Intrinsic value of Moody's - MCO

Previous Close

$170.92

  Intrinsic Value

$29.76

stock screener

  Rating & Target

str. sell

-83%

Previous close

$170.92

 
Intrinsic value

$29.76

 
Up/down potential

-83%

 
Rating

str. sell

We calculate the intrinsic value of MCO 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 32.6

 

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, %
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  4,902
  5,659
  6,473
  7,344
  8,271
  9,251
  10,283
  11,368
  12,504
  13,691
  14,930
  16,220
  17,562
  18,958
  20,409
  21,917
  23,484
  25,112
  26,805
  28,565
  30,397
  32,302
  34,286
  36,353
  38,507
  40,753
  43,096
  45,542
  48,095
  50,763
Variable operating expenses, $m
  3,945
  4,471
  5,037
  5,642
  6,286
  6,967
  7,685
  8,438
  9,228
  10,053
  10,375
  11,271
  12,204
  13,174
  14,182
  15,230
  16,319
  17,451
  18,627
  19,850
  21,123
  22,447
  23,826
  25,262
  26,759
  28,320
  29,948
  31,647
  33,422
  35,276
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  3,944
  4,470
  5,036
  5,641
  6,285
  6,966
  7,684
  8,437
  9,227
  10,052
  10,374
  11,270
  12,203
  13,173
  14,181
  15,229
  16,318
  17,450
  18,625
  19,848
  21,121
  22,445
  23,824
  25,260
  26,757
  28,318
  29,946
  31,645
  33,420
  35,274
Operating income, $m
  958
  1,189
  1,438
  1,703
  1,986
  2,285
  2,600
  2,931
  3,278
  3,640
  4,556
  4,950
  5,359
  5,785
  6,228
  6,688
  7,166
  7,663
  8,180
  8,717
  9,275
  9,857
  10,462
  11,093
  11,750
  12,435
  13,150
  13,896
  14,675
  15,489
EBITDA, $m
  1,925
  2,223
  2,542
  2,884
  3,248
  3,633
  4,038
  4,464
  4,910
  5,376
  5,863
  6,369
  6,896
  7,444
  8,014
  8,606
  9,221
  9,860
  10,525
  11,216
  11,935
  12,683
  13,462
  14,274
  15,119
  16,001
  16,921
  17,881
  18,884
  19,931
Interest expense (income), $m
  137
  299
  305
  380
  461
  547
  639
  737
  839
  947
  1,060
  1,178
  1,301
  1,429
  1,563
  1,702
  1,846
  1,996
  2,151
  2,313
  2,481
  2,656
  2,838
  3,028
  3,225
  3,430
  3,644
  3,868
  4,101
  4,344
  4,597
Earnings before tax, $m
  659
  884
  1,058
  1,243
  1,439
  1,646
  1,863
  2,092
  2,330
  2,580
  3,378
  3,649
  3,930
  4,222
  4,526
  4,842
  5,171
  5,512
  5,866
  6,235
  6,619
  7,018
  7,434
  7,868
  8,320
  8,791
  9,282
  9,796
  10,332
  10,892
Tax expense, $m
  178
  239
  286
  335
  388
  444
  503
  565
  629
  697
  912
  985
  1,061
  1,140
  1,222
  1,307
  1,396
  1,488
  1,584
  1,684
  1,787
  1,895
  2,007
  2,124
  2,246
  2,374
  2,506
  2,645
  2,790
  2,941
Net income, $m
  481
  646
  772
  907
  1,050
  1,201
  1,360
  1,527
  1,701
  1,883
  2,466
  2,663
  2,869
  3,082
  3,304
  3,535
  3,775
  4,024
  4,282
  4,552
  4,832
  5,123
  5,427
  5,743
  6,073
  6,417
  6,776
  7,151
  7,542
  7,951

