Intrinsic value of AMAG Pharmaceuticals - AMAG

Previous Close

$16.05

  Intrinsic Value

$143.87

stock screener

  Rating & Target

str. buy

+796%

Previous close

$16.05

 
Intrinsic value

$143.87

 
Up/down potential

+796%

 
Rating

str. buy

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

We calculate the intrinsic value of AMAG 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 0.6

 

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, %
  27.27
  24.40
  22.46
  20.71
  19.14
  17.73
  16.46
  15.31
  14.28
  13.35
  12.52
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.24
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.02
  5.91
Revenue, $m
  532
  662
  810
  978
  1,166
  1,372
  1,598
  1,843
  2,106
  2,387
  2,686
  3,002
  3,335
  3,684
  4,050
  4,432
  4,831
  5,246
  5,678
  6,127
  6,594
  7,079
  7,584
  8,108
  8,652
  9,219
  9,808
  10,422
  11,060
  11,725
  12,419
Variable operating expenses, $m
 
  488
  583
  691
  811
  943
  1,088
  1,245
  1,414
  1,594
  1,785
  1,924
  2,137
  2,361
  2,595
  2,840
  3,096
  3,362
  3,639
  3,927
  4,226
  4,537
  4,860
  5,196
  5,545
  5,908
  6,286
  6,679
  7,088
  7,515
  7,959
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
  453
  488
  583
  691
  811
  943
  1,088
  1,245
  1,414
  1,594
  1,785
  1,924
  2,137
  2,361
  2,595
  2,840
  3,096
  3,362
  3,639
  3,927
  4,226
  4,537
  4,860
  5,196
  5,545
  5,908
  6,286
  6,679
  7,088
  7,515
  7,959
Operating income, $m
  79
  174
  227
  287
  355
  429
  510
  598
  692
  793
  901
  1,078
  1,197
  1,323
  1,454
  1,592
  1,735
  1,884
  2,039
  2,200
  2,368
  2,542
  2,723
  2,912
  3,107
  3,311
  3,522
  3,743
  3,972
  4,211
  4,460
EBITDA, $m
  179
  318
  390
  470
  560
  660
  768
  886
  1,012
  1,148
  1,291
  1,443
  1,603
  1,771
  1,947
  2,131
  2,322
  2,522
  2,730
  2,946
  3,170
  3,404
  3,646
  3,898
  4,160
  4,432
  4,715
  5,010
  5,317
  5,637
  5,971
Interest expense (income), $m
  62
  61
  84
  111
  141
  175
  213
  253
  297
  345
  396
  450
  507
  567
  630
  696
  765
  837
  912
  989
  1,071
  1,155
  1,242
  1,333
  1,428
  1,526
  1,628
  1,735
  1,845
  1,961
  2,081
Earnings before tax, $m
  9
  113
  143
  176
  213
  254
  297
  345
  395
  448
  505
  628
  691
  756
  825
  896
  970
  1,047
  1,127
  1,211
  1,297
  1,387
  1,481
  1,578
  1,679
  1,784
  1,894
  2,008
  2,126
  2,250
  2,379
Tax expense, $m
  11
  30
  39
  48
  58
  68
  80
  93
  107
  121
  136
  170
  187
  204
  223
  242
  262
  283
  304
  327
  350
  375
  400
  426
  453
  482
  511
  542
  574
  608
  642
Net income, $m
  -2
  82
  104
  129
  156
  185
  217
  252
  288
  327
  369
  459
  504
  552
  602
  654
  708
  764
  823
  884
  947
  1,013
  1,081
  1,152
  1,226
  1,303
  1,382
  1,466
  1,552
  1,643
  1,737

