Intrinsic value of Innoviva - INVA

Previous Close

$13.43

  Intrinsic Value

$15.96

stock screener

  Rating & Target

hold

+19%

Previous close

$13.43

 
Intrinsic value

$15.96

 
Up/down potential

+19%

 
Rating

hold

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 1.5

 

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
  48
  21
  34
  51
  74
  105
  145
  195
  256
  330
  417
  518
  633
  763
  909
  1,068
  1,243
  1,432
  1,635
  1,852
  2,082
  2,326
  2,582
  2,851
  3,133
  3,427
  3,734
  4,054
  4,386
  4,732
Earnings before tax, $m
  60
  130
  264
  402
  589
  836
  1,154
  1,552
  2,039
  2,624
  3,313
  4,112
  5,024
  6,051
  7,193
  8,451
  9,822
  11,306
  12,898
  14,598
  16,401
  18,307
  20,313
  22,417
  24,619
  26,918
  29,315
  31,811
  34,407
  37,107
  39,913
Tax expense, $m
  0
  35
  71
  108
  159
  226
  312
  419
  551
  709
  895
  1,110
  1,356
  1,634
  1,942
  2,282
  2,652
  3,053
  3,483
  3,941
  4,428
  4,943
  5,484
  6,053
  6,647
  7,268
  7,915
  8,589
  9,290
  10,019
  10,776
Net income, $m
  60
  95
  193
  293
  430
  611
  842
  1,133
  1,489
  1,916
  2,419
  3,002
  3,667
  4,417
  5,251
  6,169
  7,170
  8,253
  9,416
  10,656
  11,973
  13,364
  14,828
  16,364
  17,972
  19,650
  21,400
  23,222
  25,117
  27,088
  29,136

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
  366
  566
  847
  1,229
  1,733
  2,383
  3,199
  4,200
  5,405
  6,827
  8,477
  10,364
  12,492
  14,863
  17,477
  20,330
  23,418
  26,737
  30,281
  34,045
  38,023
  42,213
  46,610
  51,212
  56,020
  61,033
  66,253
  71,685
  77,332
  83,202
Adjusted assets (=assets-cash), $m
  229
  366
  566
  847
  1,229
  1,733
  2,383
  3,199
  4,200
  5,405
  6,827
  8,477
  10,364
  12,492
  14,863
  17,477
  20,330
  23,418
  26,737
  30,281
  34,045
  38,023
  42,213
  46,610
  51,212
  56,020
  61,033
  66,253
  71,685
  77,332
  83,202
Revenue / Adjusted assets
  0.585
  0.585
  0.585
  0.584
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
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
  314
  494
  746
  1,090
  1,544
  2,129
  2,863
  3,764
  4,848
  6,128
  7,613
  9,312
  11,227
  13,361
  15,713
  18,281
  21,060
  24,047
  27,237
  30,624
  34,205
  37,976
  41,933
  46,075
  50,402
  54,913
  59,612
  64,500
  69,583
  74,866
Total liabilities, $m
  732
  330
  510
  762
  1,106
  1,560
  2,145
  2,879
  3,780
  4,864
  6,144
  7,629
  9,328
  11,243
  13,377
  15,729
  18,297
  21,076
  24,063
  27,253
  30,640
  34,221
  37,992
  41,949
  46,091
  50,418
  54,929
  59,628
  64,516
  69,599
  74,882
Total equity, $m
  -353
  37
  57
  85
  123
  173
  238
  320
  420
  540
  683
  848
  1,036
  1,249
  1,486
  1,748
  2,033
  2,342
  2,674
  3,028
  3,404
  3,802
  4,221
  4,661
  5,121
  5,602
  6,103
  6,625
  7,168
  7,733
  8,320
Total liabilities and equity, $m
  379
  367
  567
  847
  1,229
  1,733
  2,383
  3,199
  4,200
  5,404
  6,827
  8,477
  10,364
  12,492
  14,863
  17,477
  20,330
  23,418
  26,737
  30,281
  34,044
  38,023
  42,213
  46,610
  51,212
  56,020
  61,032
  66,253
  71,684
  77,332
  83,202
Debt-to-equity ratio
  -2.028
  8.560
  8.720
  8.810
  8.870
  8.910
  8.930
  8.950
  8.960
  8.970
  8.980
  8.980
  8.980
  8.990
  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
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
  193
  293
  430
  611
  842
  1,133
  1,489
  1,916
  2,419
  3,002
  3,667
  4,417
  5,251
  6,169
  7,170
  8,253
  9,416
  10,656
  11,973
  13,364
  14,828
  16,364
  17,972
  19,650
  21,400
  23,222
  25,117
  27,088
  29,136
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
  227
  345
  505
  716
  988
  1,328
  1,745
  2,246
  2,836
  3,520
  4,300
  5,180
  6,159
  7,237
  8,412
  9,683
  11,049
  12,506
  14,052
  15,686
  17,406
  19,211
  21,099
  23,071
  25,127
  27,268
  29,496
  31,811
  34,218
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
  96
  196
  301
  445
  637
  886
  1,200
  1,587
  2,056
  2,612
  3,260
  4,004
  4,845
  5,786
  6,825
  7,963
  9,197
  10,526
  11,948
  13,460
  15,060
  16,747
  18,519
  20,375
  22,315
  24,339
  26,447
  28,641
  30,922
  33,294
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
  10
  37
  81
  149
  248
  387
  573
  814
  1,118
  1,492
  1,941
  2,470
  3,082
  3,779
  4,561
  5,428
  6,380
  7,415
  8,530
  9,725
  10,996
  12,342
  13,762
  15,253
  16,815
  18,447
  20,149
  21,922
  23,767
Issuance/(repayment) of debt, $m
  -18
  -394
  180
  253
  344
  454
  585
  734
  901
  1,084
  1,280
  1,485
  1,698
  1,915
  2,134
  2,352
  2,568
  2,780
  2,987
  3,190
  3,387
  3,581
  3,770
  3,957
  4,142
  4,327
  4,512
  4,698
  4,888
  5,083
  5,283
Issuance/(repurchase) of shares, $m
  -79
  437
  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
  43
  180
  253
  344
  454
  585
  734
  901
  1,084
  1,280
  1,485
  1,698
  1,915
  2,134
  2,352
  2,568
  2,780
  2,987
  3,190
  3,387
  3,581
  3,770
  3,957
  4,142
  4,327
  4,512
  4,698
  4,888
  5,083
  5,283
Total cash flow (excl. dividends), $m
  -40
  12
  190
  289
  425
  603
  833
  1,121
  1,474
  1,898
  2,398
  2,978
  3,640
  4,386
  5,216
  6,131
  7,128
  8,208
  9,367
  10,604
  11,918
  13,306
  14,767
  16,300
  17,904
  19,579
  21,326
  23,145
  25,037
  27,005
  29,050
Retained Cash Flow (-), $m
  10
  -532
  -20
  -28
  -38
  -50
  -65
  -82
  -100
  -120
  -142
  -165
  -189
  -213
  -237
  -261
  -285
  -309
  -332
  -354
  -376
  -398
  -419
  -440
  -460
  -481
  -501
  -522
  -543
  -565
  -587
Prev. year cash balance distribution, $m
 
