Intrinsic value of eBay - EBAY

Previous Close

$28.75

  Intrinsic Value

$50.61

stock screener

  Rating & Target

str. buy

+76%

Previous close

$28.75

 
Intrinsic value

$50.61

 
Up/down potential

+76%

 
Rating

str. buy

We calculate the intrinsic value of EBAY 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 28.6

 

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, %
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  10,438
  11,345
  12,289
  13,270
  14,291
  15,351
  16,453
  17,599
  18,789
  20,027
  21,315
  22,655
  24,050
  25,503
  27,017
  28,596
  30,243
  31,962
  33,757
  35,632
  37,591
  39,639
  41,781
  44,022
  46,367
  48,822
  51,393
  54,085
  56,905
  59,860
Variable operating expenses, $m
  7,690
  8,316
  8,968
  9,646
  10,350
  11,083
  11,843
  12,634
  13,456
  14,311
  14,716
  15,641
  16,604
  17,607
  18,653
  19,743
  20,880
  22,066
  23,306
  24,600
  25,953
  27,367
  28,845
  30,393
  32,012
  33,706
  35,481
  37,340
  39,287
  41,327
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
  7,690
  8,316
  8,968
  9,646
  10,350
  11,083
  11,843
  12,634
  13,456
  14,311
  14,716
  15,641
  16,604
  17,607
  18,653
  19,743
  20,880
  22,066
  23,306
  24,600
  25,953
  27,367
  28,845
  30,393
  32,012
  33,706
  35,481
  37,340
  39,287
  41,327
Operating income, $m
  2,747
  3,028
  3,320
  3,624
  3,940
  4,269
  4,610
  4,965
  5,333
  5,716
  6,599
  7,014
  7,446
  7,896
  8,365
  8,854
  9,364
  9,896
  10,452
  11,032
  11,639
  12,273
  12,936
  13,630
  14,356
  15,116
  15,912
  16,745
  17,619
  18,533
EBITDA, $m
  3,692
  4,013
  4,346
  4,694
  5,055
  5,430
  5,820
  6,225
  6,646
  7,084
  7,539
  8,013
  8,506
  9,020
  9,556
  10,114
  10,697
  11,305
  11,940
  12,603
  13,296
  14,020
  14,778
  15,571
  16,400
  17,268
  18,177
  19,130
  20,127
  21,172
Interest expense (income), $m
  220
  541
  624
  712
  803
  898
  997
  1,100
  1,206
  1,317
  1,432
  1,552
  1,677
  1,806
  1,941
  2,082
  2,229
  2,381
  2,541
  2,707
  2,881
  3,062
  3,252
  3,450
  3,657
  3,874
  4,101
  4,338
  4,587
  4,848
  5,121
Earnings before tax, $m
  2,207
  2,404
  2,608
  2,821
  3,042
  3,272
  3,510
  3,758
  4,016
  4,284
  5,047
  5,337
  5,640
  5,955
  6,283
  6,625
  6,982
  7,355
  7,745
  8,151
  8,577
  9,021
  9,486
  9,973
  10,482
  11,015
  11,573
  12,158
  12,771
  13,413
Tax expense, $m
  596
  649
  704
  762
  821
  883
  948
  1,015
  1,084
  1,157
  1,363
  1,441
  1,523
  1,608
  1,696
  1,789
  1,885
  1,986
  2,091
  2,201
  2,316
  2,436
  2,561
  2,693
  2,830
  2,974
  3,125
  3,283
  3,448
  3,621
Net income, $m
  1,611
  1,755
  1,904
  2,059
  2,221
  2,388
  2,562
  2,743
  2,932
  3,127
  3,684
  3,896
  4,117
  4,347
  4,586
  4,836
  5,097
  5,369
  5,654
  5,950
  6,261
  6,585
  6,925
  7,280
  7,652
  8,041
  8,449
  8,875
  9,323
  9,791

