Intrinsic value of Novavax - NVAX

Previous Close

$1.69

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.69

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of NVAX 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 0.6

 

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, %
  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
  50
  77
  115
  167
  236
  324
  435
  572
  736
  929
  1,154
  1,411
  1,700
  2,023
  2,379
  2,767
  3,187
  3,639
  4,121
  4,634
  5,175
  5,745
  6,344
  6,970
  7,625
  8,307
  9,017
  9,757
  10,525
  11,324
Variable operating expenses, $m
  920
  1,418
  2,117
  3,070
  4,328
  5,948
  7,982
  10,479
  13,482
  17,027
  21,136
  25,841
  31,147
  37,059
  43,574
  50,687
  58,388
  66,663
  75,499
  84,883
  94,803
  105,249
  116,212
  127,687
  139,673
  152,172
  165,188
  178,731
  192,812
  207,447
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
  920
  1,418
  2,117
  3,070
  4,328
  5,948
  7,982
  10,479
  13,482
  17,027
  21,136
  25,841
  31,147
  37,059
  43,574
  50,687
  58,388
  66,663
  75,499
  84,883
  94,803
  105,249
  116,212
  127,687
  139,673
  152,172
  165,188
  178,731
  192,812
  207,447
Operating income, $m
  -870
  -1,341
  -2,002
  -2,902
  -4,092
  -5,624
  -7,546
  -9,907
  -12,746
  -16,098
  -19,982
  -24,430
  -29,447
  -35,036
  -41,196
  -47,920
  -55,200
  -63,024
  -71,378
  -80,250
  -89,628
  -99,503
  -109,868
  -120,717
  -132,049
  -143,865
  -156,171
  -168,974
  -182,286
  -196,123
EBITDA, $m
  -853
  -1,318
  -1,971
  -2,860
  -4,034
  -5,546
  -7,445
  -9,776
  -12,579
  -15,888
  -19,729
  -24,121
  -29,074
  -34,592
  -40,674
  -47,314
  -54,501
  -62,226
  -70,474
  -79,233
  -88,493
  -98,243
  -108,477
  -119,188
  -130,377
  -142,043
  -154,193
  -166,834
  -179,978
  -193,640
Interest expense (income), $m
  6
  17
  10
  18
  30
  45
  66
  92
  125
  166
  215
  272
  339
  416
  502
  598
  705
  820
  946
  1,080
  1,224
  1,377
  1,538
  1,708
  1,887
  2,074
  2,269
  2,472
  2,684
  2,904
  3,134
Earnings before tax, $m
  -887
  -1,351
  -2,021
  -2,932
  -4,137
  -5,689
  -7,638
  -10,032
  -12,912
  -16,313
  -20,255
  -24,770
  -29,863
  -35,538
  -41,794
  -48,625
  -56,021
  -63,969
  -72,458
  -81,474
  -91,005
  -101,042
  -111,576
  -122,604
  -134,122
  -146,134
  -158,643
  -171,658
  -185,191
  -199,257
Tax expense, $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
Net income, $m
  -887
  -1,351
  -2,021
  -2,932
  -4,137
  -5,689
  -7,638
  -10,032
  -12,912
  -16,313
  -20,255
  -24,770
  -29,863
  -35,538
  -41,794
  -48,625
  -56,021
  -63,969
  -72,458
  -81,474
  -91,005
  -101,042
  -111,576
  -122,604
  -134,122
  -146,134
  -158,643
  -171,658
  -185,191
  -199,257

