Intrinsic value of Horizon Pharma - HZNP

Previous Close

$13.59

  Intrinsic Value

$1.25

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

0%

Previous close

$13.59

 
Intrinsic value

$1.25

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of HZNP 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 2.2

 

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, %
  29.59
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  981
  1,107
  1,240
  1,380
  1,527
  1,682
  1,843
  2,012
  2,188
  2,370
  2,561
  2,758
  2,964
  3,177
  3,399
  3,630
  3,869
  4,119
  4,378
  4,649
  4,930
  5,223
  5,529
  5,848
  6,181
  6,528
  6,891
  7,270
  7,667
  8,082
  8,515
Variable operating expenses, $m
 
  1,248
  1,393
  1,545
  1,706
  1,874
  2,049
  2,233
  2,424
  2,623
  2,829
  3,000
  3,223
  3,455
  3,697
  3,947
  4,208
  4,479
  4,762
  5,056
  5,362
  5,680
  6,013
  6,360
  6,722
  7,100
  7,494
  7,907
  8,338
  8,789
  9,261
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
  1,128
  1,248
  1,393
  1,545
  1,706
  1,874
  2,049
  2,233
  2,424
  2,623
  2,829
  3,000
  3,223
  3,455
  3,697
  3,947
  4,208
  4,479
  4,762
  5,056
  5,362
  5,680
  6,013
  6,360
  6,722
  7,100
  7,494
  7,907
  8,338
  8,789
  9,261
Operating income, $m
  -147
  -141
  -153
  -165
  -178
  -192
  -206
  -221
  -236
  -252
  -269
  -241
  -259
  -278
  -298
  -318
  -339
  -361
  -383
  -407
  -432
  -457
  -484
  -512
  -541
  -571
  -603
  -636
  -671
  -707
  -745
EBITDA, $m
  75
  119
  134
  149
  165
  181
  199
  217
  236
  256
  276
  297
  320
  343
  367
  391
  417
  444
  472
  501
  532
  563
  596
  631
  667
  704
  743
  784
  827
  872
  918
Interest expense (income), $m
  61
  74
  90
  107
  124
  143
  162
  183
  204
  226
  249
  273
  298
  324
  351
  379
  408
  439
  470
  503
  537
  573
  610
  648
  689
  731
  775
  820
  868
  918
  971
Earnings before tax, $m
  -228
  -215
  -243
  -272
  -303
  -335
  -368
  -404
  -440
  -478
  -518
  -515
  -558
  -602
  -649
  -697
  -747
  -799
  -854
  -910
  -969
  -1,030
  -1,094
  -1,160
  -1,230
  -1,302
  -1,378
  -1,457
  -1,540
  -1,626
  -1,716
Tax expense, $m
  -61
  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
  -167
  -215
  -243
  -272
  -303
  -335
  -368
  -404
  -440
  -478
  -518
  -515
  -558
  -602
  -649
  -697
  -747
  -799
  -854
  -910
  -969
  -1,030
  -1,094
  -1,160
  -1,230
  -1,302
  -1,378
  -1,457
  -1,540
  -1,626
  -1,716

