Intrinsic value of Sotheby's - BID

Previous Close

$48.19

  Intrinsic Value

$688.76

stock screener

  Rating & Target

str. buy

+999%

Previous close

$48.19

 
Intrinsic value

$688.76

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of BID 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -16.23
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  805
  1,288
  1,990
  2,976
  4,318
  6,092
  8,375
  11,242
  14,761
  18,994
  23,991
  29,792
  36,423
  43,903
  52,235
  61,419
  71,446
  82,299
  93,963
  106,418
  119,646
  133,628
  148,352
  163,804
  179,979
  196,874
  214,491
  232,838
  251,927
  271,774
  292,404
Variable operating expenses, $m
 
  632
  974
  1,454
  2,107
  2,971
  4,082
  5,477
  7,191
  9,251
  11,684
  14,502
  17,731
  21,371
  25,428
  29,898
  34,779
  40,062
  45,740
  51,803
  58,242
  65,049
  72,216
  79,738
  87,612
  95,836
  104,412
  113,343
  122,635
  132,297
  142,339
Fixed operating expenses, $m
 
  300
  308
  316
  323
  332
  340
  348
  357
  366
  375
  384
  394
  404
  414
  424
  435
  446
  457
  468
  480
  492
  504
  517
  530
  543
  557
  571
  585
  600
  615
Total operating expenses, $m
  683
  932
  1,282
  1,770
  2,430
  3,303
  4,422
  5,825
  7,548
  9,617
  12,059
  14,886
  18,125
  21,775
  25,842
  30,322
  35,214
  40,508
  46,197
  52,271
  58,722
  65,541
  72,720
  80,255
  88,142
  96,379
  104,969
  113,914
  123,220
  132,897
  142,954
Operating income, $m
  123
  356
  708
  1,207
  1,888
  2,790
  3,953
  5,416
  7,214
  9,377
  11,933
  14,905
  18,299
  22,127
  26,394
  31,097
  36,232
  41,791
  47,766
  54,147
  60,923
  68,087
  75,631
  83,549
  91,837
  100,495
  109,523
  118,924
  128,707
  138,878
  149,450
EBITDA, $m
  145
  393
  763
  1,286
  2,001
  2,948
  4,169
  5,703
  7,589
  9,859
  12,539
  15,652
  19,213
  23,229
  27,704
  32,638
  38,024
  43,856
  50,123
  56,816
  63,925
  71,439
  79,353
  87,658
  96,352
  105,433
  114,903
  124,765
  135,026
  145,695
  156,785
Interest expense (income), $m
  45
  45
  80
  142
  228
  346
  501
  701
  952
  1,260
  1,630
  2,068
  2,575
  3,156
  3,811
  4,540
  5,344
  6,221
  7,171
  8,192
  9,283
  10,440
  11,664
  12,953
  14,306
  15,721
  17,200
  18,742
  20,348
  22,019
  23,756
Earnings before tax, $m
  97
  310
  628
  1,065
  1,659
  2,444
  3,453
  4,715
  6,262
  8,117
  10,302
  12,837
  15,723
  18,971
  22,583
  26,557
  30,888
  35,570
  40,595
  45,954
  51,641
  57,647
  63,967
  70,596
  77,532
  84,773
  92,322
  100,182
  108,358
  116,859
  125,694
Tax expense, $m
  26
  84
  170
  288
  448
  660
  932
  1,273
  1,691
  2,192
  2,782
  3,466
  4,245
  5,122
  6,097
  7,170
  8,340
  9,604
  10,961
  12,408
  13,943
  15,565
  17,271
  19,061
  20,934
  22,889
  24,927
  27,049
  29,257
  31,552
  33,937
Net income, $m
  74
  227
  458
  777
  1,211
  1,784
  2,520
  3,442
  4,571
  5,926
  7,521
  9,371
  11,478
  13,849
  16,486
  19,387
  22,548
  25,966
  29,634
  33,547
  37,698
  42,082
  46,696
  51,535
  56,598
  61,885
  67,395
  73,133
  79,102
  85,307
  91,756

