Intrinsic value of Baxter International Inc. - BAX

Previous Close

$74.33

  Intrinsic Value

$39.92

stock screener

  Rating & Target

sell

-46%

Previous close

$74.33

 
Intrinsic value

$39.92

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of BAX 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 38.1

 

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, %
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  11,394
  11,697
  12,036
  12,409
  12,818
  13,262
  13,742
  14,258
  14,812
  15,403
  16,033
  16,704
  17,417
  18,173
  18,973
  19,820
  20,716
  21,662
  22,660
  23,714
  24,824
  25,995
  27,228
  28,527
  29,894
  31,333
  32,847
  34,440
  36,115
  37,876
Variable operating expenses, $m
  5,185
  5,312
  5,453
  5,608
  5,779
  5,964
  6,164
  6,379
  6,610
  6,856
  6,684
  6,963
  7,260
  7,575
  7,909
  8,262
  8,635
  9,030
  9,446
  9,885
  10,348
  10,836
  11,350
  11,892
  12,461
  13,061
  13,692
  14,356
  15,055
  15,789
Fixed operating expenses, $m
  4,654
  4,757
  4,861
  4,968
  5,077
  5,189
  5,303
  5,420
  5,539
  5,661
  5,786
  5,913
  6,043
  6,176
  6,312
  6,451
  6,593
  6,738
  6,886
  7,037
  7,192
  7,350
  7,512
  7,677
  7,846
  8,019
  8,195
  8,376
  8,560
  8,748
Total operating expenses, $m
  9,839
  10,069
  10,314
  10,576
  10,856
  11,153
  11,467
  11,799
  12,149
  12,517
  12,470
  12,876
  13,303
  13,751
  14,221
  14,713
  15,228
  15,768
  16,332
  16,922
  17,540
  18,186
  18,862
  19,569
  20,307
  21,080
  21,887
  22,732
  23,615
  24,537
Operating income, $m
  1,555
  1,629
  1,722
  1,833
  1,962
  2,109
  2,275
  2,459
  2,663
  2,886
  3,564
  3,828
  4,114
  4,421
  4,752
  5,107
  5,488
  5,894
  6,328
  6,791
  7,284
  7,809
  8,366
  8,958
  9,586
  10,253
  10,959
  11,708
  12,500
  13,339
EBITDA, $m
  2,599
  2,689
  2,800
  2,931
  3,082
  3,253
  3,444
  3,656
  3,889
  4,144
  4,421
  4,721
  5,044
  5,392
  5,766
  6,166
  6,594
  7,052
  7,539
  8,058
  8,610
  9,197
  9,821
  10,482
  11,183
  11,927
  12,714
  13,548
  14,430
  15,363
Interest expense (income), $m
  99
  188
  198
  210
  223
  237
  253
  270
  288
  308
  329
  351
  375
  401
  428
  457
  487
  520
  554
  590
  628
  668
  710
  755
  802
  852
  904
  959
  1,016
  1,077
  1,141
Earnings before tax, $m
  1,367
  1,431
  1,512
  1,610
  1,725
  1,856
  2,005
  2,171
  2,355
  2,557
  3,213
  3,453
  3,713
  3,993
  4,295
  4,620
  4,968
  5,341
  5,739
  6,163
  6,616
  7,098
  7,611
  8,156
  8,735
  9,349
  10,001
  10,691
  11,423
  12,198
Tax expense, $m
  369
  386
  408
  435
  466
  501
  541
  586
  636
  690
  867
  932
  1,002
  1,078
  1,160
  1,247
  1,341
  1,442
  1,549
  1,664
  1,786
  1,916
  2,055
  2,202
  2,358
  2,524
  2,700
  2,887
  3,084
  3,294
Net income, $m
  998
  1,044
  1,104
  1,175
  1,259
  1,355
  1,464
  1,585
  1,719
  1,866
  2,345
  2,521
  2,710
  2,915
  3,136
  3,373
  3,627
  3,899
  4,189
  4,499
  4,830
  5,182
  5,556
  5,954
  6,376
  6,825
  7,301
  7,805
  8,339
  8,905

