Intrinsic value of Taro Pharmaceutical Industries - TARO

Previous Close

$99.87

  Intrinsic Value

$118.48

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  Rating & Target

hold

+19%

Previous close

$99.87

 
Intrinsic value

$118.48

 
Up/down potential

+19%

 
Rating

hold

We calculate the intrinsic value of TARO 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 3.9

 

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, %
  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
  675
  691
  708
  728
  750
  775
  801
  830
  860
  893
  929
  966
  1,007
  1,049
  1,094
  1,142
  1,193
  1,247
  1,304
  1,364
  1,427
  1,493
  1,564
  1,638
  1,716
  1,798
  1,884
  1,975
  2,071
  2,171
Variable operating expenses, $m
  271
  278
  285
  293
  302
  311
  322
  334
  346
  359
  373
  388
  405
  422
  440
  459
  480
  501
  524
  548
  574
  600
  629
  658
  690
  723
  757
  794
  832
  873
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
  271
  278
  285
  293
  302
  311
  322
  334
  346
  359
  373
  388
  405
  422
  440
  459
  480
  501
  524
  548
  574
  600
  629
  658
  690
  723
  757
  794
  832
  873
Operating income, $m
  404
  413
  424
  436
  449
  463
  479
  496
  515
  534
  555
  578
  602
  627
  654
  683
  714
  746
  780
  815
  853
  893
  935
  979
  1,026
  1,075
  1,127
  1,181
  1,238
  1,298
EBITDA, $m
  421
  430
  441
  454
  467
  483
  499
  517
  536
  557
  579
  602
  627
  654
  682
  712
  743
  777
  812
  849
  889
  930
  974
  1,020
  1,069
  1,120
  1,174
  1,230
  1,290
  1,353
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  20
  21
  23
  24
  26
Earnings before tax, $m
  404
  413
  423
  435
  448
  462
  477
  494
  511
  531
  551
  573
  596
  621
  647
  675
  705
  736
  769
  803
  840
  879
  920
  963
  1,008
  1,055
  1,106
  1,158
  1,214
  1,272
Tax expense, $m
  109
  111
  114
  117
  121
  125
  129
  133
  138
  143
  149
  155
  161
  168
  175
  182
  190
  199
  208
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  343
Net income, $m
  295
  301
  309
  317
  327
  337
  348
  360
  373
  387
  402
  418
  435
  453
  473
  493
  514
  537
  561
  587
  613
  642
  671
  703
  736
  770
  807
  846
  886
  929

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
  1,250
  1,279
  1,312
  1,349
  1,390
  1,435
  1,483
  1,536
  1,593
  1,654
  1,720
  1,790
  1,864
  1,943
  2,027
  2,116
  2,210
  2,309
  2,414
  2,525
  2,642
  2,765
  2,896
  3,033
  3,177
  3,329
  3,489
  3,657
  3,835
  4,021
Adjusted assets (=assets-cash), $m
  1,250
  1,279
  1,312
  1,349
  1,390
  1,435
  1,483
  1,536
  1,593
  1,654
  1,720
  1,790
  1,864
  1,943
  2,027
  2,116
  2,210
  2,309
  2,414
  2,525
  2,642
  2,765
  2,896
  3,033
  3,177
  3,329
  3,489
  3,657
  3,835
  4,021
Revenue / Adjusted assets
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
Average production assets, $m
  190
  195
  200
  205
  212
  218
  226
  234
  243
  252
  262
  273
  284
  296
  309
  322
  336
  352
  368
  385
  402
  421
  441
  462
  484
  507
  531
  557
  584
  612
Working capital, $m
  263
  269
  276
  284
  293
  302
  312
  324
  336
  348
  362
  377
  393
  409
  427
  446
  465
  486
  508
  532
  556
  582
  610
  639
  669
  701
  735
  770
  808
  847
Total debt, $m
  5
  10
  16
  23
  30
  39
  48
  58
  68
  80
  92
  105
  119
  133
  149
  165
  183
  201
  221
  242
  263
  286
  311
  336
  363
  391
  421
  452
  485
  520
Total liabilities, $m
  233
  238
  244
  251
  258
  267
  276
  286
  296
  308
  320
  333
  347
  361
  377
  393
  411
  429
  449
  470
  491
  514
  539
  564
  591
  619
  649
  680
  713
  748
Total equity, $m
  1,018
  1,041
  1,068
  1,098
  1,131
  1,168
  1,208
  1,251
  1,297
  1,347
  1,400
  1,457
  1,517
  1,582
  1,650
  1,722
  1,799
  1,880
  1,965
  2,055
  2,151
  2,251
  2,357
  2,469
  2,586
  2,710
  2,840
  2,977
  3,121
  3,273
Total liabilities and equity, $m
  1,251
  1,279
  1,312
  1,349
  1,389
  1,435
  1,484
  1,537
  1,593
  1,655
  1,720
  1,790
  1,864
  1,943
  2,027
  2,115
  2,210
  2,309
  2,414
  2,525
  2,642
  2,765
  2,896
  3,033
  3,177
  3,329
  3,489
  3,657
  3,834
  4,021
Debt-to-equity ratio
  0.000
  0.010
  0.010
  0.020
  0.030
  0.030
  0.040
  0.050
  0.050
  0.060
  0.070
  0.070
  0.080
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
Adjusted equity ratio
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814
  0.814

