Intrinsic value of Coty Inc. - COTY

Previous Close

$11.10

  Intrinsic Value

$12.68

stock screener

  Rating & Target

hold

+14%

Previous close

$11.10

 
Intrinsic value

$12.68

 
Up/down potential

+14%

 
Rating

hold

We calculate the intrinsic value of COTY 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 8.3

 

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
  9,586
  9,806
  10,058
  10,341
  10,655
  10,999
  11,374
  11,779
  12,216
  12,685
  13,186
  13,721
  14,291
  14,897
  15,539
  16,220
  16,941
  17,703
  18,509
  19,359
  20,257
  21,203
  22,201
  23,252
  24,359
  25,524
  26,751
  28,042
  29,400
  30,828
Variable operating expenses, $m
  6,264
  6,369
  6,490
  6,625
  6,774
  6,939
  7,117
  7,311
  7,519
  7,743
  6,293
  6,549
  6,821
  7,110
  7,416
  7,741
  8,085
  8,449
  8,834
  9,239
  9,668
  10,119
  10,595
  11,097
  11,625
  12,182
  12,767
  13,383
  14,031
  14,713
Fixed operating expenses, $m
  3,196
  3,266
  3,338
  3,411
  3,486
  3,563
  3,642
  3,722
  3,804
  3,887
  3,973
  4,060
  4,149
  4,241
  4,334
  4,429
  4,527
  4,626
  4,728
  4,832
  4,939
  5,047
  5,158
  5,272
  5,388
  5,506
  5,627
  5,751
  5,878
  6,007
Total operating expenses, $m
  9,460
  9,635
  9,828
  10,036
  10,260
  10,502
  10,759
  11,033
  11,323
  11,630
  10,266
  10,609
  10,970
  11,351
  11,750
  12,170
  12,612
  13,075
  13,562
  14,071
  14,607
  15,166
  15,753
  16,369
  17,013
  17,688
  18,394
  19,134
  19,909
  20,720
Operating income, $m
  126
  171
  231
  305
  394
  497
  615
  747
  893
  1,054
  2,920
  3,113
  3,321
  3,546
  3,789
  4,050
  4,329
  4,628
  4,947
  5,288
  5,650
  6,037
  6,447
  6,883
  7,346
  7,836
  8,356
  8,907
  9,491
  10,108
EBITDA, $m
  2,225
  2,279
  2,350
  2,436
  2,539
  2,657
  2,790
  2,939
  3,104
  3,286
  3,484
  3,699
  3,932
  4,183
  4,453
  4,743
  5,053
  5,385
  5,738
  6,115
  6,516
  6,943
  7,396
  7,877
  8,387
  8,927
  9,500
  10,106
  10,747
  11,426
Interest expense (income), $m
  190
  406
  422
  439
  459
  482
  506
  534
  563
  596
  630
  667
  707
  749
  795
  843
  894
  948
  1,005
  1,065
  1,129
  1,196
  1,267
  1,342
  1,421
  1,505
  1,592
  1,685
  1,782
  1,884
  1,992
Earnings before tax, $m
  -280
  -251
  -208
  -154
  -88
  -9
  81
  183
  297
  424
  2,253
  2,406
  2,572
  2,752
  2,946
  3,156
  3,381
  3,623
  3,882
  4,159
  4,454
  4,769
  5,105
  5,461
  5,841
  6,244
  6,672
  7,125
  7,606
  8,116
Tax expense, $m
  0
  0
  0
  0
  0
  0
  22
  49
  80
  115
  608
  649
  694
  743
  796
  852
  913
  978
  1,048
  1,123
  1,203
  1,288
  1,378
  1,475
  1,577
  1,686
  1,801
  1,924
  2,054
  2,191
Net income, $m
  -280
  -251
  -208
  -154
  -88
  -9
  59
  134
  217
  310
  1,645
  1,756
  1,877
  2,009
  2,151
  2,304
  2,468
  2,645
  2,834
  3,036
  3,252
  3,481
  3,726
  3,987
  4,264
  4,558
  4,870
  5,202
  5,553
  5,925

