Intrinsic value of Clorox - CLX

Previous Close

$136.94

  Intrinsic Value

$71.84

stock screener

  Rating & Target

sell

-48%

  Value-price divergence*

+59%

Previous close

$136.94

 
Intrinsic value

$71.84

 
Up/down potential

-48%

 
Rating

sell

 
Value-price divergence*

+59%

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

We calculate the intrinsic value of CLX 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, %
  1.87
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  5,761
  5,968
  6,192
  6,431
  6,687
  6,960
  7,250
  7,559
  7,886
  8,233
  8,600
  8,988
  9,398
  9,831
  10,287
  10,769
  11,276
  11,811
  12,373
  12,966
  13,590
  14,246
  14,937
  15,663
  16,427
  17,230
  18,074
  18,961
  19,894
  20,874
  21,904
Variable operating expenses, $m
 
  2,305
  2,387
  2,475
  2,569
  2,669
  2,775
  2,888
  3,008
  3,135
  3,269
  3,292
  3,442
  3,600
  3,767
  3,944
  4,130
  4,325
  4,531
  4,748
  4,977
  5,217
  5,470
  5,736
  6,016
  6,310
  6,619
  6,944
  7,286
  7,645
  8,022
Fixed operating expenses, $m
 
  2,679
  2,746
  2,815
  2,885
  2,958
  3,031
  3,107
  3,185
  3,265
  3,346
  3,430
  3,516
  3,603
  3,694
  3,786
  3,880
  3,978
  4,077
  4,179
  4,283
  4,390
  4,500
  4,613
  4,728
  4,846
  4,967
  5,092
  5,219
  5,349
  5,483
Total operating expenses, $m
  4,778
  4,984
  5,133
  5,290
  5,454
  5,627
  5,806
  5,995
  6,193
  6,400
  6,615
  6,722
  6,958
  7,203
  7,461
  7,730
  8,010
  8,303
  8,608
  8,927
  9,260
  9,607
  9,970
  10,349
  10,744
  11,156
  11,586
  12,036
  12,505
  12,994
  13,505
Operating income, $m
  983
  984
  1,058
  1,141
  1,233
  1,334
  1,444
  1,564
  1,693
  1,834
  1,985
  2,267
  2,441
  2,627
  2,826
  3,039
  3,266
  3,508
  3,765
  4,039
  4,330
  4,639
  4,966
  5,314
  5,683
  6,074
  6,487
  6,926
  7,389
  7,880
  8,399
EBITDA, $m
  1,148
  1,203
  1,281
  1,368
  1,464
  1,569
  1,684
  1,809
  1,944
  2,090
  2,247
  2,416
  2,597
  2,791
  2,997
  3,218
  3,454
  3,704
  3,971
  4,255
  4,556
  4,876
  5,215
  5,575
  5,956
  6,360
  6,788
  7,241
  7,721
  8,228
  8,764
Interest expense (income), $m
  79
  81
  81
  86
  92
  98
  105
  112
  120
  128
  137
  146
  155
  165
  176
  187
  199
  212
  225
  239
  253
  269
  285
  302
  320
  339
  358
  379
  401
  424
  448
Earnings before tax, $m
  983
  903
  977
  1,055
  1,141
  1,235
  1,339
  1,451
  1,574
  1,706
  1,848
  2,121
  2,285
  2,462
  2,650
  2,852
  3,067
  3,296
  3,540
  3,800
  4,076
  4,370
  4,682
  5,012
  5,363
  5,735
  6,129
  6,546
  6,988
  7,456
  7,951
Tax expense, $m
  335
  244
  264
  285
  308
  334
  361
  392
  425
  461
  499
  573
  617
  665
  716
  770
  828
  890
  956
  1,026
  1,101
  1,180
  1,264
  1,353
  1,448
  1,548
  1,655
  1,768
  1,887
  2,013
  2,147
Net income, $m
  648
  659
  713
  770
  833
  902
  977
  1,060
  1,149
  1,245
  1,349
  1,548
  1,668
  1,797
  1,935
  2,082
  2,239
  2,406
  2,584
  2,774
  2,976
  3,190
  3,418
  3,659
  3,915
  4,187
  4,474
  4,779
  5,101
  5,443
  5,804

