Intrinsic value of Illumina - ILMN

Previous Close

$326.58

  Intrinsic Value

$179.08

stock screener

  Rating & Target

sell

-45%

Previous close

$326.58

 
Intrinsic value

$179.08

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of ILMN 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 48.0

 

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, %
  25.40
  23.36
  21.52
  19.87
  18.38
  17.05
  15.84
  14.76
  13.78
  12.90
  12.11
  11.40
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
Revenue, $m
  3,451
  4,257
  5,173
  6,202
  7,342
  8,593
  9,954
  11,423
  12,998
  14,675
  16,452
  18,328
  20,301
  22,368
  24,531
  26,788
  29,140
  31,588
  34,134
  36,782
  39,533
  42,392
  45,364
  48,452
  51,663
  55,003
  58,478
  62,095
  65,863
  69,789
Variable operating expenses, $m
  2,581
  3,162
  3,823
  4,564
  5,385
  6,287
  7,268
  8,327
  9,461
  10,670
  11,856
  13,208
  14,629
  16,119
  17,677
  19,304
  20,999
  22,763
  24,598
  26,506
  28,489
  30,549
  32,690
  34,916
  37,230
  39,636
  42,141
  44,747
  47,463
  50,292
Fixed operating expenses, $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 operating expenses, $m
  2,581
  3,162
  3,823
  4,564
  5,385
  6,287
  7,268
  8,327
  9,461
  10,670
  11,856
  13,208
  14,629
  16,119
  17,677
  19,304
  20,999
  22,763
  24,598
  26,506
  28,489
  30,549
  32,690
  34,916
  37,230
  39,636
  42,141
  44,747
  47,463
  50,292
Operating income, $m
  870
  1,095
  1,351
  1,638
  1,956
  2,306
  2,686
  3,097
  3,537
  4,005
  4,596
  5,120
  5,671
  6,249
  6,853
  7,484
  8,141
  8,825
  9,536
  10,276
  11,045
  11,843
  12,673
  13,536
  14,433
  15,366
  16,337
  17,348
  18,400
  19,497
EBITDA, $m
  1,106
  1,364
  1,658
  1,988
  2,353
  2,754
  3,190
  3,661
  4,166
  4,703
  5,273
  5,874
  6,506
  7,169
  7,862
  8,585
  9,339
  10,124
  10,940
  11,788
  12,670
  13,587
  14,539
  15,529
  16,558
  17,628
  18,742
  19,901
  21,109
  22,367
Interest expense (income), $m
  0
  64
  99
  138
  183
  233
  289
  351
  417
  489
  567
  649
  736
  828
  925
  1,026
  1,132
  1,242
  1,358
  1,478
  1,603
  1,732
  1,867
  2,007
  2,153
  2,304
  2,462
  2,625
  2,796
  2,973
  3,158
Earnings before tax, $m
  805
  996
  1,213
  1,455
  1,723
  2,017
  2,336
  2,679
  3,047
  3,439
  3,948
  4,385
  4,844
  5,325
  5,827
  6,352
  6,898
  7,467
  8,059
  8,673
  9,312
  9,976
  10,666
  11,383
  12,129
  12,905
  13,712
  14,552
  15,427
  16,340
Tax expense, $m
  217
  269
  327
  393
  465
  545
  631
  723
  823
  928
  1,066
  1,184
  1,308
  1,438
  1,573
  1,715
  1,863
  2,016
  2,176
  2,342
  2,514
  2,694
  2,880
  3,073
  3,275
  3,484
  3,702
  3,929
  4,165
  4,412
Net income, $m
  588
  727
  885
  1,062
  1,258
  1,472
  1,705
  1,956
  2,224
  2,510
  2,882
  3,201
  3,536
  3,887
  4,254
  4,637
  5,036
  5,451
  5,883
  6,332
  6,798
  7,283
  7,786
  8,310
  8,854
  9,420
  10,010
  10,623
  11,262
  11,928

