Intrinsic value of IAC/InterActiveCorp - IAC

Previous Close

$219.19

  Intrinsic Value

$342.07

stock screener

  Rating & Target

str. buy

+56%

Previous close

$219.19

 
Intrinsic value

$342.07

 
Up/down potential

+56%

 
Rating

str. buy

We calculate the intrinsic value of IAC 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 18.4

 

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, %
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
Revenue, $m
  4,949
  5,691
  6,488
  7,337
  8,238
  9,190
  10,191
  11,242
  12,341
  13,489
  14,686
  15,932
  17,228
  18,575
  19,975
  21,431
  22,943
  24,515
  26,149
  27,849
  29,617
  31,458
  33,374
  35,371
  37,453
  39,624
  41,890
  44,254
  46,724
  49,305
Variable operating expenses, $m
  2,994
  3,438
  3,915
  4,423
  4,962
  5,532
  6,132
  6,761
  7,418
  8,105
  8,790
  9,535
  10,311
  11,117
  11,956
  12,827
  13,732
  14,673
  15,651
  16,668
  17,726
  18,828
  19,975
  21,170
  22,416
  23,716
  25,072
  26,487
  27,965
  29,510
Fixed operating expenses, $m
  1,166
  1,192
  1,218
  1,245
  1,272
  1,300
  1,329
  1,358
  1,388
  1,418
  1,450
  1,481
  1,514
  1,547
  1,581
  1,616
  1,652
  1,688
  1,725
  1,763
  1,802
  1,842
  1,882
  1,924
  1,966
  2,009
  2,053
  2,099
  2,145
  2,192
Total operating expenses, $m
  4,160
  4,630
  5,133
  5,668
  6,234
  6,832
  7,461
  8,119
  8,806
  9,523
  10,240
  11,016
  11,825
  12,664
  13,537
  14,443
  15,384
  16,361
  17,376
  18,431
  19,528
  20,670
  21,857
  23,094
  24,382
  25,725
  27,125
  28,586
  30,110
  31,702
Operating income, $m
  789
  1,061
  1,355
  1,669
  2,003
  2,358
  2,731
  3,124
  3,535
  3,965
  4,446
  4,915
  5,403
  5,910
  6,438
  6,988
  7,559
  8,154
  8,773
  9,418
  10,089
  10,788
  11,517
  12,277
  13,071
  13,899
  14,765
  15,669
  16,614
  17,603
EBITDA, $m
  937
  1,227
  1,539
  1,873
  2,229
  2,605
  3,002
  3,419
  3,857
  4,314
  4,791
  5,289
  5,807
  6,346
  6,907
  7,491
  8,098
  8,730
  9,387
  10,071
  10,784
  11,526
  12,300
  13,108
  13,950
  14,829
  15,748
  16,708
  17,711
  18,760
Interest expense (income), $m
  107
  122
  157
  195
  235
  278
  324
  373
  424
  477
  533
  591
  652
  716
  781
  850
  921
  995
  1,072
  1,152
  1,235
  1,322
  1,412
  1,505
  1,603
  1,704
  1,810
  1,921
  2,036
  2,156
  2,282
Earnings before tax, $m
  667
  904
  1,160
  1,434
  1,725
  2,033
  2,358
  2,700
  3,058
  3,433
  3,855
  4,263
  4,687
  5,129
  5,588
  6,067
  6,564
  7,082
  7,621
  8,182
  8,767
  9,376
  10,012
  10,675
  11,366
  12,089
  12,844
  13,633
  14,458
  15,321
Tax expense, $m
  180
  244
  313
  387
  466
  549
  637
  729
  826
  927
  1,041
  1,151
  1,265
  1,385
  1,509
  1,638
  1,772
  1,912
  2,058
  2,209
  2,367
  2,532
  2,703
  2,882
  3,069
  3,264
  3,468
  3,681
  3,904
  4,137
Net income, $m
  487
  660
  847
  1,047
  1,259
  1,484
  1,722
  1,971
  2,232
  2,506
  2,814
  3,112
  3,421
  3,744
  4,080
  4,429
  4,792
  5,170
  5,563
  5,973
  6,400
  6,845
  7,309
  7,792
  8,297
  8,825
  9,376
  9,952
  10,554
  11,184

