Intrinsic value of ANI Pharmaceuticals - ANIP

Previous Close

$56.41

  Intrinsic Value

$27.39

stock screener

  Rating & Target

str. sell

-51%

Previous close

$56.41

 
Intrinsic value

$27.39

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of ANIP 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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  37.50
  34.25
  31.33
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
Revenue, $m
  243
  327
  429
  552
  698
  866
  1,059
  1,277
  1,519
  1,787
  2,078
  2,394
  2,734
  3,096
  3,481
  3,888
  4,317
  4,767
  5,238
  5,729
  6,242
  6,776
  7,332
  7,910
  8,510
  9,134
  9,783
  10,457
  11,158
  11,886
Variable operating expenses, $m
  192
  250
  321
  407
  508
  625
  759
  911
  1,079
  1,265
  1,444
  1,664
  1,900
  2,152
  2,419
  2,702
  3,000
  3,313
  3,640
  3,982
  4,338
  4,709
  5,095
  5,497
  5,914
  6,348
  6,798
  7,267
  7,754
  8,260
Fixed operating expenses, $m
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
Total operating expenses, $m
  195
  253
  324
  410
  511
  628
  762
  915
  1,083
  1,269
  1,448
  1,668
  1,904
  2,156
  2,423
  2,706
  3,004
  3,317
  3,645
  3,987
  4,343
  4,714
  5,100
  5,502
  5,919
  6,353
  6,803
  7,273
  7,760
  8,266
Operating income, $m
  48
  73
  104
  142
  186
  238
  296
  363
  437
  518
  630
  727
  830
  941
  1,058
  1,182
  1,313
  1,450
  1,593
  1,743
  1,900
  2,062
  2,232
  2,408
  2,591
  2,781
  2,979
  3,185
  3,398
  3,620
EBITDA, $m
  102
  137
  181
  234
  296
  369
  452
  545
  649
  764
  889
  1,025
  1,171
  1,326
  1,492
  1,666
  1,851
  2,044
  2,246
  2,457
  2,677
  2,907
  3,145
  3,394
  3,652
  3,920
  4,198
  4,488
  4,789
  5,102
Interest expense (income), $m
  4
  15
  22
  30
  41
  53
  68
  85
  104
  126
  150
  177
  207
  238
  273
  309
  348
  389
  432
  477
  525
  574
  626
  680
  736
  794
  854
  917
  982
  1,050
  1,121
Earnings before tax, $m
  33
  52
  74
  101
  133
  170
  212
  259
  311
  368
  453
  520
  592
  668
  749
  834
  924
  1,018
  1,116
  1,219
  1,325
  1,437
  1,552
  1,672
  1,797
  1,927
  2,062
  2,202
  2,348
  2,500
Tax expense, $m
  9
  14
  20
  27
  36
  46
  57
  70
  84
  99
  122
  140
  160
  180
  202
  225
  249
  275
  301
  329
  358
  388
  419
  452
  485
  520
  557
  595
  634
  675
Net income, $m
  24
  38
  54
  74
  97
  124
  155
  189
  227
  268
  331
  380
  432
  488
  547
  609
  674
  743
  815
  890
  967
  1,049
  1,133
  1,221
  1,312
  1,407
  1,505
  1,608
  1,714
  1,825

