Intrinsic value of Incyte - INCY

Previous Close

$66.06

  Intrinsic Value

$160.45

stock screener

  Rating & Target

str. buy

+143%

Previous close

$66.06

 
Intrinsic value

$160.45

 
Up/down potential

+143%

 
Rating

str. buy

We calculate the intrinsic value of INCY 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 14.0

 

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, %
  59.80
  54.32
  49.39
  44.95
  40.95
  37.36
  34.12
  31.21
  28.59
  26.23
  24.11
  22.20
  20.48
  18.93
  17.54
  16.28
  15.15
  14.14
  13.23
  12.40
  11.66
  11.00
  10.40
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
Revenue, $m
  2,455
  3,788
  5,659
  8,203
  11,563
  15,882
  21,302
  27,951
  35,941
  45,369
  56,307
  68,805
  82,894
  98,585
  115,874
  134,741
  155,161
  177,099
  200,521
  225,391
  251,677
  279,352
  308,395
  338,793
  370,542
  403,646
  438,120
  473,987
  511,280
  550,041
Variable operating expenses, $m
  2,071
  3,174
  4,722
  6,827
  9,607
  13,181
  17,666
  23,167
  29,779
  37,580
  46,591
  56,933
  68,591
  81,575
  95,880
  111,492
  128,388
  146,541
  165,921
  186,500
  208,250
  231,150
  255,181
  280,334
  306,605
  333,997
  362,523
  392,201
  423,059
  455,132
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
  2,071
  3,174
  4,722
  6,827
  9,607
  13,181
  17,666
  23,167
  29,779
  37,580
  46,591
  56,933
  68,591
  81,575
  95,880
  111,492
  128,388
  146,541
  165,921
  186,500
  208,250
  231,150
  255,181
  280,334
  306,605
  333,997
  362,523
  392,201
  423,059
  455,132
Operating income, $m
  384
  614
  937
  1,376
  1,956
  2,701
  3,636
  4,784
  6,162
  7,789
  9,716
  11,872
  14,303
  17,011
  19,994
  23,250
  26,773
  30,558
  34,600
  38,891
  43,427
  48,202
  53,213
  58,458
  63,937
  69,649
  75,597
  81,786
  88,221
  94,909
EBITDA, $m
  480
  740
  1,106
  1,603
  2,260
  3,104
  4,163
  5,462
  7,024
  8,867
  11,004
  13,447
  16,200
  19,267
  22,645
  26,333
  30,323
  34,611
  39,188
  44,048
  49,185
  54,594
  60,270
  66,211
  72,415
  78,885
  85,622
  92,632
  99,920
  107,495
Interest expense (income), $m
  7
  1
  23
  54
  98
  157
  236
  336
  463
  618
  805
  1,025
  1,281
  1,573
  1,902
  2,268
  2,672
  3,113
  3,590
  4,103
  4,650
  5,231
  5,845
  6,491
  7,170
  7,880
  8,622
  9,395
  10,200
  11,038
  11,910
Earnings before tax, $m
  383
  592
  883
  1,279
  1,799
  2,466
  3,300
  4,321
  5,544
  6,984
  8,690
  10,591
  12,731
  15,109
  17,725
  20,577
  23,660
  26,968
  30,497
  34,241
  38,196
  42,357
  46,722
  51,289
  56,057
  61,027
  66,202
  71,586
  77,183
  83,000
Tax expense, $m
  103
  160
  239
  345
  486
  666
  891
  1,167
  1,497
  1,886
  2,346
  2,860
  3,437
  4,079
  4,786
  5,556
  6,388
  7,281
  8,234
  9,245
  10,313
  11,436
  12,615
  13,848
  15,135
  16,477
  17,875
  19,328
  20,839
  22,410
Net income, $m
  280
  432
  645
  933
  1,313
  1,800
  2,409
  3,154
  4,047
  5,098
  6,344
  7,732
  9,293
  11,030
  12,940
  15,021
  17,272
  19,687
  22,263
  24,996
  27,883
  30,921
  34,107
  37,441
  40,921
  44,550
  48,328
  52,258
  56,343
  60,590

