Intrinsic value of Cintas - CTAS

Previous Close

$162.67

  Intrinsic Value

$190.52

stock screener

  Rating & Target

hold

+17%

Previous close

$162.67

 
Intrinsic value

$190.52

 
Up/down potential

+17%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CTAS 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.99
  26.40
  24.26
  22.33
  20.60
  19.04
  17.64
  16.37
  15.24
  14.21
  13.29
  12.46
  11.72
  11.04
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
Revenue, $m
  5,323
  6,728
  8,361
  10,228
  12,335
  14,683
  17,273
  20,101
  23,164
  26,456
  29,972
  33,707
  37,656
  41,814
  46,180
  50,749
  55,523
  60,501
  65,685
  71,079
  76,688
  82,518
  88,576
  94,871
  101,414
  108,216
  115,289
  122,648
  130,306
  138,281
  146,589
Variable operating expenses, $m
 
  5,578
  6,864
  8,335
  9,995
  11,845
  13,885
  16,113
  18,525
  21,118
  23,888
  26,552
  29,663
  32,939
  36,377
  39,977
  43,737
  47,659
  51,743
  55,992
  60,410
  65,002
  69,774
  74,733
  79,888
  85,246
  90,818
  96,614
  102,647
  108,929
  115,473
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
  4,550
  5,578
  6,864
  8,335
  9,995
  11,845
  13,885
  16,113
  18,525
  21,118
  23,888
  26,552
  29,663
  32,939
  36,377
  39,977
  43,737
  47,659
  51,743
  55,992
  60,410
  65,002
  69,774
  74,733
  79,888
  85,246
  90,818
  96,614
  102,647
  108,929
  115,473
Operating income, $m
  774
  1,150
  1,496
  1,893
  2,340
  2,839
  3,388
  3,989
  4,639
  5,337
  6,084
  7,155
  7,993
  8,876
  9,802
  10,772
  11,786
  12,842
  13,943
  15,088
  16,278
  17,516
  18,801
  20,138
  21,527
  22,970
  24,472
  26,034
  27,659
  29,352
  31,116
EBITDA, $m
  971
  1,535
  1,907
  2,333
  2,814
  3,349
  3,940
  4,585
  5,284
  6,034
  6,836
  7,688
  8,589
  9,538
  10,533
  11,576
  12,665
  13,800
  14,983
  16,213
  17,492
  18,822
  20,204
  21,640
  23,132
  24,684
  26,297
  27,976
  29,723
  31,542
  33,437
Interest expense (income), $m
  0
  103
  143
  190
  243
  304
  371
  445
  526
  614
  708
  808
  915
  1,028
  1,147
  1,272
  1,403
  1,539
  1,682
  1,830
  1,985
  2,145
  2,312
  2,485
  2,665
  2,852
  3,047
  3,249
  3,460
  3,679
  3,907
Earnings before tax, $m
  687
  1,047
  1,353
  1,703
  2,097
  2,535
  3,017
  3,544
  4,113
  4,724
  5,376
  6,346
  7,078
  7,848
  8,655
  9,500
  10,383
  11,303
  12,261
  13,257
  14,294
  15,371
  16,490
  17,653
  18,861
  20,118
  21,425
  22,784
  24,199
  25,673
  27,208
Tax expense, $m
  230
  283
  365
  460
  566
  684
  815
  957
  1,110
  1,275
  1,452
  1,714
  1,911
  2,119
  2,337
  2,565
  2,803
  3,052
  3,310
  3,579
  3,859
  4,150
  4,452
  4,766
  5,093
  5,432
  5,785
  6,152
  6,534
  6,932
  7,346
Net income, $m
  481
  764
  988
  1,243
  1,531
  1,850
  2,203
  2,587
  3,002
  3,448
  3,924
  4,633
  5,167
  5,729
  6,318
  6,935
  7,579
  8,251
  8,950
  9,678
  10,434
  11,220
  12,037
  12,886
  13,769
  14,686
  15,640
  16,632
  17,666
  18,741
  19,862