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  567
  762
  1,000
  1,287
  1,626
  2,019
  2,469
  2,976
  3,542
  4,165
  4,845
  5,581
  6,372
  7,217
  8,115
  9,064
  10,063
  11,111
  12,209
  13,355
  14,551
  15,796
  17,091
  18,438
  19,838
  21,292
  22,804
  24,375
  26,009
  27,707
Adjusted assets (=assets-cash), $m
  567
  762
  1,000
  1,287
  1,626
  2,019
  2,469
  2,976
  3,542
  4,165
  4,845
  5,581
  6,372
  7,217
  8,115
  9,064
  10,063
  11,111
  12,209
  13,355
  14,551
  15,796
  17,091
  18,438
  19,838
  21,292
  22,804
  24,375
  26,009
  27,707
Revenue / Adjusted assets
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
Average production assets, $m
  303
  407
  535
  688
  869
  1,079
  1,320
  1,591
  1,893
  2,226
  2,590
  2,983
  3,406
  3,858
  4,338
  4,845
  5,379
  5,939
  6,526
  7,139
  7,778
  8,443
  9,136
  9,856
  10,604
  11,382
  12,190
  13,029
  13,903
  14,810
Working capital, $m
  47
  63
  83
  107
  135
  167
  204
  246
  293
  345
  401
  462
  528
  598
  672
  750
  833
  920
  1,011
  1,106
  1,205
  1,308
  1,415
  1,527
  1,642
  1,763
  1,888
  2,018
  2,153
  2,294
Total debt, $m
  291
  403
  540
  706
  901
  1,128
  1,387
  1,679
  2,004
  2,363
  2,755
  3,179
  3,635
  4,122
  4,639
  5,185
  5,760
  6,364
  6,997
  7,657
  8,346
  9,063
  9,809
  10,585
  11,391
  12,229
  13,100
  14,005
  14,945
  15,924
Total liabilities, $m
  327
  439
  576
  741
  937
  1,163
  1,422
  1,714
  2,040
  2,399
  2,791
  3,215
  3,670
  4,157
  4,674
  5,221
  5,796
  6,400
  7,032
  7,693
  8,381
  9,098
  9,844
  10,620
  11,427
  12,264
  13,135
  14,040
  14,981
  15,959
Total equity, $m
  241
  323
  424
  546
  689
  856
  1,047
  1,262
  1,502
  1,766
  2,054
  2,366
  2,702
  3,060
  3,441
  3,843
  4,267
  4,711
  5,177
  5,663
  6,169
  6,697
  7,247
  7,818
  8,411
  9,028
  9,669
  10,335
  11,028
  11,748
Total liabilities and equity, $m
  568
  762
  1,000
  1,287
  1,626
  2,019
  2,469
  2,976
  3,542
  4,165
  4,845
  5,581
  6,372
  7,217
  8,115
  9,064
  10,063
  11,111
  12,209
  13,356
  14,550
  15,795
  17,091
  18,438
  19,838
  21,292
  22,804
  24,375
  26,009
  27,707
Debt-to-equity ratio
  1.210
  1.250
  1.270
  1.290
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
  1.340
  1.340
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.360
  1.360
  1.360
Adjusted equity ratio
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  38
  54
  74
  97
  124
  155
  189
  227
  268
  331
  380
  432
  488
  547
  609
  674
  743
  815
  890
  967
  1,049
  1,133
  1,221
  1,312
  1,407
  1,505
  1,608
  1,714
  1,825
Depreciation, amort., depletion, $m
  54
  64
  77
  92
  110
  131
  155
  182
  213
  246
  259
  298
  341
  386
  434
  484
  538
  594
  653
  714
  778
  844
  914
  986
  1,060
  1,138
  1,219
  1,303
  1,390
  1,481
Funds from operations, $m
  78
  102
  131
  166
  207
  255
  310
  371
  439
  514
  590
  678
  772
  873
  980
  1,093
  1,212
  1,337
  1,467
  1,603
  1,745
  1,893
  2,047
  2,206
  2,372
  2,545
  2,724
  2,911
  3,104
  3,306
Change in working capital, $m
  13
  16
  20
  24
  28
  33
  37
  42
  47
  52
  56
  61
  66
  70
  74
  79
  83
  87
  91
  95
  99
  103
  107
  112
  116
  120
  125
  130
  135
  141
Cash from operations, $m
  65
  85
  111
  142
  179
  223
  273
  329
  393
  463
  533
  617
  707
  803
  906
  1,015
  1,130
  1,250
  1,376
  1,508
  1,646
  1,790
  1,939
  2,095
  2,256
  2,424
  2,599
  2,780
  2,969
  3,165
Maintenance CAPEX, $m
  -22
  -30
  -41
  -53
  -69
  -87
  -108
  -132
  -159
  -189
  -223
  -259
  -298
  -341
  -386
  -434
  -484
  -538
  -594
  -653
  -714
  -778
  -844
  -914
  -986
  -1,060
  -1,138
  -1,219
  -1,303
  -1,390
New CAPEX, $m
  -83
  -104
  -128
  -153
  -181
  -210
  -240
  -271
  -302
  -333
  -364
  -394
  -423
  -452
  -480
  -507
  -534
  -560
  -587
  -613
  -639
  -665
  -692
  -720
  -748
  -778
  -808
  -840
  -873
  -908
Cash from investing activities, $m
  -105
  -134
  -169
  -206
  -250
  -297
  -348
  -403
  -461
  -522
  -587
  -653
  -721
  -793
  -866
  -941
  -1,018
  -1,098
  -1,181
  -1,266
  -1,353
  -1,443
  -1,536
  -1,634
  -1,734
  -1,838
  -1,946
  -2,059
  -2,176
  -2,298
Free cash flow, $m
  -40
  -49
  -57
  -65
  -71
  -74
  -76
  -74
  -69
  -60
  -53
  -36
  -14
  11
  41
  74
  111
  152
  196
  243
  293
  347
  403
  461
  523
  586
  653
  722
  793
  867
Issuance/(repayment) of debt, $m
  90
  112
  137
  165
  195
  227
  259
  292
  326
  359
  392
  424
  456
  487
  517
  546
  575
  604
  632
  660
  689
  717
  746
  776
  806
  838
  871
  905
  941
  978
Issuance/(repurchase) of shares, $m
  42
  45
  47
  48
  46
  43
  36
  26
  13
  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  
  132
  157
  184
  213
  241
  270
  295
  318
  339
  359
  392
  424
  456
  487
  517
  546
  575
  604
  632
  660
  689
  717
  746
  776
  806
  838
  871
  905
  941
  978
Total cash flow (excl. dividends), $m
  91
  108
  127
  148
  171
  195
  219
  244
  270
  299
  339
  388
  441
  498
  557
  620
  686
  756
  828
  903
  982
  1,064
  1,149
  1,237
  1,329
  1,424
  1,524
  1,627
  1,734
  1,845
Retained Cash Flow (-), $m
  -66
  -82
  -101
  -122
  -144
  -167
  -191
  -215
  -240
  -264
  -288
  -312
  -336
  -358
  -381
  -402
  -424
  -445
  -465
  -486
  -507
  -528
  -549
  -571
  -594
  -617
  -641
  -666
  -693
  -720
Prev. year cash balance distribution, $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 flow adjustment, $m
  6
  8
  11
  15
  19
  24
  29
  36
  43
  52
  61
  71
  81
  93
  105
  118
  132
  147
  162
  178
  195
  212
  230
  249
  269
  289
  311
  333
  356
  379
Cash available for distribution, $m
  25
  26
  26
  27
  27
  28
  29
  29
  30
  35
  51
  76
  106
  140
  177
  218
  263
  311
  363
  417
  475
  536
  600
  666
  735
  808
  883
  960
  1,041
  1,125
Discount rate, %
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
  24
  22
  21
  19
  18
  16
  15
  13
  12
  12
  14
  18
  21
  22
  23
  22
  21
  19
  16
  14
  11
  9
  7
  5
  3
  2
  2
  1
  1
  0
Current shareholders' claim on cash, %
  94.2
  89.9
  86.6
  84.2
  82.4
  81.1
  80.2
  79.7
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5
  79.5

