Idera Pharmaceuticals (IDRA:NAS) and Aquinox Pharmaceuticals (AQXP:NAS) Trading at Less than Cash Value

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Trading at Less than Cash Value

Today we are looking at companies trading at less than cash value meaning companies whose current share price is less than the cash per share on the balance sheet. We also show the value of cash net debt per share to show how much cash per share would be left if the debt was paid off.

What this Means…

Companies can have more cash per share than the actual share price for a number of reasons including they just raised capital, are in industries that experience high burn rates and will eat through the cash quickly or if there is a lot of uncertainty about the future of the company. Companies earning a positive net income will have a P/E greater than 0 and are worth exploring in more detail.

Today’s Data on NASDAQ

Today’s data is for companies listed on the NASDAQ.

Symbol Name Close Price Shares Outstanding P/E P/B Cash per Share Net Cash per Share
SOHU Sohu.com Ltd 19.570000 38916788 None 1.1464 29.71 23.98
LJPC La Jolla Pharmaceutical Co 6.230000 26233631 None 2.3911 7.79 0.16
MGI MoneyGram International Inc 2.430000 55687731 None None 3.75 -12.46
ETTX Entasis Therapeutics Holdings Inc 6.500000 13099735 None 0.9410 7.18 None
IDRA Idera Pharmaceuticals Inc 2.650000 27181436 None 0.9621 3.03 3.95
CDTX Cidara Therapeutics Inc 2.530000 27751431 None 1.0040 3.02 2.66
AQXP Aquinox Pharmaceuticals Inc 2.680000 23537368 None 0.8222 3.68 3.68
SNNA Sienna Biopharmaceuticals Inc 2.940000 21140101 None 1.3833 3.03 1.61
VVUS VIVUS Inc 5.100000 10629923 None None 5.46 -22.78
SCPH scPharmaceuticals Inc 2.880000 18569289 None 0.6413 5.13 4.61
ARAV Aravive Inc 4.760000 11182025 4.6214 0.8353 5.60 5.41
SELB Selecta Biosciences Inc 1.960000 22471776 None 4.4045 2.25 1.30
ASNS Arsanis Inc 2.740000 14572246 None 1.4313 2.80 2.06
APWC Asia Pacific Wire & Cable Corp Ltd 2.330000 13819669 5.0652 0.2122 3.52 1.27
GIGM GigaMedia Ltd 2.900000 11052235 None 0.5488 5.42 5.77
GEVO Gevo Inc 2.450000 8640433 None 0.2271 4.43 2.95
BIQI Renmin Tianli Group Inc 2.610000 8033745 19.5000 0.2399 7.64 7.39
ONTX Onconova Therapeutics Inc 3.300000 5674220 None 1.7242 3.94 None
SAEX SAExploration Holdings Inc 4.420000 3159955 None 0.4275 6.44 -23.41
RLM Realm Therapeutics PLC 2.660000 4662476 None 0.5108 3.48 2.74
DFFN Diffusion Pharmaceuticals Inc 2.460000 3376245 None 0.3972 3.26 4.64
KBSF KBS Fashion Group Ltd 3.670000 2228497 None 0.1192 9.07 8.58
SFET Safe-T Group Ltd 2.390000 2283111 None 1.6063 2.68 2.21
CHFS CHF Solutions Inc 10.050000 512460 None 0.5335 16.04 2.58
TNXP Tonix Pharmaceuticals Holding Corp 1.940000 2391137 None 0.3384 6.14 0.75

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

IDRA:NAS Idera Pharmaceuticals

http://www.iderapharma.com
Idera Pharmaceuticals has 62 employees and is headquartered in United States.
Idera Pharmaceuticals Inc is a clinical stage biotechnology company. It is engaged in the discovery, development and commercialization of novel therapeutics for oncology and rare diseases.

AQXP:NAS Aquinox Pharmaceuticals

http://www.aqxpharma.com
Aquinox Pharmaceuticals has 52 employees and is headquartered in Canada.
Aquinox Pharmaceuticals Inc is a clinical-stage pharmaceutical company discovering and developing targeted therapeutics in disease areas of inflammation and immuno-oncology.

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America Movil (AMX:NYS) and Travelers Companies (TRV:NYS) Upgraded

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Upgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been upgraded by at least one analyst in the last few days.

Why Do Companies Get Upgraded?

