Intrinsic value of Novavax - NVAX

Previous Close

$1.29

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.29

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of NVAX 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 0.4

 

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, %
  -58.33
  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
  15
  24
  37
  55
  80
  114
  156
  209
  275
  354
  447
  555
  679
  818
  973
  1,144
  1,331
  1,534
  1,751
  1,983
  2,229
  2,490
  2,764
  3,052
  3,354
  3,668
  3,997
  4,339
  4,694
  5,064
  5,449
Variable operating expenses, $m
 
  125
  190
  282
  406
  571
  783
  1,050
  1,377
  1,770
  2,234
  2,768
  3,384
  4,079
  4,853
  5,707
  6,638
  7,647
  8,730
  9,888
  11,117
  12,416
  13,784
  15,220
  16,722
  18,292
  19,929
  21,634
  23,407
  25,251
  27,168
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
  284
  125
  190
  282
  406
  571
  783
  1,050
  1,377
  1,770
  2,234
  2,768
  3,384
  4,079
  4,853
  5,707
  6,638
  7,647
  8,730
  9,888
  11,117
  12,416
  13,784
  15,220
  16,722
  18,292
  19,929
  21,634
  23,407
  25,251
  27,168
Operating income, $m
  -269
  -101
  -153
  -226
  -326
  -458
  -627
  -840
  -1,102
  -1,416
  -1,787
  -2,213
  -2,706
  -3,261
  -3,880
  -4,562
  -5,307
  -6,113
  -6,980
  -7,905
  -8,887
  -9,926
  -11,019
  -12,167
  -13,369
  -14,624
  -15,932
  -17,295
  -18,713
  -20,187
  -21,720
EBITDA, $m
  -260
  -89
  -137
  -205
  -298
  -421
  -578
  -776
  -1,019
  -1,311
  -1,656
  -2,057
  -2,515
  -3,031
  -3,606
  -4,240
  -4,932
  -5,682
  -6,487
  -7,347
  -8,260
  -9,225
  -10,242
  -11,308
  -12,425
  -13,591
  -14,808
  -16,074
  -17,392
  -18,762
  -20,187
Interest expense (income), $m
  6
  12
  6
  10
  17
  26
  38
  54
  73
  97
  126
  159
  199
  244
  294
  351
  413
  481
  555
  634
  718
  808
  903
  1,003
  1,107
  1,217
  1,332
  1,451
  1,575
  1,705
  1,839
Earnings before tax, $m
  -280
  -113
  -159
  -237
  -343
  -484
  -665
  -894
  -1,175
  -1,513
  -1,913
  -2,372
  -2,904
  -3,505
  -4,174
  -4,913
  -5,720
  -6,594
  -7,534
  -8,539
  -9,605
  -10,734
  -11,922
  -13,170
  -14,476
  -15,841
  -17,264
  -18,746
  -20,288
  -21,892
  -23,559
Tax expense, $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
  0
Net income, $m
  -280
  -113
  -159
  -237
  -343
  -484
  -665
  -894
  -1,175
  -1,513
  -1,913
  -2,372
  -2,904
  -3,505
  -4,174
  -4,913
  -5,720
  -6,594
  -7,534
  -8,539
  -9,605
  -10,734
  -11,922
  -13,170
  -14,476
  -15,841
  -17,264
  -18,746
  -20,288
  -21,892
  -23,559

