Intrinsic value of KLA-Tencor - KLAC

Previous Close

$106.92

  Intrinsic Value

$296.41

stock screener

  Rating & Target

str. buy

+177%

Previous close

$106.92

 
Intrinsic value

$296.41

 
Up/down potential

+177%

 
Rating

str. buy

We calculate the intrinsic value of KLAC 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 16.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  4,058
  4,684
  5,359
  6,080
  6,846
  7,658
  8,512
  9,410
  10,351
  11,334
  12,359
  13,426
  14,538
  15,693
  16,894
  18,142
  19,440
  20,788
  22,189
  23,646
  25,162
  26,739
  28,382
  30,093
  31,876
  33,735
  35,674
  37,699
  39,813
  42,021
Variable operating expenses, $m
  1,475
  1,697
  1,936
  2,192
  2,463
  2,751
  3,054
  3,372
  3,705
  4,054
  4,380
  4,759
  5,152
  5,562
  5,988
  6,430
  6,890
  7,368
  7,864
  8,381
  8,918
  9,477
  10,059
  10,666
  11,298
  11,956
  12,644
  13,361
  14,111
  14,893
Fixed operating expenses, $m
  954
  975
  996
  1,018
  1,040
  1,063
  1,087
  1,110
  1,135
  1,160
  1,185
  1,211
  1,238
  1,265
  1,293
  1,322
  1,351
  1,380
  1,411
  1,442
  1,474
  1,506
  1,539
  1,573
  1,608
  1,643
  1,679
  1,716
  1,754
  1,792
Total operating expenses, $m
  2,429
  2,672
  2,932
  3,210
  3,503
  3,814
  4,141
  4,482
  4,840
  5,214
  5,565
  5,970
  6,390
  6,827
  7,281
  7,752
  8,241
  8,748
  9,275
  9,823
  10,392
  10,983
  11,598
  12,239
  12,906
  13,599
  14,323
  15,077
  15,865
  16,685
Operating income, $m
  1,629
  2,013
  2,427
  2,870
  3,343
  3,844
  4,372
  4,928
  5,511
  6,120
  6,793
  7,456
  8,147
  8,866
  9,613
  10,391
  11,199
  12,040
  12,914
  13,823
  14,770
  15,756
  16,783
  17,854
  18,971
  20,135
  21,351
  22,621
  23,948
  25,335
EBITDA, $m
  1,740
  2,135
  2,561
  3,018
  3,504
  4,020
  4,564
  5,136
  5,736
  6,363
  7,018
  7,701
  8,412
  9,151
  9,921
  10,721
  11,553
  12,418
  13,318
  14,254
  15,228
  16,243
  17,300
  18,402
  19,551
  20,749
  22,001
  23,308
  24,673
  26,100
Interest expense (income), $m
  120
  145
  147
  180
  216
  254
  295
  338
  384
  431
  481
  534
  588
  645
  704
  766
  829
  896
  965
  1,036
  1,111
  1,188
  1,269
  1,353
  1,440
  1,531
  1,626
  1,725
  1,828
  1,936
  2,048
Earnings before tax, $m
  1,484
  1,866
  2,246
  2,654
  3,088
  3,548
  4,034
  4,544
  5,079
  5,639
  6,259
  6,868
  7,502
  8,162
  8,848
  9,561
  10,303
  11,075
  11,877
  12,713
  13,582
  14,487
  15,431
  16,414
  17,439
  18,509
  19,627
  20,793
  22,013
  23,287
Tax expense, $m
  401
  504
  607
  717
  834
  958
  1,089
  1,227
  1,371
  1,522
  1,690
  1,854
  2,026
  2,204
  2,389
  2,582
  2,782
  2,990
  3,207
  3,432
  3,667
  3,912
  4,166
  4,432
  4,709
  4,998
  5,299
  5,614
  5,943
  6,288
Net income, $m
  1,084
  1,362
  1,640
  1,938
  2,254
  2,590
  2,945
  3,317
  3,708
  4,116
  4,569
  5,014
  5,476
  5,958
  6,459
  6,980
  7,521
  8,085
  8,670
  9,280
  9,915
  10,576
  11,264
  11,982
  12,731
  13,512
  14,327
  15,179
  16,069
  17,000

