Intrinsic value of LyondellBasell Industries NV - LYB

Previous Close

$85.07

  Intrinsic Value

$154.66

stock screener

  Rating & Target

str. buy

+82%

Previous close

$85.07

 
Intrinsic value

$154.66

 
Up/down potential

+82%

 
Rating

str. buy

We calculate the intrinsic value of LYB 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 31.6

 

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
  39,784
  40,699
  41,745
  42,919
  44,221
  45,648
  47,203
  48,886
  50,699
  52,644
  54,726
  56,947
  59,312
  61,825
  64,492
  67,318
  70,310
  73,474
  76,817
  80,346
  84,070
  87,998
  92,138
  96,500
  101,094
  105,931
  111,022
  116,379
  122,016
  127,944
Variable operating expenses, $m
  33,493
  34,257
  35,130
  36,110
  37,197
  38,388
  39,686
  41,091
  42,605
  44,229
  45,689
  47,544
  49,518
  51,616
  53,843
  56,202
  58,700
  61,341
  64,132
  67,079
  70,188
  73,467
  76,924
  80,565
  84,401
  88,439
  92,690
  97,162
  101,868
  106,817
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
  33,493
  34,257
  35,130
  36,110
  37,197
  38,388
  39,686
  41,091
  42,605
  44,229
  45,689
  47,544
  49,518
  51,616
  53,843
  56,202
  58,700
  61,341
  64,132
  67,079
  70,188
  73,467
  76,924
  80,565
  84,401
  88,439
  92,690
  97,162
  101,868
  106,817
Operating income, $m
  6,291
  6,443
  6,615
  6,809
  7,024
  7,260
  7,516
  7,794
  8,094
  8,415
  9,037
  9,403
  9,794
  10,209
  10,649
  11,116
  11,610
  12,132
  12,684
  13,267
  13,882
  14,531
  15,214
  15,935
  16,693
  17,492
  18,332
  19,217
  20,148
  21,127
EBITDA, $m
  7,748
  7,927
  8,130
  8,359
  8,612
  8,891
  9,193
  9,521
  9,874
  10,253
  10,658
  11,091
  11,552
  12,041
  12,561
  13,111
  13,694
  14,310
  14,961
  15,648
  16,374
  17,139
  17,945
  18,794
  19,689
  20,631
  21,623
  22,666
  23,764
  24,919
Interest expense (income), $m
  346
  507
  526
  549
  575
  604
  637
  672
  711
  753
  798
  847
  899
  954
  1,013
  1,076
  1,142
  1,213
  1,288
  1,367
  1,450
  1,538
  1,631
  1,729
  1,832
  1,941
  2,055
  2,176
  2,303
  2,437
  2,577
Earnings before tax, $m
  5,785
  5,916
  6,066
  6,234
  6,420
  6,623
  6,844
  7,083
  7,341
  7,617
  8,190
  8,505
  8,840
  9,196
  9,573
  9,973
  10,397
  10,845
  11,318
  11,817
  12,344
  12,900
  13,485
  14,102
  14,752
  15,436
  16,156
  16,914
  17,711
  18,549
Tax expense, $m
  1,562
  1,597
  1,638
  1,683
  1,733
  1,788
  1,848
  1,912
  1,982
  2,056
  2,211
  2,296
  2,387
  2,483
  2,585
  2,693
  2,807
  2,928
  3,056
  3,191
  3,333
  3,483
  3,641
  3,808
  3,983
  4,168
  4,362
  4,567
  4,782
  5,008
Net income, $m
  4,223
  4,319
  4,428
  4,551
  4,686
  4,835
  4,996
  5,171
  5,359
  5,560
  5,978
  6,208
  6,453
  6,713
  6,989
  7,281
  7,590
  7,917
  8,262
  8,627
  9,011
  9,417
  9,844
  10,295
  10,769
  11,269
  11,794
  12,347
  12,929
  13,541

