Intrinsic value of Edison International - EIX

Previous Close

$58.19

  Intrinsic Value

$20.94

stock screener

  Rating & Target

str. sell

-64%

Previous close

$58.19

 
Intrinsic value

$20.94

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of EIX 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 19.0

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  12,566
  12,855
  13,186
  13,557
  13,968
  14,419
  14,910
  15,441
  16,014
  16,629
  17,286
  17,988
  18,735
  19,528
  20,371
  21,264
  22,208
  23,208
  24,264
  25,379
  26,555
  27,795
  29,103
  30,481
  31,932
  33,460
  35,068
  36,760
  38,540
  40,413
Variable operating expenses, $m
  10,355
  10,593
  10,865
  11,171
  11,509
  11,881
  12,286
  12,724
  13,195
  13,702
  14,244
  14,822
  15,437
  16,091
  16,786
  17,521
  18,300
  19,123
  19,993
  20,912
  21,881
  22,903
  23,981
  25,116
  26,312
  27,571
  28,896
  30,290
  31,757
  33,300
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
  10,355
  10,593
  10,865
  11,171
  11,509
  11,881
  12,286
  12,724
  13,195
  13,702
  14,244
  14,822
  15,437
  16,091
  16,786
  17,521
  18,300
  19,123
  19,993
  20,912
  21,881
  22,903
  23,981
  25,116
  26,312
  27,571
  28,896
  30,290
  31,757
  33,300
Operating income, $m
  2,212
  2,263
  2,321
  2,386
  2,458
  2,538
  2,624
  2,718
  2,818
  2,927
  3,042
  3,166
  3,297
  3,437
  3,585
  3,742
  3,909
  4,085
  4,270
  4,467
  4,674
  4,892
  5,122
  5,365
  5,620
  5,889
  6,172
  6,470
  6,783
  7,113
EBITDA, $m
  4,366
  4,467
  4,581
  4,710
  4,853
  5,010
  5,180
  5,365
  5,564
  5,777
  6,006
  6,250
  6,509
  6,785
  7,078
  7,388
  7,716
  8,063
  8,430
  8,818
  9,226
  9,657
  10,112
  10,590
  11,095
  11,625
  12,184
  12,772
  13,391
  14,041
Interest expense (income), $m
  504
  784
  831
  883
  942
  1,009
  1,083
  1,163
  1,252
  1,347
  1,450
  1,560
  1,678
  1,804
  1,938
  2,081
  2,232
  2,392
  2,562
  2,741
  2,931
  3,131
  3,342
  3,565
  3,800
  4,047
  4,308
  4,582
  4,871
  5,175
  5,494
Earnings before tax, $m
  1,428
  1,432
  1,438
  1,444
  1,450
  1,455
  1,461
  1,466
  1,471
  1,477
  1,482
  1,488
  1,493
  1,499
  1,504
  1,510
  1,516
  1,523
  1,529
  1,536
  1,542
  1,550
  1,557
  1,565
  1,573
  1,581
  1,590
  1,599
  1,608
  1,618
Tax expense, $m
  386
  387
  388
  390
  391
  393
  394
  396
  397
  399
  400
  402
  403
  405
  406
  408
  409
  411
  413
  415
  416
  418
  420
  422
  425
  427
  429
  432
  434
  437
Net income, $m
  1,042
  1,045
  1,050
  1,054
  1,058
  1,062
  1,066
  1,070
  1,074
  1,078
  1,082
  1,086
  1,090
  1,094
  1,098
  1,102
  1,107
  1,111
  1,116
  1,121
  1,126
  1,131
  1,137
  1,142
  1,148
  1,154
  1,161
  1,167
  1,174
  1,181

