Intrinsic value of Estee Lauder Cl A - EL

Previous Close

$133.05

  Intrinsic Value

$58.11

stock screener

  Rating & Target

str. sell

-56%

Previous close

$133.05

 
Intrinsic value

$58.11

 
Up/down potential

-56%

 
Rating

str. sell

We calculate the intrinsic value of EL 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 2017), $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 48.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  12,415
  13,036
  13,688
  14,372
  15,091
  15,845
  16,638
  17,469
  18,343
  19,260
  20,223
  21,234
  22,296
  23,411
  24,581
  25,810
  27,101
  28,456
  29,879
  31,373
  32,941
  34,588
  36,318
  38,134
  40,040
  42,042
  44,144
  46,352
  48,669
  51,103
Variable operating expenses, $m
  10,586
  11,099
  11,638
  12,204
  12,798
  13,422
  14,076
  14,764
  15,486
  16,244
  16,716
  17,552
  18,429
  19,351
  20,318
  21,334
  22,401
  23,521
  24,697
  25,932
  27,228
  28,590
  30,019
  31,520
  33,096
  34,751
  36,489
  38,313
  40,229
  42,240
Fixed operating expenses, $m
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  53
  54
  55
  56
  57
  59
  60
  61
  63
  64
  65
Total operating expenses, $m
  10,621
  11,135
  11,674
  12,241
  12,836
  13,461
  14,116
  14,804
  15,527
  16,286
  16,759
  17,596
  18,474
  19,397
  20,365
  21,382
  22,450
  23,571
  24,748
  25,985
  27,282
  28,645
  30,075
  31,577
  33,155
  34,811
  36,550
  38,376
  40,293
  42,305
Operating income, $m
  1,794
  1,901
  2,013
  2,131
  2,255
  2,385
  2,522
  2,665
  2,816
  2,974
  3,464
  3,638
  3,822
  4,014
  4,216
  4,428
  4,651
  4,885
  5,130
  5,388
  5,659
  5,944
  6,242
  6,556
  6,885
  7,231
  7,595
  7,976
  8,377
  8,797
EBITDA, $m
  2,542
  2,670
  2,804
  2,946
  3,094
  3,250
  3,413
  3,585
  3,765
  3,955
  4,154
  4,363
  4,582
  4,812
  5,054
  5,308
  5,575
  5,855
  6,149
  6,458
  6,783
  7,123
  7,481
  7,856
  8,251
  8,665
  9,100
  9,557
  10,036
  10,540
Interest expense (income), $m
  96
  193
  212
  233
  254
  277
  300
  325
  351
  378
  407
  437
  469
  502
  537
  573
  612
  652
  694
  739
  785
  834
  886
  940
  997
  1,056
  1,119
  1,184
  1,253
  1,326
  1,402
Earnings before tax, $m
  1,601
  1,689
  1,781
  1,877
  1,978
  2,085
  2,197
  2,314
  2,437
  2,567
  3,027
  3,170
  3,320
  3,477
  3,643
  3,817
  3,999
  4,191
  4,392
  4,603
  4,825
  5,058
  5,303
  5,559
  5,829
  6,113
  6,410
  6,723
  7,051
  7,395
Tax expense, $m
  432
  456
  481
  507
  534
  563
  593
  625
  658
  693
  817
  856
  896
  939
  984
  1,030
  1,080
  1,131
  1,186
  1,243
  1,303
  1,366
  1,432
  1,501
  1,574
  1,650
  1,731
  1,815
  1,904
  1,997
Net income, $m
  1,169
  1,233
  1,300
  1,370
  1,444
  1,522
  1,604
  1,689
  1,779
  1,874
  2,210
  2,314
  2,424
  2,539
  2,659
  2,786
  2,919
  3,059
  3,206
  3,360
  3,522
  3,692
  3,871
  4,058
  4,255
  4,462
  4,679
  4,908
  5,147
  5,399

