Intrinsic value of Booking Holdings Inc. - BKNG

Previous Close

$1,756.33

  Intrinsic Value

$2,891

stock screener

  Rating & Target

str. buy

+65%

Previous close

$1,756.33

 
Intrinsic value

$2,891

 
Up/down potential

+65%

 
Rating

str. buy

We calculate the intrinsic value of BKNG 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 79.1

 

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, %
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  16,648
  18,919
  21,336
  23,896
  26,596
  29,433
  32,406
  35,515
  38,758
  42,137
  45,655
  49,313
  53,115
  57,067
  61,174
  65,442
  69,878
  74,491
  79,289
  84,281
  89,479
  94,893
  100,535
  106,417
  112,553
  118,956
  125,641
  132,625
  139,922
  147,551
Variable operating expenses, $m
  9,397
  10,669
  12,024
  13,459
  14,972
  16,562
  18,229
  19,971
  21,789
  23,683
  25,589
  27,639
  29,770
  31,985
  34,287
  36,679
  39,166
  41,751
  44,440
  47,238
  50,152
  53,186
  56,348
  59,645
  63,084
  66,673
  70,420
  74,334
  78,424
  82,700
Fixed operating expenses, $m
  1,022
  1,044
  1,067
  1,091
  1,115
  1,139
  1,165
  1,190
  1,216
  1,243
  1,270
  1,298
  1,327
  1,356
  1,386
  1,416
  1,448
  1,480
  1,512
  1,545
  1,579
  1,614
  1,650
  1,686
  1,723
  1,761
  1,800
  1,839
  1,880
  1,921
Total operating expenses, $m
  10,419
  11,713
  13,091
  14,550
  16,087
  17,701
  19,394
  21,161
  23,005
  24,926
  26,859
  28,937
  31,097
  33,341
  35,673
  38,095
  40,614
  43,231
  45,952
  48,783
  51,731
  54,800
  57,998
  61,331
  64,807
  68,434
  72,220
  76,173
  80,304
  84,621
Operating income, $m
  6,229
  7,205
  8,244
  9,346
  10,509
  11,731
  13,013
  14,353
  15,753
  17,211
  18,795
  20,375
  22,018
  23,726
  25,501
  27,346
  29,265
  31,260
  33,337
  35,498
  37,748
  40,093
  42,537
  45,086
  47,746
  50,522
  53,422
  56,452
  59,618
  62,930
EBITDA, $m
  6,564
  7,576
  8,655
  9,798
  11,004
  12,272
  13,602
  14,993
  16,444
  17,958
  19,533
  21,172
  22,876
  24,648
  26,489
  28,403
  30,394
  32,464
  34,617
  36,859
  39,194
  41,626
  44,161
  46,805
  49,564
  52,444
  55,451
  58,594
  61,879
  65,314
Interest expense (income), $m
  0
  467
  577
  694
  819
  952
  1,091
  1,238
  1,392
  1,552
  1,720
  1,895
  2,077
  2,266
  2,462
  2,667
  2,879
  3,100
  3,329
  3,568
  3,816
  4,074
  4,342
  4,622
  4,914
  5,218
  5,535
  5,866
  6,212
  6,573
  6,950
Earnings before tax, $m
  5,762
  6,628
  7,550
  8,527
  9,557
  10,640
  11,775
  12,962
  14,200
  15,491
  16,901
  18,299
  19,752
  21,263
  22,834
  24,467
  26,165
  27,931
  29,769
  31,682
  33,674
  35,750
  37,915
  40,172
  42,528
  44,987
  47,555
  50,239
  53,045
  55,980
Tax expense, $m
  1,556
  1,790
  2,038
  2,302
  2,580
  2,873
  3,179
  3,500
  3,834
  4,183
  4,563
  4,941
  5,333
  5,741
  6,165
  6,606
  7,065
  7,541
  8,038
  8,554
  9,092
  9,653
  10,237
  10,846
  11,482
  12,146
  12,840
  13,565
  14,322
  15,115
Net income, $m
  4,207
  4,838
  5,511
  6,224
  6,977
  7,767
  8,596
  9,462
  10,366
  11,309
  12,337
  13,358
  14,419
  15,522
  16,669
  17,861
  19,101
  20,390
  21,731
  23,128
  24,582
  26,098
  27,678
  29,326
  31,045
  32,840
  34,715
  36,675
  38,723
  40,865

