Intrinsic value of Halliburton Company - HAL

Previous Close

$21.38

  Intrinsic Value

$20.50

stock screener

  Rating & Target

hold

-4%

Previous close

$21.38

 
Intrinsic value

$20.50

 
Up/down potential

-4%

 
Rating

hold

We calculate the intrinsic value of HAL 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 18.7

 

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
  24,475
  25,038
  25,681
  26,404
  27,204
  28,082
  29,039
  30,074
  31,189
  32,386
  33,667
  35,033
  36,488
  38,034
  39,675
  41,414
  43,254
  45,201
  47,257
  49,428
  51,720
  54,136
  56,683
  59,366
  62,192
  65,168
  68,300
  71,596
  75,063
  78,710
Variable operating expenses, $m
  16,539
  16,913
  17,341
  17,821
  18,352
  18,936
  19,571
  20,259
  20,999
  21,794
  22,363
  23,270
  24,236
  25,263
  26,353
  27,508
  28,731
  30,023
  31,389
  32,832
  34,353
  35,958
  37,650
  39,432
  41,310
  43,286
  45,367
  47,556
  49,859
  52,281
Fixed operating expenses, $m
  5,540
  5,662
  5,787
  5,914
  6,044
  6,177
  6,313
  6,452
  6,594
  6,739
  6,887
  7,039
  7,194
  7,352
  7,514
  7,679
  7,848
  8,020
  8,197
  8,377
  8,561
  8,750
  8,942
  9,139
  9,340
  9,546
  9,756
  9,970
  10,190
  10,414
Total operating expenses, $m
  22,079
  22,575
  23,128
  23,735
  24,396
  25,113
  25,884
  26,711
  27,593
  28,533
  29,250
  30,309
  31,430
  32,615
  33,867
  35,187
  36,579
  38,043
  39,586
  41,209
  42,914
  44,708
  46,592
  48,571
  50,650
  52,832
  55,123
  57,526
  60,049
  62,695
Operating income, $m
  2,395
  2,462
  2,554
  2,669
  2,808
  2,970
  3,155
  3,364
  3,596
  3,853
  4,417
  4,725
  5,058
  5,419
  5,808
  6,227
  6,676
  7,157
  7,671
  8,220
  8,805
  9,428
  10,090
  10,794
  11,542
  12,336
  13,178
  14,070
  15,015
  16,015
EBITDA, $m
  4,112
  4,212
  4,342
  4,499
  4,685
  4,898
  5,139
  5,409
  5,707
  6,034
  6,391
  6,778
  7,197
  7,648
  8,134
  8,654
  9,211
  9,806
  10,441
  11,117
  11,836
  12,600
  13,412
  14,274
  15,188
  16,156
  17,181
  18,266
  19,414
  20,628
Interest expense (income), $m
  659
  565
  583
  604
  627
  654
  684
  716
  752
  790
  831
  876
  923
  974
  1,028
  1,085
  1,146
  1,210
  1,278
  1,351
  1,427
  1,507
  1,592
  1,682
  1,776
  1,875
  1,980
  2,090
  2,206
  2,329
  2,457
Earnings before tax, $m
  1,831
  1,880
  1,950
  2,042
  2,154
  2,286
  2,439
  2,612
  2,806
  3,022
  3,542
  3,801
  4,084
  4,391
  4,723
  5,081
  5,466
  5,878
  6,320
  6,793
  7,297
  7,835
  8,409
  9,018
  9,667
  10,356
  11,087
  11,863
  12,686
  13,558
Tax expense, $m
  494
  508
  527
  551
  581
  617
  658
  705
  758
  816
  956
  1,026
  1,103
  1,186
  1,275
  1,372
  1,476
  1,587
  1,706
  1,834
  1,970
  2,116
  2,270
  2,435
  2,610
  2,796
  2,994
  3,203
  3,425
  3,661
Net income, $m
  1,336
  1,372
  1,424
  1,490
  1,572
  1,669
  1,780
  1,907
  2,048
  2,206
  2,585
  2,775
  2,982
  3,206
  3,448
  3,709
  3,990
  4,291
  4,614
  4,959
  5,327
  5,720
  6,138
  6,583
  7,057
  7,560
  8,094
  8,660
  9,261
  9,897

