Intrinsic value of Intuit - INTU

Previous Close

$147.97

  Intrinsic Value

$127.46

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  Rating & Target

hold

-14%

Previous close

$147.97

 
Intrinsic value

$127.46

 
Up/down potential

-14%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of INTU 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 2017), $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 38.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.29
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  5,177
  5,783
  6,421
  7,090
  7,791
  8,523
  9,286
  10,081
  10,908
  11,768
  12,662
  13,591
  14,556
  15,560
  16,603
  17,687
  18,816
  19,990
  21,213
  22,487
  23,815
  25,199
  26,644
  28,152
  29,727
  31,372
  33,091
  34,889
  36,770
  38,737
  40,796
Variable operating expenses, $m
 
  3,934
  4,354
  4,795
  5,256
  5,737
  6,240
  6,763
  7,307
  7,873
  8,461
  8,943
  9,578
  10,238
  10,924
  11,638
  12,380
  13,153
  13,958
  14,796
  15,670
  16,581
  17,531
  18,524
  19,560
  20,642
  21,774
  22,957
  24,194
  25,488
  26,843
Fixed operating expenses, $m
 
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  338
  346
  355
  364
  373
  382
  391
  401
  411
  422
  432
  443
  454
  465
  477
  489
  501
  514
  526
Total operating expenses, $m
  3,782
  4,191
  4,618
  5,065
  5,533
  6,021
  6,531
  7,061
  7,613
  8,186
  8,782
  9,272
  9,916
  10,584
  11,279
  12,002
  12,753
  13,535
  14,349
  15,197
  16,081
  17,003
  17,963
  18,967
  20,014
  21,107
  22,251
  23,446
  24,695
  26,002
  27,369
Operating income, $m
  1,395
  1,591
  1,803
  2,025
  2,258
  2,501
  2,755
  3,020
  3,295
  3,582
  3,880
  4,319
  4,641
  4,976
  5,324
  5,686
  6,063
  6,455
  6,864
  7,290
  7,734
  8,197
  8,681
  9,185
  9,713
  10,264
  10,841
  11,444
  12,075
  12,735
  13,426
EBITDA, $m
  1,631
  1,839
  2,064
  2,300
  2,547
  2,806
  3,075
  3,356
  3,649
  3,953
  4,269
  4,598
  4,939
  5,295
  5,664
  6,048
  6,448
  6,865
  7,298
  7,750
  8,222
  8,714
  9,227
  9,763
  10,322
  10,907
  11,519
  12,159
  12,828
  13,529
  14,263
Interest expense (income), $m
  42
  25
  42
  60
  80
  100
  121
  143
  166
  190
  214
  240
  267
  295
  323
  354
  385
  417
  451
  486
  523
  561
  601
  643
  686
  732
  779
  828
  880
  934
  991
Earnings before tax, $m
  1,367
  1,566
  1,761
  1,965
  2,178
  2,402
  2,635
  2,877
  3,130
  3,392
  3,666
  4,079
  4,374
  4,681
  5,000
  5,332
  5,678
  6,038
  6,413
  6,803
  7,211
  7,636
  8,079
  8,543
  9,027
  9,533
  10,062
  10,615
  11,194
  11,801
  12,435
Tax expense, $m
  396
  423
  475
  531
  588
  648
  711
  777
  845
  916
  990
  1,101
  1,181
  1,264
  1,350
  1,440
  1,533
  1,630
  1,731
  1,837
  1,947
  2,062
  2,181
  2,307
  2,437
  2,574
  2,717
  2,866
  3,023
  3,186
  3,358
Net income, $m
  971
  1,144
  1,285
  1,434
  1,590
  1,753
  1,923
  2,100
  2,285
  2,476
  2,676
  2,978
  3,193
  3,417
  3,650
  3,893
  4,145
  4,407
  4,681
  4,966
  5,264
  5,574
  5,898
  6,236
  6,590
  6,959
  7,345
  7,749
  8,172
  8,614
  9,078

