Intrinsic value of HP Inc. - HPQ

Previous Close

$20.21

  Intrinsic Value

$15.01

stock screener

  Rating & Target

sell

-26%

Previous close

$20.21

 
Intrinsic value

$15.01

 
Up/down potential

-26%

 
Rating

sell

We calculate the intrinsic value of HPQ 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 31.0

 

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
  59,641
  61,013
  62,581
  64,342
  66,292
  68,433
  70,763
  73,286
  76,004
  78,921
  82,041
  85,371
  88,916
  92,684
  96,682
  100,919
  105,404
  110,147
  115,158
  120,449
  126,032
  131,920
  138,126
  144,666
  151,553
  158,804
  166,436
  174,468
  182,917
  191,805
Variable operating expenses, $m
  54,560
  55,801
  57,220
  58,813
  60,578
  62,514
  64,623
  66,905
  69,365
  72,004
  74,230
  77,243
  80,451
  83,860
  87,477
  91,311
  95,369
  99,660
  104,194
  108,982
  114,033
  119,361
  124,976
  130,892
  137,124
  143,685
  150,590
  157,857
  165,502
  173,543
Fixed operating expenses, $m
  943
  964
  985
  1,007
  1,029
  1,052
  1,075
  1,099
  1,123
  1,147
  1,173
  1,198
  1,225
  1,252
  1,279
  1,307
  1,336
  1,366
  1,396
  1,426
  1,458
  1,490
  1,523
  1,556
  1,590
  1,625
  1,661
  1,698
  1,735
  1,773
Total operating expenses, $m
  55,503
  56,765
  58,205
  59,820
  61,607
  63,566
  65,698
  68,004
  70,488
  73,151
  75,403
  78,441
  81,676
  85,112
  88,756
  92,618
  96,705
  101,026
  105,590
  110,408
  115,491
  120,851
  126,499
  132,448
  138,714
  145,310
  152,251
  159,555
  167,237
  175,316
Operating income, $m
  4,138
  4,248
  4,376
  4,522
  4,686
  4,867
  5,065
  5,282
  5,517
  5,770
  6,638
  6,929
  7,241
  7,572
  7,925
  8,301
  8,699
  9,121
  9,568
  10,041
  10,541
  11,070
  11,628
  12,217
  12,839
  13,494
  14,185
  14,913
  15,680
  16,488
EBITDA, $m
  5,073
  5,191
  5,328
  5,484
  5,659
  5,852
  6,064
  6,295
  6,545
  6,814
  7,104
  7,414
  7,745
  8,098
  8,474
  8,873
  9,297
  9,746
  10,222
  10,725
  11,257
  11,819
  12,412
  13,038
  13,699
  14,395
  15,129
  15,903
  16,718
  17,577
Interest expense (income), $m
  322
  910
  381
  492
  619
  762
  920
  1,093
  1,282
  1,486
  1,706
  1,943
  2,195
  2,465
  2,752
  3,057
  3,381
  3,724
  4,087
  4,472
  4,878
  5,306
  5,758
  6,235
  6,738
  7,267
  7,825
  8,413
  9,031
  9,681
  10,366
Earnings before tax, $m
  3,228
  3,867
  3,884
  3,903
  3,924
  3,947
  3,972
  4,000
  4,030
  4,063
  4,696
  4,734
  4,776
  4,820
  4,868
  4,920
  4,975
  5,034
  5,097
  5,164
  5,235
  5,312
  5,393
  5,479
  5,571
  5,669
  5,772
  5,882
  5,999
  6,122
Tax expense, $m
  872
  1,044
  1,049
  1,054
  1,059
  1,066
  1,073
  1,080
  1,088
  1,097
  1,268
  1,278
  1,289
  1,301
  1,314
  1,328
  1,343
  1,359
  1,376
  1,394
  1,414
  1,434
  1,456
  1,479
  1,504
  1,531
  1,558
  1,588
  1,620
  1,653
Net income, $m
  2,357
  2,823
  2,835
  2,849
  2,864
  2,881
  2,900
  2,920
  2,942
  2,966
  3,428
  3,456
  3,486
  3,519
  3,554
  3,591
  3,632
  3,675
  3,720
  3,769
  3,822
  3,877
  3,937
  4,000
  4,067
  4,138
  4,214
  4,294
  4,379
  4,469

