Intrinsic value of Live Nation Entertainment, Inc. - LYV

Previous Close

$62.95

  Intrinsic Value

$140.14

stock screener

  Rating & Target

str. buy

+123%

Previous close

$62.95

 
Intrinsic value

$140.14

 
Up/down potential

+123%

 
Rating

str. buy

We calculate the intrinsic value of LYV 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 13.3

 

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, %
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  12,093
  13,471
  14,919
  16,437
  18,025
  19,682
  21,408
  23,206
  25,075
  27,019
  29,039
  31,138
  33,319
  35,586
  37,943
  40,395
  42,946
  45,602
  48,368
  51,251
  54,256
  57,390
  60,661
  64,075
  67,642
  71,369
  75,265
  79,339
  83,601
  88,060
Variable operating expenses, $m
  10,196
  11,325
  12,512
  13,756
  15,058
  16,415
  17,831
  19,304
  20,836
  22,429
  23,799
  25,519
  27,307
  29,165
  31,097
  33,106
  35,197
  37,374
  39,641
  42,003
  44,465
  47,034
  49,715
  52,513
  55,436
  58,491
  61,684
  65,022
  68,515
  72,170
Fixed operating expenses, $m
  1,459
  1,492
  1,524
  1,558
  1,592
  1,627
  1,663
  1,700
  1,737
  1,775
  1,814
  1,854
  1,895
  1,937
  1,979
  2,023
  2,067
  2,113
  2,159
  2,207
  2,255
  2,305
  2,356
  2,407
  2,460
  2,514
  2,570
  2,626
  2,684
  2,743
Total operating expenses, $m
  11,655
  12,817
  14,036
  15,314
  16,650
  18,042
  19,494
  21,004
  22,573
  24,204
  25,613
  27,373
  29,202
  31,102
  33,076
  35,129
  37,264
  39,487
  41,800
  44,210
  46,720
  49,339
  52,071
  54,920
  57,896
  61,005
  64,254
  67,648
  71,199
  74,913
Operating income, $m
  437
  654
  882
  1,123
  1,375
  1,639
  1,915
  2,203
  2,502
  2,815
  3,426
  3,765
  4,117
  4,485
  4,868
  5,266
  5,682
  6,116
  6,569
  7,041
  7,535
  8,051
  8,590
  9,155
  9,745
  10,364
  11,011
  11,690
  12,401
  13,147
EBITDA, $m
  991
  1,238
  1,498
  1,772
  2,059
  2,360
  2,674
  3,002
  3,343
  3,699
  4,069
  4,454
  4,855
  5,273
  5,708
  6,161
  6,633
  7,126
  7,640
  8,176
  8,736
  9,322
  9,934
  10,574
  11,243
  11,944
  12,678
  13,447
  14,252
  15,097
Interest expense (income), $m
  97
  152
  200
  251
  305
  361
  420
  481
  545
  612
  681
  753
  828
  906
  986
  1,070
  1,158
  1,249
  1,343
  1,441
  1,544
  1,651
  1,762
  1,878
  1,999
  2,126
  2,258
  2,396
  2,540
  2,691
  2,849
Earnings before tax, $m
  285
  454
  631
  818
  1,014
  1,219
  1,433
  1,657
  1,891
  2,134
  2,673
  2,937
  3,212
  3,498
  3,797
  4,109
  4,434
  4,773
  5,127
  5,497
  5,884
  6,289
  6,712
  7,156
  7,620
  8,106
  8,616
  9,150
  9,710
  10,298
Tax expense, $m
  77
  122
  170
  221
  274
  329
  387
  447
  510
  576
  722
  793
  867
  945
  1,025
  1,109
  1,197
  1,289
  1,384
  1,484
  1,589
  1,698
  1,812
  1,932
  2,057
  2,189
  2,326
  2,471
  2,622
  2,781
Net income, $m
  208
  331
  461
  597
  740
  890
  1,046
  1,210
  1,380
  1,558
  1,951
  2,144
  2,345
  2,554
  2,772
  2,999
  3,237
  3,484
  3,743
  4,013
  4,296
  4,591
  4,900
  5,224
  5,562
  5,917
  6,290
  6,680
  7,089
  7,518

