Intrinsic value of Altice USA, Inc. - ATUS

Previous Close

$25.87

  Intrinsic Value

$19.93

stock screener

  Rating & Target

sell

-23%

Previous close

$25.87

 
Intrinsic value

$19.93

 
Up/down potential

-23%

 
Rating

sell

We calculate the intrinsic value of ATUS 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 0001), $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 18.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  9,950
  10,358
  10,792
  11,253
  11,741
  12,259
  12,807
  13,386
  13,998
  14,643
  15,324
  16,042
  16,799
  17,597
  18,436
  19,320
  20,250
  21,229
  22,259
  23,341
  24,480
  25,677
  26,936
  28,259
  29,649
  31,110
  32,646
  34,259
  35,954
  37,735
Variable operating expenses, $m
  8,947
  9,205
  9,479
  9,770
  10,078
  10,405
  10,750
  11,116
  11,502
  11,909
  9,670
  10,123
  10,601
  11,104
  11,634
  12,192
  12,779
  13,396
  14,046
  14,729
  15,448
  16,203
  16,998
  17,832
  18,710
  19,632
  20,601
  21,619
  22,689
  23,812
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
  8,947
  9,205
  9,479
  9,770
  10,078
  10,405
  10,750
  11,116
  11,502
  11,909
  9,670
  10,123
  10,601
  11,104
  11,634
  12,192
  12,779
  13,396
  14,046
  14,729
  15,448
  16,203
  16,998
  17,832
  18,710
  19,632
  20,601
  21,619
  22,689
  23,812
Operating income, $m
  1,002
  1,153
  1,313
  1,483
  1,663
  1,854
  2,056
  2,270
  2,496
  2,734
  5,654
  5,919
  6,198
  6,492
  6,802
  7,128
  7,471
  7,833
  8,212
  8,612
  9,032
  9,474
  9,938
  10,426
  10,939
  11,478
  12,045
  12,640
  13,266
  13,923
EBITDA, $m
  5,134
  5,345
  5,569
  5,806
  6,059
  6,326
  6,608
  6,907
  7,223
  7,556
  7,908
  8,278
  8,669
  9,080
  9,513
  9,969
  10,449
  10,954
  11,486
  12,044
  12,632
  13,250
  13,899
  14,582
  15,299
  16,053
  16,846
  17,678
  18,553
  19,472
Interest expense (income), $m
  1,092
  1,597
  1,678
  1,768
  1,863
  1,963
  2,070
  2,184
  2,304
  2,430
  2,564
  2,705
  2,854
  3,012
  3,177
  3,352
  3,535
  3,729
  3,932
  4,147
  4,372
  4,609
  4,858
  5,120
  5,396
  5,685
  5,989
  6,309
  6,645
  6,998
  7,369
Earnings before tax, $m
  -595
  -526
  -455
  -380
  -300
  -216
  -127
  -33
  65
  170
  2,949
  3,065
  3,187
  3,315
  3,450
  3,593
  3,743
  3,900
  4,066
  4,240
  4,423
  4,616
  4,818
  5,031
  5,254
  5,489
  5,736
  5,995
  6,267
  6,553
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  18
  46
  796
  827
  860
  895
  932
  970
  1,010
  1,053
  1,098
  1,145
  1,194
  1,246
  1,301
  1,358
  1,419
  1,482
  1,549
  1,619
  1,692
  1,769
Net income, $m
  -595
  -526
  -455
  -380
  -300
  -216
  -127
  -33
  48
  124
  2,152
  2,237
  2,326
  2,420
  2,519
  2,623
  2,732
  2,847
  2,968
  3,095
  3,229
  3,369
  3,517
  3,672
  3,836
  4,007
  4,187
  4,376
  4,575
  4,784

