Intrinsic value of Amicus Therapeutics - FOLD

Previous Close

$10.97

  Intrinsic Value

$0.21

stock screener

  Rating & Target

str. sell

-98%

Previous close

$10.97

 
Intrinsic value

$0.21

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of FOLD 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 2.1

 

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
  59
  91
  137
  198
  279
  384
  516
  677
  871
  1,101
  1,367
  1,671
  2,014
  2,396
  2,818
  3,278
  3,776
  4,311
  4,882
  5,489
  6,130
  6,806
  7,515
  8,257
  9,032
  9,840
  10,682
  11,557
  12,468
  13,414
Variable operating expenses, $m
  972
  1,491
  2,220
  3,212
  4,523
  6,211
  8,330
  10,932
  14,061
  17,755
  22,023
  26,925
  32,453
  38,613
  45,402
  52,814
  60,837
  69,459
  78,666
  88,444
  98,780
  109,664
  121,086
  133,043
  145,532
  158,555
  172,117
  186,228
  200,900
  216,149
Fixed operating expenses, $m
  102
  104
  107
  109
  111
  114
  116
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
Total operating expenses, $m
  1,074
  1,595
  2,327
  3,321
  4,634
  6,325
  8,446
  11,051
  14,183
  17,879
  22,150
  27,055
  32,586
  38,749
  45,541
  52,956
  60,982
  69,607
  78,817
  88,599
  98,938
  109,825
  121,251
  133,212
  145,704
  158,731
  172,297
  186,412
  201,088
  216,341
Operating income, $m
  -1,015
  -1,504
  -2,190
  -3,123
  -4,355
  -5,941
  -7,931
  -10,373
  -13,311
  -16,778
  -20,783
  -25,384
  -30,572
  -36,352
  -42,723
  -49,678
  -57,206
  -65,296
  -73,935
  -83,110
  -92,808
  -103,019
  -113,737
  -124,955
  -136,673
  -148,891
  -161,616
  -174,854
  -188,620
  -202,927
EBITDA, $m
  -989
  -1,475
  -2,157
  -3,084
  -4,308
  -5,883
  -7,861
  -10,288
  -13,206
  -16,651
  -20,650
  -25,221
  -30,375
  -36,119
  -42,448
  -49,358
  -56,838
  -64,876
  -73,459
  -82,574
  -92,209
  -102,355
  -113,003
  -124,149
  -135,791
  -147,931
  -160,573
  -173,726
  -187,403
  -201,618
Interest expense (income), $m
  3
  18
  36
  61
  98
  147
  212
  296
  402
  532
  687
  871
  1,085
  1,329
  1,605
  1,911
  2,249
  2,619
  3,018
  3,448
  3,906
  4,393
  4,908
  5,450
  6,019
  6,615
  7,237
  7,885
  8,561
  9,264
  9,994
Earnings before tax, $m
  -1,033
  -1,539
  -2,251
  -3,220
  -4,502
  -6,153
  -8,227
  -10,775
  -13,843
  -17,466
  -21,654
  -26,469
  -31,901
  -37,957
  -44,634
  -51,927
  -59,825
  -68,315
  -77,383
  -87,016
  -97,201
  -107,927
  -119,187
  -130,974
  -143,287
  -156,128
  -169,501
  -183,415
  -197,883
  -212,921
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
  -1,033
  -1,539
  -2,251
  -3,220
  -4,502
  -6,153
  -8,227
  -10,775
  -13,843
  -17,466
  -21,654
  -26,469
  -31,901
  -37,957
  -44,634
  -51,927
  -59,825
  -68,315
  -77,383
  -87,016
  -97,201
  -107,927
  -119,187
  -130,974
  -143,287
  -156,128
  -169,501
  -183,415
  -197,883
  -212,921

