Intrinsic value of Teva Pharmaceutical Industries ADR - TEVA

Previous Close

$22.62

  Intrinsic Value

$30.57

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  Rating & Target

buy

+35%

Previous close

$22.62

 
Intrinsic value

$30.57

 
Up/down potential

+35%

 
Rating

buy

We calculate the intrinsic value of TEVA 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 21.5

 

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, %
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  22,877
  23,445
  24,085
  24,798
  25,582
  26,438
  27,367
  28,369
  29,445
  30,598
  31,829
  33,141
  34,536
  36,017
  37,587
  39,250
  41,009
  42,868
  44,831
  46,903
  49,088
  51,392
  53,820
  56,378
  59,071
  61,906
  64,889
  68,028
  71,329
  74,802
Variable operating expenses, $m
  21,335
  21,750
  22,218
  22,739
  23,313
  23,939
  24,618
  25,350
  26,138
  26,981
  23,276
  24,235
  25,255
  26,338
  27,486
  28,702
  29,988
  31,348
  32,783
  34,298
  35,897
  37,581
  39,357
  41,227
  43,196
  45,269
  47,451
  49,746
  52,161
  54,700
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
  21,335
  21,750
  22,218
  22,739
  23,313
  23,939
  24,618
  25,350
  26,138
  26,981
  23,276
  24,235
  25,255
  26,338
  27,486
  28,702
  29,988
  31,348
  32,783
  34,298
  35,897
  37,581
  39,357
  41,227
  43,196
  45,269
  47,451
  49,746
  52,161
  54,700
Operating income, $m
  1,543
  1,695
  1,867
  2,059
  2,269
  2,500
  2,749
  3,018
  3,308
  3,617
  8,554
  8,906
  9,281
  9,679
  10,101
  10,548
  11,021
  11,520
  12,048
  12,605
  13,192
  13,811
  14,463
  15,151
  15,874
  16,636
  17,438
  18,281
  19,169
  20,102
EBITDA, $m
  7,370
  7,552
  7,759
  7,988
  8,241
  8,517
  8,816
  9,139
  9,485
  9,857
  10,253
  10,676
  11,125
  11,602
  12,108
  12,644
  13,210
  13,809
  14,442
  15,109
  15,813
  16,555
  17,337
  18,161
  19,029
  19,942
  20,903
  21,914
  22,978
  24,096
Interest expense (income), $m
  290
  1,754
  1,816
  1,889
  1,971
  2,063
  2,164
  2,274
  2,393
  2,522
  2,660
  2,808
  2,966
  3,135
  3,314
  3,504
  3,706
  3,919
  4,145
  4,384
  4,636
  4,902
  5,183
  5,479
  5,791
  6,119
  6,465
  6,829
  7,212
  7,615
  8,039
Earnings before tax, $m
  -211
  -121
  -22
  87
  207
  336
  475
  625
  786
  958
  5,746
  5,940
  6,147
  6,365
  6,597
  6,842
  7,101
  7,375
  7,664
  7,969
  8,290
  8,628
  8,985
  9,360
  9,755
  10,171
  10,609
  11,069
  11,553
  12,062
Tax expense, $m
  0
  0
  0
  24
  56
  91
  128
  169
  212
  259
  1,551
  1,604
  1,660
  1,719
  1,781
  1,847
  1,917
  1,991
  2,069
  2,152
  2,238
  2,330
  2,426
  2,527
  2,634
  2,746
  2,864
  2,989
  3,119
  3,257
Net income, $m
  -211
  -121
  -22
  64
  151
  245
  347
  457
  574
  699
  4,194
  4,336
  4,487
  4,647
  4,816
  4,995
  5,184
  5,384
  5,595
  5,817
  6,051
  6,299
  6,559
  6,833
  7,121
  7,425
  7,744
  8,081
  8,434
  8,806

