Intrinsic value of Cboe Global Markets, Inc. - CBOE

Previous Close

$96.15

  Intrinsic Value

$113.70

stock screener

  Rating & Target

hold

+18%

Previous close

$96.15

 
Intrinsic value

$113.70

 
Up/down potential

+18%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as CBOE.

We calculate the intrinsic value of CBOE 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 10.7

 

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, %
  20.50
  18.95
  17.56
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
Revenue, $m
  3,337
  3,969
  4,666
  5,426
  6,249
  7,134
  8,078
  9,081
  10,141
  11,257
  12,428
  13,654
  14,934
  16,269
  17,660
  19,106
  20,610
  22,174
  23,798
  25,486
  27,241
  29,065
  30,962
  32,935
  34,989
  37,128
  39,356
  41,679
  44,101
  46,628
Variable operating expenses, $m
  1,927
  2,291
  2,691
  3,129
  3,602
  4,111
  4,654
  5,231
  5,841
  6,483
  7,149
  7,854
  8,590
  9,358
  10,158
  10,990
  11,856
  12,755
  13,689
  14,660
  15,670
  16,719
  17,810
  18,945
  20,127
  21,357
  22,639
  23,975
  25,368
  26,821
Fixed operating expenses, $m
  593
  606
  619
  633
  647
  661
  675
  690
  705
  721
  737
  753
  770
  787
  804
  822
  840
  858
  877
  896
  916
  936
  957
  978
  999
  1,021
  1,044
  1,067
  1,090
  1,114
Total operating expenses, $m
  2,520
  2,897
  3,310
  3,762
  4,249
  4,772
  5,329
  5,921
  6,546
  7,204
  7,886
  8,607
  9,360
  10,145
  10,962
  11,812
  12,696
  13,613
  14,566
  15,556
  16,586
  17,655
  18,767
  19,923
  21,126
  22,378
  23,683
  25,042
  26,458
  27,935
Operating income, $m
  817
  1,072
  1,355
  1,664
  2,000
  2,362
  2,748
  3,159
  3,594
  4,053
  4,542
  5,047
  5,574
  6,124
  6,698
  7,294
  7,915
  8,561
  9,232
  9,930
  10,655
  11,410
  12,195
  13,013
  13,864
  14,750
  15,674
  16,638
  17,643
  18,693
EBITDA, $m
  950
  1,229
  1,538
  1,875
  2,242
  2,637
  3,059
  3,507
  3,982
  4,482
  5,008
  5,558
  6,134
  6,734
  7,359
  8,010
  8,687
  9,392
  10,124
  10,885
  11,676
  12,499
  13,355
  14,247
  15,174
  16,141
  17,149
  18,199
  19,295
  20,440
Interest expense (income), $m
  0
  66
  88
  114
  142
  172
  206
  241
  279
  320
  362
  407
  454
  504
  555
  609
  665
  723
  783
  846
  912
  980
  1,050
  1,124
  1,200
  1,279
  1,362
  1,448
  1,538
  1,631
  1,729
Earnings before tax, $m
  751
  984
  1,241
  1,523
  1,828
  2,156
  2,507
  2,880
  3,275
  3,691
  4,135
  4,593
  5,071
  5,569
  6,089
  6,630
  7,192
  7,777
  8,386
  9,018
  9,676
  10,360
  11,072
  11,812
  12,584
  13,388
  14,226
  15,100
  16,012
  16,964
Tax expense, $m
  203
  266
  335
  411
  493
  582
  677
  778
  884
  997
  1,117
  1,240
  1,369
  1,504
  1,644
  1,790
  1,942
  2,100
  2,264
  2,435
  2,612
  2,797
  2,989
  3,189
  3,398
  3,615
  3,841
  4,077
  4,323
  4,580
Net income, $m
  548
  718
  906
  1,112
  1,334
  1,574
  1,830
  2,103
  2,391
  2,694
  3,019
  3,353
  3,702
  4,066
  4,445
  4,840
  5,250
  5,677
  6,122
  6,583
  7,063
  7,563
  8,082
  8,623
  9,186
  9,773
  10,385
  11,023
  11,689
  12,384

