Intrinsic value of Exelixis - EXEL

Previous Close

$26.42

  Intrinsic Value

$18.26

stock screener

  Rating & Target

sell

-31%

Previous close

$26.42

 
Intrinsic value

$18.26

 
Up/down potential

-31%

 
Rating

sell

We calculate the intrinsic value of EXEL 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 7.8

 

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, %
  416.22
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  191
  306
  472
  706
  1,025
  1,445
  1,987
  2,667
  3,502
  4,507
  5,692
  7,069
  8,642
  10,417
  12,394
  14,573
  16,952
  19,527
  22,294
  25,250
  28,388
  31,706
  35,199
  38,865
  42,703
  46,712
  50,892
  55,245
  59,774
  64,483
  69,378
Variable operating expenses, $m
 
  259
  396
  589
  852
  1,200
  1,647
  2,208
  2,898
  3,727
  4,705
  5,835
  7,134
  8,599
  10,231
  12,030
  13,993
  16,119
  18,404
  20,843
  23,434
  26,173
  29,056
  32,083
  35,251
  38,560
  42,011
  45,604
  49,343
  53,230
  57,271
Fixed operating expenses, $m
 
  133
  137
  140
  143
  147
  151
  155
  158
  162
  166
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
Total operating expenses, $m
  233
  392
  533
  729
  995
  1,347
  1,798
  2,363
  3,056
  3,889
  4,871
  6,006
  7,309
  8,778
  10,415
  12,218
  14,186
  16,317
  18,607
  21,051
  23,647
  26,391
  29,280
  32,312
  35,486
  38,801
  42,258
  45,857
  49,603
  53,496
  57,544
Operating income, $m
  -42
  -86
  -61
  -23
  29
  99
  190
  305
  446
  618
  821
  1,063
  1,333
  1,639
  1,979
  2,355
  2,765
  3,210
  3,688
  4,198
  4,741
  5,315
  5,919
  6,553
  7,217
  7,911
  8,634
  9,387
  10,171
  10,987
  11,834
EBITDA, $m
  -41
  -80
  -54
  -17
  35
  105
  196
  311
  453
  625
  828
  1,064
  1,335
  1,640
  1,981
  2,357
  2,768
  3,213
  3,692
  4,203
  4,746
  5,320
  5,925
  6,559
  7,224
  7,918
  8,642
  9,397
  10,181
  10,998
  11,846
Interest expense (income), $m
  21
  0
  -5
  5
  20
  39
  65
  98
  140
  191
  253
  326
  410
  507
  616
  737
  871
  1,017
  1,175
  1,345
  1,526
  1,719
  1,923
  2,137
  2,362
  2,598
  2,844
  3,100
  3,368
  3,646
  3,935
Earnings before tax, $m
  -70
  -86
  -56
  -29
  9
  59
  124
  206
  306
  426
  567
  737
  923
  1,132
  1,363
  1,618
  1,894
  2,193
  2,513
  2,853
  3,215
  3,596
  3,996
  4,416
  4,855
  5,313
  5,790
  6,287
  6,804
  7,341
  7,900
Tax expense, $m
  0
  0
  0
  0
  2
  16
  34
  56
  83
  115
  153
  199
  249
  306
  368
  437
  511
  592
  678
  770
  868
  971
  1,079
  1,192
  1,311
  1,434
  1,563
  1,698
  1,837
  1,982
  2,133
Net income, $m
  -70
  -86
  -56
  -29
  7
  43
  91
  150
  224
  311
  414
  538
  674
  826
  995
  1,181
  1,383
  1,601
  1,834
  2,083
  2,347
  2,625
  2,917
  3,224
  3,544
  3,878
  4,227
  4,590
  4,967
  5,359
  5,767