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
  306
  473
  707
  1,026
  1,447
  1,990
  2,671
  3,507
  4,513
  5,700
  7,078
  8,654
  10,431
  12,411
  14,593
  16,975
  19,554
  22,325
  25,284
  28,427
  31,749
  35,248
  38,919
  42,762
  46,776
  50,962
  55,321
  59,856
  64,572
  69,474
Adjusted assets (=assets-cash), $m
  306
  473
  707
  1,026
  1,447
  1,990
  2,671
  3,507
  4,513
  5,700
  7,078
  8,654
  10,431
  12,411
  14,593
  16,975
  19,554
  22,325
  25,284
  28,427
  31,749
  35,248
  38,919
  42,762
  46,776
  50,962
  55,321
  59,856
  64,572
  69,474
Revenue / Adjusted assets
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
Average production assets, $m
  110
  171
  255
  370
  523
  718
  964
  1,266
  1,629
  2,058
  2,556
  3,124
  3,766
  4,481
  5,269
  6,129
  7,060
  8,060
  9,129
  10,263
  11,463
  12,726
  14,052
  15,439
  16,888
  18,400
  19,973
  21,611
  23,313
  25,083
Working capital, $m
  -91
  -141
  -211
  -306
  -432
  -594
  -798
  -1,047
  -1,348
  -1,702
  -2,114
  -2,584
  -3,115
  -3,706
  -4,358
  -5,069
  -5,839
  -6,667
  -7,550
  -8,489
  -9,481
  -10,525
  -11,622
  -12,769
  -13,968
  -15,218
  -16,520
  -17,874
  -19,282
  -20,746
Total debt, $m
  189
  339
  550
  837
  1,216
  1,704
  2,317
  3,070
  3,975
  5,044
  6,284
  7,702
  9,301
  11,083
  13,047
  15,191
  17,512
  20,006
  22,670
  25,498
  28,488
  31,636
  34,941
  38,399
  42,012
  45,779
  49,703
  53,784
  58,029
  62,440
Total liabilities, $m
  275
  426
  636
  923
  1,303
  1,791
  2,404
  3,157
  4,062
  5,130
  6,371
  7,789
  9,388
  11,170
  13,134
  15,278
  17,599
  20,093
  22,756
  25,584
  28,574
  31,723
  35,027
  38,486
  42,099
  45,866
  49,789
  53,871
  58,115
  62,526
Total equity, $m
  31
  47
  71
  103
  145
  199
  267
  351
  451
  570
  708
  865
  1,043
  1,241
  1,459
  1,698
  1,955
  2,233
  2,528
  2,843
  3,175
  3,525
  3,892
  4,276
  4,678
  5,096
  5,532
  5,986
  6,457
  6,947
Total liabilities and equity, $m
  306
  473
  707
  1,026
  1,448
  1,990
  2,671
  3,508
  4,513
  5,700
  7,079
  8,654
  10,431
  12,411
  14,593
  16,976
  19,554
  22,326
  25,284
  28,427
  31,749
  35,248
  38,919
  42,762
  46,777
  50,962
  55,321
  59,857
  64,572
  69,473
Debt-to-equity ratio
  6.170
  7.170
  7.780
  8.160
  8.400
  8.570
  8.680
  8.750
  8.810
  8.850
  8.880
  8.900
  8.920
  8.930
  8.940
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -887
  -1,351
  -2,021
  -2,932
  -4,137
  -5,689
  -7,638
  -10,032
  -12,912
  -16,313
  -20,255
  -24,770
  -29,863
  -35,538
  -41,794
  -48,625
  -56,021
  -63,969
  -72,458
  -81,474
  -91,005
  -101,042
  -111,576
  -122,604
  -134,122
  -146,134
  -158,643
  -171,658
  -185,191
  -199,257
Depreciation, amort., depletion, $m
  17
  23
  31
  43
  58
  77
  102
  132
  167
  210
  253
  309
  373
  444
  522
  607
  699
  798
  904
  1,016
  1,135
  1,260
  1,391
  1,529
  1,672
  1,822
  1,978
  2,140
  2,308
  2,483
Funds from operations, $m
  -870
  -1,328
  -1,989
  -2,889
  -4,080
  -5,612
  -7,537
  -9,901
  -12,744
  -16,103
  -20,002
  -24,460
  -29,490
  -35,094
  -41,273
  -48,018
  -55,322
  -63,171
  -71,554
  -80,458
  -89,870
  -99,782
  -110,185
  -121,075
  -132,450
  -144,312
  -156,665
  -169,518
  -182,883
  -196,773
Change in working capital, $m
  -34
  -50
  -70
  -95
  -126
  -162
  -203
  -250
  -300
  -355
  -412
  -471
  -531
  -591
  -652
  -711
  -770
  -828
  -884
  -938
  -992
  -1,045
  -1,096
  -1,148
  -1,199
  -1,250
  -1,302
  -1,354
  -1,408
  -1,464
Cash from operations, $m
  -836
  -1,278
  -1,919
  -2,794
  -3,954
  -5,450
  -7,333
