Intrinsic value of CBS Corporation - CBS

Previous Close

$45.06

  Intrinsic Value

$49.44

stock screener

  Rating & Target

hold

+10%

Previous close

$45.06

 
Intrinsic value

$49.44

 
Up/down potential

+10%

 
Rating

hold

We calculate the intrinsic value of CBS 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 16.8

 

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, %
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  14,891
  15,314
  15,782
  16,295
  16,853
  17,457
  18,107
  18,805
  19,551
  20,347
  21,194
  22,094
  23,049
  24,061
  25,132
  26,264
  27,460
  28,723
  30,056
  31,462
  32,943
  34,503
  36,147
  37,878
  39,699
  41,615
  43,632
  45,752
  47,982
  50,327
Variable operating expenses, $m
  9,838
  10,096
  10,382
  10,695
  11,035
  11,403
  11,800
  12,225
  12,680
  13,166
  12,927
  13,476
  14,058
  14,675
  15,328
  16,019
  16,749
  17,519
  18,332
  19,189
  20,093
  21,045
  22,047
  23,102
  24,213
  25,382
  26,612
  27,906
  29,266
  30,696
Fixed operating expenses, $m
  2,309
  2,359
  2,411
  2,464
  2,519
  2,574
  2,631
  2,689
  2,748
  2,808
  2,870
  2,933
  2,998
  3,064
  3,131
  3,200
  3,270
  3,342
  3,416
  3,491
  3,568
  3,646
  3,726
  3,808
  3,892
  3,978
  4,065
  4,155
  4,246
  4,340
Total operating expenses, $m
  12,147
  12,455
  12,793
  13,159
  13,554
  13,977
  14,431
  14,914
  15,428
  15,974
  15,797
  16,409
  17,056
  17,739
  18,459
  19,219
  20,019
  20,861
  21,748
  22,680
  23,661
  24,691
  25,773
  26,910
  28,105
  29,360
  30,677
  32,061
  33,512
  35,036
Operating income, $m
  2,744
  2,858
  2,989
  3,136
  3,300
  3,480
  3,677
  3,891
  4,123
  4,373
  5,397
  5,685
  5,993
  6,322
  6,672
  7,045
  7,441
  7,862
  8,308
  8,781
  9,282
  9,813
  10,374
  10,967
  11,593
  12,255
  12,954
  13,692
  14,471
  15,292
EBITDA, $m
  3,671
  3,790
  3,926
  4,079
  4,249
  4,436
  4,641
  4,863
  5,103
  5,363
  5,641
  5,939
  6,258
  6,599
  6,961
  7,347
  7,757
  8,192
  8,654
  9,143
  9,661
  10,210
  10,789
  11,402
  12,050
  12,734
  13,456
  14,218
  15,022
  15,871
Interest expense (income), $m
  407
  548
  575
  605
  638
  675
  714
  757
  803
  853
  906
  962
  1,022
  1,086
  1,154
  1,226
  1,301
  1,382
  1,467
  1,556
  1,651
  1,750
  1,855
  1,966
  2,083
  2,205
  2,335
  2,470
  2,613
  2,764
  2,922
Earnings before tax, $m
  2,196
  2,283
  2,384
  2,498
  2,625
  2,765
  2,920
  3,088
  3,270
  3,467
  4,435
  4,663
  4,907
  5,168
  5,447
  5,744
  6,060
  6,395
  6,752
  7,131
  7,532
  7,957
  8,408
  8,884
  9,388
  9,921
  10,484
  11,079
  11,707
  12,370
Tax expense, $m
  593
  616
  644
  674
  709
  747
  788
  834
  883
  936
  1,197
  1,259
  1,325
  1,395
  1,471
  1,551
  1,636
  1,727
  1,823
  1,925
  2,034
  2,148
  2,270
  2,399
  2,535
  2,679
  2,831
  2,991
  3,161
  3,340
Net income, $m
  1,603
  1,667
  1,740
  1,823
  1,916
  2,019
  2,131
  2,254
  2,387
  2,531
  3,238
  3,404
  3,582
  3,773
  3,976
  4,193
  4,423
  4,669
  4,929
  5,205
  5,498
  5,809
  6,138
  6,485
  6,853
  7,242
  7,653
  8,087
  8,546
  9,030

