Intrinsic value of Bioverativ - BIVV

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$56.73

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$56.73

 
Intrinsic value

$203.43

 
Up/down potential

+259%

 
Rating

str. buy

 
Value-price divergence* premium content

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

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

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 6.3

 

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
  34.90
  31.91
  29.22
  26.80
  24.62
  22.66
  20.89
  19.30
  17.87
  16.58
  15.43
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.39
  7.15
  6.93
  6.74
  6.56
  6.41
Revenue, $m
  887
  1,197
  1,578
  2,040
  2,586
  3,223
  3,953
  4,779
  5,701
  6,720
  7,834
  9,043
  10,343
  11,734
  13,212
  14,777
  16,425
  18,157
  19,970
  21,865
  23,841
  25,900
  28,042
  30,270
  32,585
  34,992
  37,492
  40,091
  42,793
  45,602
  48,525
Variable operating expenses, $m
 
  487
  642
  830
  1,053
  1,312
  1,609
  1,945
  2,320
  2,735
  3,189
  3,680
  4,210
  4,776
  5,377
  6,014
  6,685
  7,390
  8,128
  8,899
  9,703
  10,541
  11,413
  12,320
  13,262
  14,242
  15,259
  16,317
  17,417
  18,560
  19,749
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
  733
  894
  1,088
  1,318
  1,584
  1,887
  2,230
  2,612
  3,035
  3,496
  3,995
  4,533
  5,107
  5,716
  6,362
  7,041
  7,755
  8,502
  9,283
  10,096
  10,944
  11,826
  12,744
  13,696
  14,687
  15,715
  16,784
  17,896
  19,051
  20,252
Operating income, $m
  292
  464
  684
  951
  1,269
  1,640
  2,066
  2,548
  3,088
  3,685
  4,338
  5,047
  5,811
  6,627
  7,496
  8,415
  9,384
  10,402
  11,468
  12,582
  13,744
  14,955
  16,216
  17,526
  18,889
  20,305
  21,777
  23,307
  24,897
  26,551
  28,272
EBITDA, $m
  345
  489
  717
  994
  1,323
  1,707
  2,149
  2,649
  3,208
  3,826
  4,503
  5,237
  6,028
  6,874
  7,773
  8,725
  9,729
  10,783
  11,887
  13,041
  14,245
  15,499
  16,805
  18,162
  19,573
  21,040
  22,564
  24,149
  25,796
  27,509
  29,291
Interest expense (income), $m
  0
  0
  2
  5
  8
  11
  15
  20
  26
  32
  38
  46
  53
  62
  71
  81
  91
  102
  113
  125
  138
  150
  164
  178
  193
  208
  224
  240
  257
  275
  293
Earnings before tax, $m
  292
  464
  682
  946
  1,261
  1,628
  2,050
  2,528
  3,063
  3,654
  4,300
  5,002
  5,757
  6,565
  7,425
  8,334
  9,293
  10,300
  11,355
  12,457
  13,607
  14,805
  16,052
  17,348
  18,696
  20,097
  21,553
  23,067
  24,640
  26,276
  27,978
Tax expense, $m
  -148
  125
  184
  256
  340
  440
  554
  683
  827
  986
  1,161
  1,351
  1,554
  1,773
  2,005
  2,250
  2,509
  2,781
  3,066
  3,363
  3,674
  3,997
  4,334
  4,684
  5,048
  5,426
  5,819
  6,228
  6,653
  7,095
  7,554
Net income, $m
  440
  338
  498
  691
  921
  1,189
  1,497
  1,846
  2,236
  2,667
  3,139
  3,651
  4,203
  4,793
  5,420
  6,084
  6,784
  7,519
  8,289
  9,094
  9,933
  10,808
  11,718
  12,664
  13,648
  14,671
  15,734
  16,839
  17,987
  19,182
  20,424

