Intrinsic value of Innoviva - INVA

Previous Close

$12.64

  Intrinsic Value

$22.09

stock screener

  Rating & Target

str. buy

+75%

  Value-price divergence*

0%

Previous close

$12.64

 
Intrinsic value

$22.09

 
Up/down potential

+75%

 
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 INVA 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 1.3

 

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, %
  148.15
  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
  134
  214
  331
  495
  719
  1,014
  1,394
  1,871
  2,457
  3,162
  3,994
  4,959
  6,063
  7,308
  8,695
  10,224
  11,893
  13,700
  15,641
  17,714
  19,916
  22,244
  24,695
  27,267
  29,959
  32,772
  35,704
  38,758
  41,936
  45,239
  48,673
Variable operating expenses, $m
 
  18
  27
  41
  59
  83
  114
  153
  201
  259
  327
  407
  497
  599
  713
  838
  975
  1,123
  1,283
  1,453
  1,633
  1,824
  2,025
  2,236
  2,457
  2,687
  2,928
  3,178
  3,439
  3,710
  3,991
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Total operating expenses, $m
  25
  36
  46
  60
  79
  103
  135
  174
  223
  281
  350
  431
  521
  624
  738
  864
  1,002
  1,150
  1,311
  1,482
  1,662
  1,854
  2,056
  2,268
  2,490
  2,720
  2,962
  3,213
  3,475
  3,747
  4,029
Operating income, $m
  109
  178
  285
  435
  640
  911
  1,259
  1,696
  2,234
  2,880
  3,643
  4,529
  5,542
  6,684
  7,957
  9,359
  10,891
  12,549
  14,330
  16,233
  18,254
  20,389
  22,639
  24,999
  27,470
  30,051
  32,742
  35,545
  38,461
  41,493
  44,644
EBITDA, $m
  123
  201
  320
  487
  715
  1,016
  1,404
  1,892
  2,490
  3,210
  4,060
  5,047
  6,175
  7,447
  8,864
  10,427
  12,133
  13,979
  15,963
  18,082
  20,333
  22,712
  25,217
  27,846
  30,598
  33,472
  36,470
  39,591
  42,839
  46,216
  49,726
Interest expense (income), $m
  49
  49
  36
  56
  85
  123
  174
  240
  322
  424
  546
  689
  856
  1,047
  1,262
  1,502
  1,766
  2,055
  2,367
  2,703
  3,061
  3,442
  3,844
  4,268
  4,713
  5,178
  5,665
  6,171
  6,699
  7,249
  7,820
Earnings before tax, $m
  60
  130
  249
  379
  555
  787
  1,085
  1,457
  1,911
  2,456
  3,098
  3,840
  4,685
  5,637
  6,694
  7,857
  9,124
  10,494
  11,963
  13,530
  15,192
  16,947
  18,794
  20,731
  22,757
  24,873
  27,078
  29,373
  31,761
  34,244
  36,824
Tax expense, $m
  0
  35
  67
  102
  150
  213
  293
  393
  516
  663
  836
  1,037
  1,265
  1,522
  1,807
  2,121
  2,464
  2,833
  3,230
  3,653
  4,102
  4,576
  5,074
  5,597
  6,144
  6,716
  7,311
  7,931
  8,576
  9,246
  9,943
Net income, $m
  60
  95
  182
  277
  405
  575
  792
  1,063
  1,395
  1,793
  2,261
  2,803
  3,420
  4,115
  4,887
  5,736
  6,661
  7,660
  8,733
  9,877
  11,090
  12,372
  13,720
  15,134
  16,613
  18,157
  19,767
  21,443
  23,186
  24,998
  26,882