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
  53,703
  54,938
  56,350
  57,935
  59,691
  61,618
  63,717
  65,988
  68,436
  71,062
  73,872
  76,870
  80,062
  83,455
  87,055
  90,870
  94,908
  99,179
  103,691
  108,455
  113,482
  118,784
  124,372
  130,260
  136,462
  142,991
  149,863
  157,095
  164,703
  172,705
Adjusted assets (=assets-cash), $m
  53,703
  54,938
  56,350
  57,935
  59,691
  61,618
  63,717
  65,988
  68,436
  71,062
  73,872
  76,870
  80,062
  83,455
  87,055
  90,870
  94,908
  99,179
  103,691
  108,455
  113,482
  118,784
  124,372
  130,260
  136,462
  142,991
  149,863
  157,095
  164,703
  172,705
Revenue / Adjusted assets
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
Average production assets, $m
  38,780
  39,672
  40,691
  41,836
  43,104
  44,496
  46,011
  47,652
  49,419
  51,316
  53,345
  55,510
  57,815
  60,265
  62,864
  65,619
  68,535
  71,619
  74,878
  78,318
  81,948
  85,777
  89,812
  94,064
  98,542
  103,257
  108,220
  113,442
  118,936
  124,715
Working capital, $m
  -1,696
  -1,735
  -1,780
  -1,830
  -1,886
  -1,947
  -2,013
  -2,085
  -2,162
  -2,245
  -2,334
  -2,428
  -2,529
  -2,636
  -2,750
  -2,871
  -2,998
  -3,133
  -3,276
  -3,426
  -3,585
  -3,752
  -3,929
  -4,115
  -4,311
  -4,517
  -4,734
  -4,963
  -5,203
  -5,456
Total debt, $m
  15,388
  16,349
  17,447
  18,680
  20,047
  21,546
  23,179
  24,946
  26,850
  28,893
  31,079
  33,412
  35,895
  38,535
  41,336
  44,304
  47,445
  50,768
  54,279
  57,985
  61,896
  66,021
  70,369
  74,949
  79,774
  84,854
  90,201
  95,827
  101,746
  107,972
Total liabilities, $m
  41,781
  42,742
  43,840
  45,073
  46,440
  47,939
  49,572
  51,339
  53,243
  55,286
  57,472
  59,805
  62,288
  64,928
  67,729
  70,697
  73,838
  77,161
  80,672
  84,378
  88,289
  92,414
  96,762
  101,342
  106,167
  111,247
  116,594
  122,220
  128,139
  134,365
Total equity, $m
  11,922
  12,196
  12,510
  12,862
  13,251
  13,679
  14,145
  14,649
  15,193
  15,776
  16,400
  17,065
  17,774
  18,527
  19,326
  20,173
  21,070
  22,018
  23,019
  24,077
  25,193
  26,370
  27,611
  28,918
  30,294
  31,744
  33,270
  34,875
  36,564
  38,341
Total liabilities and equity, $m
  53,703
  54,938
  56,350
  57,935
  59,691
  61,618
  63,717
  65,988
  68,436
  71,062
  73,872
  76,870
  80,062
  83,455
  87,055
  90,870
  94,908
  99,179
  103,691
  108,455
  113,482
  118,784
  124,373
  130,260
  136,461
  142,991
  149,864
  157,095
  164,703
  172,706
Debt-to-equity ratio
  1.290
  1.340
  1.390
  1.450
  1.510
  1.580
  1.640
  1.700
  1.770
  1.830
  1.900
  1.960
  2.020
  2.080
  2.140
  2.200
  2.250
  2.310
  2.360
  2.410
  2.460
  2.500
  2.550
  2.590
  2.630
  2.670
  2.710
  2.750
  2.780
  2.820
Adjusted equity ratio
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,042
  1,045
  1,050
  1,054
  1,058
  1,062
  1,066
  1,070
  1,074
  1,078
  1,082
  1,086
  1,090
  1,094
  1,098
  1,102
  1,107
  1,111
  1,116
  1,121
  1,126
  1,131
  1,137
  1,142
  1,148
  1,154
  1,161
  1,167
  1,174
  1,181
Depreciation, amort., depletion, $m
  2,154
  2,204
  2,261
  2,324
  2,395
  2,472
  2,556
  2,647
  2,746
  2,851
  2,964
  3,084
  3,212
  3,348
  3,492
  3,646
  3,808
  3,979
  4,160
  4,351
  4,553
  4,765
  4,990
  5,226
  5,475
  5,737
  6,012
  6,302
  6,608
  6,929
Funds from operations, $m
  3,197
  3,249
  3,310
  3,378
  3,453
  3,534
  3,622
  3,718
  3,820
  3,929
  4,046
  4,170
  4,302
  4,442
  4,591
  4,748
  4,914
  5,090
  5,276
  5,472
  5,679
  5,897
  6,126
  6,368
  6,623
  6,891
  7,173
  7,470
  7,782
  8,110
Change in working capital, $m
  -33
  -39
  -45
  -50
  -55
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -177
  -186
  -196
  -206
  -217
  -228
  -240
  -253
Cash from operations, $m
  3,230
  3,288
  3,355
  3,428
  3,508
  3,595
  3,689
  3,789
  3,897
  4,012
  4,134
  4,264
  4,403
  4,549
  4,704
  4,869
  5,042
  5,225
  5,419
  5,622
  5,837
  6,064
  6,303
  6,554
  6,819
  7,097
  7,390
  7,698
  8,022
  8,363
Maintenance CAPEX, $m
  -2,113
  -2,154
  -2,204
  -2,261
  -2,324
  -2,395
  -2,472
  -2,556
  -2,647
  -2,746
  -2,851
  -2,964
  -3,084
  -3,212
  -3,348
  -3,492
  -3,646
  -3,808
  -3,979
  -4,160
  -4,351
  -4,553
  -4,765
  -4,990
  -5,226
  -5,475
  -5,737
  -6,012
  -6,302
  -6,608
New CAPEX, $m
  -755
  -892
  -1,020
  -1,145
  -1,268
  -1,392
  -1,515
  -1,640
  -1,767
  -1,897
  -2,029
  -2,165
  -2,305
  -2,450
  -2,600
  -2,755
  -2,916
  -3,084
  -3,258
  -3,440
  -3,630
  -3,828
  -4,035
  -4,252
  -4,478
  -4,715
  -4,963
  -5,222
  -5,494
  -5,779
Cash from investing activities, $m
  -2,868
  -3,046
  -3,224
  -3,406
  -3,592
  -3,787
  -3,987
  -4,196
  -4,414
  -4,643
  -4,880
  -5,129
  -5,389
  -5,662
  -5,948
  -6,247
  -6,562
  -6,892
  -7,237
  -7,600
  -7,981
  -8,381
  -8,800
  -9,242
  -9,704
  -10,190
  -10,700
  -11,234
  -11,796
  -12,387
Free cash flow, $m
  363
  242
  131
  23
  -84
  -191
  -299
  -407
  -518
  -630
  -746
  -864
  -986
  -1,113
  -1,243
  -1,379
  -1,520
  -1,666
  -1,819
  -1,978
  -2,144
  -2,317
  -2,498
  -2,687
  -2,885
  -3,092
  -3,309
  -3,536
  -3,774
  -4,023
Issuance/(repayment) of debt, $m
  872
  961
  1,098
  1,233
  1,366
  1,499
  1,633
  1,767
  1,904
  2,043
  2,186
  2,333
  2,484
  2,639
  2,801
  2,968
  3,142
  3,322
  3,511
  3,707
  3,911
  4,125
  4,348
  4,581
  4,825
  5,080
  5,347
  5,626
  5,919
  6,226
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
  46
  104
  165
  229
  295
  365
  438
  515
  595
Cash from financing (excl. dividends), $m  
  872
  961
  1,098
  1,233
  1,366
  1,499
  1,633
  1,767
  1,904
  2,043
  2,186
  2,333
  2,484
  2,639
  2,801
  2,968
  3,142
  3,322
  3,511
  3,707
  3,911
  4,171
  4,452
  4,746
  5,054
  5,375
  5,712
  6,064
  6,434
  6,821
Total cash flow (excl. dividends), $m
  1,234
  1,203
  1,230
  1,256
  1,282
  1,308
  1,334
  1,360
  1,386
  1,413
  1,440
  1,468
  1,497
  1,527
  1,557
  1,589
  1,622
  1,656
  1,692
  1,729
  1,767
  1,853
  1,954
  2,058
  2,168
  2,282
  2,402
  2,528
  2,660
  2,798
Retained Cash Flow (-), $m
  -251
  -274
  -313
  -352
  -390
  -428
  -466
  -504
  -543
  -583
  -624
  -666
  -709
  -753
  -799
  -847
  -897
  -948
  -1,002
  -1,058
  -1,116
  -1,177
  -1,241
  -1,307
  -1,377
  -1,449
  -1,526
  -1,605
  -1,689
  -1,777
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
  983
  928
  916
  904
  892
  880
  868
  856
  843
  830
  817
  803
  789
  774
  758
  742
  726
  708
  690
  671
  651
  676
  713
  751
  791
  833
  877
  923
  971
  1,021
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
  917
  803
  729
  657
  587
  519
  456
  395
  339
  288
  241
  199
  162
  130
  103
  80
  61
  45
  33
  24
  17
  12
  9
  6
  4
  3
  2
  1
  1
  0
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
  99.9
  99.6
  99.3
  98.8
  98.2
  97.5
  96.7
  95.9
  94.9

Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc. (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers. SCE's projects include West of Devers, Mesa Substation, Alberhill System, Riverside Transmission Reliability, Eldorado-Lugo-Mohave Upgrade, Tehachapi and Coolwater-Lugo. As of December 31, 2016, the West of Devers Project consisted of upgrading and reconfiguring approximately 48 miles of existing 220 kilovolt (kV) transmission lines between the Devers, El Casco, Vista and San Bernardino substations.

FINANCIAL RATIOS  of  Edison International (EIX)

Valuation Ratios
P/E Ratio 13.2
Price to Sales 1.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow -39.7
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 71.7%
Total Debt to Equity 87.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 35.3%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 17.8%
Pre-Tax Margin 13.4%
Pre-Tax Margin - 3 Yr. Avg. 13.9%
Net Profit Margin 12.1%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 11.1%
Eff/ Tax Rate - 3 Yr. Avg. 21.5%
Payout Ratio 43.7%

EIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EIX stock intrinsic value calculation we used $12320 million for the last fiscal year's total revenue generated by Edison International. The default revenue input number comes from 0001 income statement of Edison International. 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 EIX stock valuation model: a) initial revenue growth rate of 2% 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 EIX is calculated based on our internal credit rating of Edison International, 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 Edison International.
    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 EIX stock the variable cost ratio is equal to 82.4%.

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 EIX 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 Edison International.

Corporate tax rate of 27% is the nominal tax rate for Edison International. 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 EIX 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 EIX are equal to 308.6%.

Life of production assets of 18 years is the average useful life of capital assets used in Edison International 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 EIX is equal to -13.5%. 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 - $11671 million for Edison International - 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 325.811 million for Edison International 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 Edison International at the current share price and the inputted number of shares is $19.0 billion.

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