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  509
  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
  4,292
  4,272
  4,786
  5,328
  5,897
  6,494
  7,117
  7,768
  8,447
  9,152
  9,887
  10,650
  11,443
  12,267
  13,124
  14,014
  14,940
  15,903
  16,905
  17,948
  19,035
  20,167
  21,347
  22,579
  23,864
  25,205
  26,607
  28,071
  29,602
  31,203
  32,878
Adjusted assets (=assets-cash), $m
  3,783
  4,272
  4,786
  5,328
  5,897
  6,494
  7,117
  7,768
  8,447
  9,152
  9,887
  10,650
  11,443
  12,267
  13,124
  14,014
  14,940
  15,903
  16,905
  17,948
  19,035
  20,167
  21,347
  22,579
  23,864
  25,205
  26,607
  28,071
  29,602
  31,203
  32,878
Revenue / Adjusted assets
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
Average production assets, $m
  2,243
  2,530
  2,834
  3,154
  3,491
  3,845
  4,214
  4,599
  5,001
  5,419
  5,854
  6,306
  6,775
  7,263
  7,770
  8,298
  8,846
  9,416
  10,009
  10,627
  11,270
  11,940
  12,639
  13,368
  14,129
  14,924
  15,753
  16,620
  17,527
  18,475
  19,466
Working capital, $m
  440
  -69
  -77
  -86
  -95
  -104
  -114
  -125
  -136
  -147
  -159
  -171
  -184
  -197
  -211
  -225
  -240
  -255
  -271
  -288
  -306
  -324
  -343
  -363
  -383
  -405
  -427
  -451
  -475
  -501
  -528
Total debt, $m
  1,807
  2,188
  2,598
  3,031
  3,485
  3,961
  4,459
  4,978
  5,519
  6,083
  6,669
  7,278
  7,911
  8,568
  9,252
  9,962
  10,701
  11,470
  12,269
  13,102
  13,969
  14,872
  15,814
  16,797
  17,822
  18,893
  20,011
  21,180
  22,402
  23,679
  25,016
Total liabilities, $m
  3,028
  3,409
  3,819
  4,252
  4,706
  5,182
  5,680
  6,199
  6,740
  7,304
  7,890
  8,499
  9,132
  9,789
  10,473
  11,183
  11,922
  12,691
  13,490
  14,323
  15,190
  16,093
  17,035
  18,018
  19,043
  20,114
  21,232
  22,401
  23,623
  24,900
  26,237
Total equity, $m
  1,264
  863
  967
  1,076
  1,191
  1,312
  1,438
  1,569
  1,706
  1,849
  1,997
  2,151
  2,312
  2,478
  2,651
  2,831
  3,018
  3,212
  3,415
  3,626
  3,845
  4,074
  4,312
  4,561
  4,820
  5,092
  5,375
  5,670
  5,980
  6,303
  6,641
Total liabilities and equity, $m
  4,292
  4,272
  4,786
  5,328
  5,897
  6,494
  7,118
  7,768
  8,446
  9,153
  9,887
  10,650
  11,444
  12,267
  13,124
  14,014
  14,940
  15,903
  16,905
  17,949
  19,035
  20,167
  21,347
  22,579
  23,863
  25,206
  26,607
  28,071
  29,603
  31,203
  32,878
Debt-to-equity ratio
  1.430
  2.540
  2.690
  2.820
  2.930
  3.020
  3.100
  3.170
  3.230
  3.290
  3.340
  3.380
  3.420
  3.460
  3.490
  3.520
  3.550
  3.570
  3.590
  3.610
  3.630
  3.650
  3.670
  3.680
  3.700
  3.710
  3.720
  3.740
  3.750
  3.760
  3.770
Adjusted equity ratio
  0.200
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -167
  -215
  -243
  -272
  -303
  -335
  -368
  -404
  -440
  -478
  -518
  -515
  -558
  -602
  -649
  -697
  -747
  -799
  -854
  -910
  -969
  -1,030
  -1,094
  -1,160
  -1,230
  -1,302
  -1,378
  -1,457
  -1,540
  -1,626
  -1,716
Depreciation, amort., depletion, $m
  222
  261
  287
  314
  343
  373
  405
  438
  472
  508
  545
  539
  579
  621
  664
  709
  756
  805
  855
  908
  963
  1,021
  1,080
  1,143
  1,208
  1,276
  1,346
  1,421
  1,498
  1,579
  1,664
Funds from operations, $m
  505
  46
  44
  42
  40
  39
  36
  34
  32
  29
  27
  24
  21
  18
  15
  12
  9
  5
  2
  -2
  -5
  -9
  -13
  -18
  -22
  -27
  -31
  -36
  -42
  -47
  -52
Change in working capital, $m
  136
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Cash from operations, $m
  369
  53
  52
  51
  50
  48
  46
  45
  43
  41
  39
  36
  34
  32
  29
  26
  24
  21
  18
  15
  12
  9
  5
  2
  -1
  -5
  -9
  -13
  -17
  -21
  -26
Maintenance CAPEX, $m
  0
  -192
  -216
  -242
  -270
  -298
  -329
  -360
  -393
  -427
  -463
  -500
  -539
  -579
  -621
  -664
  -709
  -756
  -805
  -855
  -908
  -963
  -1,021
  -1,080
  -1,143
  -1,208
  -1,276
  -1,346
  -1,421
  -1,498
  -1,579
New CAPEX, $m
  -16
  -287
  -304
  -321
  -337
  -353
  -369
  -385
  -402
  -418
  -435
  -452
  -470
  -488
  -507
  -527
  -548
  -570
  -593
  -618
  -643
  -670
  -699
  -729
  -761
  -794
  -830
  -867
  -906
  -948
  -992
Cash from investing activities, $m
  -1,376
  -479
  -520
  -563
  -607
  -651
  -698
  -745
  -795
  -845
  -898
  -952
  -1,009
  -1,067
  -1,128
  -1,191
  -1,257
  -1,326
  -1,398
  -1,473
  -1,551
  -1,633
  -1,720
  -1,809
  -1,904
  -2,002
  -2,106
  -2,213
  -2,327
  -2,446
  -2,571
Free cash flow, $m
  -1,007
  -425
  -468
  -512
  -557
  -604
  -651
  -701
  -752
  -805
  -859
  -916
  -975
  -1,036
  -1,099
  -1,165
  -1,234
  -1,305
  -1,380
  -1,458
  -1,540
  -1,625
  -1,714
  -1,807
  -1,905
  -2,007
  -2,114
  -2,226
  -2,344
  -2,467
  -2,596
Issuance/(repayment) of debt, $m
  652
  389
  410
  432
  454
  476
  498
  519
  541
  563
  586
  609
  633
  658
  684
  711
  739
  768
  800
  832
  867
  904
  942
  983
  1,025
  1,071
  1,118
  1,169
  1,222
  1,278
  1,336
Issuance/(repurchase) of shares, $m
  4
  315
  347
  381
  418
  455
  494
  535
  577
  621
  666
  669
  718
  769
  822
  877
  934
  994
  1,056
  1,121
  1,188
  1,259
  1,332
  1,409
  1,489
  1,573
  1,661
  1,753
  1,849
  1,949
  2,055
Cash from financing (excl. dividends), $m  
  657
  704
  757
  813
  872
  931
  992
  1,054
  1,118
  1,184
  1,252
  1,278
  1,351
  1,427
  1,506
  1,588
  1,673
  1,762
  1,856
  1,953
  2,055
  2,163
  2,274
  2,392
  2,514
  2,644
  2,779
  2,922
  3,071
  3,227
  3,391
Total cash flow (excl. dividends), $m
  -351
  280
  288
  302
  315
  328
  341
  354
  366
  380
  393
  362
  376
  391
  407
  423
  439
  457
  476
  495
  516
  537
  560
  584
  610
  637
  665
  695
  727
  760
  795
Retained Cash Flow (-), $m
  49
  -315
  -347
  -381
  -418
  -455
  -494
  -535
  -577
  -621
  -666
  -669
  -718
  -769
  -822
  -877
  -934
  -994
  -1,056
  -1,121
  -1,188
  -1,259
  -1,332
  -1,409
  -1,489
  -1,573
  -1,661
  -1,753
  -1,849
  -1,949
  -2,055
Prev. year cash balance distribution, $m
 
