Intrinsic value of Collegium Pharmaceutical, Inc. - COLL

Previous Close

$15.80

  Intrinsic Value

$0.62

stock screener

  Rating & Target

str. sell

-96%

Previous close

$15.80

 
Intrinsic value

$0.62

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of COLL 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 0001), $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 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  448
  692
  1,035
  1,502
  2,119
  2,913
  3,910
  5,134
  6,607
  8,345
  10,362
  12,669
  15,270
  18,169
  21,363
  24,851
  28,626
  32,683
  37,015
  41,616
  46,479
  51,601
  56,975
  62,601
  68,478
  74,606
  80,987
  87,627
  94,530
  101,706
Variable operating expenses, $m
  350
  540
  807
  1,171
  1,651
  2,270
  3,046
  4,000
  5,146
  6,500
  8,070
  9,866
  11,892
  14,150
  16,637
  19,353
  22,293
  25,453
  28,827
  32,410
  36,197
  40,186
  44,372
  48,753
  53,330
  58,102
  63,072
  68,242
  73,619
  79,207
Fixed operating expenses, $m
  86
  88
  90
  92
  94
  96
  98
  100
  102
  104
  107
  109
  111
  114
  116
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  154
  158
  161
Total operating expenses, $m
  436
  628
  897
  1,263
  1,745
  2,366
  3,144
  4,100
  5,248
  6,604
  8,177
  9,975
  12,003
  14,264
  16,753
  19,472
  22,415
  25,577
  28,954
  32,540
  36,330
  40,322
  44,511
  48,895
  53,475
  58,250
  63,223
  68,396
  73,777
  79,368
Operating income, $m
  12
  64
  138
  240
  374
  548
  766
  1,035
  1,358
  1,741
  2,186
  2,694
  3,267
  3,905
  4,609
  5,378
  6,211
  7,106
  8,061
  9,076
  10,149
  11,279
  12,465
  13,707
  15,004
  16,356
  17,764
  19,230
  20,754
  22,337
EBITDA, $m
  14
  67
  142
  244
  380
  555
  776
  1,048
  1,374
  1,761
  2,209
  2,722
  3,301
  3,947
  4,658
  5,435
  6,276
  7,180
  8,146
  9,171
  10,256
  11,397
  12,595
  13,850
  15,160
  16,527
  17,950
  19,430
  20,970
  22,570
Interest expense (income), $m
  0
  36
  408
  949
  1,708
  2,742
  4,108
  5,867
  8,075
  10,786
  14,046
  17,895
  22,362
  27,470
  33,230
  39,648
  46,722
  54,444
  62,803
  71,787
  81,380
  91,568
  102,337
  113,677
  125,579
  138,037
  151,049
  164,618
  178,749
  193,451
  208,738
Earnings before tax, $m
  -23
  -344
  -811
  -1,469
  -2,368
  -3,561
  -5,101
  -7,040
  -9,427
  -12,305
  -15,709
  -19,669
  -24,203
  -29,325
  -35,039
  -41,343
  -48,233
  -55,698
  -63,726
  -72,304
  -81,418
  -91,058
  -101,212
  -111,872
  -123,033
  -134,693
  -146,854
  -159,519
  -172,697
  -186,400
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
Net income, $m
  -23
  -344
  -811
  -1,469
  -2,368
  -3,561
  -5,101
  -7,040
  -9,427
  -12,305
  -15,709
  -19,669
  -24,203
  -29,325
  -35,039
  -41,343
  -48,233
  -55,698
  -63,726
  -72,304
  -81,418
  -91,058
  -101,212
  -111,872
  -123,033
  -134,693
  -146,854
  -159,519
  -172,697
  -186,400