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
  24,970
  27,140
  29,399
  31,747
  34,189
  36,726
  39,362
  42,102
  44,950
  47,912
  50,992
  54,198
  57,536
  61,012
  64,635
  68,412
  72,353
  76,465
  80,759
  85,244
  89,931
  94,831
  99,956
  105,317
  110,927
  116,800
  122,949
  129,390
  136,137
  143,207
Adjusted assets (=assets-cash), $m
  24,970
  27,140
  29,399
  31,747
  34,189
  36,726
  39,362
  42,102
  44,950
  47,912
  50,992
  54,198
  57,536
  61,012
  64,635
  68,412
  72,353
  76,465
  80,759
  85,244
  89,931
  94,831
  99,956
  105,317
  110,927
  116,800
  122,949
  129,390
  136,137
  143,207
Revenue / Adjusted assets
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
  0.418
Average production assets, $m
  4,279
  4,651
  5,038
  5,441
  5,859
  6,294
  6,746
  7,215
  7,704
  8,211
  8,739
  9,288
  9,860
  10,456
  11,077
  11,725
  12,400
  13,105
  13,840
  14,609
  15,412
  16,252
  17,130
  18,049
  19,011
  20,017
  21,071
  22,175
  23,331
  24,543
Working capital, $m
  -981
  -1,066
  -1,155
  -1,247
  -1,343
  -1,443
  -1,547
  -1,654
  -1,766
  -1,883
  -2,004
  -2,130
  -2,261
  -2,397
  -2,540
  -2,688
  -2,843
  -3,004
  -3,173
  -3,349
  -3,534
  -3,726
  -3,927
  -4,138
  -4,359
  -4,589
  -4,831
  -5,084
  -5,349
  -5,627
Total debt, $m
  11,562
  13,187
  14,879
  16,638
  18,466
  20,367
  22,341
  24,394
  26,527
  28,745
  31,052
  33,453
  35,953
  38,557
  41,271
  44,100
  47,051
  50,131
  53,347
  56,707
  60,217
  63,888
  67,726
  71,741
  75,943
  80,342
  84,948
  89,772
  94,825
  100,121
Total liabilities, $m
  18,703
  20,328
  22,020
  23,779
  25,607
  27,508
  29,482
  31,535
  33,668
  35,886
  38,193
  40,594
  43,094
  45,698
  48,412
  51,241
  54,192
  57,272
  60,488
  63,848
  67,358
  71,029
  74,867
  78,882
  83,084
  87,483
  92,089
  96,913
  101,966
  107,262
Total equity, $m
  6,268
  6,812
  7,379
  7,969
  8,581
  9,218
  9,880
  10,568
  11,283
  12,026
  12,799
  13,604
  14,441
  15,314
  16,223
  17,171
  18,161
  19,193
  20,270
  21,396
  22,573
  23,803
  25,089
  26,434
  27,843
  29,317
  30,860
  32,477
  34,170
  35,945
Total liabilities and equity, $m
  24,971
  27,140
  29,399
  31,748
  34,188
  36,726
  39,362
  42,103
  44,951
  47,912
  50,992
  54,198
  57,535
  61,012
  64,635
  68,412
  72,353
  76,465
  80,758
  85,244
  89,931
  94,832
  99,956
  105,316
  110,927
  116,800
  122,949
  129,390
  136,136
  143,207
Debt-to-equity ratio
  1.840
  1.940
  2.020
  2.090
  2.150
  2.210
  2.260
  2.310
  2.350
  2.390
  2.430
  2.460
  2.490
  2.520
  2.540
  2.570
  2.590
  2.610
  2.630
  2.650
  2.670
  2.680
  2.700
  2.710
  2.730
  2.740
  2.750
  2.760
  2.780
  2.790
Adjusted equity ratio
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,611
  1,755
  1,904
  2,059
  2,221
  2,388
  2,562
  2,743
  2,932
  3,127
  3,684
  3,896
  4,117
  4,347
  4,586
  4,836
  5,097
  5,369
  5,654
  5,950
  6,261
  6,585
  6,925
  7,280
  7,652
  8,041
  8,449
  8,875
  9,323
  9,791
Depreciation, amort., depletion, $m
  944
  984
  1,026
  1,069
  1,114
  1,161
  1,210
  1,260
  1,313
  1,367
  940
  999
  1,060
  1,124
  1,191
  1,261
  1,333
  1,409
  1,488
  1,571
  1,657
  1,748
  1,842
  1,941
  2,044
  2,152
  2,266
  2,384
  2,509
  2,639
Funds from operations, $m
  2,555
  2,739
  2,930
  3,129
  3,335
  3,549
  3,772
  4,003
  4,244
  4,494
  4,624
  4,895
  5,177