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  34,911
  36,343
  37,865
  39,482
  41,198
  43,014
  44,936
  46,968
  49,114
  51,380
  53,770
  56,289
  58,945
  61,742
  64,688
  67,789
  71,053
  74,487
  78,100
  81,900
  85,895
  90,096
  94,512
  99,154
  104,032
  109,159
  114,547
  120,207
  126,155
  132,403
Adjusted assets (=assets-cash), $m
  34,911
  36,343
  37,865
  39,482
  41,198
  43,014
  44,936
  46,968
  49,114
  51,380
  53,770
  56,289
  58,945
  61,742
  64,688
  67,789
  71,053
  74,487
  78,100
  81,900
  85,895
  90,096
  94,512
  99,154
  104,032
  109,159
  114,547
  120,207
  126,155
  132,403
Revenue / Adjusted assets
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
  0.285
Average production assets, $m
  20,337
  21,171
  22,058
  23,000
  23,999
  25,057
  26,177
  27,361
  28,611
  29,931
  31,323
  32,791
  34,338
  35,967
  37,683
  39,490
  41,391
  43,392
  45,496
  47,710
  50,037
  52,484
  55,057
  57,761
  60,603
  63,590
  66,728
  70,026
  73,490
  77,130
Working capital, $m
  -1,313
  -1,367
  -1,424
  -1,485
  -1,550
  -1,618
  -1,691
  -1,767
  -1,848
  -1,933
  -2,023
  -2,118
  -2,218
  -2,323
  -2,434
  -2,550
  -2,673
  -2,802
  -2,938
  -3,081
  -3,231
  -3,389
  -3,556
  -3,730
  -3,914
  -4,107
  -4,309
  -4,522
  -4,746
  -4,981
Total debt, $m
  23,976
  25,251
  26,608
  28,049
  29,577
  31,195
  32,908
  34,718
  36,631
  38,649
  40,779
  43,024
  45,390
  47,882
  50,507
  53,270
  56,178
  59,238
  62,457
  65,842
  69,402
  73,145
  77,080
  81,216
  85,562
  90,131
  94,931
  99,974
  105,274
  110,841
Total liabilities, $m
  31,106
  32,381
  33,738
  35,179
  36,707
  38,326
  40,038
  41,849
  43,761
  45,779
  47,909
  50,154
  52,520
  55,012
  57,637
  60,400
  63,308
  66,368
  69,587
  72,972
  76,532
  80,275
  84,210
  88,346
  92,693
  97,261
  102,061
  107,105
  112,404
  117,971
Total equity, $m
  3,805
  3,961
  4,127
  4,304
  4,491
  4,689
  4,898
  5,120
  5,353
  5,600
  5,861
  6,136
  6,425
  6,730
  7,051
  7,389
  7,745
  8,119
  8,513
  8,927
  9,363
  9,820
  10,302
  10,808
  11,340
  11,898
  12,486
  13,103
  13,751
  14,432
Total liabilities and equity, $m
  34,911
  36,342
  37,865
  39,483
  41,198
  43,015
  44,936
  46,969
  49,114
  51,379
  53,770
  56,290
  58,945
  61,742
  64,688
  67,789
  71,053
  74,487
  78,100
  81,899
  85,895
  90,095
  94,512
  99,154
  104,033
  109,159
  114,547
  120,208
  126,155
  132,403
Debt-to-equity ratio
  6.300
  6.370
  6.450
  6.520
  6.590
  6.650
  6.720
  6.780
  6.840
  6.900
  6.960
  7.010
  7.060
  7.110
  7.160
  7.210
  7.250
  7.300
  7.340
  7.380
  7.410
  7.450
  7.480
  7.510
  7.550
  7.580
  7.600
  7.630
  7.660
  7.680
Adjusted equity ratio
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109
  0.109

