Intrinsic value of Estee Lauder Companies, Inc. (The) - EL

Previous Close

$176.88

  Intrinsic Value

$88.14

stock screener

  Rating & Target

str. sell

-50%

Previous close

$176.88

 
Intrinsic value

$88.14

 
Up/down potential

-50%

 
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 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 63.9

 

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, %
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  14,641
  15,636
  16,672
  17,748
  18,868
  20,035
  21,249
  22,515
  23,835
  25,211
  26,648
  28,147
  29,713
  31,350
  33,061
  34,850
  36,722
  38,681
  40,731
  42,877
  45,125
  47,481
  49,948
  52,534
  55,245
  58,086
  61,065
  64,190
  67,466
  70,903
Variable operating expenses, $m
  11,778
  12,557
  13,367
  14,210
  15,087
  15,999
  16,950
  17,941
  18,973
  20,050
  20,854
  22,028
  23,254
  24,535
  25,874
  27,274
  28,739
  30,271
  31,876
  33,556
  35,315
  37,158
  39,089
  41,113
  43,234
  45,458
  47,790
  50,235
  52,799
  55,489
Fixed operating expenses, $m
  624
  638
  652
  667
  681
  696
  712
  727
  743
  760
  776
  793
  811
  829
  847
  865
  885
  904
  924
  944
  965
  986
  1,008
  1,030
  1,053
  1,076
  1,100
  1,124
  1,148
  1,174
Total operating expenses, $m
  12,402
  13,195
  14,019
  14,877
  15,768
  16,695
  17,662
  18,668
  19,716
  20,810
  21,630
  22,821
  24,065
  25,364
  26,721
  28,139
  29,624
  31,175
  32,800
  34,500
  36,280
  38,144
  40,097
  42,143
  44,287
  46,534
  48,890
  51,359
  53,947
  56,663
Operating income, $m
  2,238
  2,441
  2,652
  2,872
  3,101
  3,339
  3,588
  3,847
  4,118
  4,401
  5,017
  5,326
  5,649
  5,987
  6,341
  6,711
  7,099
  7,505
  7,931
  8,377
  8,845
  9,336
  9,851
  10,391
  10,958
  11,552
  12,176
  12,831
  13,519
  14,241
EBITDA, $m
  2,940
  3,169
  3,407
  3,654
  3,913
  4,182
  4,462
  4,754
  5,060
  5,378
  5,711
  6,060
  6,423
  6,804
  7,202
  7,619
  8,056
  8,513
  8,993
  9,495
  10,022
  10,574
  11,153
  11,760
  12,397
  13,066
  13,768
  14,504
  15,277
  16,089
Interest expense (income), $m
  96
  191
  221
  252
  284
  318
  353
  389
  427
  466
  507
  550
  594
  641
  690
  741
  794
  849
  908
  969
  1,032
  1,099
  1,169
  1,242
  1,319
  1,399
  1,484
  1,572
  1,664
  1,762
  1,864
Earnings before tax, $m
  2,047
  2,220
  2,400
  2,587
  2,783
  2,987
  3,199
  3,421
  3,652
  3,894
  4,467
  4,731
  5,008
  5,297
  5,600
  5,917
  6,249
  6,598
  6,963
  7,345
  7,746
  8,167
  8,609
  9,072
  9,558
  10,069
  10,604
  11,167
  11,757
  12,377
Tax expense, $m
  553
  599
  648
  699
  751
  806
  864
  924
  986
  1,051
  1,206
  1,278
  1,352
  1,430
  1,512
  1,598
  1,687
  1,781
  1,880
  1,983
  2,092
  2,205
  2,324
  2,449
  2,581
  2,719
  2,863
  3,015
  3,174
  3,342
Net income, $m
  1,494
  1,621
  1,752
  1,889
  2,032
  2,180
  2,335
  2,497
  2,666
  2,843
  3,261
  3,454
  3,656
  3,867
  4,088
  4,320
  4,562
  4,816
  5,083
  5,362
  5,655
  5,962
  6,284
  6,623
  6,978
  7,350
  7,741
  8,152
  8,583
  9,035

