Intrinsic value of Manchester United Cl A - MANU

Previous Close

$16.35

  Intrinsic Value

$87.16

stock screener

  Rating & Target

str. buy

+433%

  Value-price divergence*

+64%

Previous close

$16.35

 
Intrinsic value

$87.16

 
Up/down potential

+433%

 
Rating

str. buy

 
Value-price divergence*

+64%

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

We calculate the intrinsic value of MANU 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 2.6

 

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, %
  30.63
  30.60
  28.04
  25.74
  23.66
  21.80
  20.12
  18.60
  17.24
  16.02
  14.92
  13.93
  13.03
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
Revenue, $m
  627
  819
  1,048
  1,318
  1,630
  1,986
  2,385
  2,829
  3,317
  3,848
  4,422
  5,038
  5,694
  6,391
  7,126
  7,900
  8,711
  9,560
  10,446
  11,370
  12,331
  13,332
  14,372
  15,453
  16,576
  17,743
  18,956
  20,218
  21,530
  22,894
  24,315
Variable operating expenses, $m
 
  547
  686
  849
  1,038
  1,253
  1,495
  1,764
  2,059
  2,380
  2,728
  3,050
  3,447
  3,869
  4,314
  4,782
  5,273
  5,787
  6,323
  6,883
  7,465
  8,070
  8,700
  9,354
  10,034
  10,741
  11,475
  12,239
  13,033
  13,859
  14,719
Fixed operating expenses, $m
 
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
  155
  159
  162
  167
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
Total operating expenses, $m
  543
  665
  807
  973
  1,165
  1,383
  1,628
  1,901
  2,199
  2,524
  2,875
  3,201
  3,602
  4,028
  4,476
  4,949
  5,444
  5,962
  6,502
  7,067
  7,653
  8,263
  8,898
  9,557
  10,242
  10,954
  11,694
  12,463
  13,263
  14,094
  14,960
Operating income, $m
  84
  154
  242
  345
  465
  602
  757
  928
  1,118
  1,324
  1,547
  1,837
  2,093
  2,364
  2,650
  2,951
  3,267
  3,598
  3,943
  4,303
  4,678
  5,068
  5,474
  5,896
  6,334
  6,789
  7,263
  7,755
  8,267
  8,800
  9,355
EBITDA, $m
  203
  285
  395
  525
  675
  847
  1,040
  1,255
  1,492
  1,750
  2,029
  2,328
  2,648
  2,987
  3,345
  3,721
  4,117
  4,530
  4,962
  5,412
  5,881
  6,368
  6,875
  7,402
  7,950
  8,519
  9,111
  9,726
  10,366
  11,032
  11,726
Interest expense (income), $m
  16
  21
  33
  49
  67
  88
  112
  138
  168
  201
  236
  275
  316
  360
  407
  456
  508
  562
  619
  679
  741
  805
  872
  942
  1,014
  1,089
  1,168
  1,249
  1,333
  1,421
  1,513
Earnings before tax, $m
  59
  133
  208
  296
  398
  514
  645
  790
  949
  1,123
  1,310
  1,562
  1,776
  2,003
  2,243
  2,495
  2,759
  3,036
  3,324
  3,625
  3,938
  4,263
  4,602
  4,954
  5,320
  5,700
  6,095
  6,506
  6,934
  7,379
  7,842
Tax expense, $m
  15
  36
  56
  80
  108
  139
  174
  213
  256
  303
  354
  422
  480
  541
  606
  674
  745
  820
  897
  979
  1,063
  1,151
  1,243
  1,338
  1,436
  1,539
  1,646
  1,757
  1,872
  1,992
  2,117
Net income, $m
  44
  97
  152
  216
  291
  376
  471
  577
  693
  820
  957
  1,141
  1,297
  1,463
  1,637
  1,821
  2,014
  2,216
  2,427
  2,646
  2,875
  3,112
  3,359
  3,616
  3,883
  4,161
  4,449
  4,750
  5,062
  5,387
  5,725

