Intrinsic value of GW Pharmaceuticals ADR - GWPH

Previous Close

$131.01

  Intrinsic Value

$3.20

stock screener

  Rating & Target

str. sell

-98%

Previous close

$131.01

 
Intrinsic value

$3.20

 
Up/down potential

-98%

 
Rating

str. sell

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

We calculate the intrinsic value of GWPH 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of GW Pharmaceuticals ADR (GWPH) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -23.08
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  10
  15
  22
  31
  43
  57
  75
  97
  123
  153
  187
  226
  269
  316
  369
  425
  485
  550
  619
  692
  768
  849
  933
  1,021
  1,113
  1,209
  1,308
  1,411
  1,519
  1,631
  1,747
Variable operating expenses, $m
 
  136
  198
  280
  385
  518
  681
  878
  1,111
  1,381
  1,691
  2,040
  2,431
  2,861
  3,331
  3,841
  4,389
  4,974
  5,596
  6,254
  6,947
  7,674
  8,436
  9,231
  10,061
  10,925
  11,825
  12,760
  13,732
  14,741
  15,791
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
  196
  136
  198
  280
  385
  518
  681
  878
  1,111
  1,381
  1,691
  2,040
  2,431
  2,861
  3,331
  3,841
  4,389
  4,974
  5,596
  6,254
  6,947
  7,674
  8,436
  9,231
  10,061
  10,925
  11,825
  12,760
  13,732
  14,741
  15,791
Operating income, $m
  -186
  -121
  -176
  -249
  -343
  -461
  -606
  -781
  -988
  -1,229
  -1,504
  -1,815
  -2,162
  -2,545
  -2,963
  -3,416
  -3,903
  -4,424
  -4,977
  -5,562
  -6,178
  -6,825
  -7,503
  -8,210
  -8,948
  -9,717
  -10,517
  -11,348
  -12,213
  -13,111
  -14,044
EBITDA, $m
  -180
  -113
  -165
  -233
  -322
  -433
  -569
  -734
  -928
  -1,155
  -1,414
  -1,706
  -2,033
  -2,393
  -2,786
  -3,212
  -3,670
  -4,160
  -4,680
  -5,230
  -5,809
  -6,418
  -7,054
  -7,720
  -8,414
  -9,136
  -9,888
  -10,670
  -11,483
  -12,327
  -13,205
Interest expense (income), $m
  1
  1
  7
  14
  24
  38
  54
  74
  99
  128
  161
  200
  243
  292
  345
  403
  467
  535
  607
  684
  766
  852
  942
  1,037
  1,136
  1,239
  1,346
  1,458
  1,574
  1,694
  1,820
Earnings before tax, $m
  -185
  -122
  -183
  -263
  -367
  -498
  -660
  -855
  -1,087
  -1,356
  -1,665
  -2,014
  -2,405
  -2,836
  -3,308
  -3,819
  -4,370
  -4,959
  -5,584
  -6,247
  -6,944
  -7,677
  -8,445
  -9,247
  -10,084
  -10,955
  -11,863
  -12,806
  -13,786
  -14,805
  -15,864
Tax expense, $m
  -25
  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
  -160
  -122
  -183
  -263
  -367
  -498
  -660
  -855
  -1,087
  -1,356
  -1,665
  -2,014
  -2,405
  -2,836
  -3,308
  -3,819
  -4,370
  -4,959
  -5,584
  -6,247
  -6,944
  -7,677
  -8,445
  -9,247
  -10,084
  -10,955
  -11,863
  -12,806
  -13,786
  -14,805
  -15,864

