Intrinsic value of Invitae - NVTA

Previous Close

$9.60

  Intrinsic Value

$0.62

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

0%

Previous close

$9.60

 
Intrinsic value

$0.62

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of NVTA 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, %
  212.50
  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
  25
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Variable operating expenses, $m
 
  98
  151
  226
  327
  462
  635
  852
  1,119
  1,439
  1,818
  2,258
  2,760
  3,327
  3,958
  4,654
  5,414
  6,236
  7,120
  8,064
  9,066
  10,126
  11,242
  12,412
  13,638
  14,918
  16,253
  17,644
  19,090
  20,594
  22,157
Fixed operating expenses, $m
 
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
Total operating expenses, $m
  125
  180
  235
  312
  415
  553
  728
  947
  1,216
  1,539
  1,920
  2,363
  2,868
  3,437
  4,071
  4,770
  5,533
  6,358
  7,245
  8,192
  9,197
  10,260
  11,380
  12,553
  13,783
  15,066
  16,405
  17,800
  19,250
  20,758
  22,325
Operating income, $m
  -100
  -140
  -173
  -219
  -281
  -363
  -467
  -598
  -758
  -949
  -1,175
  -1,437
  -1,736
  -2,074
  -2,449
  -2,863
  -3,314
  -3,802
  -4,327
  -4,887
  -5,482
  -6,110
  -6,772
  -7,467
  -8,193
  -8,953
  -9,744
  -10,568
  -11,426
  -12,318
  -13,244
EBITDA, $m
  -93
  -136
  -168
  -211
  -270
  -347
  -445
  -569
  -719
  -900
  -1,113
  -1,360
  -1,641
  -1,959
  -2,313
  -2,702
  -3,127
  -3,588
  -4,082
  -4,609
  -5,170
  -5,762
  -6,385
  -7,039
  -7,724
  -8,439
  -9,185
  -9,961
  -10,769
  -11,609
  -12,481
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  7
  9
  13
  17
  22
  28
  34
  42
  51
  61
  72
  83
  96
  110
  124
  140
  156
  174
  192
  211
  231
  251
  273
  295
  319
Earnings before tax, $m
  -100
  -140
  -174
  -221
  -284
  -367
  -474
  -607
  -770
  -966
  -1,197
  -1,465
  -1,771
  -2,116
  -2,500
  -2,923
  -3,385
  -3,885
  -4,423
  -4,997
  -5,606
  -6,250
  -6,928
  -7,640
  -8,385
  -9,163
  -9,975
  -10,820
  -11,699
  -12,613
  -13,563
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
  -100
  -140
  -174
  -221
  -284
  -367
  -474
  -607
  -770
  -966
  -1,197
  -1,465
  -1,771
  -2,116
  -2,500
  -2,923
  -3,385
  -3,885
  -4,423
  -4,997
  -5,606
  -6,250
  -6,928
  -7,640
  -8,385
  -9,163
  -9,975
  -10,820
  -11,699
  -12,613
  -13,563