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
  9,522
  10,607
  11,747
  12,943
  14,193
  15,497
  16,857
  18,272
  19,744
  21,275
  22,865
  24,518
  26,235
  28,021
  29,877
  31,807
  33,816
  35,907
  38,085
  40,355
  42,721
  45,189
  47,764
  50,453
  53,261
  56,196
  59,264
  62,472
  65,827
  69,339
Adjusted assets (=assets-cash), $m
  9,522
  10,607
  11,747
  12,943
  14,193
  15,497
  16,857
  18,272
  19,744
  21,275
  22,865
  24,518
  26,235
  28,021
  29,877
  31,807
  33,816
  35,907
  38,085
  40,355
  42,721
  45,189
  47,764
  50,453
  53,261
  56,196
  59,264
  62,472
  65,827
  69,339
Revenue / Adjusted assets
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
Average production assets, $m
  2,624
  2,923
  3,237
  3,567
  3,911
  4,271
  4,646
  5,036
  5,441
  5,863
  6,301
  6,757
  7,230
  7,722
  8,234
  8,766
  9,319
  9,896
  10,496
  11,121
  11,773
  12,454
  13,163
  13,904
  14,678
  15,487
  16,332
  17,217
  18,141
  19,109
Working capital, $m
  -2,467
  -2,748
  -3,043
  -3,353
  -3,677
  -4,015
  -4,367
  -4,734
  -5,115
  -5,512
  -5,924
  -6,352
  -6,797
  -7,260
  -7,740
  -8,241
  -8,761
  -9,303
  -9,867
  -10,455
  -11,068
  -11,708
  -12,375
  -13,071
  -13,799
  -14,559
  -15,354
  -16,185
  -17,055
  -17,964
Total debt, $m
  3,711
  4,656
  5,649
  6,690
  7,779
  8,915
  10,100
  11,332
  12,614
  13,947
  15,333
  16,772
  18,268
  19,823
  21,440
  23,121
  24,871
  26,692
  28,589
  30,566
  32,627
  34,777
  37,020
  39,362
  41,808
  44,364
  47,036
  49,830
  52,753
  55,811
Total liabilities, $m
  8,294
  9,239
  10,232
  11,273
  12,362
  13,498
  14,682
  15,915
  17,197
  18,530
  19,915
  21,355
  22,851
  24,406
  26,023
  27,704
  29,454
  31,275
  33,172
  35,149
  37,210
  39,360
  41,603
  43,945
  46,391
  48,947
  51,619
  54,413
  57,335
  60,394
Total equity, $m
  1,228
  1,368
  1,515
  1,670
  1,831
  1,999
  2,175
  2,357
  2,547
  2,744
  2,950
  3,163
  3,384
  3,615
  3,854
  4,103
  4,362
  4,632
  4,913
  5,206
  5,511
  5,829
  6,162
  6,508
  6,871
  7,249
  7,645
  8,059
  8,492
  8,945
Total liabilities and equity, $m
  9,522
  10,607
  11,747
  12,943
  14,193
  15,497
  16,857
  18,272
  19,744
  21,274
  22,865
  24,518
  26,235
  28,021
  29,877
  31,807
  33,816
  35,907
  38,085
  40,355
  42,721
  45,189
  47,765
  50,453
  53,262
  56,196
  59,264
  62,472
  65,827
  69,339
Debt-to-equity ratio
  3.020
  3.400
  3.730
  4.010
  4.250
  4.460
  4.640
  4.810
  4.950
  5.080
  5.200
  5.300
  5.400
  5.480
  5.560
  5.640
  5.700
  5.760
  5.820
  5.870
  5.920
  5.970
  6.010
  6.050
  6.080
  6.120
  6.150
  6.180
  6.210
  6.240
Adjusted equity ratio
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129
  0.129

