Intrinsic value of Cambrex - CBM

Previous Close

$52.50

  Intrinsic Value

$110.62

stock screener

  Rating & Target

str. buy

+111%

  Value-price divergence*

+112%

Previous close

$52.50

 
Intrinsic value

$110.62

 
Up/down potential

+111%

 
Rating

str. buy

 
Value-price divergence*

+112%

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

We calculate the intrinsic value of CBM 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 1.7

 

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, %
  13.39
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
Revenue, $m
  491
  557
  627
  701
  779
  860
  946
  1,036
  1,129
  1,226
  1,328
  1,433
  1,542
  1,656
  1,774
  1,897
  2,025
  2,157
  2,296
  2,439
  2,589
  2,745
  2,907
  3,077
  3,253
  3,438
  3,631
  3,832
  4,042
  4,262
  4,492
Variable operating expenses, $m
 
  191
  214
  239
  266
  293
  322
  352
  383
  416
  450
  481
  518
  556
  596
  637
  680
  725
  771
  819
  869
  922
  976
  1,033
  1,093
  1,155
  1,219
  1,287
  1,358
  1,431
  1,509
Fixed operating expenses, $m
 
  203
  208
  213
  219
  224
  230
  235
  241
  247
  253
  260
  266
  273
  280
  287
  294
  301
  309
  317
  324
  333
  341
  349
  358
  367
  376
  386
  395
  405
  415
Total operating expenses, $m
  362
  394
  422
  452
  485
  517
  552
  587
  624
  663
  703
  741
  784
  829
  876
  924
  974
  1,026
  1,080
  1,136
  1,193
  1,255
  1,317
  1,382
  1,451
  1,522
  1,595
  1,673
  1,753
  1,836
  1,924
Operating income, $m
  128
  163
  204
  248
  295
  343
  395
  449
  505
  563
  624
  692
  758
  827
  899
  973
  1,051
  1,132
  1,216
  1,304
  1,395
  1,490
  1,590
  1,694
  1,803
  1,916
  2,035
  2,159
  2,289
  2,425
  2,568
EBITDA, $m
  153
  191
  236
  283
  333
  385
  440
  498
  558
  621
  686
  755
  826
  899
  976
  1,056
  1,139
  1,226
  1,316
  1,410
  1,508
  1,610
  1,717
  1,829
  1,945
  2,067
  2,194
  2,327
  2,466
  2,612
  2,764
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  7
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  56
Earnings before tax, $m
  128
  163
  203
  246
  291
  339
  389
  442
  497
  554
  613
  680
  744
  811
  881
  954
  1,030
  1,109
  1,191
  1,277
  1,366
  1,459
  1,557
  1,658
  1,764
  1,875
  1,991
  2,113
  2,240
  2,373
  2,512
Tax expense, $m
  41
  44
  55
  66
  79
  92
  105
  119
  134
  150
  166
  183
  201
  219
  238
  258
  278
  299
  322
  345
  369
  394
  420
  448
  476
  506
  538
  570
  605
  641
  678
Net income, $m
  82
  119
  148
  180
  213
  248
  284
  323
  363
  404
  448
  496
  543
  592
  643
  697
  752
  810
  870
  932
  997
  1,065
  1,136
  1,211
  1,288
  1,369
  1,454
  1,542
  1,635
  1,732
  1,834

