Intrinsic value of Incyte Corporation - INCY

Previous Close

$88.70

  Intrinsic Value

$1.88

stock screener

  Rating & Target

str. sell

-98%

Previous close

$88.70

 
Intrinsic value

$1.88

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of INCY 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 19.0

 

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, %
  19.00
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
Revenue, $m
  2,240
  2,634
  3,064
  3,530
  4,031
  4,566
  5,133
  5,734
  6,366
  7,030
  7,724
  8,450
  9,207
  9,995
  10,814
  11,667
  12,553
  13,474
  14,430
  15,425
  16,459
  17,534
  18,652
  19,816
  21,028
  22,291
  23,607
  24,980
  26,412
  27,906
Variable operating expenses, $m
  2,578
  3,027
  3,516
  4,046
  4,615
  5,223
  5,869
  6,551
  7,270
  8,025
  8,783
  9,608
  10,468
  11,364
  12,296
  13,265
  14,273
  15,319
  16,407
  17,538
  18,713
  19,936
  21,207
  22,531
  23,909
  25,345
  26,841
  28,402
  30,030
  31,730
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
  2,578
  3,027
  3,516
  4,046
  4,615
  5,223
  5,869
  6,551
  7,270
  8,025
  8,783
  9,608
  10,468
  11,364
  12,296
  13,265
  14,273
  15,319
  16,407
  17,538
  18,713
  19,936
  21,207
  22,531
  23,909
  25,345
  26,841
  28,402
  30,030
  31,730
Operating income, $m
  -339
  -393
  -452
  -516
  -584
  -657
  -735
  -818
  -904
  -995
  -1,058
  -1,158
  -1,261
  -1,369
  -1,482
  -1,598
  -1,720
  -1,846
  -1,977
  -2,113
  -2,255
  -2,402
  -2,555
  -2,715
  -2,881
  -3,054
  -3,234
  -3,422
  -3,618
  -3,823
EBITDA, $m
  -260
  -306
  -356
  -410
  -468
  -530
  -596
  -666
  -739
  -816
  -897
  -981
  -1,069
  -1,160
  -1,255
  -1,354
  -1,457
  -1,564
  -1,675
  -1,791
  -1,911
  -2,036
  -2,165
  -2,301
  -2,441
  -2,588
  -2,741
  -2,900
  -3,066
  -3,240
Interest expense (income), $m
  7
  1
  11
  23
  35
  48
  62
  77
  93
  110
  128
  147
  167
  187
  209
  231
  254
  278
  303
  329
  356
  385
  414
  444
  476
  509
  543
  579
  616
  655
  696
Earnings before tax, $m
  -340
  -404
  -474
  -550
  -632
  -720
  -813
  -911
  -1,014
  -1,123
  -1,205
  -1,324
  -1,448
  -1,578
  -1,712
  -1,852
  -1,998
  -2,149
  -2,306
  -2,470
  -2,639
  -2,816
  -3,000
  -3,191
  -3,390
  -3,597
  -3,813
  -4,038
  -4,273
  -4,519
Tax expense, $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
Net income, $m
  -340
  -404
  -474
  -550
  -632
  -720
  -813
  -911
  -1,014
  -1,123
  -1,205
  -1,324
  -1,448
  -1,578
  -1,712
  -1,852
  -1,998
  -2,149
  -2,306
  -2,470
  -2,639
  -2,816
  -3,000
  -3,191
  -3,390
  -3,597
  -3,813
  -4,038
  -4,273
  -4,519

