Intrinsic value of Bioverativ - BIVV

Previous Close

$104.74

  Intrinsic Value

$136.12

stock screener

  Rating & Target

buy

+30%

Previous close

$104.74

 
Intrinsic value

$136.12

 
Up/down potential

+30%

 
Rating

buy

We calculate the intrinsic value of BIVV 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  58.39
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
Revenue, $m
  887
  1,131
  1,416
  1,745
  2,119
  2,538
  3,002
  3,511
  4,064
  4,661
  5,301
  5,981
  6,703
  7,464
  8,264
  9,102
  9,979
  10,894
  11,848
  12,840
  13,873
  14,946
  16,061
  17,220
  18,424
  19,676
  20,978
  22,332
  23,740
  25,207
  26,734
Variable operating expenses, $m
 
  460
  577
  710
  862
  1,033
  1,222
  1,429
  1,654
  1,897
  2,157
  2,434
  2,728
  3,038
  3,363
  3,705
  4,062
  4,434
  4,822
  5,226
  5,646
  6,083
  6,537
  7,008
  7,499
  8,008
  8,538
  9,089
  9,662
  10,259
  10,881
Fixed operating expenses, $m
 
  246
  252
  258
  265
  272
  278
  285
  292
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
  445
  456
  467
  479
  491
  503
Total operating expenses, $m
  595
  706
  829
  968
  1,127
  1,305
  1,500
  1,714
  1,946
  2,197
  2,464
  2,749
  3,051
  3,369
  3,702
  4,053
  4,418
  4,799
  5,196
  5,610
  6,039
  6,486
  6,950
  7,432
  7,933
  8,453
  8,994
  9,556
  10,141
  10,750
  11,384
Operating income, $m
  292
  425
  588
  777
  992
  1,233
  1,502
  1,797
  2,118
  2,464
  2,836
  3,232
  3,652
  4,095
  4,561
  5,050
  5,561
  6,095
  6,651
  7,231
  7,833
  8,460
  9,111
  9,788
  10,491
  11,223
  11,984
  12,775
  13,599
  14,457
  15,350
EBITDA, $m
  345
  448
  618
  813
  1,036
  1,287
  1,565
  1,870
  2,203
  2,562
  2,947
  3,358
  3,793
  4,252
  4,735
  5,241
  5,771
  6,324
  6,900
  7,500
  8,125
  8,774
  9,448
  10,150
  10,878
  11,636
  12,424
  13,244
  14,097
  14,986
  15,912
Interest expense (income), $m
  0
  0
  2
  3
  6
  8
  11
  14
  17
  21
  25
  29
  33
  38
  43
  48
  54
  60
  66
  72
  78
  85
  92
  99
  107
  115
  123
  132
  141
  150
  159
Earnings before tax, $m
  292
  425
  586
  773
  986
  1,225
  1,491
  1,783
  2,100
  2,443
  2,811
  3,203
  3,619
  4,057
  4,518
  5,002
  5,508
  6,036
  6,586
  7,159
  7,755
  8,375
  9,019
  9,688
  10,384
  11,108
  11,861
  12,643
  13,458
  14,307
  15,191
Tax expense, $m
  -148
  115
  158
  209
  266
  331
  403
  481
  567
  660
  759
  865
  977
  1,095
  1,220
  1,350
  1,487
  1,630
  1,778
  1,933
  2,094
  2,261
  2,435
  2,616
  2,804
  2,999
  3,202
  3,414
  3,634
  3,863
  4,101
Net income, $m
  440
  310
  428
  564
  720
  894
  1,088
  1,301
  1,533
  1,784
  2,052
  2,338
  2,642
  2,962
  3,298
  3,651
  4,021
  4,406
  4,808
  5,226
  5,661
  6,113
  6,584
  7,073
  7,581
  8,109
  8,658
  9,230
  9,825
  10,444
  11,089

