Intrinsic value of Bio-Techne - TECH

Previous Close

$123.46

  Intrinsic Value

$133.97

stock screener

  Rating & Target

hold

+9%

  Value-price divergence*

+164%

Previous close

$123.46

 
Intrinsic value

$133.97

 
Up/down potential

+9%

 
Rating

hold

 
Value-price divergence*

+164%

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

We calculate the intrinsic value of TECH 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 4.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  12.83
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  563
  655
  754
  861
  975
  1,096
  1,224
  1,358
  1,500
  1,648
  1,802
  1,963
  2,131
  2,306
  2,487
  2,676
  2,872
  3,076
  3,287
  3,507
  3,736
  3,974
  4,222
  4,480
  4,749
  5,030
  5,322
  5,627
  5,945
  6,277
  6,625
Variable operating expenses, $m
 
  440
  491
  546
  605
  667
  733
  802
  875
  951
  1,031
  1,010
  1,097
  1,187
  1,280
  1,377
  1,478
  1,583
  1,692
  1,805
  1,923
  2,046
  2,173
  2,306
  2,444
  2,589
  2,739
  2,896
  3,060
  3,231
  3,410
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
  441
  440
  491
  546
  605
  667
  733
  802
  875
  951
  1,031
  1,010
  1,097
  1,187
  1,280
  1,377
  1,478
  1,583
  1,692
  1,805
  1,923
  2,046
  2,173
  2,306
  2,444
  2,589
  2,739
  2,896
  3,060
  3,231
  3,410
Operating income, $m
  122
  215
  263
  315
  370
  429
  491
  556
  625
  696
  771
  953
  1,034
  1,119
  1,207
  1,299
  1,394
  1,493
  1,595
  1,702
  1,813
  1,929
  2,049
  2,174
  2,305
  2,441
  2,583
  2,731
  2,885
  3,046
  3,215
EBITDA, $m
  165
  329
  379
  433
  490
  551
  616
  683
  754
  829
  906
  988
  1,072
  1,160
  1,251
  1,346
  1,445
  1,547
  1,654
  1,764
  1,879
  1,999
  2,124
  2,254
  2,389
  2,530
  2,677
  2,830
  2,990
  3,158
  3,332
Interest expense (income), $m
  0
  12
  15
  19
  23
  27
  32
  37
  42
  47
  53
  58
  64
  71
  77
  84
  91
  98
  106
  114
  122
  131
  139
  149
  158
  168
  179
  190
  201
  213
  226
Earnings before tax, $m
  113
  203
  247
  295
  347
  401
  459
  519
  583
  649
  719
  894
  970
  1,048
  1,130
  1,215
  1,303
  1,394
  1,489
  1,588
  1,691
  1,798
  1,910
  2,026
  2,146
  2,272
  2,404
  2,541
  2,684
  2,833
  2,990
Tax expense, $m
  36
  55
  67
  80
  94
  108
  124
  140
  157
  175
  194
  241
  262
  283
  305
  328
  352
  376
  402
  429
  457
  486
  516
  547
  580
  614
  649
  686
  725
  765
  807
Net income, $m
  77
  148
  181
  216
  253
  293
  335
  379
  425
  474
  525
  653
  708
  765
  825
  887
  951
  1,018
  1,087
  1,159
  1,235
  1,313
  1,394
  1,479
  1,567
  1,659
  1,755
  1,855
  1,959
  2,068
  2,182

