Intrinsic value of Edison International - EIX

Previous Close

$65.41

  Intrinsic Value

$10.17

stock screener

  Rating & Target

str. sell

-84%

Previous close

$65.41

 
Intrinsic value

$10.17

 
Up/down potential

-84%

 
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 21.3

 

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
  12,910
  13,207
  13,546
  13,928
  14,350
  14,813
  15,318
  15,864
  16,452
  17,083
  17,759
  18,480
  19,247
  20,063
  20,928
  21,845
  22,816
  23,843
  24,927
  26,073
  27,281
  28,556
  29,899
  31,315
  32,805
  34,375
  36,027
  37,766
  39,595
  41,519
Variable operating expenses, $m
  11,387
  11,649
  11,948
  12,284
  12,657
  13,065
  13,510
  13,992
  14,511
  15,068
  15,663
  16,299
  16,976
  17,695
  18,459
  19,267
  20,124
  21,029
  21,986
  22,996
  24,062
  25,186
  26,371
  27,620
  28,934
  30,319
  31,776
  33,309
  34,923
  36,619
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
  11,387
  11,649
  11,948
  12,284
  12,657
  13,065
  13,510
  13,992
  14,511
  15,068
  15,663
  16,299
  16,976
  17,695
  18,459
  19,267
  20,124
  21,029
  21,986
  22,996
  24,062
  25,186
  26,371
  27,620
  28,934
  30,319
  31,776
  33,309
  34,923
  36,619
Operating income, $m
  1,523
  1,558
  1,598
  1,643
  1,693
  1,748
  1,807
  1,872
  1,941
  2,016
  2,096
  2,181
  2,271
  2,367
  2,470
  2,578
  2,692
  2,813
  2,941
  3,077
  3,219
  3,370
  3,528
  3,695
  3,871
  4,056
  4,251
  4,456
  4,672
  4,899
EBITDA, $m
  3,504
  3,585
  3,677
  3,780
  3,895
  4,021
  4,158
  4,306
  4,466
  4,637
  4,820
  5,016
  5,224
  5,446
  5,680
  5,929
  6,193
  6,472
  6,766
  7,077
  7,405
  7,751
  8,116
  8,500
  8,904
  9,330
  9,779
  10,251
  10,747
  11,269
Interest expense (income), $m
  504
  833
  886
  945
  1,012
  1,087
  1,171
  1,262
  1,362
  1,470
  1,586
  1,711
  1,845
  1,987
  2,139
  2,300
  2,471
  2,652
  2,844
  3,047
  3,261
  3,487
  3,726
  3,978
  4,243
  4,523
  4,818
  5,128
  5,454
  5,798
  6,159
Earnings before tax, $m
  690
  672
  653
  631
  606
  577
  545
  510
  471
  430
  384
  336
  284
  229
  170
  107
  40
  -30
  -105
  -184
  -268
  -357
  -450
  -548
  -652
  -761
  -877
  -998
  -1,126
  -1,260
Tax expense, $m
  186
  181
  176
  170
  164
  156
  147
  138
  127
  116
  104
  91
  77
  62
  46
  29
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  504
  491
  477
  461
  442
  421
  398
  372
  344
  314
  281
  245
  207
  167
  124
  78
  29
  -30
  -105
  -184
  -268
  -357
  -450
  -548
  -652
  -761
  -877
  -998
  -1,126
  -1,260