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  420
  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
  596
  282
  435
  651
  944
  1,332
  1,831
  2,458
  3,228
  4,154
  5,246
  6,515
  7,965
  9,601
  11,423
  13,431
  15,624
  17,997
  20,548
  23,271
  26,164
  29,222
  32,441
  35,821
  39,358
  43,052
  46,905
  50,917
  55,091
  59,431
  63,943
Adjusted assets (=assets-cash), $m
  176
  282
  435
  651
  944
  1,332
  1,831
  2,458
  3,228
  4,154
  5,246
  6,515
  7,965
  9,601
  11,423
  13,431
  15,624
  17,997
  20,548
  23,271
  26,164
  29,222
  32,441
  35,821
  39,358
  43,052
  46,905
  50,917
  55,091
  59,431
  63,943
Revenue / Adjusted assets
  1.085
  1.085
  1.085
  1.084
  1.086
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
Average production assets, $m
  1
  2
  2
  4
  5
  7
  10
  13
  18
  23
  28
  35
  43
  52
  62
  73
  85
  98
  111
  126
  142
  159
  176
  194
  214
  234
  254
  276
  299
  322
  347
Working capital, $m
  200
  -50
  -76
  -114
  -166
  -234
  -322
  -432
  -567
  -730
  -922
  -1,145
  -1,400
  -1,687
  -2,008
  -2,361
  -2,746
  -3,163
  -3,612
  -4,090
  -4,599
  -5,136
  -5,702
  -6,296
  -6,918
  -7,567
  -8,244
  -8,950
  -9,683
  -10,446
  -11,239
Total debt, $m
  189
  -65
  74
  268
  532
  881
  1,330
  1,895
  2,587
  3,420
  4,404
  5,545
  6,851
  8,323
  9,963
  11,770
  13,743
  15,879
  18,175
  20,626
  23,230
  25,982
  28,879
  31,921
  35,104
  38,429
  41,896
  45,507
  49,264
  53,170
  57,230
Total liabilities, $m
  506
  253
  392
  586
  850
  1,199
  1,648
  2,213
  2,905
  3,738
  4,722
  5,863
  7,169
  8,641
  10,281
  12,088
  14,061
  16,197
  18,493
  20,944
  23,548
  26,300
  29,197
  32,239
  35,422
  38,747
  42,214
  45,825
  49,582
  53,488
  57,548
Total equity, $m
  89
  28
  44
  65
  94
  133
  183
  246
  323
  415
  525
  651
  797
  960
  1,142
  1,343
  1,562
  1,800
  2,055
  2,327
  2,616
  2,922
  3,244
  3,582
  3,936
  4,305
  4,690
  5,092
  5,509
  5,943
  6,394
Total liabilities and equity, $m
  595
  281
  436
  651
  944
  1,332
  1,831
  2,459
  3,228
  4,153
  5,247
  6,514
  7,966
  9,601
  11,423
  13,431
  15,623
  17,997
  20,548
  23,271
  26,164
  29,222
  32,441
  35,821
  39,358
  43,052
  46,904
  50,917
  55,091
  59,431
  63,942
Debt-to-equity ratio
  2.124
  -2.290
  1.690
  4.110
  5.630
  6.610
  7.260
  7.710
  8.010
  8.230
  8.390
  8.510
  8.600
  8.670
  8.720
  8.760
  8.800
  8.820
  8.850
  8.860
  8.880
  8.890
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
Adjusted equity ratio
  -1.881
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -70
  -86
  -56
  -29
  7
  43
  91
  150
  224
  311
  414
  538
  674
  826
  995
  1,181
  1,383
  1,601
  1,834
  2,083
  2,347
  2,625
  2,917
  3,224
  3,544
  3,878
  4,227
  4,590
  4,967
  5,359
  5,767
Depreciation, amort., depletion, $m
  1
  6
  6
  7
  7
  7
  7
  7
  7
  7
  7
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
Funds from operations, $m
  441
  -80
  -49
  -22
  13
  50
  98
  157
  231
  318
  422
  539
  675
  828
  997
  1,183
  1,386
  1,604
  1,838
  2,087
  2,351
  2,630
  2,923
  3,230
  3,551
  3,886
  4,235
  4,599
  4,977
  5,370
  5,778
Change in working capital, $m
  235
  -19
  -27
  -38
  -52
  -68
  -88
  -110
  -135
  -163
  -192
  -223
  -255
  -287
  -320
  -353
  -385
  -417
  -448
  -479
  -508
  -537
  -566
  -594
  -622
  -649
  -677
  -705
  -734
  -763
  -793
Cash from operations, $m
  206
  -61
  -22
  16
  65
  118
  185
  267
  366
  481
  614
  762
  930
  1,115
  1,318
  1,536
  1,771
  2,021
  2,286
  2,566
  2,860
  3,167
  3,489
  3,824
  4,173
  4,536
  4,912
  5,304
  5,711
  6,133
  6,571
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
New CAPEX, $m
  -2
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -24
Cash from investing activities, $m
  -216
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -35
Free cash flow, $m
  -10
  -62
  -23
  15
  63
  116
  182
  264
  361
  475
  607
  754
  921
  1,105
  1,306
  1,523
  1,757
  2,005
  2,269
  2,547
  2,840
  3,146
  3,466
  3,800
  4,147
  4,508
  4,884
  5,274
  5,679
  6,099
  6,536
Issuance/(repayment) of debt, $m
  -8
  -65
  138
  194
  264
  349
  449
  564
  693
  833
  983
  1,142
  1,305
  1,472
  1,640
  1,808
  1,973
  2,136
  2,296
  2,451
  2,603
  2,752
  2,898
  3,041
  3,183
  3,325
  3,467
  3,611
  3,757
  3,906
  4,060
Issuance/(repurchase) of shares, $m
  28
  256
  71
  50
  23
  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  
  20
  191
  209
  244
  287
  349
  449
  564
  693
  833
  983
  1,142
  1,305
  1,472
  1,640
  1,808
  1,973
  2,136
  2,296
  2,451
  2,603
  2,752
  2,898
  3,041
  3,183
  3,325
  3,467
  3,611
  3,757
  3,906
  4,060
Total cash flow (excl. dividends), $m
  10
  130
  186
  259
  350
  465
  632
  828
  1,054
  1,309
  1,590
  1,896
  2,226
  2,577
  2,946
  3,331
  3,730
  4,142
  4,565
  4,999
  5,443
  5,898
  6,364
  6,841
  7,331
  7,834
  8,351
  8,885
  9,436
  10,006
  10,596
Retained Cash Flow (-), $m
  -193
  -256
  -71
  -50
  -29
  -39
  -50
  -63
  -77
  -93
  -109
  -127
  -145
  -164
  -182
  -201
  -219
  -237
  -255
  -272
  -289
  -306
  -322
  -338
  -354
  -369
  -385
  -401
  -417
  -434
  -451
Prev. year cash balance distribution, $m
 