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  401
  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
  4,510
  4,674
  4,849
  5,036
  5,236
  5,450
  5,678
  5,919
  6,176
  6,447
  6,734
  7,038
  7,359
  7,698
  8,056
  8,433
  8,830
  9,249
  9,689
  10,154
  10,642
  11,156
  11,697
  12,265
  12,864
  13,492
  14,153
  14,848
  15,579
  16,346
  17,153
Adjusted assets (=assets-cash), $m
  4,109
  4,674
  4,849
  5,036
  5,236
  5,450
  5,678
  5,919
  6,176
  6,447
  6,734
  7,038
  7,359
  7,698
  8,056
  8,433
  8,830
  9,249
  9,689
  10,154
  10,642
  11,156
  11,697
  12,265
  12,864
  13,492
  14,153
  14,848
  15,579
  16,346
  17,153
Revenue / Adjusted assets
  1.402
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
Average production assets, $m
  1,572
  1,629
  1,690
  1,756
  1,826
  1,900
  1,979
  2,064
  2,153
  2,248
  2,348
  2,454
  2,566
  2,684
  2,808
  2,940
  3,078
  3,224
  3,378
  3,540
  3,710
  3,889
  4,078
  4,276
  4,484
  4,704
  4,934
  5,176
  5,431
  5,699
  5,980
Working capital, $m
  -73
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  85
  88
  93
  97
  101
  106
  111
  117
  122
  128
  134
  141
  148
  155
  163
  171
  179
  188
  197
Total debt, $m
  2,312
  2,305
  2,463
  2,631
  2,812
  3,004
  3,209
  3,426
  3,657
  3,901
  4,160
  4,434
  4,722
  5,027
  5,349
  5,688
  6,046
  6,423
  6,820
  7,237
  7,677
  8,139
  8,626
  9,138
  9,676
  10,242
  10,837
  11,462
  12,120
  12,810
  13,536
Total liabilities, $m
  4,213
  4,206
  4,364
  4,532
  4,713
  4,905
  5,110
  5,327
  5,558
  5,802
  6,061
  6,335
  6,623
  6,928
  7,250
  7,589
  7,947
  8,324
  8,721
  9,138
  9,578
  10,040
  10,527
  11,039
  11,577
  12,143
  12,738
  13,363
  14,021
  14,711
  15,437
Total equity, $m
  297
  467
  485
  504
  524
  545
  568
  592
  618
  645
  673
  704
  736
  770
  806
  843
  883
  925
  969
  1,015
  1,064
  1,116
  1,170
  1,227
  1,286
  1,349
  1,415
  1,485
  1,558
  1,635
  1,715
Total liabilities and equity, $m
  4,510
  4,673
  4,849
  5,036
  5,237
  5,450
  5,678
  5,919
  6,176
  6,447
  6,734
  7,039
  7,359
  7,698
  8,056
  8,432
  8,830
  9,249
  9,690
  10,153
  10,642
  11,156
  11,697
  12,266
  12,863
  13,492
  14,153
  14,848
  15,579
  16,346
  17,152
Debt-to-equity ratio
  7.785
  4.930
  5.080
  5.230
  5.370
  5.510
  5.650
  5.790
  5.920
  6.050
  6.180
  6.300
  6.420
  6.530
  6.640
  6.750
  6.850
  6.940
  7.040
  7.130
  7.210
  7.300
  7.370
  7.450
  7.520
  7.590
  7.660
  7.720
  7.780
  7.840
  7.890
Adjusted equity ratio
  0.072
  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
  648
  659
  713
  770
  833
  902
  977
  1,060
  1,149
  1,245
  1,349
  1,548
  1,668
  1,797
  1,935
  2,082
  2,239
  2,406
  2,584
  2,774
  2,976
  3,190
  3,418
  3,659
  3,915
  4,187
  4,474
  4,779
  5,101
  5,443
  5,804
Depreciation, amort., depletion, $m
  165
  219
  223
  227
  231
  236
  240
  246
  251
  257
  263
  150
  156
  164
  171
  179
  188
  197
  206
  216
  226
  237
  249
  261
  273
  287
  301
  316
  331
  347
  365
Funds from operations, $m
  682
  878
  936
  997
  1,064
  1,137
  1,218
  1,305
  1,400
  1,502
  1,612
  1,698
  1,825
  1,961
  2,106
  2,261
  2,427
  2,603
  2,790
  2,990
  3,202
  3,427
  3,666
  3,920
  4,188
  4,473
  4,775
  5,094
  5,433
  5,790
  6,169
Change in working capital, $m
  -96
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Cash from operations, $m
  778
  876
  934
  995
  1,062
  1,135
  1,215
  1,302
  1,397
  1,499
  1,609
  1,694
  1,821
  1,957
  2,102
  2,257
  2,422
  2,598
  2,785
  2,985
  3,196
  3,421
  3,660
  3,913
  4,182
  4,466
  4,767
  5,086
  5,424
  5,782
  6,159
Maintenance CAPEX, $m
  0
  -96
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -156
  -164
  -171
  -179
  -188
  -197
  -206
  -216
  -226
  -237
  -249
  -261
  -273
  -287
  -301
  -316
  -331
  -347
New CAPEX, $m
  -172
  -57
  -61
  -65
  -70
  -75
  -79
  -84
  -89
  -95
  -100
  -106
  -112
  -118
  -125
  -131
  -139
  -146
  -154
  -162
  -170
  -179
  -189
  -198
  -208
  -219
  -230
  -242
  -255
  -268
  -281
Cash from investing activities, $m
  -430
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -274
  -289
  -302
  -318
  -334
  -351
  -368
  -386
  -405
  -426
  -447
  -469
  -492
  -517
  -543
  -571
  -599
  -628
Free cash flow, $m
  348
  723
  774
  826
  885
  949
  1,020
  1,097
  1,182
  1,273
  1,371
  1,445
  1,560
  1,682
  1,814
  1,954
  2,104
  2,264
  2,435
  2,617
  2,810
  3,016
  3,234
  3,466
  3,712
  3,973
  4,250
  4,543
  4,854
  5,183
  5,531
Issuance/(repayment) of debt, $m
  126
  -7
  157
  169
  180
  192
  205
  217
  231
  244
  259
  273
  289
  305
  322
  339
  358
  377
  397
  418
  440
  463
  487
  512
  538
  566
  595
  625
  657
  691
  726
Issuance/(repurchase) of shares, $m
  -44
  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  
  82
  -7
  157
  169
  180
  192
  205
  217
  231
  244
  259
  273
  289
  305
  322
  339
  358
  377
  397
  418
  440
  463
  487
  512
  538
  566
  595
  625
  657
  691
  726
Total cash flow (excl. dividends), $m
  417
  716
  931
  995
  1,065
  1,141
  1,225
  1,315
  1,412
  1,517
  1,630
  1,719
  1,849
  1,987
  2,135
  2,293
  2,462
  2,641
  2,832
  3,034
  3,250
  3,478
  3,721
  3,978
  4,251
  4,539
  4,845
  5,169
  5,511
  5,874
  6,257
Retained Cash Flow (-), $m
  -179
  -170
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
Prev. year cash balance distribution, $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 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
 
