Intrinsic value of Colgate-Palmolive Company - CL

Previous Close

$72.70

  Intrinsic Value

$27.22

stock screener

  Rating & Target

str. sell

-63%

Previous close

$72.70

 
Intrinsic value

$27.22

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of CL 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 62.6

 

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
  15,855
  16,220
  16,636
  17,104
  17,623
  18,192
  18,811
  19,482
  20,205
  20,980
  21,810
  22,695
  23,637
  24,639
  25,702
  26,828
  28,020
  29,281
  30,613
  32,020
  33,504
  35,069
  36,719
  38,457
  40,288
  42,216
  44,245
  46,380
  48,626
  50,989
Variable operating expenses, $m
  12,041
  12,309
  12,614
  12,957
  13,338
  13,755
  14,209
  14,701
  15,231
  15,799
  15,991
  16,640
  17,331
  18,065
  18,844
  19,670
  20,544
  21,469
  22,445
  23,477
  24,565
  25,712
  26,922
  28,197
  29,539
  30,952
  32,440
  34,005
  35,652
  37,385
Fixed operating expenses, $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 operating expenses, $m
  12,041
  12,309
  12,614
  12,957
  13,338
  13,755
  14,209
  14,701
  15,231
  15,799
  15,991
  16,640
  17,331
  18,065
  18,844
  19,670
  20,544
  21,469
  22,445
  23,477
  24,565
  25,712
  26,922
  28,197
  29,539
  30,952
  32,440
  34,005
  35,652
  37,385
Operating income, $m
  3,814
  3,911
  4,022
  4,147
  4,285
  4,437
  4,602
  4,781
  4,974
  5,181
  5,819
  6,055
  6,307
  6,574
  6,857
  7,158
  7,476
  7,812
  8,168
  8,543
  8,939
  9,357
  9,797
  10,261
  10,749
  11,264
  11,805
  12,375
  12,974
  13,604
EBITDA, $m
  4,624
  4,730
  4,852
  4,988
  5,140
  5,306
  5,486
  5,682
  5,893
  6,119
  6,361
  6,619
  6,894
  7,186
  7,496
  7,824
  8,172
  8,540
  8,928
  9,338
  9,771
  10,228
  10,709
  11,216
  11,750
  12,312
  12,904
  13,526
  14,182
  14,871
Interest expense (income), $m
  162
  344
  284
  298
  314
  332
  352
  373
  397
  422
  450
  479
  511
  545
  580
  619
  659
  702
  747
  795
  846
  899
  956
  1,015
  1,078
  1,144
  1,214
  1,287
  1,364
  1,445
  1,531
Earnings before tax, $m
  3,470
  3,626
  3,724
  3,833
  3,953
  4,085
  4,229
  4,384
  4,552
  4,731
  5,340
  5,544
  5,762
  5,993
  6,239
  6,499
  6,774
  7,065
  7,373
  7,697
  8,040
  8,401
  8,782
  9,183
  9,605
  10,050
  10,518
  11,010
  11,529
  12,073
Tax expense, $m
  937
  979
  1,005
  1,035
  1,067
  1,103
  1,142
  1,184
  1,229
  1,277
  1,442
  1,497
  1,556
  1,618
  1,684
  1,755
  1,829
  1,908
  1,991
  2,078
  2,171
  2,268
  2,371
  2,479
  2,593
  2,713
  2,840
  2,973
  3,113
  3,260
Net income, $m
  2,533
  2,647
  2,718
  2,798
  2,886
  2,982
  3,087
  3,201
  3,323
  3,454
  3,898
  4,047
  4,206
  4,375
  4,554
  4,744
  4,945
  5,158
  5,382
  5,619
  5,869
  6,133
  6,411
  6,703
  7,012
  7,336
  7,678
  8,038
  8,416
  8,814