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  293
  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
  405
  169
  245
  347
  478
  643
  846
  1,091
  1,380
  1,716
  2,101
  2,536
  3,021
  3,556
  4,141
  4,774
  5,455
  6,182
  6,956
  7,773
  8,634
  9,538
  10,485
  11,474
  12,505
  13,579
  14,697
  15,859
  17,067
  18,322
  19,627
Adjusted assets (=assets-cash), $m
  112
  169
  245
  347
  478
  643
  846
  1,091
  1,380
  1,716
  2,101
  2,536
  3,021
  3,556
  4,141
  4,774
  5,455
  6,182
  6,956
  7,773
  8,634
  9,538
  10,485
  11,474
  12,505
  13,579
  14,697
  15,859
  17,067
  18,322
  19,627
Revenue / Adjusted assets
  0.089
  0.089
  0.090
  0.089
  0.090
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
Average production assets, $m
  25
  37
  53
  76
  104
  140
  184
  238
  301
  374
  458
  553
  659
  775
  903
  1,041
  1,189
  1,348
  1,517
  1,695
  1,883
  2,080
  2,286
  2,502
  2,727
  2,961
  3,205
  3,458
  3,721
  3,995
  4,280
Working capital, $m
  292
  -2
  -2
  -3
  -4
  -6
  -8
  -10
  -12
  -15
  -19
  -23
  -27
  -32
  -37
  -42
  -49
  -55
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -121
  -131
  -141
  -152
  -163
  -175
Total debt, $m
  6
  40
  86
  146
  225
  324
  445
  591
  764
  965
  1,196
  1,456
  1,746
  2,066
  2,415
  2,794
  3,201
  3,636
  4,098
  4,587
  5,102
  5,643
  6,209
  6,800
  7,417
  8,059
  8,728
  9,423
  10,145
  10,896
  11,676
Total liabilities, $m
  67
  101
  147
  207
  286
  385
  506
  652
  825
  1,026
  1,257
  1,517
  1,807
  2,127
  2,476
  2,855
  3,262
  3,697
  4,159
  4,648
  5,163
  5,704
  6,270
  6,861
  7,478
  8,120
  8,789
  9,484
  10,206
  10,957
  11,737
Total equity, $m
  338
  68
  99
  139
  192
  258
  340
  438
  555
  690
  845
  1,020
  1,214
  1,430
  1,665
  1,919
  2,193
  2,485
  2,796
  3,125
  3,471
  3,834
  4,215
  4,613
  5,027
  5,459
  5,908
  6,375
  6,861
  7,366
  7,890
Total liabilities and equity, $m
  405
  169
  246
  346
  478
  643
  846
  1,090
  1,380
  1,716
  2,102
  2,537
  3,021
  3,557
  4,141
  4,774
  5,455
  6,182
  6,955
  7,773
  8,634
  9,538
  10,485
  11,474
  12,505
  13,579
  14,697
  15,859
  17,067
  18,323
  19,627
Debt-to-equity ratio
  0.018
  0.590
  0.870
  1.050
  1.170
  1.250
  1.310
  1.350
  1.380
  1.400
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.460
  1.460
  1.470
  1.470
  1.470
  1.470
  1.470
  1.470
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
Adjusted equity ratio
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -160
  -122
  -183
  -263
  -367
  -498
  -660
  -855
  -1,087
  -1,356
  -1,665
  -2,014
  -2,405
  -2,836
  -3,308
  -3,819
  -4,370
  -4,959
  -5,584
  -6,247
  -6,944
  -7,677
  -8,445
  -9,247
  -10,084
  -10,955
  -11,863
  -12,806
  -13,786
  -14,805
  -15,864
Depreciation, amort., depletion, $m
  6
  8
  11
  15
  21
  28
  37
  47
  60
  74
  90
  108
  129
  152
  177
  204
  233
  264
  297
  332
  369
  408
  448
  491