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
  2,397
  3,700
  5,527
  8,011
  11,292
  15,510
  20,803
  27,295
  35,099
  44,306
  54,987
  67,192
  80,951
  96,275
  113,158
  131,583
  151,524
  172,948
  195,821
  220,108
  245,778
  272,804
  301,167
  330,852
  361,857
  394,186
  427,852
  462,878
  499,297
  537,150
Adjusted assets (=assets-cash), $m
  2,397
  3,700
  5,527
  8,011
  11,292
  15,510
  20,803
  27,295
  35,099
  44,306
  54,987
  67,192
  80,951
  96,275
  113,158
  131,583
  151,524
  172,948
  195,821
  220,108
  245,778
  272,804
  301,167
  330,852
  361,857
  394,186
  427,852
  462,878
  499,297
  537,150
Revenue / Adjusted assets
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
  1.024
Average production assets, $m
  663
  1,023
  1,528
  2,215
  3,122
  4,288
  5,752
  7,547
  9,704
  12,250
  15,203
  18,577
  22,381
  26,618
  31,286
  36,380
  41,893
  47,817
  54,141
  60,856
  67,953
  75,425
  83,267
  91,474
  100,046
  108,984
  118,292
  127,977
  138,046
  148,511
Working capital, $m
  -54
  -83
  -125
  -180
  -254
  -349
  -469
  -615
  -791
  -998
  -1,239
  -1,514
  -1,824
  -2,169
  -2,549
  -2,964
  -3,414
  -3,896
  -4,411
  -4,959
  -5,537
  -6,146
  -6,785
  -7,453
  -8,152
  -8,880
  -9,639
  -10,428
  -11,248
  -12,101
Total debt, $m
  421
  998
  1,808
  2,908
  4,362
  6,230
  8,575
  11,451
  14,908
  18,987
  23,719
  29,126
  35,221
  42,009
  49,488
  57,651
  66,485
  75,976
  86,108
  96,867
  108,239
  120,212
  132,776
  145,927
  159,662
  173,984
  188,898
  204,415
  220,548
  237,317
Total liabilities, $m
  1,062
  1,639
  2,448
  3,549
  5,002
  6,871
  9,216
  12,092
  15,549
  19,627
  24,359
  29,766
  35,861
  42,650
  50,129
  58,291
  67,125
  76,616
  86,749
  97,508
  108,880
  120,852
  133,417
  146,568
  160,303
  174,624
  189,538
  205,055
  221,189
  237,957
Total equity, $m
  1,335
  2,061
  3,078
  4,462
  6,290
  8,639
  11,587
  15,204
  19,550
  24,678
  30,628
  37,426
  45,090
  53,625
  63,029
  73,292
  84,399
  96,332
  109,072
  122,600
  136,898
  151,952
  167,750
  184,285
  201,554
  219,561
  238,313
  257,823
  278,109
  299,192
Total liabilities and equity, $m
  2,397
  3,700
  5,526
  8,011
  11,292
  15,510
  20,803
  27,296
  35,099
  44,305
  54,987
  67,192
  80,951
  96,275
  113,158
  131,583
  151,524
  172,948
  195,821
  220,108
  245,778
  272,804
  301,167
  330,853
  361,857
  394,185
  427,851
  462,878
  499,298
  537,149
Debt-to-equity ratio
  0.320
  0.480
  0.590
  0.650
  0.690
  0.720
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Adjusted equity ratio
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  280
  432
  645
  933
  1,313
  1,800
  2,409
  3,154
  4,047
  5,098
  6,344
  7,732
  9,293
  11,030
  12,940
  15,021
  17,272
  19,687
  22,263
  24,996
  27,883
  30,921
  34,107
  37,441
  40,921
  44,550
  48,328
  52,258
  56,343
  60,590
Depreciation, amort., depletion, $m
  95
  126
  169
  227
  304
  403
  527
  679
  862
  1,077
  1,288
  1,574
  1,897
  2,256
  2,651
  3,083
  3,550
  4,052
  4,588
  5,157
  5,759
  6,392
  7,056
  7,752
  8,478
  9,236
  10,025
  10,845
  11,699
  12,586
Funds from operations, $m
  375
  558
  814
  1,160
  1,617
  2,203
  2,936
  3,833
  4,909
  6,176
  7,632
  9,306
  11,190
  13,285
  15,591
  18,104
  20,822
  23,739
  26,851
  30,153
  33,642
  37,313
  41,163
  45,193
  49,400
  53,786
  58,352
  63,103
  68,042
  73,175
Change in working capital, $m
  -20
  -29
  -41
  -56
  -74
  -95
  -119
  -146
  -176
  -207
  -241
  -275
  -310
  -345
  -380
  -415
  -449
  -483
  -515
  -547
  -578
  -609
  -639
  -669
  -698
  -728
  -758
  -789
  -820
  -853
Cash from operations, $m
  395
  587
  855
  1,216
  1,691
  2,298
  3,055
  3,979
  5,085
  6,383
  7,873
  9,581
  11,500
  13,631
  15,971
  18,519
  21,271
  24,222
  27,366
  30,700