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  158
  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
  1,557
  1,629
  1,876
  2,141
  2,425
  2,726
  3,044
  3,379
  3,731
  4,099
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,144
  7,651
  8,177
  8,725
  9,294
  9,887
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
  14,789
  15,616
  16,480
Adjusted assets (=assets-cash), $m
  1,399
  1,629
  1,876
  2,141
  2,425
  2,726
  3,044
  3,379
  3,731
  4,099
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,144
  7,651
  8,177
  8,725
  9,294
  9,887
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
  14,789
  15,616
  16,480
Revenue / Adjusted assets
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
Average production assets, $m
  222
  257
  296
  338
  383
  431
  481
  534
  589
  648
  708
  772
  837
  906
  977
  1,052
  1,129
  1,209
  1,292
  1,378
  1,468
  1,562
  1,659
  1,761
  1,866
  1,977
  2,091
  2,211
  2,336
  2,467
  2,604
Working capital, $m
  210
  67
  78
  89
  100
  113
  126
  140
  154
  170
  186
  202
  219
  237
  256
  276
  296
  317
  339
  361
  385
  409
  435
  461
  489
  518
  548
  580
  612
  647
  682
Total debt, $m
  350
  443
  549
  663
  784
  913
  1,050
  1,194
  1,344
  1,502
  1,667
  1,839
  2,018
  2,204
  2,398
  2,599
  2,809
  3,026
  3,252
  3,487
  3,731
  3,985
  4,250
  4,525
  4,812
  5,111
  5,423
  5,749
  6,088
  6,443
  6,814
Total liabilities, $m
  606
  699
  805
  919
  1,040
  1,169
  1,306
  1,450
  1,600
  1,758
  1,923
  2,095
  2,274
  2,460
  2,654
  2,855
  3,065
  3,282
  3,508
  3,743
  3,987
  4,241
  4,506
  4,781
  5,068
  5,367
  5,679
  6,005
  6,344
  6,699
  7,070
Total equity, $m
  951
  930
  1,071
  1,223
  1,385
  1,556
  1,738
  1,929
  2,130
  2,340
  2,560
  2,789
  3,027
  3,275
  3,533
  3,801
  4,079
  4,368
  4,669
  4,982
  5,307
  5,645
  5,997
  6,364
  6,746
  7,144
  7,559
  7,992
  8,444
  8,917
  9,410
Total liabilities and equity, $m
  1,557
  1,629
  1,876
  2,142
  2,425
  2,725
  3,044
  3,379
  3,730
  4,098
  4,483
  4,884
  5,301
  5,735
  6,187
  6,656
  7,144
  7,650
  8,177
  8,725
  9,294
  9,886
  10,503
  11,145
  11,814
  12,511
  13,238
  13,997
  14,788
  15,616
  16,480
Debt-to-equity ratio
  0.368
  0.480
  0.510
  0.540
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Adjusted equity ratio
  0.567
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  77
  148
  181
  216
  253
  293
  335
  379
  425
  474
  525
  653
  708
  765
  825
  887
  951
  1,018
  1,087
  1,159
  1,235
  1,313
  1,394
  1,479
  1,567
  1,659
  1,755
  1,855
  1,959
  2,068
  2,182
Depreciation, amort., depletion, $m
  43
  115
  117
  118
  120
  123
  125
  127
  130
  132
  135
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  79
  84
  89
  94
  100
  105
  111
  117
Funds from operations, $m
  129
  263
  297
  334
  374
  415
  460
  506
  555
  606
  660
  688
  746
  806
  869
  934
  1,002
  1,072
  1,145
  1,222
  1,301
  1,383
  1,469
  1,558
  1,651
  1,748
  1,849
  1,954
  2,065
  2,180
  2,300
Change in working capital, $m
  -15
  9
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
Cash from operations, $m
  144
  253
  287
  323
  362
  403
  447
  492
  541
  591
  644
  671
  728
  788
  850
  915
  982
  1,051
  1,124
  1,199
  1,277
  1,359
  1,443
  1,531
  1,623
  1,719
  1,819
  1,923
  2,032
  2,145
  2,264
Maintenance CAPEX, $m
  0
  -10
  -12
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
New CAPEX, $m
  -17
  -36
  -39
  -42
  -45
  -48
  -50
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -106
  -110
  -115
  -120
  -125
  -131
  -136
Cash from investing activities, $m
  -108
  -46
  -51
  -55
  -60
  -65
  -69
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -112
  -118
  -124
  -131
  -137
  -145
  -152
  -160
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -236
  -247
Free cash flow, $m
  36
  207
  236
  268
  302
  338
  377
  418
  461
  506
  554
  576
  628
  682
  738
  796
  857
  920
  986
  1,054
  1,125
  1,199
  1,275
  1,355
  1,438
  1,525
  1,615
  1,709
  1,807
  1,909
  2,016
Issuance/(repayment) of debt, $m
  19
  99
  106
  114
  122
  129
  136
  144
  151
  158
  165
  172
  179
  186
  194
  201
  209
  217
  226
  235
  244
  254
  265
  275
  287
  299
  312
  325
  340
  355
  371
Issuance/(repurchase) of shares, $m
  5
  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  
  25
  99
  106
  114
  122
  129
  136
  144
  151
  158
  165
  172
  179
  186
  194
  201
  209
  217
  226
  235
  244
  254
  265
  275
  287
  299
  312
  325
  340
  355
  371
Total cash flow (excl. dividends), $m
  58
  306
  342
  382
  423
  467
  513
  562
  612
  664
  719
  748
  807
  868
  932
  998
  1,066
  1,138
  1,212
  1,289
  1,369
  1,453
  1,540
  1,631
  1,725
  1,824
  1,927
  2,034
  2,147
  2,264
  2,387
Retained Cash Flow (-), $m
  -72
  -131
  -141
  -152
  -162
  -172
  -182
  -191
  -201
  -210
  -219
  -229
  -238
  -248
  -258
  -268
  -278
  -289
  -301
  -313
  -325
  -338
  -352
  -367
  -382
  -398
  -415
  -433
  -452
  -472
  -493
Prev. year cash balance distribution, $m
 
