Discounted Cash Flow (DCF) Analysis Unlevered

Innoviva, Inc. (INVA)

$12.93

-0.35 (-2.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 168.30 | 12.93 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 217.22261261.02336.79391.87456.08530.82617.80719.04836.86
Revenue (%)
EBITDA 191.73236.81231.72317361.36414.22482.10561.10653.05760.06
EBITDA (%)
EBIT 177.74222.94217.85303.16340.62390.08454528.39614.98715.75
EBIT (%)
Depreciation 13.9813.8713.8713.8420.7524.1528.1032.7138.0744.30
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 129.08114.91350.85246.49685.37443.26515.90600.44698.83813.34
Total Cash (%)
Account Receivables 70.5483.2979.4393.93120.21139.91162.83189.52220.57256.72
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.600.010.010.070.300.350.400.470.550.64
Accounts Payable (%)
Capital Expenditure ---0.01-0.01-0.02-0.02-0.02-0.03-0.03-0.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.93
Beta 0.590
Diluted Shares Outstanding 101.32
Cost of Debt
Tax Rate 40.29
After-tax Cost of Debt 2.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.386
Total Debt 394.65
Total Equity 1,310.07
Total Capital 1,704.72
Debt Weighting 23.15
Equity Weighting 76.85
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 217.22261261.02336.79391.87456.08530.82617.80719.04836.86
EBITDA 191.73236.81231.72317361.36414.22482.10561.10653.05760.06
EBIT 177.74222.94217.85303.16340.62390.08454528.39614.98715.75
Tax Rate 0.10%-87.89%32.46%36.65%40.29%4.32%4.32%4.32%4.32%4.32%
EBIAT 177.57418.88147.13192.04203.37373.21434.37505.55588.39684.81
Depreciation 13.9813.8713.8713.8420.7524.1528.1032.7138.0744.30
Accounts Receivable --12.753.86-14.50-26.28-19.70-22.93-26.68-31.06-36.14
Inventories ----------
Accounts Payable --0.59-00.060.230.050.060.070.080.09
Capital Expenditure ---0.01-0.01-0.02-0.02-0.02-0.03-0.03-0.04
UFCF 191.56419.42164.85191.42198.05377.69439.58511.62595.45693.03
WACC
PV UFCF 357.73394.35434.71479.20528.25
SUM PV UFCF 2,194.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.58
Free cash flow (t + 1) 706.89
Terminal Value 19,745.45
Present Value of Terminal Value 15,050.77

Intrinsic Value

Enterprise Value 17,245.02
Net Debt 193.13
Equity Value 17,051.89
Shares Outstanding 101.32
Equity Value Per Share 168.30