Intrinsic value of Novavax - NVAX

Previous Close

$1.10

  Intrinsic Value

$0.06

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-16%

Previous close

$1.10

 
Intrinsic value

$0.06

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-16%

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

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 0.3

 

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, %
  -58.33
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  15
  23
  33
  46
  64
  86
  113
  146
  184
  229
  281
  339
  403
  475
  553
  637
  728
  825
  929
  1,038
  1,153
  1,273
  1,400
  1,532
  1,669
  1,813
  1,962
  2,117
  2,278
  2,446
  2,620
Variable operating expenses, $m
 
  117
  168
  236
  323
  433
  568
  731
  924
  1,148
  1,404
  1,688
  2,011
  2,367
  2,756
  3,178
  3,631
  4,116
  4,630
  5,174
  5,748
  6,349
  6,980
  7,638
  8,324
  9,039
  9,783
  10,557
  11,361
  12,197
  13,065
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
  117
  168
  236
  323
  433
  568
  731
  924
  1,148
  1,404
  1,688
  2,011
  2,367
  2,756
  3,178
  3,631
  4,116
  4,630
  5,174
  5,748
  6,349
  6,980
  7,638
  8,324
  9,039
  9,783
  10,557
  11,361
  12,197
  13,065
Operating income, $m
  -269
  -95
  -136
  -190
  -260
  -347
  -455
  -586
  -740
  -919
  -1,123
  -1,350
  -1,608
  -1,892
  -2,204
  -2,541
  -2,903
  -3,290
  -3,702
  -4,137
  -4,595
  -5,076
  -5,580
  -6,106
  -6,655
  -7,227
  -7,821
  -8,440
  -9,083
  -9,751
  -10,445
EBITDA, $m
  -260
  -83
  -121
  -172
  -236
  -318
  -418
  -539
  -683
  -849
  -1,039
  -1,254
  -1,494
  -1,759
  -2,048
  -2,361
  -2,698
  -3,058
  -3,440
  -3,845
  -4,271
  -4,718
  -5,186
  -5,675
  -6,185
  -6,717
  -7,269
  -7,844
  -8,442
  -9,062
  -9,708
Interest expense (income), $m
  6
  12
  17
  26
  38
  54
  74
  98
  128
  163
  203
  249
  302
  360
  424
  494
  570
  652
  740
  833
  931
  1,034
  1,143
  1,257
  1,375
  1,499
  1,628
  1,763
  1,902
  2,047
  2,198
Earnings before tax, $m
  -280
  -107
  -153
  -216
  -298
  -402
  -530
  -684
  -867
  -1,081
  -1,326
  -1,599
  -1,909
  -2,252
  -2,628
  -3,035
  -3,473
  -3,942
  -4,441
  -4,969
  -5,526
  -6,110
  -6,723
  -7,363
  -8,030
  -8,726
  -9,450
  -10,203
  -10,985
  -11,798
  -12,643
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
  -107
  -153
  -216
  -298
  -402
  -530
  -684
  -867
  -1,081
  -1,326
  -1,599
  -1,909
  -2,252
  -2,628
  -3,035
  -3,473
  -3,942
  -4,441
  -4,969
  -5,526
  -6,110
  -6,723
  -7,363
  -8,030
  -8,726
  -9,450
  -10,203
  -10,985
  -11,798
  -12,643

