Intrinsic value of Live Nation Entertainment - LYV

Previous Close

$51.27

  Intrinsic Value

$114.97

stock screener

  Rating & Target

str. buy

+124%

Previous close

$51.27

 
Intrinsic value

$114.97

 
Up/down potential

+124%

 
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 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 10.5

 

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, %
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
Revenue, $m
  12,787
  15,578
  18,717
  22,204
  26,039
  30,216
  34,729
  39,572
  44,736
  50,214
  55,999
  62,085
  68,468
  75,146
  82,118
  89,386
  96,952
  104,823
  113,007
  121,512
  130,350
  139,534
  149,081
  159,006
  169,328
  180,067
  191,246
  202,888
  215,018
  227,663
Variable operating expenses, $m
  12,438
  15,091
  18,074
  21,388
  25,032
  29,002
  33,292
  37,895
  42,803
  48,009
  53,221
  59,005
  65,072
  71,419
  78,045
  84,952
  92,143
  99,624
  107,402
  115,485
  123,885
  132,614
  141,686
  151,119
  160,929
  171,136
  181,760
  192,825
  204,353
  216,371
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
  12,438
  15,091
  18,074
  21,388
  25,032
  29,002
  33,292
  37,895
  42,803
  48,009
  53,221
  59,005
  65,072
  71,419
  78,045
  84,952
  92,143
  99,624
  107,402
  115,485
  123,885
  132,614
  141,686
  151,119
  160,929
  171,136
  181,760
  192,825
  204,353
  216,371
Operating income, $m
  349
  487
  643
  816
  1,006
  1,213
  1,437
  1,677
  1,934
  2,205
  2,778
  3,079
  3,396
  3,727
  4,073
  4,434
  4,809
  5,199
  5,605
  6,027
  6,465
  6,921
  7,394
  7,887
  8,399
  8,931
  9,486
  10,063
  10,665
  11,292
EBITDA, $m
  1,093
  1,332
  1,600
  1,898
  2,226
  2,583
  2,969
  3,383
  3,825
  4,293
  4,788
  5,308
  5,854
  6,425
  7,021
  7,642
  8,289
  8,962
  9,662
  10,389
  11,145
  11,930
  12,746
  13,595
  14,477
  15,396
  16,352
  17,347
  18,384
  19,465
Interest expense (income), $m
  97
  124
  205
  297
  401
  516
  643
  781
  930
  1,090
  1,261
  1,442
  1,633
  1,834
  2,045
  2,265
  2,495
  2,736
  2,986
  3,246
  3,516
  3,797
  4,089
  4,392
  4,708
  5,035
  5,376
  5,731
  6,101
  6,485
  6,886
Earnings before tax, $m
  225
  282
  346
  415
  490
  570
  656
  747
  844
  945
  1,336
  1,447
  1,562
  1,683
  1,808
  1,938
  2,073
  2,214
  2,360
  2,511
  2,668
  2,832
  3,002
  3,179
  3,363
  3,555
  3,755
  3,963
  4,180
  4,406
Tax expense, $m
  61
  76
  93
  112
  132
  154
  177
  202
  228
  255
  361
  391
  422
  454
  488
  523
  560
  598
  637
  678
  720
  765
  811
  858
  908
  960
  1,014
  1,070
  1,129
  1,190
Net income, $m
  164
  206
  252
  303
  358
  416
  479
  546
  616
  690
  975
  1,056
  1,140
  1,228
  1,320
  1,415
  1,513
  1,616
  1,722
  1,833
  1,948
  2,067
  2,192
  2,321
  2,455
  2,595
  2,741
  2,893
  3,051
  3,217

