Intrinsic value of Illumina - ILMN

Previous Close

$201.41

  Intrinsic Value

$96.74

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

-48%

Previous close

$201.41

 
Intrinsic value

$96.74

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

-48%

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

We calculate the intrinsic value of ILMN 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 2017), $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 29.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.02
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  2,398
  2,645
  2,903
  3,173
  3,454
  3,747
  4,052
  4,369
  4,698
  5,040
  5,395
  5,765
  6,149
  6,549
  6,964
  7,397
  7,847
  8,317
  8,806
  9,317
  9,849
  10,405
  10,986
  11,592
  12,226
  12,889
  13,583
  14,308
  15,068
  15,863
  16,696
Variable operating expenses, $m
 
  1,907
  2,086
  2,272
  2,467
  2,669
  2,880
  3,099
  3,327
  3,563
  3,809
  3,987
  4,253
  4,529
  4,817
  5,116
  5,428
  5,752
  6,091
  6,444
  6,812
  7,197
  7,598
  8,018
  8,456
  8,915
  9,394
  9,896
  10,422
  10,972
  11,548
Fixed operating expenses, $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
Total operating expenses, $m
  1,811
  1,907
  2,086
  2,272
  2,467
  2,669
  2,880
  3,099
  3,327
  3,563
  3,809
  3,987
  4,253
  4,529
  4,817
  5,116
  5,428
  5,752
  6,091
  6,444
  6,812
  7,197
  7,598
  8,018
  8,456
  8,915
  9,394
  9,896
  10,422
  10,972
  11,548
Operating income, $m
  587
  738
  818
  901
  988
  1,078
  1,172
  1,270
  1,371
  1,477
  1,586
  1,778
  1,896
  2,019
  2,147
  2,281
  2,420
  2,565
  2,715
  2,873
  3,037
  3,208
  3,388
  3,575
  3,770
  3,975
  4,188
  4,412
  4,646
  4,892
  5,148
EBITDA, $m
  728
  894
  982
  1,073
  1,168
  1,267
  1,370
  1,477
  1,589
  1,704
  1,825
  1,950
  2,079
  2,215
  2,355
  2,501
  2,654
  2,813
  2,978
  3,151
  3,331
  3,519
  3,715
  3,920
  4,135
  4,359
  4,593
  4,839
  5,096
  5,365
  5,646
Interest expense (income), $m
  0
  37
  44
  52
  60
  69
  78
  87
  97
  107
  117
  128
  139
  151
  163
  175
  189
  202
  217
  231
  247
  263
  280
  298
  316
  335
  356
  377
  399
  422
  446
Earnings before tax, $m
  561
  701
  774
  849
  927
  1,009
  1,094
  1,183
  1,274
  1,370
  1,469
  1,650
  1,757
  1,869
  1,985
  2,105
  2,231
  2,362
  2,499
  2,641
  2,790
  2,945
  3,108
  3,277
  3,454
  3,639
  3,833
  4,036
  4,248
  4,470
  4,702
Tax expense, $m
  133
  189
  209
  229
  250
  272
  295
  319
  344
  370
  397
  445
  474
  505
  536
  568
  602
  638
  675
  713
  753
  795
  839
  885
  933
  983
  1,035
  1,090
  1,147
  1,207
  1,270
Net income, $m
  463
  512
  565
  620
  677
  737
  799
  863
  930
  1,000
  1,073
  1,204
  1,283
  1,364
  1,449
  1,537
  1,629
  1,724
  1,824
  1,928
  2,037
  2,150
  2,268
  2,392
  2,521
  2,657
  2,798
  2,946
  3,101
  3,263
  3,433

