Intrinsic value of United Therapeutics - UTHR

Previous Close

$135.61

  Intrinsic Value

$203.19

stock screener

  Rating & Target

buy

+50%

Previous close

$135.61

 
Intrinsic value

$203.19

 
Up/down potential

+50%

 
Rating

buy

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

We calculate the intrinsic value of UTHR 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 5.9

 

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, %
  9.07
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,599
  1,722
  1,850
  1,983
  2,121
  2,265
  2,414
  2,570
  2,731
  2,900
  3,075
  3,258
  3,448
  3,647
  3,854
  4,071
  4,297
  4,533
  4,780
  5,039
  5,309
  5,592
  5,888
  6,198
  6,523
  6,863
  7,219
  7,593
  7,984
  8,395
  8,825
Variable operating expenses, $m
 
  901
  967
  1,037
  1,109
  1,184
  1,262
  1,343
  1,428
  1,516
  1,607
  1,702
  1,801
  1,905
  2,013
  2,126
  2,245
  2,368
  2,497
  2,632
  2,773
  2,921
  3,076
  3,238
  3,407
  3,585
  3,771
  3,966
  4,171
  4,385
  4,610
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
  537
  901
  967
  1,037
  1,109
  1,184
  1,262
  1,343
  1,428
  1,516
  1,607
  1,702
  1,801
  1,905
  2,013
  2,126
  2,245
  2,368
  2,497
  2,632
  2,773
  2,921
  3,076
  3,238
  3,407
  3,585
  3,771
  3,966
  4,171
  4,385
  4,610
Operating income, $m
  1,062
  822
  883
  946
  1,012
  1,081
  1,152
  1,226
  1,304
  1,384
  1,468
  1,556
  1,647
  1,742
  1,841
  1,944
  2,052
  2,165
  2,283
  2,407
  2,536
  2,671
  2,812
  2,960
  3,115
  3,278
  3,448
  3,626
  3,813
  4,010
  4,215
EBITDA, $m
  1,094
  856
  920
  986
  1,055
  1,126
  1,200
  1,278
  1,358
  1,442
  1,529
  1,620
  1,714
  1,813
  1,916
  2,024
  2,136
  2,254
  2,377
  2,505
  2,640
  2,780
  2,927
  3,082
  3,243
  3,412
  3,589
  3,775
  3,970
  4,174
  4,388
Interest expense (income), $m
  2
  0
  29
  58
  89
  121
  155
  189
  225
  263
  302
  343
  385
  429
  476
  524
  574
  627
  681
  739
  799
  862
  927
  996
  1,068
  1,143
  1,222
  1,305
  1,392
  1,483
  1,578
Earnings before tax, $m
  1,060
  822
  854
  888
  923
  959
  997
  1,037
  1,078
  1,121
  1,166
  1,213
  1,262
  1,312
  1,365
  1,420
  1,478
  1,539
  1,602
  1,668
  1,737
  1,809
  1,885
  1,964
  2,047
  2,134
  2,226
  2,321
  2,422
  2,527
  2,637
Tax expense, $m
  346
  222
  231
  240
  249
  259
  269
  280
  291
  303
  315
  328
  341
  354
  369
  384
  399
  415
  432
  450
  469
  488
  509
  530
  553
  576
  601
  627
  654
  682
  712
Net income, $m
  714
  600
  623
  648
  674
  700
  728
  757
  787
  818
  851
  886
  921
  958
  997
  1,037
  1,079
  1,123
  1,169
  1,217
  1,268
  1,321
  1,376
  1,434
  1,495
  1,558
  1,625
  1,695
  1,768
  1,844
  1,925