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -595
  -526
  -455
  -380
  -300
  -216
  -127
  -33
  48
  124
  2,152
  2,237
  2,326
  2,420
  2,519
  2,623
  2,732
  2,847
  2,968
  3,095
  3,229
  3,369
  3,517
  3,672
  3,836
  4,007
  4,187
  4,376
  4,575
  4,784
Depreciation, amort., depletion, $m
  4,132
  4,192
  4,256
  4,323
  4,395
  4,471
  4,552
  4,637
  4,727
  4,822
  2,253
  2,359
  2,470
  2,588
  2,711
  2,841
  2,978
  3,122
  3,273
  3,432
  3,600
  3,776
  3,961
  4,155
  4,360
  4,575
  4,801
  5,038
  5,287
  5,549
Funds from operations, $m
  3,537
  3,666
  3,801
  3,944
  4,095
  4,255
  4,425
  4,604
  4,775
  4,946
  4,406
  4,596
  4,797
  5,008
  5,230
  5,464
  5,710
  5,969
  6,241
  6,528
  6,829
  7,145
  7,478
  7,828
  8,196
  8,582
  8,988
  9,414
  9,862
  10,333
Change in working capital, $m
  -51
  -54
  -57
  -61
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
Cash from operations, $m
  3,588
  3,720
  3,858
  4,005
  4,160
  4,324
  4,497
  4,680
  4,856
  5,031
  4,496
  4,691
  4,896
  5,113
  5,341
  5,580
  5,833
  6,098
  6,377
  6,671
  6,979
  7,303
  7,644
  8,003
  8,379
  8,775
  9,190
  9,627
  10,086
  10,568
Maintenance CAPEX, $m
  -1,407
  -1,463
  -1,523
  -1,587
  -1,655
  -1,727
  -1,803
  -1,883
  -1,968
  -2,058
  -2,153
  -2,253
  -2,359
  -2,470
  -2,588
  -2,711
  -2,841
  -2,978
  -3,122
  -3,273
  -3,432
  -3,600
  -3,776
  -3,961
  -4,155
  -4,360
  -4,575
  -4,801
  -5,038
  -5,287
New CAPEX, $m
  -782
  -834
  -887
  -942
  -999
  -1,058
  -1,120
  -1,184
  -1,250
  -1,320
  -1,392
  -1,468
  -1,547
  -1,630
  -1,716
  -1,807
  -1,901
  -2,001
  -2,104
  -2,213
  -2,327
  -2,447
  -2,573
  -2,704
  -2,842
  -2,987
  -3,138
  -3,298
  -3,465
  -3,640
Cash from investing activities, $m
  -2,189
  -2,297
  -2,410
  -2,529
  -2,654
  -2,785
  -2,923
  -3,067
  -3,218
  -3,378
  -3,545
  -3,721
  -3,906
  -4,100
  -4,304
  -4,518
  -4,742
  -4,979
  -5,226
  -5,486
  -5,759
  -6,047
  -6,349
  -6,665
  -6,997
  -7,347
  -7,713
  -8,099
  -8,503
  -8,927
Free cash flow, $m
  1,399
  1,423
  1,448
  1,476
  1,506
  1,539
  1,575
  1,613
  1,637
  1,653
  950
  970
  990
  1,013
  1,037
  1,063
  1,090
  1,120
  1,151
  1,184
  1,219
  1,256
  1,296
  1,338
  1,382
  1,428
  1,477
  1,529
  1,584
  1,641
Issuance/(repayment) of debt, $m
  1,163
  1,275
  1,357
  1,441
  1,528
  1,619
  1,713
  1,810
  1,912
  2,019
  2,129
  2,245
  2,366
  2,492
  2,625
  2,763
  2,908
  3,060
  3,219
  3,385
  3,560
  3,743
  3,935
  4,136
  4,347
  4,568
  4,800
  5,044
  5,299
  5,567
Issuance/(repurchase) of shares, $m
  729
  682
  621
  556
  487
  414
  337
  255
  186
  123
  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  
  1,892
  1,957
  1,978
  1,997
  2,015
  2,033
  2,050
  2,065
  2,098
  2,142
  2,129
  2,245
  2,366
  2,492
  2,625
  2,763
  2,908
  3,060
  3,219
  3,385
  3,560
  3,743
  3,935
  4,136
  4,347
  4,568
  4,800
  5,044
  5,299
  5,567
Total cash flow (excl. dividends), $m
  3,291
  3,380
  3,426
  3,473
  3,521
  3,572
  3,624
  3,679
  3,735
  3,795
  3,080
  3,215
  3,357
  3,505
  3,662
  3,826
  3,998
  4,180
  4,370
  4,569
  4,779
  4,999
  5,231
  5,473
  5,728
  5,996
  6,277
  6,573
  6,883
  7,208
Retained Cash Flow (-), $m
  -729
  -682
  -621
  -556
  -487
  -414
  -337
  -255
  -234
  -247
  -260
  -275
  -289
  -305
  -321
  -338
  -356
  -374
  -394
  -414
  -435
  -458
  -481
  -506
  -532
  -559
  -587
  -617
  -648
  -681
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,562
  2,699
  2,805
  2,917
  3,034
  3,158
  3,287
  3,424
  3,502
  3,548
  2,819
  2,940
  3,067
  3,200
  3,341
  3,488
  3,643
  3,805
  3,976
  4,155
  4,344
  4,541
  4,749
  4,967
  5,197
  5,437
  5,690
  5,956
  6,234
  6,527
Discount rate, %
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
  2,283
  2,121
  1,921
  1,719
  1,520
  1,325
  1,139
  964
  788
  627
  384
  302
  233
  176
  130
  94
  66
  45
  30
  19
  12
  7
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.1
  92.7
  89.9
  87.5
  85.5
  83.9
  82.7
  81.9
  81.3
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9
  80.9