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
  12,406
  12,691
  13,018
  13,384
  13,789
  14,235
  14,719
  15,244
  15,810
  16,416
  17,065
  17,758
  18,495
  19,279
  20,111
  20,992
  21,925
  22,912
  23,954
  25,055
  26,216
  27,441
  28,732
  30,092
  31,524
  33,033
  34,620
  36,291
  38,049
  39,897
Adjusted assets (=assets-cash), $m
  12,406
  12,691
  13,018
  13,384
  13,789
  14,235
  14,719
  15,244
  15,810
  16,416
  17,065
  17,758
  18,495
  19,279
  20,111
  20,992
  21,925
  22,912
  23,954
  25,055
  26,216
  27,441
  28,732
  30,092
  31,524
  33,033
  34,620
  36,291
  38,049
  39,897
Revenue / Adjusted assets
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
  1.278
Average production assets, $m
  6,025
  6,163
  6,322
  6,500
  6,697
  6,913
  7,148
  7,403
  7,678
  7,972
  8,288
  8,624
  8,982
  9,363
  9,767
  10,195
  10,648
  11,127
  11,633
  12,168
  12,732
  13,326
  13,953
  14,614
  15,310
  16,042
  16,813
  17,624
  18,478
  19,376
Working capital, $m
  -270
  -276
  -283
  -291
  -300
  -309
  -320
  -331
  -343
  -357
  -371
  -386
  -402
  -419
  -437
  -456
  -476
  -498
  -520
  -544
  -570
  -596
  -624
  -654
  -685
  -718
  -752
  -788
  -827
  -867
Total debt, $m
  5,268
  5,525
  5,819
  6,148
  6,514
  6,914
  7,350
  7,823
  8,332
  8,878
  9,462
  10,085
  10,749
  11,454
  12,203
  12,996
  13,836
  14,723
  15,662
  16,652
  17,697
  18,800
  19,962
  21,186
  22,475
  23,832
  25,261
  26,765
  28,347
  30,011
Total liabilities, $m
  11,165
  11,422
  11,716
  12,045
  12,411
  12,811
  13,247
  13,720
  14,229
  14,775
  15,359
  15,982
  16,646
  17,351
  18,100
  18,893
  19,733
  20,620
  21,559
  22,549
  23,594
  24,697
  25,859
  27,083
  28,372
  29,729
  31,158
  32,662
  34,244
  35,908
Total equity, $m
  1,241
  1,269
  1,302
  1,338
  1,379
  1,423
  1,472
  1,524
  1,581
  1,642
  1,707
  1,776
  1,850
  1,928
  2,011
  2,099
  2,193
  2,291
  2,395
  2,505
  2,622
  2,744
  2,873
  3,009
  3,152
  3,303
  3,462
  3,629
  3,805
  3,990
Total liabilities and equity, $m
  12,406
  12,691
  13,018
  13,383
  13,790
  14,234
  14,719
  15,244
  15,810
  16,417
  17,066
  17,758
  18,496
  19,279
  20,111
  20,992
  21,926
  22,911
  23,954
  25,054
  26,216
  27,441
  28,732
  30,092
  31,524
  33,032
  34,620
  36,291
  38,049
  39,898
Debt-to-equity ratio
  4.250
  4.350
  4.470
  4.590
  4.720
  4.860
  4.990
  5.130
  5.270
  5.410
  5.540
  5.680
  5.810
  5.940
  6.070
  6.190
  6.310
  6.430
  6.540
  6.650
  6.750
  6.850
  6.950
  7.040
  7.130
  7.210
  7.300
  7.380
  7.450
  7.520
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
  2,533
  2,647
  2,718
  2,798
  2,886
  2,982
  3,087
  3,201
  3,323
  3,454
  3,898
  4,047
  4,206
  4,375
  4,554
  4,744
  4,945
  5,158
  5,382
  5,619
  5,869
  6,133
  6,411
  6,703
  7,012
  7,336
  7,678
  8,038
  8,416
  8,814
Depreciation, amort., depletion, $m
  810
  820
  830
  842
  854
  869
  884
  901
  919
  938
  542
  564
  587
  612
  638
  666
  696
  727
  760
  795
  832
  871
  912
  955
  1,001
  1,048
  1,099
  1,152
  1,208
  1,266
Funds from operations, $m
  3,343
  3,467
  3,548
  3,639
  3,740
  3,851
  3,971
  4,101
  4,241
  4,391
  4,440
  4,611
  4,793
  4,987
  5,193
  5,411
  5,641
  5,885
  6,142
  6,414
  6,701
  7,004
  7,323
  7,659
  8,012
  8,385
  8,777
  9,190
  9,624
  10,080
Change in working capital, $m
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
Cash from operations, $m
  3,349
  3,473
  3,555
  3,647
  3,749
  3,860
  3,982
  4,113
  4,253
  4,405
  4,454
  4,626
  4,809
  5,004
  5,211
  5,430
  5,661
  5,906
  6,165
  6,438
  6,726
  7,030
  7,351
  7,688
  8,044
  8,418
  8,811
  9,226
  9,662
  10,120
Maintenance CAPEX, $m
  -386
  -394
  -403
  -413
  -425
  -438
  -452
  -467
  -484
  -502
  -521
  -542
  -564
  -587
  -612
  -638
  -666
  -696
  -727
  -760
  -795
  -832
  -871
  -912
  -955
  -1,001
  -1,048
  -1,099
  -1,152
  -1,208
New CAPEX, $m
  -117
  -139
  -158
  -178
  -197
  -216
  -235
  -255
  -275
  -295
  -315
  -336
  -358
  -381
  -404
  -428
  -453
  -479
  -506
  -535
  -564
  -595
  -627
  -661
  -696
  -733
  -771
  -811
  -854
  -898
Cash from investing activities, $m
  -503
  -533
  -561
  -591
  -622
  -654
  -687
  -722
  -759
  -797
  -836
  -878
  -922
  -968
  -1,016
  -1,066
  -1,119
  -1,175
  -1,233
  -1,295
  -1,359
  -1,427
  -1,498
  -1,573
  -1,651
  -1,734
  -1,819
  -1,910
  -2,006
  -2,106
Free cash flow, $m
  2,846
  2,941
  2,994
  3,056
  3,127
  3,207
  3,294
  3,390
  3,495
  3,608
  3,617
  3,748
  3,888
  4,036
  4,195
  4,363
  4,542
  4,731
  4,932
  5,143
  5,367
  5,603
  5,853
  6,116
  6,393
  6,685
  6,992
  7,316
  7,656
  8,015
Issuance/(repayment) of debt, $m
  -1,098
  257
  294
  330
  365
  401
  436
  472
  509
  546
  584
  623
  664
  705
  748
  793
  840
  888
  938
  991
  1,045
  1,102
  1,162
  1,224
  1,289
  1,357
  1,429
  1,504
  1,582
  1,664
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  
  -1,098
  257
  294
  330
  365
  401
  436
  472
  509
  546
  584
  623
  664
  705
  748
  793
  840
  888
  938
  991
  1,045
  1,102
  1,162
  1,224
  1,289
  1,357
  1,429
  1,504
  1,582
  1,664
Total cash flow (excl. dividends), $m
  1,748
  3,197
  3,288
  3,386
  3,492
  3,607
  3,731
  3,863
  4,004
  4,154
  4,202
  4,371
  4,551
  4,742
  4,943
  5,157
  5,382
  5,619
  5,870
  6,134
  6,412
  6,706
  7,015
  7,340
  7,682
  8,042
  8,421
  8,819
  9,238
  9,678
Retained Cash Flow (-), $m
  -1,343
  -29
  -33
  -37
  -41
  -45
  -48
  -52
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
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
  405
  3,169
  3,255
  3,349
  3,452
  3,563
  3,682
  3,810
  3,947
  4,094
  4,137
  4,302
  4,477
  4,663
  4,860
  5,068
  5,288
  5,521
  5,766
  6,024
  6,296
  6,583
  6,886
  7,204
  7,539
  7,891
  8,262
  8,652
  9,062
  9,494
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  375
  2,686
  2,511
  2,330
  2,146
  1,961
  1,775
  1,591
  1,410
  1,236
  1,042
  891
  751
  623
  509
  408
  322
  249
  188
  139
  101
  71
  49
  33
  21
  13
  8
  5
  3
  2
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