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
  542
  838
  1,253
  1,817
  2,564
  3,525
  4,732
  6,213
  7,994
  10,097
  12,539
  15,330
  18,478
  21,985
  25,850
  30,070
  34,638
  39,547
  44,789
  50,356
  56,241
  62,438
  68,942
  75,749
  82,860
  90,275
  97,997
  106,031
  114,384
  123,066
Adjusted assets (=assets-cash), $m
  542
  838
  1,253
  1,817
  2,564
  3,525
  4,732
  6,213
  7,994
  10,097
  12,539
  15,330
  18,478
  21,985
  25,850
  30,070
  34,638
  39,547
  44,789
  50,356
  56,241
  62,438
  68,942
  75,749
  82,860
  90,275
  97,997
  106,031
  114,384
  123,066
Revenue / Adjusted assets
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
Average production assets, $m
  173
  267
  400
  580
  818
  1,125
  1,510
  1,983
  2,551
  3,223
  4,002
  4,893
  5,897
  7,016
  8,250
  9,597
  11,055
  12,622
  14,295
  16,071
  17,950
  19,927
  22,003
  24,176
  26,445
  28,811
  31,276
  33,840
  36,506
  39,277
Working capital, $m
  -58
  -90
  -135
  -196
  -277
  -380
  -511
  -670
  -863
  -1,090
  -1,353
  -1,654
  -1,994
  -2,372
  -2,789
  -3,245
  -3,738
  -4,268
  -4,833
  -5,434
  -6,069
  -6,738
  -7,439
  -8,174
  -8,941
  -9,742
  -10,575
  -11,442
  -12,343
  -13,280
Total debt, $m
  329
  568
  905
  1,362
  1,967
  2,745
  3,723
  4,922
  6,365
  8,069
  10,046
  12,307
  14,857
  17,698
  20,829
  24,247
  27,947
  31,923
  36,169
  40,679
  45,445
  50,465
  55,733
  61,247
  67,007
  73,013
  79,267
  85,775
  92,541
  99,574
Total liabilities, $m
  439
  678
  1,015
  1,472
  2,077
  2,855
  3,833
  5,032
  6,475
  8,179
  10,156
  12,417
  14,967
  17,808
  20,939
  24,357
  28,057
  32,033
  36,279
  40,789
  45,555
  50,575
  55,843
  61,357
  67,117
  73,123
  79,377
  85,885
  92,651
  99,684
Total equity, $m
  103
  159
  238
  345
  487
  670
  899
  1,180
  1,519
  1,919
  2,382
  2,913
  3,511
  4,177
  4,912
  5,713
  6,581
  7,514
  8,510
  9,568
  10,686
  11,863
  13,099
  14,392
  15,743
  17,152
  18,619
  20,146
  21,733
  23,383
Total liabilities and equity, $m
  542
  837
  1,253
  1,817
  2,564
  3,525
  4,732
  6,212
  7,994
  10,098
  12,538
  15,330
  18,478
  21,985
  25,851
  30,070
  34,638
  39,547
  44,789
  50,357
  56,241
  62,438
  68,942
  75,749
  82,860
  90,275
  97,996
  106,031
  114,384
  123,067
Debt-to-equity ratio
  3.200
  3.570
  3.800
  3.940
  4.040
  4.100
  4.140
  4.170
  4.190
  4.210
  4.220
  4.230
  4.230
  4.240
  4.240
  4.240
  4.250
  4.250