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
  26,488
  27,097
  27,794
  28,575
  29,442
  30,392
  31,427
  32,548
  33,755
  35,050
  36,436
  37,915
  39,489
  41,163
  42,938
  44,820
  46,812
  48,918
  51,144
  53,494
  55,974
  58,588
  61,345
  64,249
  67,308
  70,528
  73,918
  77,485
  81,237
  85,184
Adjusted assets (=assets-cash), $m
  26,488
  27,097
  27,794
  28,575
  29,442
  30,392
  31,427
  32,548
  33,755
  35,050
  36,436
  37,915
  39,489
  41,163
  42,938
  44,820
  46,812
  48,918
  51,144
  53,494
  55,974
  58,588
  61,345
  64,249
  67,308
  70,528
  73,918
  77,485
  81,237
  85,184
Revenue / Adjusted assets
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
Average production assets, $m
  10,328
  10,566
  10,838
  11,142
  11,480
  11,851
  12,254
  12,691
  13,162
  13,667
  14,207
  14,784
  15,398
  16,051
  16,743
  17,477
  18,253
  19,075
  19,942
  20,859
  21,826
  22,845
  23,920
  25,052
  26,245
  27,501
  28,823
  30,213
  31,677
  33,216
Working capital, $m
  4,454
  4,557
  4,674
  4,805
  4,951
  5,111
  5,285
  5,473
  5,676
  5,894
  6,127
  6,376
  6,641
  6,922
  7,221
  7,537
  7,872
  8,227
  8,601
  8,996
  9,413
  9,853
  10,316
  10,805
  11,319
  11,861
  12,431
  13,030
  13,662
  14,325
Total debt, $m
  10,790
  11,177
  11,618
  12,114
  12,663
  13,266
  13,922
  14,632
  15,398
  16,219
  17,098
  18,035
  19,033
  20,094
  21,220
  22,413
  23,676
  25,011
  26,422
  27,912
  29,484
  31,142
  32,890
  34,731
  36,670
  38,712
  40,861
  43,122
  45,501
  48,004
Total liabilities, $m
  16,793
  17,180
  17,621
  18,117
  18,666
  19,269
  19,925
  20,635
  21,401
  22,222
  23,101
  24,038
  25,036
  26,097
  27,223
  28,416
  29,679
  31,014
  32,425
  33,915
  35,487
  37,145
  38,893
  40,734
  42,673
  44,715
  46,864
  49,125
  51,504
  54,007
Total equity, $m
  9,695
  9,918
  10,172
  10,459
  10,776
  11,124
  11,502
  11,912
  12,354
  12,828
  13,336
  13,877
  14,453
  15,066
  15,715
  16,404
  17,133
  17,904
  18,719
  19,579
  20,486
  21,443
  22,452
  23,515
  24,635
  25,813
  27,054
  28,359
  29,733
  31,177
Total liabilities and equity, $m
  26,488
  27,098
  27,793
  28,576
  29,442
  30,393
  31,427
  32,547
  33,755
  35,050
  36,437
  37,915
  39,489
  41,163
  42,938
  44,820
  46,812
  48,918
  51,144
  53,494
  55,973
  58,588
  61,345
  64,249
  67,308
  70,528
  73,918
  77,484
  81,237
  85,184
Debt-to-equity ratio
  1.110
  1.130
  1.140
  1.160
  1.180
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.300
  1.320
  1.330
  1.350
  1.370
  1.380
  1.400
  1.410
  1.430
  1.440
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
Adjusted equity ratio
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,336
  1,372
  1,424
  1,490
  1,572
  1,669
  1,780
  1,907
  2,048
  2,206
  2,585
  2,775
  2,982
  3,206
  3,448
  3,709
  3,990
  4,291
  4,614
  4,959
  5,327
  5,720
  6,138
  6,583
  7,057
  7,560
  8,094
  8,660
  9,261
  9,897
Depreciation, amort., depletion, $m
  1,717
  1,750
  1,788
  1,830
  1,877
  1,928
  1,985
  2,045
  2,111
  2,181
  1,973
  2,053
  2,139
  2,229
  2,325
  2,427
  2,535
  2,649
  2,770
  2,897
  3,031
  3,173
  3,322
  3,480
  3,645
  3,820
  4,003
  4,196
  4,400
  4,613
Funds from operations, $m
  3,053
  3,122
  3,211
  3,321
  3,449
  3,597
  3,765
  3,952
  4,159
  4,387
  4,559