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  191
  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
  6,844
  8,410
  10,451
  12,785
  15,418
  18,354
  21,591
  25,126
  28,955
  33,070
  37,465
  42,134
  47,070
  52,268
  57,725
  63,437
  69,404
  75,626
  82,106
  88,849
  95,860
  103,147
  110,720
  118,589
  126,768
  135,270
  144,112
  153,310
  162,883
  172,851
  183,236
Adjusted assets (=assets-cash), $m
  6,653
  8,410
  10,451
  12,785
  15,418
  18,354
  21,591
  25,126
  28,955
  33,070
  37,465
  42,134
  47,070
  52,268
  57,725
  63,437
  69,404
  75,626
  82,106
  88,849
  95,860
  103,147
  110,720
  118,589
  126,768
  135,270
  144,112
  153,310
  162,883
  172,851
  183,236
Revenue / Adjusted assets
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Average production assets, $m
  1,515
  1,918
  2,383
  2,915
  3,515
  4,185
  4,923
  5,729
  6,602
  7,540
  8,542
  9,606
  10,732
  11,917
  13,161
  14,464
  15,824
  17,243
  18,720
  20,258
  21,856
  23,518
  25,244
  27,038
  28,903
  30,842
  32,857
  34,955
  37,137
  39,410
  41,778
Working capital, $m
  823
  1,258
  1,563
  1,913
  2,307
  2,746
  3,230
  3,759
  4,332
  4,947
  5,605
  6,303
  7,042
  7,819
  8,636
  9,490
  10,383
  11,314
  12,283
  13,292
  14,341
  15,431
  16,564
  17,741
  18,964
  20,236
  21,559
  22,935
  24,367
  25,859
  27,412
Total debt, $m
  3,134
  4,093
  5,428
  6,954
  8,677
  10,597
  12,714
  15,026
  17,529
  20,220
  23,095
  26,148
  29,377
  32,776
  36,345
  40,081
  43,983
  48,052
  52,291
  56,700
  61,285
  66,051
  71,004
  76,150
  81,499
  87,060
  92,842
  98,858
  105,118
  111,638
  118,430
Total liabilities, $m
  4,541
  5,500
  6,835
  8,361
  10,084
  12,004
  14,121
  16,433
  18,936
  21,627
  24,502
  27,555
  30,784
  34,183
  37,752
  41,488
  45,390
  49,459
  53,698
  58,107
  62,692
  67,458
  72,411
  77,557
  82,906
  88,467
  94,249
  100,265
  106,525
  113,045
  119,837
Total equity, $m
  2,303
  2,910
  3,616
  4,424
  5,335
  6,351
  7,471
  8,694
  10,018
  11,442
  12,963
  14,578
  16,286
  18,085
  19,973
  21,949
  24,014
  26,167
  28,409
  30,742
  33,168
  35,689
  38,309
  41,032
  43,862
  46,803
  49,863
  53,045
  56,358
  59,807
  63,400
Total liabilities and equity, $m
  6,844
  8,410
  10,451
  12,785
  15,419
  18,355
  21,592
  25,127
  28,954
  33,069
  37,465
  42,133
  47,070
  52,268
  57,725
  63,437
  69,404
  75,626
  82,107
  88,849
  95,860
  103,147
  110,720
  118,589
  126,768
  135,270
  144,112
  153,310
  162,883
  172,852
  183,237
Debt-to-equity ratio
  1.361
  1.410
  1.500
  1.570
  1.630
  1.670
  1.700
  1.730
  1.750
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.830
  1.840
  1.840
  1.840
  1.850
  1.850
  1.850
  1.860
  1.860
  1.860
  1.860
  1.860
  1.870
  1.870
  1.870
Adjusted equity ratio
  0.317
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  481
  764
  988
  1,243
  1,531
  1,850
  2,203
  2,587
  3,002
  3,448
  3,924
  4,633
  5,167
  5,729
  6,318
  6,935
  7,579
  8,251
  8,950
  9,678
  10,434
  11,220
  12,037
  12,886
  13,769
  14,686
  15,640
  16,632
  17,666
  18,741
  19,862
Depreciation, amort., depletion, $m
  197
  385
  411
  440
  474
  511
  552
  596
  645
  697
  753
  534
  596
  662
  731