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
  16,025
  16,452
  16,928
  17,453
  18,028
  18,653
  19,328
  20,054
  20,832
  21,664
  22,551
  23,494
  24,496
  25,559
  26,685
  27,877
  29,136
  30,467
  31,871
  33,353
  34,915
  36,561
  38,296
  40,122
  42,045
  44,069
  46,198
  48,438
  50,794
  53,272
Adjusted assets (=assets-cash), $m
  16,025
  16,452
  16,928
  17,453
  18,028
  18,653
  19,328
  20,054
  20,832
  21,664
  22,551
  23,494
  24,496
  25,559
  26,685
  27,877
  29,136
  30,467
  31,871
  33,353
  34,915
  36,561
  38,296
  40,122
  42,045
  44,069
  46,198
  48,438
  50,794
  53,272
Revenue / Adjusted assets
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
  0.711
Average production assets, $m
  6,939
  7,124
  7,330
  7,557
  7,806
  8,077
  8,369
  8,683
  9,020
  9,380
  9,764
  10,173
  10,607
  11,067
  11,555
  12,071
  12,616
  13,192
  13,800
  14,442
  15,118
  15,831
  16,582
  17,373
  18,206
  19,082
  20,004
  20,974
  21,994
  23,067
Working capital, $m
  1,288
  1,322
  1,360
  1,402
  1,448
  1,499
  1,553
  1,611
  1,674
  1,741
  1,812
  1,888
  1,968
  2,054
  2,144
  2,240
  2,341
  2,448
  2,561
  2,680
  2,805
  2,937
  3,077
  3,224
  3,378
  3,541
  3,712
  3,892
  4,081
  4,280
Total debt, $m
  3,675
  3,889
  4,128
  4,392
  4,680
  4,994
  5,333
  5,697
  6,088
  6,505
  6,950
  7,424
  7,927
  8,461
  9,026
  9,624
  10,256
  10,924
  11,629
  12,373
  13,157
  13,984
  14,854
  15,771
  16,737
  17,753
  18,822
  19,946
  21,129
  22,373
Total liabilities, $m
  8,045
  8,259
  8,498
  8,762
  9,050
  9,364
  9,703
  10,067
  10,458
  10,875
  11,320
  11,794
  12,297
  12,831
  13,396
  13,994
  14,626
  15,294
  15,999
  16,743
  17,527
  18,354
  19,224
  20,141
  21,107
  22,123
  23,192
  24,316
  25,499
  26,743
Total equity, $m
  7,981
  8,193
  8,430
  8,692
  8,978
  9,289
  9,625
  9,987
  10,374
  10,789
  11,230
  11,700
  12,199
  12,729
  13,289
  13,883
  14,510
  15,172
  15,872
  16,610
  17,388
  18,208
  19,071
  19,981
  20,939
  21,946
  23,007
  24,122
  25,296
  26,529
Total liabilities and equity, $m
  16,026
  16,452
  16,928
  17,454
  18,028
  18,653
  19,328
  20,054
  20,832
  21,664
  22,550
  23,494
  24,496
  25,560
  26,685
  27,877
  29,136
  30,466
  31,871
  33,353
  34,915
  36,562
  38,295
  40,122
  42,046
  44,069
  46,199
  48,438
  50,795
  53,272
Debt-to-equity ratio
  0.460
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.730
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
Adjusted equity ratio
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498
  0.498