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  732
  933
  1,169
  1,440
  1,748
  2,094
  2,477
  2,897
  3,353
  3,846
  4,373
  4,935
  5,530
  6,158
  6,818
  7,510
  8,234
  8,989
  9,775
  10,594
  11,446
  12,331
  13,252
  14,208
  15,202
  16,234
  17,308
  18,425
  19,588
  20,798
  22,058
Adjusted assets (=assets-cash), $m
  732
  933
  1,169
  1,440
  1,748
  2,094
  2,477
  2,897
  3,353
  3,846
  4,373
  4,935
  5,530
  6,158
  6,818
  7,510
  8,234
  8,989
  9,775
  10,594
  11,446
  12,331
  13,252
  14,208
  15,202
  16,234
  17,308
  18,425
  19,588
  20,798
  22,058
Revenue / Adjusted assets
  1.212
  1.212
  1.211
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
  1.212
Average production assets, $m
  93
  119
  149
  183
  222
  266
  315
  369
  427
  489
  557
  628
  704
  784
  868
  956
  1,048
  1,144
  1,244
  1,348
  1,457
  1,569
  1,686
  1,808
  1,935
  2,066
  2,203
  2,345
  2,493
  2,647
  2,807
Working capital, $m
  374
  477
  598
  737
  894
  1,071
  1,267
  1,482
  1,715
  1,967
  2,237
  2,524
  2,829
  3,150
  3,487
  3,841
  4,211
  4,597
  5,000
  5,419
  5,854
  6,307
  6,778
  7,267
  7,775
  8,303
  8,853
  9,424
  10,018
  10,637
  11,282
Total debt, $m
  0
  46
  99
  161
  231
  309
  396
  492
  595
  707
  827
  954
  1,089
  1,232
  1,382
  1,539
  1,703
  1,874
  2,053
  2,239
  2,432
  2,633
  2,842
  3,059
  3,285
  3,519
  3,763
  4,017
  4,280
  4,555
  4,841
Total liabilities, $m
  166
  212
  265
  327
  397
  475
  562
  658
  761
  873
  993
  1,120
  1,255
  1,398
  1,548
  1,705
  1,869
  2,040
  2,219
  2,405
  2,598
  2,799
  3,008
  3,225
  3,451
  3,685
  3,929
  4,183
  4,446
  4,721
  5,007
Total equity, $m
  566
  721
  903
  1,113
  1,351
  1,619
  1,915
  2,239
  2,592
  2,973
  3,381
  3,815
  4,275
  4,760
  5,271
  5,805
  6,365
  6,948
  7,556
  8,189
  8,848
  9,532
  10,244
  10,983
  11,751
  12,549
  13,379
  14,243
  15,141
  16,077
  17,051
Total liabilities and equity, $m
  732
  933
  1,168
  1,440
  1,748
  2,094
  2,477
  2,897
  3,353
  3,846
  4,374
  4,935
  5,530
  6,158
  6,819
  7,510
  8,234
  8,988
  9,775
  10,594
  11,446
  12,331
  13,252
  14,208
  15,202
  16,234
  17,308
  18,426
  19,587
  20,798
  22,058
Debt-to-equity ratio
  0.000
  0.060
  0.110
  0.140
  0.170
  0.190
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773
  0.773

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  440
  310
  428
  564
  720
  894
  1,088
  1,301
  1,533
  1,784
  2,052
  2,338
  2,642
  2,962
  3,298
  3,651
  4,021
  4,406
  4,808
  5,226
  5,661
  6,113
  6,584
  7,073
  7,581
  8,109
  8,658
  9,230
  9,825
  10,444
  11,089
Depreciation, amort., depletion, $m
  53
  24
  30
  37
  44
  53
  63
  74
  85
  98
  111
  126
  141
  157
  174
  191
  210
  229
  249
  270
  291
  314
  337
  362
  387
  413
  441
  469
  499
  529
  561
Funds from operations, $m
  249
  334
  458
  601
  764
  948
  1,151
  1,375
  1,619
  1,882
  2,164
  2,464
  2,782
  3,118
  3,472
  3,842
  4,230
  4,635
  5,056
  5,496
  5,952
  6,427
  6,921
  7,434
  7,968
  8,522
  9,099
  9,699
  10,323
  10,973
  11,651
Change in working capital, $m
  -53
  103
  121
  139
  158
  177
  196
  215
  234
  252
  270
  287
  304
  321
  338
  354
  370
  386
  402
  419
  436
  453
  471
  489
  508
  528
  549
  571
  594
  619
  645
Cash from operations, $m
  302
  231
  337
  462
  607
  771
  956
  1,160
  1,385
  1,630
  1,894
  2,177
  2,478
  2,797
  3,134
  3,489
  3,860
  4,249
  4,654
  5,077
  5,517
  5,974
  6,450
  6,945
  7,459
  7,994
  8,549
  9,127
  9,729
  10,354
  11,006
Maintenance CAPEX, $m
  0
  -19
  -24
  -30
  -37
  -44
  -53
  -63
  -74
  -85
  -98
  -111
  -126
  -141
  -157
  -174
  -191
  -210
  -229
  -249
  -270
  -291
  -314
  -337
  -362
  -387
  -413
  -441
  -469
  -499
  -529
New CAPEX, $m
  -35
  -26
  -30
  -35
  -39
  -44
  -49
  -53
  -58
  -63
  -67
  -71
  -76
  -80
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -126
  -131
  -137
  -142
  -148
  -154
  -160
Cash from investing activities, $m
  -35
  -45
  -54
  -65
  -76
  -88
  -102
  -116
  -132
  -148
  -165
  -182
  -202
  -221
  -241
  -262
  -283
  -306
  -329
  -353
  -378
  -404
  -431
  -459
  -488
  -518
  -550
  -583
  -617
  -653
  -689
Free cash flow, $m
  267
  186
  283
  398
  531
  683
  854
  1,044
  1,253
  1,482
  1,729
  1,994
  2,277
  2,577
  2,894
  3,227
  3,577
  3,943
  4,325
  4,724
  5,139
  5,570
  6,019
  6,486
  6,971
  7,475
  8,000
  8,545
  9,112
  9,702
  10,316
Issuance/(repayment) of debt, $m
  0
  46
  53
  62
  70
  78
  87
  95
  104
  112
  120
  128
  135
  143
  150
  157
  164
  171
  179
  186
  193
  201
  209
  217
  226
  234
  244
  254
  264
  275
  286
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -266
  46
  53
  62
  70
  78
  87
  95
  104
  112
  120
  128
  135
  143
  150
  157
  164
  171
  179
  186
  193
  201
  209
  217
  226
  234
  244
  254
  264
  275
  286
Total cash flow (excl. dividends), $m
  0
  232
  337
  460
  601
  761
  940
  1,139
  1,357
  1,594
  1,848
  2,121
  2,412
  2,719
  3,043
  3,384
  3,741
  4,114
  4,504
  4,910
  5,332
  5,771
  6,228
  6,703
  7,197
  7,710
  8,243
  8,798
  9,376
  9,977
  10,602
Retained Cash Flow (-), $m
  -181
  -155
  -182
  -210
  -238
  -267
  -296
  -325
  -353
  -381
  -408
  -434
  -460
  -485
  -510
  -535
  -559
  -584
  -608
  -633
  -658
  -684
  -711
  -739
  -768
  -798
  -830
  -863
  -898
  -935
  -974
Prev. year cash balance distribution, $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 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
 