  535
  581
  628
  678
  730
  783
  839
Funds from operations, $m
  -110
  -114
  -172
  -248
  -346
  -470
  -623
  -808
  -1,027
  -1,282
  -1,575
  -1,906
  -2,276
  -2,684
  -3,131
  -3,615
  -4,137
  -4,694
  -5,287
  -5,914
  -6,575
  -7,270
  -7,997
  -8,757
  -9,549
  -10,375
  -11,234
  -12,128
  -13,056
  -14,022
  -15,025
Change in working capital, $m
  24
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  -134
  -114
  -171
  -247
  -345
  -469
  -621
  -806
  -1,025
  -1,279
  -1,572
  -1,902
  -2,271
  -2,679
  -3,126
  -3,610
  -4,131
  -4,688
  -5,280
  -5,907
  -6,568
  -7,262
  -7,988
  -8,748
  -9,540
  -10,365
  -11,224
  -12,117
  -13,046
  -14,010
  -15,013
Maintenance CAPEX, $m
  0
  -5
  -7
  -10
  -15
  -20
  -27
  -36
  -47
  -59
  -73
  -90
  -108
  -129
  -152
  -177
  -204
  -233
  -264
  -297
  -332
  -369
  -408
  -448
  -491
  -535
  -581
  -628
  -678
  -730
  -783
New CAPEX, $m
  -20
  -12
  -17
  -22
  -29
  -36
  -44
  -53
  -63
  -73
  -84
  -95
  -106
  -117
  -127
  -138
  -148
  -159
  -169
  -178
  -188
  -197
  -206
  -216
  -225
  -234
  -244
  -253
  -263
  -274
  -284
Cash from investing activities, $m
  -19
  -17
  -24
  -32
  -44
  -56
  -71
  -89
  -110
  -132
  -157
  -185
  -214
  -246
  -279
  -315
  -352
  -392
  -433
  -475
  -520
  -566
  -614
  -664
  -716
  -769
  -825
  -881
  -941
  -1,004
  -1,067
Free cash flow, $m
  -153
  -131
  -195
  -279
  -388
  -525
  -693
  -895
  -1,134
  -1,412
  -1,729
  -2,087
  -2,486
  -2,925
  -3,405
  -3,925
  -4,483
  -5,080
  -5,713
  -6,383
  -7,088
  -7,828
  -8,603
  -9,412
  -10,255
  -11,134
  -12,048
  -12,999
  -13,987
  -15,014
  -16,081
Issuance/(repayment) of debt, $m
  -1
  34
  46
  61
  78
  99
  121
  146
  173
  201
  230
  260
  290
  320
  350
  379
  407
  435
  462
  489
  515
  541
  566
  591
  617
  642
  668
  695
  722
  751
  780
Issuance/(repurchase) of shares, $m
  0
  145
  214
  304
  420
  565
  742
  954
  1,203
  1,492
  1,820
  2,189
  2,600
  3,051
  3,543
  4,074
  4,644
  5,251
  5,895
  6,575
  7,291
  8,041
  8,826
  9,645
  10,498
  11,387
  12,312
  13,273
  14,272
  15,310
  16,388
Cash from financing (excl. dividends), $m  
  -2
  179
  260
  365
  498
  664
  863
  1,100
  1,376
  1,693
  2,050
  2,449
  2,890
  3,371
  3,893
  4,453
  5,051
  5,686
  6,357
  7,064
  7,806
  8,582
  9,392
  10,236
  11,115
  12,029
  12,980
  13,968
  14,994
  16,061
  17,168
Total cash flow (excl. dividends), $m
  -162
  48
  65
  85
  110
  138
  170
  205
  242
  281
  322
  362
  404
  446
  487
  528
  568
  607
  644
  682
  718
  754
  789
  824
  860
  895
  932
  969
  1,007
  1,046
  1,087
Retained Cash Flow (-), $m
  146
  -145
  -214
  -304
  -420
  -565
  -742
  -954
  -1,203
  -1,492
  -1,820
  -2,189
  -2,600
  -3,051
  -3,543
  -4,074
  -4,644
  -5,251
  -5,895
  -6,575
  -7,291
  -8,041
  -8,826
  -9,645
  -10,498
  -11,387
  -12,312
  -13,273
  -14,272
  -15,310
  -16,388
Prev. year cash balance distribution, $m
 
