Intrinsic value of Portola Pharmaceuticals, Inc. - PTLA

Previous Close

$27.41

  Intrinsic Value

$0.31

stock screener

  Rating & Target

str. sell

-99%

Previous close

$27.41

 
Intrinsic value

$0.31

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of PTLA 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 1.8

 

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, %
  56.10
  50.99
  46.39
  42.25
  38.53
  35.17
  32.16
  29.44
  27.00
  24.80
  22.82
  21.04
  19.43
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
Revenue, $m
  62
  94
  138
  196
  272
  368
  486
  629
  799
  997
  1,224
  1,482
  1,770
  2,088
  2,436
  2,814
  3,222
  3,657
  4,121
  4,611
  5,128
  5,671
  6,240
  6,835
  7,455
  8,102
  8,774
  9,474
  10,201
  10,956
Variable operating expenses, $m
  323
  487
  713
  1,013
  1,403
  1,897
  2,506
  3,244
  4,120
  5,141
  6,313
  7,642
  9,126
  10,768
  12,565
  14,516
  16,616
  18,863
  21,253
  23,782
  26,449
  29,250
  32,185
  35,252
  38,451
  41,784
  45,253
  48,860
  52,610
  56,507
Fixed operating expenses, $m
  186
  190
  194
  199
  203
  207
  212
  217
  221
  226
  231
  236
  242
  247
  252
  258
  263
  269
  275
  281
  287
  294
  300
  307
  314
  320
  328
  335
  342
  350
Total operating expenses, $m
  509
  677
  907
  1,212
  1,606
  2,104
  2,718
  3,461
  4,341
  5,367
  6,544
  7,878
  9,368
  11,015
  12,817
  14,774
  16,879
  19,132
  21,528
  24,063
  26,736
  29,544
  32,485
  35,559
  38,765
  42,104
  45,581
  49,195
  52,952
  56,857
Operating income, $m
  -446
  -583
  -769
  -1,015
  -1,334
  -1,737
  -2,233
  -2,832
  -3,543
  -4,371
  -5,321
  -6,396
  -7,598
  -8,927
  -10,381
  -11,959
  -13,658
  -15,475
  -17,407
  -19,452
  -21,608
  -23,873
  -26,245
  -28,723
  -31,309
  -34,003
  -36,806
  -39,721
  -42,751
  -45,900
EBITDA, $m
  -443
  -578
  -762
  -1,006
  -1,321
  -1,719
  -2,210
  -2,803
  -3,506
  -4,325
  -5,265
  -6,330
  -7,519
  -8,833
  -10,272
  -11,832
  -13,513
  -15,310
  -17,222
  -19,245
  -21,377
  -23,617
  -25,964
  -28,416
  -30,974
  -33,638
  -36,411
  -39,295
  -42,292
  -45,407
Interest expense (income), $m
  0
  25
  12
  23
  37
  57
  82
  113
  153
  200
  256
  322
  397
  482
  578
  683
  798
  924
  1,059
  1,203
  1,356
  1,519
  1,690
  1,870
  2,058
  2,255
  2,460
  2,674
  2,897
  3,129
  3,369
Earnings before tax, $m
  -471
  -595
  -792
  -1,053
  -1,391
  -1,818
  -2,346
  -2,984
  -3,742
  -4,627
  -5,642
  -6,793
  -8,081
  -9,505
  -11,064
  -12,758
  -14,581
  -16,533
  -18,610
  -20,809
  -23,127
  -25,563
  -28,114
  -30,782
  -33,564
  -36,463
  -39,481
  -42,619
  -45,880
  -49,270
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
  -471
  -595
  -792
  -1,053
  -1,391
  -1,818
  -2,346
  -2,984
  -3,742
  -4,627
  -5,642
  -6,793
  -8,081
  -9,505
  -11,064
  -12,758
  -14,581
  -16,533
  -18,610
  -20,809
  -23,127
  -25,563
  -28,114
  -30,782
  -33,564
  -36,463
  -39,481
  -42,619
  -45,880
  -49,270

