Intrinsic value of Novocure - NVCR

Previous Close

$18.10

  Intrinsic Value

$0.40

stock screener

  Rating & Target

str. sell

-98%

Previous close

$18.10

 
Intrinsic value

$0.40

 
Up/down potential

-98%

 
Rating

str. sell

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 1.6

 

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
  -125
  -141
  -162
  -189
  -225
  -270
  -326
  -394
  -475
  -571
  -682
  -808
  -949
  -1,107
  -1,281
  -1,470
  -1,675
  -1,894
  -2,129
  -2,378
  -2,641
  -2,918
  -3,208
  -3,512
  -3,829
  -4,160
  -4,504
  -4,863
  -5,235
  -5,622
Interest expense (income), $m
  7
  11
  5
  11
  19
  30
  45
  63
  87
  116
  150
  191
  238
  293
  354
  422
  497
  579
  668
  763
  865
  973
  1,088
  1,208
  1,334
  1,467
  1,605
  1,749
  1,899
  2,055
  2,217
Earnings before tax, $m
  -121
  -142
  -154
  -184
  -225
  -278
  -347
  -433
  -538
  -664
  -814
  -987
  -1,187
  -1,411
  -1,662
  -1,940
  -2,243
  -2,571
  -2,925
  -3,302
  -3,704
  -4,129
  -4,577
  -5,048
  -5,540
  -6,055
  -6,592
  -7,151
  -7,733
  -8,338
  -8,967
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
  -154
  -184
  -225
  -278
  -347
  -433
  -538
  -664
  -814
  -987
  -1,187
  -1,411
  -1,662
  -1,940
  -2,243
  -2,571
  -2,925
  -3,302
  -3,704
  -4,129
  -4,577
  -5,048
  -5,540
  -6,055
  -6,592
  -7,151
  -7,733
  -8,338
  -8,967

