Intrinsic value of Bioverativ - BIVV

Previous Close

$55.18

  Intrinsic Value

$245.69

stock screener

  Rating & Target

str. buy

+345%

  Value-price divergence*

0%

Previous close

$55.18

 
Intrinsic value

$245.69

 
Up/down potential

+345%

 
Rating

str. buy

 
Value-price divergence*

0%

*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 6.0

 

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
  37.60
  34.34
  31.41
  28.77
  26.39
  24.25
  22.32
  20.59
  19.03
  17.63
  16.37
  15.23
  14.21
  13.29
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  887
  1,221
  1,640
  2,155
  2,774
  3,506
  4,357
  5,329
  6,427
  7,650
  8,999
  10,472
  12,067
  13,781
  15,612
  17,557
  19,613
  21,779
  24,051
  26,431
  28,916
  31,508
  34,208
  37,016
  39,937
  42,972
  46,126
  49,404
  52,811
  56,352
  60,035
Variable operating expenses, $m
 
  497
  667
  877
  1,129
  1,427
  1,773
  2,169
  2,616
  3,114
  3,663
  4,262
  4,911
  5,609
  6,354
  7,146
  7,983
  8,864
  9,789
  10,757
  11,769
  12,824
  13,923
  15,066
  16,254
  17,490
  18,773
  20,107
  21,494
  22,935
  24,434
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
  743
  919
  1,135
  1,394
  1,699
  2,051
  2,454
  2,908
  3,414
  3,970
  4,577
  5,234
  5,940
  6,693
  7,494
  8,339
  9,229
  10,163
  11,141
  12,162
  13,227
  14,336
  15,490
  16,688
  17,935
  19,229
  20,574
  21,973
  23,426
  24,937
Operating income, $m
  292
  478
  720
  1,019
  1,380
  1,808
  2,305
  2,875
  3,519
  4,237
  5,029
  5,895
  6,833
  7,841
  8,919
  10,064
  11,274
  12,549
  13,888
  15,290
  16,754
  18,281
  19,872
  21,527
  23,248
  25,037
  26,897
  28,829
  30,838
  32,926
  35,097
EBITDA, $m
  345
  503
  755
  1,064
  1,439
  1,881
  2,397
  2,987
  3,654
  4,397
  5,218
  6,115
  7,086
  8,131
  9,247
  10,432
  11,686
  13,007
  14,393
  15,845
  17,361
  18,943
  20,590
  22,304
  24,087
  25,940
  27,865
  29,867
  31,947
  34,109
  36,358
Interest expense (income), $m
  0
  0
  2
  5
  8
  12
  17
  23
  29
  36
  44
  53
  63
  73
  85
  97
  109
  123
  137
  152
  167
  184
  201
  218
  237
  256
  276
  297
  318
  340
  364
Earnings before tax, $m
  292
  478
  718
  1,014
  1,372
  1,795
  2,288
  2,852
  3,490
  4,200
  4,985
  5,842
  6,770
  7,768
  8,834
  9,967
  11,165
  12,427
  13,751
  15,138
  16,587
  18,098
  19,671
  21,309
  23,011
  24,781
  26,621
  28,533
  30,520
  32,585
  34,734
Tax expense, $m
  -148
  129
  194
  274
  370
  485
  618
  770
  942
  1,134
  1,346
  1,577
  1,828
  2,097
  2,385
  2,691
  3,015
  3,355
  3,713
  4,087
  4,478
  4,886
  5,311
  5,753
  6,213
  6,691
  7,188
  7,704
  8,240
  8,798
  9,378
Net income, $m
  440
  349
  524
  740
  1,002
  1,311
  1,670
  2,082
  2,547
  3,066
  3,639
  4,264
  4,942
  5,671
  6,449
  7,276
  8,150
  9,071
  10,038
  11,051
  12,108
  13,211
  14,360
  15,555
  16,798
  18,090
  19,433
  20,829
  22,279
  23,787
  25,356

