Intrinsic value of Novocure - NVCR

Previous Close

$18.85

  Intrinsic Value

$0.40

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-57%

Previous close

$18.85

 
Intrinsic value

$0.40

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-57%

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

We calculate the intrinsic value of NVCR 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 1.7

 

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, %
  151.52
  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
  83
  133
  205
  307
  445
  628
  864
  1,159
  1,522
  1,958
  2,474
  3,072
  3,755
  4,527
  5,386
  6,333
  7,366
  8,486
  9,688
  10,972
  12,336
  13,778
  15,296
  16,889
  18,557
  20,299
  22,115
  24,007
  25,975
  28,021
  30,148
Variable operating expenses, $m
 
  162
  250
  373
  542
  764
  1,051
  1,411
  1,852
  2,383
  3,010
  3,738
  4,570
  5,509
  6,554
  7,707
  8,965
  10,327
  11,790
  13,353
  15,013
  16,768
  18,615
  20,554
  22,584
  24,704
  26,914
  29,216
  31,612
  34,102
  36,691
Fixed operating expenses, $m
 
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
Total operating expenses, $m
  198
  263
  354
  480
  651
  876
  1,166
  1,529
  1,973
  2,507
  3,137
  3,868
  4,703
  5,645
  6,694
  7,850
  9,112
  10,478
  11,944
  13,511
  15,175
  16,934
  18,785
  20,729
  22,763
  24,888
  27,102
  29,409
  31,810
  34,305
  36,899
Operating income, $m
  -115
  -130
  -149
  -173
  -206
  -248
  -302
  -369
  -451
  -549
  -664
  -796
  -948
  -1,119
  -1,309
  -1,518
  -1,745
  -1,992
  -2,257
  -2,539
  -2,839
  -3,156
  -3,490
  -3,840
  -4,206
  -4,588
  -4,987
  -5,402
  -5,834
  -6,283
  -6,750
EBITDA, $m
  -109
  -128
  -145
  -167
  -198
  -237
  -286
  -348
  -422
  -512
  -617
  -739
  -878
  -1,034
  -1,208
  -1,399
  -1,608
  -1,833
  -2,076
  -2,334
  -2,608
  -2,898
  -3,204
  -3,524
  -3,859
  -4,209
  -4,574
  -4,953
  -5,349
  -5,759
  -6,186
Interest expense (income), $m
  7
  11
  21
  36
  56
  83
  120
  167
  226
  298
  385
  487
  607
  743
  896
  1,067
  1,256
  1,462
  1,685
  1,924
  2,180
  2,452
  2,739
  3,041
  3,358
  3,690
  4,037
  4,399
  4,776
  5,168
  5,575
Earnings before tax, $m
  -121
  -142
  -170
  -209
  -262
  -332
  -422
  -536
  -677
  -847
  -1,048
  -1,284
  -1,555
  -1,861
  -2,205
  -2,585
  -3,001
  -3,454
  -3,941
  -4,463
  -5,019
  -5,608
  -6,228
  -6,881
  -7,564
  -8,279
  -9,025
  -9,801
  -10,610
  -11,451
  -12,325
Tax expense, $m
  11
  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
  -132
  -142
  -170
  -209
  -262
  -332
  -422
  -536
  -677
  -847
  -1,048
  -1,284
  -1,555
  -1,861
  -2,205
  -2,585
  -3,001
  -3,454
  -3,941
  -4,463
  -5,019
  -5,608
  -6,228
  -6,881
  -7,564
  -8,279
  -9,025
  -9,801
  -10,610
  -11,451
  -12,325