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
  4,827
  5,954
  7,236
  8,673
  10,268
  12,018
  13,922
  15,977
  18,179
  20,524
  23,010
  25,634
  28,393
  31,284
  34,309
  37,465
  40,755
  44,179
  47,740
  51,443
  55,291
  59,290
  63,445
  67,765
  72,256
  76,927
  81,787
  86,847
  92,116
  97,607
Adjusted assets (=assets-cash), $m
  4,827
  5,954
  7,236
  8,673
  10,268
  12,018
  13,922
  15,977
  18,179
  20,524
  23,010
  25,634
  28,393
  31,284
  34,309
  37,465
  40,755
  44,179
  47,740
  51,443
  55,291
  59,290
  63,445
  67,765
  72,256
  76,927
  81,787
  86,847
  92,116
  97,607
Revenue / Adjusted assets
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
Average production assets, $m
  1,646
  2,031
  2,468
  2,958
  3,502
  4,099
  4,748
  5,449
  6,200
  7,000
  7,848
  8,743
  9,683
  10,670
  11,701
  12,778
  13,900
  15,067
  16,282
  17,545
  18,857
  20,221
  21,638
  23,112
  24,643
  26,236
  27,894
  29,619
  31,417
  33,289
Working capital, $m
  124
  153
  186
  223
  264
  309
  358
  411
  468
  528
  592
  660
  731
  805
  883
  964
  1,049
  1,137
  1,229
  1,324
  1,423
  1,526
  1,633
  1,744
  1,860
  1,980
  2,105
  2,235
  2,371
  2,512
Total debt, $m
  1,826
  2,558
  3,390
  4,323
  5,358
  6,494
  7,730
  9,063
  10,492
  12,014
  13,628
  15,330
  17,121
  18,998
  20,960
  23,009
  25,144
  27,366
  29,678
  32,081
  34,578
  37,173
  39,870
  42,673
  45,588
  48,619
  51,774
  55,057
  58,477
  62,041
Total liabilities, $m
  3,132
  3,864
  4,696
  5,629
  6,664
  7,800
  9,036
  10,369
  11,798
  13,320
  14,934
  16,636
  18,427
  20,304
  22,266
  24,315
  26,450
  28,672
  30,984
  33,387
  35,884
  38,479
  41,176
  43,979
  46,894
  49,925
  53,080
  56,363
  59,783
  63,347
Total equity, $m
  1,694
  2,090
  2,540
  3,044
  3,604
  4,218
  4,887
  5,608
  6,381
  7,204
  8,077
  8,997
  9,966
  10,981
  12,042
  13,150
  14,305
  15,507
  16,757
  18,057
  19,407
  20,811
  22,269
  23,785
  25,362
  27,001
  28,707
  30,483
  32,333
  34,260
Total liabilities and equity, $m
  4,826
  5,954
  7,236
  8,673
  10,268
  12,018
  13,923
  15,977
  18,179
  20,524
  23,011
  25,633
  28,393
  31,285
  34,308
  37,465
  40,755
  44,179
  47,741
  51,444
  55,291
  59,290
  63,445
  67,764
  72,256
  76,926
  81,787
  86,846
  92,116
  97,607
Debt-to-equity ratio
  1.080
  1.220
  1.330
  1.420
  1.490
  1.540
  1.580
  1.620
  1.640
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.750
  1.760
  1.760
  1.770
  1.780
  1.780
  1.790
  1.790
  1.790
  1.800
  1.800
  1.800
  1.810
  1.810
  1.810
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  588
  727
  885
  1,062
  1,258
  1,472
  1,705
  1,956
  2,224
  2,510
  2,882
  3,201
  3,536
  3,887
  4,254
  4,637
  5,036
  5,451
  5,883
  6,332
  6,798
  7,283
  7,786
  8,310
  8,854
  9,420
  10,010
  10,623
  11,262
  11,928
Depreciation, amort., depletion, $m
  237
  270
  307
  350
  396
  448
  504
  564
  629
  698
  677
  754
  835
  920
  1,009
  1,102
  1,198
  1,299
  1,404
  1,512
  1,626
  1,743
  1,865
  1,992
  2,124
  2,262
  2,405
  2,553
  2,708
  2,870
Funds from operations, $m
  824
  997
  1,193
  1,412
  1,654
  1,920
  2,209
  2,520
  2,854
  3,208
  3,558
  3,954
  4,371
  4,807
  5,263
  5,738
  6,234
  6,750
  7,286
  7,844
  8,424
  9,026
