Intrinsic value of Ecolab Inc. - ECL

Previous Close

$183.20

  Intrinsic Value

$74.12

stock screener

  Rating & Target

str. sell

-60%

Previous close

$183.20

 
Intrinsic value

$74.12

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of ECL 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 52.7

 

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, %
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  15,123
  15,620
  16,161
  16,745
  17,374
  18,047
  18,767
  19,535
  20,352
  21,220
  22,140
  23,116
  24,147
  25,238
  26,390
  27,606
  28,890
  30,243
  31,668
  33,171
  34,752
  36,418
  38,171
  40,015
  41,955
  43,995
  46,141
  48,397
  50,769
  53,262
Variable operating expenses, $m
  12,957
  13,347
  13,771
  14,230
  14,723
  15,252
  15,817
  16,420
  17,061
  17,742
  17,377
  18,142
  18,952
  19,808
  20,712
  21,667
  22,674
  23,736
  24,855
  26,034
  27,276
  28,583
  29,958
  31,406
  32,928
  34,530
  36,214
  37,985
  39,846
  41,803
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
  12,957
  13,347
  13,771
  14,230
  14,723
  15,252
  15,817
  16,420
  17,061
  17,742
  17,377
  18,142
  18,952
  19,808
  20,712
  21,667
  22,674
  23,736
  24,855
  26,034
  27,276
  28,583
  29,958
  31,406
  32,928
  34,530
  36,214
  37,985
  39,846
  41,803
Operating income, $m
  2,166
  2,273
  2,389
  2,515
  2,650
  2,795
  2,950
  3,115
  3,291
  3,478
  4,763
  4,973
  5,195
  5,430
  5,678
  5,939
  6,216
  6,507
  6,813
  7,137
  7,477
  7,835
  8,212
  8,609
  9,027
  9,466
  9,927
  10,413
  10,923
  11,459
EBITDA, $m
  3,859
  3,986
  4,124
  4,274
  4,434
  4,606
  4,790
  4,986
  5,194
  5,416
  5,651
  5,899
  6,163
  6,441
  6,735
  7,045
  7,373
  7,718
  8,082
  8,465
  8,869
  9,294
  9,742
  10,212
  10,707
  11,228
  11,776
  12,352
  12,957
  13,593
Interest expense (income), $m
  267
  380
  400
  422
  446
  472
  500
  530
  562
  596
  632
  671
  712
  755
  801
  849
  900
  954
  1,011
  1,071
  1,135
  1,201
  1,271
  1,345
  1,423
  1,505
  1,591
  1,682
  1,777
  1,877
  1,983
Earnings before tax, $m
  1,786
  1,873
  1,967
  2,069
  2,178
  2,295
  2,420
  2,554
  2,695
  2,846
  4,093
  4,262
  4,440
  4,629
  4,829
  5,039
  5,261
  5,495
  5,742
  6,002
  6,276
  6,564
  6,867
  7,186
  7,521
  7,874
  8,245
  8,635
  9,046
  9,477
Tax expense, $m
  482
  506
  531
  559
  588
  620
  653
  689
  728
  768
  1,105
  1,151
  1,199
  1,250
  1,304
  1,361
  1,421
  1,484
  1,550
  1,621
  1,694
  1,772
  1,854
  1,940
  2,031
  2,126
  2,226
  2,332
  2,442
  2,559
Net income, $m
  1,303
  1,367
  1,436
  1,510
  1,590
  1,676
  1,767
  1,864
  1,968
  2,077
  2,988
  3,111
  3,241
  3,379
  3,525
  3,679
  3,841
  4,012
  4,192
  4,381
  4,581
  4,792
  5,013
  5,246
  5,491
  5,748
  6,019
  6,304
  6,603
  6,918