  501
  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
 
  465
  -58
  -80
  -103
  -127
  -154
  -182
  -211
  -241
  -273
  -307
  -342
  -378
  -415
  -454
  -495
  -537
  -580
  -626
  -673
  -721
  -772
  -825
  -879
  -936
  -996
  -1,058
  -1,122
  -1,189
  -1,260
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  433
  -50
  -63
  -74
  -82
  -89
  -93
  -94
  -94
  -91
  -86
  -80
  -73
  -65
  -57
  -49
  -41
  -33
  -27
  -21
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  81.0
  65.9
  53.9
  44.1
  36.2
  29.9
  24.6
  20.4
  16.9
  14.0
  11.8
  9.9
  8.3
  7.0
  5.9
  5.0
  4.2
  3.5
  3.0
  2.5
  2.1
  1.8
  1.5
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5
  0.5

Horizon Pharma Public Limited Company is a biopharmaceutical company. The Company is focused on identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs. As of December 31, 2016, the Company marketed 11 medicines through its orphan, rheumatology and primary care business units. The Company's marketed medicines are ACTIMMUNE (interferon gamma-1b), BUPHENYL (sodium phenylbutyrate) Tablets and Powder, DUEXIS (ibuprofen/famotidine), KRYSTEXXA (pegloticase), MIGERGOT (ergotamine tartrate & caffeine suppositories), PENNSAID (diclofenac sodium topical solution) 2% weight per weight (w/w), or PENNSAID 2%, PROCYSBI (cysteamine bitartrate) delayed-release capsules, QUINSAIR (aerosolized form of levofloxacin), RAVICTI (glycerol phenylbutyrate) Oral Liquid, RAYOS (prednisone) delayed-release tablets and VIMOVO (naproxen/esomeprazole magnesium).