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  208
  331
  461
  597
  740
  890
  1,046
  1,210
  1,380
  1,558
  1,951
  2,144
  2,345
  2,554
  2,772
  2,999
  3,237
  3,484
  3,743
  4,013
  4,296
  4,591
  4,900
  5,224
  5,562
  5,917
  6,290
  6,680
  7,089
  7,518
Depreciation, amort., depletion, $m
  553
  584
  616
  649
  684
  721
  759
  799
  841
  884
  643
  689
  738
  788
  840
  894
  951
  1,010
  1,071
  1,135
  1,201
  1,271
  1,343
  1,419
  1,498
  1,580
  1,667
  1,757
  1,851
  1,950
Funds from operations, $m
  761
  915
  1,076
  1,246
  1,424
  1,611
  1,806
  2,009
  2,221
  2,441
  2,594
  2,833
  3,082
  3,342
  3,612
  3,894
  4,188
  4,494
  4,814
  5,148
  5,497
  5,862
  6,243
  6,642
  7,060
  7,498
  7,956
  8,436
  8,940
  9,468
Change in working capital, $m
  -266
  -281
  -295
  -310
  -324
  -338
  -352
  -367
  -381
  -396
  -412
  -428
  -445
  -463
  -481
  -500
  -520
  -542
  -564
  -588
  -613
  -639
  -667
  -697
  -728
  -760
  -795
  -831
  -869
  -910
Cash from operations, $m
  1,028
  1,196
  1,372
  1,556
  1,748
  1,949
  2,158
  2,376
  2,602
  2,838
  3,006
  3,261
  3,527
  3,804
  4,093
  4,394
  4,708
  5,036
  5,378
  5,736
  6,110
  6,501
  6,911
  7,339
  7,788
  8,258
  8,751
  9,267
  9,809
  10,377
Maintenance CAPEX, $m
  -239
  -268
  -298
  -330
  -364
  -399
  -436
  -474
  -514
  -555
  -598
  -643
  -689
  -738
  -788
  -840
  -894
  -951
  -1,010
  -1,071
  -1,135
  -1,201
  -1,271
  -1,343
  -1,419
  -1,498
  -1,580
  -1,667
  -1,757
  -1,851
New CAPEX, $m
  -281
  -299
  -314
  -329
  -344
  -360
  -375
  -390
  -406
  -422
  -438
  -455
  -473
  -492
  -512
  -532
  -554
  -576
  -600
  -625
  -652
  -680
  -710
  -741
  -774
  -809
  -845
  -884
  -925
  -968
Cash from investing activities, $m
  -520
  -567
  -612
  -659
  -708
  -759
  -811
  -864
  -920
  -977
  -1,036
  -1,098
  -1,162
  -1,230
  -1,300
  -1,372
  -1,448
  -1,527
  -1,610
  -1,696
  -1,787
  -1,881
  -1,981
  -2,084
  -2,193
  -2,307
  -2,425
  -2,551
  -2,682
  -2,819
Free cash flow, $m
  507
  629
  759
  896
  1,040
  1,190
  1,347
  1,511
  1,682
  1,861
  1,969
  2,163
  2,364
  2,574
  2,793
  3,022
  3,260
  3,509
  3,768
  4,039
  4,323
  4,620
  4,930
  5,255
  5,595
  5,952
  6,325
  6,717
  7,128
  7,559
Issuance/(repayment) of debt, $m
  896
  945
  993
  1,041
  1,089
  1,136
  1,184
  1,233
  1,282
  1,333
  1,385
  1,440
  1,496
  1,555
  1,617
  1,682
  1,750
  1,821
  1,897
  1,977
  2,061
  2,150
  2,243
  2,342
  2,446
  2,556
  2,672
  2,794
  2,923
  3,059
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  
  896
  945
  993
  1,041
  1,089
  1,136
  1,184
  1,233
  1,282
  1,333
  1,385
  1,440
  1,496
  1,555
  1,617
  1,682
  1,750
  1,821
  1,897
  1,977
  2,061
  2,150
  2,243
  2,342
  2,446
  2,556
  2,672
  2,794
  2,923
  3,059
Total cash flow (excl. dividends), $m
  1,403
  1,574
  1,752
  1,937
  2,129
  2,327
  2,532
  2,744
  2,965
  3,194
  3,355
  3,602
  3,860
  4,129
  4,410
  4,703
  5,010
  5,330
  5,665
  6,016
  6,384
  6,769
  7,173
  7,597
  8,041
  8,508
  8,997
  9,511
  10,050
  10,617
Retained Cash Flow (-), $m
  -129
  -140
  -147
  -154
  -161
  -168
  -175
  -183
  -190
  -197
  -205
  -213
  -222
  -230
  -239
  -249
  -259
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -362
  -379
  -396
  -414
  -433
  -453
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
  1,274
  1,434
  1,605
  1,783
  1,967
  2,158
  2,356
  2,562
  2,775
  2,996
  3,150
  3,389
  3,639
  3,899
  4,171
  4,454
  4,750
  5,060
  5,384
  5,723
  6,079
  6,451
  6,841
  7,250
  7,679
  8,129
  8,601
  9,097
  9,618
  10,164
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
  1,221
  1,313
  1,397
  1,468
  1,525
  1,566
  1,592
  1,601
  1,594
  1,571
  1,496
  1,446
  1,384
  1,309
  1,224
  1,132
  1,034
  932
  829
  727
  629
  535
  448
  369
  299
  237
  185
  141
  105
  77
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