  9,652
  10,302
  10,979
  11,682
  12,414
  13,176
  13,970
  14,798
Change in working capital, $m
  25
  29
  33
  37
  41
  45
  49
  53
  57
  60
  64
  68
  71
  74
  78
  81
  85
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  136
  141
Cash from operations, $m
  799
  968
  1,160
  1,375
  1,613
  1,875
  2,160
  2,467
  2,797
  3,148
  3,494
  3,887
  4,300
  4,732
  5,185
  5,657
  6,149
  6,662
  7,195
  7,749
  8,325
  8,923
  9,545
  10,191
  10,863
  11,562
  12,289
  13,046
  13,835
  14,656
Maintenance CAPEX, $m
  -113
  -142
  -175
  -213
  -255
  -302
  -353
  -409
  -470
  -534
  -603
  -677
  -754
  -835
  -920
  -1,009
  -1,102
  -1,198
  -1,299
  -1,404
  -1,512
  -1,626
  -1,743
  -1,865
  -1,992
  -2,124
  -2,262
  -2,405
  -2,553
  -2,708
New CAPEX, $m
  -333
  -385
  -437
  -490
  -544
  -597
  -649
  -701
  -751
  -800
  -848
  -895
  -941
  -986
  -1,031
  -1,077
  -1,122
  -1,168
  -1,215
  -1,263
  -1,312
  -1,364
  -1,417
  -1,473
  -1,532
  -1,593
  -1,658
  -1,726
  -1,797
  -1,873
Cash from investing activities, $m
  -446
  -527
  -612
  -703
  -799
  -899
  -1,002
  -1,110
  -1,221
  -1,334
  -1,451
  -1,572
  -1,695
  -1,821
  -1,951
  -2,086
  -2,224
  -2,366
  -2,514
  -2,667
  -2,824
  -2,990
  -3,160
  -3,338
  -3,524
  -3,717
  -3,920
  -4,131
  -4,350
  -4,581
Free cash flow, $m
  353
  441
  547
  672
  814
  976
  1,157
  1,357
  1,576
  1,813
  2,043
  2,316
  2,605
  2,911
  3,234
  3,572
  3,926
  4,296
  4,681
  5,082
  5,500
  5,933
  6,384
  6,852
  7,339
  7,844
  8,370
  8,916
  9,484
  10,075
Issuance/(repayment) of debt, $m
  634
  732
  832
  933
  1,035
  1,136
  1,236
  1,333
  1,429
  1,522
  1,613
  1,703
  1,790
  1,877
  1,963
  2,049
  2,135
  2,222
  2,312
  2,403
  2,497
  2,595
  2,697
  2,803
  2,915
  3,031
  3,154
  3,284
  3,420
  3,564
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  
  634
  732
  832
  933
  1,035
  1,136
  1,236
  1,333
  1,429
  1,522
  1,613
  1,703
  1,790
  1,877
  1,963
  2,049
  2,135
  2,222
  2,312
  2,403
  2,497
  2,595
  2,697
  2,803
  2,915
  3,031
  3,154
  3,284
  3,420
  3,564
Total cash flow (excl. dividends), $m
  987
  1,173
  1,379
  1,605
  1,849
  2,112
  2,393
  2,691
  3,005
  3,336
  3,656
  4,018
  4,395
  4,788
  5,196
  5,620
  6,061
  6,518
  6,993
  7,485
  7,997
  8,529
  9,081
  9,656
  10,254
  10,876
  11,524
  12,200
  12,904
  13,639
Retained Cash Flow (-), $m
  -344
  -396
  -450
  -505
  -560
  -614
  -668
  -721
  -773
  -823
  -873
  -921
  -968
  -1,015
  -1,062
  -1,108
  -1,155
  -1,202
  -1,250
  -1,300
  -1,351
  -1,404
  -1,459
  -1,516
  -1,576
  -1,640
  -1,706
  -1,776
  -1,850
  -1,927
Prev. year cash balance distribution, $m
  1,399
  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
  2,042
  777
  929
  1,100
  1,290
  1,498
  1,725
  1,970
  2,232
  2,512
  2,784
  3,097
  3,427
  3,773
  4,135
  4,513
  4,906
  5,316
  5,742
  6,186
  6,646
  7,125
  7,623
  8,140
  8,677
  9,236
  9,818
  10,424
  11,054
  11,712
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
  1,958
  712
  809
  906
  1,000
  1,087
  1,165
  1,231
  1,282
  1,317
  1,322
  1,322
  1,303
  1,267
  1,214
  1,147
  1,068
  979
  884
  786
  687
  591
  500
  415
  338
  269
  211
  161
  121
  88
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