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  93
  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
  131
  61
  94
  140
  204
  288
  395
  531
  697
  896
  1,132
  1,406
  1,719
  2,072
  2,465
  2,899
  3,372
  3,884
  4,435
  5,023
  5,647
  6,307
  7,002
  7,731
  8,495
  9,292
  10,123
  10,989
  11,890
  12,827
  13,801
Adjusted assets (=assets-cash), $m
  38
  61
  94
  140
  204
  288
  395
  531
  697
  896
  1,132
  1,406
  1,719
  2,072
  2,465
  2,899
  3,372
  3,884
  4,435
  5,023
  5,647
  6,307
  7,002
  7,731
  8,495
  9,292
  10,123
  10,989
  11,890
  12,827
  13,801
Revenue / Adjusted assets
  0.658
  0.656
  0.660
  0.657
  0.657
  0.656
  0.658
  0.657
  0.657
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
Average production assets, $m
  21
  34
  52
  78
  113
  159
  218
  293
  385
  496
  626
  777
  950
  1,145
  1,363
  1,602
  1,864
  2,147
  2,451
  2,776
  3,121
  3,486
  3,870
  4,273
  4,695
  5,136
  5,595
  6,074
  6,572
  7,090
  7,628
Working capital, $m
  87
  -2
  -2
  -4
  -5
  -8
  -10
  -14
  -18
  -24
  -30
  -37
  -45
  -55
  -65
  -76
  -89
  -102
  -117
  -132
  -149
  -166
  -184
  -203
  -224
  -245
  -266
  -289
  -313
  -338
  -363
Total debt, $m
  14
  25
  49
  82
  127
  186
  263
  359
  477
  619
  787
  982
  1,204
  1,455
  1,735
  2,043
  2,380
  2,744
  3,135
  3,553
  3,997
  4,466
  4,960
  5,479
  6,022
  6,589
  7,180
  7,795
  8,436
  9,102
  9,794
Total liabilities, $m
  32
  43
  67
  100
  145
  204
  281
  377
  495
  637
  805
  1,000
  1,222
  1,473
  1,753
  2,061
  2,398
  2,762
  3,153
  3,571
  4,015
  4,484
  4,978
  5,497
  6,040
  6,607
  7,198
  7,813
  8,454
  9,120
  9,812
Total equity, $m
  99
  18
  27
  41
  59
  83
  114
  153
  201
  259
  327
  406
  497
  599
  712
  838
  975
  1,123
  1,282
  1,452
  1,632
  1,823
  2,024
  2,234
  2,455
  2,685
  2,926
  3,176
  3,436
  3,707
  3,988
Total liabilities and equity, $m
  131
  61
  94
  141
  204
  287
  395
  530
  696
  896
  1,132
  1,406
  1,719
  2,072
  2,465
  2,899
  3,373
  3,885
  4,435
  5,023
  5,647
  6,307
  7,002
  7,731
  8,495
  9,292
  10,124
  10,989
  11,890
  12,827
  13,800
Debt-to-equity ratio
  0.141
  1.440
  1.800
  2.020
  2.150
  2.240
  2.300
  2.340
  2.370
  2.390
  2.410
  2.420
  2.420
  2.430
  2.430
  2.440
  2.440
  2.440
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.460
  2.460
Adjusted equity ratio
  0.158
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -100
  -140
  -174
  -221
  -284
  -367
  -474
  -607
  -770
  -966
  -1,197
  -1,465
  -1,771
  -2,116
  -2,500
  -2,923
  -3,385
  -3,885
  -4,423
  -4,997
  -5,606
  -6,250
  -6,928
  -7,640
  -8,385
  -9,163
  -9,975
  -10,820
  -11,699
  -12,613
  -13,563
Depreciation, amort., depletion, $m
  7
  3
  5
  8
  11
  16
  22
  29
  39
  50
  63
  78
  95
  115
  136
  160
  186
  215
  245
  278
  312
  349
  387
  427
  470
  514
  560
  607
  657
  709
  763
Funds from operations, $m
  -71
  -137
  -169
  -213
  -273
  -352
  -452
  -578
  -732
  -917
  -1,134
  -1,387
  -1,676
  -2,001
  -2,364
  -2,763
  -3,199
  -3,671
  -4,178
  -4,719
  -5,294
  -5,902
  -6,541
  -7,213
  -7,916
  -8,650
  -9,415
  -10,212
  -11,042
  -11,904
  -12,800
Change in working capital, $m
  5
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  -76
  -136
  -168
  -212
  -271
  -349
  -449
  -574
  -727
  -911
  -1,128
  -1,380
  -1,668
  -1,992
  -2,353
  -2,752
  -3,187
  -3,657
  -4,163
  -4,704
  -5,278
  -5,884
  -6,523
  -7,194
  -7,896
  -8,629
  -9,393
  -10,190
  -11,018
  -11,879
  -12,774
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -8
  -11
  -16
  -22
  -29
  -39
  -50
  -63
  -78
  -95
  -115
  -136
  -160
  -186
  -215
  -245
  -278
  -312
  -349
  -387
  -427
  -470
  -514
  -560
  -607
  -657
  -709
New CAPEX, $m
  -12
  -13
  -18
  -26
  -35
  -46
  -60
  -75
  -92
  -110
  -130
  -151
  -173
  -195
  -217
  -240
  -262
  -283
  -304
  -325
  -345
  -365
  -384
  -403
  -422
  -441
  -460
  -479
  -498
  -518
  -538
Cash from investing activities, $m
  16
  -15
  -21
  -31
  -43
  -57
  -76
  -97
  -121
  -149
  -180
  -214
  -251
  -290
  -332
  -376
  -422
  -469
  -519
  -570
  -623
  -677
  -733
  -790
  -849
  -911
  -974
  -1,039
  -1,105
  -1,175
  -1,247
Free cash flow, $m
  -60
  -151
  -190
  -243
  -314
  -407
  -525
  -671
  -848
  -1,060
  -1,308
  -1,594
  -1,918
  -2,282
  -2,685
  -3,128
  -3,608
  -4,127
  -4,682
  -5,274
  -5,900
  -6,561
  -7,256
  -7,984
  -8,745
  -9,539
  -10,367
  -11,228
  -12,123
  -13,054
  -14,022
Issuance/(repayment) of debt, $m
  3
  16
  24
  33
  45
  60
  77
  96
  118
  142
  168
  195
  223
  251
  280
  308
  336
  364
  391
  418
  444
  469
  494
  519
  543
  567
  591
  616
  641
  666
  692
Issuance/(repurchase) of shares, $m
  50
  146
  183
  234
  303
  392
  505
  646
  818
  1,024
  1,265
  1,544
  1,861
  2,218
  2,614
  3,049
  3,522
  4,034
  4,582
  5,167
  5,786
  6,441
  7,129
  7,851
  8,606
  9,394
  10,215
  11,070
  11,959
  12,884
  13,844
Cash from financing (excl. dividends), $m  
  54
  162
  207
  267
  348
  452
  582
  742
  936
  1,166
  1,433
  1,739
  2,084
  2,469
  2,894
  3,357
  3,858
  4,398
  4,973
  5,585
  6,230
  6,910
  7,623
  8,370
  9,149
  9,961
  10,806
  11,686
  12,600
  13,550
  14,536
Total cash flow (excl. dividends), $m
  -6
  12
  18
  25
  33
  44
  57
  72
  88
  106
  125
  145
  166
  187
  208
  229
  250
  271
  291
  311
  330
  349
  368
  386
  404
  422
  440
  458
  476
  495
  515
Retained Cash Flow (-), $m
  39
  -146
  -183
  -234
  -303
  -392
  -505
  -646
  -818
  -1,024
  -1,265
  -1,544
  -1,861
  -2,218
  -2,614
  -3,049
  -3,522
  -4,034
  -4,582
  -5,167
  -5,786
  -6,441
  -7,129
  -7,851
  -8,606
  -9,394
  -10,215
  -11,070
  -11,959
  -12,884
  -13,844
Prev. year cash balance distribution, $m
 