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
  28,850
  29,513
  30,272
  31,124
  32,067
  33,102
  34,230
  35,450
  36,765
  38,176
  39,685
  41,296
  43,011
  44,833
  46,767
  48,817
  50,986
  53,280
  55,705
  58,264
  60,965
  63,813
  66,815
  69,978
  73,310
  76,817
  80,509
  84,394
  88,481
  92,780
Adjusted assets (=assets-cash), $m
  28,850
  29,513
  30,272
  31,124
  32,067
  33,102
  34,230
  35,450
  36,765
  38,176
  39,685
  41,296
  43,011
  44,833
  46,767
  48,817
  50,986
  53,280
  55,705
  58,264
  60,965
  63,813
  66,815
  69,978
  73,310
  76,817
  80,509
  84,394
  88,481
  92,780
Revenue / Adjusted assets
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
  1.379
Average production assets, $m
  12,970
  13,268
  13,609
  13,992
  14,416
  14,881
  15,388
  15,937
  16,528
  17,162
  17,841
  18,565
  19,336
  20,155
  21,024
  21,946
  22,921
  23,952
  25,042
  26,193
  27,407
  28,687
  30,037
  31,459
  32,957
  34,533
  36,193
  37,940
  39,777
  41,710
Working capital, $m
  4,734
  4,843
  4,968
  5,107
  5,262
  5,432
  5,617
  5,817
  6,033
  6,265
  6,512
  6,777
  7,058
  7,357
  7,675
  8,011
  8,367
  8,743
  9,141
  9,561
  10,004
  10,472
  10,964
  11,483
  12,030
  12,606
  13,212
  13,849
  14,520
  15,225
Total debt, $m
  9,743
  10,166
  10,649
  11,192
  11,793
  12,452
  13,170
  13,948
  14,785
  15,684
  16,645
  17,671
  18,764
  19,925
  21,157
  22,462
  23,844
  25,306
  26,850
  28,480
  30,201
  32,015
  33,927
  35,942
  38,064
  40,298
  42,650
  45,125
  47,729
  50,467
Total liabilities, $m
  18,377
  18,800
  19,283
  19,826
  20,427
  21,086
  21,804
  22,582
  23,419
  24,318
  25,279
  26,305
  27,398
  28,559
  29,791
  31,096
  32,478
  33,940
  35,484
  37,114
  38,835
  40,649
  42,561
  44,576
  46,698
  48,932
  51,284
  53,759
  56,363
  59,101
Total equity, $m
  10,473
  10,713
  10,989
  11,298
  11,640
  12,016
  12,425
  12,868
  13,346
  13,858
  14,406
  14,990
  15,613
  16,274
  16,977
  17,720
  18,508
  19,341
  20,221
  21,150
  22,130
  23,164
  24,254
  25,402
  26,611
  27,885
  29,225
  30,635
  32,119
  33,679
Total liabilities and equity, $m
  28,850
  29,513
  30,272
  31,124
  32,067
  33,102
  34,229
  35,450
  36,765
  38,176
  39,685
  41,295
  43,011
  44,833
  46,768
  48,816
  50,986
  53,281
  55,705
  58,264
  60,965
  63,813
  66,815
  69,978
  73,309
  76,817
  80,509
  84,394
  88,482
  92,780
Debt-to-equity ratio
  0.930
  0.950
  0.970
  0.990
  1.010
  1.040
  1.060
  1.080
  1.110
  1.130
  1.160
  1.180
  1.200
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.360
  1.380
  1.400
  1.410
  1.430
  1.450
  1.460
  1.470
  1.490
  1.500
Adjusted equity ratio
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,223
  4,319
  4,428
  4,551
  4,686
  4,835
  4,996
  5,171
  5,359
  5,560
  5,978
  6,208
  6,453
  6,713
  6,989
  7,281
  7,590
  7,917
  8,262
  8,627
  9,011
  9,417
  9,844
  10,295
  10,769
  11,269
  11,794
  12,347
  12,929
  13,541
Depreciation, amort., depletion, $m
  1,457
  1,484
  1,515
  1,550
  1,588
  1,631
  1,677
  1,727
  1,780
  1,838
  1,622
  1,688
  1,758
  1,832
  1,911
  1,995
  2,084
  2,177
  2,277
  2,381
  2,492
  2,608
  2,731
  2,860
  2,996
  3,139
  3,290
  3,449
  3,616
  3,792
Funds from operations, $m
  5,680
  5,803
  5,943
  6,101
  6,275
  6,466
  6,673
  6,897
  7,139
  7,398
  7,600
  7,896
  8,211
  8,545
  8,900
  9,276
  9,674
  10,094
  10,539
  11,008
  11,503
  12,025
  12,575
  13,155
  13,765
  14,408
  15,084
  15,796
  16,545
  17,333
Change in working capital, $m
  93
  109
  124
  140
  155
  170
  185
  200
  216
  232
  248
  264
  281
  299
  317
  336
  356
  376
  398
  420
  443
  467
  493
  519
  547
  576
  606
  638
  671
  705
Cash from operations, $m
  5,587
  5,694
  5,819
  5,961
  6,120
  6,296
  6,488
  6,697
  6,923
  7,167
  7,353
  7,632
  7,929
  8,246
  8,582
  8,939
  9,318
  9,718
  10,141
  10,588
  11,060
  11,557
  12,082
  12,636
  13,218
  13,832
  14,479
  15,159
  15,874
  16,627
Maintenance CAPEX, $m
  -1,156
  -1,179
  -1,206
  -1,237
  -1,272
  -1,311
  -1,353
  -1,399
  -1,449
  -1,503
  -1,560
  -1,622
  -1,688
  -1,758
  -1,832
  -1,911
  -1,995
  -2,084
  -2,177
  -2,277
  -2,381
  -2,492
  -2,608
  -2,731
  -2,860
  -2,996
  -3,139
  -3,290
  -3,449
  -3,616
New CAPEX, $m
  -253
  -298
  -341
  -383
  -424
  -465
  -507
  -549
  -591
  -634
  -679
  -724
  -771
  -819
  -869
  -921
  -975
  -1,031
  -1,090
  -1,151
  -1,214
  -1,280
  -1,350
  -1,422
  -1,498
  -1,577
  -1,660
  -1,747
  -1,837
  -1,933
Cash from investing activities, $m
  -1,409
  -1,477
  -1,547
  -1,620
  -1,696
  -1,776
  -1,860
  -1,948
  -2,040
  -2,137
  -2,239
  -2,346
  -2,459
  -2,577
  -2,701
  -2,832
  -2,970
  -3,115
  -3,267
  -3,428
  -3,595
  -3,772
  -3,958
  -4,153
  -4,358
  -4,573
  -4,799
  -5,037
  -5,286
  -5,549
Free cash flow, $m
  4,177
  4,217
  4,272
  4,341
  4,424
  4,520
  4,628
  4,750
  4,883
  5,030
  5,114
  5,286
  5,471
  5,669
  5,881
  6,107
  6,347
  6,603
  6,874
  7,161
  7,464
  7,786
  8,125
  8,483
  8,861
  9,259
  9,679
  10,122
  10,588
  11,079
Issuance/(repayment) of debt, $m
  356
  423
  483
  542
  601
  659
  718
  777
  837
  899
  962
  1,026
  1,092
  1,161
  1,232
  1,306
  1,382
  1,461
  1,544
  1,630
  1,720
  1,814
  1,912
  2,015
  2,122
  2,234
  2,352
  2,475
  2,604
  2,738
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  
  356
  423
  483
  542
  601
  659
  718
  777
  837
  899
  962
  1,026
  1,092
  1,161
  1,232
  1,306
  1,382
  1,461
  1,544
  1,630
  1,720
  1,814
  1,912
  2,015
  2,122
  2,234
  2,352
  2,475
  2,604
  2,738
Total cash flow (excl. dividends), $m
  4,534
  4,639
  4,755
  4,883
  5,025
  5,179
  5,346
  5,527
  5,721
  5,929
  6,075
  6,312
  6,563
  6,830
  7,113
  7,412
  7,729
  8,064
  8,418
  8,791
  9,185
  9,600
  10,037
  10,498
  10,983
  11,494
  12,031
  12,597
  13,192
  13,817
Retained Cash Flow (-), $m
  -216
  -241
  -275
  -309
  -343
  -376
  -409
  -443
  -477
  -512
  -548
  -585
  -623
  -662
  -702
  -744
  -788
  -833
  -880
  -929
  -980
  -1,034
  -1,090
  -1,148
  -1,209
  -1,273
  -1,340
  -1,410
  -1,484
  -1,561
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
  4,318
  4,399
  4,480
  4,574
  4,682
  4,803
  4,937
  5,084
  5,244
  5,416
  5,527
  5,727
  5,941
  6,168
  6,411
  6,668
  6,942
  7,231
  7,538
  7,862
  8,204
  8,566
  8,947
  9,350
  9,774
  10,221
  10,691
  11,186
  11,708
  12,257
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
  4,140
  4,027
  3,899
  3,767
  3,629
  3,486
  3,336
  3,178
  3,012
  2,840
  2,625
  2,444
  2,259
  2,071
  1,882
  1,695
  1,510
  1,332
  1,161
  999
  849
  711
  586
  476
  380
  298
  229
  173
  128
  92
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

