Intrinsic value of Emergent Biosolutions, Inc. - EBS

Previous Close

$43.25

  Intrinsic Value

$46.02

stock screener

  Rating & Target

hold

+6%

Previous close

$43.25

 
Intrinsic value

$46.02

 
Up/down potential

+6%

 
Rating

hold

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 2.2

 

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, %
  39.70
  36.23
  33.11
  30.30
  27.77
  25.49
  23.44
  21.60
  19.94
  18.44
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
Revenue, $m
  1,092
  1,488
  1,981
  2,581
  3,298
  4,138
  5,109
  6,212
  7,450
  8,824
  10,333
  11,975
  13,747
  15,647
  17,672
  19,818
  22,083
  24,465
  26,963
  29,575
  32,301
  35,143
  38,101
  41,178
  44,376
  47,701
  51,155
  54,745
  58,476
  62,356
Variable operating expenses, $m
  810
  1,067
  1,387
  1,776
  2,241
  2,786
  3,415
  4,130
  4,933
  5,824
  6,700
  7,765
  8,914
  10,146
  11,459
  12,851
  14,320
  15,864
  17,484
  19,177
  20,945
  22,788
  24,706
  26,701
  28,775
  30,931
  33,171
  35,499
  37,918
  40,434
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
  810
  1,067
  1,387
  1,776
  2,241
  2,786
  3,415
  4,130
  4,933
  5,824
  6,700
  7,765
  8,914
  10,146
  11,459
  12,851
  14,320
  15,864
  17,484
  19,177
  20,945
  22,788
  24,706
  26,701
  28,775
  30,931
  33,171
  35,499
  37,918
  40,434
Operating income, $m
  282
  421
  594
  805
  1,057
  1,353
  1,694
  2,082
  2,517
  3,000
  3,633
  4,210
  4,833
  5,501
  6,213
  6,967
  7,764
  8,601
  9,479
  10,397
  11,356
  12,355
  13,395
  14,477
  15,601
  16,770
  17,984
  19,246
  20,558
  21,922
EBITDA, $m
  447
  608
  810
  1,055
  1,348
  1,692
  2,088
  2,539
  3,046
  3,607
  4,224
  4,895
  5,620
  6,396
  7,224
  8,101
  9,027
  10,001
  11,022
  12,090
  13,204
  14,366
  15,575
  16,833
  18,140
  19,499
  20,911
  22,379
  23,904
  25,490
Interest expense (income), $m
  8
  43
  69
  102
  144
  194
  255
  325
  407
  500
  604
  720
  847
  985
  1,134
  1,294
  1,464
  1,645
  1,835
  2,036
  2,246
  2,466
  2,695
  2,935
  3,183
  3,442
  3,712
  3,991
  4,282
  4,584
  4,898
Earnings before tax, $m
  239
  352
  492
  662
  863
  1,098
  1,368
  1,675
  2,017
  2,396
  2,913
  3,363
  3,848
  4,367
  4,919
  5,503
  6,119
  6,766
  7,443
  8,151
  8,890
  9,660
  10,460
  11,293
  12,159
  13,058
  13,993
  14,964
  15,974
  17,024
Tax expense, $m
  65
  95
  133
  179
  233
  297
  369
  452
  545
  647
  787
  908
  1,039
  1,179
  1,328
  1,486
  1,652
  1,827
  2,010
  2,201
  2,400
  2,608
  2,824
  3,049
  3,283
  3,526
  3,778
  4,040
  4,313
  4,596
Net income, $m
  175
  257
  359
  483
  630
  802
  999
  1,223
  1,473
  1,749
  2,127
  2,455
  2,809
  3,188
  3,591
  4,017
  4,467
  4,939
  5,434
  5,950
  6,490
  7,051
  7,636
  8,244
  8,876
  9,532
  10,215
  10,924
  11,661
  12,427