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
  6,370
  7,325
  8,349
  9,443
  10,602
  11,827
  13,116
  14,469
  15,883
  17,361
  18,901
  20,504
  22,172
  23,906
  25,708
  27,581
  29,528
  31,551
  33,654
  35,841
  38,117
  40,486
  42,953
  45,523
  48,202
  50,996
  53,912
  56,955
  60,134
  63,455
Adjusted assets (=assets-cash), $m
  6,370
  7,325
  8,349
  9,443
  10,602
  11,827
  13,116
  14,469
  15,883
  17,361
  18,901
  20,504
  22,172
  23,906
  25,708
  27,581
  29,528
  31,551
  33,654
  35,841
  38,117
  40,486
  42,953
  45,523
  48,202
  50,996
  53,912
  56,955
  60,134
  63,455
Revenue / Adjusted assets
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
Average production assets, $m
  2,277
  2,618
  2,984
  3,375
  3,789
  4,227
  4,688
  5,171
  5,677
  6,205
  6,755
  7,329
  7,925
  8,545
  9,189
  9,858
  10,554
  11,277
  12,029
  12,810
  13,624
  14,470
  15,352
  16,271
  17,228
  18,227
  19,269
  20,357
  21,493
  22,680
Working capital, $m
  -421
  -484
  -551
  -624
  -700
  -781
  -866
  -956
  -1,049
  -1,147
  -1,248
  -1,354
  -1,464
  -1,579
  -1,698
  -1,822
  -1,950
  -2,084
  -2,223
  -2,367
  -2,517
  -2,674
  -2,837
  -3,007
  -3,184
  -3,368
  -3,561
  -3,762
  -3,972
  -4,191
Total debt, $m
  2,904
  3,603
  4,353
  5,154
  6,002
  6,899
  7,843
  8,833
  9,868
  10,950
  12,077
  13,250
  14,471
  15,741
  17,060
  18,431
  19,856
  21,337
  22,876
  24,477
  26,143
  27,877
  29,683
  31,564
  33,526
  35,571
  37,705
  39,933
  42,260
  44,691
Total liabilities, $m
  4,663
  5,362
  6,112
  6,912
  7,761
  8,658
  9,601
  10,591
  11,627
  12,708
  13,835
  15,009
  16,230
  17,499
  18,819
  20,190
  21,614
  23,095
  24,635
  26,236
  27,902
  29,636
  31,441
  33,323
  35,284
  37,329
  39,464
  41,691
  44,018
  46,449
Total equity, $m
  1,707
  1,963
  2,238
  2,531
  2,841
  3,170
  3,515
  3,878
  4,257
  4,653
  5,065
  5,495
  5,942
  6,407
  6,890
  7,392
  7,913
  8,456
  9,019
  9,605
  10,215
  10,850
  11,511
  12,200
  12,918
  13,667
  14,448
  15,264
  16,116
  17,006
Total liabilities and equity, $m
  6,370
  7,325
  8,350
  9,443
  10,602
  11,828
  13,116
  14,469
  15,884
  17,361
  18,900
  20,504
  22,172
  23,906
  25,709
  27,582
  29,527
  31,551
  33,654
  35,841
  38,117
  40,486
  42,952
  45,523
  48,202
  50,996
  53,912
  56,955
  60,134
  63,455
Debt-to-equity ratio
  1.700
  1.840
  1.950
  2.040
  2.110
  2.180
  2.230
  2.280
  2.320
  2.350
  2.380
  2.410
  2.440
  2.460
  2.480
  2.490
  2.510
  2.520
  2.540
  2.550
  2.560
  2.570
  2.580
  2.590
  2.600
  2.600
  2.610
  2.620
  2.620
  2.630
Adjusted equity ratio
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268
  0.268