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
  20,688
  21,368
  22,108
  22,907
  23,767
  24,689
  25,674
  26,724
  27,842
  29,029
  30,288
  31,622
  33,033
  34,525
  36,101
  37,765
  39,521
  41,371
  43,322
  45,377
  47,541
  49,819
  52,217
  54,740
  57,394
  60,185
  63,121
  66,207
  69,451
  72,862
Adjusted assets (=assets-cash), $m
  20,688
  21,368
  22,108
  22,907
  23,767
  24,689
  25,674
  26,724
  27,842
  29,029
  30,288
  31,622
  33,033
  34,525
  36,101
  37,765
  39,521
  41,371
  43,322
  45,377
  47,541
  49,819
  52,217
  54,740
  57,394
  60,185
  63,121
  66,207
  69,451
  72,862
Revenue / Adjusted assets
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
Average production assets, $m
  9,573
  9,888
  10,230
  10,600
  10,997
  11,424
  11,880
  12,366
  12,883
  13,432
  14,015
  14,632
  15,285
  15,976
  16,705
  17,475
  18,287
  19,144
  20,046
  20,997
  21,998
  23,052
  24,162
  25,329
  26,557
  27,849
  29,207
  30,635
  32,137
  33,715
Working capital, $m
  1,679
  1,734
  1,794
  1,859
  1,928
  2,003
  2,083
  2,168
  2,259
  2,355
  2,458
  2,566
  2,680
  2,801
  2,929
  3,064
  3,207
  3,357
  3,515
  3,682
  3,858
  4,042
  4,237
  4,442
  4,657
  4,883
  5,122
  5,372
  5,635
  5,912
Total debt, $m
  7,407
  7,816
  8,261
  8,741
  9,258
  9,812
  10,404
  11,035
  11,707
  12,420
  13,177
  13,979
  14,827
  15,724
  16,671
  17,671
  18,726
  19,838
  21,010
  22,245
  23,546
  24,915
  26,356
  27,873
  29,468
  31,145
  32,909
  34,764
  36,714
  38,764
Total liabilities, $m
  12,433
  12,842
  13,287
  13,767
  14,284
  14,838
  15,430
  16,061
  16,733
  17,446
  18,203
  19,005
  19,853
  20,750
  21,697
  22,697
  23,752
  24,864
  26,037
  27,272
  28,572
  29,941
  31,382
  32,899
  34,494
  36,171
  37,936
  39,790
  41,740
  43,790
Total equity, $m
  8,254
  8,526
  8,821
  9,140
  9,483
  9,851
  10,244
  10,663
  11,109
  11,583
  12,085
  12,617
  13,180
  13,776
  14,404
  15,068
  15,769
  16,507
  17,285
  18,105
  18,969
  19,878
  20,835
  21,841
  22,900
  24,014
  25,185
  26,417
  27,711
  29,072
Total liabilities and equity, $m
  20,687
  21,368
  22,108
  22,907
  23,767
  24,689
  25,674
  26,724
  27,842
  29,029
  30,288
  31,622
  33,033
  34,526
  36,101
  37,765
  39,521
  41,371
  43,322
  45,377
  47,541
  49,819
  52,217
  54,740
  57,394
  60,185
  63,121
  66,207
  69,451
  72,862
Debt-to-equity ratio
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.030
  1.050
  1.070
  1.090
  1.110
  1.120
  1.140
  1.160
  1.170
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.320
  1.330
Adjusted equity ratio
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,303
  1,367
  1,436
  1,510
  1,590
  1,676
  1,767
  1,864
  1,968
  2,077
  2,988
  3,111
  3,241
  3,379
  3,525
  3,679
  3,841
  4,012
  4,192
  4,381
  4,581
  4,792
  5,013
  5,246
  5,491
  5,748
  6,019
  6,304
  6,603
  6,918
Depreciation, amort., depletion, $m
  1,693
  1,713
  1,735
  1,758
  1,784
  1,811
  1,839
  1,870
  1,903
  1,938
  887
  926
  967
  1,011
  1,057
  1,106
  1,157
  1,212
  1,269
  1,329
  1,392
  1,459
  1,529
  1,603
  1,681
  1,763
  1,849
  1,939
  2,034
  2,134
Funds from operations, $m
  2,997
  3,081
  3,171
  3,269
  3,374
  3,486
  3,606
  3,734
  3,871
  4,015
  3,875
  4,037
  4,209
  4,390
  4,582
  4,785
  4,998
  5,223
  5,460
  5,710
  5,974
  6,251
  6,542
  6,849
  7,171
  7,511
  7,868
  8,243
  8,637
  9,052
Change in working capital, $m
  50
  55
  60
  65
  70
  75
  80
  85
  91
  96
  102
  108
  115
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  215
  226
  238
  250
  263
  277
Cash from operations, $m
  2,946
  3,026
  3,111
  3,204
  3,304
  3,411
  3,526
  3,649
  3,780
  3,919
  3,773
  3,929
  4,094
  4,269
  4,454
  4,650
  4,856
  5,073
  5,302
  5,544
  5,798
  6,066
  6,348
  6,644
  6,956
  7,284
  7,629
  7,992
  8,374
  8,775
Maintenance CAPEX, $m
  -588
  -606
  -626
  -647
  -671
  -696
  -723
  -752
  -783
  -815
  -850
  -887
  -926
  -967
  -1,011
  -1,057
  -1,106
  -1,157
  -1,212
  -1,269
  -1,329
  -1,392
  -1,459
  -1,529
  -1,603
  -1,681
  -1,763
  -1,849
  -1,939
  -2,034
New CAPEX, $m
  -286
  -315
  -342
  -370
  -398
  -426
  -456
  -486
  -517
  -549
  -583
  -617
  -653
  -690
  -729
  -770
  -812
  -856
  -903
  -951
  -1,001
  -1,054
  -1,109
  -1,167
  -1,228
  -1,292
  -1,358
  -1,428
  -1,501
  -1,578
Cash from investing activities, $m
  -874
  -921
  -968
  -1,017
  -1,069
  -1,122
  -1,179
  -1,238
  -1,300
  -1,364
  -1,433
  -1,504
  -1,579
  -1,657
  -1,740
  -1,827
  -1,918
  -2,013
  -2,115
  -2,220
  -2,330
  -2,446
  -2,568
  -2,696
  -2,831
  -2,973
  -3,121
  -3,277
  -3,440
  -3,612
Free cash flow, $m
  2,073
  2,105
  2,143
  2,187
  2,235
  2,289
  2,348
  2,411
  2,480
  2,554
  2,340
  2,425
  2,515
  2,612
  2,714
  2,822
  2,938
  3,059
  3,188
  3,324
  3,468
  3,619
  3,779
  3,947
  4,125
  4,312
  4,509
  4,716
  4,934
  5,163
Issuance/(repayment) of debt, $m
  362
  409
  444
  480
  517
  554
  592
  631
  672
  713
  757
  802
  848
  897
  947
  1,000
  1,055
  1,112
  1,172
  1,235
  1,301
  1,369
  1,441
  1,516
  1,595
  1,678
  1,764
  1,855
  1,950
  2,050
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  
  362
  409
  444
  480
  517
  554
  592
  631
  672
  713
  757
  802
  848
  897
  947
  1,000
  1,055
  1,112
  1,172
  1,235
  1,301
  1,369
  1,441
  1,516
  1,595
  1,678
  1,764
  1,855
  1,950
  2,050
Total cash flow (excl. dividends), $m
  2,435
  2,514
  2,588
  2,667
  2,752
  2,843
  2,940
  3,042
  3,152
  3,268
  3,097
  3,226
  3,363
  3,508
  3,661
  3,822
  3,992
  4,172
  4,360
  4,559
  4,768
  4,988
  5,220
  5,464
  5,720
  5,989
  6,273
  6,571
  6,884
  7,213
Retained Cash Flow (-), $m
  -251
  -272
  -295
  -319
  -343
  -368
  -393
  -419
  -446
  -474
  -502
  -532
  -563
  -595
  -629
  -664
  -700
  -738
  -778
  -820
  -863
  -909
  -957
  -1,007
  -1,059
  -1,114
  -1,171
  -1,231
  -1,295
  -1,361
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
  2,183
  2,242
  2,293
  2,348
  2,409
  2,475
  2,547
  2,623
  2,706
  2,794
  2,594
  2,694
  2,800
  2,913
  3,032
  3,159
  3,292
  3,433
  3,582
  3,739
  3,905
  4,079
  4,263
  4,457
  4,661
  4,876
  5,102
  5,339
  5,589
  5,852
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  2,052
  1,969
  1,868
  1,764
  1,656
  1,545
  1,432
  1,316
  1,200
  1,084
  871
  775
  681
  591
  506
  428
  356
  292
  236
  187
  145
  110
  82
  60
  43
  30
  20
  13
  8
  5
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

