Intrinsic value of Azure Power Global Limited - AZRE

Previous Close

$10.10

  Intrinsic Value

$13.40

stock screener

  Rating & Target

buy

+33%

Previous close

$10.10

 
Intrinsic value

$13.40

 
Up/down potential

+33%

 
Rating

buy

We calculate the intrinsic value of AZRE 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 0.4

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  189
  292
  436
  633
  893
  1,228
  1,648
  2,164
  2,784
  3,517
  4,367
  5,339
  6,435
  7,657
  9,003
  10,473
  12,064
  13,773
  15,599
  17,538
  19,588
  21,746
  24,011
  26,382
  28,859
  31,441
  34,130
  36,928
  39,838
  42,862
Variable operating expenses, $m
  83
  128
  192
  279
  393
  540
  725
  952
  1,226
  1,548
  1,922
  2,350
  2,833
  3,370
  3,963
  4,610
  5,310
  6,062
  6,866
  7,719
  8,622
  9,572
  10,569
  11,612
  12,702
  13,839
  15,023
  16,254
  17,535
  18,866
Fixed operating expenses, $m
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
Total operating expenses, $m
  89
  134
  198
  286
  400
  547
  732
  959
  1,233
  1,555
  1,930
  2,358
  2,841
  3,378
  3,971
  4,618
  5,319
  6,071
  6,875
  7,728
  8,631
  9,582
  10,579
  11,622
  12,712
  13,850
  15,034
  16,265
  17,546
  18,878
Operating income, $m
  99
  157
  238
  348
  493
  680
  915
  1,204
  1,551
  1,961
  2,437
  2,981
  3,595
  4,279
  5,032
  5,855
  6,745
  7,702
  8,724
  9,809
  10,957
  12,165
  13,433
  14,760
  16,146
  17,592
  19,097
  20,663
  22,292
  23,984
EBITDA, $m
  146
  229
  345
  503
  712
  982
  1,320
  1,735
  2,235
  2,824
  3,509
  4,292
  5,174
  6,158
  7,241
  8,425
  9,706
  11,082
  12,552
  14,113
  15,764
  17,501
  19,325
  21,234
  23,228
  25,307
  27,473
  29,726
  32,068
  34,503
Interest expense (income), $m
  39
  96
  156
  247
  375
  549
  779
  1,075
  1,447
  1,903
  2,452
  3,100
  3,853
  4,713
  5,683
  6,763
  7,954
  9,255
  10,662
  12,175
  13,790
  15,506
  17,319
  19,229
  21,233
  23,330
  25,521
  27,806
  30,186
  32,661
  35,235
Earnings before tax, $m
  3
  1
  -9
  -27
  -56
  -99
  -160
  -243
  -352
  -491
  -663
  -871
  -1,118
  -1,404
  -1,731
  -2,100
  -2,509
  -2,960
  -3,451
  -3,981
  -4,549
  -5,154
  -5,796
  -6,473
  -7,184
  -7,930
  -8,709
  -9,522
  -10,369
  -11,251
Tax expense, $m
  1
  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
Net income, $m
  2
  1
  -9
  -27
  -56
  -99
  -160
  -243
  -352
  -491
  -663
  -871
  -1,118
  -1,404
  -1,731
  -2,100
  -2,509
  -2,960
  -3,451
  -3,981
  -4,549
  -5,154
  -5,796
  -6,473
  -7,184
  -7,930
  -8,709
  -9,522
  -10,369
  -11,251