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
  1,007
  1,353
  1,778
  2,289
  2,893
  3,595
  4,397
  5,303
  6,312
  7,425
  8,640
  9,956
  11,370
  12,881
  14,486
  16,182
  17,969
  19,844
  21,808
  23,858
  25,997
  28,224
  30,541
  32,951
  35,455
  38,058
  40,762
  43,573
  46,495
  49,534
Adjusted assets (=assets-cash), $m
  732
  1,007
  1,353
  1,778
  2,289
  2,893
  3,595
  4,397
  5,303
  6,312
  7,425
  8,640
  9,956
  11,370
  12,881
  14,486
  16,182
  17,969
  19,844
  21,808
  23,858
  25,997
  28,224
  30,541
  32,951
  35,455
  38,058
  40,762
  43,573
  46,495
  49,534
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
  128
  172
  226
  291
  368
  457
  560
  675
  803
  945
  1,100
  1,267
  1,447
  1,639
  1,843
  2,059
  2,287
  2,525
  2,775
  3,036
  3,308
  3,592
  3,887
  4,193
  4,512
  4,843
  5,187
  5,545
  5,917
  6,304
Working capital, $m
  374
  515
  692
  909
  1,171
  1,480
  1,839
  2,249
  2,712
  3,228
  3,798
  4,419
  5,092
  5,816
  6,588
  7,409
  8,277
  9,191
  10,150
  11,154
  12,203
  13,297
  14,436
  15,621
  16,853
  18,134
  19,465
  20,849
  22,286
  23,781
  25,335
Total debt, $m
  0
  63
  141
  238
  354
  491
  650
  832
  1,038
  1,267
  1,519
  1,795
  2,094
  2,415
  2,758
  3,122
  3,507
  3,913
  4,339
  4,784
  5,250
  5,735
  6,241
  6,767
  7,314
  7,882
  8,473
  9,087
  9,725
  10,388
  11,078
Total liabilities, $m
  166
  229
  307
  404
  520
  657
  816
  998
  1,204
  1,433
  1,685
  1,961
  2,260
  2,581
  2,924
  3,288
  3,673
  4,079
  4,505
  4,950
  5,416
  5,901
  6,407
  6,933
  7,480
  8,048
  8,639
  9,253
  9,891
  10,554
  11,244
Total equity, $m
  566
  778
  1,046
  1,374
  1,769
  2,236
  2,779
  3,399
  4,099
  4,879
  5,739
  6,679
  7,696
  8,789
  9,957
  11,198
  12,509
  13,890
  15,340
  16,857
  18,443
  20,096
  21,817
  23,609
  25,471
  27,407
  29,419
  31,509
  33,682
  35,941
  38,290
Total liabilities and equity, $m
  732
  1,007
  1,353
  1,778
  2,289
  2,893
  3,595
  4,397
  5,303
  6,312
  7,424
  8,640
  9,956
  11,370
  12,881
  14,486
  16,182
  17,969
  19,845
  21,807
  23,859
  25,997
  28,224
  30,542
  32,951
  35,455
  38,058
  40,762
  43,573
  46,495
  49,534
Debt-to-equity ratio
  0.000
  0.080
  0.130
  0.170
  0.200
  0.220
  0.230
  0.240
  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
  0.290
  0.290
  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
  349
  524
  740
  1,002
  1,311
  1,670
  2,082
  2,547
  3,066
  3,639
  4,264
  4,942
  5,671
  6,449
  7,276
  8,150
  9,071
  10,038
  11,051
  12,108
  13,211
  14,360
  15,555
  16,798
  18,090
  19,433
  20,829
  22,279
  23,787
  25,356
Depreciation, amort., depletion, $m
  53
  26
  34
  45
  58
  74
  91
  112
  135
  161
  189
  220
  253
  289
  328
  369
  412
  457
  505
  555
  607
  662
  718
  777
  839
  902
  969
  1,037
  1,109
  1,183
  1,261
Funds from operations, $m
  249
  374
  559
  786
  1,060
  1,384
  1,762
  2,194
  2,682
  3,227
  3,828
  4,484
  5,195
  5,960
  6,777
  7,645
  8,562
  9,529
  10,544
  11,606
  12,716
  13,873
  15,078
  16,333
  17,637
  18,993
  20,402
  21,866
  23,388
  24,971
  26,616
Change in working capital, $m
  -53
  141
  177
  217
  262
  309
  359
  410
  463
  516
  569
  622
  673
  723
  773
  821
  868
  914
  959
  1,004
  1,049
  1,094
  1,139
  1,185
  1,232
  1,281
  1,331
  1,383
  1,438
  1,495
  1,554
Cash from operations, $m
  302
  234
  382
  568
  798
  1,075
  1,403
  1,784
  2,219
  2,711
  3,259
  3,863
  4,522
  5,237
  6,004
  6,824
  7,695
  8,615