Altice USA, Inc. is engaged in providing broadband communications and video services in the United States. The Company’s segments include Cablevision and Cequel. Cablevision provides broadband, pay television and telephony services to residential and business customers in and around the New York metropolitan area. Cequel provides broadband, pay television and telephony services to residential and business customers in the south-central United States. It also provides services through ten states of Texas, West Virginia, Louisiana, Arkansas, North Carolina, Oklahoma, Arizona, California, Missouri and Ohio. The Company also provides Wi-Fi hotspot access content and advertising services. Broadband provides services, such as video streaming, content downloading for time-shifted video consumption and other applications delivered over OTT platforms. Pay Television provides services through cable network. Video services delivered over DSL networks.

FINANCIAL RATIOS  of  Altice USA, Inc. (ATUS)

Valuation Ratios
P/E Ratio -22.9
Price to Sales 3.2
Price to Book 9.1
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 34.2
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 1069%
Total Debt to Equity 1145.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -6.4%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -79.3%
Return On Equity - 3 Yr. Avg. -26.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 68.4%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 28.3%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin -18.1%
Pre-Tax Margin - 3 Yr. Avg. -6%
Net Profit Margin -13.8%
Net Profit Margin - 3 Yr. Avg. -4.6%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 7.9%
Payout Ratio 0%

ATUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATUS stock intrinsic value calculation we used $9567 million for the last fiscal year's total revenue generated by Altice USA, Inc.. The default revenue input number comes from 0001 income statement of Altice USA, Inc.. 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 ATUS stock valuation model: a) initial revenue growth rate of 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 12.2%, whose default value for ATUS is calculated based on our internal credit rating of Altice USA, Inc., 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 Altice USA, Inc..
    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 ATUS stock the variable cost ratio is equal to 91%.

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 ATUS 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 7% for Altice USA, Inc..

Corporate tax rate of 27% is the nominal tax rate for Altice USA, Inc.. 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 ATUS 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 ATUS are equal to 204.4%.

Life of production assets of 13.9 years is the average useful life of capital assets used in Altice USA, Inc. 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 ATUS is equal to -13.2%. 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 - $3670.941 million for Altice USA, Inc. - 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 697.696 million for Altice USA, Inc. 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 Altice USA, Inc. at the current share price and the inputted number of shares is $18.0 billion.

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