Intrinsic value of Avis Budget Group, Inc. - CAR

Previous Close

$33.24

  Intrinsic Value

$43.10

stock screener

  Rating & Target

buy

+30%

Previous close

$33.24

 
Intrinsic value

$43.10

 
Up/down potential

+30%

 
Rating

buy

We calculate the intrinsic value of CAR 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 2.5

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  9,306
  9,521
  9,765
  10,040
  10,344
  10,678
  11,042
  11,436
  11,860
  12,315
  12,802
  13,321
  13,875
  14,462
  15,086
  15,747
  16,447
  17,187
  17,969
  18,795
  19,666
  20,585
  21,553
  22,574
  23,648
  24,780
  25,971
  27,224
  28,542
  29,929
Variable operating expenses, $m
  6,853
  6,983
  7,131
  7,297
  7,481
  7,683
  7,903
  8,142
  8,398
  8,674
  7,747
  8,062
  8,397
  8,752
  9,130
  9,530
  9,954
  10,401
  10,875
  11,374
  11,901
  12,458
  13,044
  13,661
  14,311
  14,996
  15,717
  16,475
  17,273
  18,113
Fixed operating expenses, $m
  1,991
  2,035
  2,079
  2,125
  2,172
  2,220
  2,269
  2,318
  2,369
  2,422
  2,475
  2,529
  2,585
  2,642
  2,700
  2,759
  2,820
  2,882
  2,945
  3,010
  3,077
  3,144
  3,213
  3,284
  3,356
  3,430
  3,506
  3,583
  3,662
  3,742
Total operating expenses, $m
  8,844
  9,018
  9,210
  9,422
  9,653
  9,903
  10,172
  10,460
  10,767
  11,096
  10,222
  10,591
  10,982
  11,394
  11,830
  12,289
  12,774
  13,283
  13,820
  14,384
  14,978
  15,602
  16,257
  16,945
  17,667
  18,426
  19,223
  20,058
  20,935
  21,855
Operating income, $m
  463
  503
  555
  618
  691
  775
  870
  976
  1,092
  1,220
  2,580
  2,730
  2,893
  3,068
  3,256
  3,458
  3,674
  3,904
  4,149
  4,410
  4,688
  4,983
  5,296
  5,629
  5,981
  6,354
  6,748
  7,166
  7,608
  8,075
EBITDA, $m
  3,812
  3,902
  4,009
  4,135
  4,278
  4,438
  4,616
  4,812
  5,025
  5,257
  5,507
  5,777
  6,066
  6,376
  6,707
  7,059
  7,435
  7,834
  8,259
  8,709
  9,186
  9,691
  10,225
  10,791
  11,389
  12,020
  12,687
  13,392
  14,135
  14,919
Interest expense (income), $m
  461
  744
  683
  705
  730
  758
  789
  823
  860
  900
  943
  990
  1,040
  1,093
  1,149
  1,209
  1,273
  1,340
  1,412
  1,487
  1,567
  1,652
  1,741
  1,834
  1,933
  2,037
  2,147
  2,263
  2,384
  2,512
  2,647
Earnings before tax, $m
  -282
  -180
  -150
  -112
  -66
  -13
  47
  116
  192
  276
  1,590
  1,691
  1,800
  1,919
  2,047
  2,185
  2,333
  2,492
  2,662
  2,843
  3,037
  3,243
  3,462
  3,695
  3,943
  4,206
  4,486
  4,782
  5,095
  5,428
Tax expense, $m
  0
  0
  0
  0
  0
  0
  13
  31
  52
  75
  429
  456
  486
  518
  553
  590
  630
  673
  719
  768
  820
  876
  935
  998
  1,065
  1,136
  1,211
  1,291
  1,376
  1,466
Net income, $m
  -282
  -180
  -150
  -112
  -66
  -13
  34
  84
  140
  202
  1,160
  1,234
  1,314
  1,401
  1,495
  1,595
  1,703
  1,819
  1,943
  2,075
  2,217
  2,367
  2,527
  2,698
  2,879
  3,071
  3,275
  3,491
  3,720
  3,962