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
  466
  720
  1,077
  1,563
  2,205
  3,031
  4,069
  5,343
  6,875
  8,684
  10,783
  13,183
  15,890
  18,906
  22,230
  25,859
  29,788
  34,009
  38,517
  43,305
  48,366
  53,695
  59,288
  65,142
  71,257
  77,633
  84,274
  91,183
  98,367
  105,833
Adjusted assets (=assets-cash), $m
  466
  720
  1,077
  1,563
  2,205
  3,031
  4,069
  5,343
  6,875
  8,684
  10,783
  13,183
  15,890
  18,906
  22,230
  25,859
  29,788
  34,009
  38,517
  43,305
  48,366
  53,695
  59,288
  65,142
  71,257
  77,633
  84,274
  91,183
  98,367
  105,833
Revenue / Adjusted assets
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
Average production assets, $m
  26
  41
  61
  89
  125
  172
  231
  303
  390
  492
  611
  747
  901
  1,072
  1,260
  1,466
  1,689
  1,928
  2,184
  2,455
  2,742
  3,044
  3,362
  3,693
  4,040
  4,402
  4,778
  5,170
  5,577
  6,001
Working capital, $m
  -155
  -239
  -357
  -518
  -731
  -1,005
  -1,349
  -1,771
  -2,279
  -2,879
  -3,575
  -4,371
  -5,268
  -6,268
  -7,370
  -8,573
  -9,876
  -11,276
  -12,770
  -14,357
  -16,035
  -17,802
  -19,656
  -21,598
  -23,625
  -25,739
  -27,941
  -30,231
  -32,613
  -35,088
Total debt, $m
  132
  306
  551
  884
  1,324
  1,891
  2,603
  3,477
  4,528
  5,769
  7,209
  8,855
  10,712
  12,781
  15,062
  17,551
  20,246
  23,142
  26,235
  29,519
  32,991
  36,646
  40,483
  44,499
  48,694
  53,068
  57,624
  62,363
  67,291
  72,413
Total liabilities, $m
  320
  494
  739
  1,072
  1,513
  2,079
  2,791
  3,665
  4,716
  5,957
  7,397
  9,044
  10,901
  12,970
  15,250
  17,739
  20,434
  23,330
  26,423
  29,707
  33,179
  36,835
  40,671
  44,687
  48,882
  53,256
  57,812
  62,551
  67,479
  72,602
Total equity, $m
  146
  226
  338
  491
  692
  952
  1,278
  1,678
  2,159
  2,727
  3,386
  4,140
  4,990
  5,937
  6,980
  8,120
  9,353
  10,679
  12,094
  13,598
  15,187
  16,860
  18,616
  20,455
  22,375
  24,377
  26,462
  28,631
  30,887
  33,232
Total liabilities and equity, $m
  466
  720
  1,077
  1,563
  2,205
  3,031
  4,069
  5,343
  6,875
  8,684
  10,783
  13,184
  15,891
  18,907
  22,230
  25,859
  29,787
  34,009
  38,517
  43,305
  48,366
  53,695
  59,287
  65,142
  71,257
  77,633
  84,274
  91,182
  98,366
  105,834
Debt-to-equity ratio
  0.900
  1.350
  1.630
  1.800
  1.910
  1.990
  2.040
  2.070
  2.100
  2.120
  2.130
  2.140
  2.150
  2.150
  2.160
  2.160
  2.160
  2.170
  2.170
  2.170
  2.170
  2.170
  2.170
  2.180
  2.180
  2.180
  2.180
  2.180
  2.180
  2.180
Adjusted equity ratio
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -23
  -344
  -811
  -1,469
  -2,368
  -3,561
  -5,101
  -7,040
  -9,427
  -12,305
  -15,709
  -19,669
  -24,203
  -29,325
  -35,039
  -41,343
  -48,233
  -55,698
  -63,726
  -72,304
  -81,418
  -91,058
  -101,212
  -111,872
  -123,033
  -134,693
  -146,854
  -159,519
  -172,697
  -186,400
Depreciation, amort., depletion, $m
  2
  2
  3
  4
  6
  8
  10
  13
  16
  20
  24
  29
  35
  42
  49
  57
  65
  75
  85
  95
  106
  118
  130
  143
  157
  171
  185
  200
  216
  233
Funds from operations, $m
  -21
  -341
  -807
  -1,464
  -2,362
  -3,553
  -5,091
  -7,027
  -9,411
  -12,285
  -15,685
  -19,640
  -24,168
  -29,283
  -34,990
  -41,287
  -48,168
  -55,623
  -63,641
  -72,208
  -81,312
  -90,940
  -101,081
  -111,729
  -122,876
  -134,523
  -146,668
  -159,318
  -172,481
  -186,168
Change in working capital, $m
  -58
  -84
  -118
  -161
  -213
  -274
  -344
  -422
  -508
  -600
  -696
  -796
  -897
  -1,000
  -1,102
  -1,203
  -1,302
  -1,400
  -1,495
  -1,587
  -1,678
  -1,767
  -1,854
  -1,941
  -2,027
