Intrinsic value of Liberty TripAdvisor Holdings, Inc. - LTRPA

Previous Close

$11.89

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$11.89

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of LTRPA 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 0.9

 

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, %
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  1,741
  1,872
  2,008
  2,149
  2,296
  2,449
  2,608
  2,773
  2,945
  3,125
  3,311
  3,506
  3,709
  3,921
  4,142
  4,373
  4,614
  4,867
  5,130
  5,406
  5,695
  5,997
  6,314
  6,645
  6,992
  7,356
  7,737
  8,136
  8,555
  8,994
Variable operating expenses, $m
  3,698
  3,946
  4,203
  4,471
  4,749
  5,038
  5,339
  5,652
  5,978
  6,317
  6,269
  6,637
  7,021
  7,422
  7,841
  8,278
  8,735
  9,213
  9,712
  10,235
  10,781
  11,353
  11,952
  12,579
  13,237
  13,925
  14,646
  15,403
  16,195
  17,026
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
  3,698
  3,946
  4,203
  4,471
  4,749
  5,038
  5,339
  5,652
  5,978
  6,317
  6,269
  6,637
  7,021
  7,422
  7,841
  8,278
  8,735
  9,213
  9,712
  10,235
  10,781
  11,353
  11,952
  12,579
  13,237
  13,925
  14,646
  15,403
  16,195
  17,026
Operating income, $m
  -1,957
  -2,074
  -2,195
  -2,322
  -2,453
  -2,589
  -2,731
  -2,879
  -3,032
  -3,193
  -2,957
  -3,131
  -3,312
  -3,502
  -3,699
  -3,905
  -4,121
  -4,346
  -4,582
  -4,828
  -5,086
  -5,356
  -5,639
  -5,935
  -6,244
  -6,569
  -6,910
  -7,266
  -7,640
  -8,032
EBITDA, $m
  -1,465
  -1,576
  -1,690
  -1,809
  -1,933
  -2,061
  -2,195
  -2,334
  -2,479
  -2,630
  -2,787
  -2,951
  -3,122
  -3,300
  -3,486
  -3,681
  -3,884
  -4,096
  -4,318
  -4,551
  -4,794
  -5,048
  -5,314
  -5,593
  -5,885
  -6,191
  -6,512
  -6,848
  -7,201
  -7,570
Interest expense (income), $m
  10
  26
  33
  52
  73
  94
  116
  138
  162
  186
  212
  239
  266
  295
  325
  357
  390
  424
  460
  498
  537
  578
  621
  666
  713
  762
  813
  867
  924
  983
  1,046
Earnings before tax, $m
  -1,983
  -2,107
  -2,248
  -2,394
  -2,546
  -2,705
  -2,869
  -3,041
  -3,219
  -3,404
  -3,196
  -3,397
  -3,608
  -3,827
  -4,056
  -4,295
  -4,545
  -4,806
  -5,079
  -5,365
  -5,664
  -5,977
  -6,304
  -6,647
  -7,006
  -7,383
  -7,777
  -8,190
  -8,624
  -9,078
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
  -1,983
  -2,107
  -2,248
  -2,394
  -2,546
  -2,705
  -2,869
  -3,041
  -3,219
  -3,404
  -3,196
  -3,397
  -3,608
  -3,827
  -4,056
  -4,295
  -4,545
  -4,806
  -5,079
  -5,365
  -5,664
  -5,977
  -6,304
  -6,647
  -7,006
  -7,383
  -7,777
  -8,190
  -8,624
  -9,078

