Intrinsic value of Marsh & McLennan Companies, Inc. - MMC

Previous Close

$102.81

  Intrinsic Value

$71.72

stock screener

  Rating & Target

sell

-30%

Previous close

$102.81

 
Intrinsic value

$71.72

 
Up/down potential

-30%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as MMC.

We calculate the intrinsic value of MMC 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 51.9

 

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
  15,249
  15,600
  16,001
  16,451
  16,949
  17,497
  18,093
  18,738
  19,432
  20,178
  20,976
  21,827
  22,734
  23,697
  24,719
  25,803
  26,949
  28,162
  29,443
  30,796
  32,224
  33,729
  35,316
  36,988
  38,749
  40,603
  42,554
  44,608
  46,768
  49,040
Variable operating expenses, $m
  12,345
  12,603
  12,899
  13,231
  13,598
  14,002
  14,441
  14,917
  15,429
  15,979
  15,463
  16,091
  16,759
  17,469
  18,223
  19,021
  19,867
  20,761
  21,705
  22,702
  23,755
  24,864
  26,034
  27,267
  28,565
  29,931
  31,370
  32,884
  34,476
  36,151
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
  12,345
  12,603
  12,899
  13,231
  13,598
  14,002
  14,441
  14,917
  15,429
  15,979
  15,463
  16,091
  16,759
  17,469
  18,223
  19,021
  19,867
  20,761
  21,705
  22,702
  23,755
  24,864
  26,034
  27,267
  28,565
  29,931
  31,370
  32,884
  34,476
  36,151
Operating income, $m
  2,904
  2,996
  3,102
  3,220
  3,351
  3,495
  3,651
  3,821
  4,004
  4,200
  5,513
  5,737
  5,975
  6,228
  6,497
  6,781
  7,083
  7,402
  7,738
  8,094
  8,469
  8,865
  9,282
  9,721
  10,184
  10,671
  11,184
  11,724
  12,292
  12,889
EBITDA, $m
  4,275
  4,373
  4,486
  4,612
  4,752
  4,905
  5,072
  5,253
  5,448
  5,657
  5,881
  6,119
  6,373
  6,644
  6,930
  7,234
  7,555
  7,895
  8,254
  8,634
  9,034
  9,456
  9,901
  10,370
  10,863
  11,383
  11,930
  12,506
  13,111
  13,749
Interest expense (income), $m
  178
  314
  330
  347
  368
  391
  416
  444
  474
  507
  542
  580
  621
  664
  710
  759
  811
  866
  924
  986
  1,051
  1,119
  1,192
  1,268
  1,349
  1,434
  1,524
  1,618
  1,717
  1,821
  1,931
Earnings before tax, $m
  2,590
  2,667
  2,754
  2,852
  2,960
  3,079
  3,208
  3,347
  3,497
  3,657
  4,933
  5,116
  5,311
  5,518
  5,738
  5,971
  6,217
  6,477
  6,753
  7,043
  7,350
  7,673
  8,013
  8,372
  8,750
  9,148
  9,566
  10,007
  10,470
  10,958
Tax expense, $m
  699
  720
  744
  770
  799
  831
  866
  904
  944
  988
  1,332
  1,381
  1,434
  1,490
  1,549
  1,612
  1,679
  1,749
  1,823
  1,902
  1,984
  2,072
  2,164
  2,260
  2,362
  2,470
  2,583
  2,702
  2,827
  2,959
Net income, $m
  1,890
  1,947
  2,011
  2,082
  2,161
  2,248
  2,342
  2,443
  2,553
  2,670
  3,601
  3,735
  3,877
  4,028
  4,189
  4,359
  4,538
  4,729
  4,929
  5,141
  5,365
  5,601
  5,850
  6,112
  6,387
  6,678
  6,983
  7,305
  7,643
  7,999

