Intrinsic value of Medicines - MDCO

Previous Close

$26.00

  Intrinsic Value

$1.37

stock screener

  Rating & Target

str. sell

-95%

Previous close

$26.00

 
Intrinsic value

$1.37

 
Up/down potential

-95%

 
Rating

str. sell

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

We calculate the intrinsic value of MDCO 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 1.9

 

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, %
  -45.63
  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
  168
  171
  175
  180
  185
  190
  197
  203
  211
  218
  227
  236
  245
  255
  266
  278
  290
  303
  316
  331
  346
  362
  379
  397
  416
  435
  456
  478
  501
  526
  551
Variable operating expenses, $m
 
  64
  65
  66
  67
  68
  69
  71
  72
  74
  76
  52
  55
  57
  59
  62
  65
  67
  70
  74
  77
  81
  84
  88
  93
  97
  102
  106
  112
  117
  123
Fixed operating expenses, $m
 
  485
  497
  509
  522
  535
  549
  562
  576
  591
  605
  621
  636
  652
  668
  685
  702
  720
  738
  756
  775
  794
  814
  835
  856
  877
  899
  921
  944
  968
  992
Total operating expenses, $m
  535
  549
  562
  575
  589
  603
  618
  633
  648
  665
  681
  673
  691
  709
  727
  747
  767
  787
  808
  830
  852
  875
  898
  923
  949
  974
  1,001
  1,027
  1,056
  1,085
  1,115
Operating income, $m
  -367
  -377
  -386
  -395
  -404
  -413
  -421
  -430
  -438
  -447
  -455
  -437
  -445
  -453
  -461
  -469
  -477
  -484
  -492
  -499
  -506
  -513
  -520
  -526
  -532
  -538
  -544
  -550
  -555
  -559
  -564
EBITDA, $m
  -336
  -329
  -338
  -346
  -354
  -362
  -370
  -378
  -385
  -393
  -400
  -407
  -414
  -420
  -427
  -433
  -439
  -445
  -451
  -456
  -461
  -466
  -471
  -475
  -479
  -482
  -485
  -488
  -490
  -491
  -492
Interest expense (income), $m
  12
  22
  23
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  70
  73
  78
  82
  87
  91
  96
Earnings before tax, $m
  -119
  -399
  -409
  -419
  -428
  -438
  -448
  -458
  -467
  -477
  -487
  -472
  -481
  -491
  -501
  -511
  -522
  -532
  -542
  -552
  -562
  -572
  -582
  -592
  -602
  -612
  -622
  -632
  -641
  -651
  -660
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
  -119
  -399
  -409
  -419
  -428
  -438
  -448
  -458
  -467
  -477
  -487
  -472
  -481
  -491
  -501
  -511
  -522
  -532
  -542
  -552
  -562
  -572
  -582
  -592
  -602
  -612
  -622
  -632
  -641
  -651
  -660

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  542
  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
  1,705
  1,190
  1,217
  1,249
  1,284
  1,323
  1,365
  1,412
  1,462
  1,516
  1,575
  1,637
  1,703
  1,774
  1,849
  1,929
  2,014
  2,103
  2,198
  2,298
  2,403
  2,515
  2,632
  2,756
  2,886
  3,024
  3,169
  3,321
  3,481
  3,650
  3,827
Adjusted assets (=assets-cash), $m
  1,163
  1,190
  1,217
  1,249
  1,284
  1,323
  1,365
  1,412
  1,462
  1,516
  1,575
  1,637
  1,703
  1,774
  1,849
  1,929
  2,014
  2,103
  2,198
  2,298
  2,403
  2,515
  2,632
  2,756
  2,886
  3,024
  3,169
  3,321
  3,481
  3,650
  3,827
Revenue / Adjusted assets
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
Average production assets, $m
  641
  654
  669
  686
  705
  727
  750
  776
  803
  833
  865
  899
  936
  975
  1,016
  1,060
  1,106
  1,155
  1,207
  1,262
  1,320
  1,381
  1,446
  1,514
  1,586
  1,661
  1,741
  1,824
  1,912
  2,005
  2,102
Working capital, $m
  409
  -81
  -82
  -85
  -87
  -90
  -92
  -96
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -149
  -156
  -163
  -170
  -178
  -187
  -195
  -205
  -214
  -225
  -236
  -247
  -259
Total debt, $m
  677
  646
  669
  696
  726
  760
  796
  836
  879
  926
  975
  1,029
  1,086
  1,146
  1,211
  1,279
  1,352
  1,428
  1,509
  1,595
  1,686
  1,781
  1,882
  1,988
  2,100
  2,217
  2,341
  2,472
  2,609
  2,754
  2,906
Total liabilities, $m
  1,052
  1,020
  1,043
  1,070
  1,100
  1,134
  1,170
  1,210
  1,253
  1,300
  1,349
  1,403
  1,460
  1,520
  1,585
  1,653
  1,726
  1,802
  1,883
  1,969
  2,060
  2,155
  2,256
  2,362
  2,474
  2,591
  2,715
  2,846
  2,983
  3,128
  3,280
Total equity, $m
  654
  170
  174
  179
  184
  189
  195
  202
  209
  217
  225
  234
  244
  254
  264
  276
  288
  301
  314
  329
  344
  360
  376
  394
  413
  432
  453
  475
  498
  522
  547
Total liabilities and equity, $m
  1,706
  1,190
  1,217
  1,249
  1,284
  1,323
  1,365
  1,412
  1,462
  1,517
  1,574
  1,637
  1,704
  1,774
  1,849
  1,929
  2,014
  2,103
  2,197
  2,298
  2,404
  2,515
  2,632
  2,756
  2,887
  3,023
  3,168
  3,321
  3,481
  3,650
  3,827
Debt-to-equity ratio
  1.035
  3.800
  3.840
  3.900
  3.960
  4.020
  4.080
  4.140
  4.200
  4.270
  4.330
  4.400
  4.460
  4.520
  4.580
  4.640
  4.690
  4.750
  4.800
  4.850
  4.900
  4.950
  5.000
  5.040
  5.090
  5.130
  5.170
  5.210
  5.240
  5.280
  5.310
Adjusted equity ratio
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143
  0.143

