Intrinsic value of Jazz Pharmaceuticals - JAZZ

Previous Close

$143.66

  Intrinsic Value

$439.47

stock screener

  Rating & Target

str. buy

+206%

Previous close

$143.66

 
Intrinsic value

$439.47

 
Up/down potential

+206%

 
Rating

str. buy

We calculate the intrinsic value of JAZZ 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 8.6

 

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, %
  26.90
  24.71
  22.74
  20.97
  19.37
  17.93
  16.64
  15.47
  14.43
  13.48
  12.64
  11.87
  11.19
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
Revenue, $m
  2,054
  2,562
  3,144
  3,803
  4,540
  5,354
  6,245
  7,211
  8,252
  9,365
  10,548
  11,800
  13,120
  14,506
  15,958
  17,476
  19,059
  20,708
  22,424
  24,209
  26,064
  27,991
  29,995
  32,076
  34,241
  36,491
  38,832
  41,268
  43,804
  46,446
Variable operating expenses, $m
  1,131
  1,313
  1,523
  1,760
  2,024
  2,317
  2,637
  2,985
  3,359
  3,758
  3,791
  4,241
  4,716
  5,214
  5,736
  6,281
  6,850
  7,443
  8,060
  8,701
  9,368
  10,061
  10,781
  11,529
  12,307
  13,116
  13,957
  14,832
  15,744
  16,694
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
  1,131
  1,313
  1,523
  1,760
  2,024
  2,317
  2,637
  2,985
  3,359
  3,758
  3,791
  4,241
  4,716
  5,214
  5,736
  6,281
  6,850
  7,443
  8,060
  8,701
  9,368
  10,061
  10,781
  11,529
  12,307
  13,116
  13,957
  14,832
  15,744
  16,694
Operating income, $m
  923
  1,248
  1,621
  2,044
  2,516
  3,037
  3,608
  4,227
  4,893
  5,606
  6,757
  7,559
  8,404
  9,293
  10,223
  11,195
  12,209
  13,265
  14,364
  15,508
  16,696
  17,931
  19,214
  20,548
  21,934
  23,375
  24,875
  26,436
  28,060
  29,753
EBITDA, $m
  1,424
  1,776
  2,180
  2,637
  3,147
  3,712
  4,329
  4,999
  5,720
  6,492
  7,312
  8,180
  9,095
  10,056
  11,063
  12,115
  13,212
  14,355
  15,545
  16,782
  18,068
  19,404
  20,793
  22,236
  23,736
  25,296
  26,919
  28,608
  30,366
  32,198
Interest expense (income), $m
  0
  85
  120
  160
  206
  258
  316
  380
  451
  527
  609
  697
  791
  890
  994
  1,104
  1,218
  1,338
  1,463
  1,594
  1,729
  1,870
  2,017
  2,169
  2,327
  2,492
  2,663
  2,841
  3,025
  3,218
  3,418
Earnings before tax, $m
  838
  1,129
  1,462
  1,838
  2,258
  2,721
  3,227
  3,776
  4,366
  4,997
  6,059
  6,768
  7,515
  8,299
  9,119
  9,977
  10,871
  11,802
  12,771
  13,779
  14,826
  15,914
  17,045
  18,220
  19,442
  20,713
  22,035
  23,410
  24,842
  26,334
Tax expense, $m
  226
  305
  395
  496
  610
  735
  871
  1,020
  1,179
  1,349
  1,636
  1,827
  2,029
  2,241
  2,462
  2,694
  2,935
  3,187
  3,448
  3,720
  4,003
  4,297
  4,602
  4,920
  5,249
  5,592
  5,949
  6,321
  6,707
  7,110
Net income, $m
  612
  824
  1,067
  1,342
  1,648
  1,986
  2,356
  2,756
  3,187
  3,648
  4,423
  4,941
  5,486
  6,058
  6,657
  7,283
  7,936
  8,615
  9,323
  10,058
  10,823
  11,617
  12,443
  13,301
  14,193
  15,120
  16,085
  17,089
  18,135
  19,224