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
  987
  1,302
  1,683
  2,134
  2,659
  3,261
  3,943
  4,704
  5,544
  6,464
  7,461
  8,534
  9,681
  10,901
  12,192
  13,552
  14,981
  16,477
  18,040
  19,671
  21,369
  23,137
  24,975
  26,886
  28,871
  30,934
  33,079
  35,308
  37,626
  40,037
Adjusted assets (=assets-cash), $m
  732
  987
  1,302
  1,683
  2,134
  2,659
  3,261
  3,943
  4,704
  5,544
  6,464
  7,461
  8,534
  9,681
  10,901
  12,192
  13,552
  14,981
  16,477
  18,040
  19,671
  21,369
  23,137
  24,975
  26,886
  28,871
  30,934
  33,079
  35,308
  37,626
  40,037
Revenue / Adjusted assets
  1.212
  1.213
  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
  1.212
Average production assets, $m
  93
  126
  166
  214
  272
  338
  415
  502
  599
  706
  823
  949
  1,086
  1,232
  1,387
  1,552
  1,725
  1,906
  2,097
  2,296
  2,503
  2,719
  2,944
  3,178
  3,421
  3,674
  3,937
  4,210
  4,493
  4,788
  5,095
Working capital, $m
  374
  505
  666
  861
  1,091
  1,360
  1,668
  2,017
  2,406
  2,836
  3,306
  3,816
  4,365
  4,952
  5,576
  6,236
  6,931
  7,662
  8,427
  9,227
  10,061
  10,930
  11,834
  12,774
  13,751
  14,766
  15,822
  16,919
  18,059
  19,244
  20,477
Total debt, $m
  0
  58
  130
  216
  318
  438
  574
  729
  902
  1,093
  1,301
  1,528
  1,771
  2,032
  2,309
  2,602
  2,910
  3,235
  3,574
  3,929
  4,299
  4,685
  5,086
  5,503
  5,937
  6,388
  6,856
  7,343
  7,849
  8,375
  8,922
Total liabilities, $m
  166
  224
  296
  382
  484
  604
  740
  895
  1,068
  1,259
  1,467
  1,694
  1,937
  2,198
  2,475
  2,768
  3,076
  3,401
  3,740
  4,095
  4,465
  4,851
  5,252
  5,669
  6,103
  6,554
  7,022
  7,509
  8,015
  8,541
  9,088
Total equity, $m
  566
  763
  1,007
  1,301
  1,649
  2,055
  2,521
  3,048
  3,636
  4,286
  4,997
  5,767
  6,597
  7,484
  8,427
  9,424
  10,476
  11,580
  12,737
  13,945
  15,205
  16,518
  17,885
  19,306
  20,783
  22,317
  23,912
  25,570
  27,293
  29,085
  30,948
Total liabilities and equity, $m
  732
  987
  1,303
  1,683
  2,133
  2,659
  3,261
  3,943
  4,704
  5,545
  6,464
  7,461
  8,534
  9,682
  10,902
  12,192
  13,552
  14,981
  16,477
  18,040
  19,670
  21,369
  23,137
  24,975
  26,886
  28,871
  30,934
  33,079
  35,308
  37,626
  40,036
Debt-to-equity ratio
  0.000
  0.080
  0.130
  0.170
  0.190
  0.210
  0.230
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
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
  338
  498
  691
  921
  1,189
  1,497
  1,846
  2,236
  2,667
  3,139
  3,651
  4,203
  4,793
  5,420
  6,084
  6,784
  7,519
  8,289
  9,094
  9,933
  10,808
  11,718
  12,664
  13,648
  14,671
  15,734
  16,839
  17,987
  19,182
  20,424
Depreciation, amort., depletion, $m
  53
  25
  33
  43
  54
  68
  83
  100
  120
  141
  165
  190
  217
  246
  277
  310
  345
  381
  419
  459
  501
  544
  589
  636
  684
  735
  787
  842
  899
  958
  1,019
Funds from operations, $m
  249
  364
  531
  734
  975
  1,256
  1,580
  1,946
  2,356
  2,808
  3,304
  3,841
  4,420
  5,039
  5,698
  6,394
  7,129
  7,900
  8,708
  9,553
  10,434
  11,351
  12,307
  13,300
  14,333
  15,406
  16,521
  17,681
  18,886
  20,139
  21,443
Change in working capital, $m
  -53
  131
  161
  195
  231
  269
  308
  348
  389
  430
  470
  510
  549
  587
  624
  660
  696
  731
  765
  800
  834
  869
  904
  940
  977
  1,016
  1,055
  1,097
  1,140
  1,186
  1,233
Cash from operations, $m
  302
  220
  370
  539
  744
  988
  1,272
  1,598
  1,966
  2,378
  2,833
  3,331
  3,871
  4,452
  5,074
  5,734
  6,433
  7,170
  7,943
  8,753
  9,600
  10,483
  11,403
  12,360
  13,355
  14,390
  15,466
  16,584
  17,746
  18,954
  20,210
Maintenance CAPEX, $m
  0
  -19
  -25
  -33
  -43
  -54
  -68
  -83
  -100
  -120
  -141
  -165
  -190
  -217
  -246
  -277
  -310
  -345
  -381
  -419
  -459
  -501
  -544
  -589
  -636
  -684
  -735
  -787
  -842
  -899
  -958
New CAPEX, $m
  -35
  -33
  -40
  -48
  -57
  -67
  -77
  -87
  -97
  -107
  -117
  -127
  -137
  -146
  -155
  -164
  -173
  -182
  -190
  -199
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -307
Cash from investing activities, $m
  -35
  -52
  -65
  -81
  -100
  -121
  -145
  -170
  -197
  -227
  -258
  -292
  -327
  -363
  -401
  -441
  -483
  -527
  -571
  -618
  -667
  -717
  -769
  -823
  -879
  -937
  -998
  -1,060
  -1,126
  -1,194
  -1,265
Free cash flow, $m
  267
  169
  305
  458
  644
  867
  1,127
  1,428
  1,769
  2,152
  2,575
  3,040
  3,545
  4,089
  4,672
  5,292
  5,950
  6,643
  7,371
  8,135
  8,933
  9,766
  10,634
  11,537
  12,477
  13,453
  14,469
  15,524
  16,620
  17,760
  18,946
Issuance/(repayment) of debt, $m
  0
  58
  72
  86
  102
  119
  137
  155
  173
  191
  209
  226
  244
  260
  277
  293
  309
  324
  340
  355
  370
  386
  401
  417
  434
  451
  468
  487
  506
  526
  547
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
  58
  72
  86
  102
  119
  137
  155
  173
  191
  209
  226
  244
  260
  277
  293
  309
  324
  340
  355
  370
  386
  401
  417
  434
  451
  468
  487
  506
  526
  547
Total cash flow (excl. dividends), $m
  0
  227
  376
  544
  746
  986
  1,264
  1,583
  1,942
  2,342
  2,784
  3,266
  3,788
  4,350
  4,949
  5,585
  6,258
  6,967
  7,711
  8,490
  9,303
  10,151
  11,035
  11,954
  12,910
  13,904
  14,937
  16,010
  17,126
  18,286
  19,493
Retained Cash Flow (-), $m
  -181
  -197
  -244
  -294
  -349
  -406
  -466
  -527
  -588
  -650
  -711
  -771
  -830
  -887
  -943
  -998
  -1,051
  -1,104
  -1,156
  -1,208
  -1,260
  -1,313
  -1,366
  -1,421
  -1,477
  -1,535
  -1,595
  -1,658
  -1,723
  -1,792
  -1,864
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
 
