Intrinsic value of Coty Cl A - COTY

Previous Close

$7.50

  Intrinsic Value

$19.07

stock screener

  Rating & Target

str. buy

+154%

Previous close

$7.50

 
Intrinsic value

$19.07

 
Up/down potential

+154%

 
Rating

str. buy

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 5.6

 

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, %
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  8,369
  9,119
  9,900
  10,713
  11,558
  12,436
  13,349
  14,297
  15,283
  16,307
  17,373
  18,481
  19,635
  20,836
  22,088
  23,392
  24,753
  26,172
  27,653
  29,200
  30,817
  32,506
  34,272
  36,119
  38,052
  40,075
  42,192
  44,410
  46,733
  49,166
Variable operating expenses, $m
  7,724
  8,264
  8,827
  9,412
  10,020
  10,652
  11,310
  11,992
  12,702
  13,440
  12,509
  13,307
  14,138
  15,003
  15,904
  16,843
  17,823
  18,845
  19,912
  21,025
  22,189
  23,406
  24,677
  26,007
  27,399
  28,855
  30,380
  31,977
  33,649
  35,402
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
  7,724
  8,264
  8,827
  9,412
  10,020
  10,652
  11,310
  11,992
  12,702
  13,440
  12,509
  13,307
  14,138
  15,003
  15,904
  16,843
  17,823
  18,845
  19,912
  21,025
  22,189
  23,406
  24,677
  26,007
  27,399
  28,855
  30,380
  31,977
  33,649
  35,402
Operating income, $m
  645
  855
  1,074
  1,301
  1,538
  1,784
  2,039
  2,305
  2,580
  2,867
  4,864
  5,174
  5,497
  5,833
  6,184
  6,549
  6,930
  7,327
  7,742
  8,175
  8,627
  9,100
  9,595
  10,112
  10,653
  11,219
  11,812
  12,433
  13,083
  13,765
EBITDA, $m
  2,676
  2,916
  3,165
  3,425
  3,695
  3,976
  4,268
  4,571
  4,886
  5,214
  5,555
  5,909
  6,278
  6,662
  7,062
  7,479
  7,914
  8,368
  8,842
  9,336
  9,853
  10,393
  10,958
  11,548
  12,166
  12,813
  13,490
  14,199
  14,942
  15,720
Interest expense (income), $m
  190
  385
  453
  524
  597
  673
  752
  834
  919
  1,008
  1,100
  1,196
  1,295
  1,399
  1,507
  1,619
  1,736
  1,858
  1,985
  2,118
  2,257
  2,401
  2,552
  2,710
  2,875
  3,048
  3,229
  3,418
  3,616
  3,823
  4,041
Earnings before tax, $m
  260
  402
  550
  705
  865
  1,032
  1,205
  1,386
  1,573
  1,768
  3,668
  3,879
  4,098
  4,327
  4,565
  4,813
  5,072
  5,342
  5,624
  5,918
  6,226
  6,548
  6,885
  7,237
  7,605
  7,991
  8,394
  8,817
  9,260
  9,724
Tax expense, $m
  70
  108
  149
  190
  234
  279
  325
  374
  425
  477
  990
  1,047
  1,106
  1,168
  1,232
  1,299
  1,369
  1,442
  1,518
  1,598
  1,681
  1,768
  1,859
  1,954
  2,053
  2,157
  2,266
  2,381
  2,500
  2,626
Net income, $m
  190
  293
  402
  514
  632
  753
  880
  1,011
  1,148
  1,290
  2,678
  2,832
  2,992
  3,158
  3,332
  3,513
  3,702
  3,900
  4,105
  4,320
  4,545
  4,780
  5,026
  5,283
  5,552
  5,833
  6,128
  6,436
  6,760
  7,099