  4,828
  5,120
  5,435
  5,773
  6,136
  6,525
  6,940
  7,384
  7,856
  8,358
  8,893
  9,460
  10,063
  10,702
  11,379
  12,097
  12,857
  13,660
  14,511
Change in working capital, $m
  87
  102
  117
  131
  146
  160
  174
  188
  203
  218
  233
  249
  265
  281
  299
  316
  335
  354
  374
  395
  417
  440
  464
  488
  514
  542
  570
  600
  631
  664
Cash from operations, $m
  2,966
  3,020
  3,094
  3,189
  3,303
  3,437
  3,591
  3,763
  3,956
  4,169
  4,326
  4,580
  4,855
  5,154
  5,475
  5,820
  6,190
  6,586
  7,009
  7,461
  7,941
  8,453
  8,997
  9,575
  10,188
  10,838
  11,527
  12,257
  13,029
  13,847
Maintenance CAPEX, $m
  -1,406
  -1,435
  -1,467
  -1,505
  -1,548
  -1,594
  -1,646
  -1,702
  -1,763
  -1,828
  -1,898
  -1,973
  -2,053
  -2,139
  -2,229
  -2,325
  -2,427
  -2,535
  -2,649
  -2,770
  -2,897
  -3,031
  -3,173
  -3,322
  -3,480
  -3,645
  -3,820
  -4,003
  -4,196
  -4,400
New CAPEX, $m
  -208
  -238
  -272
  -305
  -338
  -371
  -404
  -437
  -471
  -505
  -540
  -577
  -614
  -652
  -692
  -734
  -777
  -821
  -868
  -916
  -967
  -1,020
  -1,075
  -1,132
  -1,193
  -1,256
  -1,322
  -1,391
  -1,463
  -1,539
Cash from investing activities, $m
  -1,614
  -1,673
  -1,739
  -1,810
  -1,886
  -1,965
  -2,050
  -2,139
  -2,234
  -2,333
  -2,438
  -2,550
  -2,667
  -2,791
  -2,921
  -3,059
  -3,204
  -3,356
  -3,517
  -3,686
  -3,864
  -4,051
  -4,248
  -4,454
  -4,673
  -4,901
  -5,142
  -5,394
  -5,659
  -5,939
Free cash flow, $m
  1,352
  1,348
  1,355
  1,379
  1,418
  1,472
  1,541
  1,625
  1,723
  1,835
  1,887
  2,030
  2,188
  2,362
  2,553
  2,761
  2,986
  3,230
  3,492
  3,774
  4,077
  4,402
  4,749
  5,120
  5,515
  5,937
  6,386
  6,863
  7,370
  7,908
Issuance/(repayment) of debt, $m
  333
  386
  442
  496
  549
  603
  656
  710
  765
  821
  879
  938
  998
  1,061
  1,126
  1,193
  1,263
  1,335
  1,411
  1,490
  1,572
  1,658
  1,748
  1,841
  1,939
  2,042
  2,149
  2,261
  2,379
  2,502
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  
  333
  386
  442
  496
  549
  603
  656
  710
  765
  821
  879
  938
  998
  1,061
  1,126
  1,193
  1,263
  1,335
  1,411
  1,490
  1,572
  1,658
  1,748
  1,841
  1,939
  2,042
  2,149
  2,261
  2,379
  2,502
Total cash flow (excl. dividends), $m
  1,686
  1,734
  1,797
  1,875
  1,967
  2,075
  2,197
  2,335
  2,488
  2,657
  2,766
  2,967
  3,186
  3,423
  3,679
  3,954
  4,249
  4,565
  4,903
  5,264
  5,650
  6,060
  6,497
  6,961
  7,455
  7,979
  8,535
  9,124
  9,749
  10,411
Retained Cash Flow (-), $m
  -173
  -223
  -255
  -286
  -317
  -348
  -379
  -410
  -442
  -474
  -507
  -541
  -576
  -612
  -650
  -689
  -729
  -771
  -815
  -860
  -908
  -957
  -1,009
  -1,063
  -1,119
  -1,179
  -1,241
  -1,305
  -1,373
  -1,445
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
  1,513
  1,511
  1,542
  1,589
  1,650
  1,727
  1,818
  1,925
  2,046
  2,183
  2,258
  2,426
  2,610
  2,811
  3,029
  3,265
  3,520
  3,794
  4,089
  4,404
  4,742
  5,103
  5,488
  5,898
  6,335
  6,800
  7,294
  7,819
  8,375
  8,966
Discount rate, %
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
  1,429
  1,340
  1,276
  1,220
  1,167
  1,117
  1,068
  1,017
  964
  909
  823
  765
  705
  642
  578
  513
  449
  387
  328
  273
  224
  179
  141
  108
  81
  60
  43
  30
  20
  13
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