  34,220
  37,921
  41,802
  45,861
  50,098
  54,514
  59,111
  63,892
  68,863
  74,028
Maintenance CAPEX, $m
  -35
  -56
  -87
  -129
  -188
  -265
  -363
  -487
  -640
  -822
  -1,038
  -1,288
  -1,574
  -1,897
  -2,256
  -2,651
  -3,083
  -3,550
  -4,052
  -4,588
  -5,157
  -5,759
  -6,392
  -7,056
  -7,752
  -8,478
  -9,236
  -10,025
  -10,845
  -11,699
New CAPEX, $m
  -247
  -360
  -505
  -687
  -907
  -1,166
  -1,463
  -1,795
  -2,158
  -2,545
  -2,953
  -3,375
  -3,804
  -4,237
  -4,668
  -5,094
  -5,513
  -5,923
  -6,324
  -6,715
  -7,097
  -7,472
  -7,842
  -8,207
  -8,572
  -8,938
  -9,308
  -9,684
  -10,069
  -10,465
Cash from investing activities, $m
  -282
  -416
  -592
  -816
  -1,095
  -1,431
  -1,826
  -2,282
  -2,798
  -3,367
  -3,991
  -4,663
  -5,378
  -6,134
  -6,924
  -7,745
  -8,596
  -9,473
  -10,376
  -11,303
  -12,254
  -13,231
  -14,234
  -15,263
  -16,324
  -17,416
  -18,544
  -19,709
  -20,914
  -22,164
Free cash flow, $m
  113
  171
  263
  400
  596
  867
  1,228
  1,697
  2,288
  3,015
  3,882
  4,918
  6,122
  7,497
  9,048
  10,774
  12,675
  14,748
  16,990
  19,397
  21,966
  24,691
  27,569
  30,597
  33,774
  37,097
  40,567
  44,183
  47,948
  51,864
Issuance/(repayment) of debt, $m
  397
  577
  809
  1,101
  1,453
  1,869
  2,345
  2,876
  3,457
  4,079
  4,732
  5,407
  6,095
  6,788
  7,479
  8,162
  8,834
  9,491
  10,133
  10,759
  11,372
  11,973
  12,564
  13,151
  13,735
  14,322
  14,914
  15,517
  16,134
  16,769
Issuance/(repurchase) of shares, $m
  220
  293
  373
  450
  514
  550
  539
  462
  299
  30
  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  
  617
  870
  1,182
  1,551
  1,967
  2,419
  2,884
  3,338
  3,756
  4,109
  4,732
  5,407
  6,095
  6,788
  7,479
  8,162
  8,834
  9,491
  10,133
  10,759
  11,372
  11,973
  12,564
  13,151
  13,735
  14,322
  14,914
  15,517
  16,134
  16,769
Total cash flow (excl. dividends), $m
  730
  1,041
  1,445
  1,951
  2,564
  3,285
  4,112
  5,035
  6,044
  7,124
  8,613
  10,325
  12,217
  14,285
  16,527
  18,936
  21,509
  24,239
  27,123
  30,157
  33,337
  36,663
  40,133
  43,748
  47,509
  51,419
  55,481
  59,700
  64,082
  68,633
Retained Cash Flow (-), $m
  -500
  -725
  -1,018
  -1,384
  -1,827
  -2,350
  -2,948
  -3,616
  -4,347
  -5,128
  -5,949
  -6,798
  -7,664
  -8,535
  -9,404
  -10,263
  -11,107
  -11,933
  -12,740
  -13,528
  -14,298
  -15,054
  -15,798
  -16,535
  -17,270
  -18,007
  -18,752
  -19,510
  -20,285
  -21,084
Prev. year cash balance distribution, $m
  795
  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
  1,026
  316
  427
  567
  736
  936
  1,164
  1,419
  1,697
  1,995
  2,664
  3,527
  4,553
  5,750
  7,123
  8,673
  10,402
  12,306
  14,383
  16,629
  19,039
  21,610
  24,336
  27,213
  30,240
  33,412
  36,729
  40,190
  43,796
  47,549
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
  983
  289
  372
  467
  571
  679
  786
  887
  975
  1,046
  1,265
  1,505
  1,731
  1,930
  2,091
  2,204
  2,263
  2,266
  2,215
  2,113
  1,969
  1,793
  1,595
  1,386
  1,176
  975
  788
  622
  478
  358
Current shareholders' claim on cash, %
  97.0
  94.6
  92.6
  91.1
  89.9
  89.0
  88.3
  87.9
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib). JAKAFI (ruxolitinib) is indicated for the treatment of patients with intermediate or high risk myelofibrosis (MF) and for the treatment of patients with polycythemia vera (PV) having had an inadequate response to or are intolerant of hydroxyurea. As of December 31, 2016, the Food and Drug Administration had granted JAKAFI orphan drug status for MF, PV and essential thrombocythemia. The primary target for ICLUSIG is B Cell Receptor-ABL, an abnormal tyrosine kinase that is expressed in chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. The Company also has a portfolio of selective janus associated kinases 1 (JAK1) inhibitors.