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
  24,689
  26,901
  29,204
  31,601
  34,094
  36,684
  39,376
  42,174
  45,081
  48,104
  51,247
  54,517
  57,920
  61,464
  65,156
  69,004
  73,017
  77,204
  81,574
  86,137
  90,905
  95,888
  101,097
  106,547
  112,248
  118,215
  124,462
  131,003
  137,855
  145,033
Adjusted assets (=assets-cash), $m
  24,689
  26,901
  29,204
  31,601
  34,094
  36,684
  39,376
  42,174
  45,081
  48,104
  51,247
  54,517
  57,920
  61,464
  65,156
  69,004
  73,017
  77,204
  81,574
  86,137
  90,905
  95,888
  101,097
  106,547
  112,248
  118,215
  124,462
  131,003
  137,855
  145,033
Revenue / Adjusted assets
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
Average production assets, $m
  7,055
  7,688
  8,346
  9,031
  9,743
  10,484
  11,253
  12,052
  12,883
  13,747
  14,645
  15,580
  16,552
  17,565
  18,620
  19,720
  20,867
  22,063
  23,312
  24,616
  25,978
  27,402
  28,891
  30,449
  32,078
  33,783
  35,568
  37,438
  39,396
  41,447
Working capital, $m
  -636
  -693
  -752
  -814
  -878
  -945
  -1,014
  -1,087
  -1,161
  -1,239
  -1,320
  -1,405
  -1,492
  -1,584
  -1,679
  -1,778
  -1,881
  -1,989
  -2,102
  -2,219
  -2,342
  -2,470
  -2,605
  -2,745
  -2,892
  -3,046
  -3,207
  -3,375
  -3,552
  -3,737
Total debt, $m
  8,396
  9,695
  11,047
  12,454
  13,917
  15,438
  17,018
  18,660
  20,367
  22,141
  23,986
  25,905
  27,903
  29,983
  32,150
  34,409
  36,765
  39,222
  41,788
  44,466
  47,265
  50,190
  53,248
  56,447
  59,793
  63,296
  66,963
  70,803
  74,825
  79,039
Total liabilities, $m
  14,492
  15,791
  17,143
  18,550
  20,013
  21,534
  23,114
  24,756
  26,463
  28,237
  30,082
  32,001
  33,999
  36,079
  38,247
  40,505
  42,861
  45,318
  47,884
  50,562
  53,361
  56,286
  59,344
  62,543
  65,889
  69,392
  73,059
  76,899
  80,921
  85,135
Total equity, $m
  10,196
  11,110
  12,061
  13,051
  14,081
  15,151
  16,262
  17,418
  18,619
  19,867
  21,165
  22,516
  23,921
  25,385
  26,909
  28,499
  30,156
  31,885
  33,690
  35,575
  37,544
  39,602
  41,753
  44,004
  46,358
  48,823
  51,403
  54,104
  56,934
  59,899
Total liabilities and equity, $m
  24,688
  26,901
  29,204
  31,601
  34,094
  36,685
  39,376
  42,174
  45,082
  48,104
  51,247
  54,517
  57,920
  61,464
  65,156
  69,004
  73,017
  77,203
  81,574
  86,137
  90,905
  95,888
  101,097
  106,547
  112,247
  118,215
  124,462
  131,003
  137,855
  145,034
Debt-to-equity ratio
  0.820
  0.870
  0.920
  0.950
  0.990
  1.020
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.280
  1.290
  1.300
  1.300
  1.310
  1.310
  1.320
Adjusted equity ratio
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  190
  293
  402
  514
  632
  753
  880
  1,011
  1,148
  1,290
  2,678
  2,832
  2,992
  3,158
  3,332
  3,513
  3,702
  3,900
  4,105
  4,320
  4,545
  4,780
  5,026
  5,283
  5,552
  5,833
  6,128
  6,436
  6,760
  7,099
Depreciation, amort., depletion, $m
  2,031
  2,061
  2,092
  2,124
  2,158
  2,193
  2,229
  2,267
  2,306
  2,347
  691
  735
  781
  829
  878
  930
  984
  1,041
  1,100
  1,161
  1,225
  1,293
  1,363
  1,436
  1,513
  1,594
  1,678
  1,766
  1,858
  1,955
Funds from operations, $m
  2,220
  2,354
  2,493
  2,638
  2,789
  2,946
  3,109
  3,278
  3,454
  3,637
  3,369
  3,566
  3,772
  3,987
  4,211
  4,444
  4,687
  4,940
  5,205
  5,482
  5,771