  804
  879
  958
  1,040
  1,125
  1,214
  1,307
  1,402
  1,502
  1,606
  1,713
  1,825
  1,942
  2,063
  2,189
  2,321
Funds from operations, $m
  683
  1,149
  1,398
  1,683
  2,004
  2,361
  2,754
  3,183
  3,647
  4,145
  4,677
  5,167
  5,763
  6,391
  7,049
  7,739
  8,458
  9,209
  9,990
  10,803
  11,649
  12,527
  13,440
  14,389
  15,374
  16,399
  17,465
  18,574
  19,729
  20,931
  22,183
Change in working capital, $m
  -81
  263
  305
  349
  394
  439
  484
  529
  573
  616
  658
  698
  738
  778
  816
  855
  893
  931
  969
  1,009
  1,049
  1,090
  1,133
  1,177
  1,224
  1,272
  1,323
  1,376
  1,432
  1,491
  1,554
Cash from operations, $m
  764
  886
  1,093
  1,334
  1,610
  1,922
  2,270
  2,654
  3,075
  3,530
  4,020
  4,468
  5,025
  5,613
  6,233
  6,884
  7,566
  8,278
  9,021
  9,795
  10,600
  11,437
  12,307
  13,211
  14,151
  15,128
  16,143
  17,198
  18,297
  19,439
  20,629
Maintenance CAPEX, $m
  0
  -84
  -107
  -132
  -162
  -195
  -232
  -273
  -318
  -367
  -419
  -475
  -534
  -596
  -662
  -731
  -804
  -879
  -958
  -1,040
  -1,125
  -1,214
  -1,307
  -1,402
  -1,502
  -1,606
  -1,713
  -1,825
  -1,942
  -2,063
  -2,189
New CAPEX, $m
  -273
  -403
  -465
  -532
  -600
  -669
  -738
  -806
  -873
  -938
  -1,002
  -1,064
  -1,125
  -1,185
  -1,244
  -1,302
  -1,360
  -1,419
  -1,478
  -1,537
  -1,598
  -1,661
  -1,727
  -1,794
  -1,865
  -1,939
  -2,016
  -2,097
  -2,183
  -2,273
  -2,368
Cash from investing activities, $m
  -2,310
  -487
  -572
  -664
  -762
  -864
  -970
  -1,079
  -1,191
  -1,305
  -1,421
  -1,539
  -1,659
  -1,781
  -1,906
  -2,033
  -2,164
  -2,298
  -2,436
  -2,577
  -2,723
  -2,875
  -3,034
  -3,196
  -3,367
  -3,545
  -3,729
  -3,922
  -4,125
  -4,336
  -4,557
Free cash flow, $m
  -1,546
  399
  521
  669
  848
  1,057
  1,300
  1,575
  1,883
  2,225
  2,599
  2,929
  3,365
  3,832
  4,327
  4,851
  5,402
  5,980
  6,585
  7,217
  7,876
  8,561
  9,274
  10,015
  10,784
  11,583
  12,413
  13,276
  14,172
  15,103
  16,072
Issuance/(repayment) of debt, $m
  1,733
  1,150
  1,334
  1,526
  1,722
  1,920
  2,117
  2,312
  2,504
  2,691
  2,874
  3,053
  3,228
  3,400
  3,569
  3,736
  3,902
  4,069
  4,238
  4,410
  4,585
  4,766
  4,952
  5,147
  5,349
  5,561
  5,782
  6,016
  6,261
  6,519
  6,792
Issuance/(repurchase) of shares, $m
  11
  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  
  1,721
  1,150
  1,334
  1,526
  1,722
  1,920
  2,117
  2,312
  2,504
  2,691
  2,874
  3,053
  3,228
  3,400
  3,569
  3,736
  3,902
  4,069
  4,238
  4,410
  4,585
  4,766
  4,952
  5,147
  5,349
  5,561
  5,782
  6,016
  6,261
  6,519
  6,792
Total cash flow (excl. dividends), $m
  172
  1,549
  1,856
  2,196
  2,570
  2,977
  3,417
  3,887
  4,387
  4,916
  5,473
  5,982
  6,594
  7,231
  7,896
  8,586
  9,304
  10,050
  10,824
  11,627
  12,461
  13,327
  14,226
  15,161
  16,133
  17,144
  18,196
  19,291
  20,433
  21,623
  22,864
Retained Cash Flow (-), $m
  -460
  -607
  -706
  -808
  -911
  -1,016
  -1,120
  -1,223
  -1,325
  -1,424
  -1,521
  -1,615
  -1,708
  -1,799
  -1,888
  -1,976
  -2,065
  -2,153
  -2,242
  -2,333
  -2,426
  -2,521
  -2,620
  -2,723
  -2,830
  -2,942
  -3,059
  -3,183
  -3,312
  -3,449
  -3,593
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
 