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  150
  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
  379
  606
  936
  1,399
  2,030
  2,865
  3,938
  5,286
  6,941
  8,932
  11,281
  14,009
  17,127
  20,644
  24,562
  28,881
  33,596
  38,699
  44,184
  50,040
  56,260
  62,835
  69,759
  77,025
  84,631
  92,575
  100,859
  109,486
  118,462
  127,795
  137,495
Adjusted assets (=assets-cash), $m
  229
  606
  936
  1,399
  2,030
  2,865
  3,938
  5,286
  6,941
  8,932
  11,281
  14,009
  17,127
  20,644
  24,562
  28,881
  33,596
  38,699
  44,184
  50,040
  56,260
  62,835
  69,759
  77,025
  84,631
  92,575
  100,859
  109,486
  118,462
  127,795
  137,495
Revenue / Adjusted assets
  0.585
  0.353
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
Average production assets, $m
  188
  300
  463
  693
  1,006
  1,419
  1,950
  2,618
  3,438
  4,423
  5,587
  6,938
  8,482
  10,224
  12,164
  14,303
  16,638
  19,166
  21,882
  24,782
  27,863
  31,119
  34,548
  38,146
  41,913
  45,847
  49,950
  54,223
  58,668
  63,290
  68,094
Working capital, $m
  178
  58
  89
  133
  193
  273
  375
  503
  661
  851
  1,074
  1,334
  1,631
  1,966
  2,339
  2,750
  3,199
  3,685
  4,207
  4,765
  5,357
  5,984
  6,643
  7,335
  8,059
  8,816
  9,604
  10,426
  11,281
  12,169
  13,093
Total debt, $m
  716
  529
  826
  1,243
  1,811
  2,562
  3,528
  4,742
  6,231
  8,022
  10,137
  12,592
  15,399
  18,564
  22,090
  25,977
  30,220
  34,813
  39,749
  45,020
  50,618
  56,536
  62,767
  69,306
  76,152
  83,302
  90,757
  98,522
  106,600
  115,000
  123,730
Total liabilities, $m
  732
  545
  842
  1,259
  1,827
  2,578
  3,544
  4,758
  6,247
  8,038
  10,153
  12,608
  15,415
  18,580
  22,106
  25,993
  30,236
  34,829
  39,765
  45,036
  50,634
  56,552
  62,783
  69,322
  76,168
  83,318
  90,773
  98,538
  106,616
  115,016
  123,746
Total equity, $m
  -353
  61
  94
  140
  203
  286
  394
  529
  694
  893
  1,128
  1,401
  1,713
  2,064
  2,456
  2,888
  3,360
  3,870
  4,418
  5,004
  5,626
  6,284
  6,976
  7,702
  8,463
  9,258
  10,086
  10,949
  11,846
  12,780
  13,750
Total liabilities and equity, $m
  379
  606
  936
  1,399
  2,030
  2,864
  3,938
  5,287
  6,941
  8,931
  11,281
  14,009
  17,128
  20,644
  24,562
  28,881
  33,596
  38,699
  44,183
  50,040
  56,260
  62,836
  69,759
  77,024
  84,631
  92,576
  100,859
  109,487
  118,462
  127,796
  137,496
Debt-to-equity ratio
  -2.028
  8.740
  8.830
  8.890
  8.920
  8.940
  8.960
  8.970
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
Adjusted equity ratio
  -2.162
  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
  60
  95
  182
  277
  405
  575
  792
  1,063
  1,395
  1,793
  2,261
  2,803
  3,420
  4,115
  4,887
  5,736
  6,661
  7,660
  8,733
  9,877
  11,090
  12,372
  13,720
  15,134
  16,613
  18,157
  19,767
  21,443
  23,186
  24,998
  26,882
Depreciation, amort., depletion, $m
  14
  22
  35
  52
  75
  106
  146
  195
  257
  330
  417
  518
  633
  763
  908
  1,067
  1,242
  1,430
  1,633
  1,849
  2,079
  2,322