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  295
  301
  309
  317
  327
  337
  348
  360
  373
  387
  402
  418
  435
  453
  473
  493
  514
  537
  561
  587
  613
  642
  671
  703
  736
  770
  807
  846
  886
  929
Depreciation, amort., depletion, $m
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
Funds from operations, $m
  312
  319
  327
  336
  345
  356
  368
  381
  395
  410
  425
  442
  460
  480
  500
  521
  544
  568
  594
  621
  649
  679
  710
  744
  778
  815
  854
  895
  938
  983
Change in working capital, $m
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
Cash from operations, $m
  306
  313
  320
  328
  337
  347
  358
  370
  383
  397
  412
  428
  445
  463
  482
  503
  524
  547
  572
  597
  624
  653
  683
  715
  748
  783
  820
  859
  900
  944
Maintenance CAPEX, $m
  -17
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
New CAPEX, $m
  -3
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Cash from investing activities, $m
  -20
  -21
  -22
  -24
  -24
  -26
  -26
  -28
  -30
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
Free cash flow, $m
  286
  291
  297
  304
  312
  321
  331
  342
  353
  366
  379
  394
  409
  426
  443
  462
  482
  502
  524
  548
  572
  598
  626
  655
  685
  717
  751
  787
  824
  864
Issuance/(repayment) of debt, $m
  5
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  17
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
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  
  5
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  17
  18
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
Total cash flow (excl. dividends), $m
  291
  297
  303
  311
  320
  330
  340
  352
  364
  377
  392
  407
  423
  440
  459
  478
  499
  521
  544
  568
  594
  621
  650
  680
  712
  746
  781
  818
  857
  898
Retained Cash Flow (-), $m
  -19
  -23
  -27
  -30
  -33
  -37
  -40
  -43
  -46
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
Prev. year cash balance distribution, $m
  1,207
  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
  1,478
  273
  277
  281
  287
  293
  300
  309
  318
  328
  338
  350
  363
  376
  391
  406
  422
  440
  458
  478
  499
  521
  544
  569
  595
  622
  651
  681
  713
  747
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
  1,417
  250
  241
  232
  222
  213
  203
  193
  182
  172
  161
  149
  138
  126
  115
  103
  92
  81
  71
  61
  52
  43
  36
  29
  23
  18
  14
  11
  8
  6
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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Taro Pharmaceutical Industries Ltd. (Taro) is a science-based pharmaceutical company. The Company operates principally through three entities: Taro Pharmaceutical Industries Ltd. (Taro Israel), and two of its subsidiaries, Taro Pharmaceuticals Inc. (Taro Canada) and Taro U.S.A. The Company markets over 200 pharmaceutical products in over 25 countries. The Company's owned product brands include Rokacet, with generic names, such as acetaminophen, codeine and caffeine; Topicort, with the generic name, desoximetasone; Etopan, with the generic name etodolac, and Ovide, with the generic name, malathion, among others. The Company's other generic products include acetazolamide, adapalene, alclometasone dipropionate, amiodarone hydrochloride, ammonium lactate, augmented betamethasone dipropionate, cetirizine hydrochloride, clobetasol propionate, clomipramine hydrochloride, clorazepate dipotassium, fluorouracil, ketoconazole, metronidazole, mupirocin and warfarin sodium, among others.