Companies can get upgraded for a number of reasons, but primarily due to improved future earnings potential due to new contracts, new products, cost savings or restructuring.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
AMX America Movil SAB de CV 1 1 0 0 1 0 3.3333 3.0000 Hold
AMOV America Movil SAB de CV 1 1 0 0 1 0 3.3333 3.0000 Hold
TRV The Travelers Companies Inc 2 1 3 0 0 0 3.8333 3.7143 Outperform
DVA DaVita Inc 1 0 3 0 0 0 3.5000 3.2500 Hold
WBC WABCO Holdings Inc 1 0 0 0 0 0 5.0000 4.0000 Buy
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
BBD.B Bombardier Inc 6 7 0 0 0 0 4.4615 4.3846 Outperform
BBD.A Bombardier Inc 6 7 0 0 0 0 4.4615 4.3846 Outperform
FSV FirstService Corp 0 1 3 0 0 0 3.2500 3.0000 Hold
DIR.UN Dream Industrial Real Estate Investment Trust 5 2 0 0 0 0 4.7143 4.6667 Buy
ITP Intertape Polymer Group Inc 2 3 2 0 0 0 4.0000 3.8333 Outperform
NWH.UN Northwest Healthcare Properties Real Estate Investment Trust 1 0 3 0 0 0 3.5000 3.3333 Hold
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
ATU Altura Energy Inc 3 2 0 0 0 0 4.6000 4.5000 Buy
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
DISCK Discovery Inc 5 1 2 0 1 0 4.0000 3.9000 Outperform
DISCB Discovery Inc 5 1 2 0 1 0 4.0000 3.9000 Outperform
DISCA Discovery Inc 5 1 2 0 1 0 4.0000 3.9000 Outperform
FSV FirstService Corp 0 1 3 0 0 0 3.2500 3.0000 Hold
CARB Carbonite Inc 2 0 1 0 0 0 4.3333 3.6667 Outperform
HAFC Hanmi Financial Corp 2 0 0 0 0 0 5.0000 4.0000 Buy

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

AMX:NYS America Movil

http://www.americamovil.com
America Movil has 191851 employees and is headquartered in Mexico.
America Movil SAB de CV is a telecom company. It provides telecommunications services in various countries which include wireless service, fixed-line, broadband and Pay TV services.

TRV:NYS Travelers Companies

https://www.travelers.com
Travelers Companies has 30400 employees and is headquartered in United States.
The Travelers Companies Inc operates in property and casualty insurance industry. Its operations are divided into three segments: Business Insurance, Bond & Specialty Insurance and Personal Insurance.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Taiwan Semiconductor (TSM:NYS) and Philip Morris Intl (PM:NYS) Downgraded

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Downgraded Stocks on NYSE, NASDAQ, AMEX, TSE, and TSX

Today we are looking at companies whose share price has been downgraded by at least one analyst in the last few days.

Why Do Companies Get Downgraded?

Companies can get downgraded for a number of reasons but primarily due to reduced future earnings potential due to loss of contracts, faultering product lines, increasing costs relative to revenue or financial risk.

In the list below you can see the number of analysts we have in the StockCalc database along with the number of buy-hold-sell on the company.

Today’s Data on NYSE, NASDAQ, AMEX, TSE, and TSX

Below we have today’s data for companies listed on all of the New York Stock Exchange, NASDAQ Stock Exchange, American Stock Exchange, Toronto Stock Exchange, and TSX Venture Exchange.