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
  196
  296
  434
  617
  855
  1,156
  1,528
  1,978
  2,512
  3,134
  3,849
  4,659
  5,565
  6,566
  7,661
  8,851
  10,131
  11,501
  12,958
  14,501
  16,127
  17,835
  19,624
  21,494
  23,445
  25,477
  27,592
  29,791
  32,078
  34,454
Adjusted assets (=assets-cash), $m
  196
  296
  434
  617
  855
  1,156
  1,528
  1,978
  2,512
  3,134
  3,849
  4,659
  5,565
  6,566
  7,661
  8,851
  10,131
  11,501
  12,958
  14,501
  16,127
  17,835
  19,624
  21,494
  23,445
  25,477
  27,592
  29,791
  32,078
  34,454
Revenue / Adjusted assets
  0.316
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
Average production assets, $m
  14
  21
  31
  44
  61
  83
  109
  141
  180
  224
  275
  333
  398
  470
  548
  633
  725
  823
  927
  1,038
  1,154
  1,276
  1,404
  1,538
  1,677
  1,823
  1,974
  2,132
  2,295
  2,465
Working capital, $m
  -34
  -52
  -76
  -108
  -149
  -201
  -266
  -345
  -438
  -546
  -671
  -812
  -970
  -1,144
  -1,335
  -1,542
  -1,766
  -2,004
  -2,258
  -2,527
  -2,810
  -3,108
  -3,420
  -3,746
  -4,086
  -4,440
  -4,808
  -5,192
  -5,590
  -6,004
Total debt, $m
  106
  196
  320
  485
  699
  970
  1,304
  1,709
  2,190
  2,750
  3,394
  4,122
  4,937
  5,838
  6,824
  7,895
  9,047
  10,280
  11,592
  12,980
  14,443
  15,980
  17,591
  19,274
  21,029
  22,858
  24,762
  26,741
  28,799
  30,937
Total liabilities, $m
  177
  267
  391
  556
  770
  1,040
  1,375
  1,780
  2,260
  2,821
  3,465
  4,193
  5,008
  5,909
  6,895
  7,966
  9,118
  10,351
  11,662
  13,051
  14,514
  16,051
  17,661
  19,344
  21,100
  22,929
  24,833
  26,812
  28,870
  31,008
Total equity, $m
  20
  30
  43
  62
  86
  116
  153
  198
  251
  313
  385
  466
  556
  657
  766
  885
  1,013
  1,150
  1,296
  1,450
  1,613
  1,783
  1,962
  2,149
  2,344
  2,548
  2,759
  2,979
  3,208
  3,445
Total liabilities and equity, $m
  197
  297
  434
  618
  856
  1,156
  1,528
  1,978
  2,511
  3,134
  3,850
  4,659
  5,564
  6,566
  7,661
  8,851
  10,131
  11,501
  12,958
  14,501
  16,127
  17,834
  19,623
  21,493
  23,444
  25,477
  27,592
  29,791
  32,078
  34,453
Debt-to-equity ratio
  5.390
  6.610
  7.370
  7.850
  8.170
  8.390
  8.540
  8.640
  8.720
  8.770
  8.820
  8.850
  8.870
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
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
  -471
  -595
  -792
  -1,053
  -1,391
  -1,818
  -2,346
  -2,984
  -3,742
  -4,627
  -5,642
  -6,793
  -8,081
  -9,505
  -11,064
  -12,758
  -14,581
  -16,533
  -18,610
  -20,809
  -23,127
  -25,563
  -28,114
  -30,782
  -33,564
  -36,463
  -39,481
  -42,619
  -45,880
  -49,270
Depreciation, amort., depletion, $m
  4
  5
  7
  10
  13
  17
  23
  29
  37
  46
  55
  67
  80
  94
  110
  127
  145
  165
  185
  208
  231
  255
  281
  308
  335
  365
  395
  426
  459
  493
Funds from operations, $m
  -468
  -590
  -785
  -1,043
  -1,378
  -1,801
  -2,323
  -2,955
  -3,706
  -4,581
  -5,587
  -6,727
  -8,001
  -9,411
  -10,955
  -12,631
  -14,436
  -16,369
  -18,425
  -20,601
  -22,896
  -25,307
  -27,833
  -30,474
  -33,229
  -36,099
  -39,086
  -42,192
  -45,421
  -48,777
Change in working capital, $m
  -12
  -17
  -24
  -32
  -41
  -52
  -65
  -78
  -93
  -109
  -125
  -141
  -158
  -174
  -191
  -207
  -223
  -239
  -254
  -269
  -283
  -298
  -312
  -326
  -340
  -354
  -369
  -383
  -398
  -414
Cash from operations, $m
