Intrinsic value of Dermira, Inc. - DERM

Previous Close

$9.90

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$9.90

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of DERM 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 0001), $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
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  67
  104
  155
  225
  318
  437
  587
  770
  991
  1,252
  1,554
  1,900
  2,291
  2,725
  3,204
  3,728
  4,294
  4,902
  5,552
  6,242
  6,972
  7,740
  8,546
  9,390
  10,272
  11,191
  12,148
  13,144
  14,180
  15,256
Variable operating expenses, $m
  4,512
  6,971
  10,425
  15,126
  21,341
  29,338
  39,381
  51,709
  66,537
  84,042
  104,361
  127,591
  153,790
  182,980
  215,152
  250,273
  288,294
  329,152
  372,782
  419,117
  468,098
  519,674
  573,804
  630,465
  689,648
  751,361
  815,629
  882,496
  952,023
  1,024,287
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
  4,512
  6,971
  10,425
  15,126
  21,341
  29,338
  39,381
  51,709
  66,537
  84,042
  104,361
  127,591
  153,790
  182,980
  215,152
  250,273
  288,294
  329,152
  372,782
  419,117
  468,098
  519,674
  573,804
  630,465
  689,648
  751,361
  815,629
  882,496
  952,023
  1,024,287
Operating income, $m
  -4,445
  -6,867
  -10,270
  -14,901
  -21,023
  -28,901
  -38,794
  -50,939
  -65,546
  -82,790
  -102,806
  -125,691
  -151,499
  -180,255
  -211,947
  -246,546
  -284,000
  -324,250
  -367,229
  -412,875
  -461,126
  -511,934
  -565,258
  -621,075
  -679,376
  -740,170
  -803,481
  -869,352
  -937,843
  -1,009,031
EBITDA, $m
  -4,444
  -6,866
  -10,268
  -14,899
  -21,020
  -28,897
  -38,788
  -50,932
  -65,537
  -82,778
  -102,792
  -125,673
  -151,478
  -180,229
  -211,917
  -246,510
  -283,959
  -324,203
  -367,177
  -412,816
  -461,060
  -511,860
  -565,177
  -620,986
  -679,279
  -740,064
  -803,366
  -869,228
  -937,709
  -1,008,886
Interest expense (income), $m
  0
  17
  3
  6
  10
  16
  23
  33
  45
  59
  77
  98
  122
  150
  181
  216
  254
  296
  341
  390
  442
  497
  555
  617
  681
  748
  819
  892
  969
  1,049
  1,131
Earnings before tax, $m
  -4,462
  -6,870
  -10,276
  -14,911
  -21,039
  -28,925
  -38,827
  -50,984
  -65,606
  -82,867
  -102,904
  -125,813
  -151,649
  -180,435
  -212,163
  -246,800
  -284,296
  -324,591
  -367,619
  -413,317
  -461,623
  -512,489
  -565,874
  -621,756
  -680,125
  -740,989
  -804,373
  -870,321
  -938,892
  -1,010,162
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
Net income, $m
  -4,462
  -6,870
  -10,276
  -14,911
  -21,039
  -28,925
  -38,827
  -50,984
  -65,606
  -82,867
  -102,904
  -125,813
  -151,649
  -180,435
  -212,163
  -246,800
  -284,296
  -324,591
  -367,619
  -413,317
  -461,623
  -512,489
  -565,874
  -621,756
  -680,125
  -740,989
  -804,373
  -870,321
  -938,892
  -1,010,162