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
  6,059
  7,557
  9,275
  11,219
  13,392
  15,794
  18,422
  21,273
  24,342
  27,624
  31,115
  34,809
  38,702
  42,792
  47,075
  51,551
  56,221
  61,085
  66,148
  71,412
  76,884
  82,570
  88,480
  94,621
  101,005
  107,643
  114,548
  121,735
  129,216
  137,010
Adjusted assets (=assets-cash), $m
  6,059
  7,557
  9,275
  11,219
  13,392
  15,794
  18,422
  21,273
  24,342
  27,624
  31,115
  34,809
  38,702
  42,792
  47,075
  51,551
  56,221
  61,085
  66,148
  71,412
  76,884
  82,570
  88,480
  94,621
  101,005
  107,643
  114,548
  121,735
  129,216
  137,010
Revenue / Adjusted assets
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
Average production assets, $m
  2,660
  3,317
  4,072
  4,925
  5,879
  6,934
  8,087
  9,339
  10,686
  12,127
  13,659
  15,281
  16,990
  18,786
  20,666
  22,631
  24,681
  26,817
  29,039
  31,350
  33,752
  36,249
  38,843
  41,539
  44,342
  47,256
  50,287
  53,442
  56,727
  60,148
Working capital, $m
  144
  179
  220
  266
  318
  375
  437
  505
  578
  656
  738
  826
  918
  1,015
  1,117
  1,223
  1,334
  1,450
  1,570
  1,695
  1,824
  1,959
  2,100
  2,245
  2,397
  2,554
  2,718
  2,889
  3,066
  3,251
Total debt, $m
  2,217
  2,959
  3,811
  4,776
  5,854
  7,045
  8,348
  9,762
  11,285
  12,913
  14,644
  16,476
  18,407
  20,436
  22,560
  24,781
  27,097
  29,509
  32,020
  34,631
  37,345
  40,166
  43,097
  46,143
  49,309
  52,602
  56,027
  59,591
  63,302
  67,168
Total liabilities, $m
  3,005
  3,748
  4,600
  5,565
  6,643
  7,834
  9,137
  10,551
  12,073
  13,701
  15,433
  17,265
  19,196
  21,225
  23,349
  25,569
  27,886
  30,298
  32,809
  35,420
  38,134
  40,955
  43,886
  46,932
  50,098
  53,391
  56,816
  60,380
  64,091
  67,957
Total equity, $m
  3,054
  3,809
  4,675
  5,655
  6,750
  7,960
  9,285
  10,721
  12,268
  13,922
  15,682
  17,544
  19,506
  21,567
  23,726
  25,982
  28,335
  30,787
  33,338
  35,992
  38,749
  41,615
  44,594
  47,689
  50,906
  54,252
  57,732
  61,354
  65,125
  69,053
Total liabilities and equity, $m
  6,059
  7,557
  9,275
  11,220
  13,393
  15,794
  18,422
  21,272
  24,341
  27,623
  31,115
  34,809
  38,702
  42,792
  47,075
  51,551
  56,221
  61,085
  66,147
  71,412
  76,883
  82,570
  88,480
  94,621
  101,004
  107,643
  114,548
  121,734
  129,216
  137,010
Debt-to-equity ratio
  0.730
  0.780
  0.820
  0.840
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  612
  824
  1,067
  1,342
  1,648
  1,986
  2,356
  2,756
  3,187
  3,648
  4,423
  4,941
  5,486
  6,058
  6,657
  7,283
  7,936
  8,615
  9,323
  10,058
  10,823
  11,617
  12,443
  13,301
  14,193
  15,120
  16,085
  17,089
  18,135
  19,224
Depreciation, amort., depletion, $m
  501
  528
  558
  593
  632
  675
  721
  772
  827
  886
  555
  621
  691
  764
  840
  920
  1,003
  1,090
  1,180
  1,274
  1,372
  1,474
  1,579
  1,689
  1,803
  1,921
  2,044
  2,172
  2,306
  2,445
Funds from operations, $m
  1,112
  1,351
  1,625
  1,935
  2,280
  2,661
  3,077
  3,529
  4,014
  4,533
  4,979
  5,562
  6,176
  6,822
  7,497
  8,203
  8,939
  9,706
  10,503
  11,333
  12,195
  13,091
  14,022
  14,989
  15,995
  17,041
  18,129
  19,262
  20,441
  21,669
Change in working capital, $m
  30
  36
  41
  46
  52
  57
  62
  68
  73
  78
  83
  88
  92
  97
  102
  106
  111
  115
  120
  125
  130
  135
  140
  146
  151
  158
  164
  171
  178
  185
Cash from operations, $m
  1,082
  1,316
  1,584
  1,888
  2,228
  2,604
  3,015
  3,461
  3,942
  4,455
  4,896
  5,474
  6,084
  6,725
  7,395
  8,097
  8,828
  9,590
  10,383
  11,208
  12,065
  12,956
  13,882
  14,844
  15,844
  16,884
  17,966
  19,091
  20,263
  21,484
Maintenance CAPEX, $m
  -85
  -108
  -135
  -166
  -200
  -239
  -282
  -329
  -380
  -434
  -493
  -555
  -621
  -691
  -764
  -840
  -920
  -1,003
  -1,090
  -1,180
  -1,274
  -1,372
  -1,474
  -1,579
  -1,689
  -1,803
  -1,921
  -2,044
  -2,172
  -2,306
New CAPEX, $m
  -563
  -657
  -754
  -854
  -954
  -1,054
  -1,154
  -1,251
  -1,347
  -1,441
  -1,532
  -1,622
  -1,709
  -1,795
  -1,880
  -1,965
  -2,050
  -2,135
  -2,222
  -2,311
  -2,402
  -2,496
  -2,594
  -2,696
  -2,803
  -2,914
  -3,031
  -3,155
  -3,285
  -3,421
Cash from investing activities, $m
  -648
  -765
  -889
  -1,020
  -1,154
  -1,293
  -1,436
  -1,580
  -1,727
  -1,875
  -2,025
  -2,177
  -2,330
  -2,486
  -2,644
  -2,805
  -2,970
  -3,138
  -3,312
  -3,491
  -3,676
  -3,868
  -4,068
  -4,275
  -4,492
  -4,717
  -4,952
  -5,199
  -5,457
  -5,727
Free cash flow, $m
  433
  550
  695
  869
  1,074
  1,311
  1,580
  1,881
  2,215
  2,580
  2,870
  3,297
  3,754
  4,239
  4,751
  5,291
  5,858
  6,451
  7,071
  7,716
  8,388
  9,087
  9,814
  10,569
  11,353
  12,167
  13,013
  13,892
  14,806
  15,757
Issuance/(repayment) of debt, $m
  635
  743
  852
  964
  1,078
  1,191
  1,303
  1,414
  1,522
  1,628
  1,731
  1,832
  1,931
  2,028
  2,125
  2,220
  2,316
  2,413
  2,511
  2,611
  2,714
  2,821
  2,931
  3,046
  3,166
  3,293
  3,425
  3,564
  3,711
  3,866
Issuance/(repurchase) of shares, $m
  36
  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 from financing (excl. dividends), $m  
  671
  743
  852
  964
  1,078
  1,191
  1,303
  1,414
  1,522
  1,628
  1,731
  1,832
  1,931
  2,028
  2,125
  2,220
  2,316
  2,413
  2,511
  2,611
  2,714
  2,821
  2,931
  3,046
  3,166
  3,293
  3,425
  3,564
  3,711
  3,866
Total cash flow (excl. dividends), $m
  1,105
  1,293
  1,548
  1,834
  2,152
  2,502
  2,883
  3,295
  3,737
  4,208
  4,602
  5,130
  5,685
  6,267
  6,876
  7,512
  8,174
  8,864
  9,582
  10,327
  11,102
  11,908
  12,745
  13,615
  14,519
  15,460
  16,438
  17,457
  18,517
  19,622
Retained Cash Flow (-), $m
  -648
  -755
  -866
  -980
  -1,095
  -1,210
  -1,324
  -1,437
  -1,547
  -1,654
  -1,759
  -1,862
  -1,962
  -2,061
  -2,159
  -2,256
  -2,353
  -2,452
  -2,551
  -2,653
  -2,758
  -2,866
  -2,978
  -3,095
  -3,218
  -3,346
  -3,480
  -3,622
  -3,771
  -3,928
Prev. year cash balance distribution, $m
  307
  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
  764
  538
  681
  854
  1,057
  1,291
  1,558
  1,858
  2,190
  2,554
  2,843
  3,268
  3,722
  4,206
  4,717
  5,256
  5,821
  6,412
  7,030
  7,674
  8,345
  9,042
  9,767
  10,520
  11,302
  12,114
  12,958
  13,835
  14,746
  15,694
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
  733
  493
  593
  703
  819
  937
  1,053
  1,161
  1,258
  1,339
  1,350
  1,394
  1,415
  1,412
  1,385
  1,336
  1,267
  1,181
  1,082
  975
  863
  750
  640
  536
  440
  353
  278
  214
  161
  118
Current shareholders' claim on cash, %
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