  -9,651
  -12,444
  -15,748
  -19,590
  -23,990
  -28,959
  -34,503
  -40,621
  -47,307
  -54,552
  -62,344
  -70,670
  -79,519
  -88,878
  -98,737
  -109,089
  -119,927
  -131,252
  -143,062
  -155,364
  -168,164
  -181,474
  -195,309
Maintenance CAPEX, $m
  -7
  -11
  -17
  -25
  -37
  -52
  -71
  -95
  -125
  -161
  -204
  -253
  -309
  -373
  -444
  -522
  -607
  -699
  -798
  -904
  -1,016
  -1,135
  -1,260
  -1,391
  -1,529
  -1,672
  -1,822
  -1,978
  -2,140
  -2,308
New CAPEX, $m
  -42
  -60
  -85
  -115
  -152
  -196
  -246
  -302
  -363
  -429
  -498
  -569
  -642
  -715
  -788
  -860
  -931
  -1,001
  -1,068
  -1,135
  -1,199
  -1,263
  -1,326
  -1,388
  -1,449
  -1,511
  -1,574
  -1,637
  -1,703
  -1,770
Cash from investing activities, $m
  -49
  -71
  -102
  -140
  -189
  -248
  -317
  -397
  -488
  -590
  -702
  -822
  -951
  -1,088
  -1,232
  -1,382
  -1,538
  -1,700
  -1,866
  -2,039
  -2,215
  -2,398
  -2,586
  -2,779
  -2,978
  -3,183
  -3,396
  -3,615
  -3,843
  -4,078
Free cash flow, $m
  -884
  -1,349
  -2,021
  -2,934
  -4,143
  -5,698
  -7,651
  -10,048
  -12,933
  -16,338
  -20,291
  -24,812
  -29,910
  -35,591
  -41,852
  -48,689
  -56,090
  -64,043
  -72,537
  -81,558
  -91,094
  -101,135
  -111,674
  -122,706
  -134,229
  -146,245
  -158,759
  -171,779
  -185,317
  -199,387
Issuance/(repayment) of debt, $m
  -129
  150
  211
  287
  379
  488
  613
  753
  905
  1,069
  1,240
  1,418
  1,599
  1,782
  1,964
  2,144
  2,321
  2,494
  2,663
  2,828
  2,990
  3,148
  3,304
  3,459
  3,613
  3,767
  3,923
  4,082
  4,244
  4,411
Issuance/(repurchase) of shares, $m
  1,132
  1,368
  2,044
  2,964
  4,180
  5,744
  7,707
  10,116
  13,013
  16,431
  20,392
  24,927
  30,040
  35,736
  42,012
  48,863
  56,279
  64,246
  72,754
  81,788
  91,337
  101,392
  111,943
  122,988
  134,524
  146,552
  159,079
  172,111
  185,662
  199,747
Cash from financing (excl. dividends), $m  
  1,003
  1,518
  2,255
  3,251
  4,559
  6,232
  8,320
  10,869
  13,918
  17,500
  21,632
  26,345
  31,639
  37,518
  43,976
  51,007
  58,600
  66,740
  75,417
  84,616
  94,327
  104,540
  115,247
  126,447
  138,137
  150,319
  163,002
  176,193
  189,906
  204,158
Total cash flow (excl. dividends), $m
  119
  168
  234
  316
  416
  534
  669
  820
  985
  1,162
  1,341
  1,534
  1,730
  1,927
  2,124
  2,319
  2,510
  2,697
  2,880
  3,059
  3,234
  3,405
  3,574
  3,741
  3,907
  4,074
  4,243
  4,414
  4,590
  4,771
Retained Cash Flow (-), $m
  -1,132
  -1,368
  -2,044
  -2,964
  -4,180
  -5,744
  -7,707
  -10,116
  -13,013
  -16,431
  -20,392
  -24,927
  -30,040
  -35,736
  -42,012
  -48,863
  -56,279
  -64,246
  -72,754
  -81,788
  -91,337
  -101,392
  -111,943
  -122,988
  -134,524
  -146,552
  -159,079
  -172,111
  -185,662
  -199,747
Prev. year cash balance distribution, $m
  113
  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
  -901
  -1,199
  -1,810
  -2,647
  -3,763
  -5,209
  -7,037
  -9,296
  -12,028
  -15,269
  -19,051
  -23,394
  -28,311
  -33,809
  -39,889
  -46,545
  -53,769
  -61,549
  -69,874
  -78,729
  -88,104
  -97,987
  -108,370
  -119,247
  -130,617
  -142,478
  -154,836
  -167,697
  -181,072
  -194,976
Discount rate, %
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
  -813
  -969
  -1,295
  -1,659
  -2,042
  -2,417
  -2,755
  -3,027
  -3,210
  -3,288
  -3,254
  -3,114
  -2,881
  -2,580
  -2,234
  -1,872
  -1,516
  -1,187
  -899
  -657
  -463
  -315
  -206
  -130
  -79
  -46
  -26
  -14
  -7
  -3
Current shareholders' claim on cash, %
  50.0
  1.1
  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
  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

