Intrinsic value of Liberty Global plc - LBTYA

Previous Close

$26.04

  Intrinsic Value

$10.73

stock screener

  Rating & Target

str. sell

-59%

Previous close

$26.04

 
Intrinsic value

$10.73

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of LBTYA 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 19.3

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  12,197
  12,478
  12,798
  13,158
  13,557
  13,995
  14,472
  14,988
  15,543
  16,140
  16,778
  17,459
  18,184
  18,955
  19,772
  20,639
  21,556
  22,526
  23,551
  24,633
  25,775
  26,979
  28,248
  29,585
  30,994
  32,477
  34,038
  35,680
  37,408
  39,226
Variable operating expenses, $m
  11,316
  11,545
  11,806
  12,100
  12,425
  12,782
  13,170
  13,591
  14,044
  14,530
  13,679
  14,234
  14,825
  15,454
  16,120
  16,827
  17,575
  18,365
  19,201
  20,083
  21,014
  21,996
  23,031
  24,121
  25,269
  26,478
  27,751
  29,090
  30,499
  31,981
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
  11,316
  11,545
  11,806
  12,100
  12,425
  12,782
  13,170
  13,591
  14,044
  14,530
  13,679
  14,234
  14,825
  15,454
  16,120
  16,827
  17,575
  18,365
  19,201
  20,083
  21,014
  21,996
  23,031
  24,121
  25,269
  26,478
  27,751
  29,090
  30,499
  31,981
Operating income, $m
  881
  933
  992
  1,059
  1,132
  1,213
  1,301
  1,397
  1,499
  1,609
  3,099
  3,225
  3,359
  3,501
  3,652
  3,812
  3,981
  4,161
  4,350
  4,550
  4,761
  4,983
  5,217
  5,464
  5,725
  5,998
  6,287
  6,590
  6,909
  7,245
EBITDA, $m
  5,192
  5,311
  5,448
  5,601
  5,771
  5,957
  6,160
  6,380
  6,616
  6,870
  7,142
  7,432
  7,740
  8,068
  8,416
  8,785
  9,176
  9,588
  10,025
  10,485
  10,971
  11,484
  12,024
  12,593
  13,193
  13,824
  14,488
  15,188
  15,923
  16,697
Interest expense (income), $m
  0
  1,609
  1,627
  1,687
  1,756
  1,834
  1,920
  2,015
  2,118
  2,229
  2,349
  2,478
  2,616
  2,763
  2,920
  3,086
  3,263
  3,450
  3,648
  3,858
  4,079
  4,313
  4,559
  4,819
  5,094
  5,382
  5,687
  6,007
  6,344
  6,699
  7,072
Earnings before tax, $m
  -728
  -694
  -695
  -698
  -702
  -707
  -714
  -721
  -730
  -740
  621
  609
  595
  581
  566
  549
  531
  512
  492
  471
  448
  424
  398
  371
  342
  312
  280
  246
  210
  173
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  168
  164
  161
  157
  153
  148
  143
  138
  133
  127
  121
  114
  107
  100
  92
  84
  76
  66
  57
  47
Net income, $m
  -728
  -694
  -695
  -698
  -702
  -707
  -714
  -721
  -730
  -740
  453
  444
  435
  424
  413
  401
  388
  374
  359
  344
  327
  309
  291
  271
  250
  228
  204
  180
  154
  126