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  235
  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
  394
  255
  394
  590
  856
  1,208
  1,660
  2,228
  2,926
  3,765
  4,756
  5,906
  7,220
  8,703
  10,355
  12,175
  14,163
  16,314
  18,626
  21,095
  23,717
  26,489
  29,408
  32,471
  35,677
  39,026
  42,518
  46,155
  49,939
  53,874
  57,963
Adjusted assets (=assets-cash), $m
  159
  255
  394
  590
  856
  1,208
  1,660
  2,228
  2,926
  3,765
  4,756
  5,906
  7,220
  8,703
  10,355
  12,175
  14,163
  16,314
  18,626
  21,095
  23,717
  26,489
  29,408
  32,471
  35,677
  39,026
  42,518
  46,155
  49,939
  53,874
  57,963
Revenue / Adjusted assets
  0.094
  0.094
  0.094
  0.093
  0.093
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
Average production assets, $m
  46
  74
  114
  170
  247
  348
  479
  642
  844
  1,086
  1,371
  1,703
  2,082
  2,509
  2,985
  3,510
  4,083
  4,703
  5,370
  6,082
  6,838
  7,637
  8,478
  9,361
  10,286
  11,251
  12,258
  13,306
  14,397
  15,532
  16,711
Working capital, $m
  222
  -21
  -32
  -48
  -70
  -98
  -135
  -182
  -238
  -307
  -388
  -481
  -588
  -709
  -844
  -992
  -1,154
  -1,330
  -1,518
  -1,719
  -1,933
  -2,159
  -2,397
  -2,646
  -2,908
  -3,181
  -3,465
  -3,762
  -4,070
  -4,391
  -4,724
Total debt, $m
  316
  146
  271
  447
  686
  1,003
  1,410
  1,922
  2,550
  3,305
  4,196
  5,231
  6,414
  7,748
  9,235
  10,874
  12,662
  14,599
  16,680
  18,902
  21,262
  23,756
  26,383
  29,140
  32,025
  35,040
  38,183
  41,456
  44,861
  48,402
  52,083
Total liabilities, $m
  400
  230
  355
  531
  770
  1,087
  1,494
  2,006
  2,634
  3,389
  4,280
  5,315
  6,498
  7,832
  9,319
  10,958
  12,746
  14,683
  16,764
  18,986
  21,346
  23,840
  26,467
  29,224
  32,109
  35,124
  38,267
  41,540
  44,945
  48,486
  52,167
Total equity, $m
  -6
  26
  39
  59
  86
  121
  166
  223
  293
  377
  476
  591
  722
  870
  1,035
  1,218
  1,416
  1,631
  1,863
  2,110
  2,372
  2,649
  2,941
  3,247
  3,568
  3,903
  4,252
  4,616
  4,994
  5,387
  5,796
Total liabilities and equity, $m
  394
  256
  394
  590
  856
  1,208
  1,660
  2,229
  2,927
  3,766
  4,756
  5,906
  7,220
  8,702
  10,354
  12,176
  14,162
  16,314
  18,627
  21,096
  23,718
  26,489
  29,408
  32,471
  35,677
  39,027
  42,519
  46,156
  49,939
  53,873
  57,963
Debt-to-equity ratio
  -52.667
  5.710
  6.870
  7.580
  8.020
  8.300
  8.490
  8.620
  8.710
  8.780
  8.820
  8.860
  8.880
  8.900
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
Adjusted equity ratio
  -1.516
  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
  -280
  -113
  -159
  -237
  -343
  -484
  -665
  -894
  -1,175
  -1,513
  -1,913
  -2,372
  -2,904
  -3,505
  -4,174
  -4,913
  -5,720
  -6,594
  -7,534
  -8,539
  -9,605
  -10,734
  -11,922
  -13,170
  -14,476
  -15,841
  -17,264
  -18,746
  -20,288
  -21,892
  -23,559
Depreciation, amort., depletion, $m
  9
  12
  16
  21
  28
  37
  49
  64
  83
  105
  131
  156
  191
  230
  274
  322
  375
  431
  493
  558
  627
  701
  778
  859
  944
  1,032
  1,125
  1,221
  1,321
  1,425
  1,533
Funds from operations, $m
  -262
  -101
  -143
  -216
  -315
  -447
  -616