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
  592
  862
  1,219
  1,679
  2,259
  2,972
  3,832
  4,848
  6,030
  7,382
  8,910
  10,613
  12,493
  14,547
  16,771
  19,164
  21,720
  24,436
  27,308
  30,334
  33,510
  36,835
  40,310
  43,933
  47,706
  51,633
  55,716
  59,959
  64,369
  68,952
Adjusted assets (=assets-cash), $m
  159
  592
  862
  1,219
  1,679
  2,259
  2,972
  3,832
  4,848
  6,030
  7,382
  8,910
  10,613
  12,493
  14,547
  16,771
  19,164
  21,720
  24,436
  27,308
  30,334
  33,510
  36,835
  40,310
  43,933
  47,706
  51,633
  55,716
  59,959
  64,369
  68,952
Revenue / Adjusted assets
  0.094
  0.039
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
  0.038
Average production assets, $m
  46
  69
  100
  142
  196
  263
  346
  447
  565
  703
  860
  1,038
  1,237
  1,456
  1,695
  1,955
  2,233
  2,531
  2,848
  3,183
  3,535
  3,905
  4,293
  4,698
  5,120
  5,560
  6,018
  6,493
  6,988
  7,502
  8,036
Working capital, $m
  222
  -2
  -3
  -5
  -6
  -9
  -11
  -15
  -18
  -23
  -28
  -34
  -40
  -47
  -55
  -64
  -73
  -83
  -93
  -104
  -115
  -127
  -140
  -153
  -167
  -181
  -196
  -212
  -228
  -245
  -262
Total debt, $m
  316
  449
  691
  1,013
  1,427
  1,949
  2,591
  3,365
  4,279
  5,343
  6,560
  7,935
  9,468
  11,160
  13,008
  15,010
  17,163
  19,464
  21,908
  24,493
  27,216
  30,075
  33,068
  36,195
  39,455
  42,852
  46,386
  50,060
  53,879
  57,849
  61,973
Total liabilities, $m
  400
  533
  775
  1,097
  1,511
  2,033
  2,675
  3,449
  4,363
  5,427
  6,644
  8,019
  9,552
  11,244
  13,092
  15,094
  17,247
  19,548
  21,992
  24,577
  27,300
  30,159
  33,152
  36,279
  39,539
  42,936
  46,470
  50,144
  53,963
  57,933
  62,057
Total equity, $m
  -6
  59
  86
  122
  168
  226
  297
  383
  485
  603
  738
  891
  1,061
  1,249
  1,455
  1,677
  1,916
  2,172
  2,444
  2,731
  3,033
  3,351
  3,684
  4,031
  4,393
  4,771
  5,163
  5,572
  5,996
  6,437
  6,895
Total liabilities and equity, $m
  394
  592
  861
  1,219
  1,679
  2,259
  2,972
  3,832
  4,848
  6,030
  7,382
  8,910
  10,613
  12,493
  14,547
  16,771
  19,163
  21,720
  24,436
  27,308
  30,333
  33,510
  36,836
  40,310
  43,932
  47,707
  51,633
  55,716
  59,959
  64,370
  68,952
Debt-to-equity ratio
  -52.667
  7.580
  8.020
  8.310
  8.500
  8.630
  8.720
  8.780
  8.830
  8.860
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  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
  -107
  -153
  -216
  -298
  -402
  -530
  -684
  -867
  -1,081
  -1,326
  -1,599
  -1,909
  -2,252
  -2,628
  -3,035
  -3,473
  -3,942
  -4,441
  -4,969
  -5,526
  -6,110
  -6,723
  -7,363
  -8,030
  -8,726
  -9,450
  -10,203
  -10,985
  -11,798
  -12,643
Depreciation, amort., depletion, $m
  9
  12
  14
  18
  23
  29
  37
  46
  57
  70
  84
  95
  113
  134
  156
  179
  205
  232
  261
  292
  324
  358
  394
  431
  470
  510
  552
  596
  641
  688
  737
Funds from operations, $m
  -262
  -95
  -138
  -198
  -275
  -372
