Intrinsic value of Liberty Interactive QVC Group Series A - QVCA

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$24.01

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of QVCA 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 15.7

 

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, %
  11.45
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  10,219
  9,352
  9,567
  9,813
  10,089
  10,395
  10,731
  11,096
  11,492
  11,918
  12,376
  12,865
  13,387
  13,943
  14,534
  15,161
  15,825
  16,528
  17,272
  18,058
  18,888
  19,763
  20,686
  21,660
  22,685
  23,765
  24,902
  26,099
  27,358
  28,683
  30,077
Variable operating expenses, $m
 
  8,230
  8,419
  8,636
  8,879
  9,148
  9,443
  9,765
  10,113
  10,488
  10,890
  11,321
  11,781
  12,270
  12,790
  13,341
  13,926
  14,545
  15,199
  15,891
  16,621
  17,392
  18,204
  19,060
  19,963
  20,913
  21,914
  22,967
  24,075
  25,241
  26,468
Fixed operating expenses, $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
Total operating expenses, $m
  9,208
  8,230
  8,419
  8,636
  8,879
  9,148
  9,443
  9,765
  10,113
  10,488
  10,890
  11,321
  11,781
  12,270
  12,790
  13,341
  13,926
  14,545
  15,199
  15,891
  16,621
  17,392
  18,204
  19,060
  19,963
  20,913
  21,914
  22,967
  24,075
  25,241
  26,468
Operating income, $m
  1,011
  1,122
  1,148
  1,178
  1,211
  1,247
  1,288
  1,332
  1,379
  1,430
  1,485
  1,544
  1,606
  1,673
  1,744
  1,819
  1,899
  1,983
  2,073
  2,167
  2,267
  2,372
  2,482
  2,599
  2,722
  2,852
  2,988
  3,132
  3,283
  3,442
  3,609
EBITDA, $m
  1,861
  1,793
  1,834
  1,882
  1,934
  1,993
  2,057
  2,128
  2,203
  2,285
  2,373
  2,467
  2,567
  2,673
  2,787
  2,907
  3,034
  3,169
  3,312
  3,462
  3,621
  3,789
  3,966
  4,153
  4,349
  4,557
  4,775
  5,004
  5,245
  5,500
  5,767
Interest expense (income), $m
  0
  216
  223
  231
  239
  250
  261
  273
  286
  301
  316
  333
  351
  370
  391
  412
  435
  459
  485
  512
  541
  571
  603
  637
  673
  710
  750
  791
  835
  881
  930
Earnings before tax, $m
  808
  906
  925
  947
  971
  998
  1,027
  1,059
  1,093
  1,129
  1,169
  1,211
  1,255
  1,303
  1,354
  1,407
  1,464
  1,524
  1,588
  1,655
  1,726
  1,800
  1,879
  1,962
  2,049
  2,142
  2,239
  2,341
  2,448
  2,561
  2,680
Tax expense, $m
  297
  245
  250
  256
  262
  269
  277
  286
  295
  305
  316
  327
  339
  352
  365
  380
  395
  411
  429
  447
  466
  486
  507
  530
  553
  578
  604
  632
  661
  691
  724
Net income, $m
  473
  661
  676
  691
  709
  728
  750
  773
  798
  824
  853
  884
  916
  951
  988
  1,027
  1,069
  1,113
  1,159
  1,208
  1,260
  1,314
  1,372
  1,432
  1,496
  1,563
  1,634
  1,709
  1,787
  1,869
  1,956