  -830
  -1,092
  -1,408
  -1,782
  -2,216
  -2,713
  -3,275
  -3,901
  -4,591
  -5,346
  -6,163
  -7,042
  -7,981
  -8,978
  -10,033
  -11,144
  -12,311
  -13,532
  -14,808
  -16,139
  -17,525
  -18,967
  -20,467
  -22,026
Change in working capital, $m
  -7
  -8
  -11
  -16
  -22
  -29
  -37
  -46
  -57
  -68
  -81
  -94
  -107
  -121
  -135
  -148
  -162
  -175
  -188
  -201
  -214
  -226
  -238
  -250
  -261
  -273
  -285
  -296
  -308
  -321
  -333
Cash from operations, $m
  -255
  -93
  -132
  -200
  -293
  -418
  -579
  -783
  -1,035
  -1,340
  -1,701
  -2,122
  -2,606
  -3,154
  -3,766
  -4,443
  -5,184
  -5,987
  -6,853
  -7,779
  -8,764
  -9,807
  -10,907
  -12,061
  -13,271
  -14,536
  -15,855
  -17,229
  -18,659
  -20,146
  -21,693
Maintenance CAPEX, $m
  0
  -4
  -7
  -10
  -16
  -23
  -32
  -44
  -59
  -77
  -100
  -126
  -156
  -191
  -230
  -274
  -322
  -375
  -431
  -493
  -558
  -627
  -701
  -778
  -859
  -944
  -1,032
  -1,125
  -1,221
  -1,321
  -1,425
New CAPEX, $m
  -18
  -28
  -40
  -56
  -77
  -101
  -130
  -164
  -201
  -242
  -286
  -331
  -379
  -427
  -476
  -525
  -573
  -620
  -667
  -712
  -756
  -799
  -841
  -883
  -924
  -966
  -1,007
  -1,048
  -1,091
  -1,134
  -1,179
Cash from investing activities, $m
  28
  -32
  -47
  -66
  -93
  -124
  -162
  -208
  -260
  -319
  -386
  -457
  -535
  -618
  -706
  -799
  -895
  -995
  -1,098
  -1,205
  -1,314
  -1,426
  -1,542
  -1,661
  -1,783
  -1,910
  -2,039
  -2,173
  -2,312
  -2,455
  -2,604
Free cash flow, $m
  -227
  -125
  -178
  -267
  -386
  -542
  -742
  -991
  -1,295
  -1,659
  -2,086
  -2,580
  -3,141
  -3,772
  -4,472
  -5,241
  -6,079
  -6,982
  -7,951
  -8,984
  -10,078
  -11,234
  -12,449
  -13,722
  -15,054
  -16,445
  -17,894
  -19,402
  -20,971
  -22,602
  -24,296
Issuance/(repayment) of debt, $m
  325
  -170
  125
  176
  239
  317
  407
  511
  628
  755
  892
  1,035
  1,183
  1,334
  1,487
  1,639
  1,789
  1,936
  2,081
  2,222
  2,360
  2,495
  2,627
  2,757
  2,886
  3,014
  3,143
  3,273
  3,406
  3,541
  3,680
Issuance/(repurchase) of shares, $m
  4
  379
  172
  256
  370
  519
  711
  951
  1,244
  1,597
  2,012
  2,487
  3,036
  3,653
  4,340
  5,095
  5,919
  6,809
  7,766
  8,785
  9,868
  11,011
  12,214
  13,476
  14,797
  16,176
  17,613
  19,110
  20,667
  22,285
  23,968
Cash from financing (excl. dividends), $m  
  279
  209
  297
  432
  609
  836
  1,118
  1,462
  1,872
  2,352
  2,904
  3,522
  4,219
  4,987
  5,827
  6,734
  7,708
  8,745
  9,847
  11,007
  12,228
  13,506
  14,841
  16,233
  17,683
  19,190
  20,756
  22,383
  24,073
  25,826
  27,648
Total cash flow (excl. dividends), $m
  51
  84
  119
  165
  223
  293
  376
  471
  577
  693
  817
  942
  1,077
  1,215
  1,354
  1,492
  1,629
  1,763
  1,895
  2,024
  2,149
  2,272
  2,392
  2,511
  2,628
  2,745
  2,862
  2,981
  3,101
  3,225
  3,352
Retained Cash Flow (-), $m
  299
  -379
  -172
  -256
  -370
  -519
  -711
  -951
  -1,244
  -1,597
  -2,012
  -2,487
  -3,036
  -3,653
  -4,340
  -5,095
  -5,919
  -6,809
  -7,766
  -8,785
  -9,868
  -11,011
  -12,214
  -13,476
  -14,797
  -16,176
  -17,613
  -19,110
  -20,667
  -22,285
  -23,968
Prev. year cash balance distribution, $m
 