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -119
  -399
  -409
  -419
  -428
  -438
  -448
  -458
  -467
  -477
  -487
  -472
  -481
  -491
  -501
  -511
  -522
  -532
  -542
  -552
  -562
  -572
  -582
  -592
  -602
  -612
  -622
  -632
  -641
  -651
  -660
Depreciation, amort., depletion, $m
  31
  48
  48
  49
  50
  50
  51
  52
  53
  54
  55
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Funds from operations, $m
  -362
  -351
  -361
  -370
  -379
  -388
  -397
  -406
  -415
  -423
  -432
  -441
  -450
  -458
  -467
  -476
  -484
  -492
  -501
  -509
  -517
  -525
  -533
  -541
  -548
  -556
  -563
  -570
  -576
  -583
  -589
Change in working capital, $m
  -39
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  -323
  -350
  -359
  -368
  -376
  -385
  -394
  -403
  -411
  -420
  -428
  -437
  -445
  -454
  -462
  -470
  -478
  -486
  -494
  -502
  -510
  -518
  -525
  -532
  -539
  -546
  -553
  -559
  -566
  -571
  -577
Maintenance CAPEX, $m
  0
  -22
  -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
New CAPEX, $m
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -84
  -88
  -93
  -97
Cash from investing activities, $m
  422
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -71
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -135
  -143
  -150
  -158
  -165
Free cash flow, $m
  99
  -384
  -396
  -408
  -419
  -431
  -442
  -454
  -465
  -477
  -489
  -500
  -512
  -524
  -536
  -548
  -561
  -573
  -586
  -598
  -611
  -624
  -636
  -649
  -662
  -676
  -689
  -702
  -715
  -729
  -742
Issuance/(repayment) of debt, $m
  136
  23
  23
  27
  30
  33
  37
  40
  43
  46
  50
  53
  57
  61
  64
  68
  72
  77
  81
  86
  90
  95
  101
  106
  112
  118
  124
  131
  137
  144
  152
Issuance/(repurchase) of shares, $m
  34
  403
  413
  423
  433
  444
  454
  464
  475
  485
  496
  480
  491
  502
  512
  523
  534
  544
  555
  566
  577
  588
  599
  610
  621
  632
  642
  653
  664
  675
  685
Cash from financing (excl. dividends), $m  
  71
  426
  436
  450
  463
  477
  491
  504
  518
  531
  546
  533
  548
  563
  576
  591
  606
  621
  636
  652
  667
  683
  700
  716
  733
  750
  766
  784
  801
  819
  837
Total cash flow (excl. dividends), $m
  169
  42
  40
  42
  44
  46
  49
  51
  53
  55
  57
  33
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  66
  70
  74
  78
  82
  86
  91
  95
Retained Cash Flow (-), $m
  95
  -403
  -413
  -423
  -433
  -444
  -454
  -464
  -475
  -485
  -496
  -480
  -491
  -502
  -512
  -523
  -534
  -544
  -555
  -566
  -577
  -588
  -599
  -610
  -621
  -632
  -642
  -653
  -664
  -675
  -685
Prev. year cash balance distribution, $m
 
