Intrinsic value of Baker Hughes, a GE company - BHGE

Previous Close

$23.68

  Intrinsic Value

$46.41

stock screener

  Rating & Target

str. buy

+96%

Previous close

$23.68

 
Intrinsic value

$46.41

 
Up/down potential

+96%

 
Rating

str. buy

We calculate the intrinsic value of BHGE 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 24.5

 

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, %
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  24,707
  26,610
  28,587
  30,641
  32,776
  34,996
  37,304
  39,704
  42,202
  44,803
  47,511
  50,334
  53,277
  56,348
  59,552
  62,897
  66,392
  70,043
  73,861
  77,853
  82,030
  86,401
  90,976
  95,767
  100,784
  106,040
  111,548
  117,320
  123,370
  129,713
Variable operating expenses, $m
  20,221
  21,575
  22,981
  24,443
  25,962
  27,541
  29,183
  30,891
  32,668
  34,518
  33,802
  35,810
  37,904
  40,088
  42,368
  44,748
  47,234
  49,832
  52,548
  55,388
  58,360
  61,469
  64,724
  68,132
  71,702
  75,442
  79,360
  83,466
  87,771
  92,283
Fixed operating expenses, $m
  3,399
  3,474
  3,550
  3,628
  3,708
  3,790
  3,873
  3,958
  4,046
  4,135
  4,226
  4,319
  4,414
  4,511
  4,610
  4,711
  4,815
  4,921
  5,029
  5,140
  5,253
  5,368
  5,486
  5,607
  5,731
  5,857
  5,985
  6,117
  6,252
  6,389
Total operating expenses, $m
  23,620
  25,049
  26,531
  28,071
  29,670
  31,331
  33,056
  34,849
  36,714
  38,653
  38,028
  40,129
  42,318
  44,599
  46,978
  49,459
  52,049
  54,753
  57,577
  60,528
  63,613
  66,837
  70,210
  73,739
  77,433
  81,299
  85,345
  89,583
  94,023
  98,672
Operating income, $m
  1,087
  1,561
  2,055
  2,570
  3,106
  3,665
  4,247
  4,855
  5,489
  6,150
  9,484
  10,206
  10,960
  11,749
  12,574
  13,438
  14,343
  15,291
  16,284
  17,325
  18,417
  19,563
  20,765
  22,027
  23,351
  24,742
  26,202
  27,736
  29,348
  31,040
EBITDA, $m
  4,692
  5,240
  5,811
  6,406
  7,025
  7,670
  8,343
  9,044
  9,775
  10,537
  11,333
  12,165
  13,034
  13,942
  14,892
  15,886
  16,927
  18,017
  19,159
  20,355
  21,610
  22,926
  24,306
  25,754
  27,274
  28,869
  30,544
  32,302
  34,149
  36,089
Interest expense (income), $m
  0
  390
  543
  700
  863
  1,033
  1,209
  1,393
  1,583
  1,782
  1,988
  2,203
  2,427
  2,660
  2,903
  3,157
  3,421
  3,698
  3,986
  4,288
  4,603
  4,933
  5,278
  5,639
  6,017
  6,413
  6,827
  7,262
  7,717
  8,193
  8,693
Earnings before tax, $m
  696
  1,018
  1,355
  1,706
  2,073
  2,455
  2,855
  3,271
  3,707
  4,162
  7,281
  7,779
  8,300
  8,846
  9,418
  10,017
  10,645
  11,304
  11,996
  12,722
  13,484
  14,285
  15,126
  16,010
  16,938
  17,915
  18,941
  20,020
  21,154
  22,347
Tax expense, $m
  188
  275
  366
  461
  560
  663
  771
  883
  1,001
  1,124
  1,966
  2,100
  2,241
  2,388
  2,543
  2,705
  2,874
  3,052
  3,239
  3,435
  3,641
  3,857
  4,084
  4,323
  4,573
  4,837
  5,114
  5,405
  5,712
  6,034
Net income, $m
  508
  743
  989
  1,246
  1,513
  1,792
  2,084
  2,388
  2,706
  3,038
  5,315
  5,679
  6,059
  6,458
  6,875
  7,312
  7,771
  8,252
  8,757
  9,287
  9,844
  10,428
  11,042
  11,687
  12,365
  13,078
  13,827
  14,614
  15,443
  16,313

