Intrinsic value of Neogen - NEOG

Previous Close

$82.11

  Intrinsic Value

$13.43

stock screener

  Rating & Target

str. sell

-84%

Previous close

$82.11

 
Intrinsic value

$13.43

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of NEOG 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 2017), $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 4.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  408
  456
  507
  560
  616
  675
  736
  799
  865
  934
  1,005
  1,080
  1,157
  1,237
  1,320
  1,407
  1,497
  1,591
  1,689
  1,790
  1,896
  2,007
  2,122
  2,243
  2,368
  2,500
  2,637
  2,781
  2,931
  3,088
Variable operating expenses, $m
  319
  355
  392
  432
  473
  517
  562
  609
  658
  708
  744
  799
  856
  915
  977
  1,041
  1,108
  1,177
  1,249
  1,325
  1,403
  1,485
  1,570
  1,659
  1,752
  1,850
  1,951
  2,057
  2,168
  2,285
Fixed operating expenses, $m
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
Total operating expenses, $m
  331
  368
  405
  445
  486
  531
  576
  623
  673
  723
  759
  815
  872
  931
  994
  1,058
  1,125
  1,195
  1,267
  1,344
  1,422
  1,504
  1,590
  1,679
  1,773
  1,871
  1,973
  2,079
  2,191
  2,308
Operating income, $m
  76
  89
  102
  115
  129
  144
  160
  176
  193
  211
  246
  265
  285
  305
  327
  349
  372
  396
  421
  447
  474
  503
  532
  563
  595
  629
  664
  701
  740
  780
EBITDA, $m
  117
  132
  148
  165
  183
  201
  220
  240
  260
  282
  304
  328
  352
  377
  403
  430
  459
  488
  519
  551
  584
  619
  655
  693
  732
  774
  817
  862
  909
  959
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
Earnings before tax, $m
  76
  88
  101
  114
  128
  142
  157
  173
  189
  206
  241
  260
  279
  299
  319
  341
  363
  386
  411
  436
  462
  490
  518
  548
  579
  612
  646
  682
  719
  758
Tax expense, $m
  21
  24
  27
  31
  34
  38
  42
  47
  51
  56
  65
  70
  75
  81
  86
  92
  98
  104
  111
  118
  125
  132
  140
  148
  156
  165
  174
  184
  194
  205
Net income, $m
  56
  64
  74
  83
  93
  104
  115
  126
  138
  151
  176
  190
  204
  218
  233
  249
  265
  282
  300
  318
  337
  357
  378
  400
  423
  447
  472
  498
  525
  553

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
  475
  531
  590
  652
  717
  785
  856
  930
  1,007
  1,087
  1,170
  1,257
  1,347
  1,440
  1,537
  1,638
  1,743
  1,852
  1,966
  2,084
  2,208
  2,336
  2,471
  2,611
  2,757
  2,910
  3,070
  3,237
  3,412
  3,594
Adjusted assets (=assets-cash), $m
  475
  531
  590
  652
  717
  785
  856
  930
  1,007
  1,087
  1,170
  1,257
  1,347
  1,440
  1,537
  1,638
  1,743
  1,852
  1,966
  2,084
  2,208
  2,336
  2,471
  2,611
  2,757
  2,910
  3,070
  3,237
  3,412
  3,594
Revenue / Adjusted assets
  0.859
  0.859
  0.859
  0.859
  0.859
  0.860
  0.860
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
Average production assets, $m
  236
  264
  293
  324
  357
  391
  426
  463
  501
  541
  582
  625
  670
  716
  764
  815
  867
  921
  978
  1,037
  1,098
  1,162
  1,229
  1,299
  1,371
  1,447
  1,527
  1,610
  1,697
  1,788
Working capital, $m
  64
  72
  80
  88
  97
  106
  115
  125
  136
  147
  158
  169
  182
  194
  207
  221
  235
  250
  265
  281
  298
  315
  333
  352
  372
  392
  414
  437
  460
  485
Total debt, $m
  8
  15
  23
  32
  40
  50
  59
  69
  80
  90
  102
  113
  125
  138
  151
  165
  179
  194
  209
  225
  242
  259
  277
  296
  316
  336
  358
  381
  404
  429
Total liabilities, $m
  64
  72
  80
  88
  97
  106
  116
  126
  136
  147
  158
  170
  182
  194
  207
  221
  235
  250
  265
  281
  298
  315
  334
  352
  372
  393
  414
  437
  461
  485
Total equity, $m
  410
  459
  510
  564
  620
  679
  741
  805
  871
  940
  1,012
  1,087
  1,165
  1,245
  1,329
  1,417
  1,507
  1,602
  1,700
  1,803
  1,910
  2,021
  2,137
  2,258
  2,385
  2,517
  2,655
  2,800
  2,951
  3,109
Total liabilities and equity, $m
  474
  531
  590
  652
  717
  785
  857
  931
  1,007
  1,087
  1,170
  1,257
  1,347
  1,439
  1,536
  1,638
  1,742
  1,852
  1,965
  2,084
  2,208
  2,336
  2,471
  2,610
  2,757
  2,910
  3,069
  3,237
  3,412
  3,594
Debt-to-equity ratio
  0.020
  0.030
  0.050
  0.060
  0.070
  0.070
  0.080
  0.090
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
Adjusted equity ratio
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865
  0.865