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
  35,312
  36,124
  37,052
  38,095
  39,249
  40,517
  41,896
  43,390
  44,999
  46,726
  48,574
  50,545
  52,644
  54,875
  57,242
  59,751
  62,406
  65,214
  68,181
  71,314
  74,619
  78,105
  81,780
  85,652
  89,729
  94,022
  98,541
  103,296
  108,299
  113,561
Adjusted assets (=assets-cash), $m
  35,312
  36,124
  37,052
  38,095
  39,249
  40,517
  41,896
  43,390
  44,999
  46,726
  48,574
  50,545
  52,644
  54,875
  57,242
  59,751
  62,406
  65,214
  68,181
  71,314
  74,619
  78,105
  81,780
  85,652
  89,729
  94,022
  98,541
  103,296
  108,299
  113,561
Revenue / Adjusted assets
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
Average production assets, $m
  5,010
  5,125
  5,257
  5,405
  5,569
  5,748
  5,944
  6,156
  6,384
  6,629
  6,891
  7,171
  7,469
  7,785
  8,121
  8,477
  8,854
  9,252
  9,673
  10,118
  10,587
  11,081
  11,603
  12,152
  12,730
  13,340
  13,981
  14,655
  15,365
  16,112
Working capital, $m
  -7,574
  -7,749
  -7,948
  -8,171
  -8,419
  -8,691
  -8,987
  -9,307
  -9,652
  -10,023
  -10,419
  -10,842
  -11,292
  -11,771
  -12,279
  -12,817
  -13,386
  -13,989
  -14,625
  -15,297
  -16,006
  -16,754
  -17,542
  -18,373
  -19,247
  -20,168
  -21,137
  -22,157
  -23,230
  -24,359
Total debt, $m
  2,507
  3,237
  4,073
  5,011
  6,050
  7,191
  8,433
  9,777
  11,225
  12,780
  14,442
  16,217
  18,106
  20,113
  22,244
  24,502
  26,891
  29,419
  32,089
  34,908
  37,884
  41,021
  44,328
  47,812
  51,482
  55,346
  59,413
  63,693
  68,195
  72,931
Total liabilities, $m
  31,781
  32,511
  33,347
  34,285
  35,324
  36,465
  37,707
  39,051
  40,499
  42,054
  43,716
  45,491
  47,380
  49,387
  51,518
  53,776
  56,165
  58,693
  61,363
  64,182
  67,158
  70,295
  73,602
  77,086
  80,756
  84,620
  88,687
  92,967
  97,469
  102,205
Total equity, $m
  3,531
  3,612
  3,705
  3,809
  3,925
  4,052
  4,190
  4,339
  4,500
  4,673
  4,857
  5,055
  5,264
  5,487
  5,724
  5,975
  6,241
  6,521
  6,818
  7,131
  7,462
  7,811
  8,178
  8,565
  8,973
  9,402
  9,854
  10,330
  10,830
  11,356
Total liabilities and equity, $m
  35,312
  36,123
  37,052
  38,094
  39,249
  40,517
  41,897
  43,390
  44,999
  46,727
  48,573
  50,546
  52,644
  54,874
  57,242
  59,751
  62,406
  65,214
  68,181
  71,313
  74,620
  78,106
  81,780
  85,651
  89,729
  94,022
  98,541
  103,297
  108,299
  113,561
Debt-to-equity ratio
  0.710
  0.900
  1.100
  1.320
  1.540
  1.770
  2.010
  2.250
  2.490
  2.730
  2.970
  3.210
  3.440
  3.670
  3.890
  4.100
  4.310
  4.510
  4.710
  4.900
  5.080
  5.250
  5.420
  5.580
  5.740
  5.890
  6.030
  6.170
  6.300
  6.420
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,357
  2,823
  2,835
  2,849
  2,864
  2,881
  2,900
  2,920
  2,942
  2,966
  3,428
  3,456
  3,486
  3,519
  3,554
  3,591
  3,632
  3,675
  3,720
  3,769
  3,822
  3,877
  3,937
  4,000
  4,067
  4,138
  4,214
  4,294
  4,379
  4,469
Depreciation, amort., depletion, $m
  935
  943
  952
  962
  973
  985
  998
  1,013
  1,028
  1,045
  466
  485
  505
  526
  549
  573
  598
  625
  654
  684
  715
  749
  784
  821
  860
  901
  945
  990
  1,038
  1,089
Funds from operations, $m
  3,292
  3,766
  3,787
  3,811
  3,837
  3,867
  3,898
  3,933
  3,970
  4,011
  3,894
  3,940
  3,991
  4,045
  4,103
  4,164
  4,230
  4,300
  4,374
  4,453
  4,537
  4,626
  4,721
  4,821
  4,927
  5,039
  5,158
  5,284
  5,417
  5,558
Change in working capital, $m
  -149
  -174
  -199
  -224
  -248
  -272
  -296
  -320
  -345
  -370
  -396
  -423
  -450
  -479
  -508
  -538
  -570
  -602
  -636
  -672
  -709
  -748
  -788
  -830
  -875
  -921
  -969
  -1,020
  -1,073
  -1,129
Cash from operations, $m
  3,440
  3,940
  3,986
  4,035
  4,085
  4,138
  4,194
  4,253
  4,316
  4,381
  4,290
  4,363
  4,441
  4,523
  4,610
  4,702
  4,799
  4,902
  5,011
  5,125
  5,246
  5,374
  5,509
  5,651
  5,802
  5,960
  6,128
  6,304
  6,490
  6,687
Maintenance CAPEX, $m
  -333
  -339
  -346
  -355
  -365
  -376
  -388
  -402
  -416
  -431
  -448
  -466
  -485
  -505
  -526
  -549
  -573
  -598
  -625
  -654
  -684
  -715
  -749
  -784
  -821
  -860
  -901
  -945
  -990
  -1,038
New CAPEX, $m
  -74
  -115
  -132
  -148
  -164
  -180
  -196
  -212
  -228
  -245
  -262
  -280
  -298
  -316
  -336
  -356
  -377
  -398
  -421
  -444
  -469
  -495
  -521
  -549
  -579
  -609
  -641
  -675
  -710
  -747
Cash from investing activities, $m
  -407
  -454
  -478
  -503
  -529
  -556
  -584
  -614
  -644
  -676
  -710
  -746
  -783
  -821
  -862
  -905
  -950
  -996
  -1,046
  -1,098
  -1,153
  -1,210
  -1,270
  -1,333
  -1,400
  -1,469
  -1,542
  -1,620
  -1,700
  -1,785
Free cash flow, $m
  3,032
  3,486
  3,508
  3,532
  3,556
  3,582
  3,610
  3,640
  3,671
  3,705
  3,580
  3,618
  3,659
  3,702
  3,748
  3,798
  3,850
  3,905
  3,964
  4,027
  4,094
  4,164
  4,239
  4,318
  4,402
  4,491
  4,585
  4,685
  4,790
  4,902
Issuance/(repayment) of debt, $m
  -3,480
  731
  836
  938
  1,039
  1,140
  1,242
  1,344
  1,448
  1,554
  1,663
  1,774
  1,889
  2,008
  2,130
  2,258
  2,390
  2,527
  2,670
  2,819
  2,975
  3,137
  3,307
  3,484
  3,670
  3,864
  4,067
  4,280
  4,502
  4,736
Issuance/(repurchase) of shares, $m
  1,814
  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  
  -1,666
  731
  836
  938
  1,039
  1,140
  1,242
  1,344
  1,448
  1,554
  1,663
  1,774
  1,889
  2,008
  2,130
  2,258
  2,390
  2,527
  2,670
  2,819
  2,975
  3,137
  3,307
  3,484
  3,670
  3,864
  4,067
  4,280
  4,502
  4,736
Total cash flow (excl. dividends), $m
  1,366
  4,217
  4,344
  4,470
  4,596
  4,723
  4,852
  4,984
  5,120
  5,259
  5,243
  5,392
  5,548
  5,710
  5,879
  6,055
  6,240
  6,433
  6,635
  6,847
  7,069
  7,301
  7,546
  7,803
  8,072
  8,355
  8,652
  8,965
  9,293
  9,638
Retained Cash Flow (-), $m
  -4,170
  -81
  -93
  -104
  -115
  -127
  -138
  -149
  -161
  -173
  -185
  -197
  -210
  -223
  -237
  -251
  -266
  -281
  -297
  -313
  -331
  -349
  -367
  -387
  -408
  -429
  -452
  -476
  -500
  -526
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
  -2,805
  4,136
  4,251
  4,365
  4,480
  4,596
  4,714
  4,835
  4,959
  5,087
  5,058
  5,195
  5,338
  5,487
  5,642
  5,804
  5,974
  6,152
  6,338
  6,533
  6,738
  6,953
  7,178
  7,415
  7,664
  7,926
  8,200
  8,489
  8,792
  9,111
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
  -2,689
  3,787
  3,700
  3,594
  3,473
  3,336
  3,185
  3,022
  2,848
  2,667
  2,402
  2,217
  2,030
  1,842
  1,656
  1,475
  1,300
  1,133
  976
  830
  697
  577
  470
  378
  298
  231
  176
  131
  96
  69
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.