  9,584
  10,602
  11,667
  12,779
  13,939
  15,147
  16,405
  17,712
  19,071
  20,483
  21,951
  23,476
  25,062
Maintenance CAPEX, $m
  0
  -19
  -26
  -34
  -45
  -58
  -74
  -91
  -112
  -135
  -161
  -189
  -220
  -253
  -289
  -328
  -369
  -412
  -457
  -505
  -555
  -607
  -662
  -718
  -777
  -839
  -902
  -969
  -1,037
  -1,109
  -1,183
New CAPEX, $m
  -35
  -35
  -44
  -54
  -65
  -77
  -89
  -102
  -115
  -128
  -142
  -155
  -167
  -180
  -192
  -204
  -216
  -227
  -239
  -250
  -261
  -272
  -283
  -295
  -307
  -319
  -331
  -344
  -358
  -372
  -387
Cash from investing activities, $m
  -35
  -54
  -70
  -88
  -110
  -135
  -163
  -193
  -227
  -263
  -303
  -344
  -387
  -433
  -481
  -532
  -585
  -639
  -696
  -755
  -816
  -879
  -945
  -1,013
  -1,084
  -1,158
  -1,233
  -1,313
  -1,395
  -1,481
  -1,570
Free cash flow, $m
  267
  180
  312
  480
  688
  940
  1,240
  1,590
  1,992
  2,447
  2,956
  3,519
  4,135
  4,803
  5,522
  6,292
  7,110
  7,976
  8,888
  9,847
  10,851
  11,900
  12,994
  14,134
  15,321
  16,555
  17,837
  19,170
  20,555
  21,995
  23,492
Issuance/(repayment) of debt, $m
  0
  63
  78
  96
  116
  137
  159
  182
  206
  229
  253
  276
  299
  321
  343
  364
  385
  406
  426
  446
  466
  485
  506
  526
  547
  568
  591
  614
  638
  663
  690
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
  63
  78
  96
  116
  137
  159
  182
  206
  229
  253
  276
  299
  321
  343
  364
  385
  406
  426
  446
  466
  485
  506
  526
  547
  568
  591
  614
  638
  663
  690
Total cash flow (excl. dividends), $m
  0
  242
  391
  576
  804
  1,077
  1,399
  1,772
  2,198
  2,677
  3,209
  3,795
  4,434
  5,124
  5,865
  6,656
  7,495
  8,381
  9,314
  10,292
  11,316
  12,385
  13,500
  14,660
  15,868
  17,123
  18,428
  19,784
  21,194
  22,659
  24,182
Retained Cash Flow (-), $m
  -181
  -212
  -267
  -328
  -395
  -467
  -542
  -620
  -700
  -780
  -860
  -939
  -1,017
  -1,093
  -1,168
  -1,240
  -1,311
  -1,381
  -1,450
  -1,518
  -1,585
  -1,653
  -1,722
  -1,791
  -1,863
  -1,936
  -2,012
  -2,091
  -2,173
  -2,259
  -2,349
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
  123
  248
  409
  610
  857
  1,152
  1,498
  1,896
  2,349
  2,856
  3,417
  4,031
  4,698
  5,416
  6,184
  7,000
  7,864
  8,775
  9,731
  10,732
  11,778
  12,869
  14,005
  15,187
  16,416
  17,694
  19,021
  20,400
  21,833
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
 
  29
  113
  216
  337
  473
  622
  778
  936
  1,089
  1,231
  1,356
  1,458
  1,533
  1,577
  1,590
  1,571
  1,523
  1,448
  1,351
  1,237
  1,110
  977
  843
  713
  591
  479
  380
  294
  223
  164
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 13.5
Price to Sales 6.7
Price to Book 10.5
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 22.3
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 37.6% 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 108.254 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 $6.0 billion.

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COMPANY NEWS

▶ 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]
▶ Breakout Watch: Top Funds Buy This Biotech IPO With 196% Growth   [Jun-08-17 11:13AM  Investor's Business Daily]
▶ Insiders Love Bioverativ, Juno Therapeutics and More   [May-31-17 01:11PM  TheStreet.com]
▶ Biogen Spinoff Bioverativ Squares Off With Roche After $400 Million Buy   [May-24-17 04:15PM  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]
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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