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  64
  74
  83
  93
  104
  115
  126
  138
  151
  176
  190
  204
  218
  233
  249
  265
  282
  300
  318
  337
  357
  378
  400
  423
  447
  472
  498
  525
  553
Depreciation, amort., depletion, $m
  41
  44
  47
  50
  53
  56
  60
  64
  67
  71
  58
  63
  67
  72
  76
  81
  87
  92
  98
  104
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
Funds from operations, $m
  97
  108
  120
  133
  146
  160
  175
  190
  206
  222
  234
  252
  270
  290
  309
  330
  352
  374
  397
  422
  447
  474
  501
  530
  560
  591
  624
  659
  695
  732
Change in working capital, $m
  7
  8
  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
Cash from operations, $m
  90
  101
  112
  125
  138
  151
  165
  180
  195
  211
  223
  240
  258
  277
  296
  317
  338
  359
  382
  406
  430
  456
  483
  511
  540
  571
  603
  636
  671
  708
Maintenance CAPEX, $m
  -21
  -24
  -26
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -54
  -58
  -63
  -67
  -72
  -76
  -81
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -161
  -170
New CAPEX, $m
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
Cash from investing activities, $m
  -48
  -52
  -55
  -60
  -64
  -70
  -74
  -80
  -84
  -90
  -95
  -101
  -108
  -113
  -120
  -126
  -133
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -213
  -224
  -236
  -248
  -261
Free cash flow, $m
  42
  49
  56
  64
  73
  82
  91
  101
  111
  121
  128
  139
  151
  164
  177
  190
  204
  218
  233
  249
  265
  282
  300
  318
  338
  358
  379
  400
  423
  447
Issuance/(repayment) of debt, $m
  8
  8
  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
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  8
  8
  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
Total cash flow (excl. dividends), $m
  49
  57
  64
  73
  82
  91
  100
  111
  121
  132
  139
  151
  163
  176
  190
  204
  218
  233
  249
  265
  282
  300
  318
  337
  357
  378
  400
  423
  447
  472
Retained Cash Flow (-), $m
  -46
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -158
Prev. year cash balance distribution, $m
  108
  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
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
Cash available for distribution, $m
  111
  8
  13
  19
  25
  32
  39
  47
  55
  63
  67
  76
  86
  95
  106
  116
  127
  139
  150
  163
  175
  188
  202
  216
  231
  246
  262
  278
  296
  314
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
  107
  7
  12
  16
  20
  23
  26
  29
  31
  33
  32
  32
  33
  32
  31
  30
  28
  26
  23
  21
  18
  16
  13
  11
  9
  7
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the production and marketing of products dedicated to animal health, including a range of consumable products marketed to veterinarians and animal health product distributors. The Animal Safety segment also provides genetic identification services. Additionally, the Animal Safety segment produces and markets rodenticides, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities.

FINANCIAL RATIOS  of  Neogen (NEOG)

Valuation Ratios
P/E Ratio 71.3
Price to Sales 8.7
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 52.3
Price to Free Cash Flow 69.7
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 10%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 48.2%
EBITDA Margin 22.7%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. 18.1%
Net Profit Margin 12.2%
Net Profit Margin - 3 Yr. Avg. 11.9%
Effective Tax Rate 34.3%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

NEOG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEOG stock intrinsic value calculation we used $362 million for the last fiscal year's total revenue generated by Neogen. The default revenue input number comes from 2017 income statement of Neogen. 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 NEOG stock valuation model: a) initial revenue growth rate of 12.6% 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 NEOG is calculated based on our internal credit rating of Neogen, 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 Neogen.
    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 NEOG stock the variable cost ratio is equal to 78.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $12 million in the base year in the intrinsic value calculation for NEOG 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 5.4% for Neogen.