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
  10,024
  11,572
  13,238
  15,019
  16,913
  18,917
  21,030
  23,248
  25,571
  27,999
  30,531
  33,169
  35,914
  38,769
  41,736
  44,820
  48,024
  51,354
  54,816
  58,416
  62,161
  66,058
  70,115
  74,342
  78,747
  83,340
  88,132
  93,133
  98,355
  103,810
Adjusted assets (=assets-cash), $m
  10,024
  11,572
  13,238
  15,019
  16,913
  18,917
  21,030
  23,248
  25,571
  27,999
  30,531
  33,169
  35,914
  38,769
  41,736
  44,820
  48,024
  51,354
  54,816
  58,416
  62,161
  66,058
  70,115
  74,342
  78,747
  83,340
  88,132
  93,133
  98,355
  103,810
Revenue / Adjusted assets
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
Average production assets, $m
  4,289
  4,951
  5,664
  6,426
  7,237
  8,094
  8,998
  9,947
  10,941
  11,980
  13,064
  14,192
  15,367
  16,588
  17,858
  19,177
  20,548
  21,973
  23,455
  24,995
  26,597
  28,264
  30,001
  31,809
  33,694
  35,659
  37,709
  39,849
  42,084
  44,418
Working capital, $m
  -873
  -1,007
  -1,152
  -1,307
  -1,472
  -1,647
  -1,830
  -2,024
  -2,226
  -2,437
  -2,657
  -2,887
  -3,126
  -3,375
  -3,633
  -3,901
  -4,180
  -4,470
  -4,771
  -5,085
  -5,411
  -5,750
  -6,103
  -6,471
  -6,854
  -7,254
  -7,671
  -8,106
  -8,561
  -9,036
Total debt, $m
  5,640
  7,033
  8,532
  10,136
  11,840
  13,644
  15,545
  17,541
  19,632
  21,817
  24,096
  26,471
  28,941
  31,510
  34,181
  36,956
  39,840
  42,837
  45,953
  49,193
  52,563
  56,070
  59,722
  63,526
  67,491
  71,624
  75,937
  80,438
  85,138
  90,047
Total liabilities, $m
  9,022
  10,415
  11,914
  13,517
  15,222
  17,026
  18,927
  20,923
  23,014
  25,199
  27,478
  29,852
  32,323
  34,892
  37,563
  40,338
  43,222
  46,219
  49,335
  52,575
  55,945
  59,452
  63,104
  66,908
  70,872
  75,006
  79,318
  83,819
  88,519
  93,429
Total equity, $m
  1,002
  1,157
  1,324
  1,502
  1,691
  1,892
  2,103
  2,325
  2,557
  2,800
  3,053
  3,317
  3,591
  3,877
  4,174
  4,482
  4,802
  5,135
  5,482
  5,842
  6,216
  6,606
  7,012
  7,434
  7,875
  8,334
  8,813
  9,313
  9,835
  10,381
Total liabilities and equity, $m
  10,024
  11,572
  13,238
  15,019
  16,913
  18,918
  21,030
  23,248
  25,571
  27,999
  30,531
  33,169
  35,914
  38,769
  41,737
  44,820
  48,024
  51,354
  54,817
  58,417
  62,161
  66,058
  70,116
  74,342
  78,747
  83,340
  88,131
  93,132
  98,354
  103,810
Debt-to-equity ratio
  5.630
  6.080
  6.450
  6.750
  7.000
  7.210
  7.390
  7.550
  7.680
  7.790
  7.890
  7.980
  8.060
  8.130
  8.190
  8.250
  8.300
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.570
  8.590
  8.620
  8.640
  8.660
  8.670
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
  481
  646
  772
  907
  1,050
  1,201
  1,360
  1,527
  1,701
  1,883
  2,466
  2,663
  2,869
  3,082
  3,304
  3,535
  3,775
  4,024
  4,282
  4,552
  4,832
  5,123
  5,427
  5,743
  6,073
  6,417
  6,776
  7,151
  7,542
  7,951
Depreciation, amort., depletion, $m
  967
  1,034
  1,105
  1,181
  1,262
  1,348
  1,438
  1,533
  1,633
  1,736
  1,306
  1,419
  1,537
  1,659
  1,786
  1,918
  2,055
  2,197
  2,345
  2,499
  2,660
  2,826
  3,000
  3,181
  3,369
  3,566
  3,771
  3,985
  4,208
  4,442
Funds from operations, $m
  1,448
  1,679
  1,877
  2,088
  2,312
  2,549
  2,799
  3,060
  3,334
  3,620
  3,772
  4,083
  4,406
  4,741
  5,090
  5,453
  5,829
  6,221
  6,628
  7,051
  7,492
  7,950
  8,427
  8,924
  9,443
  9,983
  10,547
  11,136
  11,751
  12,393
Change in working capital, $m
  -124
  -135
  -145
  -155
  -165
  -174
  -184
  -193
  -202
  -211
  -220
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -301
  -313
  -326
  -339
  -353
  -368
  -383
  -400
  -417
  -435
  -455
  -475
Cash from operations, $m
  1,573
  1,814
  2,022
  2,243