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  279
  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
  1,765
  1,940
  2,485
  3,124
  3,863
  4,705
  5,652
  6,703
  7,859
  9,118
  10,478
  11,938
  13,493
  15,144
  16,886
  18,720
  20,642
  22,654
  24,753
  26,942
  29,221
  31,592
  34,056
  36,617
  39,279
  42,045
  44,920
  47,909
  51,018
  54,252
  57,619
Adjusted assets (=assets-cash), $m
  1,486
  1,940
  2,485
  3,124
  3,863
  4,705
  5,652
  6,703
  7,859
  9,118
  10,478
  11,938
  13,493
  15,144
  16,886
  18,720
  20,642
  22,654
  24,753
  26,942
  29,221
  31,592
  34,056
  36,617
  39,279
  42,045
  44,920
  47,909
  51,018
  54,252
  57,619
Revenue / Adjusted assets
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
Average production assets, $m
  612
  798
  1,022
  1,285
  1,589
  1,936
  2,325
  2,758
  3,234
  3,752
  4,311
  4,912
  5,552
  6,231
  6,948
  7,702
  8,493
  9,321
  10,185
  11,085
  12,023
  12,998
  14,012
  15,066
  16,161
  17,300
  18,482
  19,712
  20,991
  22,322
  23,707
Working capital, $m
  -45
  -82
  -105
  -132
  -163
  -199
  -239
  -283
  -332
  -385
  -442
  -504
  -569
  -639
  -713
  -790
  -871
  -956
  -1,045
  -1,137
  -1,233
  -1,333
  -1,437
  -1,545
  -1,658
  -1,774
  -1,896
  -2,022
  -2,153
  -2,289
  -2,432
Total debt, $m
  596
  956
  1,395
  1,912
  2,509
  3,190
  3,955
  4,804
  5,738
  6,755
  7,855
  9,034
  10,291
  11,624
  13,032
  14,513
  16,067
  17,692
  19,389
  21,157
  22,999
  24,914
  26,905
  28,975
  31,126
  33,361
  35,684
  38,099
  40,610
  43,224
  45,944
Total liabilities, $m
  1,208
  1,568
  2,007
  2,524
  3,121
  3,802
  4,567
  5,416
  6,350
  7,367
  8,467
  9,646
  10,903
  12,236
  13,644
  15,125
  16,679
  18,304
  20,001
  21,769
  23,611
  25,526
  27,517
  29,587
  31,738
  33,973
  36,296
  38,711
  41,222
  43,836
  46,556
Total equity, $m
  557
  373
  477
  600
  742
  903
  1,085
  1,287
  1,509
  1,751
  2,012
  2,292
  2,591
  2,908
  3,242
  3,594
  3,963
  4,349
  4,753
  5,173
  5,610
  6,066
  6,539
  7,031
  7,542
  8,073
  8,625
  9,199
  9,795
  10,416
  11,063
Total liabilities and equity, $m
  1,765
  1,941
  2,484
  3,124
  3,863
  4,705
  5,652
  6,703
  7,859
  9,118
  10,479
  11,938
  13,494
  15,144
  16,886
  18,719
  20,642
  22,653
  24,754
  26,942
  29,221
  31,592
  34,056
  36,618
  39,280
  42,046
  44,921
  47,910
  51,017
  54,252
  57,619
Debt-to-equity ratio
  1.070
  2.570
  2.930
  3.190
  3.380
  3.530
  3.640
  3.730
  3.800
  3.860
  3.900
  3.940
  3.970
  4.000
  4.020
  4.040
  4.050
  4.070
  4.080
  4.090
  4.100
  4.110
  4.110
  4.120
  4.130
  4.130
  4.140
  4.140
  4.150
  4.150
  4.150
Adjusted equity ratio
  0.187
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  97
  152
  216
  291
  376
  471
  577
  693
  820
  957
  1,141
  1,297
  1,463
  1,637
  1,821
  2,014
  2,216
  2,427
  2,646
  2,875
  3,112
  3,359
  3,616
  3,883
  4,161
  4,449
  4,750
  5,062
  5,387
  5,725
Depreciation, amort., depletion, $m
  119
  131
  153
  180
  210
  245
  284
  327
  375
  426
  482
  491
  555
  623
  695
  770
  849
  932
  1,018
  1,109
  1,202
  1,300
  1,401
  1,507
  1,616
  1,730
  1,848
  1,971
  2,099
  2,232
  2,371
Funds from operations, $m
  235
  228
  305
  396
  501
  620
  755
  904
  1,068
  1,246
  1,439
  1,632
  1,852
  2,086
  2,332
  2,592
  2,864
  3,148
  3,445
  3,755
  4,077
  4,412
  4,761
  5,123
  5,499
  5,891
  6,298
  6,721
  7,161
  7,619
  8,096
Change in working capital, $m
  9
  -19
  -23
  -27
  -31
  -36
  -40
  -44
  -49
  -53
  -57
  -62
  -66
  -70
  -74
  -77
  -81
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
Cash from operations, $m
  226
  248
  328
  423
  532
  656
  795
  948
  1,116
  1,299
  1,496
  1,693
  1,918
  2,155
  2,406
  2,669
  2,945
  3,233
  3,534
  3,847
  4,173
  4,512
  4,865
  5,231
  5,612
  6,008
  6,419
  6,847
  7,292
  7,755
  8,238
Maintenance CAPEX, $m
  0
  -61
  -80
  -102
  -129
  -159
  -194
  -233
  -276
  -323
  -375
  -431
  -491
  -555
  -623
  -695
  -770
  -849
  -932
  -1,018
  -1,109
  -1,202
  -1,300
  -1,401
  -1,507
  -1,616
  -1,730
  -1,848
  -1,971
  -2,099
  -2,232
New CAPEX, $m
  -174
  -187
  -224
  -263
  -304
  -346
  -389
  -433
  -476
  -518
  -560
  -600
  -640
  -679
  -717
  -754
  -791
  -828
  -864
  -901
  -938
  -975
  -1,014
  -1,054
  -1,095
  -1,138
  -1,183
  -1,230
  -1,279
  -1,331
  -1,385
Cash from investing activities, $m
  -127
  -248
  -304
  -365
  -433
  -505
  -583
  -666
  -752
  -841
  -935
  -1,031
  -1,131
  -1,234
  -1,340
  -1,449
  -1,561
  -1,677
  -1,796
  -1,919
  -2,047
  -2,177
  -2,314
  -2,455
  -2,602
  -2,754
  -2,913
  -3,078
  -3,250
  -3,430
  -3,617
Free cash flow, $m
  99
  0
  25
  58
  99
  151
  212
  283
  365
  458
  561
  662
  786
  921
  1,066
  1,220
  1,383
  1,556
  1,738
  1,928
  2,127
  2,334
  2,551
  2,776
  3,010
  3,253
  3,506
  3,769
  4,042
  4,325
  4,620
Issuance/(repayment) of debt, $m
  0
  367
  440
  517
  597
  680
  765
  850
  934
  1,017
  1,099
  1,179
  1,257
  1,333
  1,408
  1,481
  1,554
  1,625
  1,697
  1,769
  1,841
  1,915
  1,991
  2,070
  2,151
  2,235
  2,323
  2,415
  2,512
  2,613
  2,720
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -1
  367
  440
  517
  597
  680
  765
  850
  934
  1,017
  1,099
  1,179
  1,257
  1,333
  1,408
  1,481
  1,554
  1,625
  1,697
  1,769
  1,841
  1,915
  1,991
  2,070
  2,151
  2,235
  2,323
  2,415
  2,512
  2,613
  2,720
Total cash flow (excl. dividends), $m
  113
  366
  464
  574
  697
  831
  976
  1,133
  1,299
  1,475
  1,660
  1,841
  2,043
  2,254
  2,474
  2,701
  2,937
  3,181
  3,434
  3,696
  3,968
  4,250
  4,542
  4,846
  5,161
  5,488
  5,829
  6,184
  6,553
  6,939
  7,340
Retained Cash Flow (-), $m
  24
  -88
  -104
  -123
  -142
  -162
  -182
  -202
  -222
  -242
  -261
  -280
  -299
  -317
  -335
  -352
  -369
  -386
  -403
  -420
  -438
  -455
  -473
  -492
  -511
  -531
  -552
  -574
  -597
  -621
  -646
Prev. year cash balance distribution, $m
 