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
  4,439
  5,125
  5,863
  6,652
  7,490
  8,378
  9,313
  10,296
  11,325
  12,400
  13,521
  14,690
  15,905
  17,170
  18,484
  19,849
  21,269
  22,744
  24,277
  25,871
  27,529
  29,255
  31,052
  32,924
  34,875
  36,909
  39,031
  41,246
  43,559
  45,975
Adjusted assets (=assets-cash), $m
  4,439
  5,125
  5,863
  6,652
  7,490
  8,378
  9,313
  10,296
  11,325
  12,400
  13,521
  14,690
  15,905
  17,170
  18,484
  19,849
  21,269
  22,744
  24,277
  25,871
  27,529
  29,255
  31,052
  32,924
  34,875
  36,909
  39,031
  41,246
  43,559
  45,975
Revenue / Adjusted assets
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
  0.914
Average production assets, $m
  738
  853
  975
  1,106
  1,246
  1,394
  1,549
  1,713
  1,884
  2,063
  2,249
  2,444
  2,646
  2,856
  3,075
  3,302
  3,538
  3,783
  4,038
  4,304
  4,579
  4,867
  5,165
  5,477
  5,801
  6,140
  6,493
  6,861
  7,246
  7,648
Working capital, $m
  682
  787
  900
  1,021
  1,150
  1,286
  1,430
  1,581
  1,739
  1,904
  2,076
  2,256
  2,442
  2,636
  2,838
  3,048
  3,266
  3,492
  3,728
  3,973
  4,227
  4,492
  4,768
  5,056
  5,355
  5,667
  5,993
  6,333
  6,689
  7,059
Total debt, $m
  2,720
  3,337
  4,001
  4,711
  5,466
  6,265
  7,106
  7,991
  8,917
  9,884
  10,894
  11,945
  13,039
  14,177
  15,360
  16,589
  17,866
  19,193
  20,573
  22,008
  23,501
  25,054
  26,671
  28,356
  30,112
  31,942
  33,852
  35,846
  37,927
  40,101
Total liabilities, $m
  3,996
  4,612
  5,276
  5,986
  6,741
  7,540
  8,382
  9,266
  10,192
  11,160
  12,169
  13,221
  14,315
  15,453
  16,635
  17,865
  19,142
  20,469
  21,849
  23,284
  24,776
  26,330
  27,947
  29,632
  31,387
  33,218
  35,128
  37,121
  39,203
  41,377
Total equity, $m
  444
  512
  586
  665
  749
  838
  931
  1,030
  1,132
  1,240
  1,352
  1,469
  1,591
  1,717
  1,848
  1,985
  2,127
  2,274
  2,428
  2,587
  2,753
  2,926
  3,105
  3,292
  3,487
  3,691
  3,903
  4,125
  4,356
  4,597
Total liabilities and equity, $m
  4,440
  5,124
  5,862
  6,651
  7,490
  8,378
  9,313
  10,296
  11,324
  12,400
  13,521
  14,690
  15,906
  17,170
  18,483
  19,850
  21,269
  22,743
  24,277
  25,871
  27,529
  29,256
  31,052
  32,924
  34,874
  36,909
  39,031
  41,246
  43,559
  45,974
Debt-to-equity ratio
  6.130
  6.510
  6.820
  7.080
  7.300
  7.480
  7.630
  7.760
  7.870
  7.970
  8.060
  8.130
  8.200
  8.260
  8.310
  8.360
  8.400
  8.440
  8.470
  8.510
  8.540
  8.560
  8.590
  8.610
  8.630
  8.650
  8.670
  8.690
  8.710
  8.720
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
  1,084
  1,362
  1,640
  1,938
  2,254
  2,590
  2,945
  3,317
  3,708
  4,116
  4,569
  5,014
  5,476
  5,958
  6,459
  6,980
  7,521
  8,085
  8,670
  9,280
  9,915
  10,576
  11,264
  11,982
  12,731
  13,512
  14,327
  15,179
  16,069
  17,000
Depreciation, amort., depletion, $m
  111
  122
  134
  147
  161
  176
  192
  208
  225
  243
  225
  244
  265
  286
  307
  330
  354
  378
  404
  430
  458
  487
  517
  548
  580
  614
  649
  686
  725
  765
Funds from operations, $m
  1,194
  1,484
  1,774
  2,085
  2,416
  2,767
  3,136
  3,525
  3,933
  4,359
  4,794
  5,258
  5,741
  6,244
  6,766
  7,310
  7,875
  8,463
  9,074
  9,711
  10,373
  11,062
  11,781
  12,530
  13,311
  14,126
  14,977
  15,865
  16,794
  17,764