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
  99
  153
  229
  332
  469
  645
  866
  1,137
  1,463
  1,847
  2,294
  2,805
  3,381
  4,022
  4,729
  5,501
  6,337
  7,235
  8,194
  9,213
  10,290
  11,423
  12,613
  13,859
  15,160
  16,516
  17,929
  19,399
  20,927
  22,516
Adjusted assets (=assets-cash), $m
  62
  99
  153
  229
  332
  469
  645
  866
  1,137
  1,463
  1,847
  2,294
  2,805
  3,381
  4,022
  4,729
  5,501
  6,337
  7,235
  8,194
  9,213
  10,290
  11,423
  12,613
  13,859
  15,160
  16,516
  17,929
  19,399
  20,927
  22,516
Revenue / Adjusted assets
  1.339
  1.343
  1.340
  1.341
  1.340
  1.339
  1.340
  1.338
  1.339
  1.338
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
  1.339
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
  45
  94
  162
  255
  378
  536
  735
  979
  1,272
  1,619
  2,021
  2,480
  2,999
  3,576
  4,212
  4,907
  5,659
  6,468
  7,331
  8,248
  9,217
  10,237
  11,308
  12,429
  13,600
  14,821
  16,092
  17,415
  18,790
  20,220
Total liabilities, $m
  140
  89
  138
  206
  299
  422
  580
  779
  1,023
  1,316
  1,663
  2,065
  2,524
  3,043
  3,620
  4,256
  4,951
  5,703
  6,512
  7,375
  8,292
  9,261
  10,281
  11,352
  12,473
  13,644
  14,865
  16,136
  17,459
  18,834
  20,264
Total equity, $m
  142
  10
  15
  23
  33
  47
  64
  87
  114
  146
  185
  229
  280
  338
  402
  473
  550
  634
  724
  819
  921
  1,029
  1,142
  1,261
  1,386
  1,516
  1,652
  1,793
  1,940
  2,093
  2,252
Total liabilities and equity, $m
  282
  99
  153
  229
  332
  469
  644
  866
  1,137
  1,462
  1,848
  2,294
  2,804
  3,381
  4,022
  4,729
  5,501
  6,337
  7,236
  8,194
  9,213
  10,290
  11,423
  12,613
  13,859
  15,160
  16,517
  17,929
  19,399
  20,927
  22,516
Debt-to-equity ratio
  0.676
  4.560
  6.130
  7.080
  7.680
  8.060
  8.320
  8.490
  8.610
  8.700
  8.760
  8.810
  8.840
  8.870
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
Adjusted equity ratio
  -1.258
  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
  -132
  -142
  -154
  -184
  -225
  -278
  -347
  -433
  -538
  -664
  -814
  -987
  -1,187
  -1,411
  -1,662
  -1,940
  -2,243
  -2,571
  -2,925
  -3,302
  -3,704
  -4,129
  -4,577
  -5,048
  -5,540
  -6,055
  -6,592
  -7,151
  -7,733
  -8,338
  -8,967
Depreciation, amort., depletion, $m
  6
  5
  8
  11
  17
  23
  32
  43
  57
  73
  93
  115
  140
  169
  201
  237
  276
  317
  362
  410
  461
  515
  572
  632
  694
  759
  827
  898
  971
  1,048
  1,128
Funds from operations, $m
  -117
  -137
  -146
  -173
  -208
  -255
  -315
  -389
  -481
  -591
  -721
  -873
  -1,046
  -1,242
  -1,461
  -1,703
  -1,967
  -2,254
  -2,562
  -2,892
  -3,243
  -3,614
  -4,005
  -4,416
  -4,846
  -5,296
  -5,765
  -6,253
  -6,762
  -7,290
  -7,840
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
  -140
  -151
  -179
  -217
  -266
  -329
  -407
  -502
  -617
  -752
  -908
  -1,087
  -1,288
  -1,513
  -1,760
  -2,029
  -2,321
  -2,634
  -2,969
  -3,325
  -3,700
  -4,096
  -4,512
  -4,946
  -5,400
  -5,874
  -6,367
  -6,880
  -7,413
  -7,967
Maintenance CAPEX, $m
  0
  -3
  -5
  -8
  -11
  -17
  -23
  -32
  -43
  -57
  -73
  -93
  -115
  -140
  -169
  -201
  -237
  -276
  -317
  -362
  -410
  -461
  -515
  -572
  -632
  -694
  -759
  -827
  -898
  -971
  -1,048
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
  -12
  -19
  -27
  -37
  -51
  -67
  -87
  -111
  -139
  -169
  -205
  -243
  -284
  -330
  -378
  -430
  -485
  -542
  -602
  -665
  -731
  -799
  -870
  -944
  -1,020
  -1,099
  -1,181
  -1,266
  -1,354
  -1,446
Free cash flow, $m
  -95
  -152
  -169
  -206
  -254
  -317
  -396
  -494
  -614
  -756
  -922
  -1,113
  -1,330
  -1,573
  -1,842
  -2,138
  -2,459
  -2,806
  -3,177
  -3,572
  -3,990
  -4,431
  -4,895
  -5,382
  -5,890
  -6,420
  -6,973
  -7,548
  -8,146
  -8,767
  -9,413
Issuance/(repayment) of debt, $m
  73
  -51
  49
  68
  93
  123
  158
  199
  244
  293
  346
  402
  460
  518
  577
  636
  695
  752
  808
  863
  917
  969
  1,020
  1,071
  1,121
  1,171
  1,221
  1,271
  1,323
  1,375
  1,430
Issuance/(repurchase) of shares, $m
  2
  230
  159
  192
  235
  292
  364
  455
  565
  697
  852
  1,032
  1,238
  1,469
  1,727
  2,010
  2,320
  2,655
  3,014
  3,398
  3,806
  4,237
  4,691
  5,167
  5,665
  6,185
  6,728
  7,292
  7,880
  8,491
  9,126
Cash from financing (excl. dividends), $m  
  75
  179
  208
  260
  328
  415
  522
  654
  809
  990
  1,198
  1,434
  1,698
  1,987
  2,304
  2,646
  3,015
  3,407
  3,822
  4,261
  4,723
  5,206
  5,711
  6,238
  6,786
  7,356
  7,949
  8,563
  9,203
  9,866
  10,556
Total cash flow (excl. dividends), $m
  -20
  27
  39
  55
  74
  98
  126
  159
  195
  234
  277
  321
  367
  414
  462
  509
  555
  601
  646
  690
  733
  775
  816
  856
  896
  936
  976
  1,016
  1,057
  1,099
  1,143
Retained Cash Flow (-), $m
  109
  -230
  -159
  -192
  -235
  -292
  -364
  -455
  -565
  -697
  -852
  -1,032
  -1,238
  -1,469
  -1,727
  -2,010
  -2,320
  -2,655
  -3,014
  -3,398
  -3,806
  -4,237
  -4,691
  -5,167
  -5,665
  -6,185
  -6,728
  -7,292
  -7,880
  -8,491
  -9,126
Prev. year cash balance distribution, $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
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
 
