Intrinsic value of DigitalGlobe - DGI

Previous Close

$34.40

  Intrinsic Value

$5.01

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-81%

Previous close

$34.40

 
Intrinsic value

$5.01

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-81%

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

We calculate the intrinsic value of DGI 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 2.1

 

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, %
  3.28
  28.40
  26.06
  23.95
  22.06
  20.35
  18.82
  17.44
  16.19
  15.07
  14.07
  13.16
  12.34
  11.61
  10.95
  10.35
  9.82
  9.34
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
Revenue, $m
  725
  931
  1,173
  1,455
  1,775
  2,137
  2,539
  2,982
  3,464
  3,987
  4,547
  5,146
  5,781
  6,452
  7,158
  7,899
  8,675
  9,485
  10,329
  11,208
  12,123
  13,074
  14,063
  15,090
  16,157
  17,267
  18,420
  19,620
  20,867
  22,166
  23,519
Variable operating expenses, $m
 
  672
  831
  1,017
  1,228
  1,467
  1,732
  2,023
  2,342
  2,686
  3,056
  3,392
  3,811
  4,254
  4,719
  5,208
  5,719
  6,253
  6,810
  7,389
  7,992
  8,619
  9,271
  9,948
  10,652
  11,383
  12,144
  12,935
  13,757
  14,614
  15,506
Fixed operating expenses, $m
 
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
  187
  192
  197
  201
  206
  212
  217
  222
  228
  234
  239
  245
  252
  258
  264
Total operating expenses, $m
  659
  801
  963
  1,153
  1,367
  1,610
  1,878
  2,173
  2,496
  2,843
  3,217
  3,557
  3,980
  4,428
  4,897
  5,390
  5,906
  6,445
  7,007
  7,590
  8,198
  8,831
  9,488
  10,170
  10,880
  11,617
  12,383
  13,180
  14,009
  14,872
  15,770
Operating income, $m
  66
  130
  210
  302
  408
  528
  661
  808
  969
  1,143
  1,330
  1,588
  1,800
  2,025
  2,261
  2,509
  2,769
  3,040
  3,323
  3,618
  3,924
  4,243
  4,575
  4,919
  5,277
  5,650
  6,037
  6,439
  6,858
  7,295
  7,749
EBITDA, $m
  333
  461
  611
  786
  986
  1,211
  1,462
  1,739
  2,041
  2,368
  2,720
  3,095
  3,493
  3,914
  4,357
  4,822
  5,309
  5,817
  6,348
  6,900
  7,474
  8,072
  8,692
  9,338
  10,009
  10,706
  11,431
  12,185
  12,969
  13,786
  14,636
Interest expense (income), $m
  14
  43
  61
  82
  106
  134
  165
  200
  238
  280
  325
  374
  425
  480
  538
  599
  663
  730
  800
  873
  949
  1,028
  1,110
  1,196
  1,284
  1,376
  1,472
  1,572
  1,676
  1,783
  1,896
Earnings before tax, $m
  49
  87
  148
  220
  302
  394
  496
  608
  731
  863
  1,005
  1,214
  1,375
  1,544
  1,723
  1,910
  2,106
  2,310
  2,523
  2,744
  2,975
  3,215
  3,464
  3,724
  3,993
  4,273
  4,564
  4,867
  5,183
  5,511
  5,854
Tax expense, $m
  19
  23
  40
  59
  81
  106
  134
  164
  197
  233
  271
  328
  371
  417
  465
  516
  568
  624
  681
  741
  803
  868
  935
  1,005
  1,078
  1,154
  1,232
  1,314
  1,399
  1,488
  1,580
Net income, $m
  27
  63
  108
  161
  220
  287
  362
  444
  533
  630
  734
  886
  1,004
  1,127
  1,258
  1,394
  1,537
  1,686
  1,842
  2,003
  2,172
  2,347
  2,529
  2,718
  2,915
  3,119
  3,332
  3,553
  3,784
  4,023
  4,273