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
  6,392
  7,603
  8,938
  10,395
  11,972
  13,666
  15,475
  17,396
  19,427
  21,565
  23,808
  26,157
  28,610
  31,167
  33,831
  36,602
  39,484
  42,478
  45,591
  48,825
  52,186
  55,680
  59,314
  63,095
  67,030
  71,127
  75,396
  79,845
  84,485
  89,326
Adjusted assets (=assets-cash), $m
  6,392
  7,603
  8,938
  10,395
  11,972
  13,666
  15,475
  17,396
  19,427
  21,565
  23,808
  26,157
  28,610
  31,167
  33,831
  36,602
  39,484
  42,478
  45,591
  48,825
  52,186
  55,680
  59,314
  63,095
  67,030
  71,127
  75,396
  79,845
  84,485
  89,326
Revenue / Adjusted assets
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
Average production assets, $m
  2,813
  3,346
  3,933
  4,574
  5,268
  6,014
  6,810
  7,655
  8,549
  9,489
  10,477
  11,510
  12,590
  13,715
  14,887
  16,107
  17,375
  18,692
  20,062
  21,485
  22,964
  24,502
  26,101
  27,765
  29,496
  31,299
  33,178
  35,135
  37,177
  39,308
Working capital, $m
  93
  111
  131
  152
  175
  200
  226
  254
  284
  315
  348
  382
  418
  456
  494
  535
  577
  621
  666
  714
  763
  814
  867
  922
  980
  1,040
  1,102
  1,167
  1,235
  1,306
Total debt, $m
  1,637
  2,108
  2,627
  3,194
  3,807
  4,466
  5,170
  5,917
  6,707
  7,539
  8,412
  9,325
  10,279
  11,274
  12,310
  13,388
  14,509
  15,674
  16,885
  18,143
  19,450
  20,810
  22,223
  23,694
  25,225
  26,818
  28,479
  30,210
  32,015
  33,898
Total liabilities, $m
  2,487
  2,958
  3,477
  4,044
  4,657
  5,316
  6,020
  6,767
  7,557
  8,389
  9,261
  10,175
  11,129
  12,124
  13,160
  14,238
  15,359
  16,524
  17,735
  18,993
  20,300
  21,660
  23,073
  24,544
  26,075
  27,668
  29,329
  31,060
  32,865
  34,748
Total equity, $m
  3,906
  4,646
  5,461
  6,351
  7,315
  8,350
  9,455
  10,629
  11,870
  13,176
  14,547
  15,982
  17,481
  19,043
  20,671
  22,364
  24,124
  25,954
  27,856
  29,832
  31,886
  34,021
  36,241
  38,551
  40,955
  43,459
  46,067
  48,785
  51,620
  54,578
Total liabilities and equity, $m
  6,393
  7,604
  8,938
  10,395
  11,972
  13,666
  15,475
  17,396
  19,427
  21,565
  23,808
  26,157
  28,610
  31,167
  33,831
  36,602
  39,483
  42,478
  45,591
  48,825
  52,186
  55,681
  59,314
  63,095
  67,030
  71,127
  75,396
  79,845
  84,485
  89,326
Debt-to-equity ratio
  0.420
  0.450
  0.480
  0.500
  0.520
  0.530
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
Adjusted equity ratio
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  548
  718
  906
  1,112
  1,334
  1,574
  1,830
  2,103
  2,391
  2,694
  3,019
  3,353
  3,702
  4,066
  4,445
  4,840
  5,250
  5,677
  6,122
  6,583
  7,063
  7,563
  8,082
  8,623
  9,186
  9,773
  10,385
  11,023
  11,689
  12,384
Depreciation, amort., depletion, $m
  133
  156
  183
  211
  242
  275
  310
  348
  388
  429
  466
  512
  560
  610
  662
  716
  772
  831
  892
  955
  1,021
  1,089
  1,160
  1,234
  1,311
  1,391
  1,475
  1,562
  1,652
  1,747
Funds from operations, $m
  681
  875
  1,089
  1,323
  1,576
  1,849
  2,141
  2,450
  2,778
  3,124
  3,484
  3,864
  4,261
  4,675
  5,107
  5,556
  6,023
  6,508
  7,013
  7,538
  8,084
  8,652
  9,242
  9,857
  10,497
  11,164
  11,859
  12,584
  13,341
  14,131
Change in working capital, $m
  16
  18
  20
  21
  23
  25
  26
  28
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  68
  71
Cash from operations, $m
  665
  857
  1,069
  1,301
  1,553
  1,824
  2,114
  2,422
  2,749
  3,092
  3,452
  3,830
  4,225
  4,638
  5,068
  5,515
  5,980
  6,464
  6,968
  7,491
  8,035
  8,601
  9,189
  9,802
  10,440
  11,104
  11,797
  12,519
  13,273
  14,060
Maintenance CAPEX, $m
  -104
  -125
  -149
  -175
  -203
  -234
  -267
  -303
  -340
  -380
  -422
  -466
  -512
  -560
  -610
  -662
  -716
  -772
  -831
  -892
  -955
  -1,021
  -1,089
  -1,160
  -1,234
  -1,311
  -1,391
  -1,475
  -1,562
  -1,652
New CAPEX, $m
  -480
  -533
  -587
  -641
  -694
  -746
  -796
  -845
  -894
  -941
  -987
  -1,033
  -1,079
  -1,125
  -1,172
  -1,219
  -1,268
  -1,318
  -1,369
  -1,423
  -1,479
  -1,538
  -1,599
  -1,664
  -1,732
  -1,803
  -1,878
  -1,958
  -2,042
  -2,130
Cash from investing activities, $m
  -584
  -658
  -736
  -816
  -897
  -980
  -1,063
  -1,148
  -1,234
  -1,321
  -1,409
  -1,499
  -1,591
  -1,685
  -1,782
  -1,881
  -1,984
  -2,090
  -2,200
  -2,315
  -2,434
  -2,559
  -2,688
  -2,824
  -2,966
  -3,114
  -3,269
  -3,433
  -3,604
  -3,782
Free cash flow, $m
  82
  199
  333
  485
  656
  844
  1,051
  1,274
  1,515
  1,772
  2,042
  2,331
  2,634
  2,953
  3,286
  3,634
  3,997
  4,374
  4,767
  5,176
  5,601
  6,042
  6,501
  6,978
  7,474
  7,990
  8,528
  9,087
  9,670
  10,277
Issuance/(repayment) of debt, $m
  421
  471
  519
  567
  613
  659
  704
  747
  790
  832
  873
  914
  954
  995
  1,036
  1,078
  1,121
  1,165
  1,211
  1,258
  1,308
  1,359
  1,414
  1,471
  1,531
  1,594
  1,661
  1,731
  1,805
  1,883
Issuance/(repurchase) of shares, $m
  116
  22
  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  
  537
  493
  519
  567
  613
  659
  704
  747
  790
  832
  873
  914
  954
  995
  1,036
  1,078
  1,121
  1,165
  1,211
  1,258
  1,308
  1,359
  1,414
  1,471
  1,531
  1,594
  1,661
  1,731
  1,805
  1,883
Total cash flow (excl. dividends), $m
  619
  692
  852
  1,052
  1,269
  1,504
  1,754
  2,022
  2,305
  2,603
  2,915
  3,244
  3,588
  3,948
  4,322
  4,712
  5,118
  5,539
  5,978
  6,434
  6,908
  7,402
  7,915
  8,449
  9,005
  9,584
  10,188
  10,818
  11,475
  12,160
Retained Cash Flow (-), $m
  -665
  -740
  -816
  -890
  -963
  -1,035
  -1,105
  -1,174
  -1,241
  -1,306
  -1,371
  -1,435
  -1,499
  -1,563
  -1,627
  -1,693
  -1,761
  -1,830
  -1,902
  -1,976
  -2,054
  -2,135
  -2,220
  -2,310
  -2,404
  -2,503
  -2,608
  -2,719
  -2,835
  -2,958
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
  -45
  -48
  37
  162
  306
  468
  649
  848
  1,064
  1,297
  1,544
  1,809
  2,090
  2,385
  2,695
  3,019
  3,357
  3,710
  4,077
  4,458
  4,855
  5,267
  5,694
  6,139
  6,601
  7,081
  7,580
  8,099
  8,640
  9,202
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
  -43
  -44
  32
  133
  237
  340
  439
  530
  611
  680
  733
  772
  795
  801
  791
  767
  730
  683
  628
  566
  502
  437
  373
  313
  257
  207
  163
  125
  94
  69
Current shareholders' claim on cash, %
  98.9
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

