Intrinsic value of Liberty Interactive QVC Group Series A - QVCA

Previous Close

$24.41

  Intrinsic Value

$8.40

stock screener

  Rating & Target

str. sell

-66%

Previous close

$24.41

 
Intrinsic value

$8.40

 
Up/down potential

-66%

 
Rating

str. sell

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 16.2

 

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
  10,423
  10,663
  10,937
  11,245
  11,586
  11,960
  12,367
  12,808
  13,283
  13,793
  14,338
  14,920
  15,540
  16,198
  16,897
  17,637
  18,421
  19,250
  20,126
  21,051
  22,026
  23,055
  24,140
  25,283
  26,486
  27,754
  29,088
  30,491
  31,968
  33,521
Variable operating expenses, $m
 
  9,089
  9,298
  9,537
  9,805
  10,103
  10,429
  10,784
  11,169
  11,583
  12,027
  12,503
  13,010
  13,551
  14,125
  14,734
  15,380
  16,063
  16,786
  17,550
  18,356
  19,207
  20,104
  21,050
  22,047
  23,096
  24,201
  25,364
  26,588
  27,876
  29,230
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
  9,089
  9,298
  9,537
  9,805
  10,103
  10,429
  10,784
  11,169
  11,583
  12,027
  12,503
  13,010
  13,551
  14,125
  14,734
  15,380
  16,063
  16,786
  17,550
  18,356
  19,207
  20,104
  21,050
  22,047
  23,096
  24,201
  25,364
  26,588
  27,876
  29,230
Operating income, $m
  1,011
  1,334
  1,365
  1,400
  1,439
  1,483
  1,531
  1,583
  1,639
  1,700
  1,765
  1,835
  1,910
  1,989
  2,073
  2,163
  2,258
  2,358
  2,464
  2,576
  2,694
  2,819
  2,951
  3,090
  3,236
  3,390
  3,552
  3,723
  3,903
  4,092
  4,291
EBITDA, $m
  1,861
  2,203
  2,254
  2,312
  2,377
  2,449
  2,528
  2,614
  2,707
  2,807
  2,915
  3,031
  3,153
  3,284
  3,424
  3,571
  3,728
  3,893
  4,069
  4,254
  4,449
  4,655
  4,873
  5,102
  5,344
  5,598
  5,866
  6,148
  6,445
  6,757
  7,085
Interest expense (income), $m
  0
  223
  229
  237
  246
  256
  267
  279
  292
  306
  322
  338
  356
  375
  395
  416
  439
  463
  489
  515
  544
  574
  606
  639
  674
  711
  750
  791
  835
  880
  928
Earnings before tax, $m
  808
  1,112
  1,136
  1,163
  1,194
  1,227
  1,264
  1,304
  1,347
  1,394
  1,444
  1,497
  1,554
  1,614
  1,678
  1,746
  1,818
  1,895
  1,975
  2,061
  2,151
  2,245
  2,345
  2,451
  2,562
  2,679
  2,802
  2,932
  3,068
  3,212
  3,362
Tax expense, $m
  297
  300
  307
  314
  322
  331
  341
  352
  364
  376
  390
  404
  419
  436
  453
  472
  491
  512
  533
  556
  581
  606
  633
  662
  692
  723
  757
  792
  828
  867
  908
Net income, $m
  473
  811
  829
  849
  871
  896
  923
  952
  984
  1,017
  1,054
  1,093
  1,134
  1,178
  1,225
  1,275
  1,327
  1,383
  1,442
  1,504
  1,570
  1,639
  1,712
  1,789
  1,870
  1,956
  2,046
  2,140
  2,240
  2,344
  2,455