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  338
  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
  14,357
  14,988
  15,333
  15,727
  16,169
  16,659
  17,197
  17,783
  18,417
  19,100
  19,833
  20,617
  21,454
  22,344
  23,291
  24,296
  25,361
  26,488
  27,680
  28,939
  30,269
  31,672
  33,151
  34,711
  36,354
  38,085
  39,907
  41,825
  43,843
  45,967
  48,200
Adjusted assets (=assets-cash), $m
  14,019
  14,988
  15,333
  15,727
  16,169
  16,659
  17,197
  17,783
  18,417
  19,100
  19,833
  20,617
  21,454
  22,344
  23,291
  24,296
  25,361
  26,488
  27,680
  28,939
  30,269
  31,672
  33,151
  34,711
  36,354
  38,085
  39,907
  41,825
  43,843
  45,967
  48,200
Revenue / Adjusted assets
  0.729
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
Average production assets, $m
  10,646
  10,063
  10,295
  10,559
  10,856
  11,185
  11,546
  11,940
  12,365
  12,824
  13,316
  13,843
  14,404
  15,003
  15,638
  16,313
  17,028
  17,785
  18,585
  19,430
  20,323
  21,265
  22,259
  23,306
  24,409
  25,571
  26,795
  28,082
  29,438
  30,863
  32,363
Working capital, $m
  882
  655
  670
  687
  706
  728
  751
  777
  804
  834
  866
  901
  937
  976
  1,017
  1,061
  1,108
  1,157
  1,209
  1,264
  1,322
  1,383
  1,448
  1,516
  1,588
  1,664
  1,743
  1,827
  1,915
  2,008
  2,105
Total debt, $m
  6,375
  6,361
  6,586
  6,843
  7,131
  7,451
  7,801
  8,183
  8,597
  9,042
  9,520
  10,031
  10,577
  11,158
  11,775
  12,430
  13,124
  13,859
  14,636
  15,457
  16,324
  17,239
  18,204
  19,221
  20,292
  21,420
  22,608
  23,859
  25,175
  26,559
  28,015
Total liabilities, $m
  9,497
  9,772
  9,997
  10,254
  10,542
  10,862
  11,212
  11,594
  12,008
  12,453
  12,931
  13,442
  13,988
  14,569
  15,186
  15,841
  16,535
  17,270
  18,047
  18,868
  19,735
  20,650
  21,615
  22,632
  23,703
  24,831
  26,019
  27,270
  28,586
  29,970
  31,426
Total equity, $m
  4,860
  5,216
  5,336
  5,473
  5,627
  5,797
  5,985
  6,188
  6,409
  6,647
  6,902
  7,175
  7,466
  7,776
  8,105
  8,455
  8,826
  9,218
  9,633
  10,071
  10,533
  11,022
  11,537
  12,079
  12,651
  13,254
  13,888
  14,555
  15,258
  15,996
  16,774
Total liabilities and equity, $m
  14,357
  14,988
  15,333
  15,727
  16,169
  16,659
  17,197
  17,782
  18,417
  19,100
  19,833
  20,617
  21,454
  22,345
  23,291
  24,296
  25,361
  26,488
  27,680
  28,939
  30,268
  31,672
  33,152
  34,711
  36,354
  38,085
  39,907
  41,825
  43,844
  45,966
  48,200
Debt-to-equity ratio
  1.312
  1.220
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.340
  1.360
  1.380
  1.400
  1.420
  1.430
  1.450
  1.470
  1.490
  1.500
  1.520
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
Adjusted equity ratio
  0.323
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  473
  661
  676
  691
  709
  728
  750
  773
  798
  824
  853
  884
  916
  951
  988
  1,027
  1,069
  1,113
  1,159
  1,208
  1,260
  1,314
  1,372
  1,432
  1,496
  1,563
  1,634
  1,709
  1,787
  1,869
  1,956