Change in working capital, $m
  97
  105
  113
  121
  129
  136
  144
  151
  158
  165
  172
  179
  187
  194
  202
  210
  218
  226
  235
  245
  255
  265
  276
  287
  300
  312
  326
  340
  355
  371
Cash from operations, $m
  1,097
  1,379
  1,661
  1,964
  2,287
  2,630
  2,993
  3,374
  3,775
  4,194
  4,622
  5,079
  5,554
  6,050
  6,565
  7,100
  7,657
  8,236
  8,839
  9,466
  10,118
  10,797
  11,505
  12,242
  13,011
  13,814
  14,651
  15,525
  16,439
  17,393
Maintenance CAPEX, $m
  -63
  -74
  -85
  -98
  -111
  -125
  -139
  -155
  -171
  -188
  -206
  -225
  -244
  -265
  -286
  -307
  -330
  -354
  -378
  -404
  -430
  -458
  -487
  -517
  -548
  -580
  -614
  -649
  -686
  -725
New CAPEX, $m
  -104
  -114
  -123
  -131
  -140
  -148
  -156
  -163
  -171
  -179
  -187
  -194
  -202
  -210
  -219
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -299
  -311
  -325
  -338
  -353
  -368
  -385
  -402
Cash from investing activities, $m
  -167
  -188
  -208
  -229
  -251
  -273
  -295
  -318
  -342
  -367
  -393
  -419
  -446
  -475
  -505
  -534
  -566
  -599
  -633
  -669
  -706
  -745
  -786
  -828
  -873
  -918
  -967
  -1,017
  -1,071
  -1,127
Free cash flow, $m
  930
  1,191
  1,453
  1,735
  2,037
  2,358
  2,698
  3,056
  3,432
  3,827
  4,229
  4,659
  5,108
  5,575
  6,060
  6,566
  7,091
  7,637
  8,206
  8,797
  9,412
  10,052
  10,719
  11,414
  12,139
  12,895
  13,684
  14,508
  15,368
  16,267
Issuance/(repayment) of debt, $m
  39
  617
  664
  710
  755
  799
  842
  884
  926
  968
  1,009
  1,051
  1,094
  1,138
  1,183
  1,229
  1,277
  1,327
  1,380
  1,435
  1,493
  1,553
  1,617
  1,685
  1,756
  1,831
  1,910
  1,993
  2,081
  2,174
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  
  39
  617
  664
  710
  755
  799
  842
  884
  926
  968
  1,009
  1,051
  1,094
  1,138
  1,183
  1,229
  1,277
  1,327
  1,380
  1,435
  1,493
  1,553
  1,617
  1,685
  1,756
  1,831
  1,910
  1,993
  2,081
  2,174
Total cash flow (excl. dividends), $m
  969
  1,808
  2,117
  2,445
  2,792
  3,157
  3,540
  3,940
  4,359
  4,795
  5,239
  5,711
  6,202
  6,712
  7,243
  7,795
  8,368
  8,965
  9,585
  10,231
  10,904
  11,606
  12,337
  13,099
  13,895
  14,726
  15,594
  16,501
  17,449
  18,441
Retained Cash Flow (-), $m
  -592
  -69
  -74
  -79
  -84
  -89
  -94
  -98
  -103
  -108
  -112
  -117
  -122
  -126
  -131
  -137
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -187
  -195
  -203
  -212
  -221
  -231
  -242
Prev. year cash balance distribution, $m
  1,474
  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
  52
  61
  70
  80
  91
  103
  115
  128
  141
  155
  170
  185
  201
  218
  235
  253
  272
  292
  312
  333
  355
  377
  401
  426
  451
  478
  506
  535
  565
  597
Cash available for distribution, $m
  1,852
  1,739
  2,043
  2,366
  2,708
  3,068
  3,446
  3,842
  4,256
  4,687
  5,126
  5,594
  6,080
  6,586
  7,112
  7,658
  8,226
  8,817
  9,432
  10,072
  10,739
  11,433
  12,157
  12,912
  13,700
  14,522
  15,382
  16,279
  17,218
  18,200
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
  1,775
  1,592
  1,778
  1,948
  2,099
  2,227
  2,328
  2,401
  2,445
  2,457
  2,434
  2,387
  2,312
  2,211
  2,088
  1,946
  1,790
  1,624
  1,452
  1,280
  1,111
  949
  797
  658
  533
  424
  330
  252
  188
  137
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

