Intrinsic value of Agilent Technologies - A

Previous Close

$59.77

  Intrinsic Value

$45.15

stock screener

  Rating & Target

sell

-24%

  Value-price divergence*

+69%

Previous close

$59.77

 
Intrinsic value

$45.15

 
Up/down potential

-24%

 
Rating

sell

 
Value-price divergence*

+69%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of A 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 2016), $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 19.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.06
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  4,202
  4,362
  4,533
  4,715
  4,910
  5,117
  5,336
  5,569
  5,815
  6,076
  6,352
  6,643
  6,950
  7,274
  7,615
  7,975
  8,354
  8,753
  9,173
  9,616
  10,081
  10,570
  11,085
  11,626
  12,195
  12,793
  13,422
  14,082
  14,776
  15,506
  16,273
Variable operating expenses, $m
 
  1,879
  1,943
  2,011
  2,084
  2,161
  2,243
  2,329
  2,421
  2,519
  2,622
  2,478
  2,593
  2,714
  2,841
  2,976
  3,117
  3,266
  3,423
  3,588
  3,761
  3,944
  4,136
  4,338
  4,550
  4,773
  5,008
  5,254
  5,513
  5,785
  6,071
Fixed operating expenses, $m
 
  1,857
  1,904
  1,951
  2,000
  2,050
  2,101
  2,154
  2,208
  2,263
  2,320
  2,378
  2,437
  2,498
  2,560
  2,624
  2,690
  2,757
  2,826
  2,897
  2,969
  3,043
  3,119
  3,197
  3,277
  3,359
  3,443
  3,529
  3,618
  3,708
  3,801
Total operating expenses, $m
  3,587
  3,736
  3,847
  3,962
  4,084
  4,211
  4,344
  4,483
  4,629
  4,782
  4,942
  4,856
  5,030
  5,212
  5,401
  5,600
  5,807
  6,023
  6,249
  6,485
  6,730
  6,987
  7,255
  7,535
  7,827
  8,132
  8,451
  8,783
  9,131
  9,493
  9,872
Operating income, $m
  615
  625
  686
  753
  826
  906
  992
  1,086
  1,186
  1,294
  1,411
  1,787
  1,920
  2,062
  2,214
  2,375
  2,547
  2,730
  2,925
  3,131
  3,350
  3,583
  3,830
  4,091
  4,368
  4,661
  4,971
  5,299
  5,646
  6,013
  6,400
EBITDA, $m
  861
  954
  1,017
  1,087
  1,164
  1,247
  1,337
  1,435
  1,540
  1,653
  1,774
  1,903
  2,042
  2,190
  2,347
  2,515
  2,694
  2,884
  3,086
  3,300
  3,527
  3,768
  4,024
  4,295
  4,581
  4,885
  5,206
  5,546
  5,905
  6,285
  6,686
Interest expense (income), $m
  73
  78
  84
  90
  96
  103
  110
  118
  126
  135
  144
  153
  163
  174
  185
  197
  210
  223
  237
  251
  267
  283
  300
  318
  337
  356
  377
  399
  422
  446
  471
Earnings before tax, $m
  544
  547
  602
  663
  730
  803
  882
  968
  1,060
  1,160
  1,267
  1,634
  1,757
  1,888
  2,028
  2,178
  2,338
  2,507
  2,688
  2,880
  3,084
  3,300
  3,530
  3,773
  4,031
  4,304
  4,593
  4,900
  5,224
  5,567
  5,929
Tax expense, $m
  82
  148
  163
  179
  197
  217
  238
  261
  286
  313
  342
  441
  474
  510
  548
  588
  631
  677
  726
  778
  833
  891
  953
  1,019
  1,088
  1,162
  1,240
  1,323
  1,410
  1,503
  1,601
Net income, $m
  462
  399
  439
  484
  533
  586
  644
  706
  774
  847
  925
  1,193
  1,282
  1,378
  1,481
  1,590
  1,706
  1,830
  1,962
  2,102
  2,251
  2,409
  2,577
  2,754
  2,943
  3,142
  3,353
  3,577
  3,813
  4,064
  4,328

