Intrinsic value of Intrexon - XON

Previous Close

$18.24

  Intrinsic Value

$0.88

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-45%

Previous close

$18.24

 
Intrinsic value

$0.88

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-45%

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

We calculate the intrinsic value of XON 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 2.1

 

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, %
  9.77
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  191
  195
  199
  204
  210
  217
  224
  231
  239
  248
  258
  268
  279
  290
  303
  316
  330
  344
  360
  376
  393
  412
  431
  451
  473
  495
  519
  544
  570
  598
  627
Variable operating expenses, $m
 
  358
  366
  375
  385
  396
  408
  422
  436
  452
  468
  471
  490
  510
  532
  555
  579
  605
  632
  660
  691
  723
  757
  792
  830
  869
  911
  955
  1,001
  1,049
  1,100
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
  316
  358
  366
  375
  385
  396
  408
  422
  436
  452
  468
  471
  490
  510
  532
  555
  579
  605
  632
  660
  691
  723
  757
  792
  830
  869
  911
  955
  1,001
  1,049
  1,100
Operating income, $m
  -125
  -163
  -166
  -170
  -175
  -179
  -185
  -190
  -197
  -203
  -211
  -203
  -211
  -220
  -229
  -239
  -249
  -260
  -272
  -284
  -297
  -311
  -326
  -341
  -357
  -374
  -392
  -411
  -431
  -452
  -474
EBITDA, $m
  -100
  -131
  -134
  -137
  -141
  -145
  -150
  -155
  -161
  -167
  -173
  -180
  -187
  -195
  -203
  -212
  -221
  -231
  -242
  -253
  -264
  -276
  -289
  -303
  -317
  -332
  -348
  -365
  -383
  -401
  -421
Interest expense (income), $m
  1
  1
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  70
  75
  81
  86
  93
Earnings before tax, $m
  -173
  -164
  -168
  -173
  -179
  -185
  -191
  -199
  -207
  -215
  -224
  -219
  -229
  -240
  -252
  -265
  -278
  -292
  -307
  -323
  -340
  -358
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -538
  -566
Tax expense, $m
  -4
  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
  -187
  -164
  -168
  -173
  -179
  -185
  -191
  -199
  -207
  -215
  -224
  -219
  -229
  -240
  -252
  -265
  -278
  -292
  -307
  -323
  -340
  -358
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -538
  -566