  77
  155
  250
  362
  494
  645
  815
  1,004
  1,213
  1,441
  1,687
  1,952
  2,234
  2,533
  2,849
  3,182
  3,531
  3,896
  4,277
  4,674
  5,087
  5,517
  5,964
  6,429
  6,911
  7,413
  7,935
  8,477
  9,041
  9,628
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
 
  74
  142
  217
  298
  383
  468
  550
  628
  697
  755
  801
  833
  849
  850
  836
  809
  768
  717
  658
  594
  526
  458
  391
  327
  269
  216
  170
  131
  99
  72
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

Bioverativ Inc. (Bioverativ) is a biotechnology company. The Company is focused on the discovery, research, development and commercialization of therapies for the treatment of hemophilia and other blood disorders. It markets approximately two products, including ELOCTATE [Antihemophilic Factor (Recombinant), Fc Fusion Protein], and ALPROLIX [Coagulation Factor IX (Recombinant), Fc Fusion Protein], extended half-life clotting-factor therapies for the treatment of hemophilia A and hemophilia B, respectively. ELOCTATE and ALPROLIX use a process known as Fc fusion to link recombinant factor VIII and factor IX, respectively, to a protein fragment in the body known as Fc. The fusion of the factor with the Fc protein fragment uses a naturally occurring pathway and is designed to extend the half-life of the factor thereby making the product last longer in a person's blood than various factor therapies. Its pipeline includes BIVV 001(rFVIIIFc-VWF-XTEN) and BIVV 002 (rFIXFc-XTEN).

FINANCIAL RATIOS  of  Bioverativ (BIVV)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 12.7
Price to Book 20
Price to Tangible Book
Price to Cash Flow 37.4
Price to Free Cash Flow 42.3
Growth Rates
Sales Growth Rate 58.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 218.2%
Cap. Spend. - 3 Yr. Gr. Rate 13%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 72.8%
Ret/ On Assets - 3 Yr. Avg. -31%
Return On Total Capital 92.5%
Ret/ On T. Cap. - 3 Yr. Avg. -40.1%
Return On Equity 92.5%
Return On Equity - 3 Yr. Avg. -40.1%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 73.3%
Gross Margin - 3 Yr. Avg. 79.5%
EBITDA Margin 38.9%
EBITDA Margin - 3 Yr. Avg. -66.5%
Operating Margin 32.9%
Oper. Margin - 3 Yr. Avg. -73%
Pre-Tax Margin 32.9%
Pre-Tax Margin - 3 Yr. Avg. -72.4%
Net Profit Margin 49.6%
Net Profit Margin - 3 Yr. Avg. -66.5%
Effective Tax Rate -50.7%
Eff/ Tax Rate - 3 Yr. Avg. -20.4%
Payout Ratio 0%