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  3,010
  3,724
  4,694
  5,818
  7,102
  8,547
  10,156
  11,926
  13,857
  15,946
  18,189
  20,583
  23,123
  25,807
  28,633
  31,597
  34,699
  37,939
  41,316
  44,833
  48,492
  52,296
  56,250
  60,359
  64,629
  69,067
  73,680
  78,478
  83,470
  88,666
  94,076
Adjusted assets (=assets-cash), $m
  2,901
  3,724
  4,694
  5,818
  7,102
  8,547
  10,156
  11,926
  13,857
  15,946
  18,189
  20,583
  23,123
  25,807
  28,633
  31,597
  34,699
  37,939
  41,316
  44,833
  48,492
  52,296
  56,250
  60,359
  64,629
  69,067
  73,680
  78,478
  83,470
  88,666
  94,076
Revenue / Adjusted assets
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Average production assets, $m
  2,102
  2,699
  3,402
  4,217
  5,147
  6,195
  7,360
  8,644
  10,043
  11,557
  13,183
  14,917
  16,758
  18,704
  20,752
  22,900
  25,148
  27,496
  29,944
  32,493
  35,145
  37,902
  40,767
  43,745
  46,840
  50,056
  53,400
  56,877
  60,495
  64,260
  68,182
Working capital, $m
  41
  -27
  -34
  -42
  -51
  -62
  -74
  -86
  -100
  -116
  -132
  -149
  -168
  -187
  -208
  -229
  -252
  -275
  -300
  -325
  -352
  -379
  -408
  -438
  -469
  -501
  -534
  -569
  -605
  -643
  -682
Total debt, $m
  1,289
  1,749
  2,348
  3,042
  3,834
  4,726
  5,718
  6,811
  8,002
  9,291
  10,675
  12,151
  13,719
  15,375
  17,118
  18,948
  20,862
  22,860
  24,944
  27,114
  29,372
  31,719
  34,158
  36,694
  39,328
  42,066
  44,913
  47,873
  50,953
  54,159
  57,497
Total liabilities, $m
  1,837
  2,297
  2,896
  3,590
  4,382
  5,274
  6,266
  7,359
  8,550
  9,839
  11,223
  12,699
  14,267
  15,923
  17,666
  19,496
  21,410
  23,408
  25,492
  27,662
  29,920
  32,267
  34,706
  37,242
  39,876
  42,614
  45,461
  48,421
  51,501
  54,707
  58,045
Total equity, $m
  1,173
  1,426
  1,798
  2,228
  2,720
  3,274
  3,890
  4,568
  5,307
  6,107
  6,966
  7,883
  8,856
  9,884
  10,966
  12,102
  13,290
  14,531
  15,824
  17,171
  18,573
  20,030
  21,544
  23,118
  24,753
  26,452
  28,219
  30,057
  31,969
  33,959
  36,031
Total liabilities and equity, $m
  3,010
  3,723
  4,694
  5,818
  7,102
  8,548
  10,156
  11,927
  13,857
  15,946
  18,189
  20,582
  23,123
  25,807
  28,632
  31,598
  34,700
  37,939
  41,316
  44,833
  48,493
  52,297
  56,250
  60,360
  64,629
  69,066
  73,680
  78,478
  83,470
  88,666
  94,076
Debt-to-equity ratio
  1.099
  1.230
  1.310
  1.370
  1.410
  1.440
  1.470
  1.490
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.570
  1.580
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.600
Adjusted equity ratio
  0.367
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  63
  108
  161
  220
  287
  362
  444
  533
  630
  734
  886
  1,004
  1,127
  1,258
  1,394
  1,537
  1,686
  1,842
  2,003
  2,172
  2,347
  2,529
  2,718
  2,915
  3,119
  3,332
  3,553
  3,784
  4,023
  4,273
Depreciation, amort., depletion, $m
  267
  330
  401
  484
  578
  684
  801
  931
  1,072
  1,225
  1,389
  1,507
  1,693
  1,889
  2,096
  2,313
  2,540
  2,777
  3,025
  3,282
  3,550
  3,828
  4,118
  4,419
  4,731
  5,056
  5,394
  5,745
  6,111
  6,491
  6,887
Funds from operations, $m
  210
  394
  510
  644
  798
  971
  1,163
  1,375
  1,606
  1,855
  2,123
  2,393
  2,696
  3,017
  3,354
  3,707
  4,077
  4,464
  4,866
  5,286
  5,722
  6,175
  6,647
  7,137
  7,646
  8,176
  8,726
  9,298
  9,894
  10,514
  11,160
Change in working capital, $m
  -92
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
Cash from operations, $m
  302
  400
  517
  652
  807
  981
  1,175
  1,388
  1,620
  1,870
  2,139
  2,411
  2,715
  3,036
  3,374
  3,729
  4,100
  4,487
  4,891
  5,311
  5,748
  6,203
  6,676
  7,167
  7,677
  8,208
  8,759
  9,333
  9,930
  10,552
  11,199
Maintenance CAPEX, $m
  0
  -212
  -273
  -344
  -426
  -520
  -626
  -743
  -873
  -1,014
  -1,167
  -1,332
  -1,507
  -1,693
  -1,889
  -2,096
  -2,313
  -2,540
  -2,777
  -3,025
  -3,282
  -3,550
  -3,828
  -4,118
  -4,419
  -4,731
  -5,056
  -5,394
  -5,745
  -6,111
  -6,491
New CAPEX, $m
  -192
  -597
  -703
  -815
  -930
  -1,048
  -1,166
  -1,283
  -1,400
  -1,514
  -1,626
  -1,735
  -1,841
  -1,945
  -2,048
  -2,148
  -2,248
  -2,348
  -2,448
  -2,549
  -2,652
  -2,757
  -2,866
  -2,978
  -3,095
  -3,216
  -3,344
  -3,477
  -3,618
  -3,766
  -3,921
Cash from investing activities, $m
  -338
  -809
  -976
  -1,159
  -1,356
  -1,568
  -1,792
  -2,026
  -2,273
  -2,528
  -2,793
  -3,067
  -3,348
  -3,638
  -3,937
  -4,244
  -4,561
  -4,888
  -5,225
  -5,574
  -5,934
  -6,307
  -6,694
  -7,096
  -7,514
  -7,947
  -8,400
  -8,871
  -9,363
  -9,877
  -10,412
Free cash flow, $m
  -36
  -410
  -459
  -506
  -549
  -586
  -617
  -639
  -653
  -658
  -654
  -656
  -633
  -602
  -563
  -516
  -462
  -401
  -334
  -262
  -186
  -104
  -18
  71
  164
  260
  360
  462
  567
  676
  787
Issuance/(repayment) of debt, $m
  63
  507
  599
  694
  792
  892
  992
  1,093
  1,192
  1,289
  1,384
  1,477
  1,568
  1,656
  1,743
  1,829
  1,914
  1,999
  2,084
  2,170
  2,258
  2,347
  2,440
  2,535
  2,634
  2,738
  2,847
  2,960
  3,080
  3,206
  3,338
Issuance/(repurchase) of shares, $m
  -113
  252
  263
  270
  271
  266
  254
  234
  206
  170
  125
  30
  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  
  24
  759
  862
  964
  1,063
  1,158
  1,246
  1,327
  1,398
  1,459
  1,509
  1,507
  1,568
  1,656
  1,743
  1,829
  1,914
  1,999
  2,084
  2,170
  2,258
  2,347
  2,440
  2,535
  2,634
  2,738
  2,847
  2,960
  3,080
  3,206
  3,338
Total cash flow (excl. dividends), $m
  -13
  350
  403
  458
  514
  572
  630
  688
  745
  801
  856
  851
  934
  1,054
  1,181
  1,313
  1,452
  1,598
  1,749
  1,907
  2,072
  2,243
  2,421
  2,606
  2,798
  2,998
  3,206
  3,422
  3,647
  3,882
  4,125
Retained Cash Flow (-), $m
  75
  -315
  -372
  -431
  -492
  -554
  -616
  -678
  -740
  -800
  -859
  -917
  -973
  -1,028
  -1,082
  -1,135
  -1,188
  -1,241
  -1,294
  -1,347
  -1,401
  -1,457
  -1,514
  -1,574
  -1,635
  -1,700
  -1,767
  -1,838
  -1,912
  -1,990
  -2,072
Prev. year cash balance distribution, $m
 