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
  56,668
  61,031
  65,566
  70,278
  75,175
  80,266
  85,559
  91,064
  96,794
  102,758
  108,971
  115,445
  122,196
  129,237
  136,586
  144,259
  152,274
  160,650
  169,406
  178,562
  188,142
  198,166
  208,660
  219,648
  231,156
  243,212
  255,844
  269,082
  282,959
  297,507
Adjusted assets (=assets-cash), $m
  56,668
  61,031
  65,566
  70,278
  75,175
  80,266
  85,559
  91,064
  96,794
  102,758
  108,971
  115,445
  122,196
  129,237
  136,586
  144,259
  152,274
  160,650
  169,406
  178,562
  188,142
  198,166
  208,660
  219,648
  231,156
  243,212
  255,844
  269,082
  282,959
  297,507
Revenue / Adjusted assets
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
Average production assets, $m
  21,347
  22,991
  24,699
  26,474
  28,319
  30,236
  32,230
  34,304
  36,463
  38,709
  41,050
  43,489
  46,032
  48,684
  51,453
  54,343
  57,362
  60,517
  63,816
  67,265
  70,874
  74,650
  78,603
  82,742
  87,077
  91,619
  96,377
  101,364
  106,592
  112,072
Working capital, $m
  3,434
  3,699
  3,974
  4,259
  4,556
  4,864
  5,185
  5,519
  5,866
  6,228
  6,604
  6,996
  7,406
  7,832
  8,278
  8,743
  9,228
  9,736
  10,267
  10,822
  11,402
  12,010
  12,646
  13,312
  14,009
  14,740
  15,505
  16,307
  17,148
  18,030
Total debt, $m
  10,050
  12,961
  15,985
  19,128
  22,395
  25,790
  29,321
  32,993
  36,814
  40,793
  44,937
  49,255
  53,758
  58,454
  63,356
  68,474
  73,820
  79,406
  85,247
  91,354
  97,744
  104,430
  111,429
  118,758
  126,434
  134,475
  142,901
  151,731
  160,987
  170,690
Total liabilities, $m
  37,797
  40,708
  43,732
  46,875
  50,142
  53,537
  57,068
  60,740
  64,561
  68,540
  72,684
  77,002
  81,505
  86,201
  91,103
  96,221
  101,567
  107,153
  112,994
  119,101
  125,491
  132,177
  139,176
  146,505
  154,181
  162,222
  170,648
  179,478
  188,734
  198,437
Total equity, $m
  18,870
  20,323
  21,833
  23,403
  25,033
  26,728
  28,491
  30,324
  32,232
  34,218
  36,287
  38,443
  40,691
  43,036
  45,483
  48,038
  50,707
  53,496
  56,412
  59,461
  62,651
  65,989
  69,484
  73,143
  76,975
  80,990
  85,196
  89,604
  94,225
  99,070
Total liabilities and equity, $m
  56,667
  61,031
  65,565
  70,278
  75,175
  80,265
  85,559
  91,064
  96,793
  102,758
  108,971
  115,445
  122,196
  129,237
  136,586
  144,259
  152,274
  160,649
  169,406
  178,562
  188,142
  198,166
  208,660
  219,648
  231,156
  243,212
  255,844
  269,082
  282,959
  297,507
Debt-to-equity ratio
  0.530
  0.640
  0.730
  0.820
  0.890
  0.960
  1.030
  1.090
  1.140
  1.190
  1.240
  1.280
  1.320
  1.360
  1.390
  1.430
  1.460
  1.480
  1.510
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.660
  1.680
  1.690
  1.710
  1.720
Adjusted equity ratio
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  508
  743
  989
  1,246
  1,513
  1,792
  2,084
  2,388
  2,706
  3,038
  5,315
  5,679
  6,059
  6,458
  6,875
  7,312
  7,771
  8,252
  8,757
  9,287
  9,844
  10,428
  11,042
  11,687
  12,365
  13,078
  13,827
  14,614
  15,443
  16,313
Depreciation, amort., depletion, $m
  3,605
  3,679
  3,756
  3,836
  3,919
  4,006
  4,095
  4,189
  4,286
  4,387
  1,849
  1,959
  2,073
  2,193
  2,318
  2,448
  2,584
  2,726
  2,875
  3,030
  3,193
  3,363
  3,541
  3,727
  3,922
  4,127
  4,341
  4,566
  4,801
  5,048
Funds from operations, $m
  4,114
  4,422
  4,745
  5,082
  5,433
  5,798
  6,179
  6,577
  6,992
  7,425
  7,165
  7,638
  8,133
  8,651
  9,193
  9,760
  10,355
  10,978
  11,632
  12,317
  13,036
  13,791
  14,583
  15,414
  16,287
  17,205
  18,168
  19,180
  20,244
  21,362
Change in working capital, $m
  254
  264
  275
  286
  297
  309
  321
  334
  347
  361
  377
  392
  409
  427
  445
  465
  486
  508
  531
  555
  581
  608
  636
  666
  697
  731
  766
  802
  841
  882
Cash from operations, $m
  3,859
  4,158
  4,471
  4,796
  5,136
  5,490
  5,859
  6,243
  6,645
  7,064
  6,788
  7,245
  7,724
  8,224
  8,747
  9,295
  9,869
  10,471
  11,101
  11,762
  12,456
  13,183
  13,947
  14,748
  15,590
  16,474
  17,403
  18,378
  19,403
  20,480
Maintenance CAPEX, $m
  -891
  -962
  -1,036
  -1,113
  -1,193
  -1,276
  -1,362
  -1,452
  -1,545
  -1,642
  -1,744
  -1,849
  -1,959
  -2,073
  -2,193
  -2,318
  -2,448
  -2,584
  -2,726
  -2,875
  -3,030
  -3,193
  -3,363
  -3,541
  -3,727
  -3,922
  -4,127
  -4,341
  -4,566
  -4,801
New CAPEX, $m
  -1,573
  -1,644
  -1,708
  -1,775
  -1,845
  -1,918
  -1,994
  -2,074
  -2,158
  -2,247
  -2,340
  -2,439
  -2,543
  -2,653
  -2,768
  -2,890
  -3,019
  -3,155