Ecolab Inc. provides water, hygiene and energy technologies and services. The Company's cleaning and sanitizing programs and products, pest elimination services and equipment maintenance and repair services support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors in over 170 countries. Its segments include Global Industrial, Global Institutional, Global Energy, Other and Corporate. Its Global Industrial segment consists of the Water, Food and Beverage, Paper and Textile Care operating units. Its Global Institutional segment consists of the Institutional, Specialty and Healthcare operating units. The Global Energy segment provides on-site and technology-driven solutions to the global drilling, oil and gas production, refining, and petrochemical industries. The Company's Other segment consists of the Pest Elimination operating units.

FINANCIAL RATIOS  of  Ecolab Inc. (ECL)

Valuation Ratios
P/E Ratio 43.5
Price to Sales 4.1
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 45.2
Growth Rates
Sales Growth Rate -2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 89.1%
Total Debt to Equity 96.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 48%
Gross Margin - 3 Yr. Avg. 47.2%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.1%
Payout Ratio 34.8%

ECL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ECL stock intrinsic value calculation we used $14668 million for the last fiscal year's total revenue generated by Ecolab Inc.. The default revenue input number comes from 0001 income statement of Ecolab 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 ECL stock valuation model: a) initial revenue growth rate of 3.1% 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 6.4%, whose default value for ECL is calculated based on our internal credit rating of Ecolab 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 Ecolab 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 ECL stock the variable cost ratio is equal to 85.9%.

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 ECL 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 Ecolab Inc..

Corporate tax rate of 27% is the nominal tax rate for Ecolab 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 ECL 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 ECL are equal to 63.3%.

Life of production assets of 15.8 years is the average useful life of capital assets used in Ecolab 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 ECL is equal to 11.1%. 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 - $8003.2 million for Ecolab 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 287.843 million for Ecolab 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 Ecolab Inc. at the current share price and the inputted number of shares is $52.7 billion.

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