Intrinsic value of Emergent Biosolutions - EBS

Previous Close

$68.44

  Intrinsic Value

$3.72

stock screener

  Rating & Target

str. sell

-95%

Previous close

$68.44

 
Intrinsic value

$3.72

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of EBS 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 3.4

 

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
  897
  1,386
  2,073
  3,009
  4,245
  5,835
  7,833
  10,285
  13,234
  16,716
  20,757
  25,378
  30,589
  36,394
  42,793
  49,779
  57,341
  65,468
  74,145
  83,362
  93,104
  103,362
  114,128
  125,398
  137,169
  149,444
  162,227
  175,526
  189,355
  203,728
Variable operating expenses, $m
  652
  998
  1,485
  2,147
  3,022
  4,148
  5,562
  7,298
  9,385
  11,850
  14,694
  17,965
  21,654
  25,764
  30,294
  35,239
  40,593
  46,346
  52,489
  59,013
  65,910
  73,172
  80,793
  88,771
  97,105
  105,794
  114,843
  124,258
  134,048
  144,223
Fixed operating expenses, $m
  22
  23
  23
  24
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
Total operating expenses, $m
  674
  1,021
  1,508
  2,171
  3,047
  4,173
  5,588
  7,324
  9,412
  11,877
  14,722
  17,994
  21,683
  25,794
  30,324
  35,270
  40,625
  46,379
  52,522
  59,047
  65,945
  73,208
  80,829
  88,808
  97,143
  105,833
  114,883
  124,298
  134,089
  144,265
Operating income, $m
  223
  365
  565
  838
  1,198
  1,662
  2,245
  2,961
  3,822
  4,838
  6,035
  7,384
  8,905
  10,600
  12,469
  14,508
  16,716
  19,089
  21,623
  24,314
  27,159
  30,155
  33,299
  36,590
  40,027
  43,611
  47,344
  51,228
  55,266
  59,463
EBITDA, $m
  299
  474
  720
  1,055
  1,498
  2,069
  2,785
  3,664
  4,721
  5,970
  7,419
  9,076
  10,945
  13,028
  15,323
  17,828
  20,541
  23,456
  26,568
  29,874
  33,369
  37,048
  40,910
  44,953
  49,175
  53,578
  58,164
  62,934
  67,895
  73,051
Interest expense (income), $m
  8
  1
  6
  13
  24
  38
  57
  81
  111
  148
  193
  246
  307
  377
  456
  544
  641
  747
  862
  985
  1,117
  1,257
  1,405
  1,560
  1,723
  1,894
  2,073
  2,259
  2,453
  2,655
  2,865
Earnings before tax, $m
  222
  359
  552
  814
  1,161
  1,606
  2,165
  2,850
  3,674
  4,645
  5,789
  7,077
  8,528
  10,144
  11,924
  13,867
  15,969
  18,227
  20,638
  23,198
  25,902
  28,750
  31,738
  34,866
  38,132
  41,538
  45,085
  48,775
  52,611
  56,599
Tax expense, $m
  60
  97
  149
  220
  313
  434
  584
  769
  992
  1,254
  1,563
  1,911
  2,303
  2,739
  3,220
  3,744
  4,312
  4,921
  5,572
  6,263
  6,994
  7,763
  8,569
  9,414
  10,296
  11,215
  12,173
  13,169
  14,205
  15,282
Net income, $m
  162
  262
  403
  594
  847
  1,172
  1,580
  2,080
  2,682
  3,391
  4,226
  5,166
  6,225
  7,405
  8,705
  10,123
  11,657
  13,306
  15,066
  16,934
  18,909
  20,988
  23,169
  25,452
  27,837
  30,323
  32,912
  35,606
  38,406
  41,317