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,051
  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
  2,326
  1,373
  1,475
  1,581
  1,692
  1,806
  1,925
  2,049
  2,178
  2,312
  2,452
  2,598
  2,750
  2,908
  3,073
  3,246
  3,426
  3,615
  3,812
  4,018
  4,234
  4,459
  4,695
  4,942
  5,201
  5,473
  5,757
  6,055
  6,367
  6,694
  7,038
Adjusted assets (=assets-cash), $m
  1,275
  1,373
  1,475
  1,581
  1,692
  1,806
  1,925
  2,049
  2,178
  2,312
  2,452
  2,598
  2,750
  2,908
  3,073
  3,246
  3,426
  3,615
  3,812
  4,018
  4,234
  4,459
  4,695
  4,942
  5,201
  5,473
  5,757
  6,055
  6,367
  6,694
  7,038
Revenue / Adjusted assets
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
Average production assets, $m
  514
  553
  594
  637
  681
  727
  775
  825
  877
  931
  987
  1,046
  1,107
  1,171
  1,237
  1,307
  1,379
  1,455
  1,534
  1,617
  1,704
  1,795
  1,890
  1,990
  2,094
  2,203
  2,317
  2,437
  2,563
  2,695
  2,833
Working capital, $m
  1,092
  45
  48
  52
  55
  59
  63
  67
  71
  75
  80
  85
  90
  95
  100
  106
  112
  118
  124
  131
  138
  145
  153
  161
  170
  178
  188
  197
  208
  218
  229
Total debt, $m
  0
  36
  73
  112
  152
  193
  237
  282
  329
  378
  429
  482
  537
  595
  655
  718
  783
  852
  924
  999
  1,077
  1,159
  1,245
  1,335
  1,429
  1,528
  1,632
  1,740
  1,854
  1,973
  2,098
Total liabilities, $m
  463
  500
  537
  576
  616
  657
  701
  746
  793
  842
  893
  946
  1,001
  1,059
  1,119
  1,182
  1,247
  1,316
  1,388
  1,463
  1,541
  1,623
  1,709
  1,799
  1,893
  1,992
  2,096
  2,204
  2,318
  2,437
  2,562
Total equity, $m
  1,862
  873
  938
  1,006
  1,076
  1,149
  1,224
  1,303
  1,385
  1,471
  1,559
  1,652
  1,749
  1,850
  1,955
  2,065
  2,179
  2,299
  2,424
  2,555
  2,693
  2,836
  2,986
  3,143
  3,308
  3,481
  3,661
  3,851
  4,049
  4,258
  4,476
Total liabilities and equity, $m
  2,325
  1,373
  1,475
  1,582
  1,692
  1,806
  1,925
  2,049
  2,178
  2,313
  2,452
  2,598
  2,750
  2,909
  3,074
  3,247
  3,426
  3,615
  3,812
  4,018
  4,234
  4,459
  4,695
  4,942
  5,201
  5,473
  5,757
  6,055
  6,367
  6,695
  7,038
Debt-to-equity ratio
  0.000
  0.040
  0.080
  0.110
  0.140
  0.170
  0.190
  0.220
  0.240
  0.260
  0.270
  0.290
  0.310
  0.320
  0.330
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.460
  0.470
Adjusted equity ratio
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636
  0.636

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  714
  600
  623
  648
  674
  700
  728
  757
  787
  818
  851
  886
  921
  958
  997
  1,037
  1,079
  1,123
  1,169
  1,217
  1,268
  1,321
  1,376
  1,434
  1,495
  1,558
  1,625
  1,695
  1,768
  1,844
  1,925
Depreciation, amort., depletion, $m
  32
  35
  37
  40
  43
  45
  48
  51
  54
  58
  61
  64
  67
  71
  75
  80
  84
  89
  94
  99
  104
  109
  115
  121
  128
  134
  141
  149
  156
  164
  173
Funds from operations, $m
  527
  634
  661
  688
  716
  746
  776
  808
  841
  876
  912
  949
  988
  1,029
  1,072
  1,117
  1,163
  1,212
  1,263
  1,316
  1,372
  1,430
  1,491
  1,555
  1,622
  1,692
  1,766
  1,843
  1,924
  2,009
  2,098
Change in working capital, $m
  -117
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  644
  631
  657
  684
  713
  742
  772
  804
  837
  872
  907
  945
  984
  1,024
  1,067
  1,111
  1,157
  1,206
  1,256
  1,309
  1,365
  1,423
  1,484
  1,547
  1,614
  1,684
  1,757
  1,833
  1,914
  1,998
  2,087
Maintenance CAPEX, $m
  0
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -156
  -164
New CAPEX, $m
  -43
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -126
  -132
  -138
Cash from investing activities, $m
  48
  -70
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -144
  -153
  -160
  -168
  -177
  -186
  -195
  -204
  -215
  -225
  -237
  -248
  -261
  -275
  -288
  -302
Free cash flow, $m
  692
  561
  582
  606
  629
  654
  680
  707
  735
  764
  794
  826
  859
  893
  929
  966
  1,005
  1,046
  1,088
  1,133
  1,179
  1,228
  1,279
  1,332
  1,388
  1,447
  1,508
  1,572
  1,640
  1,710
  1,784
Issuance/(repayment) of debt, $m
  -9
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -498
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
Total cash flow (excl. dividends), $m
  191
  596
  620
  644
  670
  696
  724
  752
  782
  813
  845
  879
  914
  951
  989
  1,029
  1,071
  1,114
  1,160
  1,208
  1,258
  1,310
  1,365
  1,422
  1,482
  1,545
  1,611
  1,681
  1,753
  1,829
  1,909
Retained Cash Flow (-), $m
  -262
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -189
  -199
  -208
  -218
Prev. year cash balance distribution, $m
 
