Intrinsic value of Microchip Technology - MCHP

Previous Close

$96.02

  Intrinsic Value

$66.23

stock screener

  Rating & Target

sell

-31%

Previous close

$96.02

 
Intrinsic value

$66.23

 
Up/down potential

-31%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MCHP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  56.83
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  3,408
  3,960
  4,557
  5,199
  5,883
  6,609
  7,377
  8,185
  9,033
  9,920
  10,846
  11,812
  12,818
  13,864
  14,952
  16,083
  17,258
  18,479
  19,748
  21,067
  22,439
  23,867
  25,353
  26,900
  28,512
  30,192
  31,945
  33,773
  35,682
  37,675
  39,757
Variable operating expenses, $m
 
  3,281
  3,741
  4,236
  4,763
  5,323
  5,914
  6,537
  7,190
  7,873
  8,587
  9,102
  9,877
  10,683
  11,521
  12,392
  13,298
  14,239
  15,217
  16,233
  17,290
  18,390
  19,535
  20,728
  21,970
  23,264
  24,615
  26,024
  27,494
  29,030
  30,635
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
  3,176
  3,281
  3,741
  4,236
  4,763
  5,323
  5,914
  6,537
  7,190
  7,873
  8,587
  9,102
  9,877
  10,683
  11,521
  12,392
  13,298
  14,239
  15,217
  16,233
  17,290
  18,390
  19,535
  20,728
  21,970
  23,264
  24,615
  26,024
  27,494
  29,030
  30,635
Operating income, $m
  232
  679
  816
  963
  1,120
  1,287
  1,463
  1,648
  1,843
  2,046
  2,259
  2,710
  2,941
  3,181
  3,431
  3,690
  3,960
  4,240
  4,531
  4,834
  5,149
  5,476
  5,817
  6,172
  6,542
  6,928
  7,330
  7,750
  8,187
  8,645
  9,123
EBITDA, $m
  701
  1,210
  1,393
  1,589
  1,798
  2,020
  2,255
  2,501
  2,760
  3,032
  3,315
  3,610
  3,917
  4,237
  4,570
  4,915
  5,274
  5,647
  6,035
  6,438
  6,858
  7,294
  7,748
  8,221
  8,714
  9,227
  9,763
  10,321
  10,905
  11,514
  12,150
Interest expense (income), $m
  83
  102
  126
  153
  182
  212
  245
  279
  316
  354
  393
  435
  478
  523
  570
  619
  670
  722
  777
  834
  893
  955
  1,019
  1,085
  1,155
  1,227
  1,302
  1,381
  1,463
  1,548
  1,638
Earnings before tax, $m
  90
  577
  690
  810
  938
  1,074
  1,218
  1,369
  1,527
  1,693
  1,865
  2,275
  2,463
  2,658
  2,861
  3,071
  3,290
  3,518
  3,754
  4,000
  4,256
  4,522
  4,799
  5,087
  5,388
  5,701
  6,028
  6,369
  6,725
  7,096
  7,485
Tax expense, $m
  -81
  156
  186
  219
  253
  290
  329
  370
  412
  457
  504
  614
  665
  718
  772
  829
  888
  950
  1,014
  1,080
  1,149
  1,221
  1,296
  1,374
  1,455
  1,539
  1,627
  1,720
  1,816
  1,916
  2,021
Net income, $m
  165
  421
  503
  591
  685
  784
  889
  999
  1,115
  1,236
  1,362
  1,661
  1,798
  1,940
  2,088
  2,242
  2,402
  2,568
  2,741
  2,920
  3,107
  3,301
  3,503
  3,714
  3,933
  4,162
  4,400
  4,649
  4,909
  5,180
  5,464