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
  12,148
  12,755
  13,393
  14,063
  14,766
  15,504
  16,279
  17,093
  17,948
  18,845
  19,788
  20,777
  21,816
  22,907
  24,052
  25,255
  26,517
  27,843
  29,235
  30,697
  32,232
  33,844
  35,536
  37,313
  39,178
  41,137
  43,194
  45,354
  47,622
  50,003
Adjusted assets (=assets-cash), $m
  12,148
  12,755
  13,393
  14,063
  14,766
  15,504
  16,279
  17,093
  17,948
  18,845
  19,788
  20,777
  21,816
  22,907
  24,052
  25,255
  26,517
  27,843
  29,235
  30,697
  32,232
  33,844
  35,536
  37,313
  39,178
  41,137
  43,194
  45,354
  47,622
  50,003
Revenue / Adjusted assets
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
Average production assets, $m
  4,234
  4,445
  4,668
  4,901
  5,146
  5,403
  5,673
  5,957
  6,255
  6,568
  6,896
  7,241
  7,603
  7,983
  8,382
  8,801
  9,241
  9,703
  10,189
  10,698
  11,233
  11,795
  12,384
  13,004
  13,654
  14,336
  15,053
  15,806
  16,596
  17,426
Working capital, $m
  670
  704
  739
  776
  815
  856
  898
  943
  991
  1,040
  1,092
  1,147
  1,204
  1,264
  1,327
  1,394
  1,463
  1,537
  1,613
  1,694
  1,779
  1,868
  1,961
  2,059
  2,162
  2,270
  2,384
  2,503
  2,628
  2,760
Total debt, $m
  3,932
  4,309
  4,705
  5,121
  5,558
  6,016
  6,498
  7,003
  7,534
  8,091
  8,676
  9,291
  9,936
  10,613
  11,324
  12,071
  12,855
  13,679
  14,543
  15,451
  16,404
  17,405
  18,456
  19,559
  20,718
  21,934
  23,212
  24,553
  25,961
  27,440
Total liabilities, $m
  7,544
  7,921
  8,317
  8,733
  9,170
  9,628
  10,110
  10,615
  11,146
  11,703
  12,288
  12,903
  13,548
  14,225
  14,936
  15,683
  16,467
  17,291
  18,155
  19,063
  20,016
  21,017
  22,068
  23,171
  24,330
  25,546
  26,824
  28,165
  29,573
  31,052
Total equity, $m
  4,604
  4,834
  5,076
  5,330
  5,596
  5,876
  6,170
  6,478
  6,802
  7,142
  7,500
  7,875
  8,268
  8,682
  9,116
  9,572
  10,050
  10,553
  11,080
  11,634
  12,216
  12,827
  13,468
  14,142
  14,849
  15,591
  16,371
  17,189
  18,049
  18,951
Total liabilities and equity, $m
  12,148
  12,755
  13,393
  14,063
  14,766
  15,504
  16,280
  17,093
  17,948
  18,845
  19,788
  20,778
  21,816
  22,907
  24,052
  25,255
  26,517
  27,844
  29,235
  30,697
  32,232
  33,844
  35,536
  37,313
  39,179
  41,137
  43,195
  45,354
  47,622
  50,003
Debt-to-equity ratio
  0.850
  0.890
  0.930
  0.960
  0.990
  1.020
  1.050
  1.080
  1.110
  1.130
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.310
  1.330
  1.340
  1.360
  1.370
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
Adjusted equity ratio
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,169
  1,233
  1,300
  1,370
  1,444
  1,522
  1,604
  1,689
  1,779
  1,874
  2,210
  2,314
  2,424
  2,539
  2,659
  2,786
  2,919
  3,059
  3,206
  3,360
  3,522
  3,692
  3,871
  4,058
  4,255
  4,462
  4,679
  4,908
  5,147
  5,399
Depreciation, amort., depletion, $m
  748
  769
  791
  814
  839
  865
  892
  920
  950
  981
  690
  724
  760
  798
  838
  880
  924
  970
  1,019
  1,070
  1,123
  1,179
  1,238
  1,300
  1,365
  1,434
  1,505
  1,581
  1,660
  1,743
Funds from operations, $m
  1,917
  2,002
  2,091
  2,185
  2,283
  2,387
  2,495
  2,609
  2,729
  2,855
  2,899
  3,038
  3,184
  3,337
  3,497
  3,666
  3,843
  4,029
  4,225
  4,430
  4,645
  4,872
  5,109
  5,359
  5,621
  5,896
  6,185
  6,488
  6,807
  7,141
Change in working capital, $m
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
  114
  119
  125
  131
Cash from operations, $m
  1,885
  1,968
  2,056
  2,148
  2,244
  2,346
  2,452
  2,564
  2,682
  2,805
  2,847
  2,984
  3,126
  3,277
  3,434
  3,600
  3,774
  3,956
  4,148
  4,349
  4,561
  4,783
  5,016
  5,261
  5,518
  5,788
  6,071
  6,369
  6,682
  7,010
Maintenance CAPEX, $m
  -403
  -423
  -445
  -467
  -490
  -515
  -540
  -567
  -596
  -625
  -657
  -690
  -724
  -760
  -798
  -838
  -880
  -924
  -970
  -1,019
  -1,070
  -1,123
  -1,179
  -1,238
  -1,300
  -1,365
  -1,434
  -1,505
  -1,581
  -1,660
New CAPEX, $m
  -199
  -212
  -222
  -233
  -245
  -257
  -270
  -284
  -298
  -313
  -328
  -345
  -362
  -380
  -399
  -419
  -440
  -462
  -485
  -509
  -535
  -562
  -590
  -619
  -650
  -683
  -717
  -753
  -790
  -830
Cash from investing activities, $m
  -602
  -635
  -667
  -700
  -735
  -772
  -810
  -851
  -894
  -938
  -985
  -1,035
  -1,086
  -1,140
  -1,197
  -1,257
  -1,320
  -1,386
  -1,455
  -1,528
  -1,605
  -1,685
  -1,769
  -1,857
  -1,950
  -2,048
  -2,151
  -2,258
  -2,371
  -2,490
Free cash flow, $m
  1,282
  1,333
  1,389
  1,448
  1,509
  1,574
  1,642
  1,713
  1,788
  1,867
  1,862
  1,949
  2,040
  2,136
  2,237
  2,343
  2,453
  2,570
  2,692
  2,821
  2,956
  3,098
  3,247
  3,403
  3,567
  3,740
  3,921
  4,111
  4,311
  4,520
Issuance/(repayment) of debt, $m
  360
  377
  396
  416
  437
  458
  481
  505
  531
  557
  585
  614
  645
  677
  711
  747
  784
  823
  865
  908
  953
  1,001
  1,051
  1,103
  1,159
  1,216
  1,277
  1,341
  1,408
  1,479
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  
  360
  377
  396
  416
  437
  458
  481
  505
  531
  557
  585
  614
  645
  677
  711
  747
  784
  823
  865
  908
  953
  1,001
  1,051
  1,103
  1,159
  1,216
  1,277
  1,341
  1,408
  1,479
Total cash flow (excl. dividends), $m
  1,642
  1,710
  1,785
  1,863
  1,946
  2,032
  2,123
  2,219
  2,319
  2,424
  2,447
  2,564
  2,685
  2,814
  2,948
  3,089
  3,238
  3,393
  3,557
  3,729
  3,909
  4,099
  4,298
  4,506
  4,726
  4,956
  5,198
  5,452
  5,719
  5,999
Retained Cash Flow (-), $m
  -220
  -230
  -242
  -254
  -266
  -280
  -294
  -308
  -324
  -340
  -357
  -375
  -394
  -413
  -434
  -456
  -479
  -503
  -528
  -554
  -582
  -611
  -641
  -673
  -707
  -742
  -780
  -819
  -859
  -902
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
  177
  186
  196
  205
  216
  226
  238
  250
  262
  275
  289
  303
  319
  334
  351
  369
  387
  407
  427
  448
  471
  494
  519
  545
  572
  601
  631
  662
  695
  730
Cash available for distribution, $m
  1,422
  1,480
  1,543
  1,610
  1,679
  1,753
  1,830
  1,910
  1,995
  2,084
  2,090
  2,189
  2,292
  2,400
  2,514
  2,634
  2,759
  2,891
  3,029
  3,175
  3,327
  3,488
  3,656
  3,833
  4,019
  4,214
  4,419
  4,634
  4,859
  5,097
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
  1,363
  1,355
  1,343
  1,325
  1,302
  1,272
  1,236
  1,194
  1,146
  1,093
  993
  934
  871
  806
  738
  669
  600
  532
  466
  403
  344
  289
  240
  195
  156
  123
  95
  72
  53
  38
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