  293
  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
 
  196
  -149
  -219
  -310
  -426
  -572
  -749
  -961
  -1,211
  -1,499
  -1,827
  -2,196
  -2,605
  -3,055
  -3,546
  -4,076
  -4,644
  -5,251
  -5,894
  -6,573
  -7,287
  -8,036
  -8,820
  -9,639
  -10,492
  -11,380
  -12,304
  -13,265
  -14,263
  -15,301
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
 
  188
  -136
  -190
  -255
  -331
  -415
  -506
  -601
  -695
  -786
  -867
  -937
  -991
  -1,026
  -1,041
  -1,036
  -1,011
  -967
  -907
  -835
  -754
  -667
  -578
  -491
  -408
  -332
  -264
  -205
  -156
  -115
Current shareholders' claim on cash, %
  100
  75.6
  57.5
  44.0
  33.8
  26.1
  20.3
  15.8
  12.4
  9.8
  7.8
  6.2
  4.9
  3.9
  3.1
  2.5
  2.0
  1.6
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1

GW Pharmaceuticals plc is a biopharmaceutical company focused on developing and commercializing therapeutics from its cannabinoid product platform in a range of disease areas. The Company's lead cannabinoid product candidate is Epidiolex, which is a liquid formulation of pure plant-derived cannabidiol (CBD). The Company offers Sativex (nabiximols), which is indicated for the treatment of spasticity due to multiple sclerosis (MS). The Company operates through three segments: Commercial, Sativex Research and Development, and Pipeline Research and Development. The Commercial segment distributes and sells the Company's commercial products. The Sativex Research and Development segment seeks to maximize the potential of Sativex through the development of new indications. The Pipeline Research and Development segment seeks to develop cannabinoid medications other than Sativex across a range of therapeutic areas using its cannabinoid technology platform.

FINANCIAL RATIOS  of  GW Pharmaceuticals ADR (GWPH)

Valuation Ratios
P/E Ratio -247.7
Price to Sales 3962.5
Price to Book 117.2
Price to Tangible Book
Price to Cash Flow -295.7
Price to Free Cash Flow -257.3
Growth Rates
Sales Growth Rate -23.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.8%
Cap. Spend. - 3 Yr. Gr. Rate 17.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 1.8%
Total Debt to Equity 1.8%
Interest Coverage -184
Management Effectiveness
Return On Assets -33.3%
Ret/ On Assets - 3 Yr. Avg. -22.9%
Return On Total Capital -38.4%
Ret/ On T. Cap. - 3 Yr. Avg. -26.6%
Return On Equity -38.9%
Return On Equity - 3 Yr. Avg. -26.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 60%
Gross Margin - 3 Yr. Avg. 73.6%
EBITDA Margin -1780%
EBITDA Margin - 3 Yr. Avg. -915.2%
Operating Margin -1860%
Oper. Margin - 3 Yr. Avg. -954.9%
Pre-Tax Margin -1850%
Pre-Tax Margin - 3 Yr. Avg. -951.6%
Net Profit Margin -1600%
Net Profit Margin - 3 Yr. Avg. -782.2%
Effective Tax Rate 13.5%
Eff/ Tax Rate - 3 Yr. Avg. 20.6%
Payout Ratio 0%

GWPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWPH stock intrinsic value calculation we used $10 million for the last fiscal year's total revenue generated by GW Pharmaceuticals ADR. The default revenue input number comes from 2017 income statement of GW Pharmaceuticals ADR. 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 GWPH stock valuation model: a) initial revenue growth rate of 50% 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 GWPH is calculated based on our internal credit rating of GW Pharmaceuticals ADR, 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 GW Pharmaceuticals ADR.
    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 GWPH stock the variable cost ratio is equal to 910%.

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 GWPH 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 16.7% for GW Pharmaceuticals ADR.

Corporate tax rate of 27% is the nominal tax rate for GW Pharmaceuticals ADR. 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 GWPH 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 GWPH are equal to 245%.

Life of production assets of 5.1 years is the average useful life of capital assets used in GW Pharmaceuticals ADR 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 GWPH is equal to -10%. 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 - $338 million for GW Pharmaceuticals ADR - 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 25.907 million for GW Pharmaceuticals ADR 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 GW Pharmaceuticals ADR at the current share price and the inputted number of shares is $3.4 billion.

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Financial statements of GWPH
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