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,303
  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
  7,687
  7,416
  8,534
  9,735
  11,017
  12,377
  13,815
  15,328
  16,915
  18,576
  20,311
  22,120
  24,003
  25,963
  28,000
  30,118
  32,318
  34,605
  36,981
  39,452
  42,021
  44,695
  47,477
  50,374
  53,393
  56,540
  59,822
  63,246
  66,820
  70,552
  74,452
Adjusted assets (=assets-cash), $m
  6,384
  7,416
  8,534
  9,735
  11,017
  12,377
  13,815
  15,328
  16,915
  18,576
  20,311
  22,120
  24,003
  25,963
  28,000
  30,118
  32,318
  34,605
  36,981
  39,452
  42,021
  44,695
  47,477
  50,374
  53,393
  56,540
  59,822
  63,246
  66,820
  70,552
  74,452
Revenue / Adjusted assets
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
Average production assets, $m
  2,023
  2,352
  2,707
  3,088
  3,494
  3,926
  4,382
  4,862
  5,365
  5,892
  6,443
  7,016
  7,614
  8,235
  8,882
  9,553
  10,251
  10,976
  11,730
  12,514
  13,329
  14,177
  15,060
  15,979
  16,936
  17,934
  18,975
  20,061
  21,195
  22,379
  23,616
Working capital, $m
  1,601
  404
  465
  530
  600
  674
  752
  835
  921
  1,012
  1,106
  1,205
  1,307
  1,414
  1,525
  1,640
  1,760
  1,885
  2,014
  2,149
  2,289
  2,434
  2,586
  2,744
  2,908
  3,080
  3,258
  3,445
  3,640
  3,843
  4,055
Total debt, $m
  2,950
  3,606
  4,371
  5,193
  6,069
  7,000
  7,983
  9,018
  10,104
  11,240
  12,427
  13,664
  14,952
  16,293
  17,686
  19,134
  20,639
  22,203
  23,829
  25,519
  27,277
  29,105
  31,008
  32,990
  35,055
  37,207
  39,452
  41,794
  44,239
  46,792
  49,459
Total liabilities, $m
  4,416
  5,072
  5,837
  6,659
  7,535
  8,466
  9,449
  10,484
  11,570
  12,706
  13,893
  15,130
  16,418
  17,759
  19,152
  20,600
  22,105
  23,669
  25,295
  26,985
  28,743
  30,571
  32,474
  34,456
  36,521
  38,673
  40,918
  43,260
  45,705
  48,258
  50,925
Total equity, $m
  3,271
  2,343
  2,697
  3,076
  3,481
  3,911
  4,365
  4,844
  5,345
  5,870
  6,418
  6,990
  7,585
  8,204
  8,848
  9,517
  10,212
  10,935
  11,686
  12,467
  13,279
  14,123
  15,003
  15,918
  16,872
  17,867
  18,904
  19,986
  21,115
  22,295
  23,527
Total liabilities and equity, $m
  7,687
  7,415
  8,534
  9,735
  11,016
  12,377
  13,814
  15,328
  16,915
  18,576
  20,311
  22,120
  24,003
  25,963
  28,000
  30,117
  32,317
  34,604
  36,981
  39,452
  42,022
  44,694
  47,477
  50,374
  53,393
  56,540
  59,822
  63,246
  66,820
  70,553
  74,452
Debt-to-equity ratio
  0.902
  1.540
  1.620
  1.690
  1.740
  1.790
  1.830
  1.860
  1.890
  1.910
  1.940
  1.950
  1.970
  1.990
  2.000
  2.010
  2.020
  2.030
  2.040
  2.050
  2.050
  2.060
  2.070
  2.070
  2.080
  2.080
  2.090
  2.090
  2.100
  2.100
  2.100
Adjusted equity ratio
  0.308
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  421
  503
  591
  685
  784
  889
  999
  1,115
  1,236
  1,362
  1,661
  1,798
  1,940
  2,088
  2,242
  2,402
  2,568
  2,741
  2,920
  3,107
  3,301
  3,503
  3,714
  3,933
  4,162
  4,400
  4,649
  4,909
  5,180
  5,464
Depreciation, amort., depletion, $m
  469
  531
  577
  626
  678
  733
  792
  853
  918
  985
  1,056
  900
  976
  1,056
  1,139
  1,225
  1,314
  1,407
  1,504
  1,604
  1,709
  1,818
  1,931
  2,049
  2,171
  2,299
  2,433
  2,572
  2,717
  2,869
  3,028
Funds from operations, $m
  1,354
  953
  1,080
  1,217
  1,363
  1,517
  1,681
  1,852
  2,033
  2,221
  2,418
  2,561
  2,774
  2,996
  3,227
  3,467
  3,716
  3,975
  4,244
  4,524
  4,816
  5,118
  5,434
  5,762
  6,104
  6,461
  6,833
  7,221
  7,626
  8,050
  8,492
Change in working capital, $m
  295
  56
  61
  65
  70
  74
  78
  82
  86
  90
  94
  99
  103
  107
  111
  115
  120
  125
  129
  135
  140
  146
  152
  158
  164
  171
  179
  186
  195
  203
  212
Cash from operations, $m
  1,059
  897
  1,019
  1,152
  1,293
  1,443
  1,602
  1,770
  1,946
  2,130
  2,323
  2,462
  2,671
  2,889
  3,116
  3,351
  3,596
  3,851
  4,115
  4,390
  4,676
  4,973
  5,282
  5,604
  5,940
  6,290
  6,654
  7,035
  7,432
  7,846
  8,279
Maintenance CAPEX, $m
  0
  -259
  -302
  -347
  -396
  -448
  -503
  -562
  -623
  -688
  -755
  -826
  -900
  -976
  -1,056
  -1,139
  -1,225
  -1,314
  -1,407
  -1,504
  -1,604
  -1,709
  -1,818
  -1,931
  -2,049
  -2,171
  -2,299
  -2,433
  -2,572
  -2,717
  -2,869
New CAPEX, $m
  -75
  -329
  -355
  -381
  -407
  -432
  -456
  -480
  -504
  -527
  -550
  -574
  -597
  -622
  -646
  -672
  -698
  -725
  -754
  -784
  -815
  -848
  -883
  -919
  -958
  -998
  -1,041
  -1,086
  -1,134
  -1,184
  -1,237
Cash from investing activities, $m
  -2,838
  -588
  -657
  -728
  -803
  -880
  -959
  -1,042
  -1,127
  -1,215
  -1,305
  -1,400
  -1,497
  -1,598
  -1,702
  -1,811
  -1,923
  -2,039
  -2,161
  -2,288
  -2,419
  -2,557
  -2,701
  -2,850
  -3,007
  -3,169
  -3,340
  -3,519
  -3,706
  -3,901
  -4,106
Free cash flow, $m
  -1,779
  308
  363
  424
  491
  564
  643
  728
  819
  916
  1,017
  1,062
  1,175
  1,292
  1,414
  1,541
  1,674
  1,811
  1,954
  2,102
  2,256
  2,416
  2,582
  2,755
  2,934
  3,120
  3,314
  3,516
  3,726
  3,945
  4,173
Issuance/(repayment) of debt, $m
  964
  706
  765
  821
  877
  931
  983
  1,035
  1,086
  1,136
  1,187
  1,237
  1,288
  1,340
  1,393
  1,448
  1,505
  1,564
  1,626
  1,690
  1,758
  1,829
  1,903
  1,982
  2,065
  2,152
  2,245
  2,342
  2,445
  2,553
  2,667
Issuance/(repurchase) of shares, $m
  42
  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  
  910
  706
  765
  821
  877
  931
  983
  1,035
  1,086
  1,136
  1,187
  1,237
  1,288
  1,340
  1,393
  1,448
  1,505
  1,564
  1,626
  1,690
  1,758
  1,829
  1,903
  1,982
  2,065
  2,152
  2,245
  2,342
  2,445
  2,553
  2,667
Total cash flow (excl. dividends), $m
  -869
  1,014
  1,128
  1,245
  1,367
  1,494
  1,626
  1,763
  1,905
  2,052
  2,204
  2,300
  2,463
  2,632
  2,807
  2,990
  3,179
  3,375
  3,580
  3,792
  4,014
  4,245
  4,485
  4,736
  4,999
  5,272
  5,559
  5,858
  6,171
  6,498
  6,841
Retained Cash Flow (-), $m
  -1,120
  -325
  -353
  -379
  -405
  -430
  -454
  -478
  -502
  -525
  -548
  -572
  -595
  -619
  -644
  -669
  -695
  -723
  -751
  -781
  -812
  -845
  -879
  -916
  -954
  -994
  -1,037
  -1,082
  -1,129
  -1,180
  -1,232
Prev. year cash balance distribution, $m
 