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
  1,586
  2,450
  3,663
  5,315
  7,499
  10,310
  13,839
  18,171
  23,382
  29,533
  36,673
  44,837
  54,043
  64,301
  75,606
  87,948
  101,309
  115,667
  130,999
  147,282
  164,494
  182,618
  201,640
  221,551
  242,349
  264,035
  286,620
  310,117
  334,550
  359,944
Adjusted assets (=assets-cash), $m
  1,586
  2,450
  3,663
  5,315
  7,499
  10,310
  13,839
  18,171
  23,382
  29,533
  36,673
  44,837
  54,043
  64,301
  75,606
  87,948
  101,309
  115,667
  130,999
  147,282
  164,494
  182,618
  201,640
  221,551
  242,349
  264,035
  286,620
  310,117
  334,550
  359,944
Revenue / Adjusted assets
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
Average production assets, $m
  724
  1,119
  1,673
  2,428
  3,425
  4,709
  6,321
  8,300
  10,680
  13,490
  16,751
  20,480
  24,685
  29,370
  34,534
  40,171
  46,274
  52,832
  59,835
  67,273
  75,135
  83,413
  92,102
  101,196
  110,696
  120,601
  130,917
  141,650
  152,810
  164,409
Working capital, $m
  329
  509
  761
  1,104
  1,558
  2,142
  2,875
  3,775
  4,857
  6,135
  7,618
  9,314
  11,226
  13,357
  15,705
  18,269
  21,044
  24,027
  27,211
  30,594
  34,169
  37,934
  41,885
  46,021
  50,341
  54,846
  59,537
  64,418
  69,493
  74,768
Total debt, $m
  108
  245
  438
  701
  1,048
  1,495
  2,056
  2,745
  3,573
  4,551
  5,687
  6,985
  8,448
  10,079
  11,877
  13,839
  15,964
  18,247
  20,684
  23,273
  26,010
  28,892
  31,916
  35,082
  38,389
  41,837
  45,428
  49,164
  53,049
  57,087
Total liabilities, $m
  252
  389
  582
  845
  1,192
  1,639
  2,200
  2,889
  3,718
  4,696
  5,831
  7,129
  8,593
  10,224
  12,021
  13,984
  16,108
  18,391
  20,829
  23,418
  26,155
  29,036
  32,061
  35,227
  38,533
  41,982
  45,573
  49,309
  53,193
  57,231
Total equity, $m
  1,333
  2,060
  3,081
  4,470
  6,307
  8,670
  11,638
  15,282
  19,664
  24,837
  30,842
  37,708
  45,450
  54,077
  63,585
  73,965
  85,201
  97,276
  110,170
  123,864
  138,340
  153,582
  169,579
  186,325
  203,815
  222,054
  241,047
  260,809
  281,356
  302,713
Total liabilities and equity, $m
  1,585
  2,449
  3,663
  5,315
  7,499
  10,309
  13,838
  18,171
  23,382
  29,533
  36,673
  44,837
  54,043
  64,301
  75,606
  87,949
  101,309
  115,667
  130,999
  147,282
  164,495
  182,618
  201,640
  221,552
  242,348
  264,036
  286,620
  310,118
  334,549
  359,944
Debt-to-equity ratio
  0.080
  0.120
  0.140
  0.160
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
Adjusted equity ratio
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  162
  262
  403
  594
  847
  1,172
  1,580
  2,080
  2,682
  3,391
  4,226
  5,166
  6,225
  7,405
  8,705
  10,123
  11,657
  13,306
  15,066
  16,934
  18,909
  20,988
  23,169
  25,452
  27,837
  30,323
  32,912
  35,606
  38,406
  41,317
Depreciation, amort., depletion, $m
  77
  109
  155
  218
  300
  406
  539
  703
  900
  1,132
  1,384
  1,693
  2,040
  2,427
  2,854
  3,320
  3,824
  4,366
  4,945
  5,560
  6,209
  6,894
  7,612
  8,363
  9,148
  9,967
  10,820
  11,707
  12,629
  13,588
Funds from operations, $m
  239
  372
  558
  812
  1,147
  1,578
  2,119
  2,783
  3,581
  4,523
  5,610
  6,859
  8,266
  9,832
  11,559
  13,443
  15,482
  17,672
  20,011
  22,494
  25,118
  27,881
  30,781
  33,816
  36,985
  40,290
  43,732
  47,312
  51,035
  54,905
Change in working capital, $m
  124
  179
  252
  343
  454
  584
  733
  900
  1,082
  1,278
  1,483
  1,696
  1,912
  2,131
  2,348
  2,564
  2,775
  2,982
  3,185