Cboe Global Markets, Inc., formerly CBOE Holdings, Inc., is a holding company. The Company provides trading and investment solutions to investors around the world. It offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, United States and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index). The Company’s trading venues include the options exchange in the United States and the stock exchange in Europe. Its products include VIX Index & Volatility, stock exchange options, options on single stocks and exchange traded products, Mini Options, Weeklys Options, Strategy Benchmark Indexes, Social Media Indexes, Contract Specs and Trading Hours and Trader Incentive Programs.

FINANCIAL RATIOS  of  Cboe Global Markets, Inc. (CBOE)

Valuation Ratios
P/E Ratio 41.8
Price to Sales 11.9
Price to Book 24.6
Price to Tangible Book
Price to Cash Flow 34
Price to Free Cash Flow 42
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.7
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 43.4%
Ret/ On Assets - 3 Yr. Avg. 47.6%
Return On Total Capital 64.7%
Ret/ On T. Cap. - 3 Yr. Avg. 72%
Return On Equity 64.7%
Return On Equity - 3 Yr. Avg. 72%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 88.1%
Gross Margin - 3 Yr. Avg. 88.7%
EBITDA Margin 53.4%
EBITDA Margin - 3 Yr. Avg. 56.1%
Operating Margin 45.4%
Oper. Margin - 3 Yr. Avg. 48.9%
Pre-Tax Margin 46.7%
Pre-Tax Margin - 3 Yr. Avg. 49.3%
Net Profit Margin 28.5%
Net Profit Margin - 3 Yr. Avg. 30.5%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 42.2%

CBOE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBOE stock intrinsic value calculation we used $2769 million for the last fiscal year's total revenue generated by Cboe Global Markets, Inc.. The default revenue input number comes from 0001 income statement of Cboe Global Markets, 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 CBOE stock valuation model: a) initial revenue growth rate of 20.5% 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 CBOE is calculated based on our internal credit rating of Cboe Global Markets, 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 Cboe Global Markets, 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 CBOE stock the variable cost ratio is equal to 57.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $580 million in the base year in the intrinsic value calculation for CBOE 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 Cboe Global Markets, Inc..

Corporate tax rate of 27% is the nominal tax rate for Cboe Global Markets, 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 CBOE 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 CBOE are equal to 84.3%.

Life of production assets of 22.5 years is the average useful life of capital assets used in Cboe Global Markets, 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 CBOE is equal to 2.8%. 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 - $3241 million for Cboe Global Markets, 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 111.787 million for Cboe Global Markets, 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 Cboe Global Markets, Inc. at the current share price and the inputted number of shares is $10.7 billion.

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