  6,073
  6,389
  6,719
  7,065
  7,427
  7,806
  8,202
  8,618
  9,054
Change in working capital, $m
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
Cash from operations, $m
  2,275
  2,411
  2,553
  2,700
  2,853
  3,013
  3,178
  3,350
  3,529
  3,715
  3,449
  3,651
  3,860
  4,078
  4,306
  4,543
  4,790
  5,048
  5,318
  5,599
  5,893
  6,201
  6,523
  6,859
  7,212
  7,580
  7,967
  8,371
  8,795
  9,239
Maintenance CAPEX, $m
  -304
  -333
  -363
  -394
  -426
  -460
  -495
  -531
  -569
  -608
  -648
  -691
  -735
  -781
  -829
  -878
  -930
  -984
  -1,041
  -1,100
  -1,161
  -1,225
  -1,293
  -1,363
  -1,436
  -1,513
  -1,594
  -1,678
  -1,766
  -1,858
New CAPEX, $m
  -609
  -632
  -658
  -685
  -712
  -740
  -769
  -799
  -831
  -864
  -898
  -934
  -973
  -1,013
  -1,055
  -1,100
  -1,147
  -1,196
  -1,249
  -1,304
  -1,362
  -1,424
  -1,489
  -1,557
  -1,629
  -1,705
  -1,785
  -1,869
  -1,958
  -2,051
Cash from investing activities, $m
  -913
  -965
  -1,021
  -1,079
  -1,138
  -1,200
  -1,264
  -1,330
  -1,400
  -1,472
  -1,546
  -1,625
  -1,708
  -1,794
  -1,884
  -1,978
  -2,077
  -2,180
  -2,290
  -2,404
  -2,523
  -2,649
  -2,782
  -2,920
  -3,065
  -3,218
  -3,379
  -3,547
  -3,724
  -3,909
Free cash flow, $m
  1,362
  1,446
  1,532
  1,621
  1,715
  1,813
  1,914
  2,020
  2,129
  2,243
  1,903
  2,025
  2,153
  2,285
  2,422
  2,565
  2,713
  2,867
  3,028
  3,195
  3,370
  3,552
  3,741
  3,939
  4,146
  4,362
  4,588
  4,824
  5,071
  5,329
Issuance/(repayment) of debt, $m
  1,259
  1,299
  1,352
  1,407
  1,463
  1,521
  1,580
  1,642
  1,707
  1,774
  1,845
  1,919
  1,998
  2,080
  2,167
  2,259
  2,356
  2,458
  2,565
  2,679
  2,799
  2,925
  3,058
  3,199
  3,347
  3,503
  3,667
  3,840
  4,022
  4,214
Issuance/(repurchase) of shares, $m
  692
  620
  550
  476
  398
  317
  232
  144
  53
  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  
  1,951
  1,919
  1,902
  1,883
  1,861
  1,838
  1,812
  1,786
  1,760
  1,774
  1,845
  1,919
  1,998
  2,080
  2,167
  2,259
  2,356
  2,458
  2,565
  2,679
  2,799
  2,925
  3,058
  3,199
  3,347
  3,503
  3,667
  3,840
  4,022
  4,214
Total cash flow (excl. dividends), $m
  3,313
  3,365
  3,434
  3,504
  3,576
  3,650
  3,726
  3,806
  3,889
  4,017
  3,748
  3,945
  4,150
  4,365
  4,589
  4,824
  5,069
  5,325
  5,593
  5,874
  6,168
  6,477
  6,800
  7,138
  7,493
  7,865
  8,255
  8,664
  9,093
  9,543
Retained Cash Flow (-), $m
  -882
  -914
  -951
  -990
  -1,029
  -1,070
  -1,112
  -1,155
  -1,201
  -1,248
  -1,298
  -1,350
  -1,406
  -1,464
  -1,525
  -1,589
  -1,657
  -1,729
  -1,805
  -1,885
  -1,969
  -2,058
  -2,152
  -2,250
  -2,355
  -2,464
  -2,580
  -2,702
  -2,830
  -2,965
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
  2,431
  2,451
  2,482
  2,514
  2,547
  2,580
  2,615
  2,651
  2,688
  2,769
  2,450
  2,594
  2,745
  2,901
  3,064
  3,234
  3,411
  3,596
  3,788
  3,989
  4,199
  4,419
  4,648
  4,887
  5,138
  5,400
  5,675
  5,962
  6,263
  6,578
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  2,259
  2,102
  1,950
  1,794
  1,637
  1,480
  1,326
  1,176
  1,032
  908
  679
  599
  520
  445
  374
  309
  251
  200
  156
  119
  89
  65
  46
  32
  21
  14
  9
  5
  3
  2
Current shareholders' claim on cash, %
  90.4
  83.2
  77.7
  73.5
  70.5
  68.3
  66.8
  66.0
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7