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  777
  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
  4,068
  3,676
  4,082
  4,507
  4,953
  5,418
  5,903
  6,409
  6,935
  7,481
  8,050
  8,640
  9,254
  9,892
  10,555
  11,244
  11,962
  12,708
  13,486
  14,295
  15,140
  16,020
  16,938
  17,897
  18,898
  19,944
  21,037
  22,180
  23,376
  24,626
  25,935
Adjusted assets (=assets-cash), $m
  3,291
  3,676
  4,082
  4,507
  4,953
  5,418
  5,903
  6,409
  6,935
  7,481
  8,050
  8,640
  9,254
  9,892
  10,555
  11,244
  11,962
  12,708
  13,486
  14,295
  15,140
  16,020
  16,938
  17,897
  18,898
  19,944
  21,037
  22,180
  23,376
  24,626
  25,935
Revenue / Adjusted assets
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
  1.573
Average production assets, $m
  1,064
  1,185
  1,316
  1,453
  1,597
  1,747
  1,904
  2,067
  2,236
  2,412
  2,596
  2,786
  2,984
  3,190
  3,404
  3,626
  3,857
  4,098
  4,349
  4,610
  4,882
  5,166
  5,462
  5,771
  6,094
  6,431
  6,784
  7,152
  7,538
  7,941
  8,363
Working capital, $m
  -529
  -1,405
  -1,560
  -1,723
  -1,893
  -2,071
  -2,257
  -2,450
  -2,651
  -2,860
  -3,077
  -3,303
  -3,537
  -3,781
  -4,034
  -4,298
  -4,572
  -4,858
  -5,155
  -5,464
  -5,787
  -6,123
  -6,474
  -6,841
  -7,224
  -7,623
  -8,041
  -8,478
  -8,935
  -9,413
  -9,913
Total debt, $m
  488
  748
  1,076
  1,420
  1,781
  2,157
  2,550
  2,959
  3,384
  3,826
  4,286
  4,764
  5,260
  5,776
  6,313
  6,871
  7,451
  8,055
  8,684
  9,339
  10,022
  10,734
  11,477
  12,253
  13,063
  13,909
  14,793
  15,718
  16,685
  17,697
  18,756
Total liabilities, $m
  2,714
  2,974
  3,302
  3,646
  4,007
  4,383
  4,776
  5,185
  5,610
  6,052
  6,512
  6,990
  7,486
  8,002
  8,539
  9,097
  9,677
  10,281
  10,910
  11,565
  12,248
  12,960
  13,703
  14,479
  15,289
  16,135
  17,019
  17,944
  18,911
  19,923
  20,982
Total equity, $m
  1,354
  702
  780
  861
  946
  1,035
  1,128
  1,224
  1,325
  1,429
  1,537
  1,650
  1,767
  1,889
  2,016
  2,148
  2,285
  2,427
  2,576
  2,730
  2,892
  3,060
  3,235
  3,418
  3,610
  3,809
  4,018
  4,236
  4,465
  4,704
  4,954
Total liabilities and equity, $m
  4,068
  3,676
  4,082
  4,507
  4,953
  5,418
  5,904
  6,409
  6,935
  7,481
  8,049
  8,640
  9,253
  9,891
  10,555
  11,245
  11,962
  12,708
  13,486
  14,295
  15,140
  16,020
  16,938
  17,897
  18,899
  19,944
  21,037
  22,180
  23,376
  24,627
  25,936
Debt-to-equity ratio
  0.360
  1.070
  1.380
  1.650
  1.880
  2.080
  2.260
  2.420
  2.550
  2.680
  2.790
  2.890
  2.980
  3.060
  3.130
  3.200
  3.260
  3.320
  3.370
  3.420
  3.470
  3.510
  3.550
  3.580
  3.620
  3.650
  3.680
  3.710
  3.740
  3.760
  3.790
Adjusted equity ratio
  0.175
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  971
  1,144
  1,285
  1,434
  1,590
  1,753
  1,923
  2,100
  2,285
  2,476
  2,676
  2,978
  3,193
  3,417
  3,650
  3,893
  4,145
  4,407
  4,681
  4,966
  5,264
  5,574
  5,898
  6,236
  6,590
  6,959
  7,345
  7,749