FINANCIAL RATIOS  of  Horizon Pharma (HZNP)

Valuation Ratios
P/E Ratio -13.2
Price to Sales 2.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 6.2
Growth Rates
Sales Growth Rate 29.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 128.6%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio 64
Current Ratio 0
LT Debt to Equity 142.3%
Total Debt to Equity 143%
Interest Coverage -3
Management Effectiveness
Return On Assets -3.3%
Ret/ On Assets - 3 Yr. Avg. -12.9%
Return On Total Capital -6%
Ret/ On T. Cap. - 3 Yr. Avg. -19.8%
Return On Equity -13%
Return On Equity - 3 Yr. Avg. -38.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 68.1%
EBITDA Margin 5.6%
EBITDA Margin - 3 Yr. Avg. -21%
Operating Margin -15%
Oper. Margin - 3 Yr. Avg. -14.4%
Pre-Tax Margin -23.2%
Pre-Tax Margin - 3 Yr. Avg. -43.9%
Net Profit Margin -17%
Net Profit Margin - 3 Yr. Avg. -33.5%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 53%
Payout Ratio 0%

HZNP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HZNP stock intrinsic value calculation we used $981 million for the last fiscal year's total revenue generated by Horizon Pharma. The default revenue input number comes from 2016 income statement of Horizon Pharma. 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 HZNP stock valuation model: a) initial revenue growth rate of 12.8% 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 7.5%, whose default value for HZNP is calculated based on our internal credit rating of Horizon Pharma, 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 Horizon Pharma.
    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 HZNP stock the variable cost ratio is equal to 113.3%.

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 HZNP 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 4.1% for Horizon Pharma.

Corporate tax rate of 27% is the nominal tax rate for Horizon Pharma. 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 HZNP 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 HZNP are equal to 228.6%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Horizon Pharma 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 HZNP is equal to -6.2%. 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 - $1264 million for Horizon Pharma - 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 163.623 million for Horizon Pharma 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 Horizon Pharma at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
GSK GlaxoSmithKlin 40.86 93.64  str.buy
PFE Pfizer 35.98 28.30  hold

COMPANY NEWS

▶ IIROC Trade Halt - Horizon Petroleum Ltd.   [Sep-19-17 08:01AM  Newsfile]
▶ Here's Why Horizon Pharma Gained as Much as 13.1% Today   [Aug-17-17 03:50PM  Motley Fool]
▶ Horizon Pharma reports 2Q loss   [Aug-07-17 11:58PM  Associated Press]
▶ Horizon Pharma Wins Big in Q2   [10:40AM  24/7 Wall St.]
▶ ETFs with exposure to Horizon Pharma Plc : July 24, 2017   [Jul-24-17 04:37PM  Capital Cube]
▶ ETFs with exposure to Horizon Pharma Plc : July 14, 2017   [Jul-14-17 03:00PM  Capital Cube]
▶ 3 Cheap Healthcare Stocks You Can Buy Right Now   [Jun-26-17 01:08PM  Motley Fool]
▶ Valeant: Stop Looking in the Rearview Mirror!   [Jun-16-17 10:54AM  Barrons.com]
▶ 3 Value Stocks You Probably Haven't Considered   [Jun-08-17 08:06PM  Motley Fool]
▶ ETFs with exposure to Horizon Pharma Plc : May 26, 2017   [May-26-17 01:11PM  Capital Cube]
▶ 5 Stocks Setting Up for Big Breakouts   [12:46PM  TheStreet.com]
▶ These Drugmakers Plunged On Consensus-Lagging Q1 Sales, Losses   [04:36PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [12:16PM  Briefing.com]
▶ Biotech And Pharma Industry And Stock News   [11:00AM  Investor's Business Daily]
▶ Biotech Movers: Horizon, OncoMed, Inovio   [09:29AM  TheStreet.com]
▶ Horizon Pharma reports 1Q loss   [07:30AM  Associated Press]
Financial statements of HZNP
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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