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  220
  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
  282
  262
  405
  606
  880
  1,241
  1,707
  2,291
  3,008
  3,870
  4,889
  6,071
  7,422
  8,946
  10,644
  12,515
  14,558
  16,770
  19,147
  21,684
  24,380
  27,229
  30,229
  33,378
  36,674
  40,116
  43,706
  47,444
  51,334
  55,378
  59,582
Adjusted assets (=assets-cash), $m
  62
  262
  405
  606
  880
  1,241
  1,707
  2,291
  3,008
  3,870
  4,889
  6,071
  7,422
  8,946
  10,644
  12,515
  14,558
  16,770
  19,147
  21,684
  24,380
  27,229
  30,229
  33,378
  36,674
  40,116
  43,706
  47,444
  51,334
  55,378
  59,582
Revenue / Adjusted assets
  1.339
  0.508
  0.506
  0.507
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
Average production assets, $m
  16
  25
  38
  57
  83
  117
  161
  217
  285
  366
  463
  574
  702
  846
  1,007
  1,184
  1,378
  1,587
  1,812
  2,052
  2,307
  2,576
  2,860
  3,158
  3,470
  3,796
  4,136
  4,489
  4,857
  5,240
  5,638
Working capital, $m
  225
  8
  12
  18
  27
  38
  52
  70
  91
  118
  148
  184
  225
  272
  323
  380
  442
  509
  581
  658
  740
  827
  918
  1,013
  1,113
  1,218
  1,327
  1,440
  1,559
  1,681
  1,809
Total debt, $m
  96
  180
  302
  474
  707
  1,016
  1,413
  1,912
  2,525
  3,261
  4,131
  5,140
  6,294
  7,596
  9,046
  10,644
  12,389
  14,277
  16,307
  18,474
  20,776
  23,209
  25,772
  28,461
  31,275
  34,215
  37,281
  40,474
  43,795
  47,249
  50,839
Total liabilities, $m
  140
  224
  346
  518
  751
  1,060
  1,457
  1,956
  2,569
  3,305
  4,175
  5,184
  6,338
  7,640
  9,090
  10,688
  12,433
  14,321
  16,351
  18,518
  20,820
  23,253
  25,816
  28,505
  31,319
  34,259
  37,325
  40,518
  43,839
  47,293
  50,883
Total equity, $m
  142
  38
  59
  89
  128
  181
  249
  334
  439
  565
  714
  886
  1,084
  1,306
  1,554
  1,827
  2,125
  2,448
  2,795
  3,166
  3,559
  3,975
  4,413
  4,873
  5,354
  5,857
  6,381
  6,927
  7,495
  8,085
  8,699
Total liabilities and equity, $m
  282
  262
  405
  607
  879
  1,241
  1,706
  2,290
  3,008
  3,870
  4,889
  6,070
  7,422
  8,946
  10,644
  12,515
  14,558
  16,769
  19,146
  21,684
  24,379
  27,228
  30,229
  33,378
  36,673
  40,116
  43,706
  47,445
  51,334
  55,378
  59,582
Debt-to-equity ratio
  0.676
  4.700
  5.110
  5.350
  5.510
  5.610
  5.670
  5.720
  5.750
  5.770
  5.790
  5.800
  5.810
  5.820
  5.820
  5.830
  5.830
  5.830
  5.830
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
  5.840
Adjusted equity ratio
  -1.258
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146
  0.146

