DCF Tool

INVA

Innoviva Inc – Pharmaceutical Preparation Manufacturing
Innoviva, Inc. is a healthcare focused asset management company. The Company intends to participate in the development, commercialization and financial management of bio-pharmaceuticals. Innoviva operates in the United States.
Analysis Results
Intrinsic Value $115.26
Latest Price $16.29
Relative Value 86% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 20.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 339 311
2023 407 343
2024 489 377
2025 586 415
2026 704 457
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 10300 million. This corresponds to a present value of 6110 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1900 million. Adding in the terminal value gives a total present value of 8020 million.

There are presently 69.6 million outstanding shares, so the intrinsic value per share is 115.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 313,673,000
Current Cash 201,525,000
Current Liabilities 5,807,000
Current Debt 0
Non-Cash Working Capital (NCWC) 106,341,000
Change in NCWC 16,880,000
EBIT 375,103,000
Tax Provision 76,439,000
Depreciation and Amortization 13,832,000
Capital Expenditure 0
Unlevered Free Cash Flow 341,422,357
Current Assets 342,058,000
Current Cash 246,487,000
Current Liabilities 6,110,000
Current Debt 0
Non-Cash Working Capital (NCWC) 89,461,000
Change in NCWC 14,443,000
EBIT 321,123,000
Tax Provision 60,431,000
Depreciation and Amortization 13,840,000
Capital Expenditure -13,000
Unlevered Free Cash Flow 294,612,314
Current Assets 431,234,000
Current Cash 350,845,000
Current Liabilities 5,371,000
Current Debt 0
Non-Cash Working Capital (NCWC) 75,018,000
Change in NCWC -3,417,000
EBIT 246,360,000
Tax Provision 41,902,000
Depreciation and Amortization 13,874,000
Capital Expenditure -12,000
Unlevered Free Cash Flow 212,480,404
Current Assets 199,043,000
Current Cash 114,908,000
Current Liabilities 5,700,000
Current Debt 0
Non-Cash Working Capital (NCWC) 78,435,000
Change in NCWC 16,883,000
EBIT 240,951,000
Tax Provision -196,073,000
Depreciation and Amortization 13,872,000
Capital Expenditure 0
Unlevered Free Cash Flow 271,706,000
Current Assets 200,369,000
Current Cash 129,075,000
Current Liabilities 34,742,000
Current Debt 25,000,000
Non-Cash Working Capital (NCWC) 61,552,000
Change in NCWC 26,236,000
EBIT 183,604,000
Tax Provision 0
Depreciation and Amortization 13,982,000
Capital Expenditure 0
Unlevered Free Cash Flow 223,822,000
Current Assets 198,046,000
Current Cash 150,433,000
Current Liabilities 20,049,000
Current Debt 7,752,000
Non-Cash Working Capital (NCWC) 35,316,000
Change in NCWC 21,765,000
EBIT 108,988,000
Tax Provision 0
Depreciation and Amortization 13,954,000
Capital Expenditure -278,000
Unlevered Free Cash Flow 144,429,000
Current Assets 214,325,000
Current Cash 187,283,000
Current Liabilities 13,491,000
Current Debt 0
Non-Cash Working Capital (NCWC) 13,551,000
Change in NCWC 15,623,000
EBIT 31,580,000
Tax Provision 0
Depreciation and Amortization 13,933,000
Capital Expenditure -7,000
Unlevered Free Cash Flow 61,129,000
Current Assets 252,182,000
Current Cash 240,498,000
Current Liabilities 13,756,000
Current Debt 0
Non-Cash Working Capital (NCWC) -2,072,000
Change in NCWC 64,259,000
EBIT -33,929,000
Tax Provision 0
Depreciation and Amortization 12,175,000
Capital Expenditure -689,000
Unlevered Free Cash Flow 41,816,000
Current Assets 483,198,000
Current Cash 465,125,000
Current Liabilities 84,404,000
Current Debt 0
Non-Cash Working Capital (NCWC) -66,331,000
Change in NCWC -49,009,000
EBIT -168,863,000
Tax Provision 0
Depreciation and Amortization 8,203,000
Capital Expenditure -87,734,000
Unlevered Free Cash Flow -297,403,000
Current Assets 261,133,000
Current Cash 248,489,000
Current Liabilities 29,966,000
Current Debt 0
Non-Cash Working Capital (NCWC) -17,322,000
Change in NCWC 24,257,000
EBIT -12,999,000
Tax Provision 0
Depreciation and Amortization 7,326,000
Capital Expenditure -2,590,000
Unlevered Free Cash Flow 15,994,000

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