  -3,298
  -3,449
  -3,609
  -3,776
  -3,953
  -4,139
  -4,335
  -4,541
  -4,759
  -4,987
  -5,227
  -5,480
Cash from investing activities, $m
  -2,464
  -2,606
  -2,744
  -2,888
  -3,038
  -3,194
  -3,356
  -3,526
  -3,703
  -3,889
  -4,084
  -4,288
  -4,502
  -4,726
  -4,961
  -5,208
  -5,467
  -5,739
  -6,024
  -6,324
  -6,639
  -6,969
  -7,316
  -7,680
  -8,062
  -8,463
  -8,886
  -9,328
  -9,793
  -10,281
Free cash flow, $m
  1,395
  1,553
  1,727
  1,909
  2,098
  2,296
  2,503
  2,718
  2,941
  3,175
  2,704
  2,957
  3,222
  3,498
  3,786
  4,087
  4,402
  4,732
  5,077
  5,438
  5,817
  6,214
  6,631
  7,069
  7,528
  8,010
  8,517
  9,050
  9,610
  10,198
Issuance/(repayment) of debt, $m
  2,823
  2,910
  3,025
  3,143
  3,266
  3,395
  3,530
  3,672
  3,821
  3,978
  4,144
  4,318
  4,503
  4,697
  4,902
  5,118
  5,346
  5,586
  5,840
  6,108
  6,389
  6,686
  6,999
  7,329
  7,676
  8,041
  8,426
  8,830
  9,256
  9,703
Issuance/(repurchase) of shares, $m
  897
  710
  521
  323
  117
  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  
  3,720
  3,620
  3,546
  3,466
  3,383
  3,395
  3,530
  3,672
  3,821
  3,978
  4,144
  4,318
  4,503
  4,697
  4,902
  5,118
  5,346
  5,586
  5,840
  6,108
  6,389
  6,686
  6,999
  7,329
  7,676
  8,041
  8,426
  8,830
  9,256
  9,703
Total cash flow (excl. dividends), $m
  5,116
  5,173
  5,272
  5,375
  5,482
  5,692
  6,033
  6,390
  6,763
  7,153
  6,848
  7,276
  7,724
  8,194
  8,688
  9,205
  9,748
  10,318
  10,917
  11,546
  12,206
  12,901
  13,630
  14,397
  15,204
  16,051
  16,943
  17,880
  18,865
  19,902
Retained Cash Flow (-), $m
  -1,405
  -1,453
  -1,510
  -1,569
  -1,631
  -1,695
  -1,763
  -1,833
  -1,908
  -1,986
  -2,069
  -2,156
  -2,248
  -2,345
  -2,447
  -2,555
  -2,669
  -2,789
  -2,916
  -3,049
  -3,190
  -3,338
  -3,494
  -3,659
  -3,832
  -4,015
  -4,206
  -4,408
  -4,621
  -4,844
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
  3,710
  3,720
  3,762
  3,806
  3,852
  3,997
  4,271
  4,556
  4,855
  5,167
  4,779
  5,120
  5,476
  5,850
  6,240
  6,650
  7,079
  7,529
  8,001
  8,497
  9,017
  9,563
  10,136
  10,738
  11,371
  12,037
  12,736
  13,471
  14,244
  15,057
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
  3,557
  3,405
  3,274
  3,134
  2,985
  2,900
  2,885
  2,848
  2,789
  2,709
  2,269
  2,185
  2,082
  1,964
  1,832
  1,690
  1,540
  1,387
  1,232
  1,080
  933
  793
  664
  547
  442
  351
  273
  208
  155
  113
Current shareholders' claim on cash, %
  96.5
  94.0
  92.3
  91.3
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0
  91.0

FINANCIAL RATIOS  of  Baker Hughes, a GE company (BHGE)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
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 NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BHGE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BHGE stock intrinsic value calculation we used $22877 million for the last fiscal year's total revenue generated by Baker Hughes, a GE company. The default revenue input number comes from 0001 income statement of Baker Hughes, a GE company. 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 BHGE stock valuation model: a) initial revenue growth rate of 8% 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 BHGE is calculated based on our internal credit rating of Baker Hughes, a GE company, 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 Baker Hughes, a GE company.
    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 BHGE stock the variable cost ratio is equal to 82.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3326 million in the base year in the intrinsic value calculation for BHGE 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 Baker Hughes, a GE company.

Corporate tax rate of 27% is the nominal tax rate for Baker Hughes, a GE company. 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 BHGE 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 BHGE are equal to 86.4%.

Life of production assets of 22.2 years is the average useful life of capital assets used in Baker Hughes, a GE company 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 BHGE is equal to 13.9%. 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 - $17465 million for Baker Hughes, a GE company - 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 1036.266 million for Baker Hughes, a GE company 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 Baker Hughes, a GE company at the current share price and the inputted number of shares is $24.5 billion.

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