Novavax, Inc. is a clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. The Company operates through developing recombinant vaccines segment. The Company, through its recombinant nanoparticle vaccine technology, produces vaccine candidates to respond to both known and newly emerging diseases. The Company's product pipeline focuses on a range of infectious diseases with vaccine candidates in clinical development for respiratory syncytial virus (RSV), seasonal influenza, pandemic influenza and the Ebola virus (EBOV). The Company's lead adjuvant for human applications, Matrix-M, is in a Phase I/II clinical trial for pandemic influenza H7N9 vaccine candidate. It is also testing Matrix-M in conjunction with its EBOV vaccine candidate in a Phase I clinical trial. It is developing additional pre-clinical stage programs in a range of infectious diseases, including Middle East respiratory syndrome (MERS).

FINANCIAL RATIOS  of  Novavax (NVAX)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 30.6
Price to Book -76.4
Price to Tangible Book
Price to Cash Flow -1.8
Price to Free Cash Flow -1.7
Growth Rates
Sales Growth Rate -58.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity -5266.7%
Total Debt to Equity -5266.7%
Interest Coverage -46
Management Effectiveness
Return On Assets -70.3%
Ret/ On Assets - 3 Yr. Avg. -50.1%
Return On Total Capital -92.9%
Ret/ On T. Cap. - 3 Yr. Avg. -63.6%
Return On Equity -195.1%
Return On Equity - 3 Yr. Avg. -97.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 17.2%
EBITDA Margin -1766.7%
EBITDA Margin - 3 Yr. Avg. -813.6%
Operating Margin -1793.3%
Oper. Margin - 3 Yr. Avg. -832.4%
Pre-Tax Margin -1866.7%
Pre-Tax Margin - 3 Yr. Avg. -856.8%
Net Profit Margin -1866.7%
Net Profit Margin - 3 Yr. Avg. -856.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NVAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVAX stock intrinsic value calculation we used $31.176 million for the last fiscal year's total revenue generated by Novavax. The default revenue input number comes from 0001 income statement of Novavax. 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 NVAX 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 10.7%, whose default value for NVAX is calculated based on our internal credit rating of Novavax, 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 Novavax.
    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 NVAX stock the variable cost ratio is equal to 1851.6%.

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 NVAX 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 Novavax.