New York Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
TSM Taiwan Semiconductor Manufacturing Co Ltd 1 0 2 0 0 0 3.6667 4.0000 Outperform
PM Philip Morris International Inc 3 0 2 0 1 0 3.6667 3.8571 Outperform
DHR Danaher Corp 3 0 1 1 0 0 4.0000 4.1667 Outperform
OXY Occidental Petroleum Corp 3 0 2 1 0 0 3.8333 4.0000 Outperform
GD General Dynamics Corp 1 1 4 0 0 0 3.5000 3.8333 Hold
CCI Crown Castle International Corp 2 0 1 1 0 0 3.7500 4.0000 Outperform
GOLD Barrick Gold Corp 3 0 15 0 0 0 3.3333 3.4444 Hold
ANET Arista Networks Inc 6 0 3 0 0 0 4.3333 4.4286 Outperform
BLL Ball Corp 2 0 1 1 0 0 3.7500 4.2500 Outperform
VMC Vulcan Materials Co 4 0 2 0 0 0 4.3333 4.5000 Outperform
CTL CenturyLink Inc 2 1 1 0 0 0 4.2500 4.7500 Outperform
HCP HCP Inc 2 0 1 1 0 0 3.7500 4.0000 Outperform
SNAP Snap Inc 1 1 8 0 1 0 3.0909 3.2727 Hold
SJM JM Smucker Co 0 0 2 0 2 0 2.0000 2.2500 Underperform
TRU TransUnion 1 0 2 0 0 0 3.6667 4.0000 Outperform
FRT Federal Realty Investment Trust 1 0 2 0 0 0 3.6667 4.0000 Outperform
IRM Iron Mountain Inc 0 0 1 0 1 0 2.0000 2.5000 Underperform
ADS Alliance Data Systems Corp 3 1 3 0 1 0 3.6250 3.7778 Outperform
CC The Chemours Co 2 0 2 0 0 0 4.0000 4.3333 Outperform
SON Sonoco Products Co 1 0 3 0 1 0 3.0000 3.2000 Hold
CHH Choice Hotels International Inc 1 0 3 0 0 0 3.5000 3.7500 Hold
B Barnes Group Inc 1 0 2 0 0 0 3.6667 4.3333 Outperform
QTWO Q2 Holdings Inc 1 1 1 0 1 0 3.2500 3.7500 Hold
PGTI PGT Innovations Inc 0 0 1 0 0 0 3.0000 4.0000 Hold
LPI Laredo Petroleum Inc 0 0 2 0 1 0 2.3333 3.0000 Underperform
Toronto Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
CP Canadian Pacific Railway Ltd 12 6 0 0 0 0 4.6667 4.6842 Buy
ABX Barrick Gold Corp 3 0 15 0 0 0 3.3333 3.4444 Hold
CTC.A Canadian Tire Corp Ltd 3 3 3 0 0 0 4.0000 4.2222 Outperform
CTC Canadian Tire Corp Ltd 3 3 3 0 0 0 4.0000 4.2222 Outperform
KEY Keyera Corp 6 6 3 0 0 0 4.2000 4.2667 Outperform
K Kinross Gold Corp 5 2 7 0 2 0 3.5000 3.5625 Hold
KMP.UN Killam Apartment Real Estate Investment Trust 3 3 3 0 0 0 4.0000 4.1667 Outperform
CHE.UN Chemtrade Logistics Income Fund 2 2 5 0 0 0 3.6667 4.0000 Outperform
NGD New Gold Inc 0 0 9 0 4 0 2.3846 2.5385 Underperform
BPF.UN Boston Pizza Royalties Income Fund 0 1 1 0 0 0 3.5000 4.0000 Hold
CWX CanWel Building Materials Group Ltd 1 4 3 0 0 0 3.7500 4.0000 Outperform
TSX Venture Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
DUG Distinct Infrastructure Group Inc 0 0 0 0 2 0 1.0000 1.6667 Sell
American Stock Exchange
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NGD New Gold Inc 0 0 9 0 4 0 2.3846 2.5385 Underperform
NASDAQ
Symbol Name Buy Out Perform Hold Under Perform Sell No Opinion Mean Rating Prev Mean Rating Mean Label
NVDA NVIDIA Corp 8 0 1 1 0 0 4.5000 4.6000 Outperform
GLPI Gaming and Leisure Properties Inc 3 0 1 0 0 0 4.5000 5.0000 Outperform
LECO Lincoln Electric Holdings Inc 3 0 4 0 0 0 3.8571 4.0000 Outperform
PPC Pilgrims Pride Corp 0 1 0 0 0 0 4.0000 5.0000 Outperform
LOGM LogMeIn Inc 0 0 2 0 0 0 3.0000 4.0000 Hold
CVBF CVB Financial Corp 0 0 2 0 0 0 3.0000 4.0000 Hold
ALTR Altair Engineering Inc 0 0 2 0 0 0 3.0000 3.6667 Hold

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

TSM:NYS Taiwan Semiconductor

http://www.tsmc.com
Taiwan Semiconductor has 48602 employees and is headquartered in Taiwan, Province of China.
Taiwan Semiconductor Manufacturing Co Ltd engages in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices. In addition, it also manufactures masks.

PM:NYS Philip Morris Intl

http://www.pmi.com
Philip Morris Intl has 77400 employees and is headquartered in United States.
Philip Morris International Inc is a holding company. It manufactures and sells cigarettes and other tobacco products in markets outside the United States of America.

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Bank of Montreal (BMO:TSE) and Teck Resources (TECK.B:TSE) Are Undervalued

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Undervalued Stocks on TSE

Today we are looking at companies that are considered undervalued based on the Analyst data in the StockCalc database.

In the table below we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSE

Today’s data is for companies listed on the Toronto Stock Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
BMO Bank of Montreal 2019 98.130000 109.7778 CAD 9
CM Canadian Imperial Bank of Commerce 2019 113.050000 129.1250 CAD 8
CP Canadian Pacific Railway Ltd 2019 270.720000 311.3603 CAD 13
WN George Weston Ltd 2019 97.250000 117.5000 CAD 4
TECK.B Teck Resources Ltd 2019 28.660000 42.5500 CAD 10
TECK.A Teck Resources Ltd 2019 28.950000 42.5500 CAD 10
CTC.A Canadian Tire Corp Ltd 2019 140.430000 176.7778 CAD 9
SNC SNC-Lavalin Group Inc 2019 33.880000 45.7273 CAD 11
TSGI The Stars Group Inc 2019 21.300000 40.3000 CAD 5
X TMX Group Ltd 2019 83.870000 97.5000 CAD 6
DOO BRP Inc 2019 37.520000 63.5556 CAD 9
TFII TFI International Inc 2019 39.270000 50.3750 CAD 12
LNR Linamar Corp 2019 50.280000 76.1667 CAD 6
PBH Premium Brands Holdings Corp 2019 77.660000 95.0000 CAD 10
MRC Morguard Corp 2019 187.000000 205.0000 CAD 2
LAS.A Lassonde Industries Inc 2019 201.070000 250.0000 CAD 1
CJT.A Cargojet Inc 2019 82.080000 94.0000 CAD 8
CGO Cogeco Inc 2019 68.200000 92.5000 CAD 2
EQB Equitable Group Inc 2019 67.050000 81.2857 CAD 7
AFN Ag Growth International Inc 2019 57.560000 70.5556 CAD 9
EIF Exchange Income Corp 2019 29.340000 42.9545 CAD 11
GSY goeasy Ltd 2019 44.510000 60.8333 CAD 6
MAXR Maxar Technologies Inc 2019 7.960000 20.6777 CAD 9
MEQ Mainstreet Equity Corp 2019 44.000000 55.0000 CAD 4
TRIL Trillium Therapeutics Inc 2019 1.700000 19.8368 CAD 1