  -456
  -573
  -761
  -1,011
  -1,337
  -1,749
  -2,259
  -2,877
  -3,613
  -4,473
  -5,463
  -6,585
  -7,843
  -9,236
  -10,764
  -12,424
  -14,213
  -16,130
  -18,171
  -20,332
  -22,613
  -25,010
  -27,522
  -30,148
  -32,889
  -35,745
  -38,717
  -41,809
  -45,023
  -48,363
Maintenance CAPEX, $m
  -2
  -3
  -4
  -6
  -9
  -12
  -17
  -22
  -28
  -36
  -45
  -55
  -67
  -80
  -94
  -110
  -127
  -145
  -165
  -185
  -208
  -231
  -255
  -281
  -308
  -335
  -365
  -395
  -426
  -459
New CAPEX, $m
  -5
  -7
  -10
  -13
  -17
  -22
  -27
  -32
  -38
  -45
  -51
  -58
  -65
  -72
  -78
  -85
  -92
  -98
  -104
  -110
  -116
  -122
  -128
  -134
  -140
  -145
  -151
  -157
  -164
  -170
Cash from investing activities, $m
  -7
  -10
  -14
  -19
  -26
  -34
  -44
  -54
  -66
  -81
  -96
  -113
  -132
  -152
  -172
  -195
  -219
  -243
  -269
  -295
  -324
  -353
  -383
  -415
  -448
  -480
  -516
  -552
  -590
  -629
Free cash flow, $m
  -463
  -583
  -775
  -1,031
  -1,363
  -1,782
  -2,302
  -2,931
  -3,679
  -4,553
  -5,559
  -6,699
  -7,975
  -9,388
  -10,936
  -12,618
  -14,432
  -16,373
  -18,439
  -20,628
  -22,937
  -25,363
  -27,905
  -30,563
  -33,336
  -36,226
  -39,233
  -42,361
  -45,613
  -48,992
Issuance/(repayment) of debt, $m
  -109
  90
  124
  165
  214
  271
  335
  405
  481
  561
  644
  729
  815
  901
  986
  1,070
  1,153
  1,233
  1,311
  1,388
  1,463
  1,537
  1,610
  1,683
  1,756
  1,829
  1,903
  1,980
  2,058
  2,138
Issuance/(repurchase) of shares, $m
  652
  605
  805
  1,071
  1,415
  1,848
  2,383
  3,029
  3,796
  4,689
  5,714
  6,874
  8,171
  9,605
  11,174
  12,876
  14,710
  16,670
  18,756
  20,963
  23,289
  25,733
  28,293
  30,969
  33,759
  36,667
  39,692
  42,838
  46,109
  49,507
Cash from financing (excl. dividends), $m  
  543
  695
  929
  1,236
  1,629
  2,119
  2,718
  3,434
  4,277
  5,250
  6,358
  7,603
  8,986
  10,506
  12,160
  13,946
  15,863
  17,903
  20,067
  22,351
  24,752
  27,270
  29,903
  32,652
  35,515
  38,496
  41,595
  44,818
  48,167
  51,645
Total cash flow (excl. dividends), $m
  80
  113
  154
  206
  266
  337
  416
  503
  597
  696
  799
  905
  1,011
  1,118
  1,224
  1,328
  1,430
  1,530
  1,628
  1,723
  1,816
  1,908
  1,999
  2,089
  2,179
  2,270
  2,362
  2,457
  2,554
  2,654
Retained Cash Flow (-), $m
  -652
  -605
  -805
  -1,071
  -1,415
  -1,848
  -2,383
  -3,029
  -3,796
  -4,689
  -5,714
  -6,874
  -8,171
  -9,605
  -11,174
  -12,876
  -14,710
  -16,670
  -18,756
  -20,963
  -23,289
  -25,733
  -28,293
  -30,969
  -33,759
  -36,667
  -39,692
  -42,838
  -46,109
  -49,507
Prev. year cash balance distribution, $m
  249
  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
  -323
  -493
  -651
  -866
  -1,148
  -1,512
  -1,967
  -2,526
  -3,199
  -3,993
  -4,915
  -5,970
  -7,160
  -8,487
  -9,950
  -11,548
  -13,279
  -15,140
  -17,128
  -19,240
  -21,473
  -23,825
  -26,295
  -28,880
  -31,580
  -34,397
  -37,330
  -40,382
  -43,555
  -46,853
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
  -310
  -451
  -567
  -713
  -890
  -1,097
  -1,329
  -1,579
  -1,838
  -2,093
  -2,334
  -2,547
  -2,722
  -2,849
  -2,921
  -2,935
  -2,889
  -2,788
  -2,637
  -2,445
  -2,221
  -1,977
  -1,723
  -1,471
  -1,229
  -1,004
  -801
  -625
  -475
  -353
Current shareholders' claim on cash, %
  50.0
  12.2
  3.3
  1.0
  0.3
  0.1
  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

