Intrinsic value of Achaogen - AKAO

Previous Close

$10.64

  Intrinsic Value

$0.63

stock screener

  Rating & Target

str. sell

-94%

Previous close

$10.64

 
Intrinsic value

$0.63

 
Up/down potential

-94%

 
Rating

str. sell

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

We calculate the intrinsic value of AKAO 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 0.4

 

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, %
  61.54
  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
  42
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
Variable operating expenses, $m
 
  88
  90
  92
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
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
  91
  88
  90
  92
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
Operating income, $m
  -49
  -45
  -46
  -47
  -48
  -50
  -52
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
EBITDA, $m
  -49
  -45
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
Interest expense (income), $m
  2
  2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
Earnings before tax, $m
  -71
  -47
  -44
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -126
  -133
  -139
  -146
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
  -71
  -47
  -44
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -126
  -133
  -139
  -146

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  146
  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
  164
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Adjusted assets (=assets-cash), $m
  18
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Revenue / Adjusted assets
  2.333
  2.389
  2.316
  2.368
  2.300
  2.400
  2.333
  2.318
  2.304
  2.391
  2.375
  2.360
  2.346
  2.370
  2.310
  2.300
  2.323
  2.375
  2.324
  2.371
  2.351
  2.333
  2.317
  2.302
  2.311
  2.319
  2.327
  2.353
  2.315
  2.339
  2.339
Average production assets, $m
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Working capital, $m
  140
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Total debt, $m
  25
  -15
  -15
  -15
  -14
  -14
  -13
  -12
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -1
  0
  1
  3
  5
  6
  8
  10
  12
  14
  16
  19
  21
Total liabilities, $m
  57
  17
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
Total equity, $m
  107
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Total liabilities and equity, $m
  164
  19
  19
  19
  20
  20
  21
  22
  22
  23
  24
  26
  27
  28
  29
  30
  31
  32
  34
  36
  37
  39
  41
  42
  44
  47
  49
  51
  53
  57
  59
Debt-to-equity ratio
  0.234
  -8.430
  -8.030
  -7.610
  -7.150
  -6.680
  -6.190
  -5.690
  -5.180
  -4.680
  -4.170
  -3.670
  -3.170
  -2.690
  -2.210
  -1.750
  -1.300
  -0.860
  -0.440
  -0.030
  0.370
  0.750
  1.120
  1.480
  1.820
  2.140
  2.460
  2.760
  3.040
  3.320
  3.580
Adjusted equity ratio
  -2.167
  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
  -71
  -47
  -44
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -126
  -133
  -139
  -146
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  -48
  -47
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -145
Change in working capital, $m
  -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
Cash from operations, $m
  -47
  -47
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New CAPEX, $m
  -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
Cash from investing activities, $m
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Free cash flow, $m
  -37
  -47
  -44
  -46
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -133
  -139
  -146
Issuance/(repayment) of debt, $m
  10
  -36
  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
Issuance/(repurchase) of shares, $m
  100
  84
  44
  46
  47
  49
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
Cash from financing (excl. dividends), $m  
  135
  48
  44
  46
  47
  50
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  135
  142
  149
Total cash flow (excl. dividends), $m
  99
  0
  0
  0
  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
  3
  3
Retained Cash Flow (-), $m
  -64
  -84
  -44
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
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
 
  59
  -44
  -45
  -46
  -48
  -50
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -124
  -131
  -137
  -144
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
 
  56
  -40
  -39
  -38
  -37
  -36
  -35
  -33
  -32
  -30
  -28
  -27
  -25
  -23
  -21
  -19
  -17
  -15
  -13
  -11
  -10
  -8
  -7
  -5
  -4
  -3
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  50.0
  7.4
  1.1
  0.2
  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

Achaogen, Inc. is a late-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterial treatments against multi-drug resistant (MDR) gram-negative infections. The Company is involved in researching and developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections, including complicated urinary tract infection (cUTI), blood stream infections and other infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae (CRE). Plazomicin is an intravenous aminoglycoside antibiotic. The Company has developed plazomicin by chemically modifying sisomicin, a naturally occurring aminoglycoside, in order to overcome common aminoglycoside resistance mechanisms. The Company has a portfolio of small molecule and antibody programs. The Company's Early Development programs include C-Scape and LpxC.