  152
  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
 
  327
  201
  230
  262
  295
  332
  370
  411
  454
  499
  519
  568
  620
  674
  730
  788
  848
  911
  976
  1,044
  1,115
  1,188
  1,264
  1,343
  1,426
  1,512
  1,601
  1,695
  1,792
  1,894
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
 
  314
  184
  200
  215
  229
  241
  250
  257
  261
  262
  246
  243
  236
  226
  214
  200
  185
  168
  150
  133
  115
  99
  83
  68
  55
  44
  34
  26
  20
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world. The Clinical Controls segment develops and manufactures controls, calibrators, immunoassays and other reagents for the global clinical market. The Protein Platforms segment develops and commercializes systems and consumables for protein analysis. It markets immunoassays on different testing platforms, including microtiter-plate based kits sold under the trade name Quantikine, and immunoassays based on planar spotted surfaces and microfluidic-based multiplex immunoassays on automated testing platform.

FINANCIAL RATIOS  of  Bio-Techne (TECH)

Valuation Ratios
P/E Ratio 59.9
Price to Sales 8.2
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 32
Price to Free Cash Flow 36.3
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio 26
Current Ratio 0.1
LT Debt to Equity 36.2%
Total Debt to Equity 36.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 67.4%
EBITDA Margin 27.7%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 21.7%
Oper. Margin - 3 Yr. Avg. 28.2%
Pre-Tax Margin 20.1%
Pre-Tax Margin - 3 Yr. Avg. 27.9%
Net Profit Margin 13.7%
Net Profit Margin - 3 Yr. Avg. 19.5%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 62.3%

TECH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TECH stock intrinsic value calculation we used $563 million for the last fiscal year's total revenue generated by Bio-Techne. The default revenue input number comes from 2017 income statement of Bio-Techne. 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 TECH stock valuation model: a) initial revenue growth rate of 16.3% 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 TECH is calculated based on our internal credit rating of Bio-Techne, 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 Bio-Techne.
    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 TECH stock the variable cost ratio is equal to 69.8%.

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 TECH 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 Bio-Techne.

Corporate tax rate of 27% is the nominal tax rate for Bio-Techne. 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 TECH 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 TECH are equal to 39.3%.

Life of production assets of 22.2 years is the average useful life of capital assets used in Bio-Techne 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 TECH is equal to 10.3%. 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 - $951 million for Bio-Techne - 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 37.343 million for Bio-Techne 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 Bio-Techne at the current share price and the inputted number of shares is $4.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Bio-Techne Corp. : October 10, 2017   [Oct-10-17 11:50AM  Capital Cube]
▶ Bio-Techne Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Bio-Techne Acquires Trevigen Inc.   [Sep-05-17 06:06PM  PR Newswire]
▶ Bio-Techne Declares Dividend   [Aug-10-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : August 1, 2017   [Aug-01-17 05:22PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : July 13, 2017   [Jul-13-17 04:43PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : July 3, 2017   [Jul-03-17 03:53PM  Capital Cube]
▶ ETFs with exposure to Bio-Techne Corp. : June 19, 2017   [Jun-19-17 04:10PM  Capital Cube]
▶ Investor Network: Bio-Techne to Host Earnings Call   [May-02-17 07:30AM  Accesswire]
▶ Bio-Techne Declares Dividend   [07:30AM  PR Newswire]
▶ ETFs with exposure to Bio-Techne Corp. : April 7, 2017   [Apr-07-17 05:35PM  Capital Cube]
▶ Innovative Veterinary Diagnostic Setting A New Standard   [Mar-01-17 08:30AM  PR Newswire]
▶ Bio-Techne Declares Dividend   [07:30AM  PR Newswire]
▶ Bio-Techne And Astute Medical Form Strategic Partnership   [Dec-14-16 04:14PM  PR Newswire]
Financial statements of TECH
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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