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
  19,551
  20,001
  20,515
  21,092
  21,732
  22,433
  23,197
  24,024
  24,915
  25,871
  26,894
  27,986
  29,148
  30,383
  31,694
  33,083
  34,553
  36,108
  37,751
  39,485
  41,315
  43,246
  45,280
  47,424
  49,681
  52,058
  54,560
  57,193
  59,963
  62,877
Adjusted assets (=assets-cash), $m
  19,551
  20,001
  20,515
  21,092
  21,732
  22,433
  23,197
  24,024
  24,915
  25,871
  26,894
  27,986
  29,148
  30,383
  31,694
  33,083
  34,553
  36,108
  37,751
  39,485
  41,315
  43,246
  45,280
  47,424
  49,681
  52,058
  54,560
  57,193
  59,963
  62,877
Revenue / Adjusted assets
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
Average production assets, $m
  12,983
  13,281
  13,622
  14,006
  14,430
  14,896
  15,403
  15,953
  16,544
  17,179
  17,858
  18,583
  19,355
  20,175
  21,045
  21,968
  22,944
  23,976
  25,067
  26,219
  27,434
  28,716
  30,067
  31,490
  32,989
  34,568
  36,229
  37,978
  39,817
  41,751
Working capital, $m
  -140
  -143
  -146
  -151
  -155
  -160
  -166
  -172
  -178
  -185
  -192
  -200
  -208
  -217
  -226
  -236
  -247
  -258
  -270
  -282
  -295
  -309
  -323
  -339
  -355
  -372
  -390
  -408
  -428
  -449
Total debt, $m
  12,644
  13,049
  13,512
  14,031
  14,607
  15,238
  15,926
  16,670
  17,472
  18,332
  19,253
  20,235
  21,281
  22,393
  23,572
  24,823
  26,146
  27,545
  29,024
  30,585
  32,232
  33,969
  35,800
  37,729
  39,761
  41,901
  44,152
  46,522
  49,015
  51,637
Total liabilities, $m
  17,596
  18,001
  18,464
  18,983
  19,559
  20,190
  20,878
  21,622
  22,424
  23,284
  24,205
  25,187
  26,233
  27,345
  28,524
  29,775
  31,098
  32,497
  33,976
  35,537
  37,184
  38,921
  40,752
  42,681
  44,713
  46,853
  49,104
  51,474
  53,967
  56,589
Total equity, $m
  1,955
  2,000
  2,052
  2,109
  2,173
  2,243
  2,320
  2,402
  2,492
  2,587
  2,689
  2,799
  2,915
  3,038
  3,169
  3,308
  3,455
  3,611
  3,775
  3,949
  4,132
  4,325
  4,528
  4,742
  4,968
  5,206
  5,456
  5,719
  5,996
  6,288
Total liabilities and equity, $m
  19,551
  20,001
  20,516
  21,092
  21,732
  22,433
  23,198
  24,024
  24,916
  25,871
  26,894
  27,986
  29,148
  30,383
  31,693
  33,083
  34,553
  36,108
  37,751
  39,486
  41,316
  43,246
  45,280
  47,423
  49,681
  52,059
  54,560
  57,193
  59,963
  62,877
Debt-to-equity ratio
  6.470
  6.520
  6.590
  6.650
  6.720
  6.790
  6.870
  6.940
  7.010
  7.090
  7.160
  7.230
  7.300
  7.370
  7.440
  7.500
  7.570
  7.630
  7.690
  7.750
  7.800
  7.850
  7.910
  7.960
  8.000
  8.050
  8.090
  8.130
  8.170
  8.210
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
  -282
  -180
  -150
  -112
  -66
  -13
  34
  84
  140
  202
  1,160
  1,234
  1,314
  1,401
  1,495
  1,595
  1,703
  1,819
  1,943
  2,075
  2,217
  2,367
  2,527
  2,698
  2,879
  3,071
  3,275
  3,491
  3,720
  3,962
Depreciation, amort., depletion, $m
  3,349
  3,398
  3,454
  3,517
  3,587
  3,663
  3,746
  3,836
  3,933
  4,037
  2,928
  3,046
  3,173
  3,307
  3,450
  3,601
  3,761
  3,931
  4,109
  4,298
  4,497
  4,708
  4,929
  5,162
  5,408
  5,667
  5,939
  6,226
  6,527
  6,844
Funds from operations, $m
  3,068
  3,219
  3,305
  3,405
  3,520
  3,650
  3,781
  3,921
  4,073
  4,239
  4,088
  4,281
  4,487
  4,708
  4,945
  5,196
  5,465
  5,750
  6,052
  6,374
  6,714
  7,075
  7,456
  7,860
  8,287
  8,738
  9,214
  9,716
  10,247
  10,807
Change in working capital, $m
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Cash from operations, $m
  3,070
  3,222
  3,308
  3,409
  3,525
  3,655
  3,786
  3,926
  4,080
  4,246
  4,095
  4,288
  4,495
  4,717
  4,954
  5,206
  5,475
  5,761
  6,064
  6,386
  6,727
  7,088
  7,471
  7,875
  8,303
  8,755
  9,232
  9,735
  10,267
  10,828
Maintenance CAPEX, $m
  -2,087
  -2,128
  -2,177
  -2,233
  -2,296
  -2,366
  -2,442
  -2,525
  -2,615
  -2,712
  -2,816
  -2,928
  -3,046
  -3,173
  -3,307
  -3,450
  -3,601
  -3,761
  -3,931
  -4,109
  -4,298
  -4,497
  -4,708
  -4,929
  -5,162
  -5,408
  -5,667
  -5,939
  -6,226
  -6,527
New CAPEX, $m
  -253
  -299
  -341
  -383
  -425
  -466
  -507
  -549
  -592
  -635
  -679
  -725
  -772
  -820
  -870
  -922
  -976
  -1,032
  -1,091
  -1,152
  -1,215
  -1,282
  -1,351
  -1,423
  -1,499
  -1,578
  -1,661
  -1,748
  -1,839
  -1,935
Cash from investing activities, $m
  -2,340
  -2,427
  -2,518
  -2,616
  -2,721
  -2,832
  -2,949
  -3,074
  -3,207
  -3,347
  -3,495
  -3,653
  -3,818
  -3,993
  -4,177
  -4,372
  -4,577
  -4,793
  -5,022
  -5,261
  -5,513
  -5,779
  -6,059
  -6,352
  -6,661
  -6,986
  -7,328
  -7,687
  -8,065
  -8,462
Free cash flow, $m
  731
  795
  790
  793
  804
  823
  837
  852
  873
  899
  600
  636
  677
  724
  776
  834
  898
  967
  1,043
  1,125
  1,214
  1,309
  1,412
  1,523
  1,641
  1,768
  1,903
  2,048
  2,202
  2,366
Issuance/(repayment) of debt, $m
  -1,139
  405
  463
  519
  576
  631
  688
  744
  802
  861
  921
  982
  1,046
  1,112
  1,180
  1,250
  1,323
  1,399
  1,479
  1,561
  1,647
  1,737
  1,831
  1,929
  2,032
  2,139
  2,252
  2,370
  2,493
  2,622
Issuance/(repurchase) of shares, $m
  1,823
  224
  201
  170
  130
  84
  42
  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  
  684
  629
  664
  689
  706
  715
  730
  744
  802
  861
  921
  982
  1,046
  1,112
  1,180
  1,250
  1,323
  1,399
  1,479
  1,561
  1,647
  1,737
  1,831
  1,929
  2,032
  2,139
  2,252
  2,370
  2,493
  2,622
Total cash flow (excl. dividends), $m
  1,415
  1,424
  1,453
  1,482
  1,510
  1,538
  1,566
  1,596
  1,675
  1,759
  1,520
  1,618
  1,723
  1,836
  1,956
  2,084
  2,221
  2,366
  2,521
  2,686
  2,861
  3,047
  3,243
  3,452
  3,673
  3,907
  4,155
  4,417
  4,695
  4,988
Retained Cash Flow (-), $m
  -1,823
  -224
  -201
  -170
  -130
  -84
  -76
  -83
  -89
  -96
  -102
  -109
  -116
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -263
  -277
  -291
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
  -408
  1,200
  1,252
  1,312
  1,380
  1,455
  1,490
  1,514
  1,586
  1,664
  1,418
  1,509
  1,607
  1,712
  1,825
  1,945
  2,074
  2,211
  2,357
  2,513
  2,678
  2,854
  3,040
  3,238
  3,447
  3,670
  3,905
  4,154
  4,418
  4,696
Discount rate, %
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
  -364
  945
  860
  777
  695
  614
  520
  430
  361
  298
  196
  158
  125
  96
  73
  54
  39
  27
  18
  12
  8
  5
  3
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  58.0
  57.0
  56.0
  55.3
  54.7
  54.4
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2

Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France. The Company operates in two segments: Americas and International. The Americas segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, Australia and New Zealand.

FINANCIAL RATIOS  of  Avis Budget Group, Inc. (CAR)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 0.3
Price to Book 12.9
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow -0.3
Growth Rates
Sales Growth Rate 1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 5485.1%
Total Debt to Equity 5611.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 49.4%
Return On Equity - 3 Yr. Avg. 46.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 49.1%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 33.1%
EBITDA Margin - 3 Yr. Avg. 33.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 41.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 0%

CAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAR stock intrinsic value calculation we used $9124 million for the last fiscal year's total revenue generated by Avis Budget Group, Inc.. The default revenue input number comes from 0001 income statement of Avis Budget Group, 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 CAR stock valuation model: a) initial revenue growth rate of 2% 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 12.1%, whose default value for CAR is calculated based on our internal credit rating of Avis Budget Group, 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 Avis Budget Group, 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 CAR stock the variable cost ratio is equal to 73.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1948 million in the base year in the intrinsic value calculation for CAR 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 Avis Budget Group, Inc..

Corporate tax rate of 27% is the nominal tax rate for Avis Budget Group, 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 CAR 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 CAR are equal to 139.5%.

Life of production assets of 6.1 years is the average useful life of capital assets used in Avis Budget Group, 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 CAR is equal to -1.5%. 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 - $414 million for Avis Budget Group, 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 75.818 million for Avis Budget Group, 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 Avis Budget Group, Inc. at the current share price and the inputted number of shares is $2.5 billion.

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