Intrinsic value of Cellectis ADR - CLLS

Previous Close

$30.39

  Intrinsic Value

$3.04

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

-73%

Previous close

$30.39

 
Intrinsic value

$3.04

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

-73%

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

We calculate the intrinsic value of CLLS 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 1.1

 

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, %
  -10.00
  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
  54
  55
  56
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
Variable operating expenses, $m
 
  82
  83
  86
  88
  91
  94
  97
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  172
  180
  189
  198
  207
  217
  228
  239
  250
  262
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
  118
  82
  83
  86
  88
  91
  94
  97
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  172
  180
  189
  198
  207
  217
  228
  239
  250
  262
Operating income, $m
  -64
  -26
  -27
  -28
  -29
  -29
  -30
  -31
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -81
  -85
EBITDA, $m
  -62
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
Interest expense (income), $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
Earnings before tax, $m
  -64
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
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
  -64
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  292
  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
  332
  41
  42
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
Adjusted assets (=assets-cash), $m
  40
  41
  42
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
Revenue / Adjusted assets
  1.350
  1.341
  1.333
  1.349
  1.341
  1.356
  1.340
  1.354
  1.360
  1.346
  1.352
  1.357
  1.362
  1.344
  1.365
  1.348
  1.348
  1.347
  1.360
  1.342
  1.354
  1.349
  1.356
  1.362
  1.354
  1.346
  1.349
  1.351
  1.353
  1.352
  1.351
Average production assets, $m
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Working capital, $m
  257
  -36
  -37
  -37
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
Total debt, $m
  0
  -22
  -21
  -20
  -19
  -18
  -17
  -15
  -14
  -12
  -10
  -8
  -6
  -4
  -2
  1
  3
  6
  9
  12
  15
  19
  22
  26
  30
  34
  39
  43
  48
  54
  59
Total liabilities, $m
  59
  37
  38
  39
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  113
  118
Total equity, $m
  273
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
Total liabilities and equity, $m
  332
  41
  42
  43
  44
  46
  47
  49
  50
  52
  54
  57
  59
  61
  63
  67
  69
  72
  76
  79
  82
  87
  90
  94
  99
  103
  109
  113
  119
  126
  131
Debt-to-equity ratio
  0.000
  -5.460
  -5.140
  -4.780
  -4.400
  -4.010
  -3.600
  -3.190
  -2.770
  -2.350
  -1.930
  -1.510
  -1.100
  -0.700
  -0.310
  0.080
  0.450
  0.820
  1.170
  1.510
  1.840
  2.160
  2.460
  2.760
  3.040
  3.310
  3.570
  3.820
  4.060
  4.280
  4.500
Adjusted equity ratio
  -0.475
  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
  -64
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
Depreciation, amort., depletion, $m
  2
  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
Funds from operations, $m
  -54
  -24
  -24
  -25
  -26
  -27
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
Change in working capital, $m
  -23
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  -31
  -24
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
Maintenance CAPEX, $m
  0
  -2
  -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
New CAPEX, $m
  -51
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -51
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -8
  -8
  -8
Free cash flow, $m
  -82
  -26
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
Issuance/(repayment) of debt, $m
  0
  -22
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
Issuance/(repurchase) of shares, $m
  1
  50
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
Cash from financing (excl. dividends), $m  
  0
  28
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  48
  50
  52
  55
  57
  60
  64
  67
  70
  73
  76
  81
  85
  89
  93
Total cash flow (excl. dividends), $m
  -77
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Retained Cash Flow (-), $m
  4
  -50
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
Prev. year cash balance distribution, $m
 
  292
  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
 
  244
  -25
  -25
  -26
  -27
  -28
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
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
 
  234
  -23
  -22
  -21
  -21
  -20
  -19
  -18
  -17
  -17
  -16
  -15
  -14
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  50.0
  19.2
  7.3
  2.8
  1.1
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Cellectis SA is a France-based company active in the field of genome engineering and genomic surgery. The Company specializes in the research, development and commercialization of rational genome engineering technologies. It has developed an expertise in combining meganucleases with engineered targeting Deoxyribonucleic Acid (DNA) matrices into Meganuclease Recombination Systems (MRS), used for gene excision, correction or replacement. The Company also offers rational inverse genetics and targeting recombination tools. Cellectis SA markets its technologies mainly for use in the research field, in pharmaceutical drug discovery programs, in the agronomics, bioproduction and biotherapeutics fields. Cellectis SA operates several subsidiaries. The Company operates in France and the United States, among others.

