Intrinsic value of NuVasive - NUVA

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$78.03

  Intrinsic Value

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  Value-price divergence*

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$78.03

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

We calculate the intrinsic value of NUVA 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 3.9

 

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, %
  18.62
  26.00
  23.90
  22.01
  20.31
  18.78
  17.40
  16.16
  15.04
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
Revenue, $m
  962
  1,212
  1,502
  1,832
  2,205
  2,618
  3,074
  3,571
  4,108
  4,685
  5,300
  5,953
  6,643
  7,370
  8,131
  8,929
  9,761
  10,629
  11,533
  12,473
  13,450
  14,466
  15,522
  16,619
  17,759
  18,945
  20,178
  21,460
  22,795
  24,186
  25,634
Variable operating expenses, $m
 
  991
  1,216
  1,473
  1,763
  2,084
  2,439
  2,825
  3,243
  3,691
  4,169
  4,629
  5,165
  5,730
  6,322
  6,942
  7,589
  8,264
  8,966
  9,697
  10,457
  11,247
  12,068
  12,921
  13,807
  14,729
  15,688
  16,685
  17,723
  18,804
  19,930
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
  839
  991
  1,216
  1,473
  1,763
  2,084
  2,439
  2,825
  3,243
  3,691
  4,169
  4,629
  5,165
  5,730
  6,322
  6,942
  7,589
  8,264
  8,966
  9,697
  10,457
  11,247
  12,068
  12,921
  13,807
  14,729
  15,688
  16,685
  17,723
  18,804
  19,930
Operating income, $m
  124
  221
  286
  359
  442
  534
  635
  746
  866
  994
  1,131
  1,325
  1,478
  1,640
  1,809
  1,987
  2,172
  2,365
  2,566
  2,775
  2,993
  3,219
  3,454
  3,698
  3,952
  4,216
  4,490
  4,775
  5,072
  5,382
  5,704
EBITDA, $m
  227
  330
  409
  499
  601
  714
  838
  973
  1,120
  1,277
  1,444
  1,622
  1,810
  2,008
  2,216
  2,433
  2,660
  2,897
  3,143
  3,399
  3,665
  3,942
  4,230
  4,529
  4,840
  5,163
  5,499
  5,848
  6,212
  6,591
  6,986
Interest expense (income), $m
  13
  20
  27
  36
  45
  56
  69
  82
  97
  113
  130
  148
  167
  188
  209
  232
  255
  280
  306
  332
  360
  389
  419
  451
  483
  517
  552
  588
  626
  666
  707
Earnings before tax, $m
  65
  201
  258
  323
  396
  478
  567
  664
  769
  881
  1,001
  1,177
  1,311
  1,452
  1,600
  1,755
  1,917
  2,085
  2,261
  2,443
  2,633
  2,830
  3,035
  3,248
  3,469
  3,699
  3,938
  4,187
  4,446
  4,716
  4,997
Tax expense, $m
  30
  54
  70
  87
  107
  129
  153
  179
  208
  238
  270
  318
  354
  392
  432
  474
  517
  563
  610
  660
  711
  764
  819
  877
  937
  999
  1,063
  1,131
  1,200
  1,273
  1,349
Net income, $m
  37
  147
  189
  236
  289
  349
  414
  485
  561
  643
  731
  859
  957
  1,060
  1,168
  1,281
  1,399
  1,522
  1,650
  1,783
  1,922
  2,066
  2,215
  2,371
  2,532
  2,700
  2,875
  3,057
  3,246
  3,443
  3,648