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
  57,893
  59,225
  60,747
  62,455
  64,349
  66,426
  68,689
  71,137
  73,776
  76,607
  79,636
  82,868
  86,309
  89,967
  93,848
  97,960
  102,314
  106,918
  111,782
  116,918
  122,338
  128,053
  134,077
  140,425
  147,110
  154,148
  161,557
  169,353
  177,555
  186,182
Adjusted assets (=assets-cash), $m
  57,893
  59,225
  60,747
  62,455
  64,349
  66,426
  68,689
  71,137
  73,776
  76,607
  79,636
  82,868
  86,309
  89,967
  93,848
  97,960
  102,314
  106,918
  111,782
  116,918
  122,338
  128,053
  134,077
  140,425
  147,110
  154,148
  161,557
  169,353
  177,555
  186,182
Revenue / Adjusted assets
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
  0.223
Average production assets, $m
  41,003
  41,946
  43,024
  44,234
  45,575
  47,046
  48,649
  50,383
  52,251
  54,257
  56,402
  58,691
  61,128
  63,719
  66,467
  69,380
  72,464
  75,724
  79,169
  82,807
  86,645
  90,693
  94,960
  99,455
  104,190
  109,175
  114,422
  119,944
  125,753
  131,863
Working capital, $m
  -1,588
  -1,624
  -1,666
  -1,713
  -1,765
  -1,822
  -1,884
  -1,951
  -2,024
  -2,101
  -2,184
  -2,273
  -2,367
  -2,468
  -2,574
  -2,687
  -2,806
  -2,933
  -3,066
  -3,207
  -3,356
  -3,512
  -3,678
  -3,852
  -4,035
  -4,228
  -4,431
  -4,645
  -4,870
  -5,107
Total debt, $m
  16,416
  17,502
  18,744
  20,139
  21,684
  23,379
  25,225
  27,223
  29,376
  31,686
  34,158
  36,795
  39,603
  42,588
  45,755
  49,111
  52,663
  56,420
  60,389
  64,580
  69,002
  73,666
  78,582
  83,761
  89,217
  94,960
  101,006
  107,367
  114,060
  121,099
Total liabilities, $m
  47,241
  48,327
  49,569
  50,964
  52,509
  54,204
  56,050
  58,048
  60,201
  62,511
  64,983
  67,620
  70,428
  73,413
  76,580
  79,936
  83,488
  87,245
  91,214
  95,405
  99,827
  104,491
  109,407
  114,586
  120,042
  125,785
  131,831
  138,192
  144,885
  151,924
Total equity, $m
  10,652
  10,897
  11,177
  11,492
  11,840
  12,222
  12,639
  13,089
  13,575
  14,096
  14,653
  15,248
  15,881
  16,554
  17,268
  18,025
  18,826
  19,673
  20,568
  21,513
  22,510
  23,562
  24,670
  25,838
  27,068
  28,363
  29,726
  31,161
  32,670
  34,257
Total liabilities and equity, $m
  57,893
  59,224
  60,746
  62,456
  64,349
  66,426
  68,689
  71,137
  73,776
  76,607
  79,636
  82,868
  86,309
  89,967
  93,848
  97,961
  102,314
  106,918
  111,782
  116,918
  122,337
  128,053
  134,077
  140,424
  147,110
  154,148
  161,557
  169,353
  177,555
  186,181
Debt-to-equity ratio
  1.540
  1.610
  1.680
  1.750
  1.830
  1.910
  2.000
  2.080
  2.160
  2.250
  2.330
  2.410
  2.490
  2.570
  2.650
  2.720
  2.800
  2.870
  2.940
  3.000
  3.070
  3.130
  3.190
  3.240
  3.300
  3.350
  3.400
  3.450
  3.490
  3.530
Adjusted equity ratio
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  504
  491
  477
  461
  442
  421
  398
  372
  344
  314
  281
  245
  207
  167
  124
  78
  29
  -30
  -105
  -184
  -268
  -357
  -450
  -548
  -652
  -761
  -877
  -998
  -1,126
  -1,260
Depreciation, amort., depletion, $m
  1,981
  2,026
  2,078
  2,137
  2,202
  2,273
  2,350
  2,434
  2,524
  2,621
  2,725
  2,835
  2,953
  3,078
  3,211
  3,352
  3,501
  3,658
  3,825
  4,000
  4,186
  4,381
  4,587
  4,805
  5,033
  5,274
  5,528
  5,794
  6,075
  6,370
Funds from operations, $m
  2,485
  2,517
  2,555
  2,598
  2,644
  2,694
  2,748
  2,806
  2,868
  2,935
  3,005
  3,081
  3,161
  3,245
  3,335
  3,430
  3,530
  3,628
  3,719
  3,816
  3,918
  4,025
  4,138
  4,256
  4,381
  4,513
  4,651
  4,796
  4,949
  5,110
Change in working capital, $m
  -31
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
Cash from operations, $m
  2,516
  2,553
  2,597
  2,645
  2,696
  2,751
  2,810
  2,873
  2,941
  3,012
  3,088
  3,169
  3,255
  3,346
  3,441
  3,543
  3,649
  3,754
  3,853