  -2,114
  -2,202
  -2,291
  -2,382
  -2,476
Cash from operations, $m
  37
  -257
  -689
  -1,303
  -2,149
  -3,279
  -4,747
  -6,605
  -8,903
  -11,686
  -14,989
  -18,844
  -23,271
  -28,283
  -33,888
  -40,083
  -46,865
  -54,223
  -62,146
  -70,621
  -79,634
  -89,173
  -99,227
  -109,788
  -120,849
  -132,409
  -144,467
  -157,028
  -170,099
  -183,692
Maintenance CAPEX, $m
  -1
  -1
  -2
  -2
  -3
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -35
  -42
  -49
  -57
  -65
  -75
  -85
  -95
  -106
  -118
  -130
  -143
  -157
  -171
  -185
  -200
  -216
New CAPEX, $m
  -10
  -14
  -20
  -28
  -36
  -47
  -59
  -72
  -87
  -103
  -119
  -136
  -153
  -171
  -188
  -206
  -223
  -239
  -256
  -271
  -287
  -302
  -317
  -332
  -347
  -362
  -377
  -392
  -407
  -423
Cash from investing activities, $m
  -11
  -15
  -22
  -30
  -39
  -52
  -66
  -81
  -99
  -118
  -138
  -160
  -182
  -206
  -230
  -255
  -280
  -304
  -331
  -356
  -382
  -408
  -435
  -462
  -490
  -519
  -548
  -577
  -607
  -639
Free cash flow, $m
  26
  -273
  -711
  -1,333
  -2,189
  -3,331
  -4,812
  -6,686
  -9,002
  -11,803
  -15,127
  -19,004
  -23,453
  -28,489
  -34,118
  -40,338
  -47,145
  -54,528
  -62,477
  -70,977
  -80,016
  -89,582
  -99,662
  -110,250
  -121,339
  -132,927
  -145,014
  -157,605
  -170,707
  -184,332
Issuance/(repayment) of debt, $m
  120
  174
  245
  333
  440
  567
  712
  874
  1,051
  1,241
  1,440
  1,647
  1,857
  2,069
  2,280
  2,489
  2,695
  2,896
  3,092
  3,284
  3,472
  3,656
  3,837
  4,016
  4,195
  4,374
  4,555
  4,740
  4,928
  5,122
Issuance/(repurchase) of shares, $m
  78
  424
  923
  1,621
  2,569
  3,820
  5,426
  7,440
  9,908
  12,873
  16,368
  20,422
  25,053
  30,272
  36,082
  42,483
  49,467
  57,023
  65,141
  73,807
  83,008
  92,731
  102,968
  113,710
  124,953
  136,695
  148,939
  161,688
  174,953
  188,745
Cash from financing (excl. dividends), $m  
  198
  598
  1,168
  1,954
  3,009
  4,387
  6,138
  8,314
  10,959
  14,114
  17,808
  22,069
  26,910
  32,341
  38,362
  44,972
  52,162
  59,919
  68,233
  77,091
  86,480
  96,387
  106,805
  117,726
  129,148
  141,069
  153,494
  166,428
  179,881
  193,867
Total cash flow (excl. dividends), $m
  224
  325
  457
  621
  821
  1,056
  1,326
  1,628
  1,957
  2,311
  2,681
  3,065
  3,457
  3,852
  4,245
  4,634
  5,017
  5,391
  5,757
  6,114
  6,463
  6,805
  7,142
  7,476
  7,809
  8,143
  8,480
  8,823
  9,174
  9,535
Retained Cash Flow (-), $m
  -78
  -424
  -923
  -1,621
  -2,569
  -3,820
  -5,426
  -7,440
  -9,908
  -12,873
  -16,368
  -20,422
  -25,053
  -30,272
  -36,082
  -42,483
  -49,467
  -57,023
  -65,141
  -73,807
  -83,008
  -92,731
  -102,968
  -113,710
  -124,953
  -136,695
  -148,939
  -161,688
  -174,953
  -188,745
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
  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
  146
  -98
  -466
  -1,000
  -1,749
  -2,764
  -4,100
  -5,812
  -7,951
  -10,562
  -13,687
  -17,357
  -21,596
  -26,420
  -31,837
  -37,849
  -44,450
  -51,632
  -59,384
  -67,693
  -76,545
  -85,926
  -95,826
  -106,234
  -117,144
  -128,553
  -140,459
  -152,865
  -165,779
  -179,210
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
  140
  -90
  -406
  -823
  -1,355
  -2,006
  -2,770
  -3,633
  -4,567
  -5,537
  -6,500
  -7,407
  -8,211
  -8,870
  -9,347
  -9,618
  -9,672
  -9,509
  -9,143
  -8,602
  -7,917
  -7,130
  -6,281
  -5,411
  -4,557
  -3,751
  -3,015
  -2,365
  -1,810
  -1,349
Current shareholders' claim on cash, %
  87.1
  57.9
  33.9
  18.5
  9.7
  4.9
  2.5
  1.2
  0.6
  0.3
  0.1
  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