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
  1,942
  2,284
  2,658
  3,062
  3,496
  3,960
  4,452
  4,973
  5,521
  6,097
  6,699
  7,329
  7,985
  8,668
  9,379
  10,119
  10,887
  11,686
  12,516
  13,378
  14,275
  15,207
  16,177
  17,187
  18,238
  19,333
  20,475
  21,665
  22,907
  24,203
Adjusted assets (=assets-cash), $m
  1,942
  2,284
  2,658
  3,062
  3,496
  3,960
  4,452
  4,973
  5,521
  6,097
  6,699
  7,329
  7,985
  8,668
  9,379
  10,119
  10,887
  11,686
  12,516
  13,378
  14,275
  15,207
  16,177
  17,187
  18,238
  19,333
  20,475
  21,665
  22,907
  24,203
Revenue / Adjusted assets
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
Average production assets, $m
  571
  672
  781
  900
  1,028
  1,164
  1,309
  1,462
  1,623
  1,793
  1,970
  2,155
  2,348
  2,549
  2,758
  2,975
  3,201
  3,436
  3,680
  3,933
  4,197
  4,471
  4,756
  5,053
  5,362
  5,684
  6,020
  6,370
  6,735
  7,116
Working capital, $m
  -38
  -45
  -52
  -60
  -69
  -78
  -87
  -97
  -108
  -120
  -131
  -144
  -157
  -170
  -184
  -198
  -213
  -229
  -245
  -262
  -280
  -298
  -317
  -337
  -357
  -379
  -401
  -425
  -449
  -474
Total debt, $m
  154
  305
  470
  648
  839
  1,044
  1,261
  1,491
  1,733
  1,986
  2,252
  2,530
  2,819
  3,120
  3,434
  3,760
  4,099
  4,451
  4,817
  5,197
  5,593
  6,004
  6,432
  6,877
  7,341
  7,823
  8,327
  8,852
  9,400
  9,971
Total liabilities, $m
  857
  1,007
  1,172
  1,350
  1,542
  1,746
  1,963
  2,193
  2,435
  2,689
  2,954
  3,232
  3,521
  3,823
  4,136
  4,462
  4,801
  5,153
  5,519
  5,900
  6,295
  6,706
  7,134
  7,579
  8,043
  8,526
  9,029
  9,554
  10,102
  10,674
Total equity, $m
  1,086
  1,277
  1,486
  1,711
  1,954
  2,213
  2,489
  2,780
  3,086
  3,408
  3,745
  4,097
  4,464
  4,846
  5,243
  5,656
  6,086
  6,532
  6,996
  7,478
  7,979
  8,501
  9,043
  9,607
  10,195
  10,807
  11,445
  12,111
  12,805
  13,530
Total liabilities and equity, $m
  1,943
  2,284
  2,658
  3,061
  3,496
  3,959
  4,452
  4,973
  5,521
  6,097
  6,699
  7,329
  7,985
  8,669
  9,379
  10,118
  10,887
  11,685
  12,515
  13,378
  14,274
  15,207
  16,177
  17,186
  18,238
  19,333
  20,474
  21,665
  22,907
  24,204
Debt-to-equity ratio
  0.140
  0.240
  0.320
  0.380
  0.430
  0.470
  0.510
  0.540
  0.560
  0.580
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.740
Adjusted equity ratio
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -340
  -404
  -474
  -550
  -632
  -720
  -813
  -911
  -1,014
  -1,123
  -1,205
  -1,324
  -1,448
  -1,578
  -1,712
  -1,852
  -1,998
  -2,149
  -2,306
  -2,470
  -2,639
  -2,816
  -3,000
  -3,191
  -3,390
  -3,597
  -3,813
  -4,038
  -4,273
  -4,519
Depreciation, amort., depletion, $m
  79
  87
  96
  106
  116
  127
  139
  152
  165
  179
  161
  177
  192
  209
  226
  244
  262
  282
  302
  322
  344
  366
  390
  414
  440
  466
  493
  522
  552
  583
Funds from operations, $m
  -261
  -317
  -378
  -445
  -516
  -592
  -673
  -759
  -849
  -944
  -1,044
  -1,148
  -1,256
  -1,369
  -1,486
  -1,609
  -1,736
  -1,868
  -2,005
  -2,147
  -2,295
  -2,449
  -2,610
  -2,776
  -2,950
  -3,131
  -3,320
  -3,516
  -3,721
  -3,935
Change in working capital, $m
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
Cash from operations, $m
  -255
  -310
  -371
  -437
  -507
  -583
  -664
  -749
  -839
  -933
  -1,032
  -1,135
  -1,243
  -1,356
  -1,472
  -1,594
  -1,721
  -1,852
  -1,988
  -2,130
  -2,278
  -2,431
  -2,591
  -2,757
  -2,930
  -3,110
  -3,297
  -3,493
  -3,697
  -3,910
Maintenance CAPEX, $m
  -39
  -47
  -55
  -64
  -74
  -84
  -95
  -107
  -120
  -133
  -147
  -161
  -177
  -192
  -209
  -226
  -244
  -262
  -282
  -302
  -322
  -344
  -366
  -390
  -414
  -440
  -466
  -493
  -522
  -552
New CAPEX, $m
  -90
  -101
  -110
  -119
  -128
  -136
  -145
  -153
  -161
  -169
  -177
  -185
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -322
  -336
  -350
  -365
  -381
Cash from investing activities, $m
  -129
  -148
  -165
  -183
  -202
  -220
  -240
  -260
  -281
  -302
  -324
  -346
  -370
  -393
  -418
  -443
  -470
  -497
  -526
  -556
  -586
  -618
  -651
  -687
  -723
  -762
  -802
  -843
  -887
  -933
Free cash flow, $m
  -385
  -458
  -536
  -620
  -709
  -804
  -904
  -1,009
  -1,120
  -1,235
  -1,356
  -1,482
  -1,613
  -1,749
  -1,890
  -2,037
  -2,190
  -2,349
  -2,514
  -2,685
  -2,864
  -3,049
  -3,242
  -3,443
  -3,653
  -3,871
  -4,099
  -4,336
  -4,584
  -4,843
Issuance/(repayment) of debt, $m
  137
  151
  165
  178
  192
  205
  217
  230
  242
  254
  266
  278
  289
  301
  314
  326
  339
  352
  366
  380
  395
  411
  428
  445
  464
  483
  503
  525
  548
  572
Issuance/(repurchase) of shares, $m
  514
  595
  683
  776
  875
  979
  1,088
  1,202
  1,321
  1,445
  1,542
  1,676
  1,815
  1,960
  2,110
  2,266
  2,427
  2,596
  2,770
  2,952
  3,141
  3,337
  3,542
  3,755
  3,977
  4,209
  4,451
  4,704
  4,968
  5,243
Cash from financing (excl. dividends), $m  
  651
  746
  848
  954
  1,067
  1,184
  1,305
  1,432
  1,563
  1,699
  1,808
  1,954
  2,104
  2,261
  2,424
  2,592
  2,766
  2,948
  3,136
  3,332
  3,536
  3,748
  3,970
  4,200
  4,441
  4,692
  4,954
  5,229
  5,516
  5,815
Total cash flow (excl. dividends), $m
  266
  288
  312
  335
  358
  380
  401
  422
  443
  463
  452
  472
  492
  512
  533
  554
  576
  599
  622
  647
  672
  699
  727
  757
  788
  821
  856
  892
  931
  972
Retained Cash Flow (-), $m
  -514
  -595
  -683
  -776
  -875
  -979
  -1,088
  -1,202
  -1,321
  -1,445
  -1,542
  -1,676
  -1,815
  -1,960
  -2,110
  -2,266
  -2,427
  -2,596
  -2,770
  -2,952
  -3,141
  -3,337
  -3,542
  -3,755
  -3,977
  -4,209
  -4,451
  -4,704
  -4,968
  -5,243
Prev. year cash balance distribution, $m
  1,014
  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
  766
  -307
  -371
  -441
  -517
  -599
  -687
  -780
  -878
  -982
  -1,090
  -1,204
  -1,323
  -1,448
  -1,577
  -1,711
  -1,851
  -1,997
  -2,148
  -2,305
  -2,468
  -2,638
  -2,815
  -2,998
  -3,189
  -3,388
  -3,595
  -3,811
  -4,037
  -4,271
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
  734
  -281
  -323
  -363
  -401
  -435
  -464
  -487
  -504
  -515
  -518
  -514
  -503
  -486
  -463
  -435
  -403
  -368
  -331
  -293
  -255
  -219
  -184
  -153
  -124
  -99
  -77
  -59
  -44
  -32
Current shareholders' claim on cash, %
  94.6
  89.6
  85.0
  80.7
  76.7
  73.0
  69.6
  66.3
  63.3
  60.4
  57.7
  55.2
  52.9
  50.6
  48.5
  46.4
  44.5
  42.6
  40.9
  39.2
  37.6
  36.1
  34.6
  33.2
  31.9
  30.6
  29.4
  28.2
  27.1
  26.0