  4.250
  4.250
  4.250
  4.250
  4.250
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
Adjusted equity ratio
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,033
  -1,539
  -2,251
  -3,220
  -4,502
  -6,153
  -8,227
  -10,775
  -13,843
  -17,466
  -21,654
  -26,469
  -31,901
  -37,957
  -44,634
  -51,927
  -59,825
  -68,315
  -77,383
  -87,016
  -97,201
  -107,927
  -119,187
  -130,974
  -143,287
  -156,128
  -169,501
  -183,415
  -197,883
  -212,921
Depreciation, amort., depletion, $m
  26
  29
  33
  39
  47
  57
  70
  86
  105
  127
  133
  163
  197
  234
  275
  320
  368
  421
  476
  536
  598
  664
  733
  806
  881
  960
  1,043
  1,128
  1,217
  1,309
Funds from operations, $m
  -1,007
  -1,511
  -2,218
  -3,181
  -4,455
  -6,096
  -8,157
  -10,690
  -13,738
  -17,339
  -21,521
  -26,306
  -31,705
  -37,723
  -44,359
  -51,607
  -59,456
  -67,894
  -76,906
  -86,480
  -96,603
  -107,263
  -118,454
  -130,168
  -142,406
  -155,168
  -168,458
  -182,287
  -196,667
  -211,612
Change in working capital, $m
  -22
  -32
  -45
  -61
  -81
  -104
  -130
  -160
  -192
  -227
  -263
  -301
  -340
  -378
  -417
  -455
  -493
  -530
  -566
  -601
  -635
  -669
  -702
  -735
  -767
  -800
  -833
  -867
  -901
  -937
Cash from operations, $m
  -985
  -1,479
  -2,173
  -3,120
  -4,375
  -5,992
  -8,027
  -10,530
  -13,545
  -17,112
  -21,258
  -26,004
  -31,365
  -37,345
  -43,942
  -51,152
  -58,963
  -67,364
  -76,341
  -85,879
  -95,968
  -106,594
  -117,752
  -129,434
  -141,639
  -154,367
  -167,625
  -181,420
  -195,765
  -210,675
Maintenance CAPEX, $m
  -4
  -6
  -9
  -13
  -19
  -27
  -37
  -50
  -66
  -85
  -107
  -133
  -163
  -197
  -234
  -275
  -320
  -368
  -421
  -476
  -536
  -598
  -664
  -733
  -806
  -881
  -960
  -1,043
  -1,128
  -1,217
New CAPEX, $m
  -65
  -94
  -132
  -180
  -238
  -307
  -385
  -473
  -569
  -671
  -779
  -891
  -1,005
  -1,119
  -1,234
  -1,347
  -1,458
  -1,567
  -1,673
  -1,777
  -1,878
  -1,978
  -2,076
  -2,173
  -2,269
  -2,366
  -2,464
  -2,564
  -2,666
  -2,771
Cash from investing activities, $m
  -69
  -100
  -141
  -193
  -257
  -334
  -422
  -523
  -635
  -756
  -886
  -1,024
  -1,168
  -1,316
  -1,468
  -1,622
  -1,778
  -1,935
  -2,094
  -2,253
  -2,414
  -2,576
  -2,740
  -2,906
  -3,075
  -3,247
  -3,424
  -3,607
  -3,794
  -3,988
Free cash flow, $m
  -1,054
  -1,579
  -2,315
  -3,314
  -4,632
  -6,326
  -8,449
  -11,053
  -14,180
  -17,868
  -22,144
  -27,029
  -32,533
  -38,660
  -45,410