  942
  1,150
  1,388
  1,659
  1,962
  2,297
  2,664
  3,063
  3,492
  3,952
  4,367
  4,886
  5,433
  6,008
  6,610
  7,240
  7,897
  8,581
  9,294
  10,035
  10,806
  11,606
  12,438
  13,303
  14,202
  15,137
  16,109
  17,120
  18,174
  19,271
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
 
  876
  986
  1,091
  1,184
  1,261
  1,318
  1,351
  1,359
  1,340
  1,297
  1,210
  1,127
  1,030
  921
  807
  692
  581
  477
  382
  299
  228
  170
  123
  87
  59
  39
  25
  16
  9
  5
Current shareholders' claim on cash, %
  100
  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

Cintas Corporation is a provider of corporate identity uniforms through rental and sales programs, as well as a provider of related business services, including entrance mats, restroom cleaning services and supplies, carpet and tile cleaning services, first aid and safety services and fire protection products and services. Its segments include uniform rental and facility services, and first aid and safety services. Its uniform rental and facility service segment offers services, which include rental and servicing of uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items. Its first aid and safety service segment offers services, which include first aid and safety products and services. Rental processing plants, rental branches, first aid and safety facilities, fire protection facilities, direct sales offices, distribution centers and manufacturing facilities are all utilized by the businesses included in All Other.

FINANCIAL RATIOS  of  Cintas (CTAS)

Valuation Ratios
P/E Ratio 35.6
Price to Sales 3.2
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 34.9
Growth Rates
Sales Growth Rate 11%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.7%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity 120.3%
Total Debt to Equity 136.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 11.8%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 15.3%
Return On Equity 23.2%
Return On Equity - 3 Yr. Avg. 27%
Asset Turnover 1
Profitability Ratios
Gross Margin 44.7%
Gross Margin - 3 Yr. Avg. 43.9%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 14.5%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 33.5%
Eff/ Tax Rate - 3 Yr. Avg. 35.6%
Payout Ratio 29.5%

CTAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTAS stock intrinsic value calculation we used $5323 million for the last fiscal year's total revenue generated by Cintas. The default revenue input number comes from 2017 income statement of Cintas. 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 CTAS stock valuation model: a) initial revenue growth rate of 26.4% 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 CTAS is calculated based on our internal credit rating of Cintas, 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 Cintas.
    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 CTAS stock the variable cost ratio is equal to 84%.

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 CTAS 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 3.5% for Cintas.

Corporate tax rate of 27% is the nominal tax rate for Cintas. 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 CTAS 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 CTAS are equal to 28.5%.

Life of production assets of 18 years is the average useful life of capital assets used in Cintas 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 CTAS is equal to 18.7%. 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 - $2303 million for Cintas - 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 106.847 million for Cintas 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 Cintas at the current share price and the inputted number of shares is $17.4 billion.

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Financial statements of CTAS
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