The Estee Lauder Companies Inc. manufactures and markets skin care, makeup, fragrance and hair care products. The Company offers products, including skin care, makeup, fragrance, hair care and other. The Company operates in beauty products segment. The Company's products are sold in over 150 countries and territories under brand names, including Estee Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, MAC, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN, Tory Burch, RODIN olio lusso, Le Labo, Editions de Parfums Frederic Malle, GLAMGLOW, By Kilian, BECCA and Too Faced. Its skin care products include moisturizers, serums, cleansers, toners, body care, exfoliators, acne and oil correctors, facial masks, cleansing devices and sun care products.

FINANCIAL RATIOS  of  Estee Lauder Cl A (EL)

Valuation Ratios
P/E Ratio 39.2
Price to Sales 4.1
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 27.2
Price to Free Cash Flow 37.8
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4%
Cap. Spend. - 3 Yr. Gr. Rate -0.2%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 77.2%
Total Debt to Equity 81.5%
Interest Coverage 18
Management Effectiveness
Return On Assets 12.7%
Ret/ On Assets - 3 Yr. Avg. 13.4%
Return On Total Capital 18.1%
Ret/ On T. Cap. - 3 Yr. Avg. 19.7%
Return On Equity 31.4%
Return On Equity - 3 Yr. Avg. 30.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 79.4%
Gross Margin - 3 Yr. Avg. 80.2%
EBITDA Margin 18.4%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin 14.3%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 10.2%
Effective Tax Rate 22.3%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 38.9%

EL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EL stock intrinsic value calculation we used $11824 million for the last fiscal year's total revenue generated by Estee Lauder Cl A. The default revenue input number comes from 2017 income statement of Estee Lauder Cl A. 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 EL stock valuation model: a) initial revenue growth rate of 5% 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 EL is calculated based on our internal credit rating of Estee Lauder Cl A, 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 Estee Lauder Cl A.
    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 EL stock the variable cost ratio is equal to 85.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for EL 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 Estee Lauder Cl A.

Corporate tax rate of 27% is the nominal tax rate for Estee Lauder Cl A. 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 EL stock is equal to 1.5%.

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 EL are equal to 34.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Estee Lauder Cl A 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 EL is equal to 5.4%. 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 - $4384 million for Estee Lauder Cl A - 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 367 million for Estee Lauder Cl A 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 Estee Lauder Cl A at the current share price and the inputted number of shares is $48.8 billion.

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