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
  22,868
  25,987
  29,307
  32,824
  36,532
  40,430
  44,514
  48,784
  53,239
  57,881
  62,712
  67,737
  72,961
  78,389
  84,030
  89,893
  95,986
  102,322
  108,913
  115,771
  122,911
  130,347
  138,097
  146,177
  154,605
  163,401
  172,584
  182,177
  192,201
  202,680
Adjusted assets (=assets-cash), $m
  22,868
  25,987
  29,307
  32,824
  36,532
  40,430
  44,514
  48,784
  53,239
  57,881
  62,712
  67,737
  72,961
  78,389
  84,030
  89,893
  95,986
  102,322
  108,913
  115,771
  122,911
  130,347
  138,097
  146,177
  154,605
  163,401
  172,584
  182,177
  192,201
  202,680
Revenue / Adjusted assets
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
Average production assets, $m
  3,496
  3,973
  4,481
  5,018
  5,585
  6,181
  6,805
  7,458
  8,139
  8,849
  9,587
  10,356
  11,154
  11,984
  12,847
  13,743
  14,674
  15,643
  16,651
  17,699
  18,791
  19,928
  21,112
  22,348
  23,636
  24,981
  26,385
  27,851
  29,384
  30,986
Working capital, $m
  -1,648
  -1,873
  -2,112
  -2,366
  -2,633
  -2,914
  -3,208
  -3,516
  -3,837
  -4,172
  -4,520
  -4,882
  -5,258
  -5,650
  -6,056
  -6,479
  -6,918
  -7,375
  -7,850
  -8,344
  -8,858
  -9,394
  -9,953
  -10,535
  -11,143
  -11,777
  -12,439
  -13,130
  -13,852
  -14,608
Total debt, $m
  10,686
  12,860
  15,174
  17,625
  20,210
  22,927
  25,773
  28,749
  31,855
  35,090
  38,458
  41,960
  45,601
  49,384
  53,316
  57,402
  61,650
  66,066
  70,659
  75,439
  80,416
  85,599
  91,001
  96,632
  102,507
  108,637
  115,038
  121,724
  128,711
  136,015
Total liabilities, $m
  15,939
  18,113
  20,427
  22,878
  25,463
  28,180
  31,026
  34,002
  37,108
  40,343
  43,711
  47,213
  50,854
  54,637
  58,569
  62,655
  66,903
  71,319
  75,912
  80,692
  85,669
  90,852
  96,254
  101,885
  107,760
  113,890
  120,291
  126,977
  133,964
  141,268
Total equity, $m
  6,929
  7,874
  8,880
  9,946
  11,069
  12,250
  13,488
  14,781
  16,131
  17,538
  19,002
  20,524
  22,107
  23,752
  25,461
  27,237
  29,084
  31,004
  33,001
  35,079
  37,242
  39,495
  41,843
  44,292
  46,845
  49,510
  52,293
  55,200
  58,237
  61,412
Total liabilities and equity, $m
  22,868
  25,987
  29,307
  32,824
  36,532
  40,430
  44,514
  48,783
  53,239
  57,881
  62,713
  67,737
  72,961
  78,389
  84,030
  89,892
  95,987
  102,323
  108,913
  115,771
  122,911
  130,347
  138,097
  146,177
  154,605
  163,400
  172,584
  182,177
  192,201
  202,680
Debt-to-equity ratio
  1.540
  1.630
  1.710
  1.770
  1.830
  1.870
  1.910
  1.940
  1.970
  2.000
  2.020
  2.040
  2.060
  2.080
  2.090
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
  2.170
  2.170
  2.180
  2.190
  2.190
  2.200
  2.210
  2.210
  2.210
Adjusted equity ratio
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,207
  4,838
  5,511
  6,224
  6,977
  7,767
  8,596
  9,462
  10,366
  11,309
  12,337
  13,358
  14,419
  15,522
  16,669
  17,861
  19,101
  20,390
  21,731
  23,128
  24,582
  26,098
  27,678
  29,326
  31,045
  32,840
  34,715
  36,675
  38,723
  40,865
Depreciation, amort., depletion, $m
  335
  371
  410
  452
  495
  541
  589
  639
  692
  746
  737
  797
  858
  922
  988
  1,057
  1,129
  1,203
  1,281
  1,361
  1,445
  1,533
  1,624
  1,719
  1,818
  1,922
  2,030
  2,142
  2,260
  2,384
Funds from operations, $m
  4,541
  5,210
  5,922
  6,676
  7,472
  8,308
  9,185
  10,101
  11,058
  12,055
  13,075
  14,155
  15,277
  16,444
  17,657
  18,918
  20,229
  21,593
  23,012
  24,489
  26,028
  27,631
  29,302
  31,045
  32,863
  34,762
  36,745
  38,817
  40,983
  43,249
Change in working capital, $m
  -210
  -225
  -239
  -253
  -267
  -281
  -294
  -308
  -321
  -335
  -348
  -362
  -376
  -391
  -407
  -423
  -439
  -457
  -475
  -494
  -515
  -536
  -559
  -582
  -607
  -634
  -662
  -691
  -722
  -755
Cash from operations, $m
  4,751
  5,434
  6,161
  6,929
  7,739
  8,589
  9,479
  10,409
  11,379
  12,389
  13,423
  14,517
  15,654
  16,835
  18,064
  19,341
  20,669
  22,050
  23,487
  24,984
  26,542
  28,167
  29,860
  31,627
  33,471
  35,396
  37,407
  39,509
  41,706
  44,004
Maintenance CAPEX, $m
  -235
  -269
  -306
  -345
  -386
  -430
  -475
  -523
  -574
  -626
  -681
  -737
  -797
  -858
  -922
  -988
  -1,057
  -1,129
  -1,203
  -1,281
  -1,361
  -1,445
  -1,533
  -1,624
  -1,719
  -1,818
  -1,922
  -2,030
  -2,142
  -2,260
New CAPEX, $m
  -441
  -477
  -508