  488
  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
 
  127
  -372
  -381
  -389
  -397
  -405
  -414
  -422
  -430
  -439
  -447
  -455
  -464
  -472
  -480
  -488
  -496
  -504
  -512
  -520
  -528
  -536
  -543
  -551
  -558
  -565
  -572
  -578
  -584
  -590
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  119
  -326
  -309
  -291
  -272
  -251
  -231
  -210
  -189
  -168
  -148
  -129
  -110
  -94
  -78
  -64
  -52
  -41
  -32
  -25
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  54.3
  29.5
  16.0
  8.7
  4.7
  2.6
  1.4
  0.8
  0.4
  0.2
  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

The Medicines Company is a global biopharmaceutical company. The Company is focused on advancing the treatment of acute and intensive care patients through the delivery of medicines to the hospital marketplace around the world. It markets Angiomax (bivalirudin), Ionsys (fentanyl iontophoretic transdermal system), Minocin (minocycline) for injection and Orbactiv (oritavancin). It also has a pipeline of products in development, including Carbavance, inclisiran and MDCO-700. Carbavance is used for the treatment of hospitalized patients with gram-negative bacterial infections. Inclisiran is used for the treatment of hypercholesterolemia. MDCO-700 includes sedative-hypnotic, which is used to induce and maintain sedation for procedural care and general anesthesia for surgical care. In addition to these products and products in development, it has a portfolio of generic drugs.

FINANCIAL RATIOS  of  Medicines (MDCO)

Valuation Ratios
P/E Ratio -15.5
Price to Sales 11
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow -5.7
Price to Free Cash Flow -5.5
Growth Rates
Sales Growth Rate -45.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89.6%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 95.3%
Total Debt to Equity 103.5%
Interest Coverage -9
Management Effectiveness
Return On Assets -6.1%
Ret/ On Assets - 3 Yr. Avg. -8.9%
Return On Total Capital -9%
Ret/ On T. Cap. - 3 Yr. Avg. -13.4%
Return On Equity -17%
Return On Equity - 3 Yr. Avg. -20.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 57.1%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin -45.2%
EBITDA Margin - 3 Yr. Avg. -35.7%
Operating Margin -218.5%
Oper. Margin - 3 Yr. Avg. -102.1%
Pre-Tax Margin -70.8%
Pre-Tax Margin - 3 Yr. Avg. -50.9%
Net Profit Margin -70.8%
Net Profit Margin - 3 Yr. Avg. -63.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 0%

MDCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDCO stock intrinsic value calculation we used $168 million for the last fiscal year's total revenue generated by Medicines. The default revenue input number comes from 2016 income statement of Medicines. 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 MDCO 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 6.5%, whose default value for MDCO is calculated based on our internal credit rating of Medicines, 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 Medicines.
    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 MDCO stock the variable cost ratio is equal to 37.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $473 million in the base year in the intrinsic value calculation for MDCO 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 Medicines.

Corporate tax rate of 27% is the nominal tax rate for Medicines. 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 MDCO 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 MDCO are equal to 381.5%.

Life of production assets of 29.5 years is the average useful life of capital assets used in Medicines 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 MDCO is equal to -47%. 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 - $654 million for Medicines - 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 72.69 million for Medicines 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 Medicines at the current share price and the inputted number of shares is $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
JNJ Johnson&Johnso 141.14 147.16  hold
NVS Novartis ADR 83.80 35.31  str.sell
LLY Eli Lilly 86.67 98.13  hold
PFE Pfizer 36.21 28.44  sell
EGRX Eagle Pharmace 59.68 136.85  str.buy
MRK Merck&Co 56.34 30.41  str.sell
AZN AstraZeneca AD 33.12 18.02  sell

COMPANY NEWS

▶ [$$] Icahn Protege's Big Biotech Buys: Biogen, Medicines   [Dec-04-17 01:00PM  Barrons.com]
▶ Why Medicines Co. Is Tumbling Despite $270 Million Deal   [04:38PM  Investor's Business Daily]
▶ Medicines Co. reports 3Q loss   [07:49AM  Associated Press]
▶ ETFs with exposure to The Medicines Co. : October 4, 2017   [Oct-04-17 10:50AM  Capital Cube]
▶ Gene Therapy: A Big Week for Many Names   [Sep-25-17 09:57AM  Barrons.com]
▶ Medicines Co. reports 2Q loss   [Aug-09-17 10:59PM  Associated Press]
▶ Top Losers in the Healthcare Sector: May 2226, 2017   [May-31-17 12:01PM  Market Realist]
▶ ETFs with exposure to The Medicines Co. : May 22, 2017   [May-22-17 01:52PM  Capital Cube]
▶ ETFs with exposure to The Medicines Co. : May 11, 2017   [May-11-17 05:06PM  Capital Cube]
Financial statements of MDCO
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.