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
  72,169
  73,958
  75,979
  78,227
  80,701
  83,402
  86,331
  89,492
  92,887
  96,524
  100,408
  104,546
  108,947
  113,619
  118,572
  123,817
  129,365
  135,229
  141,423
  147,959
  154,853
  162,121
  169,780
  177,848
  186,343
  195,286
  204,697
  214,598
  225,014
  235,968
Adjusted assets (=assets-cash), $m
  72,169
  73,958
  75,979
  78,227
  80,701
  83,402
  86,331
  89,492
  92,887
  96,524
  100,408
  104,546
  108,947
  113,619
  118,572
  123,817
  129,365
  135,229
  141,423
  147,959
  154,853
  162,121
  169,780
  177,848
  186,343
  195,286
  204,697
  214,598
  225,014
  235,968
Revenue / Adjusted assets
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
Average production assets, $m
  36,650
  37,559
  38,585
  39,726
  40,983
  42,354
  43,842
  45,447
  47,171
  49,018
  50,991
  53,092
  55,327
  57,699
  60,215
  62,878
  65,696
  68,674
  71,819
  75,139
  78,640
  82,331
  86,220
  90,317
  94,631
  99,173
  103,952
  108,980
  114,270
  119,832
Working capital, $m
  137
  141
  145
  149
  153
  159
  164
  170
  177
  184
  191
  199
  207
  216
  226
  235
  246
  257
  269
  281
  295
  308
  323
  338
  354
  371
  389
  408
  428
  449
Total debt, $m
  33,634
  34,984
  36,507
  38,202
  40,068
  42,104
  44,313
  46,696
  49,256
  51,998
  54,927
  58,047
  61,365
  64,888
  68,622
  72,577
  76,760
  81,182
  85,852
  90,780
  95,978
  101,459
  107,233
  113,316
  119,722
  126,465
  133,560
  141,026
  148,879
  157,139
Total liabilities, $m
  54,415
  55,765
  57,288
  58,983
  60,849
  62,885
  65,094
  67,477
  70,037
  72,779
  75,708
  78,828
  82,146
  85,669
  89,403
  93,358
  97,541
  101,963
  106,633
  111,561
  116,759
  122,240
  128,014
  134,097
  140,503
  147,246
  154,341
  161,807
  169,660
  177,920
Total equity, $m
  17,753
  18,194
  18,691
  19,244
  19,853
  20,517
  21,237
  22,015
  22,850
  23,745
  24,700
  25,718
  26,801
  27,950
  29,169
  30,459
  31,824
  33,266
  34,790
  36,398
  38,094
  39,882
  41,766
  43,751
  45,840
  48,040
  50,355
  52,791
  55,353
  58,048
Total liabilities and equity, $m
  72,168
  73,959
  75,979
  78,227
  80,702
  83,402
  86,331
  89,492
  92,887
  96,524
  100,408
  104,546
  108,947
  113,619
  118,572
  123,817
  129,365
  135,229
  141,423
  147,959
  154,853
  162,122
  169,780
  177,848
  186,343
  195,286
  204,696
  214,598
  225,013
  235,968
Debt-to-equity ratio
  1.890
  1.920
  1.950
  1.990
  2.020
  2.050
  2.090
  2.120
  2.160
  2.190
  2.220
  2.260
  2.290
  2.320
  2.350
  2.380
  2.410
  2.440
  2.470
  2.490
  2.520
  2.540
  2.570
  2.590
  2.610
  2.630
  2.650
  2.670
  2.690
  2.710
Adjusted equity ratio
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -211
  -121
  -22
  64
  151
  245
  347
  457
  574
  699
  4,194
  4,336
  4,487
  4,647
  4,816
  4,995
  5,184
  5,384
  5,595
  5,817
  6,051
  6,299
  6,559
  6,833
  7,121
  7,425
  7,744
  8,081
  8,434
  8,806
Depreciation, amort., depletion, $m
  5,827
  5,857
  5,892
  5,930
  5,971
  6,017
  6,067
  6,120
  6,178
  6,239
  1,700
  1,770
  1,844
  1,923
  2,007
  2,096
  2,190
  2,289
  2,394
  2,505
  2,621
  2,744
  2,874
  3,011
  3,154
  3,306
  3,465
  3,633
  3,809
  3,994
Funds from operations, $m
  5,616
  5,736
  5,870
  5,993
  6,122
  6,262
  6,414
  6,577
  6,752
  6,938
  5,894
  6,106
  6,331
  6,570
  6,823
  7,091
  7,374
  7,673
  7,989
  8,322
  8,673
  9,043
  9,433
  9,843
  10,276
  10,731
  11,210
  11,713