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  111
  171
  255
  371
  523
  719
  965
  1,267
  1,630
  2,059
  2,557
  3,126
  3,767
  4,482
  5,271
  6,131
  7,062
  8,063
  9,132
  10,267
  11,467
  12,730
  14,056
  15,444
  16,894
  18,406
  19,980
  21,618
  23,322
  25,092
Adjusted assets (=assets-cash), $m
  111
  171
  255
  371
  523
  719
  965
  1,267
  1,630
  2,059
  2,557
  3,126
  3,767
  4,482
  5,271
  6,131
  7,062
  8,063
  9,132
  10,267
  11,467
  12,730
  14,056
  15,444
  16,894
  18,406
  19,980
  21,618
  23,322
  25,092
Revenue / Adjusted assets
  0.604
  0.608
  0.608
  0.606
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
Average production assets, $m
  4
  6
  8
  12
  17
  23
  31
  41
  53
  66
  82
  101
  121
  144
  170
  198
  228
  260
  294
  331
  370
  410
  453
  498
  544
  593
  644
  697
  752
  809
Working capital, $m
  -27
  -42
  -63
  -91
  -129
  -177
  -238
  -312
  -401
  -507
  -630
  -770
  -928
  -1,104
  -1,298
  -1,510
  -1,739
  -1,985
  -2,249
  -2,528
  -2,824
  -3,135
  -3,461
  -3,803
  -4,160
  -4,532
  -4,920
  -5,323
  -5,743
  -6,179
Total debt, $m
  60
  114
  190
  294
  431
  607
  829
  1,100
  1,427
  1,813
  2,261
  2,773
  3,351
  3,995
  4,704
  5,478
  6,316
  7,217
  8,179
  9,201
  10,281
  11,418
  12,611
  13,860
  15,165
  16,526
  17,943
  19,417
  20,950
  22,543
Total liabilities, $m
  99
  154
  230
  333
  470
  647
  868
  1,140
  1,467
  1,853
  2,301
  2,813
  3,391
  4,034
  4,743
  5,518
  6,356
  7,257
  8,219
  9,240
  10,320
  11,457
  12,651
  13,900
  15,205
  16,565
  17,982
  19,457
  20,989
  22,583
Total equity, $m
  11
  17
  26
  37
  52
  72
  96
  127
  163
  206
  256
  313
  377
  448
  527
  613
  706
  806
  913
  1,027
  1,147
  1,273
  1,406
  1,544
  1,689
  1,841
  1,998
  2,162
  2,332
  2,509
Total liabilities and equity, $m
  110
  171
  256
  370
  522
  719
  964
  1,267
  1,630
  2,059
  2,557
  3,126
  3,768
  4,482
  5,270
  6,131
  7,062
  8,063
  9,132
  10,267
  11,467
  12,730
  14,057
  15,444
  16,894
  18,406
  19,980
  21,619
  23,321
  25,092
Debt-to-equity ratio
  5.420
  6.680
  7.450
  7.930
  8.240
  8.450
  8.590
  8.690
  8.760
  8.810
  8.850
  8.870
  8.890
  8.910
  8.920
  8.940
  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
Adjusted equity ratio
  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
  -4,462
  -6,870
  -10,276
  -14,911
  -21,039
  -28,925
  -38,827
  -50,984
  -65,606
  -82,867
  -102,904
  -125,813
  -151,649
  -180,435
  -212,163
  -246,800
  -284,296
  -324,591
  -367,619
  -413,317
  -461,623
  -512,489
  -565,874
  -621,756
  -680,125
  -740,989
  -804,373
  -870,321
  -938,892
  -1,010,162
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  4
  6
  7
  9
  12
  15
  18
  22
  26
  30
  35
  41
  46
  53
  59
  66
  73
  81
  89
  97
  106
  115
  124
  134
  144
Funds from operations, $m
  -4,461
  -6,869
  -10,274
  -14,909
  -21,036
  -28,920
  -38,821
  -50,976
  -65,596
  -82,855
  -102,890
  -125,795
  -151,628
  -180,410
  -212,133
  -246,764
  -284,255
  -324,544
  -367,567
  -413,258
  -461,557
  -512,416
  -565,794
  -621,667
  -680,027
  -740,883
  -804,258
  -870,197
  -938,758
  -1,010,018
Change in working capital, $m
  -10
  -15
  -21
  -28
  -37
  -48
  -61
  -74
  -89
  -106
  -123
  -140
  -158
  -176
  -194
  -212
  -229
  -246
  -263
  -280
  -295
  -311
  -327
  -342
  -357
  -372
  -388
  -403
  -419
  -436
Cash from operations, $m
  -4,451
  -6,854
  -10,253
  -14,880
  -20,998
  -28,872
  -38,761
  -50,902
  -65,507
  -82,750
  -102,767
  -125,655
  -151,470
  -180,234
  -211,939
  -246,552
  -284,026
  -324,298
  -367,303
  -412,978
  -461,262
  -512,104
  -565,467
  -621,325
  -679,670
  -740,510
  -803,871
  -869,793
  -938,338
  -1,009,582
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -6
  -7
  -9
  -12
  -15
  -18
  -22
  -26
  -30
  -35
  -41
  -46
  -53
  -59
  -66
  -73
  -81
  -89
  -97
  -106
  -115
  -124
  -134
New CAPEX, $m
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -25
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
Cash from investing activities, $m
  -1
  -3
  -4
  -5
  -7
  -9
  -12
  -16
  -19
  -23
  -28
  -33
  -39
  -45
  -51
  -58
  -65
  -73
  -80
  -90
  -98
  -107
  -116
  -126
  -136
  -146
  -157
  -168
  -179
  -191
Free cash flow, $m
  -4,452
  -6,857
  -10,257
  -14,886
  -21,005
  -28,881
  -38,773
  -50,917
  -65,526
  -82,773
  -102,795
  -125,688
  -151,508
  -180,278
  -211,990
  -246,611
  -284,091
  -324,371
  -367,384
  -413,067
  -461,360
  -512,211
  -565,583
  -621,451
  -679,806
  -740,656
  -804,027
  -869,961
  -938,517
  -1,009,773
Issuance/(repayment) of debt, $m
  -254
  54
  76
  104
  137
  176
  221
  272
  327
  386
  448
  512
  578
  644
  709
  774
  838
  901
  962
  1,022
  1,080
  1,137
  1,193
  1,249
  1,305
  1,361
  1,417
  1,474
  1,533
  1,593
Issuance/(repurchase) of shares, $m
  4,757
  6,876
  10,284
  14,923
  21,054
  28,944
  38,851
  51,014
  65,642
  82,910
  102,954
  125,870
  151,713
  180,507
  212,242
  246,886
  284,389
  324,691
  367,726
  413,430
  461,743
  512,615
  566,007
  621,895
  680,270
  741,140
  804,531
  870,485
  939,062
  1,010,339
Cash from financing (excl. dividends), $m  
  4,503
  6,930
  10,360
  15,027
  21,191
  29,120
  39,072
  51,286
  65,969
  83,296
  103,402
  126,382
  152,291
  181,151
  212,951
  247,660
  285,227
  325,592
  368,688
  414,452
  462,823
  513,752
  567,200
  623,144
  681,575
  742,501
  805,948
  871,959
  940,595
  1,011,932
Total cash flow (excl. dividends), $m
  51
  74
  103
  141
  186
  239
  300
  368
  443
  523
  607
  694
  783
  872
  961
  1,049
  1,136
  1,221
  1,304
  1,385
  1,464
  1,541
  1,617
  1,693
  1,768
  1,844
  1,920
  1,998
  2,077
  2,159
Retained Cash Flow (-), $m
  -4,757
  -6,876
  -10,284
  -14,923
  -21,054
  -28,944
  -38,851
  -51,014
  -65,642
  -82,910
  -102,954
  -125,870
  -151,713
  -180,507
  -212,242
  -246,886
  -284,389
  -324,691
  -367,726
  -413,430
  -461,743
  -512,615
  -566,007
  -621,895
  -680,270
  -741,140
  -804,531
  -870,485
  -939,062
  -1,010,339
Prev. year cash balance distribution, $m
  275
  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
  -4,431
  -6,803
  -10,181
  -14,782
  -20,868
  -28,705
  -38,551
  -50,646
  -65,199
  -82,387
  -102,347
  -125,176
  -150,931
  -179,635
  -211,280
  -245,836
  -283,253
  -323,470
  -366,422
  -412,046
  -460,280
  -511,074
  -564,390
  -620,202
  -678,501
  -739,296
  -802,610
  -868,487
  -936,985
  -1,008,180
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
  -4,248
  -6,228
  -8,860
  -12,171
  -16,175
  -20,833
  -26,045
  -31,655
  -37,453
  -43,192
  -48,603
  -53,417
  -57,387
  -60,307
  -62,028
  -62,472
  -61,631
  -59,570
  -56,419
  -52,358
  -47,608
  -42,406
  -36,991
  -31,588
  -26,395
  -21,569
  -17,226
  -13,437
  -10,228
  -7,591
Current shareholders' claim on cash, %
  50.0
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Dermira, Inc. is a biopharmaceutical company. The Company is focused on the development of therapeutic solutions in medical dermatology to treat skin conditions, such as hyperhidrosis, psoriasis and acne. Its portfolio includes three late-stage product candidates: Cimzia (certolizumab pegol), glycopyrronium tosylate and olumacostat glasaretil. Cimzia is an injectable biologic tumor necrosis factor-alpha inhibitor, or TNF inhibitor that is approved and marketed for the treatment of numerous inflammatory diseases spanning multiple medical specialties, including rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis and Crohn's disease, in multiple countries, including the United States. Glycopyrronium tosylate is a small molecule anticholinergic product for topical application for the treatment of primary axillary hyperhidrosis. Olumacostat glasaretil is a small molecule that targets sebum production following topical application for the treatment of acne.

