Intrinsic value of Emerald Expositions Events, Inc. - EEX

Previous Close

$12.32

  Intrinsic Value

$71.12

stock screener

  Rating & Target

str. buy

+477%

Previous close

$12.32

 
Intrinsic value

$71.12

 
Up/down potential

+477%

 
Rating

str. buy

We calculate the intrinsic value of EEX 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 0.9

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  610
  942
  1,409
  2,044
  2,883
  3,964
  5,321
  6,986
  8,990
  11,355
  14,100
  17,239
  20,779
  24,723
  29,069
  33,815
  38,952
  44,472
  50,367
  56,627
  63,245
  70,214
  77,527
  85,183
  93,179
  101,517
  110,200
  119,235
  128,629
  138,392
Variable operating expenses, $m
  376
  500
  675
  913
  1,227
  1,632
  2,141
  2,765
  3,515
  4,401
  5,283
  6,459
  7,785
  9,262
  10,891
  12,669
  14,593
  16,661
  18,870
  21,215
  23,695
  26,305
  29,045
  31,914
  34,909
  38,033
  41,286
  44,671
  48,190
  51,848
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
  376
  500
  675
  913
  1,227
  1,632
  2,141
  2,765
  3,515
  4,401
  5,283
  6,459
  7,785
  9,262
  10,891
  12,669
  14,593
  16,661
  18,870
  21,215
  23,695
  26,305
  29,045
  31,914
  34,909
  38,033
  41,286
  44,671
  48,190
  51,848
Operating income, $m
  234
  442
  734
  1,131
  1,656
  2,332
  3,180
  4,222
  5,475
  6,954
  8,818
  10,780
  12,994
  15,460
  18,179
  21,146
  24,358
  27,811
  31,497
  35,412
  39,550
  43,908
  48,482
  53,269
  58,270
  63,484
  68,914
  74,564
  80,438
  86,544
EBITDA, $m
  422
  651
  974
  1,413
  1,994
  2,741
  3,679
  4,831
  6,217
  7,852
  9,751
  11,921
  14,369
  17,096
  20,102
  23,383
  26,936
  30,753
  34,830
  39,159
  43,735
  48,554
  53,611
  58,905
  64,435
  70,201
  76,206
  82,453
  88,949
  95,701
Interest expense (income), $m
  46
  31
  59
  100
  158
  236
  340
  474
  642
  848
  1,096
  1,388
  1,728
  2,116
  2,554
  3,042
  3,579
  4,166
  4,801
  5,484
  6,213
  6,988
  7,806
  8,668
  9,573
  10,519
  11,509
  12,540
  13,614
  14,731
  15,893
Earnings before tax, $m
  203
  383
  633
  973
  1,419
  1,991
  2,706
  3,580
  4,627
  5,858
  7,429
  9,053
  10,878
  12,907
  15,137
  17,567
  20,192
  23,009
  26,013
  29,199
  32,563
  36,102
  39,814
  43,697
  47,750
  51,975
  56,374
  60,950
  65,707
  70,651
Tax expense, $m
  55
  103
  171
  263
  383
  538
  731
  967
  1,249
  1,582
  2,006
  2,444
  2,937
  3,485
  4,087
  4,743
  5,452
  6,212
  7,023
  7,884
  8,792
  9,748
  10,750
  11,798
  12,893
  14,033
  15,221
  16,456
  17,741
  19,076
Net income, $m
  148
  279
  462
  710
  1,036
  1,454
  1,975
  2,613
  3,378
  4,276
  5,424
  6,608
  7,941
  9,422
  11,050
  12,824
  14,740
  16,797
  18,989
  21,315
  23,771
  26,354
  29,064
  31,898
  34,858
  37,942
  41,153
  44,493
  47,966
  51,575

