Intrinsic value of Cabot Microelectronics Corporation - CCMP

Previous Close

$130.04

  Intrinsic Value

$2,033

stock screener

  Rating & Target

str. buy

+999%

Previous close

$130.04

 
Intrinsic value

$2,033

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of CCMP 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 3.8

 

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, %
  58.40
  53.06
  48.25
  43.93
  40.04
  36.53
  33.38
  30.54
  27.99
  25.69
  23.62
  21.76
  20.08
  18.57
  17.22
  15.99
  14.90
  13.91
  13.02
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.11
  7.79
  7.52
Revenue, $m
  935
  1,430
  2,121
  3,052
  4,274
  5,836
  7,784
  10,161
  13,005
  16,345
  20,206
  24,602
  29,543
  35,030
  41,061
  47,628
  54,722
  62,332
  70,444
  79,048
  88,133
  97,689
  107,710
  118,194
  129,138
  140,545
  152,422
  164,776
  177,619
  190,968
Variable operating expenses, $m
  386
  585
  862
  1,236
  1,726
  2,352
  3,134
  4,088
  5,228
  6,569
  8,106
  9,870
  11,852
  14,054
  16,473
  19,108
  21,954
  25,007
  28,261
  31,713
  35,358
  39,191
  43,212
  47,418
  51,808
  56,385
  61,149
  66,106
  71,259
  76,614
Fixed operating expenses, $m
  190
  194
  199
  203
  207
  212
  217
  221
  226
  231
  236
  242
  247
  252
  258
  263
  269
  275
  281
  287
  294
  300
  307
  314
  320
  328
  335
  342
  350
  357
Total operating expenses, $m
  576
  779
  1,061
  1,439
  1,933
  2,564
  3,351
  4,309
  5,454
  6,800
  8,342
  10,112
  12,099
  14,306
  16,731
  19,371
  22,223
  25,282
  28,542
  32,000
  35,652
  39,491
  43,519
  47,732
  52,128
  56,713
  61,484
  66,448
  71,609
  76,971
Operating income, $m
  358
  651
  1,060
  1,614
  2,341
  3,271
  4,433
  5,852
  7,550
  9,545
  11,863
  14,491
  17,444
  20,724
  24,330
  28,257
  32,499
  37,050
  41,902
  47,048
  52,481
  58,197
  64,192
  70,462
  77,009
  83,833
  90,937
  98,328
  106,011
  113,997
EBITDA, $m
  399
  708
  1,138
  1,721
  2,487
  3,467
  4,691
  6,185
  7,973
  10,074
  12,503
  15,270
  18,379
  21,833
  25,630
  29,765
  34,232
  39,024
  44,133
  49,551
  55,272
  61,291
  67,602
  74,205
  81,098
  88,283
  95,764
  103,546
  111,636
  120,044
Interest expense (income), $m
  4
  0
  4
  9
  16
  26
  39
  55
  75
  100
  130
  165
  205
  251
  303
  360
  423
  492
  566
  646
  731
  821
  916
  1,016
  1,121
  1,230
  1,345
  1,464
  1,588
  1,718
  1,852
Earnings before tax, $m
  358
  648
  1,051
  1,598
  2,315
  3,233
  4,378
  5,777
  7,450
  9,416
  11,698
  14,285
  17,193
  20,421
  23,970
  27,834
  32,007
  36,484
  41,256
  46,317
  51,660
  57,281
  63,176
  69,342
  75,779
  82,488
  89,473
  96,740
  104,294
  112,145
Tax expense, $m
  97
  175
  284
  431
  625
  873
  1,182
  1,560
  2,011
  2,542
  3,159
  3,857
  4,642
  5,514
  6,472
  7,515
  8,642
  9,851
  11,139
  12,506
  13,948
  15,466
  17,057
  18,722
  20,460
  22,272
  24,158
  26,120
  28,159
  30,279
Net income, $m
  262
  473
  768
  1,166
  1,690
  2,360
  3,196
  4,217
  5,438
  6,873
  8,540
  10,428
  12,551
  14,907
  17,498
  20,318
  23,365
  26,633
  30,117
  33,811
  37,712
  41,815
  46,118
  50,619
  55,318
  60,216
  65,316
  70,620
  76,134
  81,866