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  74
  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
  612
  610
  686
  767
  853
  942
  1,036
  1,134
  1,237
  1,343
  1,454
  1,569
  1,689
  1,814
  1,943
  2,078
  2,218
  2,363
  2,514
  2,672
  2,836
  3,006
  3,184
  3,370
  3,563
  3,765
  3,976
  4,197
  4,427
  4,668
  4,920
Adjusted assets (=assets-cash), $m
  538
  610
  686
  767
  853
  942
  1,036
  1,134
  1,237
  1,343
  1,454
  1,569
  1,689
  1,814
  1,943
  2,078
  2,218
  2,363
  2,514
  2,672
  2,836
  3,006
  3,184
  3,370
  3,563
  3,765
  3,976
  4,197
  4,427
  4,668
  4,920
Revenue / Adjusted assets
  0.913
  0.913
  0.914
  0.914
  0.913
  0.913
  0.913
  0.914
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
  0.913
Average production assets, $m
  213
  241
  271
  303
  337
  373
  410
  448
  489
  531
  575
  620
  668
  717
  768
  821
  877
  934
  994
  1,056
  1,121
  1,188
  1,259
  1,332
  1,409
  1,489
  1,572
  1,659
  1,750
  1,845
  1,945
Working capital, $m
  228
  175
  197
  220
  244
  270
  297
  325
  355
  385
  417
  450
  484
  520
  557
  596
  636
  677
  721
  766
  813
  862
  913
  966
  1,022
  1,079
  1,140
  1,203
  1,269
  1,338
  1,410
Total debt, $m
  0
  28
  57
  88
  121
  156
  192
  230
  269
  310
  353
  397
  443
  491
  541
  593
  647
  703
  761
  822
  885
  950
  1,019
  1,090
  1,165
  1,243
  1,324
  1,409
  1,497
  1,590
  1,687
Total liabilities, $m
  206
  235
  264
  295
  328
  363
  399
  437
  476
  517
  560
  604
  650
  698
  748
  800
  854
  910
  968
  1,029
  1,092
  1,157
  1,226
  1,297
  1,372
  1,450
  1,531
  1,616
  1,704
  1,797
  1,894
Total equity, $m
  405
  375
  422
  472
  525
  580
  637
  698
  761
  826
  894
  965
  1,039
  1,116
  1,195
  1,278
  1,364
  1,453
  1,546
  1,643
  1,744
  1,849
  1,958
  2,072
  2,192
  2,316
  2,446
  2,581
  2,723
  2,871
  3,026
Total liabilities and equity, $m
  611
  610
  686
  767
  853
  943
  1,036
  1,135
  1,237
  1,343
  1,454
  1,569
  1,689
  1,814
  1,943
  2,078
  2,218
  2,363
  2,514
  2,672
  2,836
  3,006
  3,184
  3,369
  3,564
  3,766
  3,977
  4,197
  4,427
  4,668
  4,920
Debt-to-equity ratio
  0.000
  0.070
  0.140
  0.190
  0.230
  0.270
  0.300
  0.330
  0.350
  0.380
  0.390
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
Adjusted equity ratio
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  119
  148
  180
  213
  248
  284
  323
  363
  404
  448
  496
  543
  592
  643
  697
  752
  810
  870
  932
  997
  1,065
  1,136
  1,211
  1,288
  1,369
  1,454
  1,542
  1,635
  1,732
  1,834
Depreciation, amort., depletion, $m
  25
  28
  31
  35
  38
  42
  45
  49
  53
  58
  62
  63
  67
  72
  78
  83
  89
  94
  100
  107
  113
  120
  127
  135
  142
  150
  159
  168
  177
  186
  196
Funds from operations, $m
  133
  147
  180
  214
  251
  289
  330
  372
  416
  462
  510
  559
  611
  665
  721
  780
  840
  904
  970
  1,039
  1,111
  1,185
  1,264
  1,345
  1,430
  1,519
  1,613
  1,710
  1,812
  1,919
  2,030
Change in working capital, $m
  10
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
Cash from operations, $m
  123
  127
  158
  191
  226
  264
  303
  344
  387
  431
  478
  526
  576
  629
  684
  741
  800
  862
  927
  994
  1,064
  1,136
  1,213
  1,292
  1,375
  1,461
  1,552
  1,647
  1,746
  1,850
  1,958
Maintenance CAPEX, $m
  0
  -21
  -24
  -27
  -31
  -34
  -38
  -41
  -45
  -49
  -54
  -58
  -63
  -67
  -72
  -78
  -83
  -89
  -94
  -100
  -107
  -113
  -120
  -127
  -135
  -142
  -150
  -159
  -168
  -177
  -186
New CAPEX, $m
  -50
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -100
Cash from investing activities, $m
  -74
  -50
  -54
  -59
  -65
  -69
  -75
  -80
  -85
  -91
  -98
  -104
  -110
  -116
  -123
  -131
  -138
  -146
  -154
  -162
  -172
  -180
  -190
  -200
  -212
  -222
  -233
  -246
  -259
  -272
  -286
Free cash flow, $m
  49
  77
  103
  132
  162
  194
  228
  264
  301
  340
  381
  422
  466
  512
  560
  610
  662
  716
  772
  831
  892
  956
  1,022
  1,091
  1,164
  1,239
  1,318
  1,401
  1,487
  1,578
  1,672
Issuance/(repayment) of debt, $m
  -30
  28
  29
  31
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  97
Issuance/(repurchase) of shares, $m
  5
  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 financing (excl. dividends), $m  
  -17
  28
  29
  31
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  97
Total cash flow (excl. dividends), $m
  30
  104
  133
  163
  195
  229
  264
  301
  340
  381
  423
  466
  512
  560
  610
  662
  716
  772
  831
  892
  955
  1,021
  1,091
  1,163
  1,238
  1,317
  1,400
  1,486
  1,576
  1,670
  1,769
Retained Cash Flow (-), $m
  -94
  -44
  -47
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -148
  -155
Prev. year cash balance distribution, $m
 
  74
  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
 
  134
  86
  113
  142
  173
  206
  241
  277
  315
  355
  396
  439
  484
  531
  579
  630
  683
  738
  795
  854
  916
  981
  1,049
  1,119
  1,193
  1,270
  1,350
  1,434
  1,522
  1,614
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
 