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
  22,004
  22,510
  23,089
  23,738
  24,458
  25,248
  26,108
  27,038
  28,041
  29,117
  30,269
  31,497
  32,805
  34,195
  35,670
  37,233
  38,888
  40,638
  42,487
  44,439
  46,499
  48,671
  50,961
  53,373
  55,914
  58,590
  61,406
  64,369
  67,486
  70,765
Adjusted assets (=assets-cash), $m
  22,004
  22,510
  23,089
  23,738
  24,458
  25,248
  26,108
  27,038
  28,041
  29,117
  30,269
  31,497
  32,805
  34,195
  35,670
  37,233
  38,888
  40,638
  42,487
  44,439
  46,499
  48,671
  50,961
  53,373
  55,914
  58,590
  61,406
  64,369
  67,486
  70,765
Revenue / Adjusted assets
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
Average production assets, $m
  6,176
  6,318
  6,480
  6,663
  6,865
  7,086
  7,327
  7,589
  7,870
  8,172
  8,495
  8,840
  9,207
  9,597
  10,011
  10,450
  10,915
  11,406
  11,925
  12,472
  13,051
  13,660
  14,303
  14,980
  15,693
  16,444
  17,234
  18,066
  18,941
  19,861
Working capital, $m
  259
  265
  272
  280
  288
  297
  308
  319
  330
  343
  357
  371
  386
  403
  420
  439
  458
  479
  501
  524
  548
  573
  600
  629
  659
  690
  723
  758
  795
  834
Total debt, $m
  6,104
  6,434
  6,811
  7,234
  7,704
  8,219
  8,779
  9,386
  10,040
  10,741
  11,492
  12,293
  13,146
  14,052
  15,014
  16,033
  17,112
  18,253
  19,458
  20,731
  22,074
  23,491
  24,983
  26,556
  28,213
  29,957
  31,793
  33,725
  35,758
  37,896
Total liabilities, $m
  14,347
  14,677
  15,054
  15,477
  15,947
  16,462
  17,022
  17,629
  18,283
  18,984
  19,735
  20,536
  21,389
  22,295
  23,257
  24,276
  25,355
  26,496
  27,701
  28,974
  30,317
  31,734
  33,226
  34,799
  36,456
  38,200
  40,036
  41,968
  44,001
  46,139
Total equity, $m
  7,658
  7,834
  8,035
  8,261
  8,511
  8,786
  9,085
  9,409
  9,758
  10,133
  10,533
  10,961
  11,416
  11,900
  12,413
  12,957
  13,533
  14,142
  14,785
  15,465
  16,182
  16,938
  17,734
  18,574
  19,458
  20,389
  21,369
  22,400
  23,485
  24,626
Total liabilities and equity, $m
  22,005
  22,511
  23,089
  23,738
  24,458
  25,248
  26,107
  27,038
  28,041
  29,117
  30,268
  31,497
  32,805
  34,195
  35,670
  37,233
  38,888
  40,638
  42,486
  44,439
  46,499
  48,672
  50,960
  53,373
  55,914
  58,589
  61,405
  64,368
  67,486
  70,765
Debt-to-equity ratio
  0.800
  0.820
  0.850
  0.880
  0.910
  0.940
  0.970
  1.000
  1.030
  1.060
  1.090
  1.120
  1.150
  1.180
  1.210
  1.240
  1.260
  1.290
  1.320
  1.340
  1.360
  1.390
  1.410
  1.430
  1.450
  1.470
  1.490
  1.510
  1.520
  1.540
Adjusted equity ratio
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348
  0.348

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,890
  1,947
  2,011
  2,082
  2,161
  2,248
  2,342
  2,443
  2,553
  2,670
  3,601
  3,735
  3,877
  4,028
  4,189
  4,359
  4,538
  4,729
  4,929
  5,141
  5,365
  5,601
  5,850
  6,112
  6,387
  6,678
  6,983
  7,305
  7,643
  7,999
Depreciation, amort., depletion, $m
  1,371
  1,377
  1,384
  1,392
  1,401
  1,410
  1,421
  1,432
  1,444
  1,457
  368
  383
  399
  415
  433
  452
  472
  494
  516
  540
  565
  591
  619
  648
  679
  712
  746
  782
  820
  860
Funds from operations, $m
  3,261
  3,324
  3,395
  3,474
  3,562
  3,658
  3,762
  3,875
  3,997
  4,127
  3,969
  4,117
  4,276
  4,444
  4,622
  4,811
  5,011
  5,222
  5,446
  5,681
  5,930
  6,192
  6,469
  6,760
  7,067
  7,390
  7,730
  8,087
  8,463
  8,859
Change in working capital, $m
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
Cash from operations, $m
  3,256
  3,318
  3,388
  3,466
  3,553
  3,649
  3,752
  3,864
  3,985
  4,115
  3,955
  4,103
  4,260
  4,427
  4,605
  4,793
  4,991
  5,202
  5,424
  5,658
  5,906
  6,167
  6,442
  6,732
  7,037
  7,358
  7,696
  8,052
  8,427
  8,820
Maintenance CAPEX, $m
  -262
  -267
  -274
  -281
  -288
  -297
  -307
  -317
  -329
  -341
  -354
  -368
  -383
  -399
  -415
  -433
  -452
  -472
  -494
  -516
  -540
  -565
  -591
  -619
  -648
  -679
  -712
  -746
  -782
  -820
New CAPEX, $m
  -120
  -142
  -162
  -182
  -202
  -222
  -241
  -261
  -281
  -302
  -323
  -345
  -367
  -390
  -414
  -439
  -464
  -491
  -519
  -548
  -578
  -610
  -643
  -677
  -713
  -751
  -790
  -832
  -875
  -920
Cash from investing activities, $m
  -382
  -409
  -436
  -463
  -490
  -519
  -548
  -578
  -610
  -643
  -677
  -713
  -750
  -789
  -829
  -872
  -916
  -963
  -1,013
  -1,064
  -1,118
  -1,175
  -1,234
  -1,296
  -1,361
  -1,430
  -1,502
  -1,578
  -1,657
  -1,740
Free cash flow, $m
  2,875
  2,908
  2,952
  3,004
  3,063
  3,130
  3,204
  3,286
  3,375
  3,472
  3,278
  3,390
  3,510
  3,639
  3,775
  3,920
  4,075
  4,238
  4,411
  4,594
  4,788
  4,992
  5,208
  5,435
  5,675
  5,928
  6,194
  6,474
  6,770
  7,080
Issuance/(repayment) of debt, $m
  280
  330
  377
  423
  469
  515
  561
  607
  654
  702
  751
  801
  853
  906
  962
  1,019
  1,079
  1,141
  1,205
  1,273
  1,343
  1,416
  1,493
  1,573
  1,657
  1,744
  1,836
  1,932
  2,033
  2,138
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  
  280
  330
  377
  423
  469
  515
  561
  607
  654
  702
  751
  801
  853
  906
  962
  1,019
  1,079
  1,141
  1,205
  1,273
  1,343
  1,416
  1,493
  1,573
  1,657
  1,744
  1,836
  1,932
  2,033
  2,138
Total cash flow (excl. dividends), $m
  3,154
  3,238
  3,329
  3,427
  3,532
  3,645
  3,765
  3,893
  4,029
  4,174
  4,029
  4,191
  4,363
  4,545
  4,737
  4,940
  5,153
  5,379
  5,617
  5,867
  6,131
  6,408
  6,701
  7,008
  7,332
  7,672
  8,030
  8,406
  8,802
  9,218
Retained Cash Flow (-), $m
  -147
  -176
  -201
  -226
  -250
  -275
  -299
  -324
  -349
  -374
  -401
  -428
  -455
  -484
  -513
  -544
  -576
  -609
  -643
  -679
  -717
  -756
  -797
  -840
  -884
  -931
  -980
  -1,031
  -1,085
  -1,141
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
  3,008
  3,062
  3,128
  3,201
  3,282
  3,370
  3,466
  3,569
  3,680
  3,799
  3,628
  3,764
  3,908
  4,061
  4,224
  4,396
  4,578
  4,770
  4,973
  5,188
  5,414
  5,653
  5,904
  6,169
  6,448
  6,741
  7,050
  7,375
  7,717
  8,077
Discount rate, %
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
  2,870
  2,775
  2,680
  2,578
  2,472
  2,359
  2,240
  2,116
  1,986
  1,853
  1,585
  1,460
  1,334
  1,207
  1,082
  960
  841
  729
  623
  526
  437
  357
  288
  227
  176
  134
  100
  73
  52
  36
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