Illumina, Inc. (Illumina) is a provider of sequencing- and array-based solutions for genetic analysis. The Company operates through two segments: Core Illumina and the consolidated variable interest entities (VIEs), which include the activities of GRAIL, Inc. (GRAIL) and Helix Holdings I, LLC (Helix). Core Illumina consists of its core operations. Core Illumina's products and services serve customers in the research, clinical and applied markets, and enable the adoption of a range of genomic solutions. The Company's portfolio of integrated systems, consumables and analysis tools addresses the range of genomic complexity, price points, and throughput, enabling customers to select the solution for their research or clinical challenge. The Company provides reproductive-health solutions, including noninvasive prenatal testing (NIPT), preimplantation genetic screening and diagnosis, and neonatal and genetic health testing.

FINANCIAL RATIOS  of  Illumina (ILMN)

Valuation Ratios
P/E Ratio 103.1
Price to Sales 19.9
Price to Book 21.7
Price to Tangible Book
Price to Cash Flow 69.5
Price to Free Cash Flow 114.8
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 89.5%
Cap. Spend. - 3 Yr. Gr. Rate 24.4%
Financial Strength
Quick Ratio 1559
Current Ratio 0
LT Debt to Equity 47.7%
Total Debt to Equity 47.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 12%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 22.9%
Return On Equity - 3 Yr. Avg. 24.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 69.5%
Gross Margin - 3 Yr. Avg. 69.7%
EBITDA Margin 29.3%
EBITDA Margin - 3 Yr. Avg. 30.5%
Operating Margin 24.5%
Oper. Margin - 3 Yr. Avg. 26.6%
Pre-Tax Margin 23.4%
Pre-Tax Margin - 3 Yr. Avg. 24.6%
Net Profit Margin 19.3%
Net Profit Margin - 3 Yr. Avg. 19.7%
Effective Tax Rate 23.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 0%

ILMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ILMN stock intrinsic value calculation we used $2752 million for the last fiscal year's total revenue generated by Illumina. The default revenue input number comes from 0001 income statement of Illumina. 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 ILMN stock valuation model: a) initial revenue growth rate of 25.4% 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 ILMN is calculated based on our internal credit rating of Illumina, 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 Illumina.
    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 ILMN stock the variable cost ratio is equal to 75.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ILMN 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 Illumina.

Corporate tax rate of 27% is the nominal tax rate for Illumina. 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 ILMN 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 ILMN are equal to 47.7%.

Life of production assets of 11.6 years is the average useful life of capital assets used in Illumina 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 ILMN is equal to 3.6%. 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 - $2749 million for Illumina - 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 147 million for Illumina 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 Illumina at the current share price and the inputted number of shares is $48.0 billion.

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