BIVV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BIVV stock intrinsic value calculation we used $887 million for the last fiscal year's total revenue generated by Bioverativ. The default revenue input number comes from 2016 income statement of Bioverativ. 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 BIVV stock valuation model: a) initial revenue growth rate of 27.5% 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 BIVV is calculated based on our internal credit rating of Bioverativ, 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 Bioverativ.
    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 BIVV stock the variable cost ratio is equal to 40.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $240 million in the base year in the intrinsic value calculation for BIVV 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 Bioverativ.

Corporate tax rate of 27% is the nominal tax rate for Bioverativ. 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 BIVV 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 BIVV are equal to 10.5%.

Life of production assets of 1.8 years is the average useful life of capital assets used in Bioverativ 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 BIVV is equal to 42.2%. 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 - $566 million for Bioverativ - 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 108.309 million for Bioverativ 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 Bioverativ at the current share price and the inputted number of shares is $11.3 billion.

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BIIB Biogen 292.78 304.61  hold

COMPANY NEWS

▶ Biotech, Pharma Stocks Tumble Amid Big Market Sell-Off   [Feb-05-18 04:30PM  TheStreet.com]
▶ Biogen Spin-Off Bioverativ To Be Acquired   [Jan-31-18 12:53PM  Forbes]
▶ 4 Great Healthcare Stocks to Buy Ahead of Q4 Earnings   [Jan-17-18 01:15PM  InvestorPlace]
▶ Biotech Stocks Near Massive Breakout   [Jan-12-18 12:40PM  Investopedia]
▶ Bioverativ Announces 2018 Annual Meeting of Stockholders   [Dec-22-17 04:05PM  Business Wire]
▶ ETFs with exposure to Bioverativ, Inc. : December 4, 2017   [Dec-04-17 10:54AM  Capital Cube]
▶ ETFs with exposure to Bioverativ, Inc. : November 2, 2017   [Nov-02-17 11:54AM  Capital Cube]
▶ Bioverativ Reports Third Quarter 2017 Performance   [Oct-26-17 04:15PM  Business Wire]
▶ ETFs with exposure to Bioverativ, Inc. : October 23, 2017   [Oct-23-17 10:24AM  Capital Cube]
▶ ETFs with exposure to Bioverativ, Inc. : October 9, 2017   [Oct-09-17 11:19AM  Capital Cube]
▶ Small Caps, Dow Names Lead; Should You Buy These 5 Stocks In Bases?   [Oct-02-17 05:30PM  Investor's Business Daily]
▶ Biogen Spinoff Bioverativ Is A Buy   [Sep-20-17 10:51AM  Benzinga]
▶ Inside Bioverativs 1H17 Performance   [Sep-06-17 09:07AM  Market Realist]
▶ Bioverativ to Present at Citis 12th Biotech Conference   [Aug-30-17 05:00PM  Business Wire]
▶ Stocks Drop But Tesla Races Higher, Dow Giant Is In Buy Zone   [Aug-03-17 10:16AM  Investor's Business Daily]
▶ Bioverativ Up On Earnings   [05:02AM  Investor's Business Daily]
▶ Bioverativ Reports Second Quarter 2017 Performance   [Aug-02-17 04:31PM  Business Wire]
▶ Bioverativ Expected to Report Robust Revenue Growth in 2017   [Jul-28-17 01:35PM  Market Realist]
▶ Could Biogen Spinoff Bioverativ Have A Blockbuster On Its Hands?   [Jul-10-17 05:02PM  Investor's Business Daily]
▶ Bioverativ Completes Acquisition of True North Therapeutics   [Jun-28-17 04:00PM  Business Wire]
▶ How President Trump Has Sent Biotech Stocks Soaring   [Jun-23-17 08:52PM  TheStreet.com]
▶ After Celgene, Regeneron Breakouts, This Biotech Stock May Be Next   [Jun-22-17 04:27PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [02:47PM  Investor's Business Daily]
▶ Biotech Stocks To Watch And Pharma Industry News   [Jun-20-17 01:26PM  Investor's Business Daily]
▶ Biotech Stock With 50% Profit Margin Nears Buy Zone   [11:31AM  Investor's Business Daily]
▶ ETFs with exposure to Bioverativ, Inc. : June 15, 2017   [Jun-15-17 01:16PM  Capital Cube]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [Jun-13-17 11:16PM  Investor's Business Daily]
Financial statements of BIVV
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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