FINANCIAL RATIOS  of  Cellectis ADR (CLLS)

Valuation Ratios
P/E Ratio -16.8
Price to Sales 19.9
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -34.6
Price to Free Cash Flow -13.1
Growth Rates
Sales Growth Rate -10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1175%
Cap. Spend. - 3 Yr. Gr. Rate 119.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -18.5%
Ret/ On Assets - 3 Yr. Avg. -9.1%
Return On Total Capital -23.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12%
Return On Equity -23.3%
Return On Equity - 3 Yr. Avg. -12.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 52%
EBITDA Margin -114.8%
EBITDA Margin - 3 Yr. Avg. -45.3%
Operating Margin -118.5%
Oper. Margin - 3 Yr. Avg. -61.6%
Pre-Tax Margin -118.5%
Pre-Tax Margin - 3 Yr. Avg. -48.8%
Net Profit Margin -118.5%
Net Profit Margin - 3 Yr. Avg. -51.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CLLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLLS stock intrinsic value calculation we used $54 million for the last fiscal year's total revenue generated by Cellectis ADR. The default revenue input number comes from 2016 income statement of Cellectis ADR. 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 CLLS 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 CLLS is calculated based on our internal credit rating of Cellectis ADR, 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 Cellectis ADR.
    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 CLLS stock the variable cost ratio is equal to 148.1%.

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 CLLS 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 Cellectis ADR.

Corporate tax rate of 27% is the nominal tax rate for Cellectis ADR. 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 CLLS 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 CLLS are equal to 22.2%.

Life of production assets of 6 years is the average useful life of capital assets used in Cellectis ADR 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 CLLS is equal to -64.8%. 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 - $273 million for Cellectis ADR - 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 36.141 million for Cellectis ADR 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 Cellectis ADR at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Cellectis SA : October 13, 2017   [Oct-13-17 10:38AM  Capital Cube]
▶ Bluebird Bio: So Much for That Gilead Boost   [Oct-02-17 03:56PM  Barrons.com]
▶ Juno Therapeutics Inc (JUNO): 3 Reasons to Be Bullish   [Sep-27-17 06:54AM  InvestorPlace]
▶ Cellectis to Participate in Upcoming Investor Conferences   [Sep-04-17 10:30PM  Business Wire]
▶ Cellectis (CLLS) Catches Eye: Stock Jumps 17%   [Aug-29-17 08:40AM  Zacks]
▶ Biotech stocks surge on Gilead's Kite Pharma acquisition   [Aug-28-17 11:41AM  MarketWatch]
▶ Cellectis Granted Patent for CRISPR Use in T-Cells   [Jul-24-17 04:30PM  Business Wire]
▶ New Strong Buy Stocks for July 20th   [Jul-20-17 10:46AM  Zacks]
▶ Cellectis: Annual General Meeting of June 26, 2017   [Jun-09-17 04:48PM  Business Wire]
▶ ETFs with exposure to Cellectis SA : June 5, 2017   [Jun-05-17 02:09PM  Capital Cube]
▶ Cellectis Reports 1st Quarter 2017 Financial Results   [May-09-17 04:30PM  Business Wire]
▶ ETFs with exposure to Cellectis SA : April 19, 2017   [Apr-19-17 02:16PM  Capital Cube]
▶ ETFs with exposure to Cellectis SA : April 5, 2017   [Apr-05-17 04:31PM  Capital Cube]
▶ 3 Biotech Stocks That Are Broker Favorites   [Mar-21-17 09:25AM  Zacks]
▶ Cellectis Blood Cancer Gets FDA Nod for Trial   [12:48PM  at Investopedia]
▶ Is Arbutus Biopharma Corp (ABUS) Worthy of Your Portfolio?   [Dec-12-16 06:21PM  at Insider Monkey]
▶ Do Hedge Funds Love Cellectis SA (ADR) (CLLS)?   [Dec-10-16 07:29PM  at Insider Monkey]
▶ Cellectis Hosts Worlds First Gene Edited Dinner in NYC   [Oct-31-16 05:00PM  Business Wire]
Financial statements of CLLS
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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