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 Cl A (COTY)

Valuation Ratios
P/E Ratio -13.3
Price to Sales 0.7
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 17.2
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 $7650.3 million for the last fiscal year's total revenue generated by Coty Cl A. The default revenue input number comes from 0001 income statement of Coty Cl A. 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 9.4% 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 7.6%, whose default value for COTY is calculated based on our internal credit rating of Coty Cl A, 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 Cl A.
    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 94.2%.

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 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 Cl A.

Corporate tax rate of 27% is the nominal tax rate for Coty Cl A. 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 84.3%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Coty Cl A 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 -7.6%. 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 - $9314.7 million for Coty Cl A - 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 750.537 million for Coty Cl A 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 Cl A at the current share price and the inputted number of shares is $5.6 billion.

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COMPANY NEWS

▶ Should You Buy Coty Inc (COTY)?   [Dec-11-18 02:48AM  Insider Monkey]
▶ Should You Get Rid of Coty (COTY) Now?   [Nov-30-18 08:37AM  Zacks]
▶ CoverGirl's brick-and-mortar store boosts rebranding   [Nov-27-18 08:50AM  American City Business Journals]
▶ Insiders Roundup: Alphabet, Coty   [Nov-23-18 07:28PM  GuruFocus.com]
▶ Weekly CEO Buys Highlight   [Nov-19-18 11:12AM  GuruFocus.com]
▶ Coty (COTY) Surges: Stock Moves 6.6% Higher   [Nov-15-18 08:58AM  Zacks]
▶ [$$] Coty Names New CEO and Searches for Fix to Slump   [Nov-12-18 11:12PM  The Wall Street Journal]
▶ Lumentum, SAP fall; Coty, Athenahealth rise   [04:33PM  Associated Press]
▶ [$$] Coty's Names New CEO   [12:43PM  The Wall Street Journal]
▶ CoverGirl parent company names new CEO   [10:01AM  American City Business Journals]
▶ CEO out at cosmetics maker Coty   [09:54AM  Associated Press]
▶ Coty Announces New CEO and Board Changes   [08:00AM  Business Wire]
▶ Why Coty Inc. Stock Plunged Today   [02:42PM  Motley Fool]
▶ [$$] Coty Stumbles Amid Supply-Chain Disruptions   [01:31PM  The Wall Street Journal]
▶ Coty: Fiscal 1Q Earnings Snapshot   [06:49AM  Associated Press]
▶ Coty Inc. Declares Quarterly Dividend   [06:30AM  Business Wire]
▶ Procter & Gamble Earnings Report Offers a Glimmer of Hope   [Oct-19-18 03:00PM  InvestorPlace]
▶ Will Estee Lauder Stock Keep Shining On?   [09:56AM  InvestorPlace]
▶ Investors Are Undervaluing Coty Inc (NYSE:COTY) By 49.14%   [Sep-28-18 12:34PM  Simply Wall St.]
▶ Weekly Top Insider Buys Highlight for the Week of Aug. 31   [Sep-02-18 12:02PM  GuruFocus.com]
▶ Nasdaq at Record High Wednesday   [01:18PM  GuruFocus.com]
▶ 6 Reasons Why Coty Is No Longer A Buy At BMO   [Aug-22-18 10:35AM  Benzinga]
▶ [$$] Coty Feels Strain of $12 Billion Bet on P&G Beauty Business   [Aug-21-18 08:00PM  The Wall Street Journal]
▶ Intel, Merck lead stocks higher   [04:03PM  CNBC Videos]
▶ 3 Stocks to Watch Tuesday   [01:48PM  GuruFocus.com]
▶ Why Coty Inc. Stock Was Falling Today   [01:11PM  Motley Fool]
▶ Coty: Fiscal 4Q Earnings Snapshot   [06:47AM  Associated Press]
▶ Coty Inc. Declares Quarterly Dividend   [06:30AM  Business Wire]
▶ Coty Q4 Earnings Preview   [Aug-20-18 02:15PM  Benzinga]
▶ Why Coty Inc. Stock Is Down 29% So Far This Year   [Jul-12-18 06:48PM  Motley Fool]
▶ RBC's top consumer staples picks   [Jun-26-18 02:17PM  CNBC Videos]
▶ CoverGirls Flagship Store to Open in NYC   [Jun-11-18 03:08PM  InvestorPlace]
▶ COVERGIRL to Open First-Ever Flagship Store   [10:00AM  Business Wire]
▶ Tariff losers: Whiskey, Motorcycles and Makeup   [Jun-01-18 01:02PM  Yahoo Finance Video]
▶ Coty: Fiscal 3Q Earnings Snapshot   [06:39AM  Associated Press]

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