  2,578
  2,847
  3,128
  3,421
  3,728
  4,046
  4,378
  4,723
  5,082
Funds from operations, $m
  39
  117
  216
  329
  480
  681
  937
  1,259
  1,652
  2,123
  2,678
  3,321
  4,053
  4,878
  5,795
  6,803
  7,902
  9,091
  10,366
  11,726
  13,170
  14,694
  16,298
  17,980
  19,741
  21,578
  23,494
  25,489
  27,564
  29,721
  31,963
Change in working capital, $m
  -22
  22
  31
  44
  60
  79
  102
  128
  158
  190
  224
  260
  297
  335
  373
  411
  449
  486
  522
  558
  592
  626
  659
  692
  724
  757
  789
  822
  855
  889
  924
Cash from operations, $m
  61
  95
  185
  284
  420
  601
  835
  1,130
  1,494
  1,934
  2,454
  3,061
  3,756
  4,543
  5,422
  6,392
  7,454
  8,605
  9,844
  11,169
  12,577
  14,068
  15,639
  17,288
  19,016
  20,822
  22,705
  24,668
  26,709
  28,833
  31,040
Maintenance CAPEX, $m
  0
  -14
  -22
  -35
  -52
  -75
  -106
  -146
  -195
  -257
  -330
  -417
  -518
  -633
  -763
  -908
  -1,067
  -1,242
  -1,430
  -1,633
  -1,849
  -2,079
  -2,322
  -2,578
  -2,847
  -3,128
  -3,421
  -3,728
  -4,046
  -4,378
  -4,723
New CAPEX, $m
  0
  -112
  -163
  -230
  -313
  -413
  -532
  -668
  -820
  -986
  -1,164
  -1,351
  -1,544
  -1,742
  -1,941
  -2,139
  -2,335
  -2,528
  -2,716
  -2,900
  -3,080
  -3,256
  -3,429
  -3,599
  -3,767
  -3,934
  -4,103
  -4,273
  -4,445
  -4,622
  -4,804
Cash from investing activities, $m
  -5
  -126
  -185
  -265
  -365
  -488
  -638
  -814
  -1,015
  -1,243
  -1,494
  -1,768
  -2,062
  -2,375
  -2,704
  -3,047
  -3,402
  -3,770
  -4,146
  -4,533
  -4,929
  -5,335
  -5,751
  -6,177
  -6,614
  -7,062
  -7,524
  -8,001
  -8,491
  -9,000
  -9,527
Free cash flow, $m
  56
  -31
  -1
  20
  56
  113
  198
  317
  479
  691
  961
  1,293
  1,694
  2,168
  2,718
  3,345
  4,051
  4,836
  5,697
  6,635
  7,647
  8,732
  9,888
  11,112
  12,403
  13,760
  15,181
  16,667
  18,218
  19,832
  21,513
Issuance/(repayment) of debt, $m
  -18
  -187
  297
  417
  568
  751
  966
  1,213
  1,489
  1,791
  2,115
  2,455
  2,806
  3,165
  3,526
  3,887
  4,243
  4,593
  4,936
  5,271
  5,598
  5,917
  6,231
  6,540
  6,845
  7,150
  7,456
  7,764
  8,078
  8,400
  8,730
Issuance/(repurchase) of shares, $m
  -79
  319
  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  
  -97
  132
  297
  417
  568
  751
  966
  1,213
  1,489
  1,791
  2,115
  2,455
  2,806
  3,165
  3,526
  3,887
  4,243
  4,593
  4,936
  5,271
  5,598
  5,917
  6,231
  6,540
  6,845
  7,150
  7,456
  7,764
  8,078
  8,400
  8,730
Total cash flow (excl. dividends), $m
  -40
  101
  296
  437
  624
  864
  1,164
  1,530
  1,969
  2,483
  3,075
  3,748
  4,501
  5,333
  6,244
  7,232
  8,294
  9,429
  10,633
  11,906
  13,245
  14,650
  16,119
  17,651
  19,248
  20,910
  22,637
  24,432
  26,296
  28,232
  30,243
Retained Cash Flow (-), $m
  10
  -414
  -33
  -46
  -63
  -83
  -107
  -135
  -165
  -199
  -235
  -273
  -312
  -352
  -392
  -432
  -471
  -510
  -548
  -586
  -622
  -657
  -692
  -727
  -761
  -794
  -828
  -863
  -898
  -933
  -970
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
 