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
  23,099
  23,630
  24,237
  24,919
  25,675
  26,503
  27,406
  28,383
  29,436
  30,565
  31,774
  33,064
  34,437
  35,896
  37,444
  39,085
  40,822
  42,659
  44,600
  46,649
  48,811
  51,092
  53,495
  56,028
  58,695
  61,504
  64,460
  67,570
  70,842
  74,285
Adjusted assets (=assets-cash), $m
  23,099
  23,630
  24,237
  24,919
  25,675
  26,503
  27,406
  28,383
  29,436
  30,565
  31,774
  33,064
  34,437
  35,896
  37,444
  39,085
  40,822
  42,659
  44,600
  46,649
  48,811
  51,092
  53,495
  56,028
  58,695
  61,504
  64,460
  67,570
  70,842
  74,285
Revenue / Adjusted assets
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
Average production assets, $m
  10,324
  10,562
  10,833
  11,138
  11,475
  11,846
  12,249
  12,686
  13,156
  13,661
  14,202
  14,778
  15,392
  16,044
  16,736
  17,469
  18,246
  19,067
  19,934
  20,850
  21,816
  22,836
  23,910
  25,042
  26,234
  27,489
  28,811
  30,201
  31,663
  33,202
Working capital, $m
  -546
  -559
  -573
  -589
  -607
  -627
  -648
  -671
  -696
  -723
  -752
  -782
  -815
  -849
  -886
  -925
  -966
  -1,009
  -1,055
  -1,103
  -1,155
  -1,209
  -1,265
  -1,325
  -1,388
  -1,455
  -1,525
  -1,598
  -1,676
  -1,757
Total debt, $m
  7,811
  8,134
  8,504
  8,920
  9,380
  9,884
  10,434
  11,029
  11,670
  12,358
  13,094
  13,879
  14,716
  15,604
  16,547
  17,547
  18,604
  19,723
  20,905
  22,153
  23,470
  24,859
  26,322
  27,865
  29,489
  31,199
  33,000
  34,894
  36,887
  38,983
Total liabilities, $m
  14,067
  14,391
  14,760
  15,176
  15,636
  16,141
  16,690
  17,285
  17,926
  18,614
  19,350
  20,136
  20,972
  21,861
  22,804
  23,803
  24,861
  25,979
  27,161
  28,409
  29,726
  31,115
  32,579
  34,121
  35,745
  37,456
  39,256
  41,150
  43,143
  45,239
Total equity, $m
  9,032
  9,239
  9,477
  9,743
  10,039
  10,363
  10,716
  11,098
  11,509
  11,951
  12,424
  12,928
  13,465
  14,035
  14,641
  15,282
  15,961
  16,680
  17,439
  18,240
  19,085
  19,977
  20,917
  21,907
  22,950
  24,048
  25,204
  26,420
  27,699
  29,045
Total liabilities and equity, $m
  23,099
  23,630
  24,237
  24,919
  25,675
  26,504
  27,406
  28,383
  29,435
  30,565
  31,774
  33,064
  34,437
  35,896
  37,445
  39,085
  40,822
  42,659
  44,600
  46,649
  48,811
  51,092
  53,496
  56,028
  58,695
  61,504
  64,460
  67,570
  70,842
  74,284
Debt-to-equity ratio
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.990
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
  1.180
  1.200
  1.210
  1.230
  1.240
  1.260
  1.270
  1.280
  1.300
  1.310
  1.320
  1.330
  1.340
Adjusted equity ratio
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391
  0.391

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -280
  -251
  -208
  -154
  -88
  -9
  59
  134
  217
  310
  1,645
  1,756
  1,877
  2,009
  2,151
  2,304
  2,468
  2,645
  2,834
  3,036
  3,252
  3,481
  3,726
  3,987
  4,264
  4,558
  4,870
  5,202
  5,553
  5,925
Depreciation, amort., depletion, $m
  2,099
  2,108
  2,119
  2,131
  2,145
  2,159
  2,175
  2,193
  2,211
  2,231
  564
  586
  611
  637
  664
  693
  724
  757
  791
  827
  866
  906
  949
  994
  1,041
  1,091
  1,143
  1,198
  1,256
  1,318
Funds from operations, $m
  1,819
  1,857
  1,911
  1,977
  2,057
  2,150
  2,234
  2,326
  2,428
  2,541
  2,208
  2,342
  2,488
  2,645
  2,815
  2,997
  3,193
  3,402
  3,625
  3,863
  4,117
  4,388
  4,675
  4,981
  5,305
  5,649
  6,014
  6,400
  6,809
  7,242
Change in working capital, $m
  -11
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -32
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -81
Cash from operations, $m
  1,829
  1,870
  1,925
  1,993
  2,075
  2,170
  2,256
  2,349
  2,453
  2,568
  2,237
  2,373
  2,521
  2,680
  2,852
  3,036
  3,234
  3,445
  3,671
  3,912
  4,168
  4,442
  4,732
  5,040
  5,368
  5,715
  6,083
  6,474
  6,887
  7,324
Maintenance CAPEX, $m
  -402
  -410
  -419
  -430
  -442
  -455
  -470
  -486
  -503
  -522
  -542
  -564
  -586
  -611
  -637
  -664
  -693
  -724
  -757
  -791
  -827
  -866
  -906
  -949
  -994
  -1,041
  -1,091
  -1,143
  -1,198
  -1,256
New CAPEX, $m
  -200
  -237
  -271
  -305
  -338
  -370
  -403
  -437
  -470
  -505
  -540
  -576
  -614
  -652
  -692
  -733
  -776
  -821
  -867
  -916
  -966
  -1,019
  -1,074
  -1,132
  -1,192
  -1,255
  -1,321
  -1,390
  -1,463
  -1,538
Cash from investing activities, $m
  -602
  -647
  -690
  -735
  -780
  -825
  -873
  -923
  -973
  -1,027
  -1,082
  -1,140
  -1,200
  -1,263
  -1,329
  -1,397
  -1,469
  -1,545
  -1,624
  -1,707
  -1,793
  -1,885
  -1,980
  -2,081
  -2,186
  -2,296
  -2,412
  -2,533
  -2,661
  -2,794
Free cash flow, $m
  1,228
  1,223
  1,234
  1,259
  1,295
  1,344
  1,382
  1,427
  1,479
  1,541
  1,154
  1,233
  1,320
  1,417
  1,523
  1,638
  1,764
  1,900
  2,047
  2,205
  2,375
  2,557
  2,752
  2,960
  3,182
  3,419
  3,671
  3,940
  4,226
  4,529
Issuance/(repayment) of debt, $m
  287
  324
  370
  415
  460
  505
  550
  595
  641
  688
  736
  785
  836
  889
  943
  999
  1,058
  1,119
  1,182
  1,248
  1,317
  1,389
  1,464
  1,542
  1,624
  1,710
  1,800
  1,894
  1,993
  2,096
Issuance/(repurchase) of shares, $m
  462
  459
  446
  421
  383
  333
  294
  248
  194
  132
  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  
  749
  783
  816
  836
  843
  838
  844
  843
  835
  820
  736
  785
  836
  889
  943
  999
  1,058
  1,119
  1,182
  1,248
  1,317
  1,389
  1,464
  1,542
  1,624
  1,710
  1,800
  1,894
  1,993
  2,096
Total cash flow (excl. dividends), $m
  1,977
  2,005
  2,050
  2,094
  2,138
  2,182
  2,226
  2,270
  2,315
  2,361
  1,890
  2,018
  2,157
  2,306
  2,466
  2,638
  2,822
  3,019
  3,229
  3,453
  3,691
  3,945
  4,215
  4,502
  4,806
  5,129
  5,472
  5,834
  6,218
  6,625
Retained Cash Flow (-), $m
  -462
  -459
  -446
  -421
  -383
  -333
  -353
  -382
  -412
  -442
  -473
  -504
  -537
  -571
  -605
  -642
  -679
  -718
  -759
  -801
  -845
  -892
  -940
  -990
  -1,043
  -1,098
  -1,156
  -1,216
  -1,280
  -1,346
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
  1,515
  1,546
  1,604
  1,674
  1,755
  1,849
  1,873
  1,888
  1,903
  1,919
  1,418
  1,514
  1,620
  1,735
  1,860
  1,996
  2,143
  2,300
  2,470
  2,652
  2,846
  3,054
  3,275
  3,512
  3,764
  4,031
  4,316
  4,618
  4,939
  5,279
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  1,397
  1,306
  1,230
  1,155
  1,080
  1,003
  888
  772
  664
  564
  346
  302
  261
  221
  185
  152
  122
  97
  75
  56
  42
  30
  21
  14
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  94.7
  89.9
  85.5
  81.7
  78.4
  75.7
  73.5
  71.8
  70.4
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6
  69.6