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

BMO:TSE Bank of Montreal

https://www.bmo.com
Bank of Montreal has 45000 employees and is headquartered in Canada.
Bank of Montreal provides diversified financial services primarily in North America. The company offers broad range of personal and commercial banking, wealth management and investment banking products and services.

TECK.B:TSE Teck Resources

http://www.teck.com
Teck Resources has 9600 employees and is headquartered in Canada.
Teck Resources Ltd is a mining company whose activities include exploration, development, processing, smelting, refining and reclamation. It has operations in Canada, United States, Chile and Peru. The company’s products are coal, copper, zinc and lead.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Pine Cliff Energy (PNE.R:TSX) Is Fully Valued

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Fully Valued Stocks on TSX

Today we are looking at companies that are considered fully valued based on the Analyst data in the StockCalc database.

In this table we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSX

Today’s data is for companies listed on the TSX Venture Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
PNE.R Pine Cliff Energy Ltd 2019 0.920000 0.3682 CAD 11

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

PNE.R:TSX Pine Cliff Energy

http://www.pinecliffenergy.com
Pine Cliff Energy has 91 employees and is headquartered in Canada.
Pine Cliff Energy Ltd is a natural gas-focused, exploration and production company. It is mainly engaged in the exploration, development, and production of natural gas, crude oil, and natural gas liquids.

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ClearStream Energy (CSM:TSE) and Titan Medical (TMD:TSE) Are Biggest Stock Gainers YTD on TSE

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Biggest Stock Gainers Year to Date on TSE

Today we are looking at companies that have had the greatest percentage increase in share price year to date.

Top 25 Companies

Lists like these are always interesting to look at as they tell more than one story. Companies that are experiencing dramatic increases in share price can do so for a variety of reasons. These can include, the sector they are in has turned (such as companies in the commodities space or a new sector that has huge future potential), the company is in talks to be taken over, or the company has restructured and earnings are turning better than expected.

In this list we have selected the top 25 companies based on their percentage increase in share price year to date.

Today’s Data on TSE

Today’s data is for companies listed on the Toronto Stock Exchange.

Symbol Name Total Return Period
CSM ClearStream Energy Services Inc 350.000000 YTD
TMD Titan Medical Inc 234.319527 YTD
VFF Village Farms International Inc 151.583710 YTD
HYD Hyduke Energy Services Inc 133.333333 YTD
BSD.UN Soundvest Split Trust 113.793103 YTD
CRON Cronos Group Inc 95.479833 YTD
IN InMed Pharmaceuticals Inc 79.411765 YTD
PMT Perpetual Energy Inc 75.000000 YTD
WEED Canopy Growth Corp 71.565146 YTD
PSD Pulse Seismic Inc 67.785235 YTD
KWH.UN Crius Energy Trust 64.770241 YTD
NDM Northern Dynasty Minerals Ltd 64.473684 YTD
TRST CannTrust Holdings Inc 63.926941 YTD
SUM Solium Capital Inc 62.171332 YTD
APHA Aphria Inc 61.528662 YTD
TNX Tanzanian Royalty Exploration Corp 60.416667 YTD
XMF.A M Split Corp 60.000000 YTD
IRON Alderon Iron Ore Corp 60.000000 YTD
FT Fortune Minerals Ltd 60.000000 YTD
TEI Toscana Energy Income Corp 60.000000 YTD
BKI Black Iron Inc 60.000000 YTD
ZCL ZCL Composites Inc 58.187599 YTD
FFN North American Financial 15 Split Corp 57.823129 YTD
HEXO HEXO Corp 56.900212 YTD
RNX Royal Nickel Corp 54.166667 YTD

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

CSM:TSE ClearStream Energy

http://www.clearstreamenergy.ca
ClearStream Energy has 219 employees and is headquartered in Canada.
ClearStream Energy Services Inc is a provider of midstream production services including maintenance and turnarounds, facilities construction, welding and fabrication, and transportation.