  272
  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
 
  551
  360
  452
  555
  669
  795
  931
  1,077
  1,233
  1,399
  1,561
  1,745
  1,938
  2,139
  2,349
  2,568
  2,795
  3,031
  3,276
  3,531
  3,795
  4,069
  4,354
  4,650
  4,957
  5,277
  5,610
  5,957
  6,318
  6,694
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
 
  528
  329
  393
  457
  519
  577
  629
  673
  709
  734
  741
  745
  737
  718
  690
  653
  608
  558
  504
  449
  392
  338
  285
  237
  193
  154
  120
  92
  69
  50
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

Manchester United plc, together with its subsidiaries, engages in the ownership and operation of a professional sports team in the United Kingdom. It operates Manchester United Football Club, a professional football club. The company is also involved in media, property investment, and subscription TV channel activities. In addition, it markets and sells sports apparel, training and leisure wear, and other clothing, as well as other licensed products, such as coffee mugs and bed spreads featuring the Manchester United brand and trademarks through its Manchester United branded retail centers, e-commerce platforms, and wholesale distribution channels; and markets content directly to its followers through manutd.com and associated mobile properties. Further, Manchester United plc operates a football stadium. The company was founded in 1878 and is based in Manchester, the United Kingdom. Manchester United plc is a subsidiary of Red Football LLC.