  30
  133
  250
  398
  580
  798
  1,056
  1,354
  1,693
  2,073
  2,495
  2,959
  3,463
  4,006
  4,588
  5,207
  5,863
  6,555
  7,281
  8,043
  8,838
  9,669
  10,533
  11,433
  12,369
  13,342
  14,353
  15,403
  16,495
  17,629
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
 
  28
  121
  217
  328
  449
  579
  713
  846
  972
  1,087
  1,185
  1,263
  1,317
  1,345
  1,347
  1,323
  1,276
  1,207
  1,121
  1,022
  914
  802
  690
  582
  481
  389
  308
  238
  180
  133
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., a biotechnology company, focuses on the research, discovery, development, and commercialization of therapies for the treatment of hemophilia and other blood disorders in the United States and Japan. The company offers ELOCTATE, an antihemophilic factor (recombinant) Fc fusion protein; and ALPROLIX, a coagulation factor IX (recombinant) Fc fusion protein for the treatment of hemophilia A and B. It markets and sells its products to specialty distributors, specialty pharmacies, hemophilia treatment centers, public and private hospitals, and other government entities. The company has collaboration with Swedish Orphan Biovitrum AB (publ) to develop and commercialize ELOCTATE and ALPROLIX worldwide. The company was incorporated in 2016 and is headquartered in Waltham, Massachusetts. Bioverativ Inc. operates independently of Biogen Inc. as of February 1, 2017.

FINANCIAL RATIOS  of  Bioverativ (BIVV)

Valuation Ratios
P/E Ratio 13.9
Price to Sales 6.9
Price to Book 10.8
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 22.9
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 34.9% 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 111.839 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 $6.3 billion.


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COMPANY NEWS

▶ Biogen Spinoff Bioverativ Squares Off With Roche After $400 Million Buy   [May-24-17 04:15PM  Investor's Business Daily]
▶ Biotech And Pharma Industry And Stock News   [03:22PM  Investor's Business Daily]
▶ [$$] Bioverativ to Buy True North Therapeutics for Up to $825 Million   [May-23-17 10:53AM  The Wall Street Journal]
▶ These Biotechs Are Grabbing Bullish Views In Wake Of Earnings   [May-05-17 04:27PM  Investor's Business Daily]
▶ Bioverativ Reports First Quarter 2017 Results   [May-03-17 05:07PM  Business Wire]
▶ Bioverativ Joins in Celebration of World Hemophilia Day   [Apr-17-17 07:00AM  Business Wire]
▶ Could Biogen Spinoff Bleed This Biotech In Hemophilia?   [Mar-22-17 04:21PM  Investor's Business Daily]
▶ Top Biotech May 'Unveil' Breakthrough Treatment And Breakout Move   [Mar-12-17 02:57PM  Investor's Business Daily]
▶ Biogen Spinoff Takes Flight With Focus On Hemophilia Drugs   [Mar-10-17 01:20PM  Investor's Business Daily]
▶ Ring the Register With These Upcoming Spinoffs   [Feb-24-17 07:35AM  TheStreet.com]
▶ What's Behind Bioverativ's Spin-Out, and Should You Buy?   [Feb-08-17 05:31PM  at Motley Fool]
▶ Hemophilia Drug Market Competitive Ramps Up   [Feb-07-17 10:45AM  at Investopedia]
Stock chart of BIVV Financial statements of BIVV Annual reports 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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