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,289
  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
  7,794
  5,724
  5,948
  6,188
  6,443
  6,715
  7,003
  7,308
  7,632
  7,974
  8,336
  8,717
  9,121
  9,546
  9,994
  10,466
  10,963
  11,487
  12,039
  12,619
  13,229
  13,872
  14,547
  15,257
  16,004
  16,789
  17,614
  18,481
  19,392
  20,349
  21,355
Adjusted assets (=assets-cash), $m
  5,505
  5,724
  5,948
  6,188
  6,443
  6,715
  7,003
  7,308
  7,632
  7,974
  8,336
  8,717
  9,121
  9,546
  9,994
  10,466
  10,963
  11,487
  12,039
  12,619
  13,229
  13,872
  14,547
  15,257
  16,004
  16,789
  17,614
  18,481
  19,392
  20,349
  21,355
Revenue / Adjusted assets
  0.763
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
  0.762
Average production assets, $m
  729
  1,086
  1,129
  1,174
  1,223
  1,274
  1,329
  1,387
  1,448
  1,513
  1,582
  1,654
  1,731
  1,811
  1,896
  1,986
  2,080
  2,180
  2,284
  2,394
  2,510
  2,632
  2,760
  2,895
  3,037
  3,185
  3,342
  3,506
  3,679
  3,861
  4,052
Working capital, $m
  2,690
  414
  431
  448
  466
  486
  507
  529
  552
  577
  603
  631
  660
  691
  723
  758
  794
  832
  871
  913
  958
  1,004
  1,053
  1,104
  1,159
  1,215
  1,275
  1,338
  1,404
  1,473
  1,546
Total debt, $m
  1,904
  2,051
  2,196
  2,350
  2,515
  2,691
  2,877
  3,074
  3,283
  3,504
  3,738
  3,984
  4,245
  4,519
  4,809
  5,114
  5,435
  5,774
  6,130
  6,505
  6,899
  7,314
  7,750
  8,209
  8,691
  9,198
  9,731
  10,291
  10,880
  11,499
  12,148
Total liabilities, $m
  3,551
  3,698
  3,843
  3,997
  4,162
  4,338
  4,524
  4,721
  4,930
  5,151
  5,385
  5,631
  5,892
  6,166
  6,456
  6,761
  7,082
  7,421
  7,777
  8,152
  8,546
  8,961
  9,397
  9,856
  10,338
  10,845
  11,378
  11,938
  12,527
  13,146
  13,795
Total equity, $m
  4,243
  2,026
  2,106
  2,191
  2,281
  2,377
  2,479
  2,587
  2,702
  2,823
  2,951
  3,086
  3,229
  3,379
  3,538
  3,705
  3,881
  4,066
  4,262
  4,467
  4,683
  4,911
  5,150
  5,401
  5,665
  5,943
  6,235
  6,542
  6,865
  7,204
  7,560
Total liabilities and equity, $m
  7,794
  5,724
  5,949
  6,188
  6,443
  6,715
  7,003
  7,308
  7,632
  7,974
  8,336
  8,717
  9,121
  9,545
  9,994
  10,466
  10,963
  11,487
  12,039
  12,619
  13,229
  13,872
  14,547
  15,257
  16,003
  16,788
  17,613
  18,480
  19,392
  20,350
  21,355
Debt-to-equity ratio
  0.449
  1.010
  1.040
  1.070
  1.100
  1.130
  1.160
  1.190
  1.220
  1.240
  1.270
  1.290
  1.310
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.470
  1.490
  1.510
  1.520
  1.530
  1.550
  1.560
  1.570
  1.580
  1.600
  1.610
Adjusted equity ratio
  0.355
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  462
  399
  439
  484
  533
  586
  644
  706
  774
  847
  925
  1,193
  1,282
  1,378
  1,481
  1,590
  1,706
  1,830
  1,962
  2,102
  2,251
  2,409
  2,577
  2,754
  2,943
  3,142
  3,353
  3,577
  3,813
  4,064
  4,328
Depreciation, amort., depletion, $m
  246
  328
  331
  334
  338
  341
  345
  349
  354
  358
  363
  116
  122
  128
  134
  140
  146
  153
  161
  169
  177
  185
  194
  204
  214
  224
  235
  247
  259
  272
  285
Funds from operations, $m
  753
  727
  771
  818
  871
  927
  989
  1,056
  1,128
  1,205
  1,288
  1,309
  1,404
  1,506
  1,614
  1,730
  1,853
  1,984
  2,123
  2,271
  2,428
  2,594
  2,771
  2,958
  3,156
  3,366
  3,589
  3,824
  4,072
  4,335
  4,614
Change in working capital, $m
  -40
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
Cash from operations, $m
  793
  711
  754
  801
  852
  908
  968
  1,034
  1,104
  1,180
  1,262
  1,281
  1,375
  1,475
  1,582
  1,696
  1,817
  1,946
  2,083
  2,229
  2,384
  2,548
  2,722
  2,907
  3,102
  3,310
  3,529
  3,761
  4,007
  4,266
  4,541
Maintenance CAPEX, $m
  0
  -74
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -128
  -134
  -140
  -146
  -153
  -161
  -169
  -177
  -185
  -194
  -204
  -214
  -224
  -235
  -247
  -259
  -272
New CAPEX, $m
  -139
  -38
  -43
  -45
  -48
  -52
  -55
  -58
  -61
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
Cash from investing activities, $m
  -238
  -112
  -119
  -124
  -131
  -138
  -145
  -152
  -159
  -167
  -176
  -183
  -192
  -203
  -213
  -224
  -234
  -245
  -258
  -271
  -285
  -299
  -313
  -329
  -346
  -363
  -381
  -400
  -420
  -441
  -463
Free cash flow, $m
  555
  599
  635
  676
  721
  770
  824
  882
  945
  1,013
  1,087
  1,097
  1,182
  1,273
  1,369
  1,473
  1,583
  1,700
  1,825
  1,958
  2,099
  2,249
  2,409
  2,578
  2,757
  2,947
  3,148
  3,361
  3,587
  3,825
  4,078
Issuance/(repayment) of debt, $m
  262
  139
  145
  155
  165
  175
  186
  197
  209
  221
  234
  247
  260
  275
  290
  305
  321
  338
  356
  375
  394
  415
  436
  459
  482
  507
  533
  560
  589
  618
  650
Issuance/(repurchase) of shares, $m
  -372
  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 from financing (excl. dividends), $m  
  -118
  139
  145
  155
  165
  175
  186
  197
  209
  221
  234
  247
  260
  275
  290
  305
  321
  338
  356
  375
  394
  415
  436
  459
  482
  507
  533
  560
  589
  618
  650
Total cash flow (excl. dividends), $m
  436
  738
  780
  831
  886
  945
  1,010
  1,079
  1,154
  1,234
  1,320
  1,344
  1,442
  1,547
  1,659
  1,778
  1,904
  2,038
  2,181
  2,333
  2,494
  2,664
  2,845
  3,036
  3,239
  3,454
  3,681
  3,921
  4,175
  4,444
  4,728
Retained Cash Flow (-), $m
  -76
  -72
  -79
  -85
  -90
  -96
  -102
  -108
  -115
  -121
  -128
  -135
  -143
  -150
  -159
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -278
  -292
  -307
  -323
  -339
  -356
Prev. year cash balance distribution, $m
 