  -313
  263
  391
  561
  780
  1,056
  1,396
  1,803
  2,284
  2,840
  3,475
  4,189
  4,982
  5,853
  6,800
  7,823
  8,918
  10,085
  11,321
  12,623
  13,992
  15,426
  16,925
  18,488
  20,115
  21,809
  23,569
  25,398
  27,299
  29,273
Discount rate, %
 
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
PV of cash for distribution, $m
 
  -274
  200
  254
  308
  356
  394
  419
  428
  421
  398
  363
  319
  270
  220
  173
  131
  96
  67
  45
  30
  18
  11
  6
  3
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Innoviva, Inc. engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products includes RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI) and ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI). The company is also entitled to a 15% interest related to the combination of UMEC/VI/FF and the Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) program, as monotherapy, as well as in combination with other therapeutically active components, such as an inhaled corticosteroid, and other product or combination of products that might be discovered and developed under its LABA collaboration agreement with GSK. Innoviva, Inc. has long-acting muscarinic antagonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily LABA products for the treatment of chronic obstructive pulmonary disease and asthma. The company was formerly known as Theravance, Inc. and changed its name to Innoviva, Inc. in January 2016. Innoviva, Inc. was founded in 1996 and is headquartered in South San Francisco, California.

FINANCIAL RATIOS  of  Innoviva (INVA)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 10.2
Price to Book -3.9
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 22.5
Growth Rates
Sales Growth Rate 148.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity -200.6%
Total Debt to Equity -202.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 27.7%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 15.9%
Ret/ On T. Cap. - 3 Yr. Avg. -6.4%
Return On Equity -17.2%
Return On Equity - 3 Yr. Avg. -150.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 91.8%
EBITDA Margin - 3 Yr. Avg. -177.3%
Operating Margin 81.3%
Oper. Margin - 3 Yr. Avg. -94.8%
Pre-Tax Margin 44.8%
Pre-Tax Margin - 3 Yr. Avg. -305.1%
Net Profit Margin 44.8%
Net Profit Margin - 3 Yr. Avg. -696.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1.7%

INVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INVA stock intrinsic value calculation we used $134 million for the last fiscal year's total revenue generated by Innoviva. The default revenue input number comes from 2016 income statement of Innoviva. 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 INVA 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 14%, whose default value for INVA is calculated based on our internal credit rating of Innoviva, 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 Innoviva.
    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 INVA stock the variable cost ratio is equal to 8.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 million in the base year in the intrinsic value calculation for INVA 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 6.8% for Innoviva.

Corporate tax rate of 27% is the nominal tax rate for Innoviva. 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 INVA 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 INVA are equal to 139.9%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Innoviva 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 INVA is equal to 26.9%. 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 - $-353 million for Innoviva - 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 105.485 million for Innoviva 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 Innoviva at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Illumina (ILMN) Catches Eye: Stock Soars 14.8%   [Aug-03-17 08:56AM  Zacks]
▶ Innoviva beats 2Q profit forecasts   [Jul-26-17 11:34PM  Associated Press]
▶ ETFs with exposure to Innoviva, Inc. : July 10, 2017   [Jul-10-17 02:41PM  Capital Cube]
▶ ETFs with exposure to Innoviva, Inc. : June 20, 2017   [Jun-20-17 03:02PM  Capital Cube]
▶ Can This Biotech Stock With 645% EPS Growth Launch New Breakout?   [Jun-02-17 11:40AM  Investor's Business Daily]
▶ Innoviva misses 1Q profit forecasts   [Apr-27-17 05:54PM  Associated Press]
▶ Sarissa Takes Innoviva to Court Over Busted Agreement   [Apr-22-17 10:00AM  TheStreet.com]
▶ Here's Why Innoviva Inc. Lost 10% Today   [06:08PM  Motley Fool]
▶ Innoviva Board Sends Letter to Shareholders   [08:30AM  Business Wire]
▶ Innoviva Board Sends Letter to Shareholders   [08:30AM  Business Wire]
▶ Sarissa Names 3 for Innoviva Board   [Mar-13-17 05:17PM  TheStreet.com]
▶ Innoviva Issues Press Statement   [12:12PM  Business Wire]
Stock chart of INVA Financial statements of INVA
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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