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
  838
  1,283
  1,902
  2,737
  3,833
  5,234
  6,981
  9,113
  11,663
  14,659
  18,122
  22,065
  26,496
  31,417
  36,826
  42,716
  49,078
  55,903
  63,179
  70,895
  79,043
  87,613
  96,601
  106,003
  115,819
  126,050
  136,701
  147,781
  159,300
  171,272
Adjusted assets (=assets-cash), $m
  838
  1,283
  1,902
  2,737
  3,833
  5,234
  6,981
  9,113
  11,663
  14,659
  18,122
  22,065
  26,496
  31,417
  36,826
  42,716
  49,078
  55,903
  63,179
  70,895
  79,043
  87,613
  96,601
  106,003
  115,819
  126,050
  136,701
  147,781
  159,300
  171,272
Revenue / Adjusted assets
  1.116
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
Average production assets, $m
  284
  435
  645
  928
  1,299
  1,774
  2,366
  3,089
  3,953
  4,969
  6,143
  7,479
  8,981
  10,649
  12,482
  14,479
  16,636
  18,949
  21,415
  24,031
  26,792
  29,697
  32,744
  35,931
  39,258
  42,726
  46,336
  50,092
  53,996
  58,054
Working capital, $m
  108
  166
  246
  354
  496
  677
  903
  1,179
  1,509
  1,896
  2,344
  2,854
  3,427
  4,063
  4,763
  5,525
  6,348
  7,231
  8,172
  9,170
  10,223
  11,332
  12,494
  13,710
  14,980
  16,303
  17,681
  19,114
  20,604
  22,152
Total debt, $m
  67
  163
  297
  477
  714
  1,016
  1,394
  1,854
  2,405
  3,052
  3,800
  4,652
  5,609
  6,672
  7,840
  9,112
  10,487
  11,961
  13,532
  15,199
  16,959
  18,810
  20,752
  22,782
  24,903
  27,112
  29,413
  31,806
  34,295
  36,880
Total liabilities, $m
  181
  277
  411
  591
  828
  1,131
  1,508
  1,968
  2,519
  3,166
  3,914
  4,766
  5,723
  6,786
  7,954
  9,227
  10,601
  12,075
  13,647
  15,313
  17,073
  18,924
  20,866
  22,897
  25,017
  27,227
  29,527
  31,921
  34,409
  36,995
Total equity, $m
  657
  1,006
  1,491
  2,146
  3,005
  4,103
  5,473
  7,145
  9,144
  11,493
  14,208
  17,299
  20,773
  24,631
  28,871
  33,489
  38,477
  43,828
  49,532
  55,582
  61,969
  68,689
  75,735
  83,107
  90,802
  98,823
  107,174
  115,860
  124,891
  134,277
Total liabilities and equity, $m
  838
  1,283
  1,902
  2,737
  3,833
  5,234
  6,981
  9,113
  11,663
  14,659
  18,122
  22,065
  26,496
  31,417
  36,825
  42,716
  49,078
  55,903
  63,179
  70,895
  79,042
  87,613
  96,601
  106,004
  115,819
  126,050
  136,701
  147,781
  159,300
  171,272
Debt-to-equity ratio
  0.100
  0.160
  0.200
  0.220
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
Adjusted equity ratio
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  262
  473
  768
  1,166
  1,690
  2,360
  3,196
  4,217
  5,438
  6,873
  8,540
  10,428
  12,551
  14,907
  17,498
  20,318
  23,365
  26,633
  30,117
  33,811
  37,712
  41,815
  46,118
  50,619
  55,318
  60,216
  65,316
  70,620
  76,134
  81,866
Depreciation, amort., depletion, $m
  41
  56
  78
  108
  146
  196
  258
  333
  423
  529
  640
  779
  936
  1,109
  1,300
  1,508
  1,733
  1,974
  2,231
  2,503
  2,791
  3,093
  3,411
  3,743
  4,089
  4,451
  4,827
  5,218
  5,625
  6,047
Funds from operations, $m
  302
  529
  846
  1,274
  1,837
  2,556
  3,454
  4,550
  5,861
  7,402
  9,180
  11,207
  13,486
  16,017
  18,798
  21,827
  25,098
  28,607
  32,348
  36,315
  40,503
  44,909
  49,529
  54,362
  59,408
  64,667
  70,142
  75,838
  81,759
  87,913
Change in working capital, $m
