In spite of share price performing in line with the peers and SPX market over the last months, I think the strengths and opportunities of Biogen (NASDAQ:BIIB) has been overlooked by the market, with the stock trading only at 12x P/E 2018.
Thus, in this article, I will focus on a quantitative valuation of the company using a DCF to assess if the market has priced a too pessimistic scenario for Biogen’s base business.
Base Case
DCF analysis, with inputs slightly below analyst estimates, shows that Biogen is trading at an attractive risk/reward.