TMD:TSE Titan Medical

http://www.titanmedicalinc.com
Titan Medical has 9 employees and is headquartered in Canada.
Titan Medical Inc is in the research and development stage. The Sport product is produced to address the current clinical, operational and financial limitations of the robotic platforms in the high growth robotic surgery market.

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The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

AllianceBernstein Holding (AB:NYS) Fundamental Valuation Report

Fundamental Valuation Report

AllianceBernstein Holding(AB:NYS)

Financial Services:Asset Management

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$29.84 (USD) 14/02/2019

Weighted Valuation
$26.63 (USD)

Overall Rating
Overvalued by 10.8%

Valuation Models Analyst Consensus: $29.00 (USD)
(in order of importance) Adjusted Book Value: $24.19 (USD)
Comparables: $24.39 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (AB:NYS USD)

Price 29.84
Range 29.40 – 30.19
52 week 23.68 – 31.17
Open 29.96
Vol / Avg. 913017/374311
Mkt cap 2.88B
P/E 11.94
Div/yield 2.88/0.10
EPS 2.50
Shares 96.56M
Beta 1.29

Company Description

AllianceBernstein Holding LP provides investment management services to institutional (48% of AUM), retail (35%), and private (17%) clients through a collection of products that includes mutual funds, hedge funds, and separately managed accounts. At the end of December 2018, the firm had $516 billion in managed assets, composed primarily of fixed-income (53% of AUM) and equity (36%) strategies, with other investments (made up of the firm’s asset allocation services and certain other alternative investments) accounting for the remainder. The company also provides sell-side research and brokerage services through its Sanford Bernstein subsidiary. Through its ownership of 72% of the outstanding shares of AXA Equitable Holdings, the French insurer AXA holds a 65% economic interest in AB.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for AB:NYS

Using a discounted cash flow model we generated an intrinsic value of $588.85 (USD) for AB:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

AB:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $588.85 1% 5% 1% 5%
WACC (or Ke) 11.97 $664.08 $528.75
Terminal Growth Rate 3.00 $537.87 $652.63
Tax Rate 0.10 $621.73 $555.98
Cash Flow 6,343,620,549 $559.41 $618.30
Capital Expenditures 0 $588.85 $588.85
Long Term Debt 0 $588.85 $588.85

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $24.39 (USD) for AB:NYS. We also generated a valuation of $24.52 (USD) using other metrics and comparables.
The comparable companies were Ares Management (ARES:NYS), Federated Investors (FII:NYS), Legg Mason Inc-LeggMason (LM:NYS), Moelis & Co (MC:NYS) and Nuveen Municipal Credit (NZF:NYS).

Company AB:NYS End Date Value
Earnings/Share $2.50 (USD)
Book Value/Share $15.42 (USD)
Sales/Share $2.99 (USD)
Cash Flow/Share $2.70 (USD)
EBITDA/Share $2.78 (USD)
Price Based on Comps Adjustment Factor (%)
$53.77 (USD) -30.3
$42.04 (USD) -56.5
$39.10 (USD) 0.0
$24.54 (USD) -89.1
$0.00 (USD) 0.0
AB:NYS Ratios Used Average Values ARES:NYS FII:NYS LM:NYS MC:NYS NZF:NYS
11.25 PE Ratio 21.51 32.09 11.99 9.06 32.89 0.00
1.98 PB Ratio 2.73 3.57 3.06 0.66 5.40 0.94
10.19 PS Ratio 13.07 1.86 2.23 0.84 2.55 57.87
11.31 PCF Ratio 9.11 0.00 15.89 5.12 6.31 0.00
0.00 EV to EBITDA 10.43 16.25 8.51 8.59 8.36 0.00

Multiples

Using a multiples approach we generated a valuation of  $29.39 (USD) for AB:NYS

Company AB:NYS End Date Value
Earnings/Share $2.50 (USD)
Book Value/Share $15.42 (USD)
Sales/Share $2.99 (USD)
Cash Flow/Share $2.70 (USD)
EBITDA/Share $2.78 (USD)
Price Based on Comps Adjustment Factor
$30.09 (USD) 0
$24.45 (USD) 0
$28.68 (USD) 0
$34.33 (USD) 0
$0.00 (USD) 0
Ratios Ratio Average
PE Ratio 12.03
PB Ratio 1.59
PS Ratio 9.59
PCF Ratio 12.74
EV to EBITDA 0.00

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  AB:NYS for the last 10 years was  1.57

We ran the Adjusted Book Value for  AB:NYS and generated a book value of  $15.43 (USD)
By multiplying these we get an adjusted valuation of  $24.19 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for AB:NYS. The 1 analysts have a concensus valuation for AB:NYS for 2019 of $29.00 (USD).

