Intrinsic value of B/E Aerospace - BEAV

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$64.47

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$64.47

 
Intrinsic value

$49.57

 
Up/down potential

-23%

 
Rating

sell

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

We calculate the intrinsic value of BEAV 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 6.5

 

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, %
  7.44
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  2,933
  3,250
  3,582
  3,929
  4,292
  4,670
  5,063
  5,472
  5,898
  6,340
  6,799
  7,277
  7,773
  8,289
  8,826
  9,384
  9,966
  10,571
  11,202
  11,859
  12,545
  13,261
  14,008
  14,789
  15,604
  16,456
  17,348
  18,280
  19,256
  20,277
  21,346
Variable operating expenses, $m
 
  2,360
  2,594
  2,837
  3,092
  3,357
  3,633
  3,920
  4,219
  4,529
  4,851
  5,107
  5,455
  5,817
  6,194
  6,586
  6,993
  7,418
  7,861
  8,322
  8,804
  9,306
  9,830
  10,378
  10,950
  11,548
  12,174
  12,828
  13,513
  14,230
  14,980
Fixed operating expenses, $m
 
  302
  310
  318
  326
  334
  342
  351
  359
  368
  378
  387
  397
  407
  417
  427
  438
  449
  460
  472
  483
  495
  508
  521
  534
  547
  561
  575
  589
  604
  619
Total operating expenses, $m
  2,426
  2,662
  2,904
  3,155
  3,418
  3,691
  3,975
  4,271
  4,578
  4,897
  5,229
  5,494
  5,852
  6,224
  6,611
  7,013
  7,431
  7,867
  8,321
  8,794
  9,287
  9,801
  10,338
  10,899
  11,484
  12,095
  12,735
  13,403
  14,102
  14,834
  15,599
Operating income, $m
  507
  587
  678
  774
  874
  979
  1,088
  1,202
  1,320
  1,443
  1,570
  1,783
  1,922
  2,066
  2,215
  2,372
  2,534
  2,704
  2,881
  3,065
  3,258
  3,460
  3,670
  3,890
  4,120
  4,361
  4,613
  4,877
  5,154
  5,444
  5,748
EBITDA, $m
  591
  707
  803
  903
  1,008
  1,117
  1,231
  1,350
  1,473
  1,602
  1,735
  1,874
  2,018
  2,169
  2,325
  2,489
  2,659
  2,836
  3,020
  3,213
  3,415
  3,625
  3,845
  4,074
  4,315
  4,566
  4,830
  5,105
  5,394
  5,697
  6,014
Interest expense (income), $m
  86
  86
  86
  99
  114
  128
  144
  160
  177
  194
  212
  231
  250
  270
  292
  313
  336
  360
  385
  410
  437
  465
  494
  525
  557
  590
  625
  661
  699
  739
  781
Earnings before tax, $m
  416
  501
  593
  675
  761
  851
  944
  1,042
  1,143
  1,249
  1,358
  1,553
  1,671
  1,795
  1,924
  2,058
  2,198
  2,344
  2,496
  2,655
  2,821
  2,994
  3,176
  3,365
  3,563
  3,771
  3,988
  4,216
  4,455
  4,705
  4,967
Tax expense, $m
  105
  135
  160
  182
  205
  230
  255
  281
  309
  337
  367
  419
  451
  485
  519
  556
  593
  633
  674
  717
  762
  808
  857
  909
  962
  1,018
  1,077
  1,138
  1,203
  1,270
  1,341
Net income, $m
  311
  366
  433
  493
  556
  621
  689
  760
  834
  912
  992
  1,133
  1,220
  1,310
  1,404
  1,502
  1,605
  1,711
  1,822
  1,938
  2,059
  2,186
  2,318
  2,457
  2,601
  2,753
  2,912
  3,078
  3,252
  3,434
  3,626