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
  9,279
  11,305
  13,583
  16,113
  18,896
  21,927
  25,203
  28,717
  32,465
  36,440
  40,638
  45,054
  49,687
  54,533
  59,592
  64,866
  70,357
  76,069
  82,008
  88,180
  94,593
  101,259
  108,186
  115,389
  122,879
  130,673
  138,785
  147,234
  156,036
  165,213
Adjusted assets (=assets-cash), $m
  9,279
  11,305
  13,583
  16,113
  18,896
  21,927
  25,203
  28,717
  32,465
  36,440
  40,638
  45,054
  49,687
  54,533
  59,592
  64,866
  70,357
  76,069
  82,008
  88,180
  94,593
  101,259
  108,186
  115,389
  122,879
  130,673
  138,785
  147,234
  156,036
  165,213
Revenue / Adjusted assets
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
  1.378
Average production assets, $m
  4,590
  5,593
  6,719
  7,971
  9,348
  10,847
  12,468
  14,206
  16,060
  18,027
  20,104
  22,288
  24,580
  26,977
  29,480
  32,089
  34,806
  37,632
  40,569
  43,623
  46,796
  50,093
  53,520
  57,083
  60,789
  64,644
  68,657
  72,837
  77,191
  81,731
Working capital, $m
  -1,279
  -1,558
  -1,872
  -2,220
  -2,604
  -3,022
  -3,473
  -3,957
  -4,474
  -5,021
  -5,600
  -6,208
  -6,847
  -7,515
  -8,212
  -8,939
  -9,695
  -10,482
  -11,301
  -12,151
  -13,035
  -13,953
  -14,908
  -15,901
  -16,933
  -18,007
  -19,125
  -20,289
  -21,502
  -22,766
Total debt, $m
  3,799
  5,507
  7,427
  9,560
  11,906
  14,461
  17,223
  20,185
  23,344
  26,695
  30,234
  33,958
  37,862
  41,948
  46,213
  50,659
  55,288
  60,103
  65,109
  70,312
  75,719
  81,338
  87,178
  93,249
  99,564
  106,134
  112,973
  120,095
  127,515
  135,251
Total liabilities, $m
  7,822
  9,530
  11,450
  13,584
  15,929
  18,485
  21,246
  24,208
  27,368
  30,719
  34,258
  37,981
  41,886
  45,971
  50,236
  54,682
  59,311
  64,126
  69,133
  74,336
  79,742
  85,361
  91,201
  97,273
  103,587
  110,157
  116,996
  124,118
  131,539
  139,274
Total equity, $m
  1,457
  1,775
  2,132
  2,530
  2,967
  3,443
  3,957
  4,509
  5,097
  5,721
  6,380
  7,074
  7,801
  8,562
  9,356
  10,184
  11,046
  11,943
  12,875
  13,844
  14,851
  15,898
  16,985
  18,116
  19,292
  20,516
  21,789
  23,116
  24,498
  25,938
Total liabilities and equity, $m
  9,279
  11,305
  13,582
  16,114
  18,896
  21,928
  25,203
  28,717
  32,465
  36,440
  40,638
  45,055
  49,687
  54,533
  59,592
  64,866
  70,357
  76,069
  82,008
  88,180
  94,593
  101,259
  108,186
  115,389
  122,879
  130,673
  138,785
  147,234
  156,037
  165,212
Debt-to-equity ratio
  2.610
  3.100
  3.480
  3.780
  4.010
  4.200
  4.350
  4.480
  4.580
  4.670
  4.740
  4.800
  4.850
  4.900
  4.940
  4.970
  5.010
  5.030
  5.060
  5.080
  5.100
  5.120
  5.130
  5.150
  5.160
  5.170
  5.180
  5.200
  5.210
  5.210
Adjusted equity ratio
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  164
  206
  252
  303
  358
  416
  479
  546
  616
  690
  975
  1,056
  1,140
  1,228
  1,320
  1,415
  1,513
  1,616
  1,722
  1,833
  1,948
  2,067
  2,192
  2,321
  2,455
  2,595
  2,741
  2,893
  3,051
  3,217
Depreciation, amort., depletion, $m
  744
  845
  957
  1,082
  1,220
  1,370
  1,532
  1,706
  1,891
  2,088
  2,010
  2,229
  2,458
  2,698
  2,948
  3,209
  3,481
  3,763
  4,057
  4,362
  4,680
  5,009
  5,352
  5,708
  6,079
  6,464
  6,866
  7,284
  7,719
  8,173
Funds from operations, $m
  908
  1,051
  1,210
  1,385
  1,578
  1,786
  2,011
  2,252
  2,507
  2,778
  2,986
  3,285
  3,598
  3,926
  4,268
  4,624
  4,994
  5,379
  5,779
  6,195
  6,628
  7,077
  7,544
  8,029
  8,534
  9,059
  9,607
  10,176
  10,770
  11,390
Change in working capital, $m
  -245
  -279
  -314
  -349
  -383
  -418
  -451
  -484
  -516
  -548
  -578
  -609
  -638
  -668
  -697
  -727
  -757
  -787
  -818
  -850
  -884
  -918
  -955
  -992
  -1,032
  -1,074
  -1,118
  -1,164
  -1,213
  -1,264
Cash from operations, $m
  1,153
  1,330
  1,523
  1,734
  1,961
  2,204
  2,463
  2,736
  3,024
  3,325
  3,564
  3,894
  4,237
  4,594
  4,965
  5,350
  5,751
  6,166
  6,598
  7,046
  7,511
  7,995
  8,498
  9,022
  9,566
  10,133
  10,724
  11,341
  11,983
  12,654
Maintenance CAPEX, $m
  -371
  -459
  -559
  -672
  -797
  -935
  -1,085
  -1,247
  -1,421
  -1,606
  -1,803
  -2,010
  -2,229
  -2,458
  -2,698
  -2,948
  -3,209
  -3,481
  -3,763
  -4,057
  -4,362
  -4,680
  -5,009
  -5,352
  -5,708
  -6,079
  -6,464
  -6,866
  -7,284
  -7,719
New CAPEX, $m
  -881
  -1,002
  -1,127
  -1,252
  -1,377
  -1,500
  -1,620
  -1,739
  -1,854
  -1,967
  -2,077
  -2,185
  -2,292
  -2,397
  -2,503
  -2,609
  -2,716
  -2,826
  -2,938
  -3,053
  -3,173
