 
  59
  -73
  -73
  -72
  -72
  -73
  -74
  -76
  -78
  -81
  -84
  -87
  -89
  -90
  -91
  -90
  -88
  -84
  -79
  -73
  -67
  -59
  -52
  -44
  -37
  -30
  -24
  -19
  -15
  -11
Current shareholders' claim on cash, %
  100
  50.0
  1.8
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Tetraphase Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company uses its chemistry technology to create antibiotics for multidrug-resistant infections. The Company is developing its lead product candidate, eravacycline, a fully synthetic tetracycline derivative, as a spectrum intravenous (IV) and oral antibiotic for use as a first-line empiric monotherapy for the treatment of multidrug-resistant infections, including multidrug-resistant gram-negative infections. The Company also develops TP-6076 for multidrug-resistant gram-negative infections. Eravacycline is a fluorocycline antibiotic. The Company is conducting a global Phase III clinical program for eravacycline called Investigating Gram-Negative Infections Treated with Eravacycline (IGNITE). TP-271 is a fully synthetic fluorocycline being developed for respiratory disease caused by bacterial biothreat pathogens in healthy volunteers.

FINANCIAL RATIOS  of  Tetraphase Pharmaceuticals (TTPH)

Valuation Ratios
P/E Ratio -2.8
Price to Sales 43.5
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow -3.4
Price to Free Cash Flow -3.4
Growth Rates
Sales Growth Rate -58.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -42%
Ret/ On Assets - 3 Yr. Avg. -49.1%
Return On Total Capital -44.8%
Ret/ On T. Cap. - 3 Yr. Avg. -53.4%
Return On Equity -44.8%
Return On Equity - 3 Yr. Avg. -55.3%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1540%
EBITDA Margin - 3 Yr. Avg. -988.3%
Operating Margin -1560%
Oper. Margin - 3 Yr. Avg. -995%
Pre-Tax Margin -1540%
Pre-Tax Margin - 3 Yr. Avg. -992%
Net Profit Margin -1540%
Net Profit Margin - 3 Yr. Avg. -992%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TTPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTPH stock intrinsic value calculation we used $5 million for the last fiscal year's total revenue generated by Tetraphase Pharmaceuticals. The default revenue input number comes from 2016 income statement of Tetraphase 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 TTPH stock valuation model: a) initial revenue growth rate of 60% 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 TTPH is calculated based on our internal credit rating of Tetraphase 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 Tetraphase 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 TTPH stock the variable cost ratio is equal to 180%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $76 million in the base year in the intrinsic value calculation for TTPH 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 Tetraphase Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Tetraphase 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 TTPH 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 TTPH are equal to 20%.

Life of production assets of 10 years is the average useful life of capital assets used in Tetraphase 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 TTPH is equal to -60%. 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 - $140 million for Tetraphase 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 51.054 million for Tetraphase 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 Tetraphase Pharmaceuticals at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Tetraphase reports 3Q loss   [Nov-02-17 08:07AM  Associated Press]
▶ Tetraphase Pharmaceuticals to Present Data at IDWeek 2017   [Sep-25-17 09:05AM  GlobeNewswire]
▶ 3 Game-Changing Small-Cap Healthcare Stocks   [Aug-15-17 09:01PM  Motley Fool]
▶ Tetraphase reports 2Q loss   [05:06AM  Associated Press]
▶ Watertowns Tetraphase says antibiotic clears late-stage hurdle   [Jul-25-17 05:10PM  American City Business Journals]
▶ Tetraphase reports 1Q loss   [May-05-17 05:03AM  Associated Press]
▶ These 5 Mass. biotechs are getting $12M to fight superbugs   [Mar-31-17 12:35PM  at bizjournals.com]
▶ These 5 Mass. biotechs are getting $12M to fight superbugs   [12:35PM  American City Business Journals]
▶ Tetraphase Says Antibiotic Has Strong Sales Prospects   [Feb-13-17 10:52AM  at Investopedia]
▶ Deloitte leads the way in Massachusetts IPO auditing work in 2016   [Jan-04-17 02:55PM  at bizjournals.com]
Financial statements of TTPH
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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