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  202
  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
  3,370
  3,509
  3,868
  4,243
  4,635
  5,043
  5,468
  5,910
  6,369
  6,847
  7,343
  7,858
  8,394
  8,952
  9,531
  10,134
  10,762
  11,416
  12,097
  12,807
  13,548
  14,321
  15,128
  15,970
  16,851
  17,772
  18,734
  19,741
  20,795
  21,898
  23,052
Adjusted assets (=assets-cash), $m
  3,168
  3,509
  3,868
  4,243
  4,635
  5,043
  5,468
  5,910
  6,369
  6,847
  7,343
  7,858
  8,394
  8,952
  9,531
  10,134
  10,762
  11,416
  12,097
  12,807
  13,548
  14,321
  15,128
  15,970
  16,851
  17,772
  18,734
  19,741
  20,795
  21,898
  23,052
Revenue / Adjusted assets
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
  0.926
Average production assets, $m
  621
  689
  759
  833
  910
  990
  1,073
  1,160
  1,250
  1,344
  1,441
  1,543
  1,648
  1,757
  1,871
  1,989
  2,113
  2,241
  2,375
  2,514
  2,660
  2,811
  2,970
  3,135
  3,308
  3,489
  3,678
  3,875
  4,082
  4,299
  4,525
Working capital, $m
  1,012
  897
  989
  1,084
  1,185
  1,289
  1,397
  1,510
  1,628
  1,750
  1,877
  2,008
  2,145
  2,288
  2,436
  2,590
  2,751
  2,918
  3,092
  3,273
  3,462
  3,660
  3,866
  4,082
  4,307
  4,542
  4,788
  5,045
  5,315
  5,596
  5,892
Total debt, $m
  2,037
  2,043
  2,365
  2,703
  3,055
  3,423
  3,805
  4,203
  4,616
  5,046
  5,493
  5,957
  6,439
  6,940
  7,462
  8,005
  8,570
  9,158
  9,771
  10,410
  11,077
  11,773
  12,499
  13,257
  14,050
  14,878
  15,745
  16,651
  17,599
  18,592
  19,631
Total liabilities, $m
  3,154
  3,159
  3,481
  3,819
  4,171
  4,539
  4,921
  5,319
  5,732
  6,162
  6,609
  7,073
  7,555
  8,056
  8,578
  9,121
  9,686
  10,274
  10,887
  11,526
  12,193
  12,889
  13,615
  14,373
  15,166
  15,994
  16,861
  17,767
  18,715
  19,708
  20,747
Total equity, $m
  217
  351
  387
  424
  463
  504
  547
  591
  637
  685
  734
  786
  839
  895
  953
  1,013
  1,076
  1,142
  1,210
  1,281
  1,355
  1,432
  1,513
  1,597
  1,685
  1,777
  1,873
  1,974
  2,079
  2,190
  2,305
Total liabilities and equity, $m
  3,371
  3,510
  3,868
  4,243
  4,634
  5,043
  5,468
  5,910
  6,369
  6,847
  7,343
  7,859
  8,394
  8,951
  9,531
  10,134
  10,762
  11,416
  12,097
  12,807
  13,548
  14,321
  15,128
  15,970
  16,851
  17,771
  18,734
  19,741
  20,794
  21,898
  23,052
Debt-to-equity ratio
  9.387
  5.820
  6.110
  6.370
  6.590
  6.790
  6.960
  7.110
  7.250
  7.370
  7.480
  7.580
  7.670
  7.750
  7.830
  7.900
  7.960
  8.020
  8.080
  8.130
  8.180
  8.220
  8.260
  8.300
  8.340
  8.370
  8.400
  8.430
  8.460
  8.490
  8.520
Adjusted equity ratio
  0.005
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  311
  366
  433
  493
  556
  621
  689
  760
  834
  912
  992
  1,133
  1,220
  1,310
  1,404
  1,502
  1,605
  1,711
  1,822
  1,938
  2,059
  2,186
  2,318
  2,457
  2,601
  2,753
  2,912
  3,078
  3,252
  3,434
  3,626
Depreciation, amort., depletion, $m
  84
  120
  125
  129
  133
  138
  143
  148
  153
  159
  165
  91
  97
  103
  110
  117
  124
  132
  140
  148
  156
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
Funds from operations, $m
  148
  486
  557
  622
  689
  759
  832
  909
  988
  1,070
  1,156
  1,224
  1,317
  1,414
  1,515
  1,619
  1,729
  1,843
  1,962
  2,086
  2,216
  2,351
  2,493
  2,641
  2,796
  2,958
  3,128
  3,306
  3,492
  3,687
  3,892
Change in working capital, $m
  -159
  87
  92
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  167
  174
  181
  189
  198
  206
  215
  225
  235
  246
  257
  269
  282
  295
Cash from operations, $m
  307
  398
  466
  526
  589
  655
  724
  796
  871
  948
  1,030
  1,092
  1,180
  1,271
  1,366
  1,465
  1,568
  1,676
  1,788
  1,905
  2,026
  2,154
  2,287
  2,426
  2,571
  2,723
  2,882
  3,048
  3,223
  3,405
  3,597
Maintenance CAPEX, $m
  0
  -37
  -41
  -45
  -49
  -54
  -58
  -63
  -68
  -74
  -79
  -85
  -91
  -97
  -103
  -110
  -117
  -124
  -132
  -140
  -148
  -156
  -165
  -175
  -184
  -195
  -205
  -216
  -228
  -240
  -253
New CAPEX, $m
  -81
  -68
  -70
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -134
  -139
  -145
  -152
  -158
  -165
  -173
  -181
  -189
  -198
  -207
  -217
  -227
Cash from investing activities, $m
  -83
  -105
  -111
  -119
  -126
  -134
  -141
  -150
  -158
  -168
  -176
  -186
  -196
  -206
  -217
  -228
  -240
  -252
  -266
  -279
  -293
  -308
  -323
  -340
  -357
  -376
  -394
  -414
  -435
  -457
  -480
Free cash flow, $m
  224
  294
  355
  407
  463
  521
  582
  646
  712
  781
  853
  906
  984
  1,065
  1,149
  1,237
  1,328
  1,423
  1,522
  1,625
  1,733
  1,845
  1,963
  2,085
  2,214
  2,347
  2,488
  2,634
  2,788
  2,949
  3,117
Issuance/(repayment) of debt, $m
  0
  6
  323
  338
  352
  367
  382
  398
  413
  430
  447
  464
  482
  502
  522
  543
  565
  588
  613
  639
  667
  696
  726
  759
  793
  828
  866
  906
  948
  993
  1,039
Issuance/(repurchase) of shares, $m
  -82
  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  
  -80
  6
  323
  338
  352
  367
  382
  398
  413
  430
  447
  464
  482
  502
  522
  543
  565
  588
  613
  639
  667
  696
  726
  759
  793
  828
  866
  906
  948
  993
  1,039
Total cash flow (excl. dividends), $m
  133
  299
  677
  745
  815
  889
  965
  1,044
  1,126
  1,211
  1,300
  1,370
  1,466
  1,567
  1,671
  1,780
  1,893
  2,012
  2,135
  2,265
  2,400
  2,541
  2,689
  2,844
  3,006
  3,176
  3,354
  3,541
  3,736
  3,941
  4,156
Retained Cash Flow (-), $m
  -161
  -336
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
Prev. year cash balance distribution, $m
 