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
  5,324
  5,724
  6,140
  6,573
  7,022
  7,489
  7,975
  8,481
  9,007
  9,555
  10,126
  10,722
  11,343
  11,990
  12,667
  13,373
  14,111
  14,883
  15,689
  16,533
  17,416
  18,340
  19,308
  20,321
  21,382
  22,495
  23,660
  24,881
  26,162
  27,505
Adjusted assets (=assets-cash), $m
  5,324
  5,724
  6,140
  6,573
  7,022
  7,489
  7,975
  8,481
  9,007
  9,555
  10,126
  10,722
  11,343
  11,990
  12,667
  13,373
  14,111
  14,883
  15,689
  16,533
  17,416
  18,340
  19,308
  20,321
  21,382
  22,495
  23,660
  24,881
  26,162
  27,505
Revenue / Adjusted assets
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
Average production assets, $m
  2,361
  2,538
  2,723
  2,914
  3,114
  3,321
  3,536
  3,761
  3,994
  4,237
  4,490
  4,754
  5,029
  5,317
  5,617
  5,930
  6,257
  6,599
  6,957
  7,331
  7,722
  8,132
  8,561
  9,011
  9,481
  9,974
  10,491
  11,033
  11,601
  12,196
Working capital, $m
  -143
  -153
  -165
  -176
  -188
  -201
  -214
  -227
  -242
  -256
  -272
  -287
  -304
  -322
  -340
  -359
  -378
  -399
  -421
  -443
  -467
  -492
  -518
  -545
  -573
  -603
  -634
  -667
  -702
  -738
Total debt, $m
  611
  971
  1,345
  1,735
  2,139
  2,560
  2,997
  3,452
  3,926
  4,419
  4,933
  5,468
  6,027
  6,610
  7,219
  7,855
  8,519
  9,213
  9,939
  10,699
  11,493
  12,325
  13,196
  14,108
  15,063
  16,064
  17,113
  18,212
  19,365
  20,573
Total liabilities, $m
  4,792
  5,152
  5,526
  5,916
  6,320
  6,741
  7,178
  7,633
  8,107
  8,600
  9,114
  9,649
  10,208
  10,791
  11,400
  12,036
  12,700
  13,394
  14,120
  14,880
  15,674
  16,506
  17,377
  18,289
  19,244
  20,245
  21,294
  22,393
  23,546
  24,754
Total equity, $m
  532
  572
  614
  657
  702
  749
  798
  848
  901
  956
  1,013
  1,072
  1,134
  1,199
  1,267
  1,337
  1,411
  1,488
  1,569
  1,653
  1,742
  1,834
  1,931
  2,032
  2,138
  2,249
  2,366
  2,488
  2,616
  2,750
Total liabilities and equity, $m
  5,324
  5,724
  6,140
  6,573
  7,022
  7,490
  7,976
  8,481
  9,008
  9,556
  10,127
  10,721
  11,342
  11,990
  12,667
  13,373
  14,111
  14,882
  15,689
  16,533
  17,416
  18,340
  19,308
  20,321
  21,382
  22,494
  23,660
  24,881
  26,162
  27,504
Debt-to-equity ratio
  1.150
  1.700
  2.190
  2.640
  3.050
  3.420
  3.760
  4.070
  4.360
  4.620
  4.870
  5.100
  5.310
  5.510
  5.700
  5.870
  6.040
  6.190
  6.340
  6.470
  6.600
  6.720
  6.830
  6.940
  7.040
  7.140
  7.230
  7.320
  7.400
  7.480
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
  -1,983
  -2,107
  -2,248
  -2,394
  -2,546
  -2,705
  -2,869
  -3,041
  -3,219
  -3,404
  -3,196
  -3,397
  -3,608
  -3,827
  -4,056
  -4,295
  -4,545
  -4,806
  -5,079
  -5,365
  -5,664
  -5,977
  -6,304
  -6,647
  -7,006
  -7,383
  -7,777
  -8,190
  -8,624
  -9,078
Depreciation, amort., depletion, $m
  491
  498
  505
  512
  520
  528
  536
  544
  553
  562
  170
  180
  191
  201
  213
  225
  237
  250
  264
  278
  293
  308
  324
  341
  359
  378
  397
  418
  439
  462
Funds from operations, $m
  -1,492
  -1,609
  -1,743
  -1,882
  -2,026
  -2,177
  -2,333
  -2,496
  -2,666
  -2,842
  -3,026
  -3,217
  -3,417
  -3,626
  -3,843
  -4,071
  -4,308
  -4,556
  -4,816
  -5,087
  -5,371
  -5,669
  -5,980
  -6,306
  -6,647
  -7,005
  -7,380
  -7,773
  -8,184
  -8,616
Change in working capital, $m
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
Cash from operations, $m
  -1,481
  -1,598
  -1,731
  -1,870
  -2,014
  -2,164
  -2,320
  -2,483
  -2,651
  -2,827
  -3,011
  -3,201
  -3,401
  -3,608
  -3,825
  -4,052
  -4,288
  -4,536
  -4,794
  -5,065
  -5,348
  -5,644
  -5,954
  -6,279
  -6,619
  -6,975
  -7,348
  -7,740
  -8,150
  -8,580
Maintenance CAPEX, $m
  -83
  -89
  -96
  -103
  -110
  -118
  -126
  -134
  -142
  -151
  -160
  -170
  -180
  -191
  -201