AB:NYS AllianceBernstein Holding

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 2 0 3.0000 Hold 2019-2-13

Current Price: 29.84 USD

Analyst Consensus
USD Millions 2019 2020
Mean EPS 2.44 2.54
# EPS Analysts 2 1
Mean Revenue 3,093.60 3,396.60
# Revenue Analysts 2 1
Mean Target Price 29.00
Mean Cash Flow 5.52 9.38
Mean EBITDA 565.00
Mean Net Income 232.40 247.10
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate 0.64
Mean Capital Expenditure 35.50

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Aspen Insurance Holdings (AHL:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Aspen Insurance Holdings(AHL:NYS)

Financial Services:Insurance-Reinsurance

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$42.74 (USD) 14/02/2019

Weighted Valuation
$40.28 (USD)

Overall Rating
Overvalued by 5.8%

Valuation Models Analyst Consensus: $42.75 (USD)
(in order of importance) Adjusted Book Value: $36.65 (USD)
Multiples: $40.13 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (AHL:NYS USD)

Price 42.74
Range 42.73 – 42.75
52 week 35.05 – 45.35
Open 42.74
Vol / Avg. 20.69M/2M
Mkt cap 2.56B
P/E 0.00
Div/yield 0.72/0.02
EPS -2.97
Shares 59.86M
Beta 0.16

Company Description

Aspen Insurance Holdings is a Bermudian insurance and reinsurance company. The company operates through subsidiaries that include Aspen Insurance UK, Aspen Underwriting, Aspen Bermuda, Aspen Specialty Insurance, and Aspen American Insurance Corporation. Aspen UK also has branches in Europe, United Arab Emirates, Singapore, Australia, and Canada. The company’s business is divided into two segments: Aspen Insurance and Aspen Reinsurance. Aspen Insurance consists of property and casualty insurance, marine, aviation and energy insurance, and financial and professional lines insurance. Aspen Reinsurance comprises property reinsurance, casualty reinsurance, and specialty reinsurance.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for AHL:NYS

Using a discounted cash flow model we generated an intrinsic value of ($11.95) (USD) for AHL:NYS

Comparables Model

Using similar companies and price based ratios we generated a valuation of $32.99 (USD) for AHL:NYS. We also generated a valuation of $58.66 (USD) using other metrics and comparables.
The comparable companies were Everest Re Group (RE:NYS), RenaissanceRe Holdings (RNR:NYS) and Third Point Reinsurance (TPRE:NYS).

Company AHL:NYS End Date Value
Earnings/Share ($2.97) (USD)
Book Value/Share $46.41 (USD)
Sales/Share $39.17 (USD)
Cash Flow/Share ($6.41) (USD)
EBITDA/Share ($2.18) (USD)
Price Based on Comps Adjustment Factor (%)
$0.00 (USD) -36.0
$47.20 (USD) -22.1
$55.96 (USD) -47.8
($7.12) (USD) -75.8
$0.00 (USD) 70.9
AHL:NYS Ratios Used Average Values RE:NYS RNR:NYS TPRE:NYS
0.00 PE Ratio 28.14 8.52 28.11 47.77
0.90 PB Ratio 1.02 1.07 1.33 0.66
1.07 PS Ratio 6.50 1.20 16.64 1.66
0.00 PCF Ratio 8.79 13.46 4.12 0.00
0.00 EV to EBITDA 0.00 0.00 0.00 0.00

Multiples

Using a multiples approach we generated a valuation of  $40.13 (USD) for AHL:NYS

Company AHL:NYS End Date Value
Earnings/Share ($2.97) (USD)
Book Value/Share $46.41 (USD)
Sales/Share $39.17 (USD)
Cash Flow/Share ($6.41) (USD)
EBITDA/Share ($2.18) (USD)
Price Based on Comps Adjustment Factor
$0.00 (USD) 0
$38.47 (USD) 0
$41.79 (USD) 0
$0.00 (USD) 0
$0.00 (USD) 0
Ratios Ratio Average
PE Ratio 9.90
PB Ratio 0.83
PS Ratio 1.07
PCF Ratio 6.01
EV to EBITDA 4.36

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  AHL:NYS for the last 10 years was  0.83

We ran the Adjusted Book Value for  AHL:NYS and generated a book value of  $44.40 (USD)
By multiplying these we get an adjusted valuation of  $36.65 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for AHL:NYS. The 1 analysts have a concensus valuation for AHL:NYS for 2019 of $42.75 (USD).

AHL:NYS Aspen Insurance Holdings

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 1 0 3.0000 Hold 2019-2-13

Current Price: 42.74 USD

Analyst Consensus
USD Millions 2019 2020
Mean EPS 3.47 3.87
# EPS Analysts 1 1
Mean Revenue 2,333.50 2,431.20
# Revenue Analysts 1 1
Mean Target Price 42.75
Mean Cash Flow
Mean EBITDA
Mean Net Income 177.80 227.70
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Amgen (AMGN:NAS) Fundamental Valuation Report

Fundamental Valuation Report

Amgen(AMGN:NAS)

Healthcare:Drug Manufacturers-Major

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$186.68 (USD) 14/02/2019

Weighted Valuation
$191.24 (USD)