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  487
  660
  847
  1,047
  1,259
  1,484
  1,722
  1,971
  2,232
  2,506
  2,814
  3,112
  3,421
  3,744
  4,080
  4,429
  4,792
  5,170
  5,563
  5,973
  6,400
  6,845
  7,309
  7,792
  8,297
  8,825
  9,376
  9,952
  10,554
  11,184
Depreciation, amort., depletion, $m
  148
  165
  184
  204
  225
  248
  271
  296
  322
  348
  345
  374
  404
  436
  469
  503
  538
  575
  614
  654
  695
  738
  783
  830
  879
  930
  983
  1,039
  1,097
  1,157
Funds from operations, $m
  635
  826
  1,031
  1,251
  1,485
  1,732
  1,993
  2,267
  2,554
  2,854
  3,159
  3,486
  3,826
  4,180
  4,548
  4,932
  5,330
  5,745
  6,177
  6,627
  7,095
  7,583
  8,092
  8,623
  9,176
  9,755
  10,359
  10,991
  11,651
  12,342
Change in working capital, $m
  -58
  -63
  -68
  -72
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -201
  -210
  -219
Cash from operations, $m
  693
  889
  1,099
  1,323
  1,561
  1,813
  2,078
  2,356
  2,647
  2,952
  3,261
  3,592
  3,936
  4,294
  4,667
  5,055
  5,459
  5,879
  6,316
  6,771
  7,245
  7,739
  8,255
  8,792
  9,353
  9,939
  10,552
  11,192
  11,861
  12,561
Maintenance CAPEX, $m
  -100
  -116
  -134
  -152
  -172
  -193
  -216
  -239
  -264
  -290
  -317
  -345
  -374
  -404
  -436
  -469
  -503
  -538
  -575
  -614
  -654
  -695
  -738
  -783
  -830
  -879
  -930
  -983
  -1,039
  -1,097
New CAPEX, $m
  -314
  -341
  -366
  -391
  -415
  -438
  -461
  -483
  -506
  -528
  -550
  -573
  -596
  -620
  -644
  -669
  -696
  -723
  -752
  -782
  -813
  -847
  -882
  -919
  -958
  -999
  -1,042
  -1,088
  -1,136
  -1,187
Cash from investing activities, $m
  -414
  -457
  -500
  -543
  -587
  -631
  -677
  -722
  -770
  -818
  -867
  -918
  -970
  -1,024
  -1,080
  -1,138
  -1,199
  -1,261
  -1,327
  -1,396
  -1,467
  -1,542
  -1,620
  -1,702
  -1,788
  -1,878
  -1,972
  -2,071
  -2,175
  -2,284
Free cash flow, $m
  279
  431
  599
  780
  974
  1,182
  1,402
  1,634
  1,878
  2,134
  2,394
  2,674
  2,966
  3,270
  3,587
  3,917
  4,260
  4,617
  4,989
  5,376
  5,778
  6,198
  6,635
  7,090
  7,566
  8,062
  8,580
  9,121
  9,686
  10,277
Issuance/(repayment) of debt, $m
  645
  699
  750
  800
  849
  897
  944
  990
  1,036
  1,081
  1,127
  1,174
  1,221
  1,269
  1,319
  1,371
  1,425
  1,481
  1,540
  1,601
  1,666
  1,734
  1,806
  1,881
  1,961
  2,045
  2,134
  2,228
  2,327
  2,431
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  
  645
  699
  750
  800
  849
  897
  944
  990
  1,036
  1,081
  1,127
  1,174
  1,221
  1,269
  1,319
  1,371
  1,425
  1,481
  1,540
  1,601
  1,666
  1,734
  1,806
  1,881
  1,961
  2,045
  2,134
  2,228
  2,327
  2,431
Total cash flow (excl. dividends), $m
  924
  1,130
  1,349
  1,580
  1,823
  2,078
  2,345
  2,623
  2,914
  3,215
  3,521
  3,847
  4,187
  4,540
  4,907
  5,288
  5,685
  6,098
  6,528
  6,977
  7,444
  7,932
  8,440
  8,972
  9,527
  10,107
  10,714
  11,349
  12,013
  12,708
Retained Cash Flow (-), $m
  -236
  -256
  -275
  -293
  -311
  -328
  -345
  -362
  -379
  -396
  -413
  -430
  -447
  -465
  -483
  -502
  -522
  -542
  -564
  -586
  -610
  -635
  -661
  -689
  -718
  -749
  -781
  -816
  -852
  -890
Prev. year cash balance distribution, $m
  1,372
  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
  2,060
  874
  1,074
  1,287
  1,513
  1,750
  2,000
  2,261
  2,534
  2,820
  3,108
  3,418
  3,740
  4,075
  4,424
  4,786
  5,163
  5,556
  5,965
  6,391
  6,834
  7,297
  7,779
  8,283
  8,809
  9,358
  9,932
  10,533
  11,161
  11,818
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
  1,975
  800
  935
  1,060
  1,172
  1,270
  1,351
  1,413
  1,456
  1,478
  1,476
  1,458
  1,422
  1,368
  1,299
  1,216
  1,123
  1,023
  918
  812
  707
  605
  510
  422
  343
  273
  213
  163
  122
  89
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