Coty Inc. is a beauty company. The Company operates through four segments: Fragrances, Color Cosmetics, Skin & Body Care and Brazil Acquisition. Its fragrance products include a range of men's and women's products. Its fragrance brands include Calvin Klein, Marc Jacobs, Davidoff, Chloe, Balenciaga, Beyonce, Bottega Veneta, Miu Miu and Roberto Cavalli. Its color cosmetics products include lip, eye, nail and facial color products. The brands in its Color Cosmetics segment include Bourjois, Rimmel, Sally Hansen and OPI. Its skin & body care products include shower gels, deodorants, skin care and sun treatment products. Its skin & body care brands are adidas, Lancaster, philosophy and Playboy. The Company, through Hypermarcas S.A., engages in personal care and beauty business. The Brazil Acquisition segment includes product groupings, such as skin care, nail care, deodorants and hair care products. It operates in the Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific.

FINANCIAL RATIOS  of  Coty Inc. (COTY)

Valuation Ratios
P/E Ratio -19.7
Price to Sales 1.1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 25.5
Growth Rates
Sales Growth Rate 75.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 188%
Cap. Spend. - 3 Yr. Gr. Rate 13.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 74.4%
Total Debt to Equity 76.6%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital -4%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity -8.7%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 60.6%
Gross Margin - 3 Yr. Avg. 60.2%
EBITDA Margin 1.1%
EBITDA Margin - 3 Yr. Avg. 7.9%
Operating Margin -5.7%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin -8.6%
Pre-Tax Margin - 3 Yr. Avg. -0%
Net Profit Margin -5.5%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. -0.2%
Payout Ratio -88.4%

COTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COTY stock intrinsic value calculation we used $9398 million for the last fiscal year's total revenue generated by Coty Inc.. The default revenue input number comes from 0001 income statement of Coty 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 COTY 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 8.4%, whose default value for COTY is calculated based on our internal credit rating of Coty 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 Coty 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 COTY stock the variable cost ratio is equal to 65.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3127 million in the base year in the intrinsic value calculation for COTY 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 Coty Inc..

Corporate tax rate of 27% is the nominal tax rate for Coty 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 COTY 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 COTY are equal to 107.7%.

Life of production assets of 25.2 years is the average useful life of capital assets used in Coty 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 COTY is equal to -5.7%. 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 - $8849.7 million for Coty 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 751.148 million for Coty 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 Coty Inc. at the current share price and the inputted number of shares is $8.3 billion.

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