Portola Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients having limited or no approved treatment options. The Company's two lead programs, Betrixaban and Andexanet alfa, address unmet medical needs in the area of thrombosis, or blood clots. Its third product candidate is Cerdulatinib. The Company's Syk is a mediator of immune response in various types of immune cells. The Company has a program of selective Syk inhibitors, one of which is partnered with Ora Inc. Betrixaban is an oral once-daily inhibitor of Factor Xa in development for extended duration venous thromboembolism (VTE) prophylaxis in acute medically ill patients. Andexanet alfa is an orphan drug, which is a recombinant protein designed to reverse anticoagulant activity in patients treated with an fXa inhibitor.

FINANCIAL RATIOS  of  Portola Pharmaceuticals, Inc. (PTLA)

Valuation Ratios
P/E Ratio -5.8
Price to Sales 43
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow -7.9
Price to Free Cash Flow -7.8
Growth Rates
Sales Growth Rate 200%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 26.2%
Total Debt to Equity 26.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -63.6%
Ret/ On Assets - 3 Yr. Avg. -49.9%
Return On Total Capital -80.5%
Ret/ On T. Cap. - 3 Yr. Avg. -60.6%
Return On Equity -87.1%
Return On Equity - 3 Yr. Avg. -62.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -738.9%
EBITDA Margin - 3 Yr. Avg. -1324.1%
Operating Margin -747.2%
Oper. Margin - 3 Yr. Avg. -1336.3%
Pre-Tax Margin -744.4%
Pre-Tax Margin - 3 Yr. Avg. -1335.4%
Net Profit Margin -747.2%
Net Profit Margin - 3 Yr. Avg. -1336.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

PTLA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTLA stock intrinsic value calculation we used $40 million for the last fiscal year's total revenue generated by Portola Pharmaceuticals, Inc.. The default revenue input number comes from 0001 income statement of Portola Pharmaceuticals, 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 PTLA stock valuation model: a) initial revenue growth rate of 56.1% 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 PTLA is calculated based on our internal credit rating of Portola Pharmaceuticals, 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 Portola Pharmaceuticals, 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 PTLA stock the variable cost ratio is equal to 517.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $182 million in the base year in the intrinsic value calculation for PTLA 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 11.7% for Portola Pharmaceuticals, Inc..

Corporate tax rate of 27% is the nominal tax rate for Portola Pharmaceuticals, 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 PTLA 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 PTLA are equal to 22.5%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Portola Pharmaceuticals, 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 PTLA is equal to -54.8%. 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 - $88.401 million for Portola Pharmaceuticals, 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 66.687 million for Portola Pharmaceuticals, 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 Portola Pharmaceuticals, Inc. at the current share price and the inputted number of shares is $1.8 billion.

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