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
  3,112
  4,240
  5,644
  7,354
  9,395
  11,790
  14,554
  17,697
  21,226
  25,141
  29,439
  34,117
  39,167
  44,579
  50,347
  56,462
  62,915
  69,702
  76,817
  84,259
  92,026
  100,122
  108,549
  117,315
  126,428
  135,899
  145,741
  155,969
  166,599
  177,652
Adjusted assets (=assets-cash), $m
  3,112
  4,240
  5,644
  7,354
  9,395
  11,790
  14,554
  17,697
  21,226
  25,141
  29,439
  34,117
  39,167
  44,579
  50,347
  56,462
  62,915
  69,702
  76,817
  84,259
  92,026
  100,122
  108,549
  117,315
  126,428
  135,899
  145,741
  155,969
  166,599
  177,652
Revenue / Adjusted assets
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
Average production assets, $m
  1,056
  1,439
  1,916
  2,496
  3,189
  4,002
  4,940
  6,007
  7,204
  8,533
  9,992
  11,580
  13,294
  15,131
  17,089
  19,164
  21,354
  23,658
  26,073
  28,599
  31,235
  33,983
  36,843
  39,819
  42,912
  46,126
  49,467
  52,938
  56,547
  60,298
Working capital, $m
  445
  606
  806
  1,051
  1,342
  1,684
  2,079
  2,528
  3,032
  3,592
  4,206
  4,874
  5,595
  6,368
  7,192
  8,066
  8,988
  9,957
  10,974
  12,037
  13,147
  14,303
  15,507
  16,759
  18,061
  19,414
  20,820
  22,281
  23,800
  25,379
Total debt, $m
  1,279
  1,895
  2,663
  3,599
  4,715
  6,025
  7,537
  9,257
  11,187
  13,328
  15,679
  18,238
  21,000
  23,961
  27,116
  30,461
  33,991
  37,703
  41,595
  45,666
  49,915
  54,343
  58,953
  63,747
  68,732
  73,913
  79,296
  84,891
  90,706
  96,752
Total liabilities, $m
  1,702
  2,319
  3,087
  4,022
  5,139
  6,449
  7,961
  9,680
  11,611
  13,752
  16,103
  18,662
  21,424
  24,385
  27,540
  30,885
  34,415
  38,127
  42,019
  46,090
  50,338
  54,767
  59,376
  64,171
  69,156
  74,337
  79,720
  85,315
  91,130
  97,176
Total equity, $m
  1,410
  1,921
  2,557
  3,331
  4,256
  5,341
  6,593
  8,017
  9,615
  11,389
  13,336
  15,455
  17,742
  20,195
  22,807
  25,577
  28,501
  31,575
  34,798
  38,169
  41,688
  45,355
  49,173
  53,144
  57,272
  61,562
  66,021
  70,654
  75,470
  80,476
Total liabilities and equity, $m
  3,112
  4,240
  5,644
  7,353
  9,395
  11,790
  14,554
  17,697
  21,226
  25,141
  29,439
  34,117
  39,166
  44,580
  50,347
  56,462
  62,916
  69,702
  76,817
  84,259
  92,026
  100,122
  108,549
  117,315
  126,428
  135,899
  145,741
  155,969
  166,600
  177,652
Debt-to-equity ratio
  0.910
  0.990
  1.040
  1.080
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
Adjusted equity ratio
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  175
  257
  359
  483
  630
  802
  999
  1,223
  1,473
  1,749
  2,127
  2,455
  2,809
  3,188
  3,591
  4,017
  4,467
  4,939
  5,434
  5,950
  6,490
  7,051
  7,636
  8,244
  8,876
  9,532
  10,215
  10,924
  11,661
  12,427
Depreciation, amort., depletion, $m
  165
  187
  215
  250
  291
  339
  394
  458
  528
  607
  591
  685
  787
  895
  1,011
  1,134
  1,264
  1,400
  1,543
  1,692
  1,848
  2,011
  2,180
  2,356
  2,539
  2,729
  2,927
  3,132
  3,346
  3,568
Funds from operations, $m
  339
  444
  575
  733
  921
  1,141
  1,393
  1,680
  2,001
  2,356
  2,718
  3,140
  3,596
  4,083
  4,602
  5,151
  5,730
  6,339
  6,976
  7,643
  8,338
  9,062
  9,816
  10,600
  11,415
  12,262
  13,142
  14,056
  15,007
  15,995
Change in working capital, $m
  126
  161
  201
  244
  292
  342
  395
  449
  504
  559
  614
  668
  721
  773
  824
  873
  922
  970
  1,016
  1,063
  1,110
  1,156
  1,204
  1,252
  1,302
  1,353
  1,406
  1,461
  1,519
  1,579
Cash from operations, $m
  213
  283
  374
  488
  629
  798
  999
  1,231
  1,497
  1,797
  2,104
  2,472
  2,874
  3,310
  3,778
  4,278
  4,808
  5,369
  5,960
  6,580
  7,228
  7,906
  8,612
  9,348
  10,113
  10,909
  11,736
  12,595
  13,488
  14,416
Maintenance CAPEX, $m
  -45
  -63
  -85
  -113
  -148
  -189
  -237
  -292
  -355
  -426
  -505
  -591
  -685
  -787
  -895
  -1,011
  -1,134
  -1,264
  -1,400
  -1,543
  -1,692
  -1,848
  -2,011
  -2,180
  -2,356
  -2,539
  -2,729
  -2,927
  -3,132
  -3,346
New CAPEX, $m
  -300
  -383
  -476
  -580
  -693
  -813
  -938
  -1,067
  -1,198
  -1,329
  -1,459
  -1,588
  -1,714
  -1,837
  -1,958
  -2,075
  -2,190
  -2,304
  -2,415
  -2,526
  -2,636
  -2,748
  -2,860
  -2,975
  -3,093
  -3,215
  -3,340
  -3,471
