Intrinsic value of Cypress Semiconductor - CY

Previous Close

$15.20

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$15.20

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CY 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 5.4

 

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, %
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  2,446
  2,571
  2,702
  2,839
  2,982
  3,133
  3,292
  3,458
  3,632
  3,815
  4,007
  4,209
  4,421
  4,643
  4,876
  5,121
  5,378
  5,648
  5,931
  6,228
  6,540
  6,868
  7,212
  7,573
  7,953
  8,351
  8,769
  9,208
  9,669
  10,153
Variable operating expenses, $m
  3,353
  3,513
  3,680
  3,856
  4,040
  4,234
  4,437
  4,650
  4,874
  5,108
  5,139
  5,398
  5,669
  5,954
  6,253
  6,567
  6,897
  7,243
  7,606
  7,987
  8,388
  8,808
  9,249
  9,712
  10,199
  10,709
  11,246
  11,809
  12,400
  13,020
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
  3,353
  3,513
  3,680
  3,856
  4,040
  4,234
  4,437
  4,650
  4,874
  5,108
  5,139
  5,398
  5,669
  5,954
  6,253
  6,567
  6,897
  7,243
  7,606
  7,987
  8,388
  8,808
  9,249
  9,712
  10,199
  10,709
  11,246
  11,809
  12,400
  13,020
Operating income, $m
  -906
  -942
  -979
  -1,017
  -1,058
  -1,100
  -1,145
  -1,192
  -1,241
  -1,293
  -1,132
  -1,189
  -1,249
  -1,311
  -1,377
  -1,446
  -1,519
  -1,595
  -1,675
  -1,759
  -1,847
  -1,940
  -2,037
  -2,139
  -2,246
  -2,359
  -2,477
  -2,601
  -2,731
  -2,868
EBITDA, $m
  -536
  -563
  -592
  -622
  -653
  -686
  -721
  -757
  -795
  -836
  -878
  -922
  -968
  -1,017
  -1,068
  -1,121
  -1,178
  -1,237
  -1,299
  -1,364
  -1,432
  -1,504
  -1,579
  -1,659
  -1,742
  -1,829
  -1,920
  -2,017
  -2,117
  -2,223
Interest expense (income), $m
  33
  72
  78
  85
  92
  99
  107
  115
  124
  133
  142
  152
  162
  173
  185
  197
  209
  222
  236
  251
  266
  282
  299
  317
  335
  355
  375
  396
  419
  443
  468
Earnings before tax, $m
  -978
  -1,020
  -1,063
  -1,109
  -1,157
  -1,207
  -1,260
  -1,316
  -1,374
  -1,435
  -1,284
  -1,351
  -1,422
  -1,496
  -1,574
  -1,655
  -1,741
  -1,831
  -1,926
  -2,025
  -2,129
  -2,239
  -2,354
  -2,474
  -2,601
  -2,734
  -2,873
  -3,020
  -3,174
  -3,335
Tax expense, $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
Net income, $m
  -978
  -1,020
  -1,063
  -1,109
  -1,157
  -1,207
  -1,260
  -1,316
  -1,374
  -1,435
  -1,284
  -1,351
  -1,422
  -1,496
  -1,574
  -1,655
  -1,741
  -1,831
  -1,926
  -2,025
  -2,129
  -2,239
  -2,354
  -2,474
  -2,601
  -2,734
  -2,873
  -3,020
  -3,174
  -3,335