  235
  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
 
  -60
  -53
  -91
  -146
  -226
  -335
  -480
  -667
  -904
  -1,195
  -1,545
  -1,958
  -2,438
  -2,986
  -3,603
  -4,290
  -5,046
  -5,870
  -6,762
  -7,719
  -8,739
  -9,822
  -10,965
  -12,169
  -13,431
  -14,751
  -16,129
  -17,565
  -19,061
  -20,616
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  -56
  -46
  -71
  -104
  -144
  -191
  -241
  -293
  -343
  -387
  -421
  -444
  -453
  -447
  -429
  -399
  -360
  -315
  -267
  -220
  -176
  -137
  -103
  -75
  -52
  -36
  -23
  -15
  -9
  -5
Current shareholders' claim on cash, %
  100
  50.0
  6.4
  0.9
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Novavax, Inc. is a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. The Company operates through developing recombinant vaccines segment. The Company, through its recombinant nanoparticle vaccine technology, produces vaccine candidates to respond to both known and newly emerging diseases. The Company's product pipeline focuses on a range of infectious diseases with vaccine candidates in clinical development for respiratory syncytial virus (RSV), seasonal influenza, pandemic influenza and the Ebola virus (EBOV). The Company's lead adjuvant for human applications, Matrix-M, is in a Phase I/II clinical trial for pandemic influenza H7N9 vaccine candidate. It is also testing Matrix-M in conjunction with its EBOV vaccine candidate in a Phase I clinical trial. It is developing additional pre-clinical stage programs in a range of infectious diseases, including Middle East respiratory syndrome (MERS).

FINANCIAL RATIOS  of  Novavax (NVAX)

Valuation Ratios
P/E Ratio -1.2
Price to Sales 23.3
Price to Book -58.3
Price to Tangible Book
Price to Cash Flow -1.4
Price to Free Cash Flow -1.3
Growth Rates
Sales Growth Rate -58.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity -5266.7%
Total Debt to Equity -5266.7%
Interest Coverage -46
Management Effectiveness
Return On Assets -70.3%
Ret/ On Assets - 3 Yr. Avg. -50.1%
Return On Total Capital -92.9%
Ret/ On T. Cap. - 3 Yr. Avg. -63.6%
Return On Equity -195.1%
Return On Equity - 3 Yr. Avg. -97.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 17.2%
EBITDA Margin -1766.7%
EBITDA Margin - 3 Yr. Avg. -813.6%
Operating Margin -1793.3%
Oper. Margin - 3 Yr. Avg. -832.4%
Pre-Tax Margin -1866.7%
Pre-Tax Margin - 3 Yr. Avg. -856.8%
Net Profit Margin -1866.7%
Net Profit Margin - 3 Yr. Avg. -856.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NVAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVAX stock intrinsic value calculation we used $15 million for the last fiscal year's total revenue generated by Novavax. The default revenue input number comes from 2016 income statement of Novavax. 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 NVAX 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 7.7%, whose default value for NVAX is calculated based on our internal credit rating of Novavax, 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 Novavax.
    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 NVAX stock the variable cost ratio is equal to 533.3%.

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 NVAX 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 3.8% for Novavax.

Corporate tax rate of 27% is the nominal tax rate for Novavax. 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 NVAX 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 NVAX are equal to 306.7%.