Jazz Pharmaceuticals Public Limited Company, a biopharmaceutical company, identifies, develops, and commercializes pharmaceutical products for various medical needs in the United States, Europe, and internationally. The company has a portfolio of products and product candidates with a focus in the areas of sleep and hematology/oncology. It markets Xyrem, an oral solution for the treatment of cataplexy and excessive daytime sleepiness (EDS) in patients with narcolepsy; Erwinaze to treat acute lymphoblastic leukemia (ALL); Defitelio for the treatment and prevention of severe hepatic veno-occlusive disease, a potentially life-threatening complication of hematopoietic stem cell transplantation; and Prialt, an intrathecally administered infusion of ziconotide for the management of severe chronic pain. The company also develops JZP-110, a late-stage investigational compound, which is in phase III clinical trail for the treatment of EDS in narcolepsy and obstructive sleep apnea; and JZP-386, a deuterium-modified analog of sodium oxybate that is completed phase I clinical trail for use in patients with narcolepsy. In addition, it sells psychiatry and other products. The company is headquartered in Dublin, Ireland.

FINANCIAL RATIOS  of  Jazz Pharmaceuticals (JAZZ)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
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 NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

JAZZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JAZZ stock intrinsic value calculation we used $1618.693 million for the last fiscal year's total revenue generated by Jazz Pharmaceuticals. The default revenue input number comes from 0001 income statement of Jazz Pharmaceuticals. 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 JAZZ stock valuation model: a) initial revenue growth rate of 26.9% 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 JAZZ is calculated based on our internal credit rating of Jazz Pharmaceuticals, 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 Jazz Pharmaceuticals.
    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 JAZZ stock the variable cost ratio is equal to 60.2%.

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 JAZZ 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 Jazz Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Jazz Pharmaceuticals. 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 JAZZ 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 JAZZ are equal to 129.5%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Jazz Pharmaceuticals 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 JAZZ is equal to 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 - $2713.097 million for Jazz Pharmaceuticals - 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 59.996 million for Jazz Pharmaceuticals 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 Jazz Pharmaceuticals at the current share price and the inputted number of shares is $8.6 billion.

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