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  154
  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
  1,571
  1,785
  2,212
  2,699
  3,247
  3,856
  4,527
  5,259
  6,050
  6,900
  7,806
  8,768
  9,784
  10,853
  11,976
  13,150
  14,376
  15,654
  16,985
  18,369
  19,809
  21,305
  22,860
  24,476
  26,155
  27,901
  29,717
  31,606
  33,572
  35,619
  37,753
Adjusted assets (=assets-cash), $m
  1,417
  1,785
  2,212
  2,699
  3,247
  3,856
  4,527
  5,259
  6,050
  6,900
  7,806
  8,768
  9,784
  10,853
  11,976
  13,150
  14,376
  15,654
  16,985
  18,369
  19,809
  21,305
  22,860
  24,476
  26,155
  27,901
  29,717
  31,606
  33,572
  35,619
  37,753
Revenue / Adjusted assets
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
Average production assets, $m
  279
  352
  436
  531
  639
  759
  891
  1,036
  1,191
  1,359
  1,537
  1,726
  1,927
  2,137
  2,358
  2,589
  2,831
  3,082
  3,344
  3,617
  3,901
  4,195
  4,501
  4,820
  5,150
  5,494
  5,851
  6,223
  6,611
  7,014
  7,434
Working capital, $m
  332
  302
  374
  456
  549
  652
  765
  889
  1,023
  1,167
  1,320
  1,482
  1,654
  1,835
  2,025
  2,223
  2,431
  2,647
  2,872
  3,106
  3,349
  3,602
  3,865
  4,138
  4,422
  4,717
  5,024
  5,344
  5,676
  6,022
  6,383
Total debt, $m
  626
  775
  1,020
  1,299
  1,614
  1,964
  2,349
  2,769
  3,223
  3,710
  4,231
  4,783
  5,366
  5,980
  6,624
  7,298
  8,002
  8,735
  9,499
  10,294
  11,120
  11,979
  12,872
  13,799
  14,763
  15,765
  16,807
  17,892
  19,020
  20,195
  21,420
Total liabilities, $m
  876
  1,025
  1,270
  1,549
  1,864
  2,214
  2,599
  3,019
  3,473
  3,960
  4,481
  5,033
  5,616
  6,230
  6,874
  7,548
  8,252
  8,985
  9,749
  10,544
  11,370
  12,229
  13,122
  14,049
  15,013
  16,015
  17,057
  18,142
  19,270
  20,445
  21,670
Total equity, $m
  695
  760
  942
  1,150
  1,383
  1,643
  1,929
  2,240
  2,577
  2,939
  3,325
  3,735
  4,168
  4,624
  5,102
  5,602
  6,124
  6,669
  7,236
  7,825
  8,439
  9,076
  9,738
  10,427
  11,142
  11,886
  12,659
  13,464
  14,302
  15,174
  16,083
Total liabilities and equity, $m
  1,571
  1,785
  2,212
  2,699
  3,247
  3,857
  4,528
  5,259
  6,050
  6,899
  7,806
  8,768
  9,784
  10,854
  11,976
  13,150
  14,376
  15,654
  16,985
  18,369
  19,809
  21,305
  22,860
  24,476
  26,155
  27,901
  29,716
  31,606
  33,572
  35,619
  37,753
Debt-to-equity ratio
  0.901
  1.020
  1.080
  1.130
  1.170
  1.200
  1.220
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.310
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
Adjusted equity ratio
  0.382
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426
  0.426