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
  2,529
  3,908
  5,844
  8,480
  11,964
  16,448
  22,078
  28,989
  37,302
  47,116
  58,507
  71,531
  86,219
  102,583
  120,620
  140,310
  161,625
  184,531
  208,991
  234,968
  262,428
  291,343
  321,690
  353,455
  386,635
  421,232
  457,263
  494,750
  533,729
  574,242
Adjusted assets (=assets-cash), $m
  2,529
  3,908
  5,844
  8,480
  11,964
  16,448
  22,078
  28,989
  37,302
  47,116
  58,507
  71,531
  86,219
  102,583
  120,620
  140,310
  161,625
  184,531
  208,991
  234,968
  262,428
  291,343
  321,690
  353,455
  386,635
  421,232
  457,263
  494,750
  533,729
  574,242
Revenue / Adjusted assets
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
Average production assets, $m
  1,210
  1,870
  2,796
  4,057
  5,723
  7,868
  10,562
  13,868
  17,845
  22,540
  27,989
  34,219
  41,246
  49,074
  57,703
  67,122
  77,319
  88,277
  99,978
  112,405
  125,542
  139,374
  153,891
  169,088
  184,960
  201,511
  218,748
  236,681
  255,328
  274,709
Working capital, $m
  -225
  -348
  -520
  -754
  -1,064
  -1,463
  -1,963
  -2,578
  -3,317
  -4,190
  -5,203
  -6,361
  -7,667
  -9,123
  -10,727
  -12,478
  -14,373
  -16,410
  -18,585
  -20,895
  -23,337
  -25,909
  -28,608
  -31,432
  -34,383
  -37,460
  -40,664
  -43,998
  -47,464
  -51,067
Total debt, $m
  1,094
  1,855
  2,924
  4,379
  6,302
  8,777
  11,885
  15,700
  20,289
  25,706
  31,994
  39,183
  47,291
  56,324
  66,280
  77,149
  88,915
  101,559
  115,061
  129,401
  144,559
  160,519
  177,271
  194,805
  213,120
  232,218
  252,107
  272,800
  294,316
  316,680
Total liabilities, $m
  1,396
  2,157
  3,226
  4,681
  6,604
  9,079
  12,187
  16,002
  20,591
  26,008
  32,296
  39,485
  47,593
  56,626
  66,582
  77,451
  89,217
  101,861
  115,363
  129,702
  144,860
  160,821
  177,573
  195,107
  213,422
  232,520
  252,409
  273,102
  294,618
  316,981
Total equity, $m
  1,133
  1,751
  2,618
  3,799
  5,360
  7,369
  9,891
  12,987
  16,711
  21,108
  26,211
  32,046
  38,626
  45,957
  54,038
  62,859
  72,408
  82,670
  93,628
  105,266
  117,568
  130,521
  144,117
  158,348
  173,212
  188,712
  204,854
  221,648
  239,110
  257,260
Total liabilities and equity, $m
  2,529
  3,908
  5,844
  8,480
  11,964
  16,448
  22,078
  28,989
  37,302
  47,116
  58,507
  71,531
  86,219
  102,583
  120,620
  140,310
  161,625
  184,531
  208,991
  234,968
  262,428
  291,342
  321,690
  353,455
  386,634
  421,232
  457,263
  494,750
  533,728
  574,241
Debt-to-equity ratio
  0.970
  1.060
  1.120
  1.150
  1.180
  1.190
  1.200
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
  1.230
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  148
  279
  462
  710
  1,036
  1,454
  1,975
  2,613
  3,378
  4,276
  5,424
  6,608
  7,941
  9,422
  11,050
  12,824
  14,740
  16,797
  18,989
  21,315
  23,771
  26,354
  29,064
  31,898
  34,858
  37,942
  41,153
  44,493
  47,966
  51,575
Depreciation, amort., depletion, $m
  188
  210
  240
  282
  338
  409
  499
  609
  742
  899
  933
  1,141
  1,375
  1,636
  1,923
  2,237
  2,577
  2,943
  3,333
  3,747
  4,185
  4,646
  5,130
  5,636
  6,165
  6,717
  7,292
  7,889
  8,511
  9,157
Funds from operations, $m
  336
  489
  703
  993
  1,374
  1,863
  2,475
  3,223
  4,120
  5,175
  6,356
  7,749
  9,316
  11,058
  12,973
  15,061
  17,318
  19,739
  22,322
  25,062
  27,956
  31,000
  34,194
  37,535
  41,023
  44,659
  48,445
  52,383
  56,477
  60,732
Change in working capital, $m
  -84
  -123
  -172
  -234
  -310
  -399
  -501