  -493
  -638
  -810
  -1,012
  -1,242
  -1,504
  -1,796
  -2,119
  -2,472
  -2,856
  -3,268
  -3,710
  -4,180
  -4,677
  -5,201
  -5,752
  -6,329
  -6,932
  -7,561
  -8,216
  -8,898
  -9,607
  -10,344
  -11,110
  -11,906
Change in working capital, $m
  -7
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
Cash from operations, $m
  -255
  -95
  -137
  -196
  -273
  -370
  -490
  -635
  -807
  -1,007
  -1,237
  -1,498
  -1,789
  -2,111
  -2,464
  -2,847
  -3,259
  -3,700
  -4,170
  -4,666
  -5,190
  -5,740
  -6,316
  -6,919
  -7,547
  -8,201
  -8,883
  -9,591
  -10,328
  -11,093
  -11,889
Maintenance CAPEX, $m
  0
  -4
  -6
  -9
  -13
  -18
  -24
  -32
  -41
  -52
  -64
  -79
  -95
  -113
  -134
  -156
  -179
  -205
  -232
  -261
  -292
  -324
  -358
  -394
  -431
  -470
  -510
  -552
  -596
  -641
  -688
New CAPEX, $m
  -18
  -23
  -31
  -42
  -54
  -68
  -83
  -100
  -118
  -138
  -158
  -178
  -199
  -219
  -239
  -259
  -279
  -298
  -317
  -335
  -353
  -370
  -388
  -405
  -422
  -440
  -458
  -476
  -495
  -514
  -534
Cash from investing activities, $m
  28
  -27
  -37
  -51
  -67
  -86
  -107
  -132
  -159
  -190
  -222
  -257
  -294
  -332
  -373
  -415
  -458
  -503
  -549
  -596
  -645
  -694
  -746
  -799
  -853
  -910
  -968
  -1,028
  -1,091
  -1,155
  -1,222
Free cash flow, $m
  -227
  -122
  -175
  -247
  -340
  -456
  -597
  -767
  -966
  -1,197
  -1,459
  -1,755
  -2,083
  -2,444
  -2,837
  -3,262
  -3,717
  -4,203
  -4,718
  -5,262
  -5,834
  -6,434
  -7,062
  -7,717
  -8,400
  -9,111
  -9,850
  -10,619
  -11,418
  -12,248
  -13,111
Issuance/(repayment) of debt, $m
  325
  133
  242
  321
  415
  522
  642
  773
  915
  1,063
  1,217
  1,375
  1,533
  1,692
  1,848
  2,002
  2,153
  2,301
  2,444
  2,585
  2,723
  2,859
  2,993
  3,127
  3,261
  3,396
  3,534
  3,675
  3,819
  3,969
  4,125
Issuance/(repurchase) of shares, $m
  4
  172
  180
  252
  344
  460
  601
  770
  969
  1,199
  1,462
  1,752
  2,080
  2,440
  2,833
  3,257
  3,713
  4,198
  4,713
  5,256
  5,828
  6,428
  7,055
  7,710
  8,393
  9,103
  9,842
  10,611
  11,409
  12,239
  13,101
Cash from financing (excl. dividends), $m  
  279
  305
  422
  573
  759
  982
  1,243
  1,543
  1,884
  2,262
  2,679
  3,127
  3,613
  4,132
  4,681
  5,259
  5,866
  6,499
  7,157
  7,841
  8,551
  9,287
  10,048
  10,837
  11,654
  12,499
  13,376
  14,286
  15,228
  16,208
  17,226
Total cash flow (excl. dividends), $m
  51
  183
  247
  326
  419
  526
  646
  777
  918
  1,066
  1,220
  1,372
  1,530
  1,688
  1,844
  1,998
  2,148
  2,295
  2,439
  2,579
  2,717
  2,852
  2,986
  3,120
  3,253
  3,388
  3,526
  3,666
  3,811
  3,960
  4,115
Retained Cash Flow (-), $m
  299
  -172
  -180
  -252
  -344
  -460
  -601
  -770
  -969
  -1,199
  -1,462
  -1,752
  -2,080
  -2,440
  -2,833
  -3,257
  -3,713
  -4,198
  -4,713
  -5,256
  -5,828
  -6,428
  -7,055
  -7,710
  -8,393
  -9,103
  -9,842
  -10,611
  -11,409
  -12,239
  -13,101
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
 