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  579
  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
  2,478
  2,364
  2,894
  3,494
  4,163
  4,901
  5,707
  6,581
  7,521
  8,525
  9,592
  10,720
  11,909
  13,157
  14,464
  15,829
  17,252
  18,735
  20,278
  21,883
  23,550
  25,283
  27,084
  28,956
  30,901
  32,924
  35,029
  37,220
  39,501
  41,877
  44,353
Adjusted assets (=assets-cash), $m
  1,899
  2,364
  2,894
  3,494
  4,163
  4,901
  5,707
  6,581
  7,521
  8,525
  9,592
  10,720
  11,909
  13,157
  14,464
  15,829
  17,252
  18,735
  20,278
  21,883
  23,550
  25,283
  27,084
  28,956
  30,901
  32,924
  35,029
  37,220
  39,501
  41,877
  44,353
Revenue / Adjusted assets
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Average production assets, $m
  1,172
  1,457
  1,785
  2,154
  2,567
  3,022
  3,519
  4,058
  4,637
  5,256
  5,914
  6,610
  7,343
  8,112
  8,918
  9,759
  10,637
  11,551
  12,503
  13,492
  14,520
  15,589
  16,699
  17,853
  19,052
  20,300
  21,598
  22,948
  24,355
  25,820
  27,346
Working capital, $m
  406
  -189
  -232
  -280
  -333
  -392
  -457
  -527
  -602
  -683
  -768
  -858
  -954
  -1,054
  -1,158
  -1,268
  -1,382
  -1,500
  -1,624
  -1,752
  -1,886
  -2,025
  -2,169
  -2,319
  -2,475
  -2,637
  -2,805
  -2,981
  -3,163
  -3,353
  -3,552
Total debt, $m
  987
  1,339
  1,764
  2,245
  2,782
  3,374
  4,020
  4,721
  5,475
  6,280
  7,136
  8,041
  8,994
  9,995
  11,043
  12,138
  13,279
  14,469
  15,706
  16,993
  18,330
  19,720
  21,164
  22,665
  24,226
  25,848
  27,536
  29,293
  31,123
  33,028
  35,014
Total liabilities, $m
  1,544
  1,896
  2,321
  2,802
  3,339
  3,931
  4,577
  5,278
  6,032
  6,837
  7,693
  8,598
  9,551
  10,552
  11,600
  12,695
  13,836
  15,026
  16,263
  17,550
  18,887
  20,277
  21,721
  23,222
  24,783
  26,405
  28,093
  29,850
  31,680
  33,585
  35,571
Total equity, $m
  934
  468
  573
  692
  824
  970
  1,130
  1,303
  1,489
  1,688
  1,899
  2,123
  2,358
  2,605
  2,864
  3,134
  3,416
  3,710
  4,015
  4,333
  4,663
  5,006
  5,363
  5,733
  6,118
  6,519
  6,936
  7,370
  7,821
  8,292
  8,782
Total liabilities and equity, $m
  2,478
  2,364
  2,894
  3,494
  4,163
  4,901
  5,707
  6,581
  7,521
  8,525
  9,592
  10,721
  11,909
  13,157
  14,464
  15,829
  17,252
  18,736
  20,278
  21,883
  23,550
  25,283
  27,084
  28,955
  30,901
  32,924
  35,029
  37,220
  39,501
  41,877
  44,353
Debt-to-equity ratio
  1.057
  2.860
  3.080
  3.250
  3.370
  3.480
  3.560
  3.620
  3.680
  3.720
  3.760
  3.790
  3.810
  3.840
  3.860
  3.870
  3.890
  3.900
  3.910
  3.920
  3.930
  3.940
  3.950
  3.950
  3.960
  3.970
  3.970
  3.970
  3.980
  3.980
  3.990
Adjusted equity ratio
  0.187
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198
  0.198