  1,051
  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
 
  1,585
  555
  577
  599
  623
  648
  673
  700
  728
  756
  786
  817
  850
  884
  919
  956
  994
  1,035
  1,077
  1,121
  1,167
  1,215
  1,265
  1,318
  1,373
  1,431
  1,491
  1,555
  1,621
  1,691
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
 
  1,520
  508
  502
  494
  483
  470
  455
  437
  418
  397
  373
  349
  323
  297
  270
  243
  216
  191
  166
  142
  121
  101
  83
  67
  53
  42
  32
  24
  18
  13
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

United Therapeutics Corporation is a biotechnology company. The Company is focused on the development and commercialization of products for the treatment of chronic and life-threatening conditions. The Company markets and sells four commercial therapies in the United States to treat pulmonary arterial hypertension (PAH): Remodulin (treprostinil) Injection; Tyvaso (treprostinil) Inhalation Solution (Tyvaso); Orenitram (treprostinil) Extended-Release Tablets (Orenitram); and Adcirca (tadalafil) Tablets (Adcirca). The Company markets and sells an oncology product in the United States, Unituxin (dinutuximab) Injection (Unituxin), which is approved for treatment of neuroblastoma. The Company is also engaged in early-stage research and development of a number of organ transplantation-related technologies.

FINANCIAL RATIOS  of  United Therapeutics (UTHR)

Valuation Ratios
P/E Ratio 8.2
Price to Sales 3.6
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate 9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 531
Management Effectiveness
Return On Assets 31.7%
Ret/ On Assets - 3 Yr. Avg. 27%
Return On Total Capital 41.2%
Ret/ On T. Cap. - 3 Yr. Avg. 35.8%
Return On Equity 41.2%
Return On Equity - 3 Yr. Avg. 37.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 95.4%
Gross Margin - 3 Yr. Avg. 93.7%
EBITDA Margin 68.4%
EBITDA Margin - 3 Yr. Avg. 61.9%
Operating Margin 66.4%
Oper. Margin - 3 Yr. Avg. 52%
Pre-Tax Margin 66.3%
Pre-Tax Margin - 3 Yr. Avg. 59.4%
Net Profit Margin 44.7%
Net Profit Margin - 3 Yr. Avg. 38.5%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

UTHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UTHR stock intrinsic value calculation we used $1599 million for the last fiscal year's total revenue generated by United Therapeutics. The default revenue input number comes from 2016 income statement of United Therapeutics. 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 UTHR stock valuation model: a) initial revenue growth rate of 7.7% 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 UTHR is calculated based on our internal credit rating of United Therapeutics, 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 United Therapeutics.
    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 UTHR stock the variable cost ratio is equal to 52.3%.

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 UTHR 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 80% for United Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for United Therapeutics. 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 UTHR 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 UTHR are equal to 32.1%.

Life of production assets of 16.4 years is the average useful life of capital assets used in United Therapeutics 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 UTHR is equal to 2.6%. 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 - $1862 million for United Therapeutics - 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 43.467 million for United Therapeutics 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 United Therapeutics at the current share price and the inputted number of shares is $5.9 billion.

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ARNA Arena Pharmace 30.94 0.26  str.sell

COMPANY NEWS

▶ How UTHRs Remodulin, Adcirca, and Unituxin Performed in 3Q17   [Dec-01-17 04:35PM  Market Realist]
▶ How United Therapeutics Performed in 3Q17   [03:03PM  Market Realist]
▶ United Therapeutics gets much-needed reprieve with drug patent   [Nov-21-17 01:55PM  American City Business Journals]
▶ United Therapeutics beats Street 3Q forecasts   [06:13AM  Associated Press]
▶ United Therapeutics lands FDA approval linked to drug at center of patent lawsuits   [Oct-24-17 10:55AM  American City Business Journals]
▶ How United Therapeutics Remodulin and Tyvaso Are Performing   [Aug-31-17 10:37AM  Market Realist]
▶ How Did United Therapeutics Perform in 2Q17?   [07:38AM  Market Realist]
▶ United Therapeutics, Mayo Clinic to build lung restoration facility in Florida   [Aug-15-17 02:03PM  American City Business Journals]
▶ Analysts say a United Therapeutics sale is premature   [Aug-04-17 06:04PM  American City Business Journals]
▶ Biotech Fever Cools As These Players Dip On Longer-Term Views   [04:29PM  Investor's Business Daily]
▶ United Therapeutics reports 2Q loss   [04:17PM  Associated Press]
Financial statements of UTHR
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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