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
  13,444
  14,358
  15,309
  16,298
  17,326
  18,397
  19,513
  20,675
  21,887
  23,151
  24,470
  25,847
  27,285
  28,788
  30,359
  32,002
  33,721
  35,519
  37,402
  39,373
  41,438
  43,600
  45,866
  48,241
  50,730
  53,339
  56,075
  58,944
  61,953
  65,109
Adjusted assets (=assets-cash), $m
  13,444
  14,358
  15,309
  16,298
  17,326
  18,397
  19,513
  20,675
  21,887
  23,151
  24,470
  25,847
  27,285
  28,788
  30,359
  32,002
  33,721
  35,519
  37,402
  39,373
  41,438
  43,600
  45,866
  48,241
  50,730
  53,339
  56,075
  58,944
  61,953
  65,109
Revenue / Adjusted assets
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
Average production assets, $m
  3,587
  3,831
  4,085
  4,348
  4,623
  4,909
  5,206
  5,516
  5,840
  6,177
  6,529
  6,896
  7,280
  7,681
  8,100
  8,538
  8,997
  9,477
  9,979
  10,505
  11,056
  11,633
  12,237
  12,871
  13,535
  14,231
  14,961
  15,726
  16,529
  17,371
Working capital, $m
  351
  375
  400
  426
  453
  481
  510
  540
  572
  605
  640
  676
  713
  752
  793
  836
  881
  928
  978
  1,029
  1,083
  1,140
  1,199
  1,261
  1,326
  1,394
  1,466
  1,541
  1,619
  1,702
Total debt, $m
  4,095
  4,668
  5,264
  5,884
  6,529
  7,200
  7,900
  8,628
  9,388
  10,181
  11,008
  11,871
  12,773
  13,715
  14,700
  15,730
  16,808
  17,936
  19,116
  20,352
  21,646
  23,002
  24,423
  25,912
  27,472
  29,108
  30,824
  32,623
  34,509
  36,488
Total liabilities, $m
  8,430
  9,003
  9,599
  10,219
  10,864
  11,535
  12,235
  12,963
  13,723
  14,516
  15,343
  16,206
  17,108
  18,050
  19,035
  20,065
  21,143
  22,271
  23,451
  24,687
  25,981
  27,337
  28,758
  30,247
  31,807
  33,443
  35,159
  36,958
  38,844
  40,823
Total equity, $m
  5,015
  5,356
  5,710
  6,079
  6,463
  6,862
  7,278
  7,712
  8,164
  8,635
  9,127
  9,641
  10,177
  10,738
  11,324
  11,937
  12,578
  13,249
  13,951
  14,686
  15,456
  16,263
  17,108
  17,994
  18,922
  19,895
  20,916
  21,986
  23,108
  24,285
Total liabilities and equity, $m
  13,445
  14,359
  15,309
  16,298
  17,327
  18,397
  19,513
  20,675
  21,887
  23,151
  24,470
  25,847
  27,285
  28,788
  30,359
  32,002
  33,721
  35,520
  37,402
  39,373
  41,437
  43,600
  45,866
  48,241
  50,729
  53,338
  56,075
  58,944
  61,952
  65,108
Debt-to-equity ratio
  0.820
  0.870
  0.920
  0.970
  1.010
  1.050
  1.090
  1.120
  1.150
  1.180
  1.210
  1.230
  1.260
  1.280
  1.300
  1.320
  1.340
  1.350
  1.370
  1.390
  1.400
  1.410
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
Adjusted equity ratio
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,494
  1,621
  1,752
  1,889
  2,032
  2,180
  2,335
  2,497
  2,666
  2,843
  3,261
  3,454
  3,656
  3,867
  4,088
  4,320
  4,562
  4,816
  5,083
  5,362
  5,655
  5,962
  6,284
  6,623
  6,978
  7,350
  7,741
  8,152
  8,583
  9,035
Depreciation, amort., depletion, $m
  702
  728
  755
  783
  812
  842
  874
  907
  941
  977
  695
  734
  774
  817
  862
  908
  957
  1,008
  1,062
  1,118
  1,176
  1,238
  1,302
  1,369
  1,440
  1,514
  1,592
  1,673
  1,758
  1,848
Funds from operations, $m
  2,196
  2,348
  2,507
  2,672
  2,843
  3,023
  3,209
  3,404
  3,608
  3,820
  3,956
  4,188
  4,430
  4,684
  4,950
  5,228
  5,519
  5,824
  6,144
  6,479
  6,831
  7,200
  7,586
  7,992
  8,417
  8,864
  9,333
  9,825
  10,341
  10,883
Change in working capital, $m
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
Cash from operations, $m
  2,173
  2,324
  2,482
  2,646
  2,817
  2,995
  3,180
  3,374
  3,576
  3,787
  3,921
  4,152
  4,393
  4,645
  4,909
  5,185
  5,474
  5,777
  6,095
  6,428
  6,777
  7,143
  7,527
  7,930
  8,352
  8,796
  9,261
  9,750
  10,263
  10,801
Maintenance CAPEX, $m
  -357
  -382
  -408
  -435
  -463
  -492
  -522
  -554
  -587
  -621
  -657
  -695
  -734
  -774
  -817
  -862
  -908
  -957
  -1,008
  -1,062
  -1,118
  -1,176
  -1,238
  -1,302
  -1,369
  -1,440
  -1,514
  -1,592
  -1,673
  -1,758
New CAPEX, $m
  -229
  -244