  546
  914
  976
  1,045
  1,120
  1,202
  1,291
  1,387
  1,490
  1,601
  1,688
  1,816
  1,953
  2,100
  2,256
  2,422
  2,599
  2,788
  2,988
  3,201
  3,427
  3,667
  3,921
  4,191
  4,476
  4,779
  5,099
  5,438
  5,797
  6,176
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  506
  781
  762
  739
  712
  680
  644
  603
  558
  511
  453
  404
  355
  307
  262
  219
  179
  144
  114
  88
  66
  48
  35
  24
  16
  11
  7
  4
  3
  1
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

The Clorox Company manufactures and markets consumer and professional products worldwide. It operates through four segments: Cleaning, Household, Lifestyle, and International. The company offers laundry additives, including bleach products under the Clorox and Clorox 2 stain fighter and color booster brand names; home care products under the Clorox, Formula 409, Liquid-Plumr, Pine-Sol, S.O.S, and Tilex brand names; naturally derived products under the Green Works brand name; and professional cleaning and disinfecting products under the Clorox, Dispatch, Aplicare, HealthLink, and Clorox Healthcare brand names. It also provides charcoal products under the Kingsford and Match Light brand names; cat litter products under the Fresh Step, Scoop Away, and Ever Clean brand names; digestive health products under the Renew Life brand name; and bags, wraps, and containers under the Glad brand name. In addition, the company offers dressings and sauces under the Hidden Valley, KC Masterpiece, and Soy Vay brand names; water-filtration systems and filters under the Brita brand name; and natural personal care products under the Burt’s Bees brand name. Further, it markets its products under the PinoLuz, Ayudin, Limpido, Clorinda, Poett, Mistolin, Lestoil, Bon Bril, Agua Jane, and Chux brand names. The company sells its products primarily through mass retail outlets, e-commerce channels, wholesale distributors, and medical supply distributors to mass merchandisers, warehouse clubs, and grocery stores and wholesalers, as well as dollar, military, and other retail stores. The Clorox Company was founded in 1913 and is headquartered in Oakland, California.

FINANCIAL RATIOS  of  Clorox (CLX)

Valuation Ratios
P/E Ratio 27.3
Price to Sales 3.1
Price to Book 59.6
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 29.2
Growth Rates
Sales Growth Rate 1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.6%
Cap. Spend. - 3 Yr. Gr. Rate -2.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 602.4%
Total Debt to Equity 778.5%
Interest Coverage 13
Management Effectiveness
Return On Assets 16.1%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.3%
Return On Equity 312.3%
Return On Equity - 3 Yr. Avg. 370.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 45.1%
Gross Margin - 3 Yr. Avg. 43.8%
EBITDA Margin 21.3%
EBITDA Margin - 3 Yr. Avg. 21%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 16.4%
Pre-Tax Margin 17.1%
Pre-Tax Margin - 3 Yr. Avg. 16.5%
Net Profit Margin 11.2%
Net Profit Margin - 3 Yr. Avg. 10.5%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 61.4%

CLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLX stock intrinsic value calculation we used $5761 million for the last fiscal year's total revenue generated by Clorox. The default revenue input number comes from 2016 income statement of Clorox. 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 CLX stock valuation model: a) initial revenue growth rate of 3.6% 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 7.8%, whose default value for CLX is calculated based on our internal credit rating of Clorox, 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 Clorox.
    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 CLX stock the variable cost ratio is equal to 38.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2614 million in the base year in the intrinsic value calculation for CLX 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 3.5% for Clorox.

Corporate tax rate of 27% is the nominal tax rate for Clorox. 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 CLX 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 CLX are equal to 27.3%.

Life of production assets of 16.4 years is the average useful life of capital assets used in Clorox 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 CLX is equal to 0.9%. 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 - $297 million for Clorox - 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 128.609 million for Clorox 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 Clorox at the current share price and the inputted number of shares is $17.6 billion.

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Stock chart of CLX Financial statements of CLX
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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