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  237
  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
  949
  727
  744
  763
  784
  808
  834
  862
  893
  926
  962
  1,000
  1,041
  1,084
  1,130
  1,178
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,684
  1,763
  1,847
  1,936
  2,029
  2,127
  2,229
  2,338
Adjusted assets (=assets-cash), $m
  712
  727
  744
  763
  784
  808
  834
  862
  893
  926
  962
  1,000
  1,041
  1,084
  1,130
  1,178
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,684
  1,763
  1,847
  1,936
  2,029
  2,127
  2,229
  2,338
Revenue / Adjusted assets
  0.268
  0.268
  0.267
  0.267
  0.268
  0.269
  0.269
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
Average production assets, $m
  291
  297
  304
  312
  320
  330
  341
  352
  365
  378
  393
  408
  425
  443
  461
  481
  502
  525
  548
  573
  600
  627
  657
  688
  720
  754
  791
  829
  869
  911
  955
Working capital, $m
  220
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
Total debt, $m
  9
  16
  25
  36
  47
  60
  75
  90
  107
  125
  144
  165
  187
  211
  236
  262
  290
  320
  352
  385
  420
  457
  496
  538
  581
  627
  675
  726
  779
  835
  894
Total liabilities, $m
  389
  396
  405
  416
  427
  440
  455
  470
  487
  505
  524
  545
  567
  591
  616
  642
  670
  700
  732
  765
  800
  837
  876
  918
  961
  1,007
  1,055
  1,106
  1,159
  1,215
  1,274
Total equity, $m
  560
  331
  338
  347
  357
  368
  380
  392
  406
  421
  438
  455
  473
  493
  514
  536
  560
  585
  611
  639
  668
  699
  732
  766
  802
  840
  881
  923
  968
  1,014
  1,064
Total liabilities and equity, $m
  949
  727
  743
  763
  784
  808
  835
  862
  893
  926
  962
  1,000
  1,040
  1,084
  1,130
  1,178
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,684
  1,763
  1,847
  1,936
  2,029
  2,127
  2,229
  2,338
Debt-to-equity ratio
  0.016
  0.050
  0.070
  0.100
  0.130
  0.160
  0.200
  0.230
  0.260
  0.300
  0.330
  0.360
  0.400
  0.430
  0.460
  0.490
  0.520
  0.550
  0.580
  0.600
  0.630
  0.650
  0.680
  0.700
  0.720
  0.750
  0.770
  0.790
  0.810
  0.820
  0.840
Adjusted equity ratio
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -187
  -164
  -168
  -173
  -179
  -185
  -191
  -199
  -207
  -215
  -224
  -219
  -229
  -240
  -252
  -265
  -278
  -292
  -307
  -323
  -340
  -358
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -538
  -566
Depreciation, amort., depletion, $m
  25
  32
  32
  33
  33
  34
  35
  35
  36
  37
  37
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
Funds from operations, $m
  -67
  -132
  -136
  -140
  -145
  -151
  -157
  -164
  -171
  -179
  -187
  -196
  -206
  -216
  -227
  -238
  -251
  -263
  -277
  -292
  -307
  -323
  -340
  -358
  -377
  -397
  -418
  -440
  -463
  -488
  -513
Change in working capital, $m
  -11
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  -56
  -131
  -135
  -140
  -145
  -150
  -156
  -163
  -170
  -178
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -276
  -290
  -306
  -322
  -339
  -356
  -375
  -395
  -416
  -438
  -461
  -485
  -511
Maintenance CAPEX, $m
  0
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
New CAPEX, $m
  -39
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -28
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
Free cash flow, $m
  -84
  -153
  -159
  -164
  -171
  -178
  -185
  -193
  -202
  -212
  -222
  -232
  -244
  -256
  -269
  -283
  -297
  -312
  -328
  -346
  -364
  -383
  -403
  -424
  -446
  -469
  -494
  -520
  -547
  -575
  -606
Issuance/(repayment) of debt, $m
  0
  8
  9
  10
  12
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
Issuance/(repurchase) of shares, $m
  19
  171
  176
  182
  188
  195
  203
  212
  221
  230
  241
  236
  248
  260
  273
  287
  302
  317
  334
  351
  369
  389
  409
  431
  453
  477
  502
  528
  556
  585
  616
Cash from financing (excl. dividends), $m  
  12
  179
  185
  192
  200
  208
  217
  227
  238
  248
  260
  257
  270
  284
  298
  314
  330
  347
  366
  384
  404
  426
  448
  472
  496
  523
  550
  579
  609
  641
  675
Total cash flow (excl. dividends), $m
  -73
  25
  26
  28
  29
  31
  32
  34
  35
  37
  38
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
Retained Cash Flow (-), $m
  134
  -171
  -176
  -182
  -188
  -195
  -203
  -212
  -221
  -230
  -241
  -236
  -248
  -260
  -273
  -287
  -302
  -317
  -334
  -351
  -369
  -389
  -409
  -431
  -453
  -477
  -502
  -528
  -556
  -585
  -616
Prev. year cash balance distribution, $m
 
  236
  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
 
  91
  -149
  -154
  -159
  -165
  -171
  -178
  -185
  -193
  -202
  -212
  -222
  -232
  -244
  -256
  -269
  -283
  -297
  -312
  -328
  -345
  -363
  -382
  -402
  -423
  -446
  -469
  -493
  -519
  -547
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
 
  87
  -137
  -134
  -131
  -128
  -124
  -120
  -116
  -111
  -106
  -101
  -95
  -88
  -82
  -75
  -68
  -61
  -55
  -48
  -42
  -36
  -30
  -25
  -20
  -16
  -13
  -10
  -8
  -6
  -4
Current shareholders' claim on cash, %
  100
  87.6
  76.7
  67.0
  58.5
  51.0
  44.4
  38.7
  33.6
  29.2
  25.3
  22.1
  19.3
  16.8
  14.6
  12.7
  11.1
  9.6
  8.3
  7.2
  6.2
  5.4
  4.7
  4.0
  3.5
  3.0
  2.6
  2.2
  1.9
  1.7
  1.4

Intrexon Corporation (Intrexon) forms collaborations to create biologically-based products and processes using synthetic biology. The Company's domestic operations are in California, Florida, Maryland, and Virginia, and its primary international operations are in Belgium and Hungary. The Company designs, builds and regulates gene programs, which are deoxyribonucleic acid (DNA) sequences that consist of genetic components. The Company's synthetic biology capabilities include the ability to control the amount, location and modification of biological molecules to control the function and output of living cells and optimize for desired results at an industrial scale. The Company's technologies include UltraVector gene design and fabrication platform, and its associated library of modular DNA components; Cell Systems Informatics; RheoSwitch inducible gene switch; AttSite Recombinases; Protein Engineering; Laser-Enabled Analysis and Processing (LEAP), and ActoBiotics platform.