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
  22,427
  23,064
  23,768
  24,541
  25,382
  26,291
  27,270
  28,321
  29,444
  30,643
  31,918
  33,274
  34,712
  36,236
  37,849
  39,554
  41,356
  43,258
  45,265
  47,382
  49,613
  51,963
  54,438
  57,044
  59,787
  62,674
  65,710
  68,904
  72,263
  75,794
Adjusted assets (=assets-cash), $m
  22,427
  23,064
  23,768
  24,541
  25,382
  26,291
  27,270
  28,321
  29,444
  30,643
  31,918
  33,274
  34,712
  36,236
  37,849
  39,554
  41,356
  43,258
  45,265
  47,382
  49,613
  51,963
  54,438
  57,044
  59,787
  62,674
  65,710
  68,904
  72,263
  75,794
Revenue / Adjusted assets
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
Average production assets, $m
  5,138
  5,283
  5,445
  5,622
  5,814
  6,023
  6,247
  6,488
  6,745
  7,020
  7,312
  7,622
  7,952
  8,301
  8,670
  9,061
  9,474
  9,910
  10,369
  10,854
  11,365
  11,904
  12,471
  13,068
  13,696
  14,357
  15,053
  15,785
  16,554
  17,363
Working capital, $m
  2,606
  2,680
  2,762
  2,852
  2,949
  3,055
  3,169
  3,291
  3,421
  3,561
  3,709
  3,866
  4,034
  4,211
  4,398
  4,596
  4,806
  5,027
  5,260
  5,506
  5,765
  6,038
  6,326
  6,629
  6,947
  7,283
  7,636
  8,007
  8,397
  8,807
Total debt, $m
  10,653
  11,209
  11,823
  12,497
  13,230
  14,023
  14,877
  15,793
  16,772
  17,817
  18,930
  20,112
  21,366
  22,695
  24,101
  25,588
  27,159
  28,818
  30,568
  32,414
  34,359
  36,409
  38,567
  40,840
  43,232
  45,749
  48,396
  51,181
  54,110
  57,190
Total liabilities, $m
  19,556
  20,112
  20,726
  21,400
  22,133
  22,926
  23,780
  24,696
  25,675
  26,720
  27,833
  29,015
  30,269
  31,598
  33,004
  34,491
  36,062
  37,721
  39,471
  41,317
  43,262
  45,312
  47,470
  49,743
  52,135
  54,652
  57,299
  60,084
  63,013
  66,093
Total equity, $m
  2,871
  2,952
  3,042
  3,141
  3,249
  3,365
  3,491
  3,625
  3,769
  3,922
  4,086
  4,259
  4,443
  4,638
  4,845
  5,063
  5,294
  5,537
  5,794
  6,065
  6,350
  6,651
  6,968
  7,302
  7,653
  8,022
  8,411
  8,820
  9,250
  9,702
Total liabilities and equity, $m
  22,427
  23,064
  23,768
  24,541
  25,382
  26,291
  27,271
  28,321
  29,444
  30,642
  31,919
  33,274
  34,712
  36,236
  37,849
  39,554
  41,356
  43,258
  45,265
  47,382
  49,612
  51,963
  54,438
  57,045
  59,788
  62,674
  65,710
  68,904
  72,263
  75,795
Debt-to-equity ratio
  3.710
  3.800
  3.890
  3.980
  4.070
  4.170
  4.260
  4.360
  4.450
  4.540
  4.630
  4.720
  4.810
  4.890
  4.970
  5.050
  5.130
  5.200
  5.280
  5.340
  5.410
  5.470
  5.530
  5.590
  5.650
  5.700
  5.750
  5.800
  5.850
  5.890
Adjusted equity ratio
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128
  0.128