  8,172
  8,614
  9,078
Depreciation, amort., depletion, $m
  236
  248
  261
  275
  289
  304
  320
  336
  353
  371
  389
  279
  298
  319
  340
  363
  386
  410
  435
  461
  488
  517
  546
  577
  609
  643
  678
  715
  754
  794
  836
Funds from operations, $m
  1,644
  1,392
  1,547
  1,709
  1,879
  2,057
  2,243
  2,437
  2,638
  2,847
  3,065
  3,256
  3,492
  3,736
  3,990
  4,255
  4,531
  4,817
  5,116
  5,427
  5,752
  6,091
  6,444
  6,813
  7,199
  7,602
  8,024
  8,464
  8,926
  9,409
  9,914
Change in working capital, $m
  45
  -147
  -155
  -163
  -170
  -178
  -185
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -253
  -264
  -274
  -285
  -297
  -310
  -323
  -336
  -351
  -366
  -383
  -400
  -418
  -437
  -457
  -478
  -500
Cash from operations, $m
  1,599
  1,539
  1,702
  1,872
  2,050
  2,235
  2,429
  2,630
  2,839
  3,056
  3,282
  3,482
  3,726
  3,980
  4,244
  4,519
  4,805
  5,103
  5,413
  5,737
  6,075
  6,427
  6,795
  7,180
  7,582
  8,002
  8,441
  8,901
  9,383
  9,887
  10,415
Maintenance CAPEX, $m
  0
  -106
  -119
  -132
  -145
  -160
  -175
  -190
  -207
  -224
  -241
  -260
  -279
  -298
  -319
  -340
  -363
  -386
  -410
  -435
  -461
  -488
  -517
  -546
  -577
  -609
  -643
  -678
  -715
  -754
  -794
New CAPEX, $m
  -230
  -122
  -131
  -137
  -144
  -150
  -156
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -323
  -337
  -352
  -369
  -385
  -403
  -422
Cash from investing activities, $m
  -85
  -228
  -250
  -269
  -289
  -310
  -331
  -353
  -377
  -400
  -424
  -450
  -477
  -504
  -533
  -562
  -594
  -627
  -661
  -696
  -733
  -772
  -813
  -855
  -900
  -946
  -995
  -1,047
  -1,100
  -1,157
  -1,216
Free cash flow, $m
  1,514
  1,310
  1,452
  1,603
  1,761
  1,926
  2,097
  2,276
  2,463
  2,656
  2,858
  3,032
  3,250
  3,476
  3,711
  3,956
  4,211
  4,476
  4,753
  5,041
  5,341
  5,655
  5,982
  6,324
  6,682
  7,055
  7,446
  7,854
  8,282
  8,730
  9,198
Issuance/(repayment) of debt, $m
  -512
  310
  328
  344
  360
  376
  393
  409
  425
  442
  460
  478
  496
  516
  536
  558
  580
  604
  629
  655
  683
  712
  743
  776
  810
  846
  884
  925
  967
  1,012
  1,059
Issuance/(repurchase) of shares, $m
  -613
  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  
  -1,279
  310
  328
  344
  360
  376
  393
  409
  425
  442
  460
  478
  496
  516
  536
  558
  580
  604
  629
  655
  683
  712
  743
  776
  810
  846
  884
  925
  967
  1,012
  1,059
Total cash flow (excl. dividends), $m
  244
  1,621
  1,780
  1,947
  2,121
  2,302
  2,490
  2,685
  2,888
  3,099
  3,317
  3,510
  3,746
  3,992
  4,248
  4,514
  4,791
  5,080
  5,382
  5,696
  6,024
  6,367
  6,725
  7,100
  7,492
  7,901
  8,330
  8,779
  9,249
  9,741
  10,257
Retained Cash Flow (-), $m
  -193
  -75
  -77
  -81
  -85
  -89
  -93
  -97
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -155
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -218
  -228
  -239
  -250
Prev. year cash balance distribution, $m
 