FINANCIAL RATIOS  of  Taro Pharmaceutical Industries (TARO)

Valuation Ratios
P/E Ratio 8.9
Price to Sales 4.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate -7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 89.5%
Cap. Spend. - 3 Yr. Gr. Rate 6.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.6
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 20.4%
Ret/ On Assets - 3 Yr. Avg. 26.7%
Return On Total Capital 22.8%
Ret/ On T. Cap. - 3 Yr. Avg. 31.5%
Return On Equity 22.8%
Return On Equity - 3 Yr. Avg. 31.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 76.5%
Gross Margin - 3 Yr. Avg. 79%
EBITDA Margin 65.5%
EBITDA Margin - 3 Yr. Avg. 67.8%
Operating Margin 58.6%
Oper. Margin - 3 Yr. Avg. 61.5%
Pre-Tax Margin 63.8%
Pre-Tax Margin - 3 Yr. Avg. 66.1%
Net Profit Margin 51.9%
Net Profit Margin - 3 Yr. Avg. 54.9%
Effective Tax Rate 18.5%
Eff/ Tax Rate - 3 Yr. Avg. 16.6%
Payout Ratio 0%

TARO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TARO stock intrinsic value calculation we used $661.913 million for the last fiscal year's total revenue generated by Taro Pharmaceutical Industries. The default revenue input number comes from 0001 income statement of Taro Pharmaceutical Industries. 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 TARO 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 TARO is calculated based on our internal credit rating of Taro Pharmaceutical Industries, 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 Taro Pharmaceutical Industries.
    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 TARO stock the variable cost ratio is equal to 40.2%.

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 TARO 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 Taro Pharmaceutical Industries.

Corporate tax rate of 27% is the nominal tax rate for Taro Pharmaceutical Industries. 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 TARO 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 TARO are equal to 28.2%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Taro Pharmaceutical Industries 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 TARO is equal to 39%. 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 - $2205.158 million for Taro Pharmaceutical Industries - 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 39.428 million for Taro Pharmaceutical Industries 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 Taro Pharmaceutical Industries at the current share price and the inputted number of shares is $3.9 billion.

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COMPANY NEWS

▶ Taro: Fiscal 2Q Earnings Snapshot   [05:32PM  Associated Press]
▶ Taro Provides Results for September 30, 2018   [04:05PM  Business Wire]
▶ Taro to Announce Second Quarter Results on November 5, 2018   [Oct-29-18 03:15PM  Business Wire]
▶ Taro Terminates Agreement with NovaBiotics   [Sep-28-18 05:10PM  Business Wire]
▶ Who Owns Taro Pharmaceutical Industries Ltd (NYSE:TARO)?   [Sep-11-18 08:21AM  Simply Wall St.]
▶ Taro: Fiscal 1Q Earnings Snapshot   [06:48PM  Associated Press]
▶ Taro to Announce First Quarter Results on August 9, 2018   [Aug-02-18 01:44PM  Business Wire]
▶ Taro Annual Report on Form 20-F Available   [Jun-22-18 11:19AM  Business Wire]
▶ Taro: Fiscal 4Q Earnings Snapshot   [May-17-18 06:37PM  Associated Press]
▶ Taro to Announce Full Year Results on May 17, 2018   [May-11-18 03:00PM  Business Wire]
▶ May Top Cheap Stock To Invest In   [10:02AM  Simply Wall St.]
▶ Crescita Announces Launch of Pliaglis in U.S.   [Mar-29-18 07:30AM  PR Newswire]
▶ Taro posts 3Q profit   [Feb-07-18 06:31PM  Associated Press]
▶ Taro Provides Results for December 31, 2017   [05:27PM  Business Wire]
▶ Taro to Announce Third Quarter Results on February 7, 2018   [Jan-31-18 05:21PM  Business Wire]
▶ Charles Brandes Picks Up 5 Stocks in 3rd Quarter   [Nov-27-17 12:24PM  GuruFocus.com]
▶ Taro Pharmaceutical Industries Earns RS Rating Upgrade   [Nov-13-17 03:00AM  Investor's Business Daily]
▶ Taro posts 2Q profit   [Nov-07-17 07:26PM  Associated Press]
▶ Taro Provides Results for September 30, 2017   [07:15PM  Business Wire]
▶ Taro to Announce Second Quarter Results on November 7, 2017   [Oct-30-17 05:01PM  Business Wire]
▶ Taro Announces Joining of CEO   [Sep-01-17 04:05PM  Business Wire]
▶ Taro posts 1Q profit   [Aug-09-17 03:16PM  Associated Press]
▶ Taro Provides Results for Quarter Ended June 2017   [Aug-08-17 06:48PM  Business Wire]
▶ Taro to Announce First Quarter Results on August 8, 2017   [Aug-02-17 08:00AM  Business Wire]
▶ [$$] In Hot Pursuit of Indian Growth Stocks   [Jul-13-17 09:02PM  Barrons.com]
▶ Taro posts 4Q profit   [May-22-17 06:56PM  Associated Press]
▶ 3 Drug Stocks With Some of the Highest Profit Margins   [Mar-17-17 11:03AM  Motley Fool]

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