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
  54,210
  55,456
  56,882
  58,482
  60,255
  62,200
  64,318
  66,611
  69,082
  71,733
  74,569
  77,596
  80,818
  84,243
  87,877
  91,728
  95,804
  100,115
  104,670
  109,479
  114,554
  119,906
  125,547
  131,490
  137,750
  144,341
  151,278
  158,578
  166,258
  174,336
Adjusted assets (=assets-cash), $m
  54,210
  55,456
  56,882
  58,482
  60,255
  62,200
  64,318
  66,611
  69,082
  71,733
  74,569
  77,596
  80,818
  84,243
  87,877
  91,728
  95,804
  100,115
  104,670
  109,479
  114,554
  119,906
  125,547
  131,490
  137,750
  144,341
  151,278
  158,578
  166,258
  174,336
Revenue / Adjusted assets
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
Average production assets, $m
  21,455
  21,948
  22,512
  23,146
  23,847
  24,617
  25,456
  26,363
  27,341
  28,390
  29,513
  30,710
  31,986
  33,341
  34,779
  36,304
  37,917
  39,623
  41,426
  43,329
  45,338
  47,456
  49,688
  52,041
  54,518
  57,126
  59,872
  62,761
  65,801
  68,998
Working capital, $m
  -4,513
  -4,617
  -4,735
  -4,869
  -5,016
  -5,178
  -5,355
  -5,545
  -5,751
  -5,972
  -6,208
  -6,460
  -6,728
  -7,013
  -7,316
  -7,636
  -7,976
  -8,335
  -8,714
  -9,114
  -9,537
  -9,982
  -10,452
  -10,947
  -11,468
  -12,016
  -12,594
  -13,202
  -13,841
  -14,513
Total debt, $m
  30,122
  31,244
  32,526
  33,967
  35,562
  37,313
  39,220
  41,283
  43,507
  45,893
  48,445
  51,169
  54,069
  57,151
  60,422
  63,888
  67,557
  71,436
  75,536
  79,864
  84,432
  89,248
  94,325
  99,674
  105,308
  111,240
  117,483
  124,053
  130,965
  138,235
Total liabilities, $m
  48,789
  49,911
  51,193
  52,634
  54,229
  55,980
  57,887
  59,950
  62,174
  64,560
  67,112
  69,836
  72,736
  75,818
  79,089
  82,555
  86,224
  90,103
  94,203
  98,531
  103,099
  107,915
  112,992
  118,341
  123,975
  129,907
  136,150
  142,720
  149,632
  156,902
Total equity, $m
  5,421
  5,546
  5,688
  5,848
  6,025
  6,220
  6,432
  6,661
  6,908
  7,173
  7,457
  7,760
  8,082
  8,424
  8,788
  9,173
  9,580
  10,011
  10,467
  10,948
  11,455
  11,991
  12,555
  13,149
  13,775
  14,434
  15,128
  15,858
  16,626
  17,434
Total liabilities and equity, $m
  54,210
  55,457
  56,881
  58,482
  60,254
  62,200
  64,319
  66,611
  69,082
  71,733
  74,569
  77,596
  80,818
  84,242
  87,877
  91,728
  95,804
  100,114
  104,670
  109,479
  114,554
  119,906
  125,547
  131,490
  137,750
  144,341
  151,278
  158,578
  166,258
  174,336
Debt-to-equity ratio
  5.560
  5.630
  5.720
  5.810
  5.900
  6.000
  6.100
  6.200
  6.300
  6.400
  6.500
  6.590
  6.690
  6.780
  6.880
  6.960
  7.050
  7.140
  7.220
  7.290
  7.370
  7.440
  7.510
  7.580
  7.640
  7.710
  7.770
  7.820
  7.880
  7.930
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
  -728
  -694
  -695
  -698
  -702
  -707
  -714
  -721
  -730
  -740
  453
  444
  435
  424
  413
  401
  388
  374
  359
  344
  327
  309
  291
  271
  250
  228
  204
  180
  154
  126
Depreciation, amort., depletion, $m
  4,311
  4,378
  4,455
  4,542
  4,638
  4,744
  4,859
  4,983
  5,117
  5,261
  4,043
  4,207
  4,382
  4,567
  4,764
  4,973
  5,194
  5,428
  5,675
  5,935
  6,211
  6,501
  6,807
  7,129
  7,468
  7,826
  8,202
  8,597
  9,014
  9,452
Funds from operations, $m
  3,582
  3,685
  3,761
  3,845
  3,937
  4,037
  4,145
  4,262
  4,387
  4,521
  4,496
  4,651
  4,816
  4,992
  5,177
  5,374
  5,582
  5,802
  6,034
  6,279
  6,538
  6,810
  7,097
  7,400
  7,718
  8,053
  8,406
  8,777
  9,167
  9,578
Change in working capital, $m
  -88
  -104
  -119
  -133
  -148
  -162
  -176
  -191
  -206
  -221
  -236
  -252