  129
  78
  98
  117
  134
  150
  163
  173
  181
  186
  188
  187
  184
  178
  170
  160
  149
  136
  122
  109
  95
  81
  69
  57
  46
  37
  29
  22
  17
  12
Current shareholders' claim on cash, %
  100
  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
  100.0

Cambrex Corporation (Cambrex) is a life sciences company. It provides products and services for the development and commercialization of generic therapeutics. It operates through four segments, which are manufacturing facilities that have been aggregated as a single segment. Its manufacturing facilities are owned by the subsidiaries, including Cambrex Charles City, Inc., Cambrex Karlskoga AB and Cambrex Profarmaco Milano S.r.l. Its products consist of active pharmaceutical ingredients (APIs) and pharmaceutical intermediates. It delivers services, such as custom organic synthesis and process development; current good manufacturing practices (cGMP) manufacturing of API and intermediates from grams to hundreds of kilograms; cGMP analytical services; controlled substance research and development (R&D) and manufacture, Schedule II-V, and contract research. It has API R&D and cGMP facilities in the United States and Europe. It supplies over 90 generic APIs.

FINANCIAL RATIOS  of  Cambrex (CBM)

Valuation Ratios
P/E Ratio 20.7
Price to Sales 3.5
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 23.3
Growth Rates
Sales Growth Rate 13.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
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 14.7%
Ret/ On Assets - 3 Yr. Avg. 13%
Return On Total Capital 22%
Ret/ On T. Cap. - 3 Yr. Avg. 19.5%
Return On Equity 22.9%
Return On Equity - 3 Yr. Avg. 22.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 38.5%
EBITDA Margin 31.2%
EBITDA Margin - 3 Yr. Avg. 25.5%
Operating Margin 26.3%
Oper. Margin - 3 Yr. Avg. 20.5%
Pre-Tax Margin 26.1%
Pre-Tax Margin - 3 Yr. Avg. 19.7%
Net Profit Margin 16.7%
Net Profit Margin - 3 Yr. Avg. 15%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 14.2%
Payout Ratio 0%

CBM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBM stock intrinsic value calculation we used $491 million for the last fiscal year's total revenue generated by Cambrex. The default revenue input number comes from 2016 income statement of Cambrex. 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 CBM stock valuation model: a) initial revenue growth rate of 13.4% 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 4.3%, whose default value for CBM is calculated based on our internal credit rating of Cambrex, 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 Cambrex.
    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 CBM stock the variable cost ratio is equal to 34.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $198 million in the base year in the intrinsic value calculation for CBM 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 Cambrex.

Corporate tax rate of 27% is the nominal tax rate for Cambrex. 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 CBM 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 CBM are equal to 43.3%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Cambrex 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 CBM is equal to 31.4%. 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 - $405 million for Cambrex - 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 31.494 million for Cambrex 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 Cambrex at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Cambrex Corp. : August 21, 2017   [Aug-21-17 03:53PM  Capital Cube]
▶ 3 Top Stocks You Can Buy on Sale   [Aug-19-17 08:08AM  Motley Fool]
▶ Cambrex posts 2Q profit   [Aug-04-17 10:03PM  Associated Press]
▶ ETFs with exposure to Cambrex Corp. : August 3, 2017   [Aug-03-17 07:53PM  Capital Cube]
▶ Cleantech Building Materials: Grant of share options   [Jul-07-17 04:38AM  GlobeNewswire]
▶ ETFs with exposure to Cambrex Corp. : July 4, 2017   [Jul-04-17 02:43PM  Capital Cube]
▶ Cleantech Building Materials: AGM Report   [Jun-30-17 06:05AM  GlobeNewswire]
▶ ETFs with exposure to Cambrex Corp. : June 8, 2017   [Jun-08-17 01:28PM  Capital Cube]
▶ Cleantech Building Materials: Notice of AGM   [Jun-07-17 10:58AM  GlobeNewswire]
▶ ETFs with exposure to Cambrex Corp. : May 22, 2017   [May-22-17 01:26PM  Capital Cube]
▶ Cleantech Building Materials: Reduction in Share Capital   [May-17-17 09:54AM  GlobeNewswire]
▶ Cambrex Corp. Value Analysis (NYSE:CBM) : May 11, 2017   [May-11-17 06:23PM  Capital Cube]
▶ Cambrex posts 1Q profit   [May-04-17 07:15AM  Associated Press]
▶ Cleantech Building Materials: General Meeting   [Apr-26-17 10:36AM  GlobeNewswire]
▶ Cleantech Building Materials: Issue of Shares   [Apr-19-17 06:21AM  GlobeNewswire]
▶ Posting of Circular to Shareholders   [Apr-07-17 09:26AM  GlobeNewswire]
▶ ETFs with exposure to Cambrex Corp. : February 14, 2017   [Feb-14-17 03:06PM  Capital Cube]
Financial statements of CBM
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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