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  496
  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
  2,504
  3,212
  4,962
  7,421
  10,768
  15,192
  20,886
  28,035
  36,812
  47,368
  59,829
  74,294
  90,832
  109,483
  130,263
  153,166
  178,169
  205,235
  234,322
  265,382
  298,368
  333,238
  369,954
  408,489
  448,826
  490,958
  534,891
  580,643
  628,246
  677,742
  729,186
Adjusted assets (=assets-cash), $m
  2,008
  3,212
  4,962
  7,421
  10,768
  15,192
  20,886
  28,035
  36,812
  47,368
  59,829
  74,294
  90,832
  109,483
  130,263
  153,166
  178,169
  205,235
  234,322
  265,382
  298,368
  333,238
  369,954
  408,489
  448,826
  490,958
  534,891
  580,643
  628,246
  677,742
  729,186
Revenue / Adjusted assets
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
Average production assets, $m
  358
  572
  884
  1,321
  1,917
  2,705
  3,719
  4,991
  6,554
  8,433
  10,652
  13,228
  16,172
  19,493
  23,192
  27,270
  31,722
  36,541
  41,720
  47,250
  53,123
  59,331
  65,868
  72,729
  79,911
  87,412
  95,234
  103,380
  111,855
  120,668
  129,827
Working capital, $m
  526
  59
  92
  137
  199
  280
  385
  517
  679
  874
  1,104
  1,370
  1,675
  2,020
  2,403
  2,825
  3,286
  3,786
  4,322
  4,895
  5,504
  6,147
  6,824
  7,535
  8,279
  9,056
  9,867
  10,711
  11,589
  12,502
  13,451
Total debt, $m
  1,171
  2,063
  3,638
  5,851
  8,863
  12,845
  17,969
  24,403
  32,302
  41,803
  53,018
  66,037
  80,920
  97,706
  116,408
  137,021
  159,524
  183,884
  210,062
  238,016
  267,703
  299,086
  332,131
  366,812
  403,115
  441,034
  480,574
  521,751
  564,593
  609,140
  655,440
Total liabilities, $m
  1,999
  2,891
  4,466
  6,679
  9,691
  13,673
  18,797
  25,231
  33,130
  42,631
  53,846
  66,865
  81,748
  98,534
  117,236
  137,849
  160,352
  184,712
  210,890
  238,844
  268,531
  299,914
  332,959
  367,640
  403,943
  441,862
  481,402
  522,579
  565,421
  609,968
  656,268
Total equity, $m
  505
  321
  496
  742
  1,077
  1,519
  2,089
  2,803
  3,681
  4,737
  5,983
  7,429
  9,083
  10,948
  13,026
  15,317
  17,817
  20,524
  23,432
  26,538
  29,837
  33,324
  36,995
  40,849
  44,883
  49,096
  53,489
  58,064
  62,825
  67,774
  72,919
Total liabilities and equity, $m
  2,504
  3,212
  4,962
  7,421
  10,768
  15,192
  20,886
  28,034
  36,811
  47,368
  59,829
  74,294
  90,831
  109,482
  130,262
  153,166
  178,169
  205,236
  234,322
  265,382
  298,368
  333,238
  369,954
  408,489
  448,826
  490,958
  534,891
  580,643
  628,246
  677,742
  729,187
Debt-to-equity ratio
  2.319
  6.420
  7.330
  7.880
  8.230
  8.450
  8.600
  8.700
  8.780
  8.830
  8.860
  8.890
  8.910
  8.920
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  0.004
  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
  74
  227
  458
  777
  1,211
  1,784
  2,520
  3,442
  4,571
  5,926
  7,521
  9,371
  11,478
  13,849
  16,486
  19,387
  22,548
  25,966
  29,634
  33,547
  37,698
  42,082
  46,696
  51,535
  56,598
  61,885
  67,395
  73,133
  79,102
  85,307
  91,756
Depreciation, amort., depletion, $m
  22
  37
  55
  80
  113
  158
  215
  287
  375
  481
  607
  747
  914
  1,101
  1,310
  1,541
  1,792
  2,064
  2,357
  2,669
  3,001
  3,352
  3,721