Corporate tax rate of 27% is the nominal tax rate for Novavax. 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 NVAX 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 NVAX are equal to 221.5%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Novavax 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 NVAX is equal to -183.2%. 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 - $-101.732 million for Novavax - 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 381.675 million for Novavax 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 Novavax at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ What Novavax needs for success as it advances blockbuster vaccine candidates   [Nov-08-18 02:20PM  American City Business Journals]
▶ Novavax: 3Q Earnings Snapshot   [06:55PM  Associated Press]
▶ Q3 Earnings Outlook For Novavax   [07:20AM  Benzinga]
▶ 3 Top Small-Cap Stocks to Buy in October   [Oct-14-18 06:32AM  Motley Fool]
▶ Top 3 Healthcare Penny Stocks for 2018   [Oct-10-18 06:44PM  Investopedia]
▶ 3 Top Small-Cap Stocks to Buy in October   [Oct-09-18 06:00AM  Motley Fool]
▶ FBR: Novavax Looks Healthy Ahead Of Catalysts   [Oct-08-18 10:26AM  Benzinga]
▶ Better Buy: Novavax, Inc. vs. Pfizer Inc.   [Sep-30-18 07:01AM  Motley Fool]
▶ Novavax to Present at Two Upcoming Investor Conferences   [Sep-26-18 04:05PM  GlobeNewswire]
▶ Why Novavax Inc. Is Surging 14.4% Higher Today   [Sep-24-18 03:43PM  Motley Fool]
▶ Why Transocean, Novavax, and Steelcase Jumped Today   [Sep-21-18 04:30PM  Motley Fool]
▶ 3 Stocks That Could Double Your Money   [Sep-12-18 06:02AM  Motley Fool]
▶ Here's Why Novavax, Inc. Jumped 22.8% in August   [Sep-10-18 04:17PM  Motley Fool]
▶ Where Will Novavax, Inc. Be in 1 Year?   [09:00AM  Motley Fool]
▶ 3 Top Stocks Under $10   [Sep-05-18 06:00AM  Motley Fool]
▶ Novavax to Participate at Two Upcoming Investor Conferences   [Aug-28-18 04:05PM  GlobeNewswire]
▶ Why Novavax, Inc. Shares Are Soaring Today   [Aug-09-18 12:07PM  Motley Fool]
▶ Novavax: 2Q Earnings Snapshot   [07:22PM  Associated Press]
▶ Novavax, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Better Buy: Novavax, Inc. vs. Pfizer   [Jul-19-18 07:29AM  Motley Fool]
▶ Why Novavax Stock Buckled in June   [Jul-12-18 09:25AM  Motley Fool]
▶ 3 Stocks That Could Make You Rich   [Jun-24-18 07:17AM  Motley Fool]
▶ Are These 2 Dark Horse Vaccine Makers Worth the Risk?   [Jun-16-18 07:33AM  Motley Fool]
▶ 3 Top Stocks Under $5   [May-17-18 06:33AM  Motley Fool]
▶ Novavax: 1Q Earnings Snapshot   [May-09-18 07:06PM  Associated Press]
▶ 3 Stocks That Could Put Amazon's Returns to Shame   [Apr-30-18 09:30AM  Motley Fool]
▶ Don't Get Greedy With Novavax, Inc. Stock   [Apr-23-18 02:00PM  Motley Fool]
▶ 3 Biotech Stocks That Will Thrive Amid Market Instability   [Apr-19-18 09:35AM  InvestorPlace]
▶ Buy Novavax After Its Latest Pullback?   [Apr-17-18 06:33AM  Motley Fool]
▶ Novavax Announces Closing of Public Offering   [Apr-16-18 04:06PM  GlobeNewswire]
▶ Here's Why Novavax, Inc. Is Sinking   [Apr-12-18 11:07AM  Motley Fool]
▶ Novavax Prices Public Offering of Common Stock   [Apr-11-18 09:02PM  GlobeNewswire]
▶ Novavax announces plans for public offering   [08:13PM  American City Business Journals]
▶ 3 Top Small-Cap Biotech Stocks for Aggressive Investors   [Apr-03-18 06:33AM  Motley Fool]
▶ Forget Merck: Novavax, Inc. Is a Better Vaccine Stock   [Mar-28-18 06:01AM  Motley Fool]
▶ When Will Novavax Inc (NASDAQ:NVAX) Become Profitable?   [Mar-23-18 09:38AM  Simply Wall St.]
▶ Why Novavax's CEO called last quarter 'the most significant' in corporate history   [Mar-16-18 06:30AM  American City Business Journals]
▶ Novavax reports 4Q loss   [Mar-14-18 06:00PM  Associated Press]
▶ Novavax, Inc. to Host Earnings Call   [01:00PM  ACCESSWIRE]
▶ 3 Top Biotech Stocks to Buy in March   [Mar-06-18 09:34PM  Motley Fool]
▶ Novavax shares jump on positive news of flu vaccine trial   [Mar-01-18 05:10PM  American City Business Journals]

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