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,603
  1,667
  1,740
  1,823
  1,916
  2,019
  2,131
  2,254
  2,387
  2,531
  3,238
  3,404
  3,582
  3,773
  3,976
  4,193
  4,423
  4,669
  4,929
  5,205
  5,498
  5,809
  6,138
  6,485
  6,853
  7,242
  7,653
  8,087
  8,546
  9,030
Depreciation, amort., depletion, $m
  927
  932
  937
  943
  950
  957
  964
  972
  981
  990
  244
  254
  265
  277
  289
  302
  316
  330
  346
  362
  379
  397
  416
  436
  457
  479
  502
  526
  552
  579
Funds from operations, $m
  2,530
  2,599
  2,677
  2,766
  2,866
  2,975
  3,095
  3,226
  3,368
  3,521
  3,481
  3,658
  3,847
  4,049
  4,265
  4,495
  4,739
  4,999
  5,275
  5,567
  5,877
  6,206
  6,553
  6,921
  7,310
  7,721
  8,155
  8,614
  9,098
  9,609
Change in working capital, $m
  66
  74
  82
  90
  98
  106
  114
  122
  131
  139
  148
  158
  167
  177
  187
  198
  209
  221
  233
  246
  259
  273
  288
  303
  319
  335
  353
  371
  390
  410
Cash from operations, $m
  2,464
  2,525
  2,596
  2,677
  2,768
  2,870
  2,981
  3,104
  3,237
  3,381
  3,333
  3,501
  3,680
  3,872
  4,078
  4,297
  4,530
  4,778
  5,042
  5,321
  5,618
  5,933
  6,266
  6,618
  6,991
  7,385
  7,802
  8,242
  8,707
  9,198
Maintenance CAPEX, $m
  -167
  -171
  -176
  -181
  -187
  -194
  -201
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -277
  -289
  -302
  -316
  -330
  -346
  -362
  -379
  -397
  -416
  -436
  -457
  -479
  -502
  -526
  -552
New CAPEX, $m
  -131
  -146
  -161
  -177
  -193
  -208
  -224
  -241
  -257
  -275
  -292
  -311
  -329
  -349
  -369
  -391
  -413
  -436
  -460
  -485
  -511
  -538
  -567
  -597
  -628
  -661
  -696
  -732
  -769
  -809
Cash from investing activities, $m
  -298
  -317
  -337
  -358
  -380
  -402
  -425
  -449
  -473
  -500
  -526
  -555
  -583
  -614
  -646
  -680
  -715
  -752
  -790
  -831
  -873
  -917
  -964
  -1,013
  -1,064
  -1,118
  -1,175
  -1,234
  -1,295
  -1,361
Free cash flow, $m
  2,166
  2,207
  2,258
  2,318
  2,388
  2,467
  2,556
  2,655
  2,764
  2,882
  2,807
  2,946
  3,097
  3,258
  3,432
  3,617
  3,815
  4,026
  4,251
  4,491
  4,745
  5,015
  5,302
  5,605
  5,927
  6,268
  6,628
  7,009
  7,412
  7,838
Issuance/(repayment) of debt, $m
  501
  555
  615
  674
  733
  793
  854
  916
  980
  1,045
  1,112
  1,182
  1,254
  1,329
  1,406
  1,487
  1,571
  1,659
  1,750
  1,846
  1,945
  2,050
  2,158
  2,273
  2,392
  2,517
  2,648
  2,785
  2,929
  3,079
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  
  501
  555
  615
  674
  733
  793
  854
  916
  980
  1,045
  1,112
  1,182
  1,254
  1,329
  1,406
  1,487
  1,571
  1,659
  1,750
  1,846
  1,945
  2,050
  2,158
  2,273
  2,392
  2,517
  2,648
  2,785
  2,929
  3,079
Total cash flow (excl. dividends), $m
  2,667
  2,763
  2,873
  2,992
  3,121
  3,260
  3,410
  3,571
  3,743
  3,927
  3,919
  4,128
  4,351
  4,587
  4,838
  5,104
  5,386
  5,685
  6,002
  6,336
  6,690
  7,065
  7,460
  7,878
  8,319
  8,785
  9,276
  9,794
  10,341
  10,917
Retained Cash Flow (-), $m
  -67
  -82
  -90
  -99
  -108
  -116
  -125
  -134
  -144
  -153
  -163
  -174
  -184
  -195
  -206
  -218
  -231
  -243
  -257
  -271
  -286
  -301
  -317
  -334
  -351
  -369
  -389
  -409
  -430
  -452
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
  2,600
  2,681
  2,782
  2,893
  3,013
  3,144
  3,285
  3,437
  3,599
  3,774
  3,756
  3,955
  4,167
  4,392
  4,631
  4,886
  5,156
  5,442
  5,745
  6,066
  6,405
  6,764
  7,143
  7,544
  7,968
  8,415
  8,887
  9,385
  9,911
  10,465
Discount rate, %
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.30
  19.22
  20.18
  21.19
  22.24
  23.36
  24.52
  25.75
  27.04
  28.39
  29.81
  31.30
  32.87
  34.51
  36.23
  38.05
  39.95
  41.95
  44.04
PV of cash for distribution, $m
  2,349
  2,167
  1,991
  1,813
  1,635
  1,459
  1,286
  1,119
  961
  812
  641
  526
  424
  335
  259
  196
  145
  105
  74
  51
  34
  22
  14
  8
  5
  3
  1
  1
  0
  0
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

CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company's digital streaming services, CBS All Access and CBSN. The Cable Networks segment comprises Showtime Networks, which operates its subscription program services, Showtime, The Movie Channel, and Flix. The Publishing segment comprises Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster, Pocket Books, Scribner and Gallery Books. The Local Media segment comprises CBS TV Stations, it owns 30 broadcast TV stations; and CBS Local Digital Media. Its businesses span the media and entertainment industries, including the CBS TV Network, cable networks and content production and distribution.

FINANCIAL RATIOS  of  CBS Corporation (CBS)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 1.4
Price to Book 5
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 241.3%
Total Debt to Equity 254.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.9%
Return On Equity 27.3%
Return On Equity - 3 Yr. Avg. 28.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 39.5%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 19.8%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 22.8%

CBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBS stock intrinsic value calculation we used $14514 million for the last fiscal year's total revenue generated by CBS Corporation. The default revenue input number comes from 0001 income statement of CBS Corporation. 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 CBS stock valuation model: a) initial revenue growth rate of 2.6% 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 10.7%, whose default value for CBS is calculated based on our internal credit rating of CBS Corporation, 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 CBS Corporation.
    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 CBS stock the variable cost ratio is equal to 66.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2259 million in the base year in the intrinsic value calculation for CBS 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 CBS Corporation.

Corporate tax rate of 27% is the nominal tax rate for CBS Corporation. 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 CBS 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 CBS are equal to 34.5%.

Life of production assets of 39.4 years is the average useful life of capital assets used in CBS Corporation 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 CBS is equal to 17.5%. 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 - $2804 million for CBS Corporation - 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 372.956 million for CBS Corporation 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 CBS Corporation at the current share price and the inputted number of shares is $16.8 billion.

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