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -132
  -142
  -170
  -209
  -262
  -332
  -422
  -536
  -677
  -847
  -1,048
  -1,284
  -1,555
  -1,861
  -2,205
  -2,585
  -3,001
  -3,454
  -3,941
  -4,463
  -5,019
  -5,608
  -6,228
  -6,881
  -7,564
  -8,279
  -9,025
  -9,801
  -10,610
  -11,451
  -12,325
Depreciation, amort., depletion, $m
  6
  2
  4
  6
  8
  12
  16
  22
  28
  37
  46
  57
  70
  85
  101
  118
  138
  159
  181
  205
  231
  258
  286
  316
  347
  380
  414
  449
  486
  524
  564
Funds from operations, $m
  -117
  -139
  -166
  -203
  -253
  -320
  -406
  -514
  -648
  -810
  -1,002
  -1,226
  -1,484
  -1,777
  -2,104
  -2,467
  -2,864
  -3,295
  -3,760
  -4,258
  -4,788
  -5,350
  -5,942
  -6,565
  -7,217
  -7,899
  -8,611
  -9,353
  -10,124
  -10,927
  -11,761
Change in working capital, $m
  -9
  3
  4
  6
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  57
  62
  67
  72
  77
  82
  87
  91
  96
  100
  105
  109
  113
  118
  123
  128
Cash from operations, $m
  -108
  -142
  -170
  -209
  -262
  -331
  -420
  -532
  -670
  -836
  -1,033
  -1,262
  -1,525
  -1,823
  -2,156
  -2,523
  -2,926
  -3,362
  -3,832
  -4,335
  -4,870
  -5,437
  -6,033
  -6,660
  -7,317
  -8,004
  -8,720
  -9,466
  -10,242
  -11,050
  -11,889
Maintenance CAPEX, $m
  0
  -2
  -2
  -4
  -6
  -8
  -12
  -16
  -22
  -28
  -37
  -46
  -57
  -70
  -85
  -101
  -118
  -138
  -159
  -181
  -205
  -231
  -258
  -286
  -316
  -347
  -380
  -414
  -449
  -486
  -524
New CAPEX, $m
  -18
  -9
  -14
  -19
  -26
  -34
  -44
  -55
  -68
  -82
  -96
  -112
  -128
  -144
  -161
  -177
  -193
  -209
  -225
  -240
  -255
  -270
  -284
  -298
  -312
  -326
  -340
  -354
  -368
  -383
  -398
Cash from investing activities, $m
  13
  -11
  -16
  -23
  -32
  -42
  -56
  -71
  -90
  -110
  -133
  -158
  -185
  -214
  -246
  -278
  -311
  -347
  -384
  -421
  -460
  -501
  -542
  -584
  -628
  -673
  -720
  -768
  -817
  -869
  -922
Free cash flow, $m
  -95
  -153
  -186
  -232
  -293
  -374
  -476
  -603
  -759
  -946
  -1,166
  -1,420
  -1,711
  -2,038
  -2,401
  -2,801
  -3,237
  -3,709
  -4,216
  -4,757
  -5,331
  -5,937
  -6,575
  -7,244
  -7,945
  -8,677
  -9,439
  -10,233
  -11,059
  -11,918
  -12,811
Issuance/(repayment) of debt, $m
  73
  84
  122
  172
  234
  309
  397
  499
  612
  737
  870
  1,009
  1,154
  1,301
  1,450
  1,598
  1,745
  1,889
  2,030
  2,167
  2,302
  2,433
  2,562
  2,689
  2,815
  2,940
  3,066
  3,193
  3,322
  3,454
  3,590
Issuance/(repurchase) of shares, $m
  2
  156
  191
  238
  302
  385
  490
  621
  781
  972
  1,197
  1,456
  1,752
  2,084
  2,453
  2,858
  3,300
  3,777
  4,288
  4,834
  5,413
  6,024
  6,666
  7,340
  8,045
  8,781
  9,549
  10,347
  11,178
  12,042
  12,939
Cash from financing (excl. dividends), $m  
  75
  240
  313
  410
  536
  694
  887
  1,120
  1,393
  1,709
  2,067
  2,465
  2,906
  3,385
  3,903
  4,456
  5,045
  5,666
  6,318
  7,001
  7,715
  8,457
  9,228
  10,029
  10,860
  11,721
  12,615
  13,540
  14,500
  15,496
  16,529
Total cash flow (excl. dividends), $m
  -20
  87
  127
  178
  242
  320
  411
  517
  634
  763
  901
  1,045
  1,195
  1,348
  1,502
  1,655
  1,807
  1,956
  2,102
  2,245
  2,384
  2,520
  2,654
  2,785
  2,915
  3,045
  3,175
  3,307
  3,440
  3,577
  3,718
Retained Cash Flow (-), $m
  109
  -156
  -191
  -238
  -302
  -385
  -490
  -621
  -781
  -972
  -1,197
  -1,456
  -1,752
  -2,084
  -2,453
  -2,858
  -3,300
  -3,777
  -4,288
  -4,834
  -5,413
  -6,024
  -6,666
  -7,340
  -8,045
  -8,781
  -9,549
  -10,347
  -11,178
  -12,042
  -12,939
Prev. year cash balance distribution, $m
 