  -538
  -567
  -596
  -624
  -653
  -681
  -710
  -739
  -768
  -799
  -830
  -862
  -896
  -932
  -969
  -1,008
  -1,048
  -1,092
  -1,137
  -1,185
  -1,235
  -1,289
  -1,345
  -1,404
  -1,467
  -1,532
  -1,602
Cash from investing activities, $m
  -676
  -746
  -814
  -883
  -953
  -1,026
  -1,099
  -1,176
  -1,255
  -1,336
  -1,420
  -1,505
  -1,596
  -1,688
  -1,784
  -1,884
  -1,989
  -2,098
  -2,211
  -2,329
  -2,453
  -2,582
  -2,718
  -2,859
  -3,008
  -3,163
  -3,326
  -3,497
  -3,674
  -3,862
Free cash flow, $m
  4,075
  4,689
  5,348
  6,047
  6,786
  7,564
  8,379
  9,233
  10,124
  11,054
  12,004
  13,011
  14,058
  15,147
  16,279
  17,456
  18,680
  19,952
  21,276
  22,654
  24,089
  25,584
  27,143
  28,768
  30,463
  32,233
  34,081
  36,012
  38,031
  40,142
Issuance/(repayment) of debt, $m
  2,037
  2,174
  2,314
  2,451
  2,585
  2,717
  2,847
  2,976
  3,105
  3,235
  3,368
  3,502
  3,641
  3,784
  3,932
  4,086
  4,247
  4,416
  4,594
  4,780
  4,976
  5,183
  5,402
  5,632
  5,874
  6,131
  6,401
  6,686
  6,987
  7,304
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  
  2,037
  2,174
  2,314
  2,451
  2,585
  2,717
  2,847
  2,976
  3,105
  3,235
  3,368
  3,502
  3,641
  3,784
  3,932
  4,086
  4,247
  4,416
  4,594
  4,780
  4,976
  5,183
  5,402
  5,632
  5,874
  6,131
  6,401
  6,686
  6,987
  7,304
Total cash flow (excl. dividends), $m
  6,112
  6,863
  7,662
  8,498
  9,371
  10,280
  11,226
  12,209
  13,229
  14,289
  15,371
  16,513
  17,699
  18,931
  20,211
  21,542
  22,927
  24,369
  25,870
  27,434
  29,066
  30,768
  32,544
  34,399
  36,338
  38,364
  40,482
  42,699
  45,018
  47,446
Retained Cash Flow (-), $m
  -873
  -945
  -1,006
  -1,065
  -1,124
  -1,181
  -1,238
  -1,294
  -1,350
  -1,407
  -1,464
  -1,523
  -1,583
  -1,645
  -1,709
  -1,776
  -1,846
  -1,920
  -1,997
  -2,078
  -2,163
  -2,253
  -2,348
  -2,448
  -2,554
  -2,665
  -2,783
  -2,907
  -3,037
  -3,175
Prev. year cash balance distribution, $m
  2,729
  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
  7,968
  5,918
  6,656
  7,433
  8,247
  9,099
  9,988
  10,915
  11,880
  12,883
  13,907
  14,991
  16,117
  17,286
  18,502
  19,766
  21,081
  22,449
  23,873
  25,356
  26,902
  28,514
  30,196
  31,951
  33,784
  35,699
  37,700
  39,792
  41,980
  44,270
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
  7,640
  5,417
  5,792
  6,120
  6,393
  6,604
  6,748
  6,822
  6,824
  6,754
  6,604
  6,397
  6,128
  5,803
  5,432
  5,023
  4,587
  4,134
  3,676
  3,222
  2,783
  2,366
  1,979
  1,627
  1,314
  1,042
  809
  616
  458
  333
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

FINANCIAL RATIOS  of  Booking Holdings Inc. (BKNG)

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%

BKNG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKNG stock intrinsic value calculation we used $14527 million for the last fiscal year's total revenue generated by Booking Holdings Inc.. The default revenue input number comes from 0001 income statement of Booking Holdings 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 BKNG stock valuation model: a) initial revenue growth rate of 14.6% 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 BKNG is calculated based on our internal credit rating of Booking Holdings 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 Booking Holdings 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 BKNG stock the variable cost ratio is equal to 56.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1000 million in the base year in the intrinsic value calculation for BKNG 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 Booking Holdings Inc..

Corporate tax rate of 27% is the nominal tax rate for Booking Holdings 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 BKNG 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 BKNG are equal to 21%.

Life of production assets of 13 years is the average useful life of capital assets used in Booking Holdings 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 BKNG is equal to -9.9%. 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 - $8785 million for Booking Holdings 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 45.013 million for Booking Holdings 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 Booking Holdings Inc. at the current share price and the inputted number of shares is $79.1 billion.

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