Intrinsic value of FibroGen - FGEN

Previous Close

$54.50

  Intrinsic Value

$0.50

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-232%

Previous close

$54.50

 
Intrinsic value

$0.50

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-232%

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

We calculate the intrinsic value of FGEN 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 4.3

 

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, %
  -0.55
  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
  180
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  253
  263
  274
  285
  298
  311
  324
  339
  355
  371
  388
  406
  425
  445
  467
  489
  512
  537
  563
  590
Variable operating expenses, $m
 
  262
  268
  275
  283
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
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
  233
  262
  268
  275
  283
  291
  301
  311
  322
  334
  347
  361
  375
  391
  407
  425
  444
  463
  484
  506
  529
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
Operating income, $m
  -54
  -79
  -80
  -82
  -85
  -87
  -90
  -93
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -219
  -230
  -241
  -253
EBITDA, $m
  -48
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
Interest expense (income), $m
  0
  4
  0
  0
  0
  0
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
Earnings before tax, $m
  -62
  -83
  -80
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
  -254
  -267
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
  -62
  -83
  -80
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
  -254
  -267

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  253
  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
  470
  221
  227
  232
  239
  246
  254
  263
  272
  282
  293
  305
  317
  330
  344
  359
  375
  391
  409
  428
  447
  468
  490
  513
  537
  563
  590
  618
  648
  679
  712
Adjusted assets (=assets-cash), $m
  217
  221
  227
  232
  239
  246
  254
  263
  272
  282
  293
  305
  317
  330
  344
  359
  375
  391
  409
  428
  447
  468
  490
  513
  537
  563
  590
  618
  648
  679
  712
Revenue / Adjusted assets
  0.829
  0.833
  0.828
  0.832
  0.828
  0.829
  0.831
  0.829
  0.831
  0.830
  0.829
  0.830
  0.830
  0.830
  0.828
  0.830
  0.829
  0.829
  0.829
  0.829
  0.830
  0.829
  0.829
  0.828
  0.829
  0.829
  0.829
  0.828
  0.829
  0.829
  0.829
Average production assets, $m
  126
  129
  131
  135
  139
  143
  147
  152
  158
  164
  170
  177
  184
  192
  200
  208
  217
  227
  237
  248
  260
  272
  284
  298
  312
  327
  342
  359
  376
  394
  413
Working capital, $m
  202
  -52
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
Total debt, $m
  112
  -3
  2
  7
  13
  20
  27
  34
  43
  52
  62
  72
  83
  95
  108
  121
  135
  150
  166
  183
  201
  219
  239
  260
  281
  304
  329
  354
  381
  409
  439
Total liabilities, $m
  314
  199
  204
  209
  215
  222
  229
  236
  245
  254
  264
  274
  285
  297
  310
  323
  337
  352
  368
  385
  403
  421
  441
  462
  483
  506
  531
  556
  583
  611
  641
Total equity, $m
  156
  22
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Total liabilities and equity, $m
  470
  221
  227
  232
  239
  247
  254
  262
  272
  282
  293
  304
  317
  330
  344
  359
  374
  391
  409
  428
  448
  468
  490
  513
  537
  562
  590
  618
  648
  679
  712
Debt-to-equity ratio
  0.718
  -0.120
  0.080
  0.310
  0.550
  0.790
  1.050
  1.310
  1.580
  1.840
  2.110
  2.370
  2.630
  2.880
  3.130
  3.370
  3.610
  3.840
  4.060
  4.280
  4.480
  4.680
  4.880
  5.060
  5.240
  5.410
  5.570
  5.730
  5.880
  6.030
  6.160
Adjusted equity ratio
  -0.447
  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
  -62
  -83
  -80
  -83
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
  -254
  -267
Depreciation, amort., depletion, $m
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Funds from operations, $m
  35
  -76
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -224
  -236
  -247
Change in working capital, $m
  28
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  7
  -75
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -240
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
New CAPEX, $m
  -1
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
Cash from investing activities, $m
  7
  -9
  -9
  -9
  -10
  -11
  -12
  -12
  -12
  -14
  -14
  -15
  -15
  -17
  -17
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -32
  -34
  -36
  -38
Free cash flow, $m
  14
  -84
  -82
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -180
  -188
  -198
  -207
  -218
  -228
  -240
  -252
  -264
  -278
Issuance/(repayment) of debt, $m
  0
  -115
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Issuance/(repurchase) of shares, $m
  10
  202
  81
  83
  86
  89
  92
  95
  99
  103
  107
  111
  116
  121
  127
  133
  139
  145
  152
  159
  167
  175
  184
  193
  202
  212
  223
  234
  245
  257
  270
Cash from financing (excl. dividends), $m  
  7
  87
  86
  88
  92
  96
  99
  103
  107
  112
  117
  121
  127
  133
  140
  146
  153
  160
  168
  176
  185
  194
  204
  214
  224
  235
  247
  260
  272
  285
  300
Total cash flow (excl. dividends), $m
  20
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
Retained Cash Flow (-), $m
  22
  -202
  -81
  -83
  -86
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -212
  -223
  -234
  -245
  -257
  -270
Prev. year cash balance distribution, $m
 
  253
  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
 
  54
  -77
  -79
  -81
  -84
  -86
  -89
  -92
  -96
  -99
  -104
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -248
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
 