Overall Rating
Fairly valued to slightly Undervalued by 2.4%

Valuation Models Analyst Consensus: $206.20 (USD)
(in order of importance) Comparables: $170.41 (USD)
Multiples: $188.05 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (AMGN:NAS USD)

Price 186.68
Range 185.76 – 187.80
52 week 166.05 – 208.89
Open 187.59
Vol / Avg. 2.55M/3.39M
Mkt cap 116.17B
P/E 14.79
Div/yield 5.28/0.03
EPS 12.62
Shares 622.28M
Beta 1.21

Company Description

Amgen is a leader in biotechnology-based human therapeutics, with historical expertise in renal disease and cancer supportive care products. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and received approval for bone-strengthening drug Prolia/Xgeva in 2010. Amgen’s acquisition of Onyx bolstered the firm’s therapeutic oncology portfolio with Nexavar and Kyprolis. Recent launches include Repatha (cholesterol-lowering) and Aimovig (migraine).

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for AMGN:NAS

Using a discounted cash flow model we generated an intrinsic value of $245.66 (USD) for AMGN:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

AMGN:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $245.66 1% 5% 1% 5%
WACC (or Ke) 8.68 $309.72 $200.76
Terminal Growth Rate 3.00 $205.67 $302.72
Tax Rate 0.12 $260.05 $231.27
Cash Flow 11,455,454,000 $232.51 $258.81
Capital Expenditures -617,800,000 $245.04 $246.28
Long Term Debt 35,323,000,000 $248.50 $242.82

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $170.41 (USD) for AMGN:NAS. We also generated a valuation of $295.75 (USD) using other metrics and comparables.
The comparable companies were Biogen (BIIB:NAS), Celgene (CELG:NAS) and Gilead Sciences (GILD:NAS).

Company AMGN:NAS End Date Value
Earnings/Share $12.62 (USD)
Book Value/Share $19.85 (USD)
Sales/Share $35.71 (USD)
Cash Flow/Share $16.99 (USD)
EBITDA/Share $19.37 (USD)
Price Based on Comps Adjustment Factor (%)
$374.00 (USD) -32.2
$143.85 (USD) -67.5
$160.36 (USD) 51.7
$156.28 (USD) -11.6
$176.00 (USD) 0.0
AMGN:NAS Ratios Used Average Values BIIB:NAS CELG:NAS GILD:NAS
14.83 PE Ratio 29.64 15.47 16.05 57.39
9.42 PB Ratio 7.25 5.05 12.76 3.93
5.24 PS Ratio 4.49 5.09 4.25 4.13
11.02 PCF Ratio 12.20 11.79 14.37 10.45
11.19 EV to EBITDA 9.08 10.28 9.27 7.71

Multiples

Using a multiples approach we generated a valuation of  $188.05 (USD) for AMGN:NAS

Company AMGN:NAS End Date Value
Earnings/Share $12.62 (USD)
Book Value/Share $19.85 (USD)
Sales/Share $35.71 (USD)
Cash Flow/Share $16.99 (USD)
EBITDA/Share $19.37 (USD)
Price Based on Comps Adjustment Factor
$233.72 (USD) 0
$84.66 (USD) 0
$203.97 (USD) 0
$215.54 (USD) 0
$202.36 (USD) 0
Ratios Ratio Average
PE Ratio 18.52
PB Ratio 4.26
PS Ratio 5.71
PCF Ratio 12.69
EV to EBITDA 10.45

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  AMGN:NAS for the last 10 years was  4.25

We ran the Adjusted Book Value for  AMGN:NAS and generated a book value of  $19.85 (USD)
By multiplying these we get an adjusted valuation of  $84.37 (USD)

Analyst Data

In the Stockcalc database there are 5 analysts that provide a valuation for AMGN:NAS. The 5 analysts have a concensus valuation for AMGN:NAS for 2019 of $206.20 (USD).

AMGN:NAS Amgen

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 6 0 3.5000 Hold 2019-2-13

Current Price: 186.68 USD

Analyst Consensus
USD Millions 2019 2020 2021
Mean EPS 14.04 14.48 14.53
# EPS Analysts 8 5 4
Mean Revenue 22,613.10 22,195.80 22,112.00
# Revenue Analysts 5 4 4
Mean Target Price 206.20
Mean Cash Flow 16.11 17.82 19.05
Mean EBITDA 11,789.20 11,394.50 11,121.80
Mean Net Income 8,955.20 9,796.10 10,116.50
Mean Debt Outstanding -12,418.20 -15,692.60 -21,308.10
Mean Tax Rate 14.25 13.75 13.75
Mean Growth Rate 3.28
Mean Capital Expenditure 734.70 798.60 849.50

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


Antero Midstream GP (AMGP:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Antero Midstream GP(AMGP:NYS)

Energy:Oil & Gas Midstream

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$13.54 (USD) 14/02/2019

Weighted Valuation
$14.68 (USD)