  40
  58
  80
  108
  142
  181
  226
  276
  330
  388
  448
  510
  573
  637
  700
  762
  823
  883
  941
  998
  1,054
  1,109
  1,163
  1,216
  1,270
  1,323
  1,378
  1,433
  1,490
  1,548
Cash from operations, $m
  262
  472
  766
  1,166
  1,695
  2,375
  3,228
  4,274
  5,531
  7,015
  8,732
  10,697
  12,913
  15,380
  18,098
  21,065
  24,275
  27,724
  31,407
  35,317
  39,449
  43,800
  48,367
  53,146
  58,138
  63,344
  68,765
  74,405
  80,269
  86,365
Maintenance CAPEX, $m
  -19
  -30
  -45
  -67
  -97
  -135
  -185
  -246
  -322
  -412
  -518
  -640
  -779
  -936
  -1,109
  -1,300
  -1,508
  -1,733
  -1,974
  -2,231
  -2,503
  -2,791
  -3,093
  -3,411
  -3,743
  -4,089
  -4,451
  -4,827
  -5,218
  -5,625
New CAPEX, $m
  -105
  -151
  -210
  -283
  -371
  -475
  -592
  -723
  -864
  -1,016
  -1,174
  -1,336
  -1,502
  -1,668
  -1,833
  -1,997
  -2,157
  -2,313
  -2,466
  -2,616
  -2,762
  -2,905
  -3,047
  -3,187
  -3,327
  -3,468
  -3,610
  -3,756
  -3,904
  -4,058
Cash from investing activities, $m
  -124
  -181
  -255
  -350
  -468
  -610
  -777
  -969
  -1,186
  -1,428
  -1,692
  -1,976
  -2,281
  -2,604
  -2,942
  -3,297
  -3,665
  -4,046
  -4,440
  -4,847
  -5,265
  -5,696
  -6,140
  -6,598
  -7,070
  -7,557
  -8,061
  -8,583
  -9,122
  -9,683
Free cash flow, $m
  139
  291
  511
  816
  1,227
  1,765
  2,451
  3,305
  4,345
  5,587
  7,041
  8,721
  10,632
  12,777
  15,156
  17,768
  20,610
  23,678
  26,966
  30,470
  34,184
  38,104
  42,227
  46,549
  51,068
  55,786
  60,704
  65,822
  71,147
  76,682
Issuance/(repayment) of debt, $m
  67
  96
  134
  180
  237
  302
  377
  461
  551
  647
  748
  852
  957
  1,063
  1,168
  1,272
  1,374
  1,474
  1,572
  1,667
  1,760
  1,851
  1,941
  2,031
  2,120
  2,210
  2,301
  2,393
  2,488
  2,586
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  
  67
  96
  134
  180
  237
  302
  377
  461
  551
  647
  748
  852
  957
  1,063
  1,168
  1,272
  1,374
  1,474
  1,572
  1,667
  1,760
  1,851
  1,941
  2,031
  2,120
  2,210
  2,301
  2,393
  2,488
  2,586
Total cash flow (excl. dividends), $m
  205
  387
  644
  996
  1,463
  2,067
  2,828
  3,765
  4,896
  6,234
  7,789
  9,573
  11,589
  13,840
  16,324
  19,040
  21,985
  25,152
  28,538
  32,137
  35,944
  39,956
  44,168
  48,579
  53,189
  57,996
  63,004
  68,216
  73,635
  79,268
Retained Cash Flow (-), $m
  -242
  -349
  -485
  -655
  -859
  -1,098
  -1,370
  -1,672
  -2,000
  -2,349
  -2,715
  -3,091
  -3,474
  -3,858
  -4,240
  -4,618
  -4,988
  -5,351
  -5,704
  -6,050
  -6,388
  -6,719
  -7,047
  -7,371
  -7,695
  -8,021
  -8,351
  -8,687
  -9,031
  -9,386
Prev. year cash balance distribution, $m
  252
  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
  215
  39
  159
  341
  604
  969
  1,459
  2,094
  2,897
  3,885
  5,074
  6,482
  8,115
  9,981
  12,084
  14,423
  16,996
  19,802
  22,834
  26,087
  29,557
  33,236
  37,121
  41,208
  45,493
  49,975
  54,654
  59,529
  64,604
  69,882
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
  206
  35
  138
  281
  468
  703
  985
  1,309
  1,664
  2,037
  2,410
  2,766
  3,086
  3,351
  3,548
  3,665
  3,698
  3,647
  3,516
  3,315
  3,057
  2,758
  2,433
  2,099
  1,770
  1,458
  1,173
  921
  705
  526
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