ANI Pharmaceuticals, Inc. is an integrated specialty pharmaceutical company. The Company is engaged in developing, manufacturing and marketing branded and generic prescription pharmaceuticals. The Company focuses on areas, including controlled substances, anti-cancer (oncolytics), hormones and steroids, and complex formulations. It also performs contract manufacturing for other pharmaceutical companies. Its products include both branded and generic pharmaceuticals. Its generic products include Erythromycin Ethylsuccinate, Esterified Estrogen with Methyltestosterone (EEMT), Etodolac Fenofibrate, Flecainide, Fluvoxamine, Hydrocortisone Enema, Methazolamide, Metoclopramide Syrup Nilutamide, Nimodipine, Opium Tincture, Oxycodone Capsules, Oxycodone Oral Solution, Propafenone and Vancomycin. Its branded products include Cortenema, Inderal LA, Lithobid, Reglan and Vancocin. Its pharmaceutical manufacturing facilities are located in Baudette, Minnesota.

FINANCIAL RATIOS  of  ANI Pharmaceuticals (ANIP)

Valuation Ratios
P/E Ratio 163.6
Price to Sales 5.1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 29.7
Growth Rates
Sales Growth Rate 69.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 150%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 71.2%
Total Debt to Equity 71.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 62%
Gross Margin - 3 Yr. Avg. 75.5%
EBITDA Margin 27.1%
EBITDA Margin - 3 Yr. Avg. 37.2%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 31.1%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. 23.3%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 24.9%
Effective Tax Rate 55.6%
Eff/ Tax Rate - 3 Yr. Avg. 11.6%
Payout Ratio 0%

ANIP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANIP stock intrinsic value calculation we used $177 million for the last fiscal year's total revenue generated by ANI Pharmaceuticals. The default revenue input number comes from 2017 income statement of ANI 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 ANIP stock valuation model: a) initial revenue growth rate of 37.5% 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 7.4%, whose default value for ANIP is calculated based on our internal credit rating of ANI 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 ANI 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 ANIP stock the variable cost ratio is equal to 82.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for ANIP 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 7.5% for ANI Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for ANI 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 ANIP stock is equal to 3.4%.

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 ANIP are equal to 124.6%.

Life of production assets of 10 years is the average useful life of capital assets used in ANI 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 ANIP is equal to 19.3%. 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 - $175 million for ANI 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 12 million for ANI 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 ANI Pharmaceuticals at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ ANI: 2Q Earnings Snapshot   [09:00AM  Associated Press]
▶ 4 Undervalued MedTech Stocks to Consider Amid Volatility   [Jun-19-18 12:25PM  InvestorPlace]
▶ ANI: 1Q Earnings Snapshot   [May-08-18 09:34AM  Associated Press]
▶ ANI Acquires 23 ANDAs from IDT Australia, Ltd.   [Apr-04-18 08:30AM  PR Newswire]
▶ ANI reports 4Q loss   [09:03AM  Associated Press]
▶ Top-Rated Stocks: ANI Pharmaceuticals Sees Composite Rating Climb To 97   [Jan-03-18 03:00AM  Investor's Business Daily]
▶ Is It The Right Time To Buy ANI Pharmaceuticals Inc (ANIP)?   [Dec-04-17 11:30AM  Simply Wall St.]
▶ Stocks To Watch: ANI Pharmaceuticals Sees Relative Strength Rating Rise To 93   [Nov-29-17 03:00AM  Investor's Business Daily]
▶ ANI posts 3Q profit   [Nov-02-17 09:11AM  Associated Press]
▶ 3 Small, Profitable Biotechs With Fantastic Growth   [Oct-24-17 07:33AM  Motley Fool]
▶ 3 Top Small-Cap Stocks to Buy in August   [Aug-21-17 07:34AM  Motley Fool]
▶ ANI posts 2Q profit   [Aug-04-17 12:38AM  Associated Press]
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