  52
  -71
  -69
  -67
  -65
  -63
  -60
  -58
  -55
  -52
  -49
  -46
  -43
  -39
  -36
  -33
  -29
  -26
  -23
  -20
  -17
  -14
  -12
  -9
  -8
  -6
  -5
  -3
  -3
  -2
Current shareholders' claim on cash, %
  100
  50.0
  36.6
  26.8
  19.6
  14.3
  10.4
  7.6
  5.5
  4.0
  2.9
  2.1
  1.5
  1.1
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

FibroGen, Inc. is a science-based biopharmaceutical company discovering and developing a pipeline of first- in-class therapeutics. The Company is focused on fibrosis and hypoxia-inducible factor (HIF) biology and clinical development to advance innovative medicines for the treatment of anemia, fibrotic disease, and cancer. Roxadustat, the Company’s most advanced product candidate, is an oral small molecule inhibitor of HIF prolyl hydroxylase activity in Phase III clinical development for the treatment of anemia in chronic kidney disease (CKD), and is entering Phase III development for anemia in lower risk myelodysplastic syndromes (MDS). The Company has developed Pamrevlumab. Pamrevlumab is a proprietary therapeutic antibody to inhibit the activity of connective tissue growth factor (CTGF), a common factor in chronic fibrotic and proliferative disorders characterized by persistent and excessive scarring that can lead to organ dysfunction and failure.

FINANCIAL RATIOS  of  FibroGen (FGEN)

Valuation Ratios
P/E Ratio -56
Price to Sales 19.3
Price to Book 22.2
Price to Tangible Book
Price to Cash Flow 495.6
Price to Free Cash Flow 578.2
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -32.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 71.8%
Total Debt to Equity 71.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -13.2%
Ret/ On Assets - 3 Yr. Avg. -15.5%
Return On Total Capital -22.2%
Ret/ On T. Cap. - 3 Yr. Avg. -24.1%
Return On Equity -37.1%
Return On Equity - 3 Yr. Avg. -40%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -31.1%
EBITDA Margin - 3 Yr. Avg. -38.6%
Operating Margin -29.4%
Oper. Margin - 3 Yr. Avg. -36.1%
Pre-Tax Margin -34.4%
Pre-Tax Margin - 3 Yr. Avg. -41.8%
Net Profit Margin -34.4%
Net Profit Margin - 3 Yr. Avg. -41.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FGEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FGEN stock intrinsic value calculation we used $180 million for the last fiscal year's total revenue generated by FibroGen. The default revenue input number comes from 2016 income statement of FibroGen. 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 FGEN 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 FGEN is calculated based on our internal credit rating of FibroGen, 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 FibroGen.
    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 FGEN stock the variable cost ratio is equal to 142.8%.

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 FGEN 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 FibroGen.

Corporate tax rate of 27% is the nominal tax rate for FibroGen. 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 FGEN 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 FGEN are equal to 70%.

Life of production assets of 21 years is the average useful life of capital assets used in FibroGen 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 FGEN is equal to -28.3%. 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 - $156 million for FibroGen - 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 78.505 million for FibroGen 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 FibroGen at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to FibroGen, Inc. : October 13, 2017   [Oct-13-17 10:47AM  Capital Cube]
▶ Cramer's lightning round: Let Nike walk these losses off   [Oct-10-17 07:04PM  CNBC Videos]
▶ 3 Under-the-Radar Small Cap Gems   [Oct-02-17 11:14AM  Investopedia]
▶ FibroGen Inc (FGEN): How Does It Impact Your Portfolio?   [Sep-30-17 07:17AM  Simply Wall St.]
▶ FibroGen Appoints Gerald Lema to Board of Directors   [Sep-19-17 04:35PM  GlobeNewswire]
▶ Why This Cancer Biotech Leads Pack After Hitting Record High   [Sep-13-17 04:33PM  Investor's Business Daily]
▶ Is There Now An Opportunity In FibroGen Inc (FGEN)?   [Sep-06-17 07:14PM  Simply Wall St.]
▶ Why Ralph Lauren, LendingClub, and FibroGen Jumped Today   [Aug-08-17 04:20PM  Motley Fool]
▶ Why FibroGen Inc Skyrocketed Higher Today   [02:37PM  Motley Fool]
▶ Why Fibrogen Shares Are Exploding   [10:55AM  24/7 Wall St.]
▶ FibroGen reports 2Q loss   [Aug-07-17 11:00PM  Associated Press]
▶ ETFs with exposure to FibroGen, Inc. : June 2, 2017   [Jun-02-17 02:07PM  Capital Cube]
▶ ETFs with exposure to FibroGen, Inc. : May 22, 2017   [May-22-17 01:39PM  Capital Cube]
▶ FibroGen Reports First Quarter 2017 Financial Results   [May-09-17 04:02PM  GlobeNewswire]
▶ Akebia expands anemia drug pact with Japanese firm, lifting shares   [Apr-25-17 07:00PM  American City Business Journals]
▶ Why FibroGen Inc Popped Higher Today   [Apr-06-17 12:59PM  Motley Fool]
▶ Traders Are Focused on the Big-Caps   [10:38AM  TheStreet.com]
Financial statements of FGEN
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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