  2,477
  2,724
  2,982
  3,253
  3,536
  3,831
  3,993
  4,312
  4,645
  4,990
  5,348
  5,721
  6,108
  6,511
  6,929
  7,365
  7,817
  8,289
  8,780
  9,292
  9,826
  10,383
  10,964
  11,571
  12,205
  12,868
Maintenance CAPEX, $m
  -368
  -429
  -495
  -566
  -643
  -724
  -809
  -900
  -995
  -1,094
  -1,198
  -1,306
  -1,419
  -1,537
  -1,659
  -1,786
  -1,918
  -2,055
  -2,197
  -2,345
  -2,499
  -2,660
  -2,826
  -3,000
  -3,181
  -3,369
  -3,566
  -3,771
  -3,985
  -4,208
New CAPEX, $m
  -611
  -662
  -713
  -762
  -810
  -858
  -904
  -949
  -994
  -1,039
  -1,084
  -1,129
  -1,175
  -1,221
  -1,270
  -1,319
  -1,371
  -1,425
  -1,481
  -1,540
  -1,602
  -1,667
  -1,736
  -1,808
  -1,885
  -1,965
  -2,050
  -2,140
  -2,234
  -2,334
Cash from investing activities, $m
  -979
  -1,091
  -1,208
  -1,328
  -1,453
  -1,582
  -1,713
  -1,849
  -1,989
  -2,133
  -2,282
  -2,435
  -2,594
  -2,758
  -2,929
  -3,105
  -3,289
  -3,480
  -3,678
  -3,885
  -4,101
  -4,327
  -4,562
  -4,808
  -5,066
  -5,334
  -5,616
  -5,911
  -6,219
  -6,542
Free cash flow, $m
  594
  723
  814
  915
  1,024
  1,142
  1,269
  1,404
  1,547
  1,698
  1,711
  1,877
  2,051
  2,232
  2,420
  2,616
  2,819
  3,031
  3,251
  3,479
  3,716
  3,962
  4,218
  4,484
  4,760
  5,048
  5,348
  5,660
  5,986
  6,325
Issuance/(repayment) of debt, $m
  100
  1,393
  1,499
  1,603
  1,705
  1,804
  1,901
  1,996
  2,091
  2,185
  2,279
  2,374
  2,471
  2,569
  2,671
  2,775
  2,884
  2,997
  3,116
  3,240
  3,370
  3,507
  3,652
  3,804
  3,964
  4,134
  4,312
  4,501
  4,700
  4,910
Issuance/(repurchase) of shares, $m
  849
  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  
  949
  1,393
  1,499
  1,603
  1,705
  1,804
  1,901
  1,996
  2,091
  2,185
  2,279
  2,374
  2,471
  2,569
  2,671
  2,775
  2,884
  2,997
  3,116
  3,240
  3,370
  3,507
  3,652
  3,804
  3,964
  4,134
  4,312
  4,501
  4,700
  4,910
Total cash flow (excl. dividends), $m
  1,543
  2,116
  2,313
  2,518
  2,729
  2,946
  3,170
  3,401
  3,638
  3,883
  3,990
  4,251
  4,521
  4,801
  5,090
  5,391
  5,703
  6,028
  6,366
  6,719
  7,086
  7,469
  7,870
  8,288
  8,725
  9,182
  9,661
  10,161
  10,686
  11,235
Retained Cash Flow (-), $m
  -1,330
  -155
  -167
  -178
  -189
  -200
  -211
  -222
  -232
  -243
  -253
  -264
  -275
  -285
  -297
  -308
  -320
  -333
  -346
  -360
  -374
  -390
  -406
  -423
  -440
  -459
  -479
  -500
  -522
  -546
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
  122
  142
  164
  188
  213
  240
  268
  298
  330
  363
  397
  433
  470
  509
  550
  592
  636
  681
  728
  777
  828
  882
  937
  994
  1,054
  1,117
  1,182
  1,250
  1,321
  1,395
Cash available for distribution, $m
  212
  1,961
  2,147
  2,340
  2,539
  2,746
  2,959
  3,179
  3,406
  3,640
  3,737
  3,988
  4,247
  4,515
  4,794
  5,083
  5,383
  5,695
  6,020
  6,359
  6,711
  7,080
  7,464
  7,865
  8,284
  8,723
  9,181
  9,661
  10,163
  10,689
Discount rate, %
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
  187
  1,510
  1,424
  1,319
  1,200
  1,072
  939
  806
  678
  558
  432
  341
  262
  197
  144
  102
  71
  47
  31
  19
  12
  7
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Moody's Corporation (Moody's) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers. The Company operates in two segments: Moody's Investors Service (MIS) and Moody's Analytics (MA). The MIS segment includes its ratings operations. The MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets. The MIS segment includes corporate finance group; structured finance group; financial institutions group; public, project and infrastructure finance, and MIS Other. The MA segment consists of three lines of business: data and analytics business, enterprise risk solutions and professional service.