  88
  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
 
  -46
  -166
  -210
  -269
  -347
  -448
  -575
  -730
  -918
  -1,140
  -1,399
  -1,696
  -2,031
  -2,406
  -2,819
  -3,272
  -3,763
  -4,291
  -4,856
  -5,456
  -6,092
  -6,762
  -7,465
  -8,202
  -8,972
  -9,775
  -10,612
  -11,483
  -12,388
  -13,329
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
 
  -45
  -152
  -183
  -222
  -269
  -325
  -388
  -456
  -527
  -598
  -664
  -724
  -772
  -808
  -828
  -831
  -819
  -790
  -748
  -693
  -630
  -561
  -489
  -418
  -349
  -285
  -228
  -178
  -135
  -100
Current shareholders' claim on cash, %
  100
  22.5
  6.1
  1.9
  0.6
  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

Invitae Corporation, a genetic information company, focuses on bringing comprehensive genetic information into mainstream medical practice to enhance the quality of healthcare. It processes DNA-containing samples, analyzes information about patient-specific genetic variation, and generates test reports for clinicians and their patients using an integrated portfolio of laboratory processes, software tools, and informatics capabilities. The company provides a diagnostic service comprising hundreds of genes for various genetic disorders associated with oncology, cardiology, neurology, pediatrics, and other rare disease areas. It also offers solutions that enable sharing of genetic information consisting of Invitae Family History Tool, a Web or iPad application, which provides family history; and Clinvitae, a Web property that allows physicians or patients to look up individual genes and variants in order to find out additional genetic information. It operates in the United States, Canada, Israel, and internationally. The company was formerly known as Locus Development, Inc. and changed its name to Invitae Corporation in 2012. The company was founded in 2010 and is headquartered in San Francisco, California. Invitae Corporation operates as a subsidiary of Locus Development Inc.