FINANCIAL RATIOS  of  Intrexon (XON)

Valuation Ratios
P/E Ratio -11.6
Price to Sales 11.3
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -38.7
Price to Free Cash Flow -22.8
Growth Rates
Sales Growth Rate 9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 200%
Cap. Spend. - 3 Yr. Gr. Rate 81.1%
Financial Strength
Quick Ratio 237
Current Ratio 0.1
LT Debt to Equity 1.4%
Total Debt to Equity 1.6%
Interest Coverage -172
Management Effectiveness
Return On Assets -19.3%
Ret/ On Assets - 3 Yr. Avg. -15.2%
Return On Total Capital -29.4%
Ret/ On T. Cap. - 3 Yr. Avg. -22%
Return On Equity -29.8%
Return On Equity - 3 Yr. Avg. -22.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 67.5%
Gross Margin - 3 Yr. Avg. 73.2%
EBITDA Margin -77%
EBITDA Margin - 3 Yr. Avg. -69.4%
Operating Margin -65.4%
Oper. Margin - 3 Yr. Avg. -82.2%
Pre-Tax Margin -90.6%
Pre-Tax Margin - 3 Yr. Avg. -82.2%
Net Profit Margin -97.9%
Net Profit Margin - 3 Yr. Avg. -86.7%
Effective Tax Rate 2.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.3%
Payout Ratio 0%

XON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XON stock intrinsic value calculation we used $191 million for the last fiscal year's total revenue generated by Intrexon. The default revenue input number comes from 2016 income statement of Intrexon. 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 XON stock valuation model: a) initial revenue growth rate of 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 XON is calculated based on our internal credit rating of Intrexon, 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 Intrexon.
    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 XON stock the variable cost ratio is equal to 183.8%.

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 XON 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 11.1% for Intrexon.

Corporate tax rate of 27% is the nominal tax rate for Intrexon. 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 XON 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 XON are equal to 152.4%.

Life of production assets of 18.1 years is the average useful life of capital assets used in Intrexon 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 XON is equal to -8.4%. 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 - $560 million for Intrexon - 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 114.495 million for Intrexon 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 Intrexon at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Intrexon inks $100M funding deal with billionaire founder Randal Kirk   [Oct-17-17 03:49PM  American City Business Journals]
▶ Intrexon Corporation (XON): How Does It Impact Your Portfolio?   [Oct-06-17 08:19PM  Simply Wall St.]
▶ ETFs with exposure to Intrexon Corp. : September 25, 2017   [Sep-25-17 10:48AM  Capital Cube]
▶ ETFs with exposure to Intrexon Corp. : September 14, 2017   [Sep-14-17 07:32PM  Capital Cube]
▶ The Simple Reason I Won't Buy Intrexon   [Sep-01-17 09:02AM  Motley Fool]
▶ Intrexon to Participate in Upcoming Investor Conferences   [Aug-31-17 04:01PM  PR Newswire]
▶ Weekly CEO Buys Highlights   [Aug-21-17 01:43PM  GuruFocus.com]
▶ Here's How Intrexon Might Prove Me Wrong   [09:08AM  Motley Fool]
▶ Intrexon Corp. Value Analysis (NYSE:XON) : August 1, 2017   [Jul-31-17 08:12PM  Capital Cube]
▶ 3 Biggest Challenges Facing This Billionaire-Led Stock   [Jul-12-17 08:10AM  Motley Fool]
▶ 7 Wacky Sources of Alternative Energy   [06:00AM  Motley Fool]
▶ ETFs with exposure to Intrexon Corp. : July 10, 2017   [Jul-10-17 03:32PM  Capital Cube]
▶ Why Intrexon Stock Rose 10.4% in June   [12:26PM  Motley Fool]
▶ ETFs with exposure to Intrexon Corp. : June 26, 2017   [Jun-26-17 05:16PM  Capital Cube]
▶ ETFs with exposure to Intrexon Corp. : June 16, 2017   [Jun-16-17 04:27PM  Capital Cube]
▶ 3 Stocks Billionaires Own   [10:05AM  Motley Fool]
▶ How these two Tampa Bay companies got the financing to grow their technology   [May-16-17 12:18PM  American City Business Journals]
▶ Ziopharm Prices Secondary Offering   [10:40AM  24/7 Wall St.]
▶ Why Intrexon Is Soaring Today   [12:01PM  Motley Fool]
▶ Intrexon reports 1Q loss   [May-10-17 04:24PM  Associated Press]
Financial statements of XON
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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