Corporate tax rate of 27% is the nominal tax rate for Neogen. 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 NEOG stock is equal to 0.4%.

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 NEOG are equal to 57.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Neogen 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 NEOG is equal to 15.7%. 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 - $472 million for Neogen - 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 51 million for Neogen 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 Neogen at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Neogen: Fiscal 4Q Earnings Snapshot   [Jul-17-18 09:08AM  Associated Press]
▶ Neogen reports fiscal 2018 results   [08:45AM  PR Newswire]
▶ Earnings Preview For Neogen   [Jul-16-18 05:34PM  Benzinga]
▶ Breakout Watch: This Medical Stock Is Outperforming 99% Of All Stocks   [Apr-26-18 04:42PM  Investor's Business Daily]
▶ Neogen names Donofrio VP of Food Safety R&D   [Apr-19-18 08:45AM  PR Newswire]
▶ Is Neogen Corporations (NASDAQ:NEOG) Liquidity Good Enough?   [Apr-10-18 02:31PM  Simply Wall St.]
▶ Neogen chairman to gift stock   [Apr-06-18 11:30AM  PR Newswire]
▶ Neogen beats 3Q profit forecasts   [Mar-22-18 09:08AM  Associated Press]
▶ Neogen reports third quarter results   [08:45AM  PR Newswire]
▶ 5 Top Earnings Growth Stocks to Buy in February   [Feb-02-18 08:57AM  Zacks]
▶ Neogen releases easiest dairy antibiotic tests   [Feb-01-18 08:45AM  PR Newswire]
▶ Neogen tops 2Q profit forecasts   [Jan-03-18 09:03AM  Associated Press]
▶ Neogen shares begin post-split trading   [Jan-02-18 08:45AM  PR Newswire]
▶ Neogen announces 4-for-3 stock split   [08:45AM  PR Newswire]
▶ Neogen announces Bradley retirement   [Dec-06-17 08:45AM  PR Newswire]
▶ Stocks With Rising Composite Ratings: Neogen   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Neogen Corp. : November 6, 2017   [Nov-06-17 12:08PM  Capital Cube]
▶ Neogen announces science change   [Oct-31-17 09:15AM  PR Newswire]
▶ ETFs with exposure to Neogen Corp. : October 26, 2017   [Oct-26-17 10:41AM  Capital Cube]
▶ ETFs with exposure to Neogen Corp. : October 16, 2017   [Oct-16-17 09:57AM  Capital Cube]
▶ ETFs with exposure to Neogen Corp. : October 4, 2017   [Oct-04-17 10:52AM  Capital Cube]
▶ Neogen Earns Membership In 95-Plus Composite Rating Club   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Neogen Corp. : September 22, 2017   [Sep-22-17 11:15AM  Capital Cube]
▶ Neogen announces management change   [08:00AM  PR Newswire]
▶ Neogen beats Street 1Q forecasts   [Sep-19-17 11:56PM  Associated Press]
▶ Neogen reports 21% net income increase   [08:45AM  PR Newswire]
▶ ETFs with exposure to Neogen Corp. : August 15, 2017   [Aug-15-17 04:40PM  Capital Cube]
▶ Neogen meets 4Q profit forecasts   [Jul-18-17 07:01PM  Associated Press]
▶ Neogen names new CEO   [08:00AM  PR Newswire]
▶ Neogen develops fastest Listeria test with no enrichment   [Jul-10-17 08:45AM  PR Newswire]
▶ ETFs with exposure to Neogen Corp. : July 7, 2017   [Jul-07-17 03:14PM  Capital Cube]
▶ Neogen expands food safety genomic testing   [Jun-19-17 08:45AM  PR Newswire]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Jun-13-17 11:25AM  Investor's Business Daily]
▶ Thinly Traded Medical Stock Nears Buy Zone, Gets Rating Upgrade   [Jun-12-17 11:03AM  Investor's Business Daily]
▶ Neogen launches sesame food allergen test kit   [Jun-05-17 08:45AM  PR Newswire]
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