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
  14,298
  14,627
  15,003
  15,425
  15,893
  16,406
  16,964
  17,569
  18,221
  18,920
  19,668
  20,466
  21,316
  22,220
  23,178
  24,194
  25,269
  26,406
  27,607
  28,876
  30,214
  31,626
  33,114
  34,682
  36,333
  38,071
  39,901
  41,826
  43,852
  45,982
Adjusted assets (=assets-cash), $m
  14,019
  14,298
  14,627
  15,003
  15,425
  15,893
  16,406
  16,964
  17,569
  18,221
  18,920
  19,668
  20,466
  21,316
  22,220
  23,178
  24,194
  25,269
  26,406
  27,607
  28,876
  30,214
  31,626
  33,114
  34,682
  36,333
  38,071
  39,901
  41,826
  43,852
  45,982
Revenue / Adjusted assets
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
Average production assets, $m
  10,646
  10,861
  11,111
  11,397
  11,717
  12,072
  12,462
  12,887
  13,346
  13,841
  14,372
  14,940
  15,547
  16,192
  16,878
  17,607
  18,378
  19,195
  20,059
  20,971
  21,935
  22,951
  24,024
  25,154
  26,345
  27,599
  28,919
  30,309
  31,772
  33,311
  34,929
Working capital, $m
  882
  573
  586
  602
  618
  637
  658
  680
  704
  731
  759
  789
  821
  855
  891
  929
  970
  1,013
  1,059
  1,107
  1,158
  1,211
  1,268
  1,328
  1,391
  1,457
  1,526
  1,600
  1,677
  1,758
  1,844
Total debt, $m
  6,375
  6,544
  6,766
  7,020
  7,305
  7,621
  7,968
  8,346
  8,755
  9,195
  9,668
  10,174
  10,713
  11,288
  11,898
  12,546
  13,233
  13,960
  14,729
  15,541
  16,398
  17,303
  18,257
  19,263
  20,323
  21,439
  22,614
  23,851
  25,152
  26,522
  27,962
Total liabilities, $m
  9,497
  9,666
  9,888
  10,142
  10,427
  10,743
  11,090
  11,468
  11,877
  12,317
  12,790
  13,296
  13,835
  14,410
  15,020
  15,668
  16,355
  17,082
  17,851
  18,663
  19,520
  20,425
  21,379
  22,385
  23,445
  24,561
  25,736
  26,973
  28,274
  29,644
  31,084
Total equity, $m
  4,860
  4,633
  4,739
  4,861
  4,998
  5,149
  5,315
  5,496
  5,692
  5,904
  6,130
  6,372
  6,631
  6,906
  7,199
  7,510
  7,839
  8,187
  8,556
  8,945
  9,356
  9,789
  10,247
  10,729
  11,237
  11,772
  12,335
  12,928
  13,552
  14,208
  14,898
Total liabilities and equity, $m
  14,357
  14,299
  14,627
  15,003
  15,425
  15,892
  16,405
  16,964
  17,569
  18,221
  18,920
  19,668
  20,466
  21,316
  22,219
  23,178
  24,194
  25,269
  26,407
  27,608
  28,876
  30,214
  31,626
  33,114
  34,682
  36,333
  38,071
  39,901
  41,826
  43,852
  45,982
Debt-to-equity ratio
  1.312
  1.410
  1.430
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.630
  1.650
  1.670
  1.690
  1.710
  1.720
  1.740
  1.750
  1.770
  1.780
  1.800
  1.810
  1.820
  1.830
  1.840
  1.860
  1.870
  1.880
Adjusted equity ratio
  0.323
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  473
  811
  829
  849
  871
  896
  923
  952
  984
  1,017
  1,054
  1,093
  1,134
  1,178
  1,225
  1,275
  1,327
  1,383
  1,442
  1,504
  1,570
  1,639
  1,712
  1,789
  1,870
  1,956
  2,046
  2,140
  2,240
  2,344
  2,455