  2,289
  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
 
  2,955
  701
  746
  795
  849
  908
  971
  1,040
  1,113
  1,192
  1,209
  1,300
  1,397
  1,500
  1,610
  1,728
  1,853
  1,986
  2,127
  2,278
  2,437
  2,606
  2,785
  2,975
  3,176
  3,389
  3,614
  3,853
  4,105
  4,372
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,833
  642
  649
  655
  658
  659
  656
  650
  639
  625
  574
  555
  531
  504
  473
  439
  403
  366
  328
  289
  252
  216
  183
  152
  124
  99
  78
  60
  45
  33
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Agilent Technologies, Inc. provides application focused solutions to the life sciences, diagnostics, and applied chemical markets worldwide. Its Life Sciences and Applied Markets segment offers liquid chromatography systems and components; liquid chromatography mass spectrometry systems; gas chromatography systems and components; gas chromatography mass spectrometry systems; inductively coupled plasma mass spectrometry instruments; atomic absorption instruments; microwave plasma-atomic emission spectrometry instruments; inductively coupled plasma optical emission spectrometry instruments; laboratory software and informatics systems; laboratory automation and robotic systems; dissolution testing; vacuum pumps; and measurement technologies. The company’s Diagnostics and Genomics segment provides reagents, instruments, software, and consumables; arrays for DNA mutation detection, genotyping, gene copy number determination, identification of gene rearrangements, DNA methylation profiling, and gene expression profiling, as well as sequencing target enrichment services; and equipment focused on production of synthesized oligonucleotides for use as active pharmaceutical ingredients. Its Agilent CrossLab segment offers GC and LC columns, sample preparation products, custom chemistries, and various laboratory instrument supplies; and startup, operational, training, and compliance support, as well as asset management and consultation services. The company markets and sells its products through direct sales, electronic commerce, resellers, manufacturers' representatives, and distributors. It has a collaboration agreement with University of Leuven to focus on detecting genetic abnormalities in cell-free DNA and embryo biopsies. Agilent Technologies, Inc. was founded in 1999 and is headquartered in Santa Clara, California.

FINANCIAL RATIOS  of  Agilent Technologies (A)

Valuation Ratios
P/E Ratio 41.9
Price to Sales 4.6
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 24.4
Price to Free Cash Flow 29.6
Growth Rates
Sales Growth Rate 4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.8%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 44.9%
Total Debt to Equity 44.9%
Interest Coverage 8
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 52.3%
Gross Margin - 3 Yr. Avg. 50.5%
EBITDA Margin 20.5%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 12.6%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 11.5%
Effective Tax Rate 15.1%
Eff/ Tax Rate - 3 Yr. Avg. 7.5%
Payout Ratio 32.5%

A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the A stock intrinsic value calculation we used $4202 million for the last fiscal year's total revenue generated by Agilent Technologies. The default revenue input number comes from 2016 income statement of Agilent Technologies. 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 A stock valuation model: a) initial revenue growth rate of 3.8% 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 4.3%, whose default value for A is calculated based on our internal credit rating of Agilent Technologies, 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 Agilent Technologies.
    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 A stock the variable cost ratio is equal to 43.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1812 million in the base year in the intrinsic value calculation for A 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 4.1% for Agilent Technologies.

Corporate tax rate of 27% is the nominal tax rate for Agilent Technologies. 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 A 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 A are equal to 24.9%.

Life of production assets of 14.2 years is the average useful life of capital assets used in Agilent Technologies 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 A is equal to 9.5%. 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 - $4243 million for Agilent Technologies - 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 319.754 million for Agilent Technologies 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 Agilent Technologies at the current share price and the inputted number of shares is $19.1 billion.

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Stock chart of A Financial statements of A Annual reports of A
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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