LyondellBasell Industries N.V. is a chemical company. The Company operates in five segments: Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining and Technology. The O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene. The O&P-EAI segment produces and markets olefins and co-products, polyethylene and polypropylene. The I&D segment produces and markets propylene oxide (PO) and its derivatives, oxyfuels and related products, and intermediate chemicals, such as styrene monomer (SM), acetyls and ethylene oxides. The primary product of the Refining segment is refined products made from sulfur crude oil and other crude oils of various types and sources available on the United States Gulf Coast. The Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.

FINANCIAL RATIOS  of  LyondellBasell Industries NV (LYB)

Valuation Ratios
P/E Ratio 9
Price to Sales 1.2
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate -10.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.8%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 138.6%
Total Debt to Equity 148.5%
Interest Coverage 16
Management Effectiveness
Return On Assets 17.7%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 25.9%
Ret/ On T. Cap. - 3 Yr. Avg. 26.9%
Return On Equity 60.9%
Return On Equity - 3 Yr. Avg. 53.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 20.6%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 16.5%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 36.4%

LYB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LYB stock intrinsic value calculation we used $39004 million for the last fiscal year's total revenue generated by LyondellBasell Industries NV. The default revenue input number comes from 0001 income statement of LyondellBasell Industries NV. 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 LYB 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 4.3%, whose default value for LYB is calculated based on our internal credit rating of LyondellBasell Industries NV, 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 LyondellBasell Industries NV.
    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 LYB stock the variable cost ratio is equal to 84.2%.

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 LYB 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 LyondellBasell Industries NV.

Corporate tax rate of 27% is the nominal tax rate for LyondellBasell Industries NV. 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 LYB 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 LYB are equal to 32.6%.

Life of production assets of 11 years is the average useful life of capital assets used in LyondellBasell Industries NV 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 LYB is equal to 11.9%. 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 - $10257 million for LyondellBasell Industries NV - 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 371.149 million for LyondellBasell Industries NV 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 LyondellBasell Industries NV at the current share price and the inputted number of shares is $31.6 billion.

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