  -254
  -264
  -274
  -286
  -298
  -310
  -323
  -337
  -352
  -367
  -384
  -401
  -419
  -438
  -459
  -480
  -502
  -526
  -551
  -577
  -605
  -634
  -664
  -696
  -730
  -765
  -803
  -842
Cash from investing activities, $m
  -586
  -626
  -662
  -699
  -737
  -778
  -820
  -864
  -910
  -958
  -1,009
  -1,062
  -1,118
  -1,175
  -1,236
  -1,300
  -1,367
  -1,437
  -1,510
  -1,588
  -1,669
  -1,753
  -1,843
  -1,936
  -2,033
  -2,136
  -2,244
  -2,357
  -2,476
  -2,600
Free cash flow, $m
  1,587
  1,699
  1,821
  1,947
  2,080
  2,217
  2,360
  2,510
  2,666
  2,829
  2,912
  3,090
  3,275
  3,469
  3,672
  3,885
  4,107
  4,340
  4,585
  4,840
  5,109
  5,390
  5,685
  5,994
  6,319
  6,660
  7,017
  7,393
  7,787
  8,200
Issuance/(repayment) of debt, $m
  551
  573
  596
  620
  645
  671
  699
  729
  760
  792
  827
  863
  902
  942
  985
  1,030
  1,078
  1,128
  1,180
  1,236
  1,294
  1,356
  1,421
  1,489
  1,561
  1,636
  1,715
  1,799
  1,887
  1,979
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  
  551
  573
  596
  620
  645
  671
  699
  729
  760
  792
  827
  863
  902
  942
  985
  1,030
  1,078
  1,128
  1,180
  1,236
  1,294
  1,356
  1,421
  1,489
  1,561
  1,636
  1,715
  1,799
  1,887
  1,979
Total cash flow (excl. dividends), $m
  2,138
  2,272
  2,417
  2,567
  2,725
  2,889
  3,060
  3,239
  3,426
  3,621
  3,739
  3,953
  4,177
  4,412
  4,657
  4,915
  5,185
  5,468
  5,765
  6,076
  6,403
  6,746
  7,106
  7,483
  7,880
  8,296
  8,733
  9,192
  9,673
  10,179
Retained Cash Flow (-), $m
  -327
  -341
  -355
  -369
  -384
  -399
  -416
  -434
  -452
  -471
  -492
  -514
  -536
  -561
  -586
  -613
  -641
  -671
  -702
  -735
  -770
  -807
  -845
  -886
  -928
  -973
  -1,020
  -1,070
  -1,122
  -1,177
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
  1,811
  1,931
  2,062
  2,199
  2,341
  2,489
  2,644
  2,805
  2,974
  3,150
  3,247
  3,439
  3,641
  3,851
  4,071
  4,302
  4,544
  4,797
  5,063
  5,341
  5,633
  5,939
  6,260
  6,598
  6,951
  7,323
  7,712
  8,121
  8,551
  9,002
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
  1,736
  1,768
  1,795
  1,810
  1,814
  1,806
  1,786
  1,753
  1,708
  1,651
  1,542
  1,468
  1,384
  1,293
  1,195
  1,093
  989
  883
  780
  679
  583
  493
  410
  336
  270
  214
  166
  126
  93
  68
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 Companies, Inc. (The) (EL)

Valuation Ratios
P/E Ratio 52.1
Price to Sales 5.5
Price to Book 14.9
Price to Tangible Book
Price to Cash Flow 36.2
Price to Free Cash Flow 50.2
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 $13683 million for the last fiscal year's total revenue generated by Estee Lauder Companies, Inc. (The). The default revenue input number comes from 0001 income statement of Estee Lauder Companies, Inc. (The). 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 7% 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 Companies, Inc. (The), 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 Companies, Inc. (The).
    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 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $611 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 Companies, Inc. (The).

Corporate tax rate of 27% is the nominal tax rate for Estee Lauder Companies, Inc. (The). 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 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 EL are equal to 24.5%.

Life of production assets of 9.4 years is the average useful life of capital assets used in Estee Lauder Companies, Inc. (The) 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 2.4%. 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 - $4688 million for Estee Lauder Companies, Inc. (The) - 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 361.190 million for Estee Lauder Companies, Inc. (The) 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 Companies, Inc. (The) at the current share price and the inputted number of shares is $63.9 billion.

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