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
  3,718
  3,907
  4,106
  4,314
  4,533
  4,762
  5,003
  5,255
  5,520
  5,798
  6,090
  6,397
  6,718
  7,056
  7,410
  7,782
  8,173
  8,583
  9,013
  9,465
  9,940
  10,438
  10,961
  11,510
  12,086
  12,691
  13,327
  13,994
  14,694
  15,430
Adjusted assets (=assets-cash), $m
  3,718
  3,907
  4,106
  4,314
  4,533
  4,762
  5,003
  5,255
  5,520
  5,798
  6,090
  6,397
  6,718
  7,056
  7,410
  7,782
  8,173
  8,583
  9,013
  9,465
  9,940
  10,438
  10,961
  11,510
  12,086
  12,691
  13,327
  13,994
  14,694
  15,430
Revenue / Adjusted assets
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
Average production assets, $m
  1,490
  1,566
  1,645
  1,729
  1,816
  1,908
  2,005
  2,106
  2,212
  2,324
  2,440
  2,563
  2,692
  2,827
  2,969
  3,119
  3,275
  3,439
  3,612
  3,793
  3,983
  4,183
  4,392
  4,612
  4,843
  5,086
  5,340
  5,608
  5,888
  6,183
Working capital, $m
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
Total debt, $m
  1,070
  1,162
  1,259
  1,360
  1,466
  1,578
  1,695
  1,817
  1,946
  2,081
  2,223
  2,372
  2,528
  2,692
  2,865
  3,046
  3,235
  3,435
  3,644
  3,863
  4,094
  4,336
  4,590
  4,857
  5,137
  5,431
  5,740
  6,064
  6,405
  6,762
Total liabilities, $m
  1,807
  1,899
  1,995
  2,097
  2,203
  2,314
  2,431
  2,554
  2,683
  2,818
  2,960
  3,109
  3,265
  3,429
  3,601
  3,782
  3,972
  4,171
  4,381
  4,600
  4,831
  5,073
  5,327
  5,594
  5,874
  6,168
  6,477
  6,801
  7,141
  7,499
Total equity, $m
  1,911
  2,008
  2,110
  2,217
  2,330
  2,448
  2,571
  2,701
  2,837
  2,980
  3,130
  3,288
  3,453
  3,627
  3,809
  4,000
  4,201
  4,412
  4,633
  4,865
  5,109
  5,365
  5,634
  5,916
  6,212
  6,523
  6,850
  7,193
  7,553
  7,931
Total liabilities and equity, $m
  3,718
  3,907
  4,105
  4,314
  4,533
  4,762
  5,002
  5,255
  5,520
  5,798
  6,090
  6,397
  6,718
  7,056
  7,410
  7,782
  8,173
  8,583
  9,014
  9,465
  9,940
  10,438
  10,961
  11,510
  12,086
  12,691
  13,327
  13,994
  14,694
  15,430
Debt-to-equity ratio
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
Adjusted equity ratio
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -978
  -1,020
  -1,063
  -1,109
  -1,157
  -1,207
  -1,260
  -1,316
  -1,374
  -1,435
  -1,284
  -1,351
  -1,422
  -1,496
  -1,574
  -1,655
  -1,741
  -1,831
  -1,926
  -2,025
  -2,129
  -2,239
  -2,354
  -2,474
  -2,601
  -2,734
  -2,873
  -3,020
  -3,174
  -3,335
Depreciation, amort., depletion, $m
  371
  379
  387
  396
  405
  414
  424
  435
  446
  457
  254
  267
  280
  295
  309
  325
  341
  358
  376
  395
  415
  436
  458
  480
  504
  530
  556
  584
  613
  644
Funds from operations, $m
  -608
  -641
  -677
  -714
  -752
  -793
  -836
  -881
  -928
  -978
  -1,030
  -1,084
  -1,141
  -1,201
  -1,264
  -1,331
  -1,400
  -1,473
  -1,550
  -1,630
  -1,714
  -1,803
  -1,896
  -1,994
  -2,096
  -2,204
  -2,317
  -2,436
  -2,560
  -2,691
Change in working capital, $m
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
Cash from operations, $m
  -609
  -642
  -678
  -715
  -754
  -795
  -838
  -883
  -930
  -979
  -1,031
  -1,086
  -1,143
  -1,204
  -1,267
  -1,333
  -1,403
  -1,476
  -1,552
  -1,633
  -1,717
  -1,806
  -1,899
  -1,997
  -2,100
  -2,208
  -2,321
  -2,440
  -2,565
  -2,696
Maintenance CAPEX, $m
  -148
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -295
  -309
  -325
  -341
  -358
  -376
  -395
  -415
  -436
  -458
  -480
  -504
  -530
  -556
  -584
  -613
New CAPEX, $m
  -72
  -76
  -80
  -83
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -149
  -157
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
  -243
  -255
  -267
  -281
  -295
Cash from investing activities, $m
  -220
  -231
  -243
  -254
  -268
  -281
  -295
  -310
  -325
  -341
  -359
  -377
  -396
  -415
  -437
  -458
  -482
  -505
  -530
  -557
  -585
  -615
  -646
  -678
  -711
  -747
  -785
  -823
  -865
  -908
Free cash flow, $m
  -828
  -873
  -920
  -970
  -1,022
  -1,076
  -1,133
  -1,193
  -1,255
  -1,321
  -1,390
  -1,463
  -1,539
  -1,619
  -1,703
  -1,791
  -1,884
  -1,981
  -2,083
  -2,190
  -2,303
  -2,421
  -2,545
  -2,675
  -2,811
  -2,955
  -3,105
  -3,264
  -3,430
  -3,604
Issuance/(repayment) of debt, $m
  86
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
  164
  172
  181
  190
  199
  209
  220
  231
  242
  254
  267
  280
  294
  309
  324
  340
  357
Issuance/(repurchase) of shares, $m
  1,073
  1,117
  1,165
  1,216
  1,269
  1,325
  1,384
  1,446
  1,510
  1,578
  1,434
  1,509
  1,587
  1,669
  1,756
  1,847
  1,942
  2,042
  2,147
  2,257
  2,373
  2,495
  2,622
  2,756
  2,897
  3,045
  3,200
  3,363
  3,534
  3,713
Cash from financing (excl. dividends), $m  
  1,159
  1,209
  1,261
  1,317
  1,375
  1,436
  1,501
  1,569
  1,639
  1,713
  1,576
  1,658
  1,743
  1,833
  1,928
  2,028
  2,132
  2,241
  2,356
  2,477
  2,604
  2,737
  2,876
  3,023
  3,177
  3,339
  3,509
  3,687
  3,874
  4,070
Total cash flow (excl. dividends), $m
  331
  336
  341
  348
  354
  361
  368
  376
  384
  392
  185
  194
  204
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
  348
  366
  384
  403
  423
  444
  467
Retained Cash Flow (-), $m
  -1,073
  -1,117
  -1,165
  -1,216
  -1,269
  -1,325
  -1,384
  -1,446
  -1,510
  -1,578
  -1,434
  -1,509
  -1,587
  -1,669
  -1,756
  -1,847
  -1,942
  -2,042
  -2,147
  -2,257
  -2,373
  -2,495
  -2,622
  -2,756
  -2,897
  -3,045
  -3,200
  -3,363
  -3,534
  -3,713
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
  -742
  -781
  -824
  -869
  -915
  -964
  -1,016
  -1,070
  -1,127
  -1,186
  -1,249
  -1,314
  -1,383
  -1,455
  -1,531
  -1,611
  -1,694
  -1,782
  -1,874
  -1,971
  -2,072
  -2,179
  -2,291
  -2,408
  -2,531
  -2,661
  -2,797
  -2,939
  -3,089
  -3,246
Discount rate, %
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
  -709
  -710
  -708
  -703
  -693
  -680
  -662
  -641
  -616
  -587
  -555
  -520
  -482
  -443
  -403
  -362
  -322
  -283
  -245
  -209
  -176
  -145
  -118
  -95
  -74
  -57
  -43
  -32
  -23
  -16
Current shareholders' claim on cash, %
  83.6
  69.9
  58.6
  49.1
  41.3
  34.7
  29.2
  24.6
  20.7
  17.5
  15.1
  13.0
  11.2
  9.6
  8.3
  7.1
  6.1
  5.3
  4.5
  3.9
  3.4
  2.9
  2.5
  2.1
  1.8
  1.6
  1.4
  1.2
  1.0
  0.9

Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company's segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions. MPD focuses on parallel and serial NOR flash memories, NAND flash memories, static random access memory (SRAM), ferroelectric-random access memory (F-RAM) ferroelectric memory devices and other specialty memories. The Company's products include Traveo MCUs and Flexible MCUs; PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP; CapSense, and TrueTouch Analog Power Management integrated circuits (PMICs) and energy harvesting solutions.

FINANCIAL RATIOS  of  Cypress Semiconductor (CY)

Valuation Ratios
P/E Ratio -7.2
Price to Sales 2.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow 30.7
Growth Rates
Sales Growth Rate 19.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.3%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 63.2%
Total Debt to Equity 64.7%
Interest Coverage -19
Management Effectiveness
Return On Assets -16.6%
Ret/ On Assets - 3 Yr. Avg. -9.9%
Return On Total Capital -21%
Ret/ On T. Cap. - 3 Yr. Avg. -12.2%
Return On Equity -29.7%
Return On Equity - 3 Yr. Avg. -15.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 35.6%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin -19.1%
EBITDA Margin - 3 Yr. Avg. -5.5%
Operating Margin -31.8%
Oper. Margin - 3 Yr. Avg. -16.5%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -18%
Net Profit Margin -35.7%
Net Profit Margin - 3 Yr. Avg. -18.9%
Effective Tax Rate -0.3%
Eff/ Tax Rate - 3 Yr. Avg. -5%
Payout Ratio -20.6%

CY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CY stock intrinsic value calculation we used $2327.771 million for the last fiscal year's total revenue generated by Cypress Semiconductor. The default revenue input number comes from 0001 income statement of Cypress Semiconductor. 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 CY stock valuation model: a) initial revenue growth rate of 5.1% 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 4.7%, whose default value for CY is calculated based on our internal credit rating of Cypress Semiconductor, 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 Cypress Semiconductor.
    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 CY stock the variable cost ratio is equal to 137.5%.

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 CY 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 7.3% for Cypress Semiconductor.

Corporate tax rate of 27% is the nominal tax rate for Cypress Semiconductor. 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 CY 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 CY are equal to 60.9%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Cypress Semiconductor 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 CY is equal to 1%. 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 - $1816.536 million for Cypress Semiconductor - 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 358.492 million for Cypress Semiconductor 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 Cypress Semiconductor at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

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