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  82
  104
  129
  156
  185
  217
  252
  288
  327
  369
  459
  504
  552
  602
  654
  708
  764
  823
  884
  947
  1,013
  1,081
  1,152
  1,226
  1,303
  1,382
  1,466
  1,552
  1,643
  1,737
Depreciation, amort., depletion, $m
  100
  144
  162
  183
  206
  231
  258
  288
  320
  354
  391
  365
  406
  448
  493
  539
  588
  638
  691
  745
  802
  861
  923
  986
  1,053
  1,122
  1,193
  1,268
  1,346
  1,426
  1,511
Funds from operations, $m
  312
  227
  267
  312
  361
  416
  475
  540
  608
  682
  759
  824
  910
  1,000
  1,095
  1,193
  1,296
  1,403
  1,514
  1,629
  1,749
  1,874
  2,004
  2,138
  2,278
  2,424
  2,576
  2,733
  2,898
  3,069
  3,248
Change in working capital, $m
  66
  -37
  -43
  -48
  -54
  -59
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -100
  -105
  -109
  -114
  -119
  -124
  -128
  -134
  -139
  -144
  -150
  -156
  -162
  -169
  -175
  -183
  -190
  -198
Cash from operations, $m
  246
  264
  309
  360
  415
  475
  540
  610
  684
  762
  845
  914
  1,005
  1,100
  1,199
  1,303
  1,410
  1,521
  1,637
  1,758
  1,883
  2,013
  2,148
  2,288
  2,434
  2,586
  2,744
  2,909
  3,080
  3,259
  3,446
Maintenance CAPEX, $m
  0
  -65
  -81
  -99
  -119
  -142
  -167
  -194
  -224
  -256
  -290
  -327
  -365
  -406
  -448
  -493
  -539
  -588
  -638
  -691
  -745
  -802
  -861
  -923
  -986
  -1,053
  -1,122
  -1,193
  -1,268
  -1,346
  -1,426
New CAPEX, $m
  -5
  -286
  -327
  -370
  -412
  -455
  -497
  -539
  -579
  -619
  -658
  -696
  -733
  -769
  -806
  -842
  -878
  -914
  -951
  -989
  -1,028
  -1,068
  -1,110
  -1,154
  -1,200
  -1,247
  -1,298
  -1,351
  -1,406
  -1,465
  -1,527
Cash from investing activities, $m
  -73
  -351
  -408
  -469
  -531
  -597
  -664
  -733
  -803
  -875
  -948
  -1,023
  -1,098
  -1,175
  -1,254
  -1,335
  -1,417
  -1,502
  -1,589
  -1,680
  -1,773
  -1,870
  -1,971
  -2,077
  -2,186
  -2,300
  -2,420
  -2,544
  -2,674
  -2,811
  -2,953
Free cash flow, $m
  173
  -87
  -99
  -109
  -116
  -122
  -124
  -124
  -120
  -113
  -104
  -108
  -93
  -75
  -54
  -32
  -7
  20
  48
  78
  109
  142
  176
  212
  248
  286
  325
  365
  406
  449
  492
Issuance/(repayment) of debt, $m
  -18
  373
  426
  481
  536
  592
  647
  701
  754
  805
  856
  905
  953
  1,001
  1,048
  1,095
  1,142
  1,189
  1,237
  1,287
  1,337
  1,390
  1,444
  1,501
  1,560
  1,623
  1,688
  1,757
  1,829
  1,906
  1,986
Issuance/(repurchase) of shares, $m
  -16
  10
  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
Cash from financing (excl. dividends), $m  
  -128
  383
  427
  481
  536
  592
  647
  701
  754
  805
  856
  905
  953
  1,001
  1,048
  1,095
  1,142
  1,189
  1,237
  1,287
  1,337
  1,390
  1,444
  1,501
  1,560
  1,623
  1,688
  1,757
  1,829
  1,906
  1,986
Total cash flow (excl. dividends), $m
  46
  296
  328
  372
  420
  470
  523
  577
  634
  692
  752
  797
  860
  926
  993
  1,063
  1,135
  1,209
  1,285
  1,365
  1,447
  1,532
  1,621
  1,713
  1,809
  1,909
  2,013
  2,122
  2,236
  2,354
  2,479
Retained Cash Flow (-), $m
  -2
  -92
  -105
  -119
  -132
  -146
  -160
  -173
  -186
  -199
  -211
  -223
  -235
  -247
  -259
  -270
  -282
  -294
  -305
  -318
  -330
  -343
  -357
  -371
  -385
  -401
  -417
  -434
  -452
  -470
  -490
Prev. year cash balance distribution, $m
 