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  37
  147
  189
  236
  289
  349
  414
  485
  561
  643
  731
  859
  957
  1,060
  1,168
  1,281
  1,399
  1,522
  1,650
  1,783
  1,922
  2,066
  2,215
  2,371
  2,532
  2,700
  2,875
  3,057
  3,246
  3,443
  3,648
Depreciation, amort., depletion, $m
  103
  109
  124
  140
  159
  180
  202
  227
  254
  283
  314
  298
  332
  368
  407
  446
  488
  531
  577
  624
  673
  723
  776
  831
  888
  947
  1,009
  1,073
  1,140
  1,209
  1,282
Funds from operations, $m
  51
  256
  312
  376
  448
  528
  616
  712
  815
  926
  1,044
  1,157
  1,289
  1,428
  1,575
  1,728
  1,887
  2,054
  2,227
  2,407
  2,594
  2,789
  2,991
  3,202
  3,420
  3,647
  3,884
  4,130
  4,385
  4,652
  4,930
Change in working capital, $m
  -105
  62
  72
  82
  93
  103
  113
  124
  134
  144
  153
  163
  172
  181
  190
  199
  207
  216
  225
  234
  243
  253
  263
  273
  284
  295
  307
  319
  332
  346
  361
Cash from operations, $m
  156
  388
  240
  294
  356
  425
  503
  588
  681
  782
  891
  994
  1,117
  1,248
  1,385
  1,529
  1,680
  1,837
  2,002
  2,173
  2,351
  2,536
  2,729
  2,928
  3,136
  3,352
  3,577
  3,810
  4,053
  4,306
  4,569
Maintenance CAPEX, $m
  0
  -48
  -61
  -75
  -92
  -110
  -131
  -154
  -179
  -205
  -234
  -265
  -298
  -332
  -368
  -407
  -446
  -488
  -531
  -577
  -624
  -673
  -723
  -776
  -831
  -888
  -947
  -1,009
  -1,073
  -1,140
  -1,209
New CAPEX, $m
  -94
  -73
  -84
  -96
  -108
  -120
  -132
  -144
  -156
  -167
  -178
  -189
  -200
  -211
  -221
  -231
  -241
  -252
  -262
  -273
  -283
  -295
  -306
  -318
  -331
  -344
  -358
  -372
  -387
  -403
  -420
Cash from investing activities, $m
  -305
  -121
  -145
  -171
  -200
  -230
  -263
  -298
  -335
  -372
  -412
  -454
  -498
  -543
  -589
  -638
  -687
  -740
  -793
  -850
  -907
  -968
  -1,029
  -1,094
  -1,162
  -1,232
  -1,305
  -1,381
  -1,460
  -1,543
  -1,629
Free cash flow, $m
  -149
  267
  96
  123
  156
  195
  240
  290
  347
  410
  478
  540
  620
  705
  796
  891
  992
  1,098
  1,208
  1,324
  1,444
  1,569
  1,699
  1,834
  1,975
  2,120
  2,272
  2,429
  2,593
  2,763
  2,940
Issuance/(repayment) of debt, $m
  83
  211
  245
  279
  315
  350
  385
  420
  454
  488
  520
  552
  583
  614
  644
  674
  704
  734
  764
  795
  826
  859
  892
  927
  964
  1,002
  1,042
  1,084
  1,129
  1,175
  1,225
Issuance/(repurchase) of shares, $m
  30
  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  
  111
  211
  245
  279
  315
  350
  385
  420
  454
  488
  520
  552
  583
  614
  644
  674
  704
  734
  764
  795
  826
  859
  892
  927
  964
  1,002
  1,042
  1,084
  1,129
  1,175
  1,225
Total cash flow (excl. dividends), $m
  -39
  478
  341
  403
  471
  545
  625
  710
  801
  897
  999
  1,092
  1,203
  1,319
  1,440
  1,565
  1,696
  1,831
  1,972
  2,118
  2,270
  2,428
  2,592
  2,762
  2,939
  3,123
  3,314
  3,514
  3,721
  3,938
  4,164
Retained Cash Flow (-), $m
  17
  -157
  -182
  -207
  -233
  -260
  -286
  -312
  -337
  -362
  -386
  -410
  -433
  -456
  -478
  -500
  -522
  -545
  -567
  -590
  -613
  -637
  -662
  -688
  -715
  -744
  -773
  -805
  -838
  -872
  -909
Prev. year cash balance distribution, $m
 
  92
  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
 
  413
  159
  195
  237
  285
  339
  399
  464
  535
  612
  682
  770
  863
  962
  1,065
  1,173
  1,287
  1,405
  1,529
  1,657
  1,790
  1,929
  2,073
  2,223
  2,379
  2,541
  2,709
  2,884
  3,066
  3,255
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  393
  144
  167
  190
  213
  235
  255
  272
  285
  294
  293
  293
  288
  279
  266
  249
  229
  207
  184
  160
  137
  116
  95
  77
  61
  47
  35
  26
  19
  13
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

NuVasive, Inc., a medical device company, develops and markets minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. Its products focus on applications for spine fusion surgery, including biologics used for spinal fusion process. The company’s principal product is Maximum Access Surgery, a minimally-disruptive surgical platform, which includes its software-driven nerve detection and avoidance systems, NVM5, and intraoperative monitoring (IOM) services and support; MaXcess, an integrated split-blade retractor system; and various specialized implants and biologics. Its spine surgery product line offerings comprise products for the thoracolumbar and the cervical spine, which are primarily used to enable surgeons access to the spine and to perform restorative and fusion procedures in a minimally-disruptive fashion. Its biologics products include Osteocel Plus and Pro, a cellular bone matrix; Formagraft, a collagen-based synthetic bone substitute; AttraX, a synthetic bone graft material; and Propel DBM, a moldable demineralized bone matrix putty, which are used for spinal fusion or bone healing process. The company’s IOM services are used for onsite and remote monitoring of the neurological systems of patients undergoing spinal and brain-related surgeries. It also provides implants; and fixation products, including pedicle screws, rods, and plates. In addition, the company offers Integrated Global Alignment platform for assessing, preserving, and restoring spinal alignment; MAGEC-early onset scoliosis, a spinal bracing and distraction system; and PRECICE, a limb lengthening system. NuVasive, Inc. sells its products to hospitals, surgeons, and other customers through independent sales agents, directly-employed sales personnel, and distributors in the United States and internationally. The company was founded in 1997 and is headquartered in San Diego, California.