Collegium Pharmaceutical, Inc. is a specialty pharmaceutical company. The Company is engaged in developing and commercializing abuse-deterrent products that incorporate its DETERx platform technology for the treatment of chronic pain and other diseases. Its products include Xtampza ER and ONSOLIS. Its DETERx platform provides extended-release drug delivery, while safeguarding against common methods of abuse and tampering, including crushing, chewing, and heating and injecting. Xtampza ER is designed to provide adequate pain control while maintaining its extended-release drug release profile after being subjected to common methods of abuse and accidental misuse. ONSOLIS is a Transmucosal Immediate-Release Fentanyl (TIRF) film indicated for the management of breakthrough pain in cancer patients (BTPc), 18 years of age and older, who are already receiving and who are tolerant to opioid therapy for their underlying persistent cancer pain.

FINANCIAL RATIOS  of  Collegium Pharmaceutical, Inc. (COLL)

Valuation Ratios
P/E Ratio -4.9
Price to Sales 231.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow -6.2
Price to Free Cash Flow -5.9
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 0.7%
Total Debt to Equity 3%
Interest Coverage 0
Management Effectiveness
Return On Assets -72.3%
Ret/ On Assets - 3 Yr. Avg. -106.6%
Return On Total Capital -81.4%
Ret/ On T. Cap. - 3 Yr. Avg. -173.5%
Return On Equity -85.5%
Return On Equity - 3 Yr. Avg. 176.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin -4650%
EBITDA Margin - 3 Yr. Avg. -1550%
Operating Margin -4700%
Oper. Margin - 3 Yr. Avg. -1566.7%
Pre-Tax Margin -4700%
Pre-Tax Margin - 3 Yr. Avg. -1566.7%
Net Profit Margin -4700%
Net Profit Margin - 3 Yr. Avg. -1566.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

COLL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COLL stock intrinsic value calculation we used $280 million for the last fiscal year's total revenue generated by Collegium Pharmaceutical, Inc.. The default revenue input number comes from 0001 income statement of Collegium Pharmaceutical, Inc.. 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 COLL stock valuation model: a) initial revenue growth rate of 60% 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 COLL is calculated based on our internal credit rating of Collegium Pharmaceutical, Inc., 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 Collegium Pharmaceutical, Inc..
    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 COLL stock the variable cost ratio is equal to 78.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $84 million in the base year in the intrinsic value calculation for COLL 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 310.2% for Collegium Pharmaceutical, Inc..

Corporate tax rate of 27% is the nominal tax rate for Collegium Pharmaceutical, Inc.. 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 COLL 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 COLL are equal to 5.9%.

Life of production assets of 25.8 years is the average useful life of capital assets used in Collegium Pharmaceutical, Inc. 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 COLL is equal to -34.5%. 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 - $91.585 million for Collegium Pharmaceutical, Inc. - 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 33.305 million for Collegium Pharmaceutical, Inc. 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 Collegium Pharmaceutical, Inc. at the current share price and the inputted number of shares is $0.5 billion.

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