  202
  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
 
  165
  642
  708
  776
  848
  922
  999
  1,080
  1,163
  1,250
  1,319
  1,413
  1,511
  1,613
  1,719
  1,830
  1,946
  2,067
  2,194
  2,326
  2,464
  2,608
  2,760
  2,918
  3,084
  3,258
  3,440
  3,631
  3,831
  4,041
Discount rate, %
 
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
  43.22
PV of cash for distribution, $m
 
  149
  520
  509
  491
  465
  434
  398
  359
  318
  276
  232
  195
  160
  129
  101
  78
  58
  43
  30
  21
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
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

B/E Aerospace, Inc. designs, manufactures, sells, and services cabin interior products for commercial aircraft and business jets in the United States, Europe, Asia, Pacific Rim, the Middle East, and internationally. Its Commercial Aircraft segment offers first class, business class, tourist class, and regional aircraft seats, as well as spares; oxygen storage, distribution, and delivery systems for commercial and business jet aircraft; coffee makers/water boilers, ovens, and refrigeration equipment; and modular lavatory, wastewater management, and galley systems. This segment also provides engineering, design, integration, installation, and certification services for commercial aircraft passenger cabin interiors; services to design, manage, integrate, test, and certify reconfigurations and modifications for commercial aircraft, as well as to manufacture engineering kits and interface components; and interior reconfiguration services. The company’s Business Jet segment provides jet seating and sofa products, including electric fully berthing lie-flat seats, direct and indirect lighting, air valves, and oxygen delivery systems, as well as sidewalls, bulkheads, credenzas, closets, galley structures, lavatories, wastewater systems, and tables; super first class cabin interior products for commercial wide-body aircraft; and lightweight helicopter seats for double engine helicopter airframes for civil and military applications. It serves airlines; aircraft leasing companies; maintenance, repair, and overhaul providers; airframe manufacturers; and other commercial aircraft operators. The company was founded in 1987 and is headquartered in Wellington, Florida.

FINANCIAL RATIOS  of  B/E Aerospace (BEAV)

Valuation Ratios
P/E Ratio 21
Price to Sales 2.2
Price to Book 30.2
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 29
Growth Rates
Sales Growth Rate 7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 938.7%
Total Debt to Equity 938.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 14.7%
Return On Total Capital 14.3%
Ret/ On T. Cap. - 3 Yr. Avg. 10.3%
Return On Equity 227.8%
Return On Equity - 3 Yr. Avg. 367.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 38.6%
Gross Margin - 3 Yr. Avg. 39.2%
EBITDA Margin 20%
EBITDA Margin - 3 Yr. Avg. 16.8%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 14.2%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 25.2%
Eff/ Tax Rate - 3 Yr. Avg. -145%
Payout Ratio 27.3%

BEAV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEAV stock intrinsic value calculation we used $2933 million for the last fiscal year's total revenue generated by B/E Aerospace. The default revenue input number comes from 2016 income statement of B/E Aerospace. 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 BEAV stock valuation model: a) initial revenue growth rate of 10.8% 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 10.5%, whose default value for BEAV is calculated based on our internal credit rating of B/E Aerospace, 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 B/E Aerospace.
    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 BEAV stock the variable cost ratio is equal to 72.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $295 million in the base year in the intrinsic value calculation for BEAV 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 4.2% for B/E Aerospace.

Corporate tax rate of 27% is the nominal tax rate for B/E Aerospace. 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 BEAV 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 BEAV are equal to 21.2%.

Life of production assets of 17 years is the average useful life of capital assets used in B/E Aerospace 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 BEAV is equal to 27.6%. 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 - $217 million for B/E Aerospace - 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 100.92 million for B/E Aerospace 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 B/E Aerospace at the current share price and the inputted number of shares is $6.5 billion.


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