Intrinsic value of Agilent Technologies - A

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$55.05

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$55.05

 
Intrinsic value

$44.81

 
Up/down potential

-19%

 
Rating

hold

 
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*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 17.6

 

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
  936
  999
  1,068
  1,144
  1,226
  1,315
  1,412
  1,516
  1,628
  1,748
  1,876
  2,013
  2,160
  2,316
  2,482
  2,659
  2,848
  3,048
  3,260
  3,486
  3,725
  3,978
  4,247
  4,531
  4,832
  5,151
  5,488
  5,844
  6,221
  6,619
Interest expense (income), $m
  73
  78
  84
  90
  96
  103
  110
  117
  125
  134
  143
  153
  163
  173
  185
  196
  209
  222
  236
  250
  266
  282
  299
  317
  335
  355
  376
  398
  421
  445
  470
Earnings before tax, $m
  544
  547
  602
  663
  730
  803
  882
  968
  1,061
  1,160
  1,268
  1,634
  1,757
  1,889
  2,029
  2,179
  2,338
  2,508
  2,689
  2,881
  3,085
  3,301
  3,531
  3,774
  4,032
  4,305
  4,595
  4,901
  5,225
  5,568
  5,931
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
  1,089
  1,162
  1,241
  1,323
  1,411
  1,503
  1,601
Net income, $m
  462
  400
  440
  484
  533
  586
  644
  707
  774
  847
  925
  1,193
  1,283
  1,379
  1,481
  1,591
  1,707
  1,831
  1,963
  2,103
  2,252
  2,410
  2,577
  2,755
  2,943
  3,143
  3,354
  3,578
  3,814
  4,065
  4,329