KLA-Tencor Corporation (KLA-Tencor) is a supplier of process control and yield management solutions for the semiconductor and related nanoelectronics industries. The Company's products are also used in a number of other high technology industries, including the light emitting diode (LED) and data storage industries, as well as general materials research. Its products and services are used by bare wafer, integrated circuit (IC), lithography reticle (reticle or mask) and disk manufacturers around the world. The Company's inspection and metrology products and related offerings are categorized in various groups, including Chip Manufacturing, Wafer Manufacturing, Reticle Manufacturing, LED, Power Device and Compound Semiconductor Manufacturing, Data Storage Media/Head Manufacturing, Microelectromechanical Systems (MEMS) Manufacturing, and General Purpose/Lab Applications. It also provides refurbished KLA-Tencor tools as service and support for its products.

FINANCIAL RATIOS  of  KLA-Tencor (KLAC)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 4.8
Price to Book 12.6
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 16.1
Growth Rates
Sales Growth Rate 16.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.9%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 202.1%
Total Debt to Equity 221%
Interest Coverage 11
Management Effectiveness
Return On Assets 19.5%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 23.1%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity 91.9%
Return On Equity - 3 Yr. Avg. 78.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 63%
Gross Margin - 3 Yr. Avg. 60.4%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin 36.7%
Oper. Margin - 3 Yr. Avg. 29.2%
Pre-Tax Margin 33.7%
Pre-Tax Margin - 3 Yr. Avg. 26%
Net Profit Margin 26.6%
Net Profit Margin - 3 Yr. Avg. 21.1%
Effective Tax Rate 21.1%
Eff/ Tax Rate - 3 Yr. Avg. 18.2%
Payout Ratio 37.1%

KLAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KLAC stock intrinsic value calculation we used $3480 million for the last fiscal year's total revenue generated by KLA-Tencor. The default revenue input number comes from 2017 income statement of KLA-Tencor. 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 KLAC stock valuation model: a) initial revenue growth rate of 16.6% 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 KLAC is calculated based on our internal credit rating of KLA-Tencor, 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 KLA-Tencor.
    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 KLAC stock the variable cost ratio is equal to 36.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $933 million in the base year in the intrinsic value calculation for KLAC 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 KLA-Tencor.

Corporate tax rate of 27% is the nominal tax rate for KLA-Tencor. 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 KLAC stock is equal to 1.5%.

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 KLAC are equal to 18.2%.

Life of production assets of 10 years is the average useful life of capital assets used in KLA-Tencor 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 KLAC is equal to 16.8%. 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 - $1326 million for KLA-Tencor - 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 156 million for KLA-Tencor 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 KLA-Tencor at the current share price and the inputted number of shares is $16.7 billion.

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