  12,243
  12,800
Change in working capital, $m
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
Cash from operations, $m
  5,613
  5,733
  5,866
  5,989
  6,118
  6,257
  6,408
  6,571
  6,745
  6,931
  5,887
  6,098
  6,323
  6,561
  6,814
  7,081
  7,363
  7,662
  7,977
  8,309
  8,660
  9,029
  9,418
  9,828
  10,260
  10,714
  11,192
  11,694
  12,223
  12,779
Maintenance CAPEX, $m
  -1,195
  -1,222
  -1,252
  -1,286
  -1,324
  -1,366
  -1,412
  -1,461
  -1,515
  -1,572
  -1,634
  -1,700
  -1,770
  -1,844
  -1,923
  -2,007
  -2,096
  -2,190
  -2,289
  -2,394
  -2,505
  -2,621
  -2,744
  -2,874
  -3,011
  -3,154
  -3,306
  -3,465
  -3,633
  -3,809
New CAPEX, $m
  -789
  -909
  -1,026
  -1,142
  -1,257
  -1,372
  -1,487
  -1,605
  -1,725
  -1,847
  -1,972
  -2,101
  -2,235
  -2,373
  -2,515
  -2,664
  -2,818
  -2,978
  -3,145
  -3,319
  -3,501
  -3,691
  -3,890
  -4,097
  -4,314
  -4,541
  -4,779
  -5,028
  -5,289
  -5,563
Cash from investing activities, $m
  -1,984
  -2,131
  -2,278
  -2,428
  -2,581
  -2,738
  -2,899
  -3,066
  -3,240
  -3,419
  -3,606
  -3,801
  -4,005
  -4,217
  -4,438
  -4,671
  -4,914
  -5,168
  -5,434
  -5,713
  -6,006
  -6,312
  -6,634
  -6,971
  -7,325
  -7,695
  -8,085
  -8,493
  -8,922
  -9,372
Free cash flow, $m
  3,628
  3,602
  3,588
  3,561
  3,537
  3,520
  3,509
  3,505
  3,506
  3,512
  2,280
  2,297
  2,318
  2,344
  2,375
  2,410
  2,450
  2,494
  2,543
  2,596
  2,654
  2,717
  2,784
  2,857
  2,935
  3,018
  3,107
  3,201
  3,301
  3,407
Issuance/(repayment) of debt, $m
  1,159
  1,349
  1,523
  1,695
  1,866
  2,036
  2,209
  2,383
  2,561
  2,742
  2,928
  3,120
  3,318
  3,523
  3,735
  3,955
  4,184
  4,422
  4,670
  4,928
  5,198
  5,480
  5,775
  6,083
  6,405
  6,743
  7,096
  7,466
  7,853
  8,259
Issuance/(repurchase) of shares, $m
  606
  561
  519
  489
  458
  419
  373
  321
  262
  196
  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  
  1,765
  1,910
  2,042
  2,184
  2,324
  2,455
  2,582
  2,704
  2,823
  2,938
  2,928
  3,120
  3,318
  3,523
  3,735
  3,955
  4,184
  4,422
  4,670
  4,928
  5,198
  5,480
  5,775
  6,083
  6,405
  6,743
  7,096
  7,466
  7,853
  8,259
Total cash flow (excl. dividends), $m
  5,393
  5,513
  5,630
  5,746
  5,860
  5,975
  6,091
  6,208
  6,328
  6,450
  5,209
  5,417
  5,636
  5,867
  6,110
  6,365
  6,633
  6,915
  7,212
  7,524
  7,852
  8,197
  8,559
  8,940
  9,340
  9,761
  10,203
  10,667
  11,154
  11,667
Retained Cash Flow (-), $m
  -606
  -561
  -519
  -553
  -609
  -664
  -721
  -777
  -835
  -895
  -955
  -1,018
  -1,083
  -1,149
  -1,218
  -1,290
  -1,365
  -1,443
  -1,524
  -1,608
  -1,696
  -1,788
  -1,884
  -1,985
  -2,090
  -2,200
  -2,315
  -2,436
  -2,562
  -2,695
Prev. year cash balance distribution, $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 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
  4,788
  4,952
  5,111
  5,193
  5,252
  5,311
  5,370
  5,431
  5,492
  5,555
  4,253
  4,399
  4,554
  4,718
  4,891
  5,075
  5,268
  5,473
  5,689
  5,916
  6,156
  6,409
  6,675
  6,955
  7,250
  7,561
  7,887
  8,231
  8,592
  8,972
Discount rate, %
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
  4,364
  4,079
  3,768
  3,392
  3,008
  2,637
  2,283
  1,951
  1,645
  1,367
  847
  697
  565
  449
  351
  268
  201
  148
  106
  74
  50
  33
  21
  13
  8
  5
  3
  1
  1
  0
Current shareholders' claim on cash, %
  97.3
  94.8
  92.7
  90.8
  89.1
  87.6
  86.3
  85.3
  84.5
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9
  83.9