IAC/InterActiveCorp (IAC) is a media and Internet company. The Company's brands include HomeAdvisor, Vimeo, Dictionary.com and Match Group's online dating portfolio, which includes Tinder, PlentyOfFish and OkCupid. Its segments include Match Group, HomeAdvisor, Video, Applications and Publishing. Match Group includes the dating and non-dating businesses of Match Group, Inc. HomeAdvisor is a home services digital marketplace that helps connect consumers with home professionals in North America, as well as in France, the Netherlands and Italy under various brands. Its Video consists of Vimeo, Electus, CollegeHumor, Notional, IAC Films and Daily Burn. Applications consists of Consumer, which include its direct-to-consumer downloadable desktop applications, Apalon, which houses its mobile applications and SlimWare, and Partnerships, which includes its business-to-business partnership operations. Publishing consists of Premium Brands business, and Ask & Other business.

FINANCIAL RATIOS  of  IAC/InterActiveCorp (IAC)

Valuation Ratios
P/E Ratio -419
Price to Sales 5.5
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 58.8
Price to Free Cash Flow 80.3
Growth Rates
Sales Growth Rate -2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.8%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 71
Current Ratio 0.2
LT Debt to Equity 84.6%
Total Debt to Equity 85.7%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity -2.2%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 75.9%
Gross Margin - 3 Yr. Avg. 74.7%
EBITDA Margin 5.6%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin -1.4%
Oper. Margin - 3 Yr. Avg. 4.7%
Pre-Tax Margin -2.6%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin -1.3%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 80.2%
Eff/ Tax Rate - 3 Yr. Avg. 38.1%
Payout Ratio 0%

IAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IAC stock intrinsic value calculation we used $4263 million for the last fiscal year's total revenue generated by IAC/InterActiveCorp. The default revenue input number comes from 0001 income statement of IAC/InterActiveCorp. 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 IAC stock valuation model: a) initial revenue growth rate of 16.1% 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 IAC is calculated based on our internal credit rating of IAC/InterActiveCorp, 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 IAC/InterActiveCorp.
    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 IAC stock the variable cost ratio is equal to 60.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1141 million in the base year in the intrinsic value calculation for IAC 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 IAC/InterActiveCorp.

Corporate tax rate of 27% is the nominal tax rate for IAC/InterActiveCorp. 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 IAC 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 IAC are equal to 46%.

Life of production assets of 19.6 years is the average useful life of capital assets used in IAC/InterActiveCorp 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 IAC is equal to -8.5%. 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 - $2843.125 million for IAC/InterActiveCorp - 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 83.790 million for IAC/InterActiveCorp 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 IAC/InterActiveCorp at the current share price and the inputted number of shares is $18.4 billion.

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