  4,109
  4,515
  4,939
  5,380
  5,841
  6,320
  6,817
  7,335
Funds from operations, $m
  214
  264
  513
  857
  1,325
  1,942
  2,735
  3,729
  4,947
  6,407
  8,127
  10,119
  12,392
  14,950
  17,796
  20,927
  24,340
  28,030
  31,991
  36,216
  40,699
  45,434
  50,417
  55,644
  61,113
  66,823
  72,776
  78,974
  85,421
  92,124
  99,091
Change in working capital, $m
  56
  22
  32
  45
  62
  82
  105
  132
  162
  195
  230
  267
  305
  344
  383
  422
  461
  499
  537
  573
  608
  643
  677
  711
  744
  777
  810
  844
  878
  913
  949
Cash from operations, $m
  158
  242
  481
  812
  1,263
  1,861
  2,630
  3,597
  4,785
  6,212
  7,898
  9,852
  12,087
  14,606
  17,413
  20,505
  23,879
  27,531
  31,454
  35,643
  40,091
  44,791
  49,740
  54,933
  60,369
  66,046
  71,965
  78,130
  84,543
  91,211
  98,142
Maintenance CAPEX, $m
  0
  -20
  -32
  -50
  -75
  -108
  -153
  -210
  -282
  -370
  -476
  -602
  -747
  -914
  -1,101
  -1,310
  -1,541
  -1,792
  -2,064
  -2,357
  -2,669
  -3,001
  -3,352
  -3,721
  -4,109
  -4,515
  -4,939
  -5,380
  -5,841
  -6,320
  -6,817
New CAPEX, $m
  -21
  -214
  -312
  -438
  -596
  -788
  -1,014
  -1,273
  -1,563
  -1,879
  -2,219
  -2,575
  -2,944
  -3,321
  -3,700
  -4,078
  -4,452
  -4,819
  -5,179
  -5,530
  -5,873
  -6,208
  -6,537
  -6,861
  -7,182
  -7,501
  -7,822
  -8,146
  -8,475
  -8,812
  -9,159
Cash from investing activities, $m
  -120
  -234
  -344
  -488
  -671
  -896
  -1,167
  -1,483
  -1,845
  -2,249
  -2,695
  -3,177
  -3,691
  -4,235
  -4,801
  -5,388
  -5,993
  -6,611
  -7,243
  -7,887
  -8,542
  -9,209
  -9,889
  -10,582
  -11,291
  -12,016
  -12,761
  -13,526
  -14,316
  -15,132
  -15,976
Free cash flow, $m
  38
  7
  137
  324
  592
  965
  1,464
  2,114
  2,940
  3,963
  5,202
  6,675
  8,395
  10,372
  12,612
  15,117
  17,887
  20,920
  24,211
  27,756
  31,548
  35,582
  39,851
  44,351
  49,078
  54,030
  59,205
  64,603
  70,227
  76,079
  82,166
Issuance/(repayment) of debt, $m
  12
  899
  1,575
  2,213
  3,012
  3,982
  5,124
  6,434
  7,899
  9,500
  11,215
  13,019
  14,884
  16,786
  18,702
  20,613
  22,503
  24,360
  26,178
  27,954
  29,688
  31,382
  33,045
  34,682
  36,303
  37,919
  39,540
  41,177
  42,842
  44,546
  46,300
Issuance/(repurchase) of shares, $m
  -360
  79
  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  
  -354
  978
  1,575
  2,213
  3,012
  3,982
  5,124
  6,434
  7,899
  9,500
  11,215
  13,019
  14,884
  16,786
  18,702
  20,613
  22,503
  24,360
  26,178
  27,954
  29,688
  31,382
  33,045
  34,682
  36,303
  37,919
  39,540
  41,177
  42,842
  44,546
  46,300
Total cash flow (excl. dividends), $m
  -351
  984
  1,713
  2,537
  3,604
  4,946
  6,588
  8,549
  10,839
  13,463
  16,418
  19,693
  23,279
  27,158
  31,314
  35,729
  40,389
  45,280
  50,389
  55,710
  61,236
  66,964
  72,895
  79,033
  85,381
  91,949
  98,744
  105,780
  113,069
  120,626
  128,466
Retained Cash Flow (-), $m
  301
  -305
  -175
  -246
  -335
  -442
  -569
  -715
  -878
  -1,056
  -1,246
  -1,447
  -1,654
  -1,865
  -2,078
  -2,290
  -2,500
  -2,707
  -2,909
  -3,106
  -3,299
  -3,487
  -3,672
  -3,854
  -4,034
  -4,213
  -4,393
  -4,575
  -4,760
  -4,950
  -5,144
Prev. year cash balance distribution, $m
 