Depreciation, amort., depletion, $m
  850
  671
  686
  704
  724
  746
  770
  796
  824
  855
  888
  923
  960
  1,000
  1,043
  1,088
  1,135
  1,186
  1,239
  1,295
  1,355
  1,418
  1,484
  1,554
  1,627
  1,705
  1,786
  1,872
  1,963
  2,058
  2,158
Funds from operations, $m
  1,356
  1,332
  1,362
  1,395
  1,433
  1,474
  1,519
  1,569
  1,622
  1,679
  1,741
  1,807
  1,877
  1,951
  2,031
  2,115
  2,204
  2,298
  2,398
  2,503
  2,614
  2,732
  2,856
  2,986
  3,123
  3,268
  3,420
  3,581
  3,749
  3,927
  4,114
Change in working capital, $m
  83
  13
  15
  17
  19
  21
  23
  26
  28
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
Cash from operations, $m
  1,273
  2,420
  1,347
  1,378
  1,413
  1,453
  1,496
  1,543
  1,594
  1,649
  1,709
  1,772
  1,840
  1,912
  1,989
  2,071
  2,157
  2,249
  2,346
  2,448
  2,556
  2,671
  2,791
  2,918
  3,052
  3,192
  3,341
  3,497
  3,661
  3,834
  4,016
Maintenance CAPEX, $m
  0
  -658
  -671
  -686
  -704
  -724
  -746
  -770
  -796
  -824
  -855
  -888
  -923
  -960
  -1,000
  -1,043
  -1,088
  -1,135
  -1,186
  -1,239
  -1,295
  -1,355
  -1,418
  -1,484
  -1,554
  -1,627
  -1,705
  -1,786
  -1,872
  -1,963
  -2,058
New CAPEX, $m
  -206
  -199
  -231
  -265
  -297
  -329
  -361
  -393
  -426
  -459
  -492
  -527
  -562
  -598
  -636
  -675
  -715
  -757
  -800
  -846
  -893
  -942
  -993
  -1,047
  -1,103
  -1,162
  -1,223
  -1,288
  -1,355
  -1,426
  -1,500
Cash from investing activities, $m
  -238
  -857
  -902
  -951
  -1,001
  -1,053
  -1,107
  -1,163
  -1,222
  -1,283
  -1,347
  -1,415
  -1,485
  -1,558
  -1,636
  -1,718
  -1,803
  -1,892
  -1,986
  -2,085
  -2,188
  -2,297
  -2,411
  -2,531
  -2,657
  -2,789
  -2,928
  -3,074
  -3,227
  -3,389
  -3,558
Free cash flow, $m
  1,035
  1,564
  445
  427
  412
  400
  389
  380
  373
  367
  362
  358
  355
  354
  353
  354
  355
  357
  360
  364
  368
  374
  380
  387
  395
  403
  413
  423
  434
  446
  459
Issuance/(repayment) of debt, $m
  -273
  184
  225
  257
  288
  320
  351
  382
  413
  445
  478
  511
  546
  581
  617
  655
  694
  735
  777
  821
  867
  915
  965
  1,017
  1,071
  1,128
  1,188
  1,251
  1,316
  1,384
  1,456
Issuance/(repurchase) of shares, $m
  -799
  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  
  -1,103
  184
  225
  257
  288
  320
  351
  382
  413
  445
  478
  511
  546
  581
  617
  655
  694
  735
  777
  821
  867
  915
  965
  1,017
  1,071
  1,128
  1,188
  1,251
  1,316
  1,384
  1,456
Total cash flow (excl. dividends), $m
  -88
  1,748
  669
  684
  701
  719
  740
  762
  786
  812
  840
  869
  901
  935
  971
  1,009
  1,049
  1,092
  1,137
  1,185
  1,235
  1,288
  1,345
  1,404
  1,466
  1,532
  1,601
  1,673
  1,750
  1,830
  1,915
Retained Cash Flow (-), $m
  335
  -101
  -120
  -137
  -154
  -171
  -187
  -204
  -221
  -238
  -255
  -273
  -291
  -310
  -329
  -350
  -371
  -392
  -415
  -438
  -463
  -488
  -515
  -543
  -572
  -602
  -634
  -667
  -702
  -739
  -777
Prev. year cash balance distribution, $m
 