Cabot Microelectronics Corporation supplies polishing slurries and pads used in the manufacture of integrated circuit (IC) devices within the semiconductor industry, in a process called chemical mechanical planarization (CMP). The Company is engaged in the development, manufacture and sale of CMP consumables. The Company develops, produces and sells CMP slurries for polishing conducting and insulating materials used in IC devices, and also for polishing the disk substrates and magnetic heads used in hard disk drives. It also develops, manufactures and sells CMP polishing pads, which are used in conjunction with slurries in the CMP process. The Company also pursues other surface modification applications through its engineered surface finishes (ESF) business. The Company offers CMP polishing pads, under the Epic and NexPlanar brand names, for a range of applications and technology nodes.

FINANCIAL RATIOS  of  Cabot Microelectronics Corporation (CCMP)

Valuation Ratios
P/E Ratio 37.8
Price to Sales 6.5
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 23.3
Price to Free Cash Flow 27.4
Growth Rates
Sales Growth Rate 17.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate 10.1%
Financial Strength
Quick Ratio 36
Current Ratio 0
LT Debt to Equity 22.4%
Total Debt to Equity 24.2%
Interest Coverage 28
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 12.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 15.9%
Return On Equity - 3 Yr. Avg. 14.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 50.1%
Gross Margin - 3 Yr. Avg. 50%
EBITDA Margin 27.4%
EBITDA Margin - 3 Yr. Avg. 24.5%
Operating Margin 22.1%
Oper. Margin - 3 Yr. Avg. 19.1%
Pre-Tax Margin 21.5%
Pre-Tax Margin - 3 Yr. Avg. 18.3%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 14.9%
Effective Tax Rate 20.2%
Eff/ Tax Rate - 3 Yr. Avg. 18.5%
Payout Ratio 21.8%

CCMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCMP stock intrinsic value calculation we used $590 million for the last fiscal year's total revenue generated by Cabot Microelectronics Corporation. The default revenue input number comes from 0001 income statement of Cabot Microelectronics 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 CCMP stock valuation model: a) initial revenue growth rate of 58.4% 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 CCMP is calculated based on our internal credit rating of Cabot Microelectronics 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 Cabot Microelectronics 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 CCMP stock the variable cost ratio is equal to 42%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $186 million in the base year in the intrinsic value calculation for CCMP 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 Cabot Microelectronics Corporation.

Corporate tax rate of 27% is the nominal tax rate for Cabot Microelectronics 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 CCMP 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 CCMP are equal to 30.4%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Cabot Microelectronics 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 CCMP is equal to 11.6%. 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 - $666.692 million for Cabot Microelectronics 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 28.971 million for Cabot Microelectronics 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 Cabot Microelectronics Corporation at the current share price and the inputted number of shares is $3.8 billion.

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