  489
  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
 
  1,168
  1,537
  2,291
  3,270
  4,504
  6,019
  7,834
  9,961
  12,408
  15,172
  18,247
  21,625
  25,293
  29,236
  33,439
  37,889
  42,573
  47,481
  52,604
  57,937
  63,477
  69,224
  75,179
  81,348
  87,735
  94,351
  101,205
  108,309
  115,676
  123,321
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  1,086
  1,319
  1,800
  2,334
  2,895
  3,454
  3,973
  4,419
  4,761
  4,977
  5,054
  4,990
  4,794
  4,484
  4,084
  3,624
  3,133
  2,638
  2,163
  1,726
  1,341
  1,012
  743
  529
  366
  245
  159
  99
  60
  35
Current shareholders' claim on cash, %
  100
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9
  50.9

Sotheby's is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby's Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong. The Company operates through two segments: Agency and Finance. The Agency segment matches buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process. The Finance segment is engaged in art-related financing activities by making loans that are secured by works of art. The Company's advisory services are classified within All Other segment.

FINANCIAL RATIOS  of  Sotheby's (BID)

Valuation Ratios
P/E Ratio 34.5
Price to Sales 3.2
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 18.6
Growth Rates
Sales Growth Rate -16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 90.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 71
Current Ratio 0.1
LT Debt to Equity 230.5%
Total Debt to Equity 231.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 78.6%
Gross Margin - 3 Yr. Avg. 79.5%
EBITDA Margin 20.4%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin 15.2%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 47.9%
Payout Ratio 2.7%

BID stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BID stock intrinsic value calculation we used $805 million for the last fiscal year's total revenue generated by Sotheby's. The default revenue input number comes from 2016 income statement of Sotheby's. 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 BID stock valuation model: a) initial revenue growth rate of 60% 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 7.6%, whose default value for BID is calculated based on our internal credit rating of Sotheby's, 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 Sotheby's.
    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 BID stock the variable cost ratio is equal to 49.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $293 million in the base year in the intrinsic value calculation for BID 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 3.9% for Sotheby's.

Corporate tax rate of 27% is the nominal tax rate for Sotheby's. 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 BID 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 BID are equal to 44.4%.

Life of production assets of 17.7 years is the average useful life of capital assets used in Sotheby's 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 BID is equal to 4.6%. 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 - $505 million for Sotheby's - 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 53.488 million for Sotheby's 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 Sotheby's at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
CLCT Collectors Uni 16.55 62.88  str.buy
LQDT Liquidity Serv 7.25 0.70  str.sell