Marsh & McLennan Companies, Inc. is a professional services firm offering clients advice and solutions in risk, strategy and people. The Company is the parent company of various risk advisors and specialty consultants, including Marsh, the insurance broker; Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of human resource and investment related financial advice and services, and Oliver Wyman Group, the management and economic consultancy. It conducts business through two segments: Risk and Insurance Services, which includes risk management activities, as well as insurance and reinsurance broking and services, and Consulting includes health, retirement, talent and investments consulting services and products, and specialized management, economic and brand consulting services. It conducts business in the Risk and Insurance Services segment through Marsh and Guy Carpenter. It conducts business in the Consulting segment through Mercer and Oliver Wyman Group.

FINANCIAL RATIOS  of  Marsh & McLennan Companies, Inc. (MMC)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 4
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow 26.4
Price to Free Cash Flow 30.2
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.2%
Cap. Spend. - 3 Yr. Gr. Rate -8.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 72.6%
Total Debt to Equity 77.6%
Interest Coverage 15
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 16.1%
Ret/ On T. Cap. - 3 Yr. Avg. 15%
Return On Equity 27.8%
Return On Equity - 3 Yr. Avg. 23.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 20.2%
Oper. Margin - 3 Yr. Avg. 18.5%
Pre-Tax Margin 18.8%
Pre-Tax Margin - 3 Yr. Avg. 17.5%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 12.4%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 38.6%

MMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMC stock intrinsic value calculation we used $14950 million for the last fiscal year's total revenue generated by Marsh & McLennan Companies, Inc.. The default revenue input number comes from 0001 income statement of Marsh & McLennan Companies, 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 MMC 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 4.8%, whose default value for MMC is calculated based on our internal credit rating of Marsh & McLennan Companies, 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 Marsh & McLennan Companies, 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 MMC stock the variable cost ratio is equal to 81.1%.

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 MMC 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 Marsh & McLennan Companies, Inc..

Corporate tax rate of 27% is the nominal tax rate for Marsh & McLennan Companies, 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 MMC 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 MMC are equal to 40.5%.

Life of production assets of 23.1 years is the average useful life of capital assets used in Marsh & McLennan Companies, 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 MMC is equal to 1.7%. 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 - $7511 million for Marsh & McLennan Companies, 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 505.092 million for Marsh & McLennan Companies, 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 Marsh & McLennan Companies, Inc. at the current share price and the inputted number of shares is $51.9 billion.

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