Live Nation Entertainment, Inc. is a live entertainment company. The Company's businesses consist of the promotion of live events, including ticketing, sponsorship and advertising. Its segments include Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. The Concerts segment is engaged in promotion of live music events in its owned or operated venues and in rented third-party venues; operation and management of music venues; production of music festivals, and creation of associated content. The Ticketing segment is an agency business that sells tickets for events on behalf of its clients. The Artist Nation segment provides management services to music artists in exchange for a commission on the earnings of artists. The Sponsorship & Advertising segment employs sales force that creates and maintains relationships with sponsors to allow businesses to reach customers through its concert, venue, artist relationship and ticketing assets, including advertising on its Websites.

FINANCIAL RATIOS  of  Live Nation Entertainment, Inc. (LYV)

Valuation Ratios
P/E Ratio 4282.1
Price to Sales 1.5
Price to Book 11.4
Price to Tangible Book
Price to Cash Flow 21.5
Price to Free Cash Flow 30.8
Growth Rates
Sales Growth Rate 15.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio 29
Current Ratio 0
LT Debt to Equity 200.7%
Total Debt to Equity 205.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. -1.3%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity 0.3%
Return On Equity - 3 Yr. Avg. -3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 27.2%
Gross Margin - 3 Yr. Avg. 30.4%
EBITDA Margin 6.6%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin 2.2%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 0.6%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -0.6%
Effective Tax Rate 58.3%
Eff/ Tax Rate - 3 Yr. Avg. 140.3%
Payout Ratio 0%

LYV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LYV stock intrinsic value calculation we used $10788 million for the last fiscal year's total revenue generated by Live Nation Entertainment, Inc.. The default revenue input number comes from 0001 income statement of Live Nation Entertainment, 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 LYV stock valuation model: a) initial revenue growth rate of 12.1% 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 LYV is calculated based on our internal credit rating of Live Nation Entertainment, 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 Live Nation Entertainment, 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 LYV stock the variable cost ratio is equal to 84.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1428 million in the base year in the intrinsic value calculation for LYV 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 Live Nation Entertainment, Inc..

Corporate tax rate of 27% is the nominal tax rate for Live Nation Entertainment, 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 LYV 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 LYV are equal to 21.7%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Live Nation Entertainment, 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 LYV is equal to -20.4%. 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 - $1098.981 million for Live Nation Entertainment, 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 210.841 million for Live Nation Entertainment, 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 Live Nation Entertainment, Inc. at the current share price and the inputted number of shares is $13.3 billion.

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