  11
  67
  74
  75
  66
  45
  7
  -51
  -133
  -242
  -380
  -550
  -752
  -989
  -1,260
  -1,564
  -1,903
  -2,274
  -2,677
  -3,112
  -3,576
  -4,069
  -4,591
  -5,139
  -5,715
  -6,317
  -6,945
  -7,599
  -8,279
  -8,986
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
 
  10
  58
  58
  53
  42
  26
  3
  -23
  -51
  -78
  -104
  -125
  -140
  -148
  -150
  -145
  -136
  -122
  -106
  -89
  -72
  -57
  -43
  -31
  -22
  -15
  -10
  -6
  -4
  -2
Current shareholders' claim on cash, %
  100
  50.0
  12.4
  3.2
  0.8
  0.2
  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

Novavax, Inc., a clinical-stage vaccine company, focuses on discovering, developing, and commercializing recombinant nanoparticle vaccines and adjuvants. The company produces its vaccines using its proprietary recombinant nanoparticle vaccine technology. Its product pipeline includes respiratory syncytial virus (RSV) vaccine candidates for elderly and maternal immunization that are in Phase III clinical trials, as well as pediatric RSV candidate, which is in Phase I clinical trial; seasonal quadrivalent influenza and pandemic H7N9 vaccines, which are in Phase II clinical trials; vaccine candidate against Ebola Virus that is Phase I clinical trial, as well as combination respiratory vaccine candidate and seasonal influenza vaccine candidate that is in pre-clinical trial; and rabies G protein vaccine candidate, which is in Phase I/II clinical trial. The company also has pre-clinical stage programs for various infectious diseases, including the Middle East respiratory syndrome coronavirus; and develops technology for the production of immune stimulating saponin-based adjuvants. Novavax, Inc. was founded in 1987 and is headquartered in Gaithersburg, Maryland.

FINANCIAL RATIOS  of  Novavax (NVAX)

Valuation Ratios
P/E Ratio -1.1
Price to Sales 19.9
Price to Book -49.7
Price to Tangible Book
Price to Cash Flow -1.2
Price to Free Cash Flow -1.1
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 50% 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 -10%. 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 251.28 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 $0.3 billion.

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COMPANY NEWS

▶ 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]
▶ No bonuses for Novavax following failed RSV vaccine trial   [May-01-17 04:55PM  American City Business Journals]
▶ ETFs with exposure to Novavax, Inc. : April 19, 2017   [Apr-19-17 02:28PM  Capital Cube]
▶ Biotech Movers Trading Positive Ahead of Market's Open   [Apr-11-17 09:30AM  TheStreet.com]
▶ ETFs with exposure to Novavax, Inc. : April 7, 2017   [Apr-07-17 05:11PM  Capital Cube]
▶ Valeant, DryShips Dont Escape Thursdays 52-Week Low Club   [Apr-06-17 04:04PM  24/7 Wall St.]
▶ Valeant, DryShips Plunge into Wednesdays 52-Week Low Club   [Apr-05-17 04:04PM  24/7 Wall St.]
▶ 3 Companies That Might Not Live to See 2020   [Mar-31-17 08:05AM  Motley Fool]
▶ ETFs with exposure to Novavax, Inc. : March 27, 2017   [Mar-27-17 04:02PM  Capital Cube]
▶ The 6 Most Shorted Nasdaq Stocks   [06:55AM  24/7 Wall St.]
▶ 3 Beaten-Up Biotech Stocks: Are They Bargains?   [Mar-21-17 08:22AM  Motley Fool]
▶ Trade Volume Can Speak a Lot About Momentum of a Stock   [Mar-16-17 09:30AM  Accesswire]
▶ Why Novavax's Shares Marched Higher in February   [Mar-06-17 11:02AM  at Motley Fool]
▶ 3 Stocks to Avoid in Biotech   [11:03AM  at Motley Fool]
▶ Novavax Stock Spikes on Q4 Results   [09:45AM  at Investopedia]
▶ Better Buy: Novavax, Inc. vs. Inovio Pharmaceuticals   [Feb-16-17 01:10PM  at Motley Fool]
▶ Can Novavax Stay Ahead of the Competition?   [Jan-28-17 04:58PM  at Motley Fool]
▶ Better Buy: Novavax, Inc. vs. Roche   [Jan-17-17 09:56AM  at Motley Fool]
▶ D.C.-area biotech stocks fall on Trump's tough talk on industry   [Jan-11-17 11:10PM  at bizjournals.com]
Stock chart of NVAX Financial statements of NVAX Annual reports 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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