  -3,608
  -3,752
Cash from investing activities, $m
  -345
  -446
  -561
  -693
  -841
  -1,002
  -1,175
  -1,359
  -1,553
  -1,755
  -1,964
  -2,179
  -2,399
  -2,624
  -2,853
  -3,086
  -3,324
  -3,568
  -3,815
  -4,069
  -4,328
  -4,596
  -4,871
  -5,155
  -5,449
  -5,754
  -6,069
  -6,398
  -6,740
  -7,098
Free cash flow, $m
  -132
  -162
  -188
  -205
  -212
  -203
  -176
  -128
  -56
  42
  140
  293
  475
  686
  925
  1,191
  1,484
  1,802
  2,145
  2,511
  2,900
  3,310
  3,741
  4,192
  4,664
  5,155
  5,666
  6,197
  6,748
  7,319
Issuance/(repayment) of debt, $m
  484
  617
  768
  935
  1,117
  1,310
  1,512
  1,719
  1,930
  2,141
  2,351
  2,559
  2,762
  2,961
  3,155
  3,345
  3,530
  3,712
  3,892
  4,071
  4,249
  4,428
  4,610
  4,795
  4,985
  5,181
  5,383
  5,595
  5,815
  6,046
Issuance/(repurchase) of shares, $m
  225
  254
  277
  292
  295
  283
  253
  201
  126
  24
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  709
  871
  1,045
  1,227
  1,412
  1,593
  1,765
  1,920
  2,056
  2,165
  2,351
  2,559
  2,762
  2,961
  3,155
  3,345
  3,530
  3,712
  3,892
  4,071
  4,249
  4,428
  4,610
  4,795
  4,985
  5,181
  5,383
  5,595
  5,815
  6,046
Total cash flow (excl. dividends), $m
  576
  709
  857
  1,022
  1,200
  1,390
  1,588
  1,793
  2,000
  2,208
  2,491
  2,852
  3,237
  3,647
  4,080
  4,536
  5,014
  5,514
  6,037
  6,582
  7,148
  7,738
  8,351
  8,987
  9,649
  10,336
  11,049
  11,791
  12,563
  13,365
Retained Cash Flow (-), $m
  -399
  -511
  -636
  -775
  -925
  -1,085
  -1,252
  -1,424
  -1,598
  -1,773
  -1,947
  -2,119
  -2,287
  -2,452
  -2,613
  -2,770
  -2,923
  -3,074
  -3,223
  -3,371
  -3,519
  -3,667
  -3,818
  -3,971
  -4,128
  -4,290
  -4,458
  -4,633
  -4,816
  -5,007
Prev. year cash balance distribution, $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 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
  177
  198
  221
  247
  275
  305
  336
  369
  401
  434
  544
  733
  950
  1,195
  1,467
  1,766
  2,091
  2,440
  2,814
  3,210
  3,630
  4,071
  4,533
  5,016
  5,521
  6,045
  6,591
  7,158
  7,747
  8,358
Discount rate, %
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
  164
  169
  173
  175
  175
  173
  168
  160
  150
  139
  146
  163
  173
  175
  170
  159
  144
  126
  107
  88
  70
  54
  40
  29
  20
  14
  9
  6
  3
  2
Current shareholders' claim on cash, %
  90.8
  83.9
  78.7
  74.8
  71.9
  69.8
  68.3
  67.4
  66.9
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8
  66.8

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, Inc. (EBS)

Valuation Ratios
P/E Ratio 33.7
Price to Sales 3.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 33.1
Price to Free Cash Flow -76.3
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 $782 million for the last fiscal year's total revenue generated by Emergent Biosolutions, Inc.. The default revenue input number comes from 0001 income statement of Emergent Biosolutions, 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 EBS stock valuation model: a) initial revenue growth rate of 39.7% 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 7.8%, whose default value for EBS is calculated based on our internal credit rating of Emergent Biosolutions, 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 Emergent Biosolutions, 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 EBS stock the variable cost ratio is equal to 77.9%.

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 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, Inc..

Corporate tax rate of 27% is the nominal tax rate for Emergent Biosolutions, 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 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 96.7%.

Life of production assets of 16.9 years is the average useful life of capital assets used in Emergent Biosolutions, 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 EBS is equal to 40.7%. 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 - $1010.9 million for Emergent Biosolutions, 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 51.210 million for Emergent Biosolutions, 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 Emergent Biosolutions, Inc. at the current share price and the inputted number of shares is $2.2 billion.

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