Depreciation, amort., depletion, $m
  850
  869
  889
  912
  937
  966
  997
  1,031
  1,068
  1,107
  1,150
  1,195
  1,244
  1,295
  1,350
  1,409
  1,470
  1,536
  1,605
  1,678
  1,755
  1,836
  1,922
  2,012
  2,108
  2,208
  2,314
  2,425
  2,542
  2,665
  2,794
Funds from operations, $m
  1,356
  1,680
  1,718
  1,761
  1,809
  1,862
  1,920
  1,983
  2,051
  2,125
  2,204
  2,288
  2,378
  2,474
  2,575
  2,683
  2,798
  2,919
  3,047
  3,182
  3,325
  3,475
  3,634
  3,801
  3,978
  4,164
  4,359
  4,565
  4,781
  5,009
  5,249
Change in working capital, $m
  83
  11
  13
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
Cash from operations, $m
  1,273
  1,669
  1,705
  1,746
  1,792
  1,843
  1,899
  1,961
  2,027
  2,099
  2,176
  2,258
  2,346
  2,440
  2,539
  2,645
  2,757
  2,876
  3,001
  3,134
  3,274
  3,422
  3,577
  3,742
  3,915
  4,097
  4,289
  4,492
  4,704
  4,928
  5,163
Maintenance CAPEX, $m
  0
  -852
  -869
  -889
  -912
  -937
  -966
  -997
  -1,031
  -1,068
  -1,107
  -1,150
  -1,195
  -1,244
  -1,295
  -1,350
  -1,409
  -1,470
  -1,536
  -1,605
  -1,678
  -1,755
  -1,836
  -1,922
  -2,012
  -2,108
  -2,208
  -2,314
  -2,425
  -2,542
  -2,665
New CAPEX, $m
  -206
  -216
  -250
  -286
  -321
  -355
  -390
  -424
  -459
  -495
  -531
  -568
  -606
  -646
  -686
  -728
  -772
  -817
  -864
  -913
  -964
  -1,017
  -1,072
  -1,130
  -1,191
  -1,254
  -1,321
  -1,390
  -1,463
  -1,539
  -1,618
Cash from investing activities, $m
  -238
  -1,068
  -1,119
  -1,175
  -1,233
  -1,292
  -1,356
  -1,421
  -1,490
  -1,563
  -1,638
  -1,718
  -1,801
  -1,890
  -1,981
  -2,078
  -2,181
  -2,287
  -2,400
  -2,518
  -2,642
  -2,772
  -2,908
  -3,052
  -3,203
  -3,362
  -3,529
  -3,704
  -3,888
  -4,081
  -4,283
Free cash flow, $m
  1,035
  602
  586
  571
  559
  550
  544
  539
  537
  536
  537
  540
  544
  550
  558
  567
  577
  589
  602
  616
  633
  650
  669
  690
  712
  736
  761
  788
  817
  848
  880
Issuance/(repayment) of debt, $m
  -273
  183
  222
  254
  285
  316
  347
  378
  409
  440
  473
  506
  540
  575
  611
  648
  687
  727
  769
  812
  858
  905
  954
  1,006
  1,060
  1,116
  1,175
  1,237
  1,302
  1,369
  1,440
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
  183
  222
  254
  285
  316
  347
  378
  409
  440
  473
  506
  540
  575
  611
  648
  687
  727
  769
  812
  858
  905
  954
  1,006
  1,060
  1,116
  1,175
  1,237
  1,302
  1,369
  1,440
Total cash flow (excl. dividends), $m
  -88
  784
  808
  825
  845
  866
  890
  917
  945
  976
  1,010
  1,046
  1,084
  1,125
  1,168
  1,215
  1,264
  1,315
  1,370
  1,429
  1,490
  1,555
  1,623
  1,696
  1,772
  1,852
  1,936
  2,025
  2,119
  2,217
  2,320
Retained Cash Flow (-), $m
  335
  -97
  -107
  -122
  -137
  -152
  -166
  -181
  -196
  -211
  -227
  -242
  -259
  -275
  -293
  -311
  -329
  -348
  -368
  -389
  -411
  -434
  -457
  -482
  -508
  -535
  -563
  -593
  -624
  -656
  -690
Prev. year cash balance distribution, $m
 