  5,471
  5,778
  6,097
  6,430
  6,778
  7,142
  7,521
  7,918
  8,333
  8,767
  9,221
  9,696
  10,193
  10,714
  11,260
  11,831
  12,430
Change in working capital, $m
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -142
  -148
  -155
  -162
  -169
  -176
  -184
  -193
  -201
  -211
  -220
  -231
  -242
  -253
  -265
  -278
Cash from operations, $m
  2,637
  2,824
  3,019
  3,221
  3,431
  3,649
  3,876
  4,111
  4,356
  4,611
  4,745
  5,021
  5,308
  5,608
  5,920
  6,245
  6,585
  6,940
  7,310
  7,698
  8,102
  8,525
  8,968
  9,431
  9,916
  10,424
  10,956
  11,513
  12,097
  12,708
Maintenance CAPEX, $m
  -421
  -460
  -500
  -542
  -585
  -630
  -677
  -725
  -776
  -828
  -883
  -940
  -999
  -1,060
  -1,124
  -1,191
  -1,261
  -1,333
  -1,409
  -1,488
  -1,571
  -1,657
  -1,748
  -1,842
  -1,941
  -2,044
  -2,152
  -2,266
  -2,384
  -2,509
New CAPEX, $m
  -362
  -372
  -387
  -403
  -418
  -435
  -452
  -470
  -488
  -508
  -528
  -549
  -572
  -596
  -621
  -647
  -675
  -705
  -736
  -769
  -803
  -840
  -878
  -919
  -961
  -1,006
  -1,054
  -1,104
  -1,156
  -1,212
Cash from investing activities, $m
  -783
  -832
  -887
  -945
  -1,003
  -1,065
  -1,129
  -1,195
  -1,264
  -1,336
  -1,411
  -1,489
  -1,571
  -1,656
  -1,745
  -1,838
  -1,936
  -2,038
  -2,145
  -2,257
  -2,374
  -2,497
  -2,626
  -2,761
  -2,902
  -3,050
  -3,206
  -3,370
  -3,540
  -3,721
Free cash flow, $m
  1,854
  1,992
  2,132
  2,277
  2,427
  2,584
  2,747
  2,916
  3,092
  3,275
  3,334
  3,532
  3,738
  3,952
  4,175
  4,407
  4,649
  4,902
  5,165
  5,441
  5,728
  6,028
  6,342
  6,671
  7,014
  7,373
  7,750
  8,143
  8,556
  8,988
Issuance/(repayment) of debt, $m
  1,547
  1,625
  1,691
  1,759
  1,829
  1,900
  1,975
  2,052
  2,133
  2,218
  2,307
  2,401
  2,500
  2,604
  2,714
  2,829
  2,951
  3,080
  3,216
  3,359
  3,511
  3,670
  3,838
  4,015
  4,202
  4,399
  4,606
  4,824
  5,054
  5,295
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  
  1,547
  1,625
  1,691
  1,759
  1,829
  1,900
  1,975
  2,052
  2,133
  2,218
  2,307
  2,401
  2,500
  2,604
  2,714
  2,829
  2,951
  3,080
  3,216
  3,359
  3,511
  3,670
  3,838
  4,015
  4,202
  4,399
  4,606
  4,824
  5,054
  5,295
Total cash flow (excl. dividends), $m
  3,401
  3,618
  3,823
  4,036
  4,256
  4,484
  4,722
  4,968
  5,225
  5,493
  5,642
  5,933
  6,237
  6,556
  6,888
  7,236
  7,601
  7,982
  8,382
  8,800
  9,239
  9,699
  10,181
  10,686
  11,216
  11,772
  12,355
  12,967
  13,609
  14,283
Retained Cash Flow (-), $m
  -523
  -545
  -567
  -590
  -613
  -637
  -662
  -688
  -715
  -743
  -773
  -805
  -838
  -873
  -909
  -948
  -989
  -1,032
  -1,078
  -1,126
  -1,176
  -1,230
  -1,286
  -1,346
  -1,408
  -1,474
  -1,543
  -1,617
  -1,694
  -1,775
Prev. year cash balance distribution, $m
  2,304
  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
  5,182
  3,073
  3,256
  3,446
  3,643
  3,848
  4,060
  4,281
  4,510
  4,750
  4,868
  5,128
  5,400
  5,683
  5,979
  6,288
  6,612
  6,950
  7,304
  7,674
  8,062
  8,469
  8,894
  9,340
  9,808
  10,298
  10,812
  11,351
  11,916
  12,509
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  4,969
  2,813
  2,834
  2,838
  2,824
  2,792
  2,743
  2,676
  2,591
  2,490
  2,312
  2,188
  2,053
  1,908
  1,755
  1,598
  1,439
  1,280
  1,125
  975
  834
  703
  583
  476
  382
  300
  232
  176
  130
  94
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