  3,382
  3,575
  3,765
  3,951
  4,136
  4,320
  4,505
  4,691
  4,881
  5,075
  5,275
Cash from operations, $m
  115
  192
  306
  469
  694
  995
  1,386
  1,883
  2,499
  3,245
  4,127
  5,163
  6,353
  7,702
  9,210
  10,879
  12,706
  14,690
  16,826
  19,112
  21,543
  24,117
  26,830
  29,680
  32,665
  35,785
  39,040
  42,431
  45,960
  49,630
Maintenance CAPEX, $m
  -37
  -60
  -92
  -138
  -201
  -283
  -389
  -522
  -686
  -883
  -1,115
  -1,384
  -1,693
  -2,040
  -2,427
  -2,854
  -3,320
  -3,824
  -4,366
  -4,945
  -5,560
  -6,209
  -6,894
  -7,612
  -8,363
  -9,148
  -9,967
  -10,820
  -11,707
  -12,629
New CAPEX, $m
  -271
  -395
  -554
  -755
  -998
  -1,284
  -1,612
  -1,979
  -2,380
  -2,810
  -3,261
  -3,729
  -4,205
  -4,685
  -5,164
  -5,637
  -6,103
  -6,558
  -7,003
  -7,437
  -7,862
  -8,278
  -8,689
  -9,095
  -9,499
  -9,906
  -10,316
  -10,733
  -11,160
  -11,599
Cash from investing activities, $m
  -308
  -455
  -646
  -893
  -1,199
  -1,567
  -2,001
  -2,501
  -3,066
  -3,693
  -4,376
  -5,113
  -5,898
  -6,725
  -7,591
  -8,491
  -9,423
  -10,382
  -11,369
  -12,382
  -13,422
  -14,487
  -15,583
  -16,707
  -17,862
  -19,054
  -20,283
  -21,553
  -22,867
  -24,228
Free cash flow, $m
  -194
  -262
  -341
  -424
  -505
  -572
  -615
  -618
  -567
  -447
  -249
  50
  455
  976
  1,619
  2,388
  3,284
  4,307
  5,457
  6,729
  8,121
  9,629
  11,247
  12,973
  14,802
  16,731
  18,757
  20,879
  23,094
  25,402
Issuance/(repayment) of debt, $m
  94
  137
  193
  263
  347
  447
  561
  689
  828
  978
  1,135
  1,298
  1,464
  1,631
  1,798
  1,962
  2,124
  2,283
  2,438
  2,589
  2,737
  2,882
  3,024
  3,166
  3,307
  3,448
  3,591
  3,736
  3,885
  4,038
Issuance/(repurchase) of shares, $m
  338
  464
  618
  795
  989
  1,191
  1,388
  1,563
  1,700
  1,782
  1,779
  1,699
  1,517
  1,221
  803
  257
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  432
  601
  811
  1,058
  1,336
  1,638
  1,949
  2,252
  2,528
  2,760
  2,914
  2,997
  2,981
  2,852
  2,601
  2,219
  2,124
  2,283
  2,438
  2,589
  2,737
  2,882
  3,024
  3,166
  3,307
  3,448
  3,591
  3,736
  3,885
  4,038
Total cash flow (excl. dividends), $m
  239
  339
  470
  634
  832
  1,066
  1,334
  1,634
  1,962
  2,313
  2,665
  3,047
  3,436
  3,829
  4,220
  4,607
  5,408
  6,590
  7,894
  9,318
  10,858
  12,510
  14,272
  16,139
  18,109
  20,179
  22,348
  24,615
  26,978
  29,439
Retained Cash Flow (-), $m
  -500
  -727
  -1,021
  -1,389
  -1,837
  -2,364
  -2,968
  -3,644
  -4,382
  -5,173
  -6,005
  -6,865
  -7,743
  -8,627
  -9,508
  -10,380
  -11,236
  -12,075
  -12,894
  -13,694
  -14,476
  -15,242
  -15,997
  -16,745
  -17,491
  -18,238
  -18,994
  -19,762
  -20,548
  -21,357
Prev. year cash balance distribution, $m
  79
  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
  -182
  -387
  -551
  -756
  -1,005
  -1,298
  -1,634
  -2,010
  -2,420
  -2,860
  -3,340
  -3,818
  -4,306
  -4,798
  -5,288
  -5,773
  -5,828
  -5,485
  -5,000
  -4,376
  -3,618
  -2,732
  -1,726
  -606
  618
  1,941
  3,355
  4,853
  6,431
  8,083
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
  -175
  -355
  -479
  -622
  -779
  -942
  -1,104
  -1,256
  -1,390
  -1,500
  -1,586
  -1,629
  -1,637
  -1,611
  -1,552
  -1,467
  -1,268
  -1,010
  -770
  -556
  -374
  -227
  -113
  -31
  24
  57
  72
  75
  70
  61
Current shareholders' claim on cash, %
  90.2
  82.6
  76.5
  71.5
  67.6
  64.3
  61.7
  59.6
  57.8
  56.5
  55.4
  54.6
  54.0
  53.7
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4