FINANCIAL RATIOS  of  HP Inc. (HPQ)

Valuation Ratios
P/E Ratio 13.2
Price to Sales 0.6
Price to Book -9.8
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.2%
Cap. Spend. - 3 Yr. Gr. Rate -36.4%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity -198%
Total Debt to Equity -229.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 68.9%
Ret/ On T. Cap. - 3 Yr. Avg. 30.8%
Return On Equity -69.2%
Return On Equity - 3 Yr. Avg. -10.5%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 18.4%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 7.2%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 22.9%
Eff/ Tax Rate - 3 Yr. Avg. 15.6%
Payout Ratio 35.4%

HPQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HPQ stock intrinsic value calculation we used $58472 million for the last fiscal year's total revenue generated by HP Inc.. The default revenue input number comes from 0001 income statement of HP Inc.. 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 HPQ 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 4.3%, whose default value for HPQ is calculated based on our internal credit rating of HP Inc., 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 HP Inc..
    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 HPQ stock the variable cost ratio is equal to 91.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $923 million in the base year in the intrinsic value calculation for HPQ 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 15.2% for HP Inc..

Corporate tax rate of 27% is the nominal tax rate for HP Inc.. 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 HPQ 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 HPQ are equal to 8.4%.

Life of production assets of 14.8 years is the average useful life of capital assets used in HP Inc. 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 HPQ is equal to -12.7%. 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 - $-639 million for HP Inc. - 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 1533.601 million for HP Inc. 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 HP Inc. at the current share price and the inputted number of shares is $31.0 billion.

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