eBay Inc. (eBay) is a commerce company, which operates through its Marketplace, StubHub and Classifieds platforms. The Company connects buyers and sellers around the world. Its platforms enable sellers around the world to organize and offer their inventory for sale, and buyers to find and purchase it. Its platforms are accessible through an online experience (desktop and laptop computers), from mobile devices (smartphones and tablets) and by application programming interface (API) (platform access for third-party software developers). The Company's Marketplace platforms include its online marketplace located at www.ebay.com, localized counterparts and the eBay mobile applications. The Company's StubHub platforms include its online ticket platform located at www.stubhub.com, the StubHub mobile applications and Ticketbis. The Company's Classifieds platforms include a collection of brands, such as Mobile.de, Kijiji, Gumtree, Marktplaats, eBay Kleinanzeigen and others.

FINANCIAL RATIOS  of  eBay (EBAY)

Valuation Ratios
P/E Ratio 4.3
Price to Sales 3.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 14.2
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 71.2%
Total Debt to Equity 85%
Interest Coverage 18
Management Effectiveness
Return On Assets 37%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital 44.3%
Ret/ On T. Cap. - 3 Yr. Avg. 17.6%
Return On Equity 84.9%
Return On Equity - 3 Yr. Avg. 32.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 77.6%
Gross Margin - 3 Yr. Avg. 79.4%
EBITDA Margin 50.7%
EBITDA Margin - 3 Yr. Avg. 42.1%
Operating Margin 25.9%
Oper. Margin - 3 Yr. Avg. 26.5%
Pre-Tax Margin 40.7%
Pre-Tax Margin - 3 Yr. Avg. 32.4%
Net Profit Margin 80.9%
Net Profit Margin - 3 Yr. Avg. 33.8%
Effective Tax Rate -99.5%
Eff/ Tax Rate - 3 Yr. Avg. 18%
Payout Ratio 0%

EBAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EBAY stock intrinsic value calculation we used $9567 million for the last fiscal year's total revenue generated by eBay. The default revenue input number comes from 0001 income statement of eBay. 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 EBAY stock valuation model: a) initial revenue growth rate of 9.1% 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 4.3%, whose default value for EBAY is calculated based on our internal credit rating of eBay, 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 eBay.
    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 EBAY stock the variable cost ratio is equal to 74.1%.

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 EBAY 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 eBay.

Corporate tax rate of 27% is the nominal tax rate for eBay. 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 EBAY 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 EBAY are equal to 41%.

Life of production assets of 9.3 years is the average useful life of capital assets used in eBay 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 EBAY is equal to -9.4%. 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 - $8049 million for eBay - 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 993.978 million for eBay 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 eBay at the current share price and the inputted number of shares is $28.6 billion.

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COMPANY NEWS

▶ Why eBay Inc. Stock Plunged Today   [11:46AM  Motley Fool]
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▶ EBay sues Amazon, claiming coordinated attempt to poach sellers   [10:06AM  American City Business Journals]
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▶ 'eBay owes me £164 why won't it pay?'   [03:05AM  The Telegraph]
▶ Jerome Dodson's Parnassus Fund Buys Trimble in 3rd Quarter   [Oct-12-18 07:12PM  GuruFocus.com]
▶ [$$] Amazon's Third Party Needs to Keep Raging   [Oct-07-18 09:00AM  The Wall Street Journal]
▶ Better Buy: PayPal (PYPL) vs. eBay Stock   [Oct-04-18 04:19PM  Zacks]
▶ [$$] EBay Accuses Amazon of Illegally Poaching Sellers   [Oct-03-18 08:33PM  The Wall Street Journal]
▶ 5 Artificial Intelligence Stocks to Consider   [02:45PM  InvestorPlace]
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