  118
  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
 
  49
  -64
  -60
  -60
  -65
  -79
  -105
  -147
  -210
  -296
  -411
  -557
  -736
  -951
  -1,203
  -1,493
  -1,821
  -2,186
  -2,589
  -3,029
  -3,504
  -4,013
  -4,555
  -5,130
  -5,737
  -6,374
  -7,041
  -7,738
  -8,464
  -9,221
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  47
  -59
  -53
  -49
  -50
  -57
  -71
  -92
  -120
  -155
  -195
  -238
  -280
  -319
  -353
  -379
  -396
  -403
  -399
  -385
  -362
  -333
  -299
  -261
  -223
  -186
  -151
  -120
  -92
  -69
Current shareholders' claim on cash, %
  100
  60.6
  40.5
  28.9
  21.5
  16.6
  13.0
  10.4
  8.5
  6.9
  5.7
  4.7
  4.0
  3.3
  2.8
  2.4
  2.0
  1.7
  1.4
  1.2
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2

NovoCure Limited engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) for the treatment of solid tumors. The company markets its proprietary therapy, TTFields delivery system under the Optune name for use as a monotherapy treatment for adult patients with glioblastoma brain cancer. It is also involved in conducting clinical trials for the use of TTFields in brain metastases, non-small cell lung cancer, pancreatic cancer, ovarian cancer, and mesothelioma. The company markets its products in the United States, Germany, Switzerland, Japan, and other countries. NovoCure Limited was founded in 2000 and is based in Saint Helier, the Channel Islands.

FINANCIAL RATIOS  of  Novocure (NVCR)

Valuation Ratios
P/E Ratio -12.4
Price to Sales 19.8
Price to Book 11.6
Price to Tangible Book
Price to Cash Flow -15.2
Price to Free Cash Flow -13
Growth Rates
Sales Growth Rate 151.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 80%
Cap. Spend. - 3 Yr. Gr. Rate 35.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 67.6%
Total Debt to Equity 67.6%
Interest Coverage -16
Management Effectiveness
Return On Assets -42.2%
Ret/ On Assets - 3 Yr. Avg. -48.9%
Return On Total Capital -51.6%
Ret/ On T. Cap. - 3 Yr. Avg. -57.3%
Return On Equity -67.2%
Return On Equity - 3 Yr. Avg. -63.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 51.8%
Gross Margin - 3 Yr. Avg. 40.5%
EBITDA Margin -130.1%
EBITDA Margin - 3 Yr. Avg. -319.7%
Operating Margin -138.6%
Oper. Margin - 3 Yr. Avg. -331.2%
Pre-Tax Margin -145.8%
Pre-Tax Margin - 3 Yr. Avg. -334.5%
Net Profit Margin -159%
Net Profit Margin - 3 Yr. Avg. -346.1%
Effective Tax Rate -9.1%
Eff/ Tax Rate - 3 Yr. Avg. -5%
Payout Ratio 0%

NVCR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVCR stock intrinsic value calculation we used $83 million for the last fiscal year's total revenue generated by Novocure. The default revenue input number comes from 2016 income statement of Novocure. 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 NVCR 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 4.3%, whose default value for NVCR is calculated based on our internal credit rating of Novocure, 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 Novocure.
    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 NVCR stock the variable cost ratio is equal to 121.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $99 million in the base year in the intrinsic value calculation for NVCR 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 11.8% for Novocure.

Corporate tax rate of 27% is the nominal tax rate for Novocure. 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 NVCR 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 NVCR are equal to 18.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Novocure 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 NVCR is equal to 6%. 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 - $142 million for Novocure - 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 88.234 million for Novocure 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 Novocure at the current share price and the inputted number of shares is $1.7 billion.

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Stock chart of NVCR Financial statements of NVCR
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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