  17
  -120
  -137
  -161
  -194
  -238
  -296
  -370
  -462
  -575
  -711
  -870
  -1,055
  -1,265
  -1,502
  -1,764
  -2,053
  -2,368
  -2,708
  -3,073
  -3,462
  -3,875
  -4,311
  -4,769
  -5,249
  -5,752
  -6,276
  -6,823
  -7,392
  -7,983
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
 
  16
  -110
  -119
  -133
  -150
  -173
  -200
  -231
  -266
  -302
  -338
  -371
  -401
  -425
  -441
  -448
  -447
  -436
  -417
  -391
  -358
  -322
  -283
  -243
  -204
  -168
  -135
  -106
  -81
  -60
Current shareholders' claim on cash, %
  100
  50.0
  19.2
  8.5
  4.2
  2.2
  1.3
  0.7
  0.4
  0.3
  0.2
  0.1
  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

NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline. In addition to its clinical and commercial progress in GBM, it is planning or conducting clinical trials evaluating the use of TTFields in brain metastases, non-small-cell lung cancer (NSCLC), pancreatic cancer, ovarian cancer and mesothelioma. TTFields are delivered through a portable, medical device. The complete delivery system, which is designed to allow patients to go about their daily activities while receiving continuous cancer treatment, includes a portable electric field generator, transducer arrays, rechargeable batteries and accessories.

FINANCIAL RATIOS  of  Novocure (NVCR)

Valuation Ratios
P/E Ratio -11.9
Price to Sales 19
Price to Book 11.1
Price to Tangible Book
Price to Cash Flow -14.6
Price to Free Cash Flow -12.5
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 2.6 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 88.95 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 $1.6 billion.

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COMPANY NEWS

▶ 3 Healthcare Stocks for Your Radar   [Oct-22-17 12:15PM  Motley Fool]
▶ Why Rite Aid, Hudbay Minerals, and NovoCure Jumped Today   [Oct-16-17 04:30PM  Motley Fool]
▶ 3 Innovation-Forward Healthcare Stocks to Buy Now   [Sep-19-17 07:15AM  Motley Fool]
▶ 3 Stocks That Could Soar More Than Priceline   [Aug-16-17 06:00AM  Motley Fool]
▶ 3 Game-Changing Small-Cap Healthcare Stocks   [Aug-15-17 09:01PM  Motley Fool]
▶ ETFs with exposure to Novocure Ltd. : August 11, 2017   [Aug-11-17 06:10PM  Capital Cube]
▶ 3 Hot Healthcare Stocks Under $30   [Jul-31-17 10:07AM  Motley Fool]
▶ NovoCure reports 2Q loss   [12:28AM  Associated Press]
▶ Investor Network: Novocure Ltd. to Host Earnings Call   [Jul-27-17 06:15AM  ACCESSWIRE]
▶ These 2 Companies Have No Competition   [Jul-18-17 08:16AM  Motley Fool]
▶ The Fastest Growing Cancer Company You've Never Heard Of   [Jul-13-17 06:07AM  Motley Fool]
▶ NovoCure (NVCR) Jumps: Stock Rises 10.5%   [Jul-12-17 08:47AM  Zacks]
▶ Why Novocure Shares Jumped 10.5% Today   [Jul-11-17 06:03PM  Motley Fool]
▶ Is NovoCure (NVCR) a Great Growth Stock?   [Jun-30-17 08:38AM  Zacks]
▶ 3 Stocks That Could Double Your Money   [Jun-02-17 08:13AM  Motley Fool]
▶ Shark Bites: Focus on the 'Little Picture'   [May-24-17 11:19AM  TheStreet.com]
▶ Martin J. Madden Joins Novocure Board of Directors   [May-11-17 08:12AM  Business Wire]
▶ NovoCure reports 1Q loss   [Apr-27-17 06:35AM  Associated Press]
▶ 5 Top Stocks to Buy in April   [Apr-12-17 02:04PM  Motley Fool]
▶ What Investors Missed in the Market This Week   [Apr-08-17 09:51AM  Motley Fool]
▶ Endo international, AngioDynamics Lead Biotech Movers   [Apr-07-17 09:25AM  TheStreet.com]
▶ ETFs with exposure to Novocure Ltd. : April 5, 2017   [Apr-05-17 05:11PM  Capital Cube]
▶ After-hours buzz: PRTK, MRCY, NVCR   [Apr-03-17 05:55PM  CNBC]
▶ Novocure to Report First Quarter 2017 Financial Results   [Mar-28-17 07:00AM  Business Wire]
▶ If You're in Your 30s, Consider Buying These Stocks   [Feb-17-17 10:35AM  at Motley Fool]
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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