  -268
  -285
  -303
  -321
  -339
  -359
  -379
  -400
  -422
  -446
  -470
  -495
  -521
  -549
  -578
  -608
  -639
  -672
Cash from operations, $m
  3,671
  3,788
  3,879
  3,978
  4,084
  4,199
  4,321
  4,453
  4,593
  4,741
  4,732
  4,903
  5,085
  5,277
  5,480
  5,695
  5,921
  6,161
  6,413
  6,680
  6,960
  7,256
  7,567
  7,894
  8,239
  8,602
  8,983
  9,385
  9,807
  10,250
Maintenance CAPEX, $m
  -2,881
  -2,939
  -3,007
  -3,084
  -3,171
  -3,267
  -3,372
  -3,487
  -3,611
  -3,745
  -3,889
  -4,043
  -4,207
  -4,382
  -4,567
  -4,764
  -4,973
  -5,194
  -5,428
  -5,675
  -5,935
  -6,211
  -6,501
  -6,807
  -7,129
  -7,468
  -7,826
  -8,202
  -8,597
  -9,014
New CAPEX, $m
  -423
  -493
  -564
  -633
  -702
  -770
  -838
  -908
  -978
  -1,049
  -1,123
  -1,198
  -1,275
  -1,355
  -1,438
  -1,524
  -1,613
  -1,706
  -1,803
  -1,903
  -2,008
  -2,118
  -2,233
  -2,352
  -2,477
  -2,608
  -2,746
  -2,889
  -3,040
  -3,197
Cash from investing activities, $m
  -3,304
  -3,432
  -3,571
  -3,717
  -3,873
  -4,037
  -4,210
  -4,395
  -4,589
  -4,794
  -5,012
  -5,241
  -5,482
  -5,737
  -6,005
  -6,288
  -6,586
  -6,900
  -7,231
  -7,578
  -7,943
  -8,329
  -8,734
  -9,159
  -9,606
  -10,076
  -10,572
  -11,091
  -11,637
  -12,211
Free cash flow, $m
  366
  356
  309
  261
  212
  162
  111
  58
  3
  -53
  -280
  -337
  -398
  -460
  -526
  -594
  -665
  -739
  -817
  -899
  -984
  -1,073
  -1,167
  -1,265
  -1,367
  -1,475
  -1,588
  -1,706
  -1,830
  -1,960
Issuance/(repayment) of debt, $m
  316
  1,122
  1,283
  1,440
  1,596
  1,751
  1,906
  2,064
  2,223
  2,386
  2,553
  2,724
  2,900
  3,082
  3,271
  3,466
  3,669
  3,880
  4,099
  4,328
  4,567
  4,816
  5,077
  5,349
  5,634
  5,932
  6,244
  6,570
  6,912
  7,270
Issuance/(repurchase) of shares, $m
  1,468
  818
  837
  858
  879
  902
  925
  951
  977
  1,005
  0
  0
  0
  0
  0
  0
  20
  57
  96
  137
  180
  226
  274
  324
  376
  431
  489
  550
  614
  682
Cash from financing (excl. dividends), $m  
  1,784
  1,940
  2,120
  2,298
  2,475
  2,653
  2,831
  3,015
  3,200
  3,391
  2,553
  2,724
  2,900
  3,082
  3,271
  3,466
  3,689
  3,937
  4,195
  4,465
  4,747
  5,042
  5,351
  5,673
  6,010
  6,363
  6,733
  7,120
  7,526
  7,952
Total cash flow (excl. dividends), $m
  2,151
  2,296
  2,429
  2,558
  2,687
  2,814
  2,943
  3,072
  3,204
  3,338
  2,273
  2,386
  2,502
  2,622
  2,745
  2,872
  3,023
  3,197
  3,378
  3,567
  3,764
  3,969
  4,184
  4,408
  4,643
  4,888
  5,145
  5,414
  5,696
  5,991
Retained Cash Flow (-), $m
  -1,468
  -818
  -837
  -858
  -879
  -902
  -925
  -951
  -977
  -1,005
  -284
  -303
  -322
  -342
  -363
  -385
  -408
  -431
  -455
  -481
  -507
  -535
  -564
  -594
  -626
  -659
  -694
  -730
  -768
  -808
Prev. year cash balance distribution, $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 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
  683
  1,478
  1,591
  1,701
  1,808
  1,913
  2,017
  2,122
  2,227
  2,333
  1,990
  2,084
  2,180
  2,279
  2,382
  2,487
  2,616
  2,766
  2,923
  3,086
  3,256
  3,434
  3,620
  3,814
  4,017
  4,229
  4,452
  4,684
  4,928
  5,184
Discount rate, %
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
  43.22
PV of cash for distribution, $m
  618
  1,199
  1,146
  1,075
  991
  899
  803
  705
  608
  516
  350
  287
  231
  182
  140
  106
  78
  57
  40
  28
  19
  12
  8
  5
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  92.9
  89.7
  86.5
  83.5
  80.5
  77.7
  75.0
  72.4
  69.9
  67.5
  67.5
  67.5
  67.5
  67.5
  67.5
  67.5
  67.5
  67.4
  67.3
  67.0
  66.8
  66.5
  66.1
  65.7
  65.2
  64.7
  64.2
  63.7
  63.1
  62.4