  -52,774
  -60,741
  -69,299
  -78,434
  -88,133
  -98,381
  -109,170
  -120,492
  -132,340
  -144,714
  -157,615
  -171,050
  -185,027
  -199,559
  -214,663
Issuance/(repayment) of debt, $m
  165
  239
  336
  458
  605
  778
  977
  1,200
  1,443
  1,704
  1,977
  2,261
  2,550
  2,841
  3,131
  3,418
  3,700
  3,976
  4,246
  4,509
  4,767
  5,019
  5,268
  5,514
  5,760
  6,006
  6,255
  6,508
  6,766
  7,033
Issuance/(repurchase) of shares, $m
  1,071
  1,596
  2,330
  3,328
  4,644
  6,336
  8,456
  11,057
  14,181
  17,865
  22,118
  26,999
  32,499
  38,623
  45,369
  52,729
  60,693
  69,247
  78,379
  88,074
  98,319
  109,105
  120,423
  132,268
  144,639
  157,537
  170,968
  184,942
  199,471
  214,571
Cash from financing (excl. dividends), $m  
  1,236
  1,835
  2,666
  3,786
  5,249
  7,114
  9,433
  12,257
  15,624
  19,569
  24,095
  29,260
  35,049
  41,464
  48,500
  56,147
  64,393
  73,223
  82,625
  92,583
  103,086
  114,124
  125,691
  137,782
  150,399
  163,543
  177,223
  191,450
  206,237
  221,604
Total cash flow (excl. dividends), $m
  182
  256
  352
  471
  617
  788
  984
  1,204
  1,444
  1,701
  1,952
  2,231
  2,516
  2,804
  3,090
  3,373
  3,652
  3,924
  4,190
  4,450
  4,704
  4,954
  5,199
  5,442
  5,684
  5,927
  6,173
  6,422
  6,678
  6,941
Retained Cash Flow (-), $m
  -1,071
  -1,596
  -2,330
  -3,328
  -4,644
  -6,336
  -8,456
  -11,057
  -14,181
  -17,865
  -22,118
  -26,999
  -32,499
  -38,623
  -45,369
  -52,729
  -60,693
  -69,247
  -78,379
  -88,074
  -98,319
  -109,105
  -120,423
  -132,268
  -144,639
  -157,537
  -170,968
  -184,942
  -199,471
  -214,571
Prev. year cash balance distribution, $m
  289
  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
  -600
  -1,340
  -1,979
  -2,856
  -4,027
  -5,548
  -7,472
  -9,853
  -12,737
  -16,164
  -20,167
  -24,768
  -29,983
  -35,820
  -42,279
  -49,356
  -57,041
  -65,323
  -74,188
  -83,623
  -93,615
  -104,151
  -115,224
  -126,826
  -138,954
  -151,609
  -164,795
  -178,519
  -192,793
  -207,630
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
  -575
  -1,226
  -1,722
  -2,352
  -3,122
  -4,026
  -5,048
  -6,158
  -7,317
  -8,474
  -9,577
  -10,569
  -11,400
  -12,025
  -12,412
  -12,542
  -12,411
  -12,030
  -11,423
  -10,626
  -9,683
  -8,642
  -7,552
  -6,459
  -5,406
  -4,423
  -3,537
  -2,762
  -2,105
  -1,563
Current shareholders' claim on cash, %
  26.0
  7.1
  2.0
  0.6
  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
  0.0
  0.0