FINANCIAL RATIOS  of  Incyte (INCY)

Valuation Ratios
P/E Ratio 120
Price to Sales 11.3
Price to Book 29.8
Price to Tangible Book
Price to Cash Flow 40.9
Price to Free Cash Flow 67.4
Growth Rates
Sales Growth Rate 46.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 361.5%
Cap. Spend. - 3 Yr. Gr. Rate 97.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 155.4%
Total Debt to Equity 155.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 35.3%
Return On Equity - 3 Yr. Avg. 28.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 95.8%
Gross Margin - 3 Yr. Avg. 97.2%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 0.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 2.8%
Eff/ Tax Rate - 3 Yr. Avg. 5.8%
Payout Ratio 0%

INCY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INCY stock intrinsic value calculation we used $1536.216 million for the last fiscal year's total revenue generated by Incyte. The default revenue input number comes from 0001 income statement of Incyte. 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 INCY stock valuation model: a) initial revenue growth rate of 59.8% 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 INCY is calculated based on our internal credit rating of Incyte, 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 Incyte.
    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 INCY stock the variable cost ratio is equal to 85.3%.

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 INCY 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 Incyte.

Corporate tax rate of 27% is the nominal tax rate for Incyte. 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 INCY 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 INCY are equal to 27%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Incyte 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 INCY is equal to -2.2%. 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 - $1630.629 million for Incyte - 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 211.969 million for Incyte 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 Incyte at the current share price and the inputted number of shares is $14.0 billion.

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▶ Incyte to Present at Upcoming Investor Conference   [Apr-26-18 08:00AM  Business Wire]

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