FINANCIAL RATIOS  of  Invitae (NVTA)

Valuation Ratios
P/E Ratio -3.9
Price to Sales 15.8
Price to Book 4
Price to Tangible Book
Price to Cash Flow -5.2
Price to Free Cash Flow -4.5
Growth Rates
Sales Growth Rate 212.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 19.1%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity 9.1%
Total Debt to Equity 14.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -69.4%
Ret/ On Assets - 3 Yr. Avg. -61.3%
Return On Total Capital -76.6%
Ret/ On T. Cap. - 3 Yr. Avg. -65.7%
Return On Equity -84.4%
Return On Equity - 3 Yr. Avg. -70.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin -12%
Gross Margin - 3 Yr. Avg. -104%
EBITDA Margin -372%
EBITDA Margin - 3 Yr. Avg. -1228.2%
Operating Margin -400%
Oper. Margin - 3 Yr. Avg. -1291.7%
Pre-Tax Margin -400%
Pre-Tax Margin - 3 Yr. Avg. -1291.7%
Net Profit Margin -400%
Net Profit Margin - 3 Yr. Avg. -1291.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NVTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVTA stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by Invitae. The default revenue input number comes from 2016 income statement of Invitae. 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 NVTA 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 NVTA is calculated based on our internal credit rating of Invitae, 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 Invitae.
    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 NVTA stock the variable cost ratio is equal to 244%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $80 million in the base year in the intrinsic value calculation for NVTA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Invitae.

Corporate tax rate of 27% is the nominal tax rate for Invitae. 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 NVTA 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 NVTA are equal to 84%.

Life of production assets of 10 years is the average useful life of capital assets used in Invitae 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 NVTA is equal to -4%. 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 - $99 million for Invitae - 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 39.83 million for Invitae 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 Invitae at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ 3 Stocks Set to Pop   [Aug-16-17 02:07PM  Motley Fool]
▶ Invitae reports 2Q loss   [Aug-08-17 12:00AM  Associated Press]
▶ Invitae Reports Second Quarter 2017 Results   [Aug-07-17 04:05PM  PR Newswire]
▶ ETFs with exposure to Invitae Corp. : August 4, 2017   [Aug-03-17 08:57PM  Capital Cube]
▶ CombiMatrix shares jump on buyout news   [Aug-01-17 05:39PM  Investing.com]
▶ 3 Companies Whose Sales Could Double in 2017   [Jul-29-17 02:06PM  Motley Fool]
▶ ETFs with exposure to Invitae Corp. : July 24, 2017   [Jul-24-17 05:41PM  Capital Cube]
▶ ETFs with exposure to Invitae Corp. : July 14, 2017   [Jul-14-17 03:57PM  Capital Cube]
▶ ETFs with exposure to Invitae Corp. : June 29, 2017   [Jun-29-17 03:13PM  Capital Cube]
▶ ETFs with exposure to Invitae Corp. : June 5, 2017   [Jun-05-17 02:35PM  Capital Cube]
▶ Invitae reports 1Q loss   [May-08-17 04:17PM  Associated Press]
▶ ETFs with exposure to Invitae Corp. : April 28, 2017   [Apr-28-17 04:08PM  Capital Cube]
▶ Invitae Corp. Value Analysis (NYSE:NVTA) : April 24, 2017   [Apr-24-17 03:40PM  Capital Cube]
▶ 3 Top Small-Cap Stocks to Buy Heading into April   [Mar-30-17 03:05PM  Motley Fool]
▶ Shark Bites: Traders Could Trip on This Market Bounce   [Mar-29-17 01:48PM  TheStreet.com]
▶ 3 Companies Whose Sales Could Double in 2017   [Mar-19-17 11:45AM  Motley Fool]
▶ Growth Investing 2017: 3 Stocks to Put on Your Radar   [Jan-31-17 09:14AM  at Motley Fool]
▶ The 1 Stock I'd Buy Right Now   [Dec-20-16 07:20AM  at Motley Fool]
▶ Is InVitae Corp (NVTA) A Good Stock To Buy?   [Dec-12-16 09:00AM  at Insider Monkey]
▶ [$$] Three Biotechs With Bullish Insider Buying   [Dec-01-16 06:11AM  at Barrons.com]
▶ Time to Get Greedy With This Under-the-Radar Stock   [Nov-04-16 10:51AM  at Motley Fool]
Stock chart of NVTA Financial statements of NVTA
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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