Amicus Therapeutics, Inc. is a biotechnology company. The Company is engaged in the discovery, development and commercialization of a set of treatments for patients living with devastating rare and orphan diseases. Its lead product, migalastat HCl is a small molecule that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease. Its pipeline also includes SD-101, which is a product candidate in late-stage development, as a potential first-to-market therapy for the chronic, rare connective tissue disorder Epidermolysis Bullosa (EB). It is also leveraging its Chaperone-Advanced Replacement Therapy (CHART) platform technologies to develop ERT products for Pompe disease, Fabry disease, and potentially other lysosomal storage disorders (LSDs). The Company is also investigating preclinical and discovery programs in other rare and devastating diseases, including cyclin-dependent kinase-like 5 (CDKL5) deficiency.

FINANCIAL RATIOS  of  Amicus Therapeutics (FOLD)

Valuation Ratios
P/E Ratio -7.8
Price to Sales 313.1
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow -10.4
Price to Free Cash Flow -10
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 43.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 43.1%
Total Debt to Equity 43.1%
Interest Coverage -67
Management Effectiveness
Return On Assets -20.3%
Ret/ On Assets - 3 Yr. Avg. -28%
Return On Total Capital -46.3%
Ret/ On T. Cap. - 3 Yr. Avg. -57.1%
Return On Equity -56.5%
Return On Equity - 3 Yr. Avg. -64.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 80%
Gross Margin - 3 Yr. Avg. 26.7%
EBITDA Margin -3960%
EBITDA Margin - 3 Yr. Avg. -3553.3%
Operating Margin -3900%
Oper. Margin - 3 Yr. Avg. -3600%
Pre-Tax Margin -4080%
Pre-Tax Margin - 3 Yr. Avg. -3693.3%
Net Profit Margin -4000%
Net Profit Margin - 3 Yr. Avg. -3633.3%
Effective Tax Rate 2%
Eff/ Tax Rate - 3 Yr. Avg. 1.1%
Payout Ratio 0%

FOLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FOLD stock intrinsic value calculation we used $36.93 million for the last fiscal year's total revenue generated by Amicus Therapeutics. The default revenue input number comes from 0001 income statement of Amicus Therapeutics. 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 FOLD 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 FOLD is calculated based on our internal credit rating of Amicus Therapeutics, 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 Amicus Therapeutics.
    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 FOLD stock the variable cost ratio is equal to 1664.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $100 million in the base year in the intrinsic value calculation for FOLD 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 10.8% for Amicus Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Amicus Therapeutics. 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 FOLD 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 FOLD are equal to 292.8%.

Life of production assets of 57.7 years is the average useful life of capital assets used in Amicus Therapeutics 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 FOLD is equal to -99%. 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 - $352.85 million for Amicus Therapeutics - 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 188.471 million for Amicus Therapeutics 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 Amicus Therapeutics at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Amicus Therapeutics, Inc. (FOLD) Hedge Funds Are Snapping Up   [Dec-10-18 03:21AM  Insider Monkey]
▶ Amicus Therapeutics: 3Q Earnings Snapshot   [07:42AM  Associated Press]
▶ Amicus Therapeutics is looking to find a cure for rare diseases   [Oct-04-18 11:08AM  Yahoo Finance Video]
▶ Tavistock Restaurants to open new Lake Nona pizza and brew pub   [Sep-24-18 02:21PM  American City Business Journals]
▶ Why Amicus Therapeutics Is Up 10% Today   [Sep-20-18 11:27AM  Motley Fool]
▶ [$$] Amicus to Acquire Gene Therapy Company Celenex   [07:41AM  The Wall Street Journal]
▶ 7 Biotech Stocks to Buy Now   [Sep-19-18 02:38PM  InvestorPlace]
▶ See future biotech facility slated for Lake Nona (PHOTOS)   [Sep-14-18 02:36PM  American City Business Journals]
▶ Amicus Therapeutics Announces Board Appointments   [Sep-11-18 07:00AM  GlobeNewswire]
▶ Eateries, entertainment slated for $780M Lake Nona Town Center's 'Boxi Park'   [Sep-06-18 04:05PM  American City Business Journals]
▶ Global biotech firm may add to growing Lake Nona presence   [Aug-31-18 01:19PM  American City Business Journals]
▶ Lake Nona may get global biotech firm to build facility, create 300+ high-wage jobs   [Aug-21-18 11:05AM  American City Business Journals]
▶ The Week Ahead: Nvidia, Retailer Earnings In Focus   [Aug-13-18 01:26PM  Benzinga]
▶ Amicus Therapeutics: 2Q Earnings Snapshot   [08:17AM  Associated Press]
▶ Q2 Earnings Outlook For Amicus Therapeutics   [Aug-06-18 03:35PM  Benzinga]
▶ Amicus Therapeutics: 1Q Earnings Snapshot   [08:57AM  Associated Press]
▶ [$$] 3 Biotech Stocks a Pro Is Buying Now   [Mar-30-18 08:00AM  Barrons.com]
▶ Best Growth Stock in January   [Jan-31-18 11:02AM  Simply Wall St.]
▶ [$$] The Tax Law, Just One Month Old, Is Roaring Through U.S. Companies   [Jan-26-18 01:14AM  The Wall Street Journal]

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