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib). JAKAFI (ruxolitinib) is indicated for the treatment of patients with intermediate or high risk myelofibrosis (MF) and for the treatment of patients with polycythemia vera (PV) having had an inadequate response to or are intolerant of hydroxyurea. As of December 31, 2016, the Food and Drug Administration had granted JAKAFI orphan drug status for MF, PV and essential thrombocythemia. The primary target for ICLUSIG is B Cell Receptor-ABL, an abnormal tyrosine kinase that is expressed in chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. The Company also has a portfolio of selective janus associated kinases 1 (JAK1) inhibitors.

FINANCIAL RATIOS  of  Incyte Corporation (INCY)

Valuation Ratios
P/E Ratio 161.1
Price to Sales 15.1
Price to Book 40
Price to Tangible Book
Price to Cash Flow 54.9
Price to Free Cash Flow 90.5
Growth Rates
Sales Growth Rate 46.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 361.5%
Cap. Spend. - 3 Yr. Gr. Rate 97.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 155.4%
Total Debt to Equity 155.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 35.3%
Return On Equity - 3 Yr. Avg. 28.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 95.8%
Gross Margin - 3 Yr. Avg. 97.2%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 0.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 2.8%
Eff/ Tax Rate - 3 Yr. Avg. 5.8%
Payout Ratio 0%

INCY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INCY stock intrinsic value calculation we used $1882 million for the last fiscal year's total revenue generated by Incyte Corporation. The default revenue input number comes from 0001 income statement of Incyte Corporation. 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 INCY stock valuation model: a) initial revenue growth rate of 19% 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 INCY is calculated based on our internal credit rating of Incyte Corporation, 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 Incyte Corporation.
    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 INCY stock the variable cost ratio is equal to 115.4%.

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 INCY 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 7.4% for Incyte Corporation.

Corporate tax rate of 27% is the nominal tax rate for Incyte Corporation. 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 INCY 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 INCY are equal to 25.5%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Incyte Corporation 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 INCY is equal to -1.7%. 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 - $1925.967 million for Incyte Corporation - 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 214.033 million for Incyte Corporation 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 Incyte Corporation at the current share price and the inputted number of shares is $19.0 billion.

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