FINANCIAL RATIOS  of  Manchester United Cl A (MANU)

Valuation Ratios
P/E Ratio 61
Price to Sales 4.3
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 51.6
Growth Rates
Sales Growth Rate 30.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.8%
Cap. Spend. - 3 Yr. Gr. Rate 19.6%
Financial Strength
Quick Ratio 40
Current Ratio 0
LT Debt to Equity 105.7%
Total Debt to Equity 107%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 33.1%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 25.4%
Eff/ Tax Rate - 3 Yr. Avg. 47.1%
Payout Ratio 54.5%

MANU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MANU stock intrinsic value calculation we used $627 million for the last fiscal year's total revenue generated by Manchester United Cl A. The default revenue input number comes from 2016 income statement of Manchester United Cl A. 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 MANU stock valuation model: a) initial revenue growth rate of 30.6% 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 4.3%, whose default value for MANU is calculated based on our internal credit rating of Manchester United Cl A, 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 Manchester United Cl A.
    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 MANU stock the variable cost ratio is equal to 68.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $115 million in the base year in the intrinsic value calculation for MANU 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 Manchester United Cl A.

Corporate tax rate of 27% is the nominal tax rate for Manchester United Cl A. 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 MANU 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 MANU are equal to 97.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Manchester United Cl A 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 MANU is equal to -10%. 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 - $557 million for Manchester United Cl A - 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 160.472 million for Manchester United Cl A 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 Manchester United Cl A at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

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▶ Police Make Two More Arrests Over Manchester Bombing   [May-25-17 02:40AM  Bloomberg]
▶ Manchester United observe silence for attack victims   [May-23-17 07:51AM  Reuters Videos]
▶ Manchester United Misses Another Goal   [May-16-17 11:08AM  TheStreet.com]
▶ Manchester United reports 3Q loss   [07:14AM  Associated Press]
▶ [$$] Out of office: Ryan Giggs on his passion for yoga   [May-12-17 05:46AM  Financial Times]
▶ [$$] Gambling muddies reputation of the beautiful game   [May-05-17 07:15AM  Financial Times]
▶ [$$] Premier League clubs in first loss in three years   [Apr-19-17 07:02PM  Financial Times]
▶ NRG Stadium reportedly to host major soccer match   [Apr-06-17 06:49PM  American City Business Journals]
▶ Do Sports Teams Make Good Investments?   [Mar-28-17 06:25PM  GuruFocus.com]
▶ Investing In Soccer   [Mar-23-17 07:06PM  at Forbes]
▶ Manchester United Announces Pre-Season Tour in the USA   [Mar-20-17 09:00AM  Business Wire]
▶ Man City Signs First Premier League Sleeve Sponsor   [Mar-17-17 10:00AM  Bloomberg]
▶ Aladdin Group Becomes Global Partner of Manchester United   [Mar-01-17 08:00AM  Business Wire]
▶ Manchester United Confirms Stadium Accessibility Plans   [Jan-24-17 05:35AM  Business Wire]
▶ [$$] Manchester United: a different league   [Jan-18-17 09:13PM  at Financial Times]
▶ [$$] The twilight world of Britain's hidden housing crisis   [Dec-25-16 02:50AM  at Financial Times]
▶ Do Hedge Funds Love Manchester United PLC (MANU)?   [Dec-14-16 08:39AM  at Insider Monkey]
▶ [$$] José Mourinho under scrutiny over tax scandal   [Dec-04-16 01:18PM  at Financial Times]
▶ [$$] Singapore weighs up dual-class shareholdings   [Nov-28-16 08:31PM  at Financial Times]
▶ How Leicester City Made Every Premier Power Better   [Nov-19-16 12:21AM  at The Wall Street Journal]
Stock chart of MANU Financial statements of MANU
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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