  727
  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
 
  2,272
  1,703
  1,866
  2,036
  2,213
  2,397
  2,589
  2,788
  2,994
  3,209
  3,397
  3,629
  3,870
  4,121
  4,382
  4,654
  4,938
  5,233
  5,541
  5,863
  6,199
  6,550
  6,917
  7,300
  7,702
  8,121
  8,561
  9,021
  9,503
  10,007
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
 
  2,179
  1,559
  1,624
  1,677
  1,715
  1,740
  1,749
  1,742
  1,720
  1,682
  1,613
  1,549
  1,471
  1,383
  1,287
  1,183
  1,074
  964
  853
  745
  641
  543
  453
  372
  300
  237
  184
  140
  104
  75
Current shareholders' claim on cash, %
  100
  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

Intuit Inc. is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions. The Small Business segment also includes third-party applications that integrate with the Company's offerings. The Consumer Tax segment targets consumers and includes TurboTax products and services, which enable individuals to prepare and file their own federal and state personal income tax returns. The ProConnect segment targets professional accountants in the United States and Canada. Its ProConnect professional tax offerings include Lacerte, ProSeries, ProFile and ProConnect Tax Online.

FINANCIAL RATIOS  of  Intuit (INTU)

Valuation Ratios
P/E Ratio 39
Price to Sales 7.3
Price to Book 27.9
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 27.6
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 16
Current Ratio 0.2
LT Debt to Equity 32.3%
Total Debt to Equity 36%
Interest Coverage 34
Management Effectiveness
Return On Assets 24.1%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 48.5%
Ret/ On T. Cap. - 3 Yr. Avg. 33%
Return On Equity 77.2%
Return On Equity - 3 Yr. Avg. 48.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 84.4%
Gross Margin - 3 Yr. Avg. 83.7%
EBITDA Margin 31.8%
EBITDA Margin - 3 Yr. Avg. 28.8%
Operating Margin 26.9%
Oper. Margin - 3 Yr. Avg. 23.7%
Pre-Tax Margin 26.4%
Pre-Tax Margin - 3 Yr. Avg. 23%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 16.1%
Effective Tax Rate 29%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 36.4%

INTU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INTU stock intrinsic value calculation we used $5177 million for the last fiscal year's total revenue generated by Intuit. The default revenue input number comes from 2017 income statement of Intuit. 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 INTU stock valuation model: a) initial revenue growth rate of 11.7% 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 INTU is calculated based on our internal credit rating of Intuit, 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 Intuit.
    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 INTU stock the variable cost ratio is equal to 68.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $251 million in the base year in the intrinsic value calculation for INTU 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 5.6% for Intuit.

Corporate tax rate of 27% is the nominal tax rate for Intuit. 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 INTU 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 INTU are equal to 20.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Intuit 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 INTU is equal to -24.3%. 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 - $1354 million for Intuit - 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 256.674 million for Intuit 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 Intuit at the current share price and the inputted number of shares is $38.0 billion.

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COMPANY NEWS

▶ How Intuit Reinvents Itself   [06:30AM  Fortune]
▶ Tax Evader Who Fled U.S. Gets 7 Years In Prison   [Oct-18-17 08:52AM  Forbes]
▶ Vote Now for Intuits Global Firm of the Future Contest   [Oct-16-17 08:00AM  Business Wire]
▶ Getting Women Out of the Middle-Management Trap   [12:21AM  The Wall Street Journal]
▶ 5 Top-Ranked Dividend Growth Stocks On Sale   [Oct-05-17 07:41AM  Zacks]
▶ Weekly CFO Sells Highlights   [Sep-29-17 11:07AM  GuruFocus.com]
▶ Trump Republican Tax Plan's 10 Key Cuts   [Sep-28-17 09:05AM  Forbes]
▶ Intuit Hosts Annual Investor Day on Oct. 3   [Sep-26-17 04:00PM  Business Wire]
▶ ETFs with exposure to Intuit, Inc. : September 22, 2017   [Sep-22-17 10:20AM  Capital Cube]
▶ Which tech CEO is most popular with their employees?   [Sep-18-17 12:04PM  American City Business Journals]
▶ Intuit Announces Top Four Global Firms Of The Future   [Sep-12-17 08:30AM  Business Wire]
▶ Intuit SVP to Present at the Citi Technology Conference   [Aug-30-17 04:20PM  Business Wire]
▶ Intuit: Making Tax Accounting Sexy   [11:01AM  Benzinga]
▶ Intuit: Cramer's Top Takeaways   [06:38AM  TheStreet.com]
▶ Company News For August 24, 2017   [10:07AM  Zacks]
▶ Intuit Caps a Year of Solid Top-Line Growth   [Aug-23-17 01:56PM  Motley Fool]
▶ Intuit tops Street 4Q forecasts   [Aug-22-17 09:19PM  Associated Press]
▶ Intuit sees big boost in quarterly earnings   [07:21PM  Investing.com]
▶ [$$] TurboTax Parent Intuit Names New Finance Chief   [06:48PM  The Wall Street Journal]
▶ Intuit tops Street 4Q forecasts   [04:19PM  Associated Press]
▶ Intuit Announces CFO Succession Plan   [04:01PM  Business Wire]
Financial statements of INTU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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