Teva Pharmaceutical Industries Limited is a pharmaceutical company. The Company is engaged in developing, producing and marketing generic medicines and a portfolio of specialty medicines. The Company operates through two segments: Generic medicines and Specialty medicines. The Company develops, manufactures and sells generic medicines in a range of dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments and creams. Its specialty medicines business focuses on delivering a range of solutions to patients and providers through medicines, devices and services in various regions and markets around the world. Its specialty medicines business includes its core therapeutic areas of central nervous system (CNS) and respiratory medicines with a focus on asthma and chronic obstructive pulmonary disease. It also has specialty products in oncology, women's health and selected other areas.

FINANCIAL RATIOS  of  Teva Pharmaceutical Industries ADR (TEVA)

Valuation Ratios
P/E Ratio 69.8
Price to Sales 1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 5.3
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 97.6%
Total Debt to Equity 107.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 54.1%
Gross Margin - 3 Yr. Avg. 55.5%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 12.8%
Pre-Tax Margin 3.8%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 63.2%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 473.6%

TEVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEVA stock intrinsic value calculation we used $22385 million for the last fiscal year's total revenue generated by Teva Pharmaceutical Industries ADR. The default revenue input number comes from 0001 income statement of Teva Pharmaceutical Industries 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 TEVA stock valuation model: a) initial revenue growth rate of 2.2% 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 9.7%, whose default value for TEVA is calculated based on our internal credit rating of Teva Pharmaceutical Industries 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 Teva Pharmaceutical Industries 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 TEVA stock the variable cost ratio is equal to 93.7%.

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 TEVA 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 Teva Pharmaceutical Industries ADR.

Corporate tax rate of 27% is the nominal tax rate for Teva Pharmaceutical Industries 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 TEVA 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 TEVA are equal to 160.2%.

Life of production assets of 30.2 years is the average useful life of capital assets used in Teva Pharmaceutical Industries 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 TEVA is equal to 0.6%. 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 - $17359 million for Teva Pharmaceutical Industries 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 951.049 million for Teva Pharmaceutical Industries 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 Teva Pharmaceutical Industries ADR at the current share price and the inputted number of shares is $21.5 billion.

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