Overall Rating
Undervalued by 8.4%

Valuation Models Analyst Consensus: $15.00 (USD)
(in order of importance) Multiples: $14.20 (USD)
Valuation Methods This company is:
Cash Flow: Undervalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation

Company Overview (AMGP:NYS USD)

Price 13.54
Range 13.17 – 13.71
52 week 10.53 – 20.52
Open 13.25
Vol / Avg. 1.79M/1.23M
Mkt cap 2.52B
P/E 41.08
Div/yield 0.45/0.04
EPS 0.33
Shares 186.24M
Beta 0.00

Company Description

ASV Holdings Inc is a designer and manufacturer of a broad range of high quality compact track loader (CTL) and skid steer loader (SSL) equipments. CTLs are compact tracked vehicles with lift arms that function particularly well in wet, muddy, snowy or harsh conditions and where there are slopes and grades, such as in a construction, agriculture or forestry environment. SSLs are wheeled vehicles with lift arms that can be outfitted with the same attachments as CTLs and can therefore be used in most of the same applications. It also serves as a private label original equipment manufacturer for several manufacturers. The company’s markets through a distribution network in North America, Australia and New Zealand under the ASV and Terex brands.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for AMGP:NYS

Using a discounted cash flow model we generated an intrinsic value of $18.43 (USD) for AMGP:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

AMGP:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $18.43 1% 5% 1% 5%
WACC (or Ke) 16.63 $20.07 $17.02
Terminal Growth Rate 3.00 $17.29 $19.75
Tax Rate 0.33 $20.22 $16.64
Cash Flow 1,242,351,716 $17.00 $19.86
Capital Expenditures -332,586,000 $18.09 $18.77
Long Term Debt 0 $18.43 $18.43

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $10.09 (USD) for AMGP:NYS. We also generated a valuation of $10.95 (USD) using other metrics and comparables.
The comparable companies were Enbridge Energy (EEQ.DL:NYS), EnLink Midstream Partners (ENLK.DL:NYS), Genesis Energy (GEL:NYS), Holly Energy Partners (HEP:NYS) and NuStar Energy (NS:NYS).

Company AMGP:NYS End Date Value
Earnings/Share $0.33 (USD)
Book Value/Share $0.13 (USD)
Sales/Share $0.66 (USD)
Cash Flow/Share $0.39 (USD)
EBITDA/Share $0.53 (USD)
Price Based on Comps Adjustment Factor (%)
$39.72 (USD) 0.0
$0.35 (USD) 0.0
$1.47 (USD) 0.0
$2.75 (USD) 0.0
$6.14 (USD) 0.0
AMGP:NYS Ratios Used Average Values EEQ.DL:NYS ENLK.DL:NYS GEL:NYS HEP:NYS NS:NYS
53.68 PE Ratio 120.37 0.00 227.79 0.00 12.95 0.00
99.47 PB Ratio 269.73 1338.17 1.06 1.01 7.24 1.16
20.28 PS Ratio 2.23 0.00 0.57 0.87 6.17 1.29
34.66 PCF Ratio 7.10 0.00 5.93 5.83 11.14 5.52
30.29 EV to EBITDA 11.54 0.00 8.01 11.02 12.03 15.10

Multiples

Using a multiples approach we generated a valuation of  $14.20 (USD) for AMGP:NYS

Company AMGP:NYS End Date Value
Earnings/Share $0.33 (USD)
Book Value/Share $0.13 (USD)
Sales/Share $0.66 (USD)
Cash Flow/Share $0.39 (USD)
EBITDA/Share $0.53 (USD)
Price Based on Comps Adjustment Factor
$13.35 (USD) 0
$23.81 (USD) 0
$9.44 (USD) 0
$11.02 (USD) 0
$13.39 (USD) 0
Ratios Ratio Average
PE Ratio 40.47
PB Ratio 176.50
PS Ratio 14.26
PCF Ratio 28.46
EV to EBITDA 25.18

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  AMGP:NYS for the last 1 years was  173.44

We ran the Adjusted Book Value for  AMGP:NYS and generated a book value of  $0.00 (USD)
By multiplying these we get an adjusted valuation of  $0.00 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for AMGP:NYS. The 1 analysts have a concensus valuation for AMGP:NYS for 2019 of $15.00 (USD).

AMGP:NYS Antero Midstream GP

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 1 0 3.0000 Hold 2019-2-13

Current Price: 13.54 USD

Analyst Consensus
USD Millions 2019 2020
Mean EPS 1.09 1.35
# EPS Analysts 1 1
Mean Revenue 1,081.50 1,222.00
# Revenue Analysts 1 1
Mean Target Price 15.00
Mean Cash Flow 1.47 1.81
Mean EBITDA 791.10 995.50
Mean Net Income 548.80 688.30
Mean Debt Outstanding 2,846.70 3,353.80
Mean Tax Rate
Mean Growth Rate
Mean Capital Expenditure 749.20 564.80

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.