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  998
  1,044
  1,104
  1,175
  1,259
  1,355
  1,464
  1,585
  1,719
  1,866
  2,345
  2,521
  2,710
  2,915
  3,136
  3,373
  3,627
  3,899
  4,189
  4,499
  4,830
  5,182
  5,556
  5,954
  6,376
  6,825
  7,301
  7,805
  8,339
  8,905
Depreciation, amort., depletion, $m
  1,044
  1,060
  1,079
  1,099
  1,120
  1,144
  1,170
  1,197
  1,227
  1,258
  857
  892
  930
  971
  1,014
  1,059
  1,107
  1,157
  1,211
  1,267
  1,326
  1,389
  1,455
  1,524
  1,597
  1,674
  1,755
  1,840
  1,929
  2,023
Funds from operations, $m
  2,042
  2,105
  2,182
  2,274
  2,379
  2,499
  2,633
  2,782
  2,946
  3,125
  3,202
  3,413
  3,641
  3,886
  4,149
  4,431
  4,733
  5,056
  5,400
  5,766
  6,156
  6,570
  7,010
  7,478
  7,973
  8,499
  9,055
  9,645
  10,268
  10,928
Change in working capital, $m
  30
  34
  38
  42
  46
  50
  54
  58
  63
  67
  71
  76
  81
  85
  90
  96
  101
  107
  113
  119
  126
  132
  139
  147
  154
  163
  171
  180
  189
  199
Cash from operations, $m
  2,012
  2,071
  2,144
  2,231
  2,333
  2,449
  2,579
  2,724
  2,883
  3,058
  3,131
  3,337
  3,560
  3,801
  4,059
  4,336
  4,632
  4,949
  5,287
  5,647
  6,030
  6,438
  6,871
  7,331
  7,819
  8,336
  8,884
  9,465
  10,079
  10,729
Maintenance CAPEX, $m
  -594
  -609
  -625
  -643
  -663
  -685
  -708
  -734
  -762
  -791
  -823
  -857
  -892
  -930
  -971
  -1,014
  -1,059
  -1,107
  -1,157
  -1,211
  -1,267
  -1,326
  -1,389
  -1,455
  -1,524
  -1,597
  -1,674
  -1,755
  -1,840
  -1,929
New CAPEX, $m
  -167
  -185
  -206
  -228
  -249
  -270
  -292
  -314
  -337
  -360
  -384
  -409
  -434
  -460
  -488
  -516
  -545
  -576
  -608
  -642
  -676
  -713
  -751
  -791
  -833
  -876
  -922
  -970
  -1,020
  -1,073
Cash from investing activities, $m
  -761
  -794
  -831
  -871
  -912
  -955
  -1,000
  -1,048
  -1,099
  -1,151
  -1,207
  -1,266
  -1,326
  -1,390
  -1,459
  -1,530
  -1,604
  -1,683
  -1,765
  -1,853
  -1,943
  -2,039
  -2,140
  -2,246
  -2,357
  -2,473
  -2,596
  -2,725
  -2,860
  -3,002
Free cash flow, $m
  1,251
  1,277
  1,313
  1,361
  1,421
  1,494
  1,578
  1,675
  1,785
  1,907
  1,924
  2,072
  2,234
  2,410
  2,600
  2,806
  3,028
  3,266
  3,522
  3,795
  4,087
  4,399
  4,731
  5,086
  5,462
  5,863
  6,288
  6,740
  7,219
  7,727
Issuance/(repayment) of debt, $m
  198
  214
  239
  264
  289
  314
  339
  364
  391
  418
  445
  474
  503
  534
  565
  598
  632
  668
  705
  744
  784
  827
  871
  917
  965
  1,016
  1,069
  1,125
  1,183
  1,244
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
Cash from financing (excl. dividends), $m  
  198
  214
  239
  264
  289
  314
  339
  364
  391
  418
  445
  474
  503
  534
  565
  598
  632
  668
  705
  744
  784
  827
  871
  917
  965
  1,016
  1,069
  1,125
  1,183
  1,244
Total cash flow (excl. dividends), $m
  1,449
  1,491
  1,552
  1,625
  1,710
  1,807
  1,917
  2,040
  2,175
  2,324
  2,369
  2,546
  2,737
  2,943
  3,166
  3,404
  3,660
  3,934
  4,227
  4,539
  4,871
  5,225
  5,602
  6,002
  6,428
  6,879
  7,357
  7,864
  8,402
  8,971
Retained Cash Flow (-), $m
  -187
  -212
  -237
  -262
  -286
  -311
  -336
  -362
  -388
  -414
  -442
  -470
  -499
  -529
  -561
  -593
  -627
  -663
  -699
  -738
  -778
  -820
  -864
  -910
  -958
  -1,008
  -1,060
  -1,116
  -1,173
  -1,234
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
  1,262
  1,279
  1,315
  1,363
  1,424
  1,496
  1,581
  1,678
  1,788
  1,910
  1,927
  2,076
  2,238
  2,414
  2,605
  2,811
  3,033
  3,271
  3,527
  3,801
  4,093
  4,406
  4,738
  5,093
  5,470
  5,871
  6,297
  6,749
  7,228
  7,737
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
  1,210
  1,171
  1,144
  1,122
  1,103
  1,086
  1,068
  1,049
  1,027
  1,001
  915
  886
  851
  810
  765
  714
  660
  602
  543
  483
  423
  366
  311
  259
  213
  171
  135
  104
  79
  58
Current shareholders' claim on cash, %
  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

Baxter International Inc., through its subsidiaries, provides renal and hospital products. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures sterile intravenous (IV) solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, parenteral nutrition therapies, infusion pumps, inhalation anesthetics and biosurgery products. The Renal business offers a portfolio to meet the needs of patients with end-stage renal disease, or irreversible kidney disease and acute kidney injuries, including technologies and therapies for peritoneal dialysis (PD), hemodialysis (HD), continuous renal replacement therapy (CRRT) and additional dialysis services. Its products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices and by patients at home under physician supervision.

FINANCIAL RATIOS  of  Baxter International Inc. (BAX)

Valuation Ratios
P/E Ratio 8.1
Price to Sales 3.9
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 42.9
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.1%
Cap. Spend. - 3 Yr. Gr. Rate -14%
Financial Strength
Quick Ratio 934
Current Ratio 0
LT Debt to Equity 33.5%
Total Debt to Equity 33.6%
Interest Coverage 51
Management Effectiveness
Return On Assets 27.7%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital 37.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 57.9%
Return On Equity - 3 Yr. Avg. 33.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 42%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 19.4%
Pre-Tax Margin 48.7%
Pre-Tax Margin - 3 Yr. Avg. 19.2%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 27.3%
Effective Tax Rate -0.2%
Eff/ Tax Rate - 3 Yr. Avg. 4.9%
Payout Ratio 5.4%

BAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BAX stock intrinsic value calculation we used $11127 million for the last fiscal year's total revenue generated by Baxter International Inc.. The default revenue input number comes from 0001 income statement of Baxter International 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 BAX stock valuation model: a) initial revenue growth rate of 2.4% 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 4.3%, whose default value for BAX is calculated based on our internal credit rating of Baxter International 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 Baxter International 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 BAX stock the variable cost ratio is equal to 45.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4554 million in the base year in the intrinsic value calculation for BAX 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 5.4% for Baxter International Inc..

Corporate tax rate of 27% is the nominal tax rate for Baxter International 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 BAX 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 BAX are equal to 60.9%.

Life of production assets of 11.4 years is the average useful life of capital assets used in Baxter International 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 BAX is equal to 11.3%. 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 - $7794 million for Baxter International 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 512.477 million for Baxter International 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 Baxter International Inc. at the current share price and the inputted number of shares is $38.1 billion.

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