  80
  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
 
  1,727
  549
  547
  547
  549
  553
  558
  565
  574
  585
  596
  610
  625
  641
  659
  679
  700
  722
  747
  773
  800
  830
  861
  894
  929
  967
  1,006
  1,048
  1,092
  1,138
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  1,596
  466
  422
  381
  341
  304
  269
  236
  205
  177
  150
  126
  105
  86
  69
  55
  43
  33
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

QVC Group markets and sells a range of consumer products primarily through live merchandise-focused televised shopping programs, Internet, and mobile applications. The company’s Websites offers home, beauty, jewelry, accessories, and electronic products. It also operates as an online retailer of women’s, children’s, and men’s apparel, and children’s merchandise; and kitchen accessories and home décor products, as well as retails products through catalogs, and brick-and-mortar stores. In addition, the company distributes home and apparel lifestyle products under various brands, including Ballard Design, Frontgate, Garnet Hill, Grandin Road, Improvements, Chasing Fireflies, and Travelsmith. Its programming distributed products to approximately 317 million homes in the United States, Japan, Germany, Austria, the United Kingdom, Ireland, Italy, and China. The company was formerly known as Liberty Interactive Group. QVC Group is based in Englewood, Colorado. QVC Group is a subsidiary of Liberty Interactive Corporation.

FINANCIAL RATIOS  of  Liberty Interactive QVC Group Series A (QVCA)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 1.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 10.3
Growth Rates
Sales Growth Rate 11.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.5%
Cap. Spend. - 3 Yr. Gr. Rate -6.7%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 130.9%
Total Debt to Equity 131.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35%
Gross Margin - 3 Yr. Avg. 35.9%
EBITDA Margin 16.2%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 7.9%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.2%
Payout Ratio 0%

QVCA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QVCA stock intrinsic value calculation we used $9169 million for the last fiscal year's total revenue generated by Liberty Interactive QVC Group Series A. The default revenue input number comes from 2016 income statement of Liberty Interactive QVC Group Series 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 QVCA stock valuation model: a) initial revenue growth rate of 2% 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 8.2%, whose default value for QVCA is calculated based on our internal credit rating of Liberty Interactive QVC Group Series 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 Liberty Interactive QVC Group Series 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 QVCA stock the variable cost ratio is equal to 88%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for QVCA 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 Liberty Interactive QVC Group Series A.

Corporate tax rate of 27% is the nominal tax rate for Liberty Interactive QVC Group Series 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 QVCA 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 QVCA are equal to 107.6%.

Life of production assets of 15 years is the average useful life of capital assets used in Liberty Interactive QVC Group Series 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 QVCA is equal to 7%. 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 - $5195 million for Liberty Interactive QVC Group Series 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 655.971 million for Liberty Interactive QVC Group Series 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 Liberty Interactive QVC Group Series A at the current share price and the inputted number of shares is $15.7 billion.


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COMPANY NEWS

▶ How The Beauty Industry Is Adapting To Change   [Jun-19-17 07:45AM  Forbes]
▶ Brave is Beautiful   [May-16-17 10:29AM  PR Newswire]
▶ Liberty posts 1Q profit   [05:22AM  Associated Press]
▶ Liberty Interactive posts 1Q profit   [10:11AM  Associated Press]
▶ Liberty Interactive beats 1Q profit forecasts   [10:05AM  Associated Press]
▶ Speculation emerges about HSNs future and frenemy QVC   [May-04-17 08:09AM  American City Business Journals]
▶ SEC Issues Asset Freeze Against Insider Traders   [Apr-18-17 12:25PM  24/7 Wall St.]
▶ Company News for April 05, 2017   [Apr-05-17 11:22AM  Zacks]
▶ WPT Industrial REIT Announces Key Lease Renewal   [Mar-16-17 08:15AM  Marketwired]
▶ 10 Nasdaq stocks analysts expect to rise up to 50%   [Mar-03-17 01:55PM  at MarketWatch]
▶ [$$] QVC Stock Cheap, but Requires Patience   [01:30PM  at Barrons.com]
▶ Why Liberty Interactive Corp. Shares Plunged Today   [Feb-28-17 05:06PM  at Motley Fool]
▶ [$$] QVC Operator Liberty Interactive Profit Falls   [09:44AM  at The Wall Street Journal]
▶ [$$] Is There Time for QVC in the Age of Amazon?   [Jan-09-17 05:30AM  at The Wall Street Journal]
▶ How Centurylink Inc (CTL) Stacks Up Against Its Peers   [Dec-11-16 01:04PM  at Insider Monkey]
Stock chart of QVCA Financial statements of QVCA Annual reports of QVCA
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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