  558
  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
 
  762
  223
  253
  288
  324
  363
  404
  448
  493
  541
  573
  625
  679
  735
  793
  853
  915
  980
  1,047
  1,117
  1,189
  1,264
  1,342
  1,423
  1,508
  1,596
  1,688
  1,784
  1,884
  1,988
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  727
  202
  217
  232
  244
  254
  261
  265
  266
  264
  250
  243
  232
  218
  203
  186
  168
  150
  131
  113
  96
  80
  65
  52
  41
  32
  24
  18
  13
  9
Current shareholders' claim on cash, %
  100
  96.5
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2

AMAG Pharmaceuticals, Inc. is a pharmaceutical company. The Company's segment is the manufacture, development and commercialization of products and services for use in treating various conditions, with a focus on maternal health, anemia management and cancer supportive care. Its offerings focus on maternal health, anemia management and cancer supportive care, including its product, Makena (hydroxyprogesterone caproate injection); services related to the collection, processing and storage of umbilical cord blood stem cell and cord tissue units operated through Cord Blood Registry (CBR); its product, Feraheme (ferumoxytol), for intravenous (IV) use, and MuGard Mucoadhesive Oral Wound Rinse. It is engaged in the development of Digoxin immune fab, a polyclonal antibody for the treatment of severe preeclampsia in pregnant women. Makena is a drug indicated to reduce the risk of preterm birth in women pregnant with a single baby having a history of singleton spontaneous preterm birth.

FINANCIAL RATIOS  of  AMAG Pharmaceuticals (AMAG)

Valuation Ratios
P/E Ratio -275.6
Price to Sales 1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 2.3
Growth Rates
Sales Growth Rate 27.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio 28
Current Ratio 0
LT Debt to Equity 103.4%
Total Debt to Equity 105.7%
Interest Coverage 1
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. 15.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 78%
Gross Margin - 3 Yr. Avg. 80.3%
EBITDA Margin 32.1%
EBITDA Margin - 3 Yr. Avg. 19.8%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 1.7%
Pre-Tax Margin - 3 Yr. Avg. -0.8%
Net Profit Margin -0.4%
Net Profit Margin - 3 Yr. Avg. 39.1%
Effective Tax Rate 122.2%
Eff/ Tax Rate - 3 Yr. Avg. 346.6%
Payout Ratio 0%

AMAG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMAG stock intrinsic value calculation we used $532 million for the last fiscal year's total revenue generated by AMAG Pharmaceuticals. The default revenue input number comes from 2016 income statement of AMAG 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 AMAG stock valuation model: a) initial revenue growth rate of 24.4% 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 4.8%, whose default value for AMAG is calculated based on our internal credit rating of AMAG 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 AMAG 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 AMAG stock the variable cost ratio is equal to 76.1%.

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 AMAG 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 6.3% for AMAG Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for AMAG 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 AMAG 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 AMAG are equal to 220.2%.

Life of production assets of 18.1 years is the average useful life of capital assets used in AMAG 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 AMAG is equal to -28.6%. 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 - $934 million for AMAG 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 35.288 million for AMAG 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 AMAG Pharmaceuticals at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Should You Buy AMAG Pharmaceuticals Inc (AMAG)?   [Sep-22-17 03:51PM  Simply Wall St.]
▶ AMAG Pharmaceuticals reports 2Q loss   [01:27AM  Associated Press]
▶ Could An FDA Delay Snag This Biotech's Pre-Term Birth Drug?   [Jun-26-17 04:17PM  Investor's Business Daily]
▶ Biotech Movers: Luminex, Exelixis, AMAG Pharmaceuticals   [May-02-17 09:19AM  TheStreet.com]
▶ AMAG Pharmaceuticals reports 1Q loss   [07:55AM  Associated Press]
▶ AMAG Pharmaceuticals Inks $60M Drug Deal   [11:44AM  at Investopedia]
Financial statements of AMAG
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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