Discounted Cash Flow (DCF) Analysis Unlevered

Innoviva, Inc. (INVA)

$13.185

+0.07 (+0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 116.37 | 13.185 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 261261.02336.79391.87331.34356.14382.80411.46442.26475.36
Revenue (%)
EBITDA 236.81231.72317375.19301.98328.02352.57378.96407.33437.82
EBITDA (%)
EBIT 222.94217.85303.16361.36286.84311.75335.09360.17387.13416.11
EBIT (%)
Depreciation 13.8713.8713.8413.8315.1316.2717.4818.7920.2021.71
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 114.91350.84246.49201.52694.06365.06392.39421.76453.34487.27
Total Cash (%)
Account Receivables 83.2979.4393.93110.7164.0798.17105.51113.41121.90131.03
Account Receivables (%)
Inventories ----55.9060.0864.5869.4174.6180.19
Inventories (%)
Accounts Payable 0.010.010.070.030.030.030.030.040.040.04
Accounts Payable (%)
Capital Expenditure --0.01-0.01-0.02-0.01-0.02-0.02-0.02-0.02-0.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.185
Beta 0.558
Diluted Shares Outstanding 95.25
Cost of Debt
Tax Rate 25.45
After-tax Cost of Debt 2.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.332
Total Debt 540.37
Total Equity 1,255.84
Total Capital 1,796.22
Debt Weighting 30.08
Equity Weighting 69.92
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 261261.02336.79391.87331.34356.14382.80411.46442.26475.36
EBITDA 236.81231.72317375.19301.98328.02352.57378.96407.33437.82
EBIT 222.94217.85303.16361.36286.84311.75335.09360.17387.13416.11
Tax Rate -87.89%32.46%36.65%40.29%25.45%9.39%9.39%9.39%9.39%9.39%
EBIAT 418.88147.13192.04215.75213.84282.47303.61326.34350.77377.02
Depreciation 13.8713.8713.8413.8315.1316.2717.4818.7920.2021.71
Accounts Receivable -3.86-14.50-16.7846.64-34.09-7.35-7.90-8.49-9.13
Inventories ------4.18-4.50-4.83-5.20-5.58
Accounts Payable --00.06-0.04000000
Capital Expenditure --0.01-0.01-0.02-0.01-0.02-0.02-0.02-0.02-0.02
UFCF 432.76164.85191.42212.75275.60260.44309.24332.38357.26384.01
WACC
PV UFCF 247.85280.06286.47293.03299.74
SUM PV UFCF 1,407.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.08
Free cash flow (t + 1) 391.69
Terminal Value 12,717.17
Present Value of Terminal Value 9,926.36

Intrinsic Value

Enterprise Value 11,333.51
Net Debt 249.32
Equity Value 11,084.18
Shares Outstanding 95.25
Equity Value Per Share 116.37