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
  5,716
  5,941
  6,180
  6,435
  6,706
  6,994
  7,299
  7,622
  7,963
  8,325
  8,706
  9,109
  9,533
  9,981
  10,452
  10,949
  11,472
  12,023
  12,602
  13,212
  13,853
  14,528
  15,237
  15,983
  16,767
  17,590
  18,456
  19,366
  20,322
  21,327
Adjusted assets (=assets-cash), $m
  5,505
  5,716
  5,941
  6,180
  6,435
  6,706
  6,994
  7,299
  7,622
  7,963
  8,325
  8,706
  9,109
  9,533
  9,981
  10,452
  10,949
  11,472
  12,023
  12,602
  13,212
  13,853
  14,528
  15,237
  15,983
  16,767
  17,590
  18,456
  19,366
  20,322
  21,327
Revenue / Adjusted assets
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
Average production assets, $m
  729
  755
  784
  816
  849
  885
  923
  963
  1,006
  1,051
  1,099
  1,149
  1,202
  1,258
  1,317
  1,380
  1,445
  1,514
  1,587
  1,663
  1,744
  1,829
  1,918
  2,011
  2,110
  2,213
  2,322
  2,436
  2,556
  2,683
  2,815
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
  2,040
  2,185
  2,339
  2,503
  2,678
  2,864
  3,061
  3,269
  3,489
  3,722
  3,968
  4,228
  4,502
  4,791
  5,095
  5,415
  5,753
  6,108
  6,482
  6,875
  7,288
  7,723
  8,181
  8,662
  9,167
  9,699
  10,257
  10,844
  11,461
  12,109
Total liabilities, $m
  3,551
  3,687
  3,832
  3,986
  4,150
  4,325
  4,511
  4,708
  4,916
  5,136
  5,369
  5,615
  5,875
  6,149
  6,438
  6,742
  7,062
  7,400
  7,755
  8,129
  8,522
  8,935
  9,370
  9,828
  10,309
  10,814
  11,346
  11,904
  12,491
  13,108
  13,756
Total equity, $m
  4,243
  2,029
  2,109
  2,194
  2,284
  2,381
  2,483
  2,591
  2,706
  2,827
  2,955
  3,091
  3,234
  3,384
  3,543
  3,711
  3,887
  4,073
  4,268
  4,474
  4,690
  4,918
  5,157
  5,409
  5,674
  5,952
  6,245
  6,552
  6,875
  7,214
  7,571
Total liabilities and equity, $m
  7,794
  5,716
  5,941
  6,180
  6,434
  6,706
  6,994
  7,299
  7,622
  7,963
  8,324
  8,706
  9,109
  9,533
  9,981
  10,453
  10,949
  11,473
  12,023
  12,603
  13,212
  13,853
  14,527
  15,237
  15,983
  16,766
  17,591
  18,456
  19,366
  20,322
  21,327
Debt-to-equity ratio
  0.449
  1.010
  1.040
  1.070
  1.100
  1.130
  1.150
  1.180
  1.210
  1.230
  1.260
  1.280
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.470
  1.480
  1.500
  1.510
  1.530
  1.540
  1.550
  1.570
  1.580
  1.590
  1.600
Adjusted equity ratio
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  462
  400
  440
  484
  533
  586
  644
  707
  774
  847
  925
  1,193
  1,283
  1,379
  1,481
  1,591
  1,707
  1,831
  1,963
  2,103
  2,252
  2,410
  2,577
  2,755
  2,943
  3,143
  3,354
  3,578
  3,814
  4,065
  4,329
Depreciation, amort., depletion, $m
  246
  310
  312
  315
  318
  320
  323
  326
  330
  333
  337
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  142
  149
  156
  164
  172
  180
  189
  198
  208
  218
Funds from operations, $m
  753
  710
  752
  799
  851
  907
  967
  1,033
  1,104
  1,180
  1,262
  1,282
  1,376
  1,476
  1,583
  1,698
  1,819
  1,948
  2,086
  2,232
  2,387
  2,552
  2,726
  2,911
  3,107
  3,314
  3,534
  3,767
  4,013
  4,273
  4,548
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
  374
  736
  782
  832
  887
  947
  1,011
  1,081
  1,156
  1,236
  1,254
  1,347
  1,446
  1,551
  1,663
  1,783
  1,910
  2,046
  2,190
  2,343
  2,505
  2,677
  2,860
  3,053
  3,258
  3,474
  3,704
  3,947
  4,203
  4,475
Maintenance CAPEX, $m
  0
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -198
  -208
New CAPEX, $m
  -139
  -26
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
Cash from investing activities, $m
  -238
  -82
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -254
  -267
  -281
  -294
  -309
  -324
  -341
Free cash flow, $m
  555
  291
  648
  689
  735
  785
  840
  899
  963
  1,032
  1,107
  1,119
  1,205
  1,296
  1,394
  1,499
  1,611
  1,729
  1,856
  1,990
  2,133
  2,285
  2,446
  2,617
  2,799
  2,991
  3,194
  3,410
  3,638
  3,879
  4,134
Issuance/(repayment) of debt, $m
  262
  136
  145
  154
  164
  175
  186
  197
  208
  220
  233
  246
  260
  274
  289
  304
  320
  337
  355
  374
  393
  414
  435
  457
  481
  506
  531
  558
  587
  617
  648
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
  136
  145
  154
  164
  175
  186
  197
  208
  220
  233
  246
  260
  274
  289
  304
  320
  337
  355
  374
  393
  414
  435
  457
  481
  506
  531
  558
  587
  617
  648
Total cash flow (excl. dividends), $m
  436
  428
  792
  844
  900
  960
  1,026
  1,096
  1,172
  1,253
  1,340
  1,365
  1,464
  1,570
  1,683
  1,803
  1,931
  2,067
  2,211
  2,364
  2,527
  2,699
  2,881
  3,075
  3,280
  3,496
  3,726
  3,968
  4,225
  4,496
  4,782
Retained Cash Flow (-), $m
  -76
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -115
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -228
  -239
  -252
  -265
  -278
  -292
  -307
  -323
  -339
  -357
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
 
  2,641
  713
  759
  809
  864
  923
  988
  1,057
  1,132
  1,212
  1,229
  1,321
  1,419
  1,524
  1,636
  1,755
  1,881
  2,016
  2,159
  2,310
  2,471
  2,642
  2,823
  3,015
  3,218
  3,433
  3,661
  3,901
  4,156
  4,426
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
 
  2,532
  653
  660
  666
  670
  670
  667
  661
  650
  635
  584
  564
  540
  512
  480
  446
  409
  371
  332
  294
  256
  219
  185
  154
  125
  100
  79
  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 38.6
Price to Sales 4.2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 27.3
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 17.3%.

Life of production assets of 12.9 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 319.652 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 $17.6 billion.


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Stock chart of A Financial statements 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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