  -615
  -739
  -873
  -1,013
  -1,158
  -1,306
  -1,455
  -1,604
  -1,751
  -1,896
  -2,037
  -2,175
  -2,310
  -2,442
  -2,571
  -2,699
  -2,825
  -2,951
  -3,077
  -3,204
  -3,334
  -3,466
  -3,603
Cash from operations, $m
  420
  611
  875
  1,227
  1,684
  2,262
  2,975
  3,838
  4,859
  6,048
  7,370
  8,907
  10,622
  12,513
  14,577
  16,812
  19,213
  21,776
  24,497
  27,372
  30,398
  33,572
  36,892
  40,360
  43,974
  47,736
  51,649
  55,717
  59,943
  64,335
Maintenance CAPEX, $m
  -25
  -40
  -62
  -93
  -135
  -191
  -262
  -352
  -462
  -595
  -751
  -933
  -1,141
  -1,375
  -1,636
  -1,923
  -2,237
  -2,577
  -2,943
  -3,333
  -3,747
  -4,185
  -4,646
  -5,130
  -5,636
  -6,165
  -6,717
  -7,292
  -7,889
  -8,511
New CAPEX, $m
  -454
  -659
  -926
  -1,261
  -1,667
  -2,145
  -2,693
  -3,306
  -3,977
  -4,695
  -5,449
  -6,230
  -7,026
  -7,829
  -8,628
  -9,419
  -10,197
  -10,958
  -11,701
  -12,427
  -13,136
  -13,832
  -14,518
  -15,196
  -15,873
  -16,551
  -17,236
  -17,933
  -18,647
  -19,381
Cash from investing activities, $m
  -479
  -699
  -988
  -1,354
  -1,802
  -2,336
  -2,955
  -3,658
  -4,439
  -5,290
  -6,200
  -7,163
  -8,167
  -9,204
  -10,264
  -11,342
  -12,434
  -13,535
  -14,644
  -15,760
  -16,883
  -18,017
  -19,164
  -20,326
  -21,509
  -22,716
  -23,953
  -25,225
  -26,536
  -27,892
Free cash flow, $m
  -59
  -88
  -114
  -127
  -118
  -74
  20
  179
  420
  758
  1,169
  1,744
  2,455
  3,309
  4,313
  5,469
  6,779
  8,241
  9,853
  11,612
  13,514
  15,555
  17,729
  20,034
  22,465
  25,019
  27,695
  30,491
  33,407
  36,443
Issuance/(repayment) of debt, $m
  525
  761
  1,069
  1,455
  1,923
  2,475
  3,108
  3,815
  4,589
  5,417
  6,288
  7,189
  8,108
  9,033
  9,956
  10,869
  11,766
  12,644
  13,502
  14,339
  15,158
  15,961
  16,752
  17,535
  18,315
  19,098
  19,889
  20,693
  21,516
  22,363
Issuance/(repurchase) of shares, $m
  277
  338
  405
  471
  525
  555
  547
  483
  347
  120
  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  
  802
  1,099
  1,474
  1,926
  2,448
  3,030
  3,655
  4,298
  4,936
  5,537
  6,288
  7,189
  8,108
  9,033
  9,956
  10,869
  11,766
  12,644
  13,502
  14,339
  15,158
  15,961
  16,752
  17,535
  18,315
  19,098
  19,889
  20,693
  21,516
  22,363
Total cash flow (excl. dividends), $m
  742
  1,011
  1,360
  1,798
  2,330
  2,956
  3,674
  4,477
  5,355
  6,295
  7,457
  8,933
  10,563
  12,343
  14,269
  16,338
  18,545
  20,885
  23,355
  25,952
  28,672
  31,515
  34,481
  37,568
  40,780
  44,117
  47,584
  51,185
  54,923
  58,806
Retained Cash Flow (-), $m
  -425
  -618
  -868
  -1,181
  -1,561
  -2,009
  -2,522
  -3,096
  -3,724
  -4,396
  -5,103
  -5,835
  -6,580
  -7,331
  -8,080
  -8,821
  -9,549
  -10,262
  -10,958
  -11,638
  -12,302
  -12,954
  -13,595
  -14,231
  -14,864
  -15,500
  -16,142
  -16,794
  -17,462
  -18,150
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
  318
  393
  493
  618
  769
  948
  1,152
  1,381
  1,631
  1,899
  2,353
  3,099
  3,982
  5,011
  6,189
  7,517
  8,996
  10,623
  12,397
  14,314
  16,370
  18,562
  20,885
  23,337
  25,915
  28,618
  31,443
  34,390
  37,461
  40,656
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  296
  340
  392
  448
  506
  559
  605
  638
  657
  659
  695
  769
  820
  843
  838
  807
  752
  680
  595
  506
  417
  333
  257
  193
  140
  98
  67
  44
  28
  17
Current shareholders' claim on cash, %
  76.2
  61.5
  51.9
  45.4
  40.9
  37.7
  35.6
  34.3
  33.6
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4
  33.4