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,559
  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
  4,281
  3,002
  3,296
  3,602
  3,921
  4,254
  4,599
  4,959
  5,332
  5,721
  6,124
  6,544
  6,980
  7,433
  7,905
  8,396
  8,907
  9,440
  9,996
  10,575
  11,179
  11,810
  12,469
  13,158
  13,878
  14,630
  15,417
  16,241
  17,103
  18,006
  18,951
Adjusted assets (=assets-cash), $m
  2,722
  3,002
  3,296
  3,602
  3,921
  4,254
  4,599
  4,959
  5,332
  5,721
  6,124
  6,544
  6,980
  7,433
  7,905
  8,396
  8,907
  9,440
  9,996
  10,575
  11,179
  11,810
  12,469
  13,158
  13,878
  14,630
  15,417
  16,241
  17,103
  18,006
  18,951
Revenue / Adjusted assets
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
  0.881
Average production assets, $m
  786
  868
  952
  1,041
  1,133
  1,229
  1,329
  1,433
  1,541
  1,653
  1,770
  1,891
  2,017
  2,148
  2,284
  2,426
  2,574
  2,728
  2,888
  3,056
  3,231
  3,413
  3,603
  3,802
  4,010
  4,228
  4,455
  4,693
  4,942
  5,203
  5,476
Working capital, $m
  1,613
  61
  67
  73
  79
  86
  93
  100
  108
  116
  124
  133
  141
  151
  160
  170
  180
  191
  203
  214
  227
  239
  253
  267
  281
  296
  312
  329
  347
  365
  384
Total debt, $m
  1,049
  1,262
  1,486
  1,720
  1,965
  2,219
  2,483
  2,758
  3,044
  3,341
  3,650
  3,971
  4,304
  4,651
  5,012
  5,388
  5,779
  6,187
  6,612
  7,055
  7,517
  8,000
  8,504
  9,031
  9,581
  10,157
  10,759
  11,389
  12,049
  12,739
  13,463
Total liabilities, $m
  2,083
  2,297
  2,521
  2,755
  3,000
  3,254
  3,518
  3,793
  4,079
  4,376
  4,685
  5,006
  5,339
  5,686
  6,047
  6,423
  6,814
  7,222
  7,647
  8,090
  8,552
  9,035
  9,539
  10,066
  10,616
  11,192
  11,794
  12,424
  13,084
  13,774
  14,498
Total equity, $m
  2,197
  706
  774
  846
  921
  1,000
  1,081
  1,165
  1,253
  1,344
  1,439
  1,538
  1,640
  1,747
  1,858
  1,973
  2,093
  2,218
  2,349
  2,485
  2,627
  2,775
  2,930
  3,092
  3,261
  3,438
  3,623
  3,817
  4,019
  4,231
  4,454
Total liabilities and equity, $m
  4,280
  3,003
  3,295
  3,601
  3,921
  4,254
  4,599
  4,958
  5,332
  5,720
  6,124
  6,544
  6,979
  7,433
  7,905
  8,396
  8,907
  9,440
  9,996
  10,575
  11,179
  11,810
  12,469
  13,158
  13,877
  14,630
  15,417
  16,241
  17,103
  18,005
  18,952
Debt-to-equity ratio
  0.477
  1.790
  1.920
  2.030
  2.130
  2.220
  2.300
  2.370
  2.430
  2.490
  2.540
  2.580
  2.620
  2.660
  2.700
  2.730
  2.760
  2.790
  2.810
  2.840
  2.860
  2.880
  2.900
  2.920
  2.940
  2.950
  2.970
  2.980
  3.000
  3.010
  3.020
Adjusted equity ratio
  0.234
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  463
  512
  565
  620
  677
  737
  799
  863
  930
  1,000
  1,073
  1,204
  1,283
  1,364
  1,449
  1,537
  1,629
  1,724
  1,824
  1,928
  2,037
  2,150
  2,268
  2,392
  2,521
  2,657
  2,798
  2,946
  3,101
  3,263
  3,433
Depreciation, amort., depletion, $m
  141
  156
  164
  172
  181
  189
  198
  208
  218
  228
  238
  172
  183
  195
  208
  221
  234
  248
  263
  278
  294
  310
  328
  346
  365
  384
  405
  427
  449
  473
  498
Funds from operations, $m
  642
  668
  729
  792
  858
  926
  997
  1,071
  1,148
  1,228
  1,311
  1,376
  1,466
  1,559
  1,656
  1,758
  1,863
  1,972
  2,087
  2,206
  2,330
  2,460
  2,596
  2,738
  2,886
  3,041
  3,203
  3,373
  3,550
  3,736
  3,931
Change in working capital, $m
  -45
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
Cash from operations, $m
  687
  663
  723
  786
  851
  919
  990
  1,064
  1,140
  1,220
  1,303
  1,368
  1,457
  1,550
  1,647
  1,748
  1,852
  1,962
  2,076
  2,194
  2,318
  2,448
  2,583
  2,724
  2,871
  3,026
  3,187
  3,356
  3,533
  3,718
  3,912
Maintenance CAPEX, $m
  0
  -71
  -79
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -150
  -161
  -172
  -183
  -195
  -208
  -221
  -234
  -248
  -263
  -278
  -294
  -310
  -328
  -346
  -365
  -384
  -405
  -427
  -449
  -473
New CAPEX, $m
  -271
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -167
  -175
  -182
  -190
  -199
  -208
  -217
  -227
  -238
  -249
  -261
  -273
Cash from investing activities, $m
  -515
  -153
  -164
  -175
  -187
  -199
  -212
  -225
  -238
  -252
  -267
  -282
  -298
  -314
  -331
  -350
  -369
  -388
  -409
  -430
  -453
  -476
  -500
  -527
  -554
  -582
  -611
  -643
  -676
  -710
  -746
Free cash flow, $m
  172
  510
  559
  611
  664
  720
  779
  839
  902
  968
  1,036
  1,086
  1,159
  1,236
  1,315
  1,398
  1,484
  1,574
  1,667
  1,764
  1,866
  1,972
  2,082
  2,197
  2,318
  2,444
  2,575
  2,713
  2,857
  3,008
  3,165
Issuance/(repayment) of debt, $m
  -61
  214
  224
  234
  244
  254
  265
  275
  286
  297
  309
  321
  334
  347
  361
  376
  391
  408
  425
  443
  462
  483
  504
  527
  551
  576
  602
  630
  660
  690
  723
Issuance/(repurchase) of shares, $m
  -202
  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  
  -205
  214
  224
  234
  244
  254
  265
  275
  286
  297
  309
  321
  334
  347
  361
  376
  391
  408
  425
  443
  462
  483
  504
  527
  551
  576
  602
  630
  660
  690
  723
Total cash flow (excl. dividends), $m
  -34
  723
  784
  845
  909
  975
  1,043
  1,114
  1,188
  1,265
  1,345
  1,407
  1,493
  1,583
  1,676
  1,774
  1,875
  1,981
  2,092
  2,208
  2,328
  2,454
  2,586
  2,724
  2,868
  3,019
  3,177
  3,343
  3,516
  3,698
  3,888
Retained Cash Flow (-), $m
  -348
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -102
  -107
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -212
  -222
Prev. year cash balance distribution, $m
 