FINANCIAL RATIOS  of  Moody's (MCO)

Valuation Ratios
P/E Ratio 122.1
Price to Sales 9
Price to Book -26.6
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow 29.3
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.2%
Cap. Spend. - 3 Yr. Gr. Rate 22.3%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity -250%
Total Debt to Equity -274.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 16.9%
Return On Total Capital 10.8%
Ret/ On T. Cap. - 3 Yr. Avg. 29.5%
Return On Equity -29.8%
Return On Equity - 3 Yr. Avg. 349.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 71.5%
Gross Margin - 3 Yr. Avg. 71.9%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 39.6%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 35.4%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 33%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 21.4%
Effective Tax Rate 50.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 106.7%

MCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCO stock intrinsic value calculation we used $4204 million for the last fiscal year's total revenue generated by Moody's. The default revenue input number comes from 2017 income statement of Moody's. 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 MCO stock valuation model: a) initial revenue growth rate of 16.6% 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 13.3%, whose default value for MCO is calculated based on our internal credit rating of Moody's, 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 Moody's.
    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 MCO stock the variable cost ratio is equal to 82.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $-1 million in the base year in the intrinsic value calculation for MCO 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 Moody's.

Corporate tax rate of 27% is the nominal tax rate for Moody's. 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 MCO stock is equal to 2.9%.

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 MCO are equal to 87.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Moody's 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 MCO is equal to -17.8%. 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 - $-328 million for Moody's - 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 191 million for Moody's 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 Moody's at the current share price and the inputted number of shares is $32.6 billion.

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COMPANY NEWS

▶ 3 Reasons to Be Cautious on MGIC Investment Stock   [Aug-14-18 05:14PM  InvestorPlace]
▶ Moodys Names Mark Kaye as Chief Financial Officer   [Jul-31-18 07:01AM  Business Wire]
▶ GDP What you need to know in markets on Friday   [Jul-26-18 05:57PM  Yahoo Finance]
▶ 5 years after declaring bankruptcy, Detroit reborn at a cost   [Jul-15-18 12:21PM  Associated Press]
▶ Moodys Corporation Declares Quarterly Dividend   [Jul-10-18 05:00PM  Business Wire]
▶ Moodys Analytics Takes Top Position in Chartis CECL Report   [Jun-08-18 09:00AM  Business Wire]
▶ 3 Stocks for Warren Buffett Fans   [May-17-18 07:09AM  Motley Fool]
▶ Tesla Inc Is One of This Summers Most Dangerous Stocks   [May-08-18 02:31PM  InvestorPlace]
▶ Analytics Revenue Boosts Moody's First Quarter   [May-02-18 03:47PM  Motley Fool]
▶ Detroit released from active state oversight of finances   [Apr-30-18 08:52PM  Associated Press]
▶ Moody's: 1Q Earnings Snapshot   [07:13AM  Associated Press]
▶ Moodys Corporation Declares Quarterly Dividend   [Apr-24-18 04:30PM  Business Wire]
▶ Tesla Inc: Should You Buy Stock or Bonds?   [Apr-13-18 07:00AM  InvestorPlace]
▶ Edited Transcript of MCO presentation 7-Mar-17 2:15pm GMT   [Apr-10-18 10:59AM  Thomson Reuters StreetEvents]
▶ 9 West files for Chapter 11 bankruptcy protection   [Apr-06-18 04:08PM  Associated Press]
▶ Markets Right Now: US indexes end choppy day slightly lower   [Mar-28-18 04:15PM  Associated Press]
▶ Moodys Corporation Announces Commencement of Exchange Offer   [Mar-16-18 04:16PM  Business Wire]
▶ Moodys Analytics Launches the Data Alliance Portal   [Mar-13-18 10:00AM  Business Wire]
▶ Survey: US businesses hire 235,000 new workers in February   [Mar-07-18 02:45PM  Associated Press]
▶ Warren Buffett's Top Growth Stocks   [Mar-02-18 06:00AM  Motley Fool]
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