  231
  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
 
  105
  115
  209
  321
  426
  582
  765
  977
  1,216
  1,481
  1,769
  2,081
  2,413
  2,764
  3,130
  3,511
  3,904
  4,310
  4,726
  5,154
  5,592
  6,042
  6,503
  6,977
  7,464
  7,966
  8,483
  9,018
  9,571
  10,145
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
 
  100
  105
  182
  264
  330
  422
  517
  611
  698
  777
  840
  888
  918
  928
  919
  892
  850
  794
  728
  655
  578
  501
  426
  355
  290
  232
  182
  140
  104
  76
Current shareholders' claim on cash, %
  100
  50.0
  39.9
  35.8
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6
  34.6

Exelixis, Inc. is a biopharmaceutical company. The Company is focused on discovery, development and commercialization of new medicines to manage care and outcomes for people with cancer. The Company's cabozantinib product is an inhibitor of multiple tyrosine kinases, including MET, AXL, and VEGF receptors. The Company's CABOMETYX tablets are approved for previously treated advanced kidney cancer and COMETRIQ capsules are approved for progressive, metastatic medullary thyroid cancer. The third product, Cotellic, is a formulation of cobimetinib, a selective inhibitor of MEK is approved as part of a combination regimen to treat advanced melanoma. Both cabozantinib and cobimetinib have shown potential in a range of forms of cancer and are the subjects of broad clinical development programs. The Company's XL888 is a small molecule oral inhibitor of Heat Shock Protein 90 (HSP90), a molecular chaperone protein.