  324
  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
 
  1,012
  702
  704
  708
  715
  724
  736
  750
  765
  783
  803
  825
  849
  876
  904
  934
  967
  1,002
  1,039
  1,079
  1,121
  1,166
  1,213
  1,264
  1,317
  1,373
  1,432
  1,495
  1,561
  1,630
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  934
  594
  541
  491
  442
  396
  352
  310
  270
  233
  199
  168
  140
  114
  92
  73
  57
  44
  33
  24
  17
  12
  8
  5
  4
  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

Liberty Interactive Corporation owns interests in subsidiaries and other companies, which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its subsidiaries QVC, Inc. (QVC), zulily, llc (zulily) and and Evite, Inc. (Evite). The Company's segments include QVC, zulily, and Corporate and other. Evite is an online invitation and social event planning service on the Web. As of December 31, 2016, QVC marketed and sold a range of consumer products primarily through live merchandise-focused televised shopping programs distributed to approximately 362 million households each day and through its Websites, including QVC.com, and other interactive media, such as mobile applications. Zulily's merchandise includes women's, children's and men's apparel, children's merchandise and other products, such as kitchen accessories and home decor.

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

Valuation Ratios
P/E Ratio 23.7
Price to Sales 1.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 10.5
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 $10219 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 8.3%, 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 87.2%.

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 104.2%.

Life of production assets of 12.5 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 5.5%. 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 - $4860 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 661.677 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 $16.2 billion.

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AMZN Amazon.com 1,165.08 534.47  sell
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COMPANY NEWS

▶ GameStop Corp. Is an Unlikely Winner As a Dividend Stock   [Dec-08-17 11:49AM  InvestorPlace]
▶ Stocks Generating Improved Relative Strength: Liberty Interactive Ventures   [Dec-04-17 03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Liberty Interactive QVC   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ HSN sets date for shareholder vote on sale to Liberty Interactive   [Nov-28-17 10:30AM  American City Business Journals]
▶ QVC Encourages You To Share The Love This Holiday Season   [Nov-21-17 10:59AM  PR Newswire]
▶ Is Liberty Ventures (LVNTA) Undervalued?   [01:55PM  Simply Wall St.]
▶ Liberty Interactive posts 3Q profit   [05:01AM  Associated Press]
▶ Liberty Interactive tops Street 3Q forecasts   [05:01AM  Associated Press]
▶ Liberty posts 3Q profit   [05:01AM  Associated Press]
▶ General Communication Bleeds Subscribers   [Nov-03-17 07:15PM  Motley Fool]
▶ Is Liberty Venturess (LVNTA) ROE Of 46.91% Sustainable?   [Oct-27-17 08:51PM  Simply Wall St.]
▶ QVC Takes A Stylish Stand Against Breast Cancer   [Oct-10-17 11:06AM  PR Newswire]
▶ Wally Weitz Comments on Liberty Ventures   [Sep-15-17 01:37PM  GuruFocus.com]
▶ Liberty Interactive Challenges Walmart and Amazon   [Sep-13-17 10:37AM  Market Realist]
▶ Live Beautifully With QVC and Martha Stewart   [Sep-06-17 09:00AM  PR Newswire]
▶ Former exec of Liberty Interactive's QVC is charged with $1M fraud   [Aug-11-17 10:27AM  American City Business Journals]
▶ Former QVC exec charged with bilking company out of more than $1M   [Aug-10-17 04:50PM  American City Business Journals]
▶ Liberty Interactive meets 2Q profit forecasts   [12:33AM  Associated Press]
▶ Liberty Interactive posts 2Q profit   [12:33AM  Associated Press]
▶ Liberty posts 2Q profit   [Aug-09-17 10:56PM  Associated Press]
▶ Liberty posts 2Q profit   [10:17PM  Associated Press]
▶ Liberty posts 2Q profit   [11:51AM  Associated Press]
▶ General Communication Suffers a Sales Slump   [Aug-03-17 09:15PM  Motley Fool]
▶ Shop For A Cure With QVC   [Jul-27-17 12:08PM  PR Newswire]
▶ Harry Slatkin Returns To QVC   [Jul-24-17 11:45AM  PR Newswire]
Financial statements 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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