  -3,297
  -3,427
  -3,563
  -3,706
  -3,856
  -4,013
  -4,179
  -4,355
  -4,539
Cash from investing activities, $m
  -1,252
  -1,461
  -1,686
  -1,924
  -2,174
  -2,435
  -2,705
  -2,986
  -3,275
  -3,573
  -3,880
  -4,195
  -4,521
  -4,855
  -5,201
  -5,557
  -5,925
  -6,307
  -6,701
  -7,110
  -7,535
  -7,977
  -8,436
  -8,915
  -9,414
  -9,935
  -10,477
  -11,045
  -11,639
  -12,258
Free cash flow, $m
  -99
  -131
  -163
  -190
  -212
  -230
  -243
  -249
  -251
  -247
  -315
  -302
  -284
  -261
  -236
  -207
  -175
  -140
  -103
  -64
  -24
  18
  62
  106
  152
  199
  247
  295
  345
  395
Issuance/(repayment) of debt, $m
  1,499
  1,708
  1,920
  2,133
  2,346
  2,555
  2,761
  2,963
  3,159
  3,351
  3,539
  3,723
  3,905
  4,085
  4,265
  4,446
  4,629
  4,815
  5,006
  5,203
  5,407
  5,619
  5,840
  6,072
  6,315
  6,570
  6,839
  7,122
  7,421
  7,736
Issuance/(repurchase) of shares, $m
  112
  112
  105
  94
  79
  59
  35
  6
  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  
  1,611
  1,820
  2,025
  2,227
  2,425
  2,614
  2,796
  2,969
  3,159
  3,351
  3,539
  3,723
  3,905
  4,085
  4,265
  4,446
  4,629
  4,815
  5,006
  5,203
  5,407
  5,619
  5,840
  6,072
  6,315
  6,570
  6,839
  7,122
  7,421
  7,736
Total cash flow (excl. dividends), $m
  1,512
  1,688
  1,863
  2,038
  2,212
  2,385
  2,554
  2,719
  2,908
  3,104
  3,224
  3,422
  3,621
  3,824
  4,029
  4,239
  4,454
  4,675
  4,903
  5,139
  5,383
  5,637
  5,902
  6,178
  6,467
  6,769
  7,086
  7,417
  7,766
  8,131
Retained Cash Flow (-), $m
  -276
  -318
  -358
  -397
  -437
  -476
  -514
  -552
  -588
  -624
  -659
  -693
  -727
  -761
  -794
  -828
  -862
  -897
  -932
  -969
  -1,007
  -1,046
  -1,088
  -1,131
  -1,176
  -1,224
  -1,274
  -1,326
  -1,382
  -1,441
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
  41
  51
  62
  75
  89
  104
  121
  139
  158
  179
  201
  224
  248
  274
  301
  328
  358
  388
  419
  452
  486
  521
  558
  596
  636
  677
  720
  765
  812
  860
Cash available for distribution, $m
  1,236
  1,370
  1,505
  1,641
  1,776
  1,909
  2,040
  2,167
  2,320
  2,480
  2,564
  2,728
  2,894
  3,063
  3,235
  3,411
  3,592
  3,778
  3,971
  4,170
  4,376
  4,591
  4,814
  5,047
  5,291
  5,545
  5,812
  6,091
  6,384
  6,690
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
  1,185
  1,254
  1,310
  1,351
  1,376
  1,385
  1,378
  1,355
  1,333
  1,300
  1,218
  1,164
  1,100
  1,028
  950
  867
  782
  696
  611
  530
  453
  381
  316
  257
  206
  162
  125
  94
  70
  50
Current shareholders' claim on cash, %
  98.9
  98.1
  97.5
  97.0
  96.6
  96.4
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3
  96.3

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 (LYV)

Valuation Ratios
P/E Ratio 3487.6
Price to Sales 1.3
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow 25.1
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 $10337 million for the last fiscal year's total revenue generated by Live Nation Entertainment. The default revenue input number comes from 2017 income statement of Live Nation Entertainment. 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 23.7% 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, 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.
    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 97.8%.

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 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.

Corporate tax rate of 27% is the nominal tax rate for Live Nation Entertainment. 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 0.4%.

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 35.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Live Nation Entertainment 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 -10%. 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 - $1181 million for Live Nation Entertainment - 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 205 million for Live Nation Entertainment 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 at the current share price and the inputted number of shares is $10.5 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Live Nation introducing Impossible Burger at venues nationwide   [Jul-17-18 02:55PM  American City Business Journals]
▶ LYV Stock Shows Promise, But its a No-Go at These Levels   [Jul-05-18 10:52AM  InvestorPlace]
▶ Live Nation, Oak View Join Elevate Sports Ventures   [Jun-18-18 03:59PM  Bloomberg Video]
▶ The Highest Paid CEOs   [06:31AM  Investopedia]
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