Emerald Expositions Events, Inc. (Emerald), formerly Expo Event Holdco, Inc, is an operator of business-to-business (B2B) trade shows. The Company operates across multiple sectors, which includes: Gift, Home and General Merchandise; Sports; Design and Construction; Technology; Jewelry; Other Trade Shows; and Other Events. The Company operates more than 50 trade shows, including 31 of the top 250 trade shows. It operates 13 trade shows in the Gift, Home and General Merchandise sector; 18 trade shows in Sports sector; five trade shows in Design and Construction; six trade shows in the Technology sector; six trade shows in Jewelry sector; and remaining 10 trade shows in other sectors . In 2016, its events connected over 500,000 global attendees and exhibitors and occupied over 6.5 million net square foot (NSF) of exhibition space.

FINANCIAL RATIOS  of  Emerald Expositions Events, Inc. (EEX)

Valuation Ratios
P/E Ratio 34.6
Price to Sales 2.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 8.5
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 131.3%
Total Debt to Equity 133%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.7%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 72.1%
EBITDA Margin 37.7%
EBITDA Margin - 3 Yr. Avg. 36.8%
Operating Margin 27.2%
Oper. Margin - 3 Yr. Avg. 25.3%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 38.9%
Eff/ Tax Rate - 3 Yr. Avg. 110.7%
Payout Ratio 0%

EEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EEX stock intrinsic value calculation we used $381 million for the last fiscal year's total revenue generated by Emerald Expositions Events, Inc.. The default revenue input number comes from 0001 income statement of Emerald Expositions Events, 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 EEX stock valuation model: a) initial revenue growth rate of 60% 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 7.2%, whose default value for EEX is calculated based on our internal credit rating of Emerald Expositions Events, 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 Emerald Expositions Events, 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 EEX stock the variable cost ratio is equal to 76.1%.

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 EEX 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 Emerald Expositions Events, Inc..

Corporate tax rate of 27% is the nominal tax rate for Emerald Expositions Events, 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 EEX 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 EEX are equal to 198.5%.

Life of production assets of 32.2 years is the average useful life of capital assets used in Emerald Expositions Events, 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 EEX is equal to -36.9%. 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 - $708.3 million for Emerald Expositions Events, 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 71.839 million for Emerald Expositions Events, 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 Emerald Expositions Events, Inc. at the current share price and the inputted number of shares is $0.9 billion.

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