Halliburton Company provides services and products to the upstream oil and natural gas industry throughout the lifecycle of the reservoir, from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the field. It operates through two segments: the Completion and Production segment, and the Drilling and Evaluation segment. The Completion and Production segment delivers cementing, stimulation, intervention, pressure control, specialty chemicals, artificial lift and completion services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, evaluation and wellbore placement solutions that enable customers to model, measure, drill and optimize their well construction activities. It serves national and independent oil and natural gas companies. As of December 31, 2016, it had conducted business in approximately 70 countries around the world.

FINANCIAL RATIOS  of  Halliburton Company (HAL)

Valuation Ratios
P/E Ratio -3.2
Price to Sales 1.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow -10.9
Price to Free Cash Flow -7.4
Growth Rates
Sales Growth Rate -32.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -63.5%
Cap. Spend. - 3 Yr. Gr. Rate -22.9%
Financial Strength
Quick Ratio 25
Current Ratio 0.2
LT Debt to Equity 129.8%
Total Debt to Equity 131.5%
Interest Coverage -11
Management Effectiveness
Return On Assets -16.5%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -21.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3%
Return On Equity -46.3%
Return On Equity - 3 Yr. Avg. -9%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 5.4%
Gross Margin - 3 Yr. Avg. 10.7%
EBITDA Margin -34.4%
EBITDA Margin - 3 Yr. Avg. -2.3%
Operating Margin -42.7%
Oper. Margin - 3 Yr. Avg. -9.3%
Pre-Tax Margin -48%
Pre-Tax Margin - 3 Yr. Avg. -12.5%
Net Profit Margin -36.3%
Net Profit Margin - 3 Yr. Avg. -9.5%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 26.9%
Payout Ratio -10.8%

HAL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HAL stock intrinsic value calculation we used $23995 million for the last fiscal year's total revenue generated by Halliburton Company. The default revenue input number comes from 0001 income statement of Halliburton Company. 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 HAL 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 5.9%, whose default value for HAL is calculated based on our internal credit rating of Halliburton Company, 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 Halliburton Company.
    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 HAL stock the variable cost ratio is equal to 67.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5421 million in the base year in the intrinsic value calculation for HAL 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 Halliburton Company.

Corporate tax rate of 27% is the nominal tax rate for Halliburton Company. 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 HAL 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 HAL are equal to 42.2%.

Life of production assets of 7.2 years is the average useful life of capital assets used in Halliburton Company 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 HAL is equal to 18.2%. 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 - $9522 million for Halliburton Company - 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 872.721 million for Halliburton Company 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 Halliburton Company at the current share price and the inputted number of shares is $18.7 billion.

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