FINANCIAL RATIOS  of  NuVasive (NUVA)

Valuation Ratios
P/E Ratio 106.4
Price to Sales 4.1
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 25.2
Price to Free Cash Flow 63.5
Growth Rates
Sales Growth Rate 18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 81.2%
Total Debt to Equity 90.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 75.1%
Gross Margin - 3 Yr. Avg. 75.7%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 46.2%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 0%

NUVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NUVA stock intrinsic value calculation we used $962 million for the last fiscal year's total revenue generated by NuVasive. The default revenue input number comes from 2016 income statement of NuVasive. 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 NUVA stock valuation model: a) initial revenue growth rate of 26% 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 4.9%, whose default value for NUVA is calculated based on our internal credit rating of NuVasive, 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 NuVasive.
    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 NUVA stock the variable cost ratio is equal to 82.8%.

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 NUVA 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 NuVasive.

Corporate tax rate of 27% is the nominal tax rate for NuVasive. 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 NUVA 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 NUVA are equal to 29%.

Life of production assets of 5.8 years is the average useful life of capital assets used in NuVasive 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 NUVA is equal to 24.9%. 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 - $695 million for NuVasive - 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 50.476 million for NuVasive 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 NuVasive at the current share price and the inputted number of shares is $3.9 billion.


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COMPANY NEWS

▶ ETFs with exposure to NuVasive, Inc. : May 30, 2017   [May-30-17 12:36PM  Capital Cube]
▶ ETFs with exposure to NuVasive, Inc. : May 8, 2017   [May-08-17 05:00PM  Capital Cube]
▶ ETFs with exposure to NuVasive, Inc. : April 28, 2017   [Apr-28-17 04:08PM  Capital Cube]
▶ NuVasive Straightens Up With Solid Growth   [Apr-25-17 06:28PM  Motley Fool]
▶ NuVasive beats 1Q profit forecasts   [04:46PM  Associated Press]
▶ Heres how much NuVasives 5 highest-paid executives earned   [07:20AM  American City Business Journals]
▶ NuVasive launching products to hit $100M market   [04:02PM  American City Business Journals]
▶ NuVasive Launches New Spinal Trauma Portfolio   [Apr-19-17 04:05PM  PR Newswire]
▶ NuVasive to Participate in Investor Events in March 2017   [Mar-02-17 05:34PM  PR Newswire]
▶ Masimo's Stock Is a Great Buy Right Now   [Feb-28-17 04:30PM  TheStreet.com]
▶ NuVasive Builds Momentum Going Into 2017   [07:35PM  at Motley Fool]
▶ Manufacturer hiring 200+ at Dayton-area facility   [11:56AM  at bizjournals.com]
▶ Is NuVasive, Inc. (NUVA) a Good Stock To Buy?   [Dec-01-16 10:45AM  at Insider Monkey]
▶ 2 Stocks That Quadrupled Over the Past 5 Years   [Nov-16-16 09:36AM  at Motley Fool]
▶ JobsOhio commits $1M to companies promising 395 jobs   [Nov-11-16 10:00AM  at bizjournals.com]
▶ DBJ reveals 2016 Manufacturing Awards winners   [Nov-02-16 10:33AM  at bizjournals.com]
▶ DBJ reveals Business of the Year honorees for 2016   [10:33AM  at bizjournals.com]
▶ How a KC doctor made $38M in royalties the most in the U.S.   [Oct-27-16 03:32PM  at bizjournals.com]
▶ Weaker Sales Guidance Pushes NuVasive, Inc. Lower by 10%   [Oct-26-16 03:54PM  at Motley Fool]
Stock chart of NUVA Financial statements of NUVA Annual reports of NUVA
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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