  1,558
  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
 
  2,215
  715
  773
  833
  896
  962
  1,030
  1,100
  1,174
  1,250
  1,308
  1,390
  1,476
  1,565
  1,658
  1,755
  1,856
  1,961
  2,071
  2,186
  2,306
  2,431
  2,562
  2,699
  2,843
  2,992
  3,149
  3,314
  3,486
  3,666
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
 
  2,124
  654
  673
  686
  695
  698
  696
  688
  674
  655
  621
  593
  561
  526
  487
  446
  404
  361
  319
  278
  239
  202
  168
  137
  111
  87
  68
  51
  38
  28
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

Illumina, Inc. (Illumina) is a provider of sequencing- and array-based solutions for genetic analysis. The Company operates through two segments: Core Illumina and the consolidated variable interest entities (VIEs), which include the activities of GRAIL, Inc. (GRAIL) and Helix Holdings I, LLC (Helix). Core Illumina consists of its core operations. Core Illumina's products and services serve customers in the research, clinical and applied markets, and enable the adoption of a range of genomic solutions. The Company's portfolio of integrated systems, consumables and analysis tools addresses the range of genomic complexity, price points, and throughput, enabling customers to select the solution for their research or clinical challenge. The Company provides reproductive-health solutions, including noninvasive prenatal testing (NIPT), preimplantation genetic screening and diagnosis, and neonatal and genetic health testing.

FINANCIAL RATIOS  of  Illumina (ILMN)

Valuation Ratios
P/E Ratio 63.6
Price to Sales 12.3
Price to Book 13.4
Price to Tangible Book
Price to Cash Flow 42.9
Price to Free Cash Flow 70.8
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 89.5%
Cap. Spend. - 3 Yr. Gr. Rate 24.4%
Financial Strength
Quick Ratio 1559
Current Ratio 0
LT Debt to Equity 47.7%
Total Debt to Equity 47.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 12%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 22.9%
Return On Equity - 3 Yr. Avg. 24.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 69.5%
Gross Margin - 3 Yr. Avg. 69.7%
EBITDA Margin 29.3%
EBITDA Margin - 3 Yr. Avg. 30.5%
Operating Margin 24.5%
Oper. Margin - 3 Yr. Avg. 26.6%
Pre-Tax Margin 23.4%
Pre-Tax Margin - 3 Yr. Avg. 24.6%
Net Profit Margin 19.3%
Net Profit Margin - 3 Yr. Avg. 19.7%
Effective Tax Rate 23.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 0%

ILMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ILMN stock intrinsic value calculation we used $2398 million for the last fiscal year's total revenue generated by Illumina. The default revenue input number comes from 2017 income statement of Illumina. 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 ILMN stock valuation model: a) initial revenue growth rate of 10.3% 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 ILMN is calculated based on our internal credit rating of Illumina, 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 Illumina.
    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 ILMN stock the variable cost ratio is equal to 72.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ILMN 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 Illumina.

Corporate tax rate of 27% is the nominal tax rate for Illumina. 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 ILMN 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 ILMN are equal to 32.8%.

Life of production assets of 11 years is the average useful life of capital assets used in Illumina 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 ILMN is equal to 2.3%. 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 - $2197 million for Illumina - 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 144.961 million for Illumina 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 Illumina at the current share price and the inputted number of shares is $29.2 billion.

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COMPANY NEWS

▶ Investor expectations for Q3 earnings might be too high: NYSE trader   [Sep-19-17 03:09PM  Yahoo Finance Video]
▶ ETFs with exposure to Illumina, Inc. : September 14, 2017   [Sep-14-17 06:25PM  Capital Cube]
▶ Why Illumina Rose 18.7% in August   [Sep-07-17 11:47AM  Motley Fool]
▶ These 5 underloved stocks are hidden gems   [Aug-18-17 07:47AM  MarketWatch]
▶ One Company That's Set to Win From Precision Medicine   [Aug-15-17 05:35PM  Motley Fool]
▶ Your Genome May Become the Next Facebook   [Aug-13-17 11:32AM  Motley Fool]
▶ Illumina Introduces a New Genomic Era   [Aug-09-17 08:02AM  Motley Fool]
▶ Asia shares fall as Apple's glossy earnings effect fades   [Aug-02-17 11:25PM  Associated Press]
▶ The Hot Stock: Illumina Roars 15% Higher   [04:16PM  Barrons.com]
▶ Stocks Open Higher: Apple Breaks Out, Dow Clears 22,000   [09:50AM  Investor's Business Daily]
▶ Illumina tops Street 2Q forecasts   [Aug-01-17 10:56PM  Associated Press]
▶ Illumina beats on top line   [04:39PM  CNBC Videos]
▶ ETFs with exposure to Illumina, Inc. : July 24, 2017   [Jul-24-17 04:41PM  Capital Cube]
▶ Helix: An 'app' store for your DNA   [07:50AM  CNBC Videos]
▶ 7 Near-Monopolies That Are Perfectly Legal in America   [Jul-21-17 07:15AM  Motley Fool]
▶ ETFs with exposure to Illumina, Inc. : July 14, 2017   [Jul-14-17 03:04PM  Capital Cube]
▶ 6 Growth Stocks That Will Outlast a Bear Market   [Jul-12-17 06:00AM  Investopedia]
▶ 3 Charts That Every Illumina, Inc. Investor Needs to See   [Jul-05-17 04:22PM  Motley Fool]
▶ Better Buy: Illumina, Inc. vs. Roche Holding Ltd. (ADR)   [Jul-01-17 06:44AM  Motley Fool]
▶ ETFs with exposure to Illumina, Inc. : June 30, 2017   [Jun-30-17 03:03PM  Capital Cube]
▶ Adamas Appoints New Chief Financial Officer   [Jun-28-17 09:00AM  GlobeNewswire]
▶ 3 Stocks With Veeva Systems-Like Return Potential   [Jun-23-17 02:42PM  Motley Fool]
▶ Illumina Shines as Another Biotech Winner   [Jun-22-17 03:52PM  TheStreet.com]
▶ ETFs with exposure to Illumina, Inc. : June 19, 2017   [Jun-19-17 03:31PM  Capital Cube]
▶ Exact Sciences Corporation: The Bear Case From a Bull   [Jun-07-17 03:43PM  Motley Fool]
▶ 3 Top Gene-Sequencing Stocks Poised for Solid Growth   [May-31-17 04:42PM  Motley Fool]
▶ Historically Strong Stocks in June   [01:00PM  Investopedia]
Financial statements of ILMN
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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