COMPANY NEWS

▶ [$$] Sotheby's Acquires Vintage Marketplace Viyet   [Feb-14-18 12:21AM  The Wall Street Journal]
▶ How Sothebys Persuaded Clients to Sex Up Their Art   [Feb-13-18 09:59AM  Bloomberg]
▶ Sotheby's Expands E-Commerce Program   [09:00AM  PR Newswire]
▶ 'Rarest white diamond ever' to be sold in London   [Feb-08-18 05:54PM  Reuters]
▶ Sotheby's Enhances Data Capabilities   [09:00AM  PR Newswire]
▶ Sotheby's 2017 Auctions Reach $4.7 Billion Worldwide   [Dec-22-17 09:00AM  PR Newswire]
▶ Sotheby's 2017 Global Wine Auctions Total $64 Million   [Dec-21-17 12:10PM  PR Newswire]
▶ A Year Of Digital Innovation At Sotheby's   [Dec-20-17 10:12AM  PR Newswire]
▶ Guaranteed Sales Fuel the Art Market   [05:01AM  Bloomberg]
▶ Sothebys Prices $400 Million of Senior Notes Due 2025   [Dec-07-17 04:38PM  GlobeNewswire]
▶ Sotheby's Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Sothebys : November 29, 2017   [Nov-29-17 11:11AM  Capital Cube]
▶ [$$] Auction houses reach $2bn in a week   [Nov-18-17 03:27AM  Financial Times]
▶ [$$] Da Vinci sale propels auction houses to $2bn week   [Nov-17-17 04:51AM  Financial Times]
▶ A Detailed Look Into Daniel Loebs Stock Portfolio   [Nov-16-17 09:20AM  InvestorPlace]
▶ CMEs FANG and bitcoin futures signal the end is near   [Nov-14-17 02:19PM  MarketWatch]
▶ [$$] Global Art Market Revs Up for New York Sales   [12:12PM  The Wall Street Journal]
▶ [$$] Ferrari Racecar, Long-Lost da Vinci for Sale in New York   [Nov-13-17 12:17AM  The Wall Street Journal]
▶ [$$] Jewellers hope for financial boost from exhibitions   [Nov-10-17 11:06PM  Financial Times]
▶ Sotheby's Cuts Losses on Huge Inventory Sales   [Nov-03-17 03:23PM  Motley Fool]
▶ Sotheby's to auction off piece of Ferrari history   [Nov-02-17 07:54AM  CNBC Videos]
▶ Stocks Generating Improved Relative Strength: Sotheby's   [Nov-01-17 03:00AM  Investor's Business Daily]
▶ [$$] Trove of Missing Art Heads to Auction   [Oct-29-17 11:20PM  The Wall Street Journal]
▶ [$$] Art Amassed by Ex-Chief of Banco Santos Heads to Sotheby's   [Oct-28-17 07:01AM  The Wall Street Journal]
▶ [$$] The day Francis Bacon got burnt in the saleroom   [Oct-13-17 07:36AM  Financial Times]
▶ Sothebys Value Analysis (NYSE:BID) : October 5, 2017   [Oct-05-17 11:31AM  Capital Cube]
▶ Sotheby's Stock Upgraded: What You Need to Know   [Oct-04-17 11:36AM  Motley Fool]
▶ At $47.02, Is It Time To Sell Sothebys (BID)?   [Oct-03-17 03:36PM  Simply Wall St.]
▶ [$$] Few Art Trophies at London Auctions   [12:42AM  The Wall Street Journal]
▶ [$$] SJ Phillips auctions pieces from its archive at Sotheby's   [Sep-27-17 08:01PM  Financial Times]
▶ ETFs with exposure to Sothebys : August 28, 2017   [Aug-28-17 04:50PM  Capital Cube]
▶ Luxury home: Tour this home that was modeled after a historic ABQ hotel   [Aug-11-17 09:15AM  American City Business Journals]
▶ Sotheby's posts 2Q profit   [02:34AM  Associated Press]
▶ Falling Earnings Send Sotheby's Lower   [01:20PM  Motley Fool]
▶ Sotheby's Flirts With Record High   [Jul-25-17 12:37PM  Bloomberg]
▶ [$$] Old Masters have a bumpy ride   [Jul-14-17 08:22AM  Financial Times]
▶ Why Sothebys Stock Gained 37% in 2017 so Far   [Jul-13-17 03:37PM  Motley Fool]
▶ Luxury brokerage firm inks acquisition   [Jun-29-17 06:15PM  American City Business Journals]
Financial statements of BID
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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