  142
  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
 
  -378
  170
  261
  386
  553
  768
  1,039
  1,374
  1,777
  2,256
  2,813
  3,451
  4,173
  4,979
  5,869
  6,843
  7,899
  9,035
  10,250
  11,541
  12,908
  14,348
  15,860
  17,444
  19,099
  20,825
  22,623
  24,494
  26,440
  28,463
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
 
  -331
  129
  170
  212
  252
  286
  312
  326
  327
  316
  294
  263
  226
  187
  150
  115
  85
  60
  41
  27
  17
  10
  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., formerly Theravance, Inc., is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)). Under the Long-Acting Beta2 Agonist (LABA) Collaboration Agreement and the Strategic Alliance Agreement with GSK, the Company is eligible to receive the annual royalties from GSK on sales of RELVAR/BREO ELLIPTA. For other products combined with a LABA from the LABA collaboration, such as ANORO ELLIPTA, royalties are upward tiering and range from 6.5% to 10%. RELVAR/BREO is a once-a-day combination inhaled respiratory medicine consisting of a LABA (VI) and an inhaled corticosteroid (ICS), FF. ANORO ELLIPTA a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA.

FINANCIAL RATIOS  of  Innoviva (INVA)

Valuation Ratios
P/E Ratio 24.3
Price to Sales 10.9
Price to Book -4.1
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow 23.9
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 109.183 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 $1.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Innoviva, Inc. : December 1, 2017   [Dec-01-17 10:39AM  Capital Cube]
▶ Largest Shareholders of GlaxcoSmithKline   [Nov-08-17 03:00PM  Investopedia]
▶ Innoviva misses 3Q profit forecasts   [Oct-25-17 05:51PM  Associated Press]
▶ Innoviva, Inc. to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ ETFs with exposure to Innoviva, Inc. : October 20, 2017   [Oct-20-17 10:16AM  Capital Cube]
▶ ETFs with exposure to Innoviva, Inc. : October 9, 2017   [Oct-09-17 11:40AM  Capital Cube]
▶ Stocks With Rising Relative Price Strength: Innoviva   [Oct-06-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Innoviva   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Innoviva, Inc. : September 28, 2017   [Sep-28-17 10:14AM  Capital Cube]
▶ Stocks Flashing Renewed Technical Strength: Innoviva   [03:00AM  Investor's Business Daily]
▶ FDA OKs Glaxo's inhaler, first one to combine 3 medicines   [Sep-19-17 04:40PM  Associated Press]
▶ Stocks Showing Improving Market Leadership: Innoviva Earns 84 RS Rating   [Aug-29-17 11:08AM  Investor's Business Daily]
▶ 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]
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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