  62
  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
 
  96
  31
  27
  23
  18
  14
  9
  5
  1
  -3
  -65
  -39
  26
  98
  178
  264
  357
  456
  560
  671
  786
  907
  1,032
  1,163
  1,299
  1,439
  1,585
  1,735
  1,892
  2,053
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  90
  27
  22
  17
  12
  8
  5
  2
  0
  -1
  -21
  -10
  6
  18
  27
  32
  34
  34
  31
  28
  24
  20
  16
  12
  9
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  88.9
  80.7
  74.6
  69.9
  66.3
  63.6
  61.6
  60.1
  59.0
  58.4
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2

DigitalGlobe, Inc. is a provider of Earth imagery, data and analysis. The Company's imagery solutions and other services support a range of uses, including mission-planning, mapping and analysis, environmental monitoring, oil and gas exploration and infrastructure management. The Company's imagery solutions and other services are sourced from its own satellite constellation and third-party providers. The Company sells its products and services through a combination of direct and indirect channels, consisting of a global network of resellers, strategic partners and direct enterprise sales to its United States Government and Diversified Commercial customer groups. The Company offers products consisting of imagery from its constellation of satellites, and provides geospatial products and services. The Company processes its imagery to varying levels according to its customers' specifications and delivers its products using the distribution method.

FINANCIAL RATIOS  of  DigitalGlobe (DGI)

Valuation Ratios
P/E Ratio 78.2
Price to Sales 2.9
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 19.2
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.8%
Cap. Spend. - 3 Yr. Gr. Rate -7.7%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 105.9%
Total Debt to Equity 109.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital 1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 2.2%
Return On Equity - 3 Yr. Avg. 1.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 77.4%
Gross Margin - 3 Yr. Avg. 77.4%
EBITDA Margin 45.5%
EBITDA Margin - 3 Yr. Avg. 44.7%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 3.7%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 38.8%
Eff/ Tax Rate - 3 Yr. Avg. 31%
Payout Ratio 14.8%

DGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DGI stock intrinsic value calculation we used $725 million for the last fiscal year's total revenue generated by DigitalGlobe. The default revenue input number comes from 2016 income statement of DigitalGlobe. 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 DGI stock valuation model: a) initial revenue growth rate of 28.4% 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 6.8%, whose default value for DGI is calculated based on our internal credit rating of DigitalGlobe, 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 DigitalGlobe.
    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 DGI stock the variable cost ratio is equal to 73.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $126 million in the base year in the intrinsic value calculation for DGI 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 DigitalGlobe.

Corporate tax rate of 27% is the nominal tax rate for DigitalGlobe. 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 DGI 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 DGI are equal to 289.9%.

Life of production assets of 9.9 years is the average useful life of capital assets used in DigitalGlobe 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 DGI is equal to -2.9%. 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 - $1173 million for DigitalGlobe - 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 62.018 million for DigitalGlobe 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 DigitalGlobe at the current share price and the inputted number of shares is $2.1 billion.

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Financial statements of DGI
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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