Emergent BioSolutions Inc. is a life sciences company. The Company focuses on protecting and enhancing life by providing specialty products for civilian and military populations that address accidental, intentional and naturally emerging public health threats. It focuses on developing, manufacturing and commercializing medical countermeasures that address public health threats (PHTs). The PHTs operates through two categories: Chemical, Biological, Radiological and Nuclear, as well as explosive-related threats and emerging infectious diseases. It operates through four business units: Vaccines and Anti-infectives; Antibody Therapeutics; Devices, and Contract Manufacturing. Vaccines and Anti-infectives business unit consists of BioThrax, which is for the general use prophylaxis and post-exposure prophylaxis of anthrax disease. Devices business unit consists of marketed products, such as Reactive Skin Decontamination Lotion Kit (RSDL) and Trobigard (atropine sulfate, obidoxime chloride).

FINANCIAL RATIOS  of  Emergent Biosolutions (EBS)

Valuation Ratios
P/E Ratio 53.4
Price to Sales 5.7
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 52.4
Price to Free Cash Flow -120.7
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.9%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 41.6%
Total Debt to Equity 45%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 73.2%
Gross Margin - 3 Yr. Avg. 75.4%
EBITDA Margin 29.7%
EBITDA Margin - 3 Yr. Avg. 32%
Operating Margin 21.7%
Oper. Margin - 3 Yr. Avg. 24.2%
Pre-Tax Margin 20.2%
Pre-Tax Margin - 3 Yr. Avg. 22.9%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 10.9%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

EBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EBS stock intrinsic value calculation we used $560.873 million for the last fiscal year's total revenue generated by Emergent Biosolutions. The default revenue input number comes from 0001 income statement of Emergent Biosolutions. 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 EBS 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 EBS is calculated based on our internal credit rating of Emergent Biosolutions, 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 Emergent Biosolutions.
    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 EBS stock the variable cost ratio is equal to 73.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $22 million in the base year in the intrinsic value calculation for EBS 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 Emergent Biosolutions.

Corporate tax rate of 27% is the nominal tax rate for Emergent Biosolutions. 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 EBS 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 EBS are equal to 80.7%.

Life of production assets of 12.1 years is the average useful life of capital assets used in Emergent Biosolutions 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 EBS is equal to 36.7%. 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 - $912.345 million for Emergent Biosolutions - 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 50.02 million for Emergent Biosolutions 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 Emergent Biosolutions at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Emergent BioSolutions Nabs Its Acquisition (Times 2)   [Nov-06-18 03:39PM  Motley Fool]
▶ Emergent Biosolutions: 3Q Earnings Snapshot   [05:07AM  Associated Press]
▶ IBD Stock Of The Day Outperforms Biotech Sector In A Rough October   [Oct-25-18 04:36PM  Investor's Business Daily]
▶ Government wants drug companies to disclose prices on TV ads   [Oct-16-18 01:23PM  Yahoo Finance Video]
▶ [$$] Deal Close Announcements: Oct. 1-5   [Oct-05-18 05:40PM  The Wall Street Journal]
▶ Why Emergent BioSolutions is jumping into the opioid crisis with new acquisition   [Aug-29-18 03:07PM  American City Business Journals]
▶ IBD Stock Of The Day: Vertex Pharma Nears Third Breakout Of 2018   [Aug-21-18 04:01PM  Investor's Business Daily]
▶ Two Maryland biotechs get $36 million to aid in new vaccine development   [Aug-16-18 11:25AM  American City Business Journals]
▶ [$$] Emergent BioSolutions Buys PaxVax for $270 Million   [Aug-09-18 08:06AM  The Wall Street Journal]
▶ Emergent BioSolutions Makes Up for Last Quarter   [Aug-07-18 04:04PM  Motley Fool]
▶ Emergent Biosolutions: 2Q Earnings Snapshot   [05:40PM  Associated Press]
▶ Emergent BioSolutions plans $50 million expansion to Baltimore facility   [Jun-07-18 11:45AM  American City Business Journals]
▶ Emergent BioSolutions Moves Things Around   [May-08-18 04:43PM  Motley Fool]
▶ Emergent Biosolutions: 1Q Earnings Snapshot   [05:03AM  Associated Press]
▶ Emergent BioSolutions to enter 5 new countries with anthrax vaccine   [Apr-13-18 02:58PM  American City Business Journals]
▶ One Gaithersburg biotech's latest marketing push: Selling doomsday kits on Amazon   [Mar-01-18 05:30AM  American City Business Journals]
▶ Emergent Biosolutions beats 4Q profit forecasts   [05:00AM  Associated Press]
▶ Emergent BioSolutions Inc. to Host Earnings Call   [Feb-22-18 01:00PM  ACCESSWIRE]
▶ Here are the D.C.-area stocks getting pummeled in the market rout   [Feb-06-18 03:21PM  American City Business Journals]
▶ See the D.C.-area stocks hit hardest in the last week   [10:22AM  American City Business Journals]

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