  -213
  -225
  -237
  -250
  -264
  -278
  -293
  -308
  -324
  -341
  -359
  -378
  -397
  -418
  -439
New CAPEX, $m
  -172
  -178
  -184
  -192
  -199
  -207
  -215
  -224
  -233
  -243
  -253
  -264
  -275
  -287
  -300
  -313
  -327
  -342
  -358
  -374
  -392
  -410
  -429
  -449
  -471
  -493
  -517
  -542
  -568
  -595
Cash from investing activities, $m
  -255
  -267
  -280
  -295
  -309
  -325
  -341
  -358
  -375
  -394
  -413
  -434
  -455
  -478
  -501
  -526
  -552
  -579
  -608
  -638
  -670
  -703
  -737
  -773
  -812
  -852
  -895
  -939
  -986
  -1,034
Free cash flow, $m
  -1,736
  -1,865
  -2,012
  -2,165
  -2,324
  -2,490
  -2,662
  -2,841
  -3,027
  -3,222
  -3,424
  -3,635
  -3,856
  -4,086
  -4,327
  -4,578
  -4,840
  -5,115
  -5,402
  -5,702
  -6,017
  -6,346
  -6,691
  -7,052
  -7,431
  -7,827
  -8,243
  -8,679
  -9,136
  -9,615
Issuance/(repayment) of debt, $m
  124
  360
  374
  389
  404
  420
  437
  455
  474
  493
  514
  536
  559
  583
  609
  636
  664
  694
  726
  759
  795
  832
  871
  912
  955
  1,001
  1,049
  1,099
  1,152
  1,208
Issuance/(repurchase) of shares, $m
  2,239
  2,147
  2,289
  2,437
  2,591
  2,751
  2,918
  3,091
  3,271
  3,459
  3,253
  3,457
  3,670
  3,892
  4,124
  4,366
  4,619
  4,883
  5,160
  5,449
  5,752
  6,069
  6,401
  6,748
  7,112
  7,494
  7,894
  8,313
  8,752
  9,212
Cash from financing (excl. dividends), $m  
  2,363
  2,507
  2,663
  2,826
  2,995
  3,171
  3,355
  3,546
  3,745
  3,952
  3,767
  3,993
  4,229
  4,475
  4,733
  5,002
  5,283
  5,577
  5,886
  6,208
  6,547
  6,901
  7,272
  7,660
  8,067
  8,495
  8,943
  9,412
  9,904
  10,420
Total cash flow (excl. dividends), $m
  626
  642
  652
  662
  672
  682
  694
  705
  718
  731
  343
  357
  373
  389
  406
  424
  443
  463
  484
  506
  530
  555
  581
  608
  637
  667
  699
  733
  769
  806
Retained Cash Flow (-), $m
  -2,239
  -2,147
  -2,289
  -2,437
  -2,591
  -2,751
  -2,918
  -3,091
  -3,271
  -3,459
  -3,253
  -3,457
  -3,670
  -3,892
  -4,124
  -4,366
  -4,619
  -4,883
  -5,160
  -5,449
  -5,752
  -6,069
  -6,401
  -6,748
  -7,112
  -7,494
  -7,894
  -8,313
  -8,752
  -9,212
Prev. year cash balance distribution, $m
  59
  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
  -1,553
  -1,504
  -1,638
  -1,776
  -1,920
  -2,069
  -2,224
  -2,386
  -2,554
  -2,728
  -2,910
  -3,100
  -3,297
  -3,503
  -3,718
  -3,942
  -4,176
  -4,420
  -4,676
  -4,943
  -5,222
  -5,514
  -5,820
  -6,140
  -6,475
  -6,826
  -7,194
  -7,579
  -7,983
  -8,407
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
  -1,489
  -1,377
  -1,425
  -1,462
  -1,488
  -1,502
  -1,503
  -1,491
  -1,467
  -1,430
  -1,382
  -1,323
  -1,254
  -1,176
  -1,091
  -1,002
  -909
  -814
  -720
  -628
  -540
  -458
  -381
  -313
  -252
  -199
  -154
  -117
  -87
  -63
Current shareholders' claim on cash, %
  24.7
  9.8
  3.9
  1.6
  0.6
  0.3
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Liberty TripAdvisor Holdings, Inc. is a holding company. Through its interests in subsidiaries and other companies, the Company is primarily engaged in the online travel research and online commerce industries. The Company's subsidiaries include TripAdvisor, Inc. (TripAdvisor), which owns and operates a portfolio of online travel brands, and BuySeasons, Inc., which owns and operates BuyCostumes.com and the Celebrate Express (BuySeasons) family of Websites. TripAdvisor is a travel site focusing on helping people around the world to plan and book a trip. TripAdvisor manages its business in two segments: Hotel, including click-based advertising, display-based advertising and subscription-based advertising, and Non-Hotel, including its attractions, restaurants and vacation rental businesses. BuySeasons is an online retailer and supplier of costumes, accessories, seasonal decor and party supplies.