  3,957
  4,066
  4,182
  4,303
  4,430
  4,565
  4,706
  4,854
  5,010
  5,174
  5,347
Maintenance CAPEX, $m
  -1,942
  -1,981
  -2,026
  -2,078
  -2,137
  -2,202
  -2,273
  -2,350
  -2,434
  -2,524
  -2,621
  -2,725
  -2,835
  -2,953
  -3,078
  -3,211
  -3,352
  -3,501
  -3,658
  -3,825
  -4,000
  -4,186
  -4,381
  -4,587
  -4,805
  -5,033
  -5,274
  -5,528
  -5,794
  -6,075
New CAPEX, $m
  -804
  -943
  -1,078
  -1,210
  -1,341
  -1,471
  -1,602
  -1,734
  -1,869
  -2,005
  -2,145
  -2,289
  -2,437
  -2,590
  -2,749
  -2,913
  -3,083
  -3,261
  -3,445
  -3,638
  -3,838
  -4,048
  -4,267
  -4,496
  -4,735
  -4,985
  -5,247
  -5,522
  -5,809
  -6,110
Cash from investing activities, $m
  -2,746
  -2,924
  -3,104
  -3,288
  -3,478
  -3,673
  -3,875
  -4,084
  -4,303
  -4,529
  -4,766
  -5,014
  -5,272
  -5,543
  -5,827
  -6,124
  -6,435
  -6,762
  -7,103
  -7,463
  -7,838
  -8,234
  -8,648
  -9,083
  -9,540
  -10,018
  -10,521
  -11,050
  -11,603
  -12,185
Free cash flow, $m
  -230
  -370
  -507
  -644
  -782
  -922
  -1,065
  -1,211
  -1,362
  -1,517
  -1,678
  -1,845
  -2,018
  -2,198
  -2,385
  -2,581
  -2,786
  -3,007
  -3,251
  -3,505
  -3,772
  -4,052
  -4,345
  -4,653
  -4,975
  -5,313
  -5,667
  -6,039
  -6,429
  -6,838
Issuance/(repayment) of debt, $m
  985
  1,087
  1,242
  1,394
  1,545
  1,695
  1,846
  1,998
  2,153
  2,310
  2,472
  2,637
  2,808
  2,984
  3,167
  3,356
  3,552
  3,757
  3,969
  4,191
  4,422
  4,664
  4,916
  5,179
  5,455
  5,744
  6,045
  6,362
  6,693
  7,040
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  18
  78
  141
  207
  277
  349
  426
  506
  590
  679
  772
  877
  1,000
  1,129
  1,265
  1,408
  1,558
  1,716
  1,882
  2,057
  2,240
  2,432
  2,635
  2,847
Cash from financing (excl. dividends), $m  
  985
  1,087
  1,242
  1,394
  1,545
  1,695
  1,864
  2,076
  2,294
  2,517
  2,749
  2,986
  3,234
  3,490
  3,757
  4,035
  4,324
  4,634
  4,969
  5,320
  5,687
  6,072
  6,474
  6,895
  7,337
  7,801
  8,285
  8,794
  9,328
  9,887
Total cash flow (excl. dividends), $m
  755
  716
  735
  750
  763
  773
  799
  865
  932
  1,001
  1,070
  1,142
  1,216
  1,292
  1,371
  1,453
  1,538
  1,627
  1,719
  1,815
  1,915
  2,020
  2,129
  2,243
  2,363
  2,487
  2,618
  2,755
  2,898
  3,049
Retained Cash Flow (-), $m
  -193
  -245
  -280
  -314
  -348
  -382
  -416
  -451
  -485
  -521
  -557
  -595
  -633
  -673
  -714
  -757
  -801
  -877
  -1,000
  -1,129
  -1,265
  -1,408
  -1,558
  -1,716
  -1,882
  -2,057
  -2,240
  -2,432
  -2,635
  -2,847
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
  562
  471
  455
  436
  415
  391
  383
  415
  447
  480
  513
  548
  583
  620
  657
  697
  737
  749
  719
  686
  650
  612
  571
  527
  480
  431
  378
  323
  264
  201
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  518
  399
  350
  302
  256
  214
  183
  171
  158
  143
  127
  111
  96
  81
  67
  55
  43
  33
  23
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.6
  99.1
  98.4
  97.4
  96.3
  95.0
  93.5
  91.9
  90.2
  88.3
  86.4
  84.3
  82.0
  79.7
  77.4
  74.9
  72.5
  70.0
  67.4
  64.9
  62.4
  59.9
  57.5

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 14.9
Price to Sales 1.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow -44.6
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 $12657 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 8.3%, 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 88.2%.

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 317.6%.

Life of production assets of 20.7 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 -12.3%. 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 - $10459 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 325.876 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 $21.3 billion.

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