FINANCIAL RATIOS  of  Achaogen (AKAO)

Valuation Ratios
P/E Ratio -5.3
Price to Sales 9
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow -8.1
Price to Free Cash Flow -7.9
Growth Rates
Sales Growth Rate 61.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 37
Current Ratio 0
LT Debt to Equity 19.6%
Total Debt to Equity 23.4%
Interest Coverage -35
Management Effectiveness
Return On Assets -59.7%
Ret/ On Assets - 3 Yr. Avg. -47.7%
Return On Total Capital -74.7%
Ret/ On T. Cap. - 3 Yr. Avg. -56.2%
Return On Equity -94.7%
Return On Equity - 3 Yr. Avg. -66.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -164.3%
EBITDA Margin - 3 Yr. Avg. -122.7%
Operating Margin -116.7%
Oper. Margin - 3 Yr. Avg. -106.8%
Pre-Tax Margin -169%
Pre-Tax Margin - 3 Yr. Avg. -124.3%
Net Profit Margin -169%
Net Profit Margin - 3 Yr. Avg. -124.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AKAO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKAO stock intrinsic value calculation we used $42 million for the last fiscal year's total revenue generated by Achaogen. The default revenue input number comes from 2016 income statement of Achaogen. 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 AKAO 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 AKAO is calculated based on our internal credit rating of Achaogen, 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 Achaogen.
    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 AKAO stock the variable cost ratio is equal to 204.8%.

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 AKAO 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 10% for Achaogen.

Corporate tax rate of 27% is the nominal tax rate for Achaogen. 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 AKAO 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 AKAO are equal to 6%.

Life of production assets of 10 years is the average useful life of capital assets used in Achaogen 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 AKAO is equal to -4.8%. 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 - $107 million for Achaogen - 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 42.233 million for Achaogen 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 Achaogen at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Achaogen Appoints Blake Wise Chief Executive Officer   [Dec-11-17 04:01PM  GlobeNewswire]
▶ Achaogen Announces New Employment Inducement Grants   [Nov-24-17 08:01AM  GlobeNewswire]
▶ Stocks With Rising Relative Price Strength: Achaogen   [Nov-09-17 03:00AM  Investor's Business Daily]
▶ Achaogen reports 3Q loss   [Nov-08-17 04:43PM  Associated Press]
▶ Achaogen, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ ETFs with exposure to Achaogen, Inc. : November 6, 2017   [Nov-06-17 11:01AM  Capital Cube]
▶ Achaogen Announces New Employment Inducement Grants   [Oct-27-17 08:01AM  GlobeNewswire]
▶ ETFs with exposure to Achaogen, Inc. : October 23, 2017   [Oct-23-17 10:17AM  Capital Cube]
▶ Should You Have Achaogen Incs (AKAO) In Your Portfolio?   [Oct-09-17 09:39AM  Simply Wall St.]
▶ ETFs with exposure to Achaogen, Inc. : October 3, 2017   [Oct-03-17 10:50AM  Capital Cube]
▶ Achaogen Announces New Employment Inducement Grants   [Sep-26-17 04:01AM  GlobeNewswire]
▶ ETFs with exposure to Achaogen, Inc. : September 18, 2017   [Sep-18-17 05:24PM  Capital Cube]
▶ ETFs with exposure to Achaogen, Inc. : September 7, 2017   [Sep-07-17 12:20PM  Capital Cube]
▶ Achaogen Announces New Employment Inducement Grants   [Aug-21-17 04:01PM  GlobeNewswire]
▶ Achaogen reports 2Q loss   [Aug-04-17 02:28AM  Associated Press]
▶ ETFs with exposure to Achaogen, Inc. : July 27, 2017   [Jul-27-17 02:09PM  Capital Cube]
▶ Achaogen Announces New Employment Inducement Grants   [Jul-24-17 08:01AM  GlobeNewswire]
▶ ETFs with exposure to Achaogen, Inc. : July 17, 2017   [Jul-17-17 01:34PM  Capital Cube]
▶ ETFs with exposure to Achaogen, Inc. : July 4, 2017   [Jul-04-17 02:27PM  Capital Cube]
▶ ETFs with exposure to Achaogen, Inc. : June 22, 2017   [Jun-22-17 03:17PM  Capital Cube]
▶ ETFs with exposure to Achaogen, Inc. : June 12, 2017   [Jun-12-17 01:47PM  Capital Cube]
▶ Achaogen Announces Closing of Public Offering   [May-31-17 04:01PM  GlobeNewswire]
▶ Plazomicin Granted FDA Breakthrough Therapy Designation   [May-23-17 04:07PM  GlobeNewswire]
▶ Top 4 Pharmaceutical Stocks for 2017   [May-19-17 08:00AM  Investopedia]
▶ Four Stocks Moving On Both News And The Charts   [May-17-17 06:59PM  Forbes]
▶ Achaogen reports 1Q loss   [May-08-17 05:05PM  Associated Press]
▶ ETFs with exposure to Achaogen, Inc. : March 27, 2017   [Mar-27-17 03:47PM  Capital Cube]
▶ Achaogen Adds Janet Dorling as Chief Commercial Officer   [Feb-27-17 09:16AM  GlobeNewswire]
▶ Achaogen Announces Leadership Promotions   [Feb-23-17 04:01PM  GlobeNewswire]
Financial statements of AKAO
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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