  1,253
  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
 
  1,942
  775
  866
  962
  1,064
  1,172
  1,285
  1,403
  1,527
  1,656
  1,728
  1,868
  2,013
  2,164
  2,320
  2,483
  2,653
  2,829
  3,011
  3,202
  3,400
  3,606
  3,821
  4,045
  4,278
  4,522
  4,776
  5,041
  5,319
  5,608
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  1,851
  701
  739
  772
  797
  815
  823
  823
  814
  796
  743
  711
  672
  628
  579
  526
  471
  416
  362
  310
  261
  216
  175
  140
  109
  84
  62
  46
  33
  23
Current shareholders' claim on cash, %
  100
  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

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products. Its functional activities include sales, marketing, manufacturing, information technology, human resources, legal and finance. Its product portfolio comprises general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers, a spectrum of linear, mixed-signal, power management, thermal management, radio frequency (RF), timing, safety, security, wired connectivity and wireless connectivity devices, as well as serial electrically erasable programmable read-only memories (EEPROMs) and serial flash memories.

FINANCIAL RATIOS  of  Microchip Technology (MCHP)

Valuation Ratios
P/E Ratio 133.3
Price to Sales 6.5
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 22.4
Growth Rates
Sales Growth Rate 56.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.9%
Financial Strength
Quick Ratio 26
Current Ratio 0.1
LT Debt to Equity 88.7%
Total Debt to Equity 90.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 6.1%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 51.6%
Gross Margin - 3 Yr. Avg. 54.8%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 26.1%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 12.3%
Effective Tax Rate -90%
Eff/ Tax Rate - 3 Yr. Avg. -36.9%
Payout Ratio 190.9%

MCHP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCHP stock intrinsic value calculation we used $3408 million for the last fiscal year's total revenue generated by Microchip Technology. The default revenue input number comes from 2017 income statement of Microchip Technology. 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 MCHP stock valuation model: a) initial revenue growth rate of 16.2% 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 4.9%, whose default value for MCHP is calculated based on our internal credit rating of Microchip Technology, 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 Microchip Technology.
    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 MCHP stock the variable cost ratio is equal to 83.8%.

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 MCHP 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 3.5% for Microchip Technology.

Corporate tax rate of 27% is the nominal tax rate for Microchip Technology. 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 MCHP 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 MCHP are equal to 59.4%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Microchip Technology 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 MCHP is equal to 10.2%. 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 - $3271 million for Microchip Technology - 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 234.638 million for Microchip Technology 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 Microchip Technology at the current share price and the inputted number of shares is $22.5 billion.

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Financial statements of MCHP
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