Life of production assets of 10.9 years is the average useful life of capital assets used in Novavax 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 NVAX is equal to -86.7%. 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 - $-6 million for Novavax - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 294.181 million for Novavax 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 Novavax at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Novavax, Inc. : November 10, 2017   [Nov-10-17 12:44PM  Capital Cube]
▶ Here's Why the Best Is Yet to Come for Novavax, Inc.   [Nov-09-17 10:00AM  Motley Fool]
▶ Novavax to Present at the Stifel 2017 Healthcare Conference   [Nov-08-17 04:07PM  GlobeNewswire]
▶ Novavax in position to seek flu vaccine approval in 2019   [02:25PM  American City Business Journals]
▶ G1 builds out executive team as it eyes important results in 2018   [01:05PM  American City Business Journals]
▶ Novavax reports 3Q loss   [Nov-07-17 05:23PM  Associated Press]
▶ Better Buy: Novavax, Inc. vs. Pfizer Inc.   [07:02AM  Motley Fool]
▶ Why Novavax Stock Is Soaring Today   [01:41PM  Motley Fool]
▶ Featured Company News - Novavax's CFO Resigns   [Oct-16-17 07:00AM  ACCESSWIRE]
▶ Novavax announces a major leadership change   [Oct-13-17 01:17PM  American City Business Journals]
▶ Novavax Announces Leadership Change   [07:32AM  GlobeNewswire]
▶ 2 Incredibly Cheap Healthcare Stocks Right Now   [Oct-03-17 04:00PM  Motley Fool]
▶ How Should You Think About Novavax Incs (NVAX) Risks?   [Sep-30-17 02:22PM  Simply Wall St.]
▶ ETFs with exposure to Novavax, Inc. : September 27, 2017   [Sep-27-17 10:36AM  Capital Cube]
▶ ETFs with exposure to Novavax, Inc. : September 6, 2017   [Sep-05-17 09:38PM  Capital Cube]
▶ 3 Stocks That Could Soar More Than Amazon   [Sep-01-17 08:25AM  Motley Fool]
▶ ETFs with exposure to Novavax, Inc. : August 25, 2017   [Aug-25-17 05:04PM  Capital Cube]
▶ 3 Top Biotech Stocks Under $10   [Aug-19-17 12:03PM  Motley Fool]
▶ Where Does Zika Virus Vaccine Research Stand Now?   [Aug-12-17 02:51PM  Benzinga]
▶ Novavax reports 2Q loss   [Aug-09-17 11:32PM  Associated Press]
▶ Novavax Reports Second Quarter 2017 Financial Results   [Aug-08-17 04:06PM  GlobeNewswire]
▶ Novavax, Inc.: Buy the Dip?   [Jul-27-17 10:31AM  Motley Fool]
▶ Why Novavax, Inc Is Tanking Today   [12:27PM  Motley Fool]
▶ Novavax CEO: 'We have a vaccine we like'   [08:28AM  American City Business Journals]
▶ Why Novavax Stock Spiked Today   [Jul-24-17 05:12PM  Motley Fool]
▶ 3 Stocks Under $5 That Could Make You Rich   [Jul-23-17 08:40AM  Motley Fool]
▶ Why Rite Aid, Novavax, and RH Jumped Today   [Jul-18-17 04:34PM  Motley Fool]
▶ Why Novavax Stock Surged Higher in June   [Jul-12-17 08:00AM  Motley Fool]
▶ Biotech Movers: Alexion, Arena, Novavax   [Jul-07-17 09:40AM  TheStreet.com]
▶ Can The Uptrend Continue for Novavax (NVAX)?   [May-26-17 07:06AM  Zacks]
▶ ETFs with exposure to Novavax, Inc. : May 22, 2017   [May-22-17 01:58PM  Capital Cube]
▶ Novavax Financial Review, Analysts Target and Outlook   [May-18-17 08:00AM  Accesswire]
▶ Biotech Movers: Akebia, Editas, Novavax   [May-16-17 09:34AM  TheStreet.com]
▶ Here's What's Driving Up Novavax, Inc. Stock Again Today   [May-15-17 12:12PM  Motley Fool]
▶ ETFs with exposure to Novavax, Inc. : May 11, 2017   [May-11-17 05:16PM  Capital Cube]
▶ Novavax shares jump on news of narrowed first-quarter losses   [May-09-17 03:17PM  American City Business Journals]
▶ Novavax reports 1Q loss   [May-08-17 04:41PM  Associated Press]
Financial statements of NVAX
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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