Liberty Global plc, together with its subsidiaries, provides video, broadband Internet, fixed-line telephony, mobile, and other communications services to residential customers and businesses internationally. It offers video services, including digital video programming and audio services starting with a basic video service, video-on-demand, electronic programming guide, various premium channel packages, digital video recorders, various mobile applications, set-top boxes, and pay-per-view programming. The company provides entertainment, sports, movies, documentaries, lifestyles, news, adult, children, and ethnic and foreign channels. It also offers Wi-Fi and Internet services, such as email, address book, and parental controls; security; online storage solutions and Web spaces; and Connect Box, a connectivity device that delivers in-home Wi-Fi coverage. In addition, the company provides multi-featured and circuit-switched telephony services; and mobile services comprising voice, short message service, and Internet access. Further, it offers voice, broadband Internet, data, video, wireless, and cloud services to small or home offices, small businesses, and medium and large enterprises, as well as on a wholesale basis to other operators. Liberty Global plc was founded in 2004 and is based in London, the United Kingdom.

FINANCIAL RATIOS  of  Liberty Global plc (LBTYA)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

LBTYA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LBTYA stock intrinsic value calculation we used $11958 million for the last fiscal year's total revenue generated by Liberty Global plc. The default revenue input number comes from 0001 income statement of Liberty Global plc. 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 LBTYA stock valuation model: a) initial revenue growth rate of 2% 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 10.5%, whose default value for LBTYA is calculated based on our internal credit rating of Liberty Global plc, 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 Liberty Global plc.
    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 LBTYA stock the variable cost ratio is equal to 93%.

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 LBTYA 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 Liberty Global plc.

Corporate tax rate of 27% is the nominal tax rate for Liberty Global plc. 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 LBTYA 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 LBTYA are equal to 175.9%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Liberty Global plc 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 LBTYA is equal to -37%. 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 - $4681.4 million for Liberty Global plc - 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 742.221 million for Liberty Global plc 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 Liberty Global plc at the current share price and the inputted number of shares is $19.3 billion.

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