FINANCIAL RATIOS  of  Liberty TripAdvisor Holdings, Inc. (LTRPA)

Valuation Ratios
P/E Ratio 42.5
Price to Sales 0.6
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow 3.9
Growth Rates
Sales Growth Rate -2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.8%
Cap. Spend. - 3 Yr. Gr. Rate 4%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 69.1%
Total Debt to Equity 79.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital 1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. -1.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 31.7%
EBITDA Margin 18.1%
EBITDA Margin - 3 Yr. Avg. 20.8%
Operating Margin 1.5%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. -0.9%
Effective Tax Rate -2.2%
Eff/ Tax Rate - 3 Yr. Avg. -57.5%
Payout Ratio 0%

LTRPA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LTRPA stock intrinsic value calculation we used $1615 million for the last fiscal year's total revenue generated by Liberty TripAdvisor Holdings, Inc.. The default revenue input number comes from 0001 income statement of Liberty TripAdvisor Holdings, Inc.. 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 LTRPA stock valuation model: a) initial revenue growth rate of 7.8% 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 LTRPA is calculated based on our internal credit rating of Liberty TripAdvisor Holdings, Inc., 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 TripAdvisor Holdings, Inc..
    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 LTRPA stock the variable cost ratio is equal to 214.2%.

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 LTRPA 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 TripAdvisor Holdings, Inc..

Corporate tax rate of 27% is the nominal tax rate for Liberty TripAdvisor Holdings, Inc.. 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 LTRPA 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 LTRPA are equal to 135.6%.

Life of production assets of 26.4 years is the average useful life of capital assets used in Liberty TripAdvisor Holdings, Inc. 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 LTRPA is equal to -8.2%. 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 - $336 million for Liberty TripAdvisor Holdings, Inc. - 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 74.912 million for Liberty TripAdvisor Holdings, Inc. 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 TripAdvisor Holdings, Inc. at the current share price and the inputted number of shares is $0.9 billion.

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