Colgate-Palmolive Company (Colgate) is a consumer products company. The Company operates in two product segments: Oral, Personal and Home Care, and Pet Nutrition. The Oral, Personal and Home Care product segment is operated through five geographic segments, which include North America, Latin America, Europe, Asia Pacific and Africa/Eurasia. The Company's oral care products include Colgate Total, Colgate Sensitive Pro-Relief, Colgate Max Fresh and Colgate Optic White. The Company is also engaged in various product categories of the personal care market with operations in liquid hand soap, which it sells under the Palmolive, Protex and Softsoap brands. The Company manufactures and markets a range of products for the home care market, including Palmolive and Ajax dishwashing liquids, Fabuloso and Ajax household cleaners and Murphy's Oil Soap. The Company, through its Hill's Pet Nutrition segment (Hill's), manufactures pet nutrition products for dogs and cats.

FINANCIAL RATIOS  of  Colgate-Palmolive Company (CL)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 4.2
Price to Book -264.2
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate -5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.2%
Cap. Spend. - 3 Yr. Gr. Rate -2.4%
Financial Strength
Quick Ratio 103
Current Ratio 0.1
LT Debt to Equity -2683.1%
Total Debt to Equity -2688.5%
Interest Coverage 24
Management Effectiveness
Return On Assets 21.2%
Ret/ On Assets - 3 Yr. Avg. 16.4%
Return On Total Capital 38.9%
Ret/ On T. Cap. - 3 Yr. Avg. 29.3%
Return On Equity -900.7%
Return On Equity - 3 Yr. Avg. -149.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 60.3%
Gross Margin - 3 Yr. Avg. 59.3%
EBITDA Margin 28.6%
EBITDA Margin - 3 Yr. Avg. 24.4%
Operating Margin 25.3%
Oper. Margin - 3 Yr. Avg. 21.1%
Pre-Tax Margin 24.6%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 16.1%
Net Profit Margin - 3 Yr. Avg. 12.4%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 61.8%

CL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CL stock intrinsic value calculation we used $15544 million for the last fiscal year's total revenue generated by Colgate-Palmolive Company. The default revenue input number comes from 0001 income statement of Colgate-Palmolive Company. 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 CL 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 8.2%, whose default value for CL is calculated based on our internal credit rating of Colgate-Palmolive Company, 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 Colgate-Palmolive Company.
    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 CL stock the variable cost ratio is equal to 76%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CL 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 Colgate-Palmolive Company.

Corporate tax rate of 27% is the nominal tax rate for Colgate-Palmolive Company. 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 CL 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 CL are equal to 38%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Colgate-Palmolive Company 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 CL is equal to -1.7%. 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 - $-102 million for Colgate-Palmolive Company - 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 861.607 million for Colgate-Palmolive Company 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 Colgate-Palmolive Company at the current share price and the inputted number of shares is $62.6 billion.

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