FINANCIAL RATIOS  of  Dermira, Inc. (DERM)

Valuation Ratios
P/E Ratio -4
Price to Sales 15.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow -4.8
Price to Free Cash Flow -4.7
Growth Rates
Sales Growth Rate 228.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -33.3%
Ret/ On Assets - 3 Yr. Avg. -34.5%
Return On Total Capital -41.2%
Ret/ On T. Cap. - 3 Yr. Avg. -41.7%
Return On Equity -41.2%
Return On Equity - 3 Yr. Avg. -42.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -387%
EBITDA Margin - 3 Yr. Avg. -657.6%
Operating Margin -391.3%
Oper. Margin - 3 Yr. Avg. -663.8%
Pre-Tax Margin -387%
Pre-Tax Margin - 3 Yr. Avg. -657.6%
Net Profit Margin -387%
Net Profit Margin - 3 Yr. Avg. -652.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

DERM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DERM stock intrinsic value calculation we used $42 million for the last fiscal year's total revenue generated by Dermira, Inc.. The default revenue input number comes from 0001 income statement of Dermira, Inc.. 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 DERM 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 DERM is calculated based on our internal credit rating of Dermira, Inc., 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 Dermira, Inc..
    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 DERM stock the variable cost ratio is equal to 6714.3%.

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 DERM 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 5.4% for Dermira, Inc..

Corporate tax rate of 27% is the nominal tax rate for Dermira, Inc.. 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 DERM 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 DERM are equal to 5.3%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Dermira, Inc. 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 DERM is equal to -40.5%. 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 - $-9.039 million for Dermira, Inc. - 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 42.327 million for Dermira, Inc. 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 Dermira, Inc. at the current share price and the inputted number of shares is $0.4 billion.

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