FINANCIAL RATIOS  of  Exelixis (EXEL)

Valuation Ratios
P/E Ratio -109.4
Price to Sales 40.1
Price to Book 86.1
Price to Tangible Book
Price to Cash Flow 37.2
Price to Free Cash Flow 37.5
Growth Rates
Sales Growth Rate 416.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 212.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -10.6%
Ret/ On Assets - 3 Yr. Avg. -37.5%
Return On Total Capital -25.2%
Ret/ On T. Cap. - 3 Yr. Avg. -55.8%
Return On Equity 933.3%
Return On Equity - 3 Yr. Avg. 715.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 96.9%
Gross Margin - 3 Yr. Avg. 92.7%
EBITDA Margin -25.1%
EBITDA Margin - 3 Yr. Avg. -455.4%
Operating Margin -22%
Oper. Margin - 3 Yr. Avg. -417.2%
Pre-Tax Margin -36.6%
Pre-Tax Margin - 3 Yr. Avg. -506.2%
Net Profit Margin -36.6%
Net Profit Margin - 3 Yr. Avg. -506.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EXEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXEL stock intrinsic value calculation we used $191 million for the last fiscal year's total revenue generated by Exelixis. The default revenue input number comes from 2016 income statement of Exelixis. 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 EXEL stock valuation model: a) initial revenue growth rate of 60% 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 EXEL is calculated based on our internal credit rating of Exelixis, 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 Exelixis.
    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 EXEL stock the variable cost ratio is equal to 85.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $130 million in the base year in the intrinsic value calculation for EXEL 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 7.4% for Exelixis.

Corporate tax rate of 27% is the nominal tax rate for Exelixis. 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 EXEL 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 EXEL are equal to 0.5%.

Life of production assets of 65 years is the average useful life of capital assets used in Exelixis 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 EXEL is equal to -16.2%. 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 - $89 million for Exelixis - 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 294.074 million for Exelixis 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 Exelixis at the current share price and the inputted number of shares is $7.8 billion.

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COMPANY NEWS

▶ Is Exelixis, Inc. a Buy?   [Dec-07-17 09:11AM  Motley Fool]
▶ Top 5 Biotech Stocks for 2017   [Dec-06-17 04:50PM  Investopedia]
▶ Analysts Recommendations for Regeneron   [Dec-04-17 01:45PM  Market Realist]
▶ Stocks To Watch: Exelixis Sees Relative Strength Rating Rise To 84   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Best Growth Stocks To Buy   [Nov-25-17 11:02AM  Simply Wall St.]
▶ Gauging Exelixiss High Hopes for Cotellic   [Nov-23-17 07:31AM  Market Realist]
▶ Behind Exelixiss Cabometyx Strategy for 2018   [07:33AM  Market Realist]
▶ Whats Really Driving Exelixiss 2017 Revenues?   [01:25PM  Market Realist]
▶ ETFs with exposure to Exelixis, Inc. : November 20, 2017   [Nov-20-17 12:23PM  Capital Cube]
▶ Better Buy: Exelixis, Inc. vs. Novartis AG   [Nov-12-17 09:09AM  Motley Fool]
▶ ETFs with exposure to Exelixis, Inc. : November 9, 2017   [Nov-09-17 12:40PM  Capital Cube]
▶ Top 5 Biotech Stocks for 2017   [03:25PM  Investopedia]
▶ Exelixis Scores Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Exelixis tops Street 3Q forecasts   [Nov-01-17 05:59PM  Associated Press]
▶ Neurocrine, Exelixis, Juno Stocks Rocket After Crushing Views   [05:47PM  Investor's Business Daily]
▶ Exelixis, Inc. to Host Earnings Call   [12:30PM  ACCESSWIRE]
▶ ETFs with exposure to Exelixis, Inc. : October 30, 2017   [Oct-30-17 11:46AM  Capital Cube]
▶ 3 Top Biotech Stocks to Buy Now   [Oct-24-17 08:16AM  Motley Fool]
▶ Company News For Oct 17, 2017   [Oct-17-17 10:03AM  Zacks]
▶ What Happened in the Stock Market Today   [Oct-16-17 05:04PM  Motley Fool]
▶ Exelixis Rockets To 17-Year High On Kidney, Liver Cancer News   [04:40PM  Investor's Business Daily]
▶ Wall Street High on Monday   [03:49PM  GuruFocus.com]
▶ Why Exelixis, Inc. Rose Higher Today   [12:57PM  Motley Fool]
▶ Exelixis Cancer Treatment Hits Key Milestone   [09:10AM  24/7 Wall St.]
▶ ETFs with exposure to Exelixis, Inc. : October 9, 2017   [Oct-09-17 11:30AM  Capital Cube]
Financial statements of EXEL
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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