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
  1,600
  2,472
  3,697
  5,364
  7,568
  10,404
  13,965
  18,337
  23,595
  29,803
  37,009
  45,247
  54,537
  64,889
  76,297
  88,752
  102,235
  116,724
  132,197
  148,628
  165,998
  184,288
  203,483
  223,577
  244,564
  266,449
  289,240
  312,952
  337,608
  363,234
Adjusted assets (=assets-cash), $m
  1,600
  2,472
  3,697
  5,364
  7,568
  10,404
  13,965
  18,337
  23,595
  29,803
  37,009
  45,247
  54,537
  64,889
  76,297
  88,752
  102,235
  116,724
  132,197
  148,628
  165,998
  184,288
  203,483
  223,577
  244,564
  266,449
  289,240
  312,952
  337,608
  363,234
Revenue / Adjusted assets
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
Average production assets, $m
  1,200
  1,854
  2,773
  4,023
  5,676
  7,803
  10,474
  13,753
  17,697
  22,353
  27,757
  33,935
  40,903
  48,667
  57,224
  66,565
  76,677
  87,544
  99,148
  111,472
  124,500
  138,217
  152,614
  167,684
  183,425
  199,839
  216,932
  234,717
  253,209
  272,429
Working capital, $m
  -11
  -16
  -24
  -35
  -50
  -69
  -92
  -121
  -156
  -197
  -245
  -299
  -360
  -429
  -504
  -586
  -676
  -771
  -874
  -982
  -1,097
  -1,218
  -1,345
  -1,477
  -1,616
  -1,761
  -1,911
  -2,068
  -2,231
  -2,400
Total debt, $m
  1,345
  2,129
  3,232
  4,732
  6,716
  9,268
  12,473
  16,408
  21,140
  26,727
  33,212
  40,626
  48,988
  58,304
  68,572
  79,782
  91,916
  104,957
  118,881
  133,670
  149,303
  165,763
  183,040
  201,124
  220,012
  239,708
  260,220
  281,562
  303,752
  326,815
Total liabilities, $m
  1,440
  2,225
  3,327
  4,828
  6,811
  9,364
  12,569
  16,503
  21,236
  26,823
  33,308
  40,722
  49,084
  58,400
  68,668
  79,877
  92,012
  105,052
  118,977
  133,765
  149,398
  165,859
  183,135
  201,219
  220,108
  239,804
  260,316
  281,657
  303,847
  326,911
Total equity, $m
  160
  247
  370
  536
  757
  1,040
  1,397
  1,834
  2,360
  2,980
  3,701
  4,525
  5,454
  6,489
  7,630
  8,875
  10,224
  11,672
  13,220
  14,863
  16,600
  18,429
  20,348
  22,358
  24,456
  26,645
  28,924
  31,295
  33,761
  36,323
Total liabilities and equity, $m
  1,600
  2,472
  3,697
  5,364
  7,568
  10,404
  13,966
  18,337
  23,596
  29,803
  37,009
  45,247
  54,538
  64,889
  76,298
  88,752
  102,236
  116,724
  132,197
  148,628
  165,998
  184,288
  203,483
  223,577
  244,564
  266,449
  289,240
  312,952
  337,608
  363,234
Debt-to-equity ratio
  8.400
  8.610
  8.740
  8.820
  8.870
  8.910
  8.930
  8.950
  8.960
  8.970
  8.970
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  8.990
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
  9.000
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  1
  -9
  -27
  -56
  -99
  -160
  -243
  -352
  -491
  -663
  -871
  -1,118
  -1,404
  -1,731
  -2,100
  -2,509
  -2,960
  -3,451
  -3,981
  -4,549
  -5,154
  -5,796
  -6,473
  -7,184
  -7,930
  -8,709
  -9,522
  -10,369
  -11,251
Depreciation, amort., depletion, $m
  46
  72
  107
  155
  219
  301
  405
  531
  683
  863
  1,072
  1,310
  1,579
  1,879
  2,209
  2,570
  2,961
  3,380
  3,828
  4,304
  4,807
  5,337
  5,892
  6,474
  7,082
  7,716
  8,376
  9,062
  9,776
  10,518
Funds from operations, $m
  49
  72
  98
  128
  163
  203
  245
  288
  331
  372
  409
  439
  461
  475
  478
  470
  451
  420
  377
  323
  258
  182
  97
  2
  -102
  -214
  -333
  -460
  -593
  -732
Change in working capital, $m
  -4
  -6
  -8
  -11
  -15
  -19
  -24
  -29
  -35
  -41
  -48
  -54
  -61
  -68
  -75
  -82
  -89
  -96
  -102
  -109
  -115
  -121
  -127
  -133
  -139
  -145
  -151
  -157
  -163
  -169
Cash from operations, $m
  53
  78
  106
  139
  178
  221
  268
  317
  366
  413
  456
  493
  523
  543
  554
  553
  540
  516
  479
  432
  373
  303
  223
  134
  36
  -69
  -183
  -303
  -430
  -563
Maintenance CAPEX, $m
  -29
  -46
  -72
  -107
  -155
  -219
  -301
  -404
  -531
  -683
  -863
  -1,072
  -1,310
  -1,579
  -1,879
  -2,209
  -2,570
  -2,961
  -3,380
  -3,828
  -4,304
  -4,807
  -5,337
  -5,892
  -6,474
  -7,082
  -7,716
  -8,376
  -9,062
  -9,776
New CAPEX, $m
  -450
  -654
  -919
  -1,250
  -1,653
  -2,127
  -2,671
  -3,279
  -3,944
  -4,656
  -5,404
  -6,179
  -6,968
  -7,764
  -8,557
  -9,341
  -10,112
  -10,867
  -11,604
  -12,324
  -13,027
  -13,717
  -14,397
  -15,070
  -15,741
  -16,414
  -17,093
  -17,785
  -18,492
  -19,220
Cash from investing activities, $m
  -479
  -700
  -991
  -1,357
  -1,808
  -2,346
  -2,972
  -3,683
  -4,475
  -5,339
  -6,267
  -7,251
  -8,278
  -9,343
  -10,436
  -11,550
  -12,682
  -13,828
  -14,984
  -16,152
  -17,331
  -18,524
  -19,734
  -20,962
  -22,215
  -23,496
  -24,809
  -26,161
  -27,554
  -28,996
Free cash flow, $m
  -426
  -622
  -884
  -1,218
  -1,630
  -2,125
  -2,704
  -3,366
  -4,109
  -4,926
  -5,811
  -6,757
  -7,755
  -8,800
  -9,882
  -10,998
  -12,142
  -13,312
  -14,505
  -15,720
  -16,959
  -18,221
  -19,510
  -20,828
  -22,179
  -23,565
  -24,992
  -26,464
  -27,984
  -29,559
Issuance/(repayment) of debt, $m
  516
  785
  1,102
  1,500
  1,983
  2,553
  3,205
  3,935
  4,732
  5,587
  6,485
  7,414
  8,362
  9,316
  10,268
  11,209
  12,135
  13,040
  13,925
  14,788
  15,633
  16,461
  17,276
  18,084
  18,889
  19,696
  20,512
  21,341
  22,190
  23,064
Issuance/(repurchase) of shares, $m
  84
  86
  132
  194
  276
  382
  516
  680
  878
  1,112
  1,384
  1,695
  2,047
  2,439
  2,872
  3,345
  3,858
  4,409
  4,998
  5,624
  6,286
  6,983
  7,716
  8,482
  9,283
  10,118
  10,988
  11,894
  12,835
  13,813
Cash from financing (excl. dividends), $m  
  600
  871
  1,234
  1,694
  2,259
  2,935
  3,721
  4,615
  5,610
  6,699
  7,869
  9,109
  10,409
  11,755
  13,140
  14,554
  15,993
  17,449
  18,923
  20,412
  21,919
  23,444
  24,992
  26,566
  28,172
  29,814
  31,500
  33,235
  35,025
  36,877
Total cash flow (excl. dividends), $m
  174
  249
  350
  476
  629
  810
  1,017
  1,249
  1,502
  1,773
  2,058
  2,352
  2,653
  2,956
  3,258
  3,557
  3,850
  4,138
  4,418
  4,692
  4,960
  5,223
  5,482
  5,738
  5,993
  6,249
  6,508
  6,771
  7,041
  7,318
Retained Cash Flow (-), $m
  -86
  -87
  -132
  -194
  -276
  -382
  -516
  -680
  -878
  -1,112
  -1,384
  -1,695
  -2,047
  -2,439
  -2,872
  -3,345
  -3,858
  -4,409
  -4,998
  -5,624
  -6,286
  -6,983
  -7,716
  -8,482
  -9,283
  -10,118
  -10,988
  -11,894
  -12,835
  -13,813
Prev. year cash balance distribution, $m
  112
  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
  200
  162
  218
  282
  353
  428
  501
  569
  624
  661
  674
  657
  606
  517
  386
  211
  -8
  -272
  -580
  -932
  -1,326
  -1,761
  -2,234
  -2,744
  -3,290
  -3,869
  -4,480
  -5,122
  -5,794
  -6,496
Discount rate, %
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
  181
  132
  157
  179
  195
  202
  201
  191
  172
  148
  121
  92
  65
  42
  23
  9
  0
  -6
  -8
  -9
  -8
  -7
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  66.1
  53.2
  42.9
  34.7
  28.2
  23.0
  18.8
  15.4
  12.7
  10.4
  8.6
  7.2
  6.0
  5.0
  4.1
  3.5
  2.9
  2.4
  2.0
  1.7
  1.4
  1.2
  1.0
  0.9
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3

Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts. The Company's services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. The Company's projects include Project Punjab, Rajasthan Projects, Gandhinagar Smart City Rooftop Project and Micro-Grids in Bihar and Uttar Pradesh.

FINANCIAL RATIOS  of  Azure Power Global Limited (AZRE)

Valuation Ratios
P/E Ratio -14.5
Price to Sales 4.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate 61.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 69.9%
Cap. Spend. - 3 Yr. Gr. Rate 107.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.4
LT Debt to Equity 235.4%
Total Debt to Equity 265.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 23.8%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. -6.2%
Return On Equity -15.5%
Return On Equity - 3 Yr. Avg. -49%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 81%
EBITDA Margin - 3 Yr. Avg. 48.8%
Operating Margin 47.6%
Oper. Margin - 3 Yr. Avg. 39.4%
Pre-Tax Margin -6.3%
Pre-Tax Margin - 3 Yr. Avg. -44.7%
Net Profit Margin -28.6%
Net Profit Margin - 3 Yr. Avg. -62.3%
Effective Tax Rate -350%
Eff/ Tax Rate - 3 Yr. Avg. -132.7%
Payout Ratio 0%

AZRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AZRE stock intrinsic value calculation we used $118 million for the last fiscal year's total revenue generated by Azure Power Global Limited. The default revenue input number comes from 0001 income statement of Azure Power Global Limited. 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 AZRE stock valuation model: a) initial revenue growth rate of 60% 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 10.4%, whose default value for AZRE is calculated based on our internal credit rating of Azure Power Global Limited, 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 Azure Power Global Limited.
    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 AZRE stock the variable cost ratio is equal to 44.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for AZRE 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 11.6% for Azure Power Global Limited.

Corporate tax rate of 27% is the nominal tax rate for Azure Power Global Limited. 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 AZRE 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 AZRE are equal to 635.6%.

Life of production assets of 25.9 years is the average useful life of capital assets used in Azure Power Global Limited 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 AZRE is equal to -5.6%. 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 - $186.137281106 million for Azure Power Global Limited - 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 40.941 million for Azure Power Global Limited 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 Azure Power Global Limited at the current share price and the inputted number of shares is $0.4 billion.

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