Intrinsic value of Motorola Solutions - MSI

Previous Close

$120.24

  Intrinsic Value

$93.01

stock screener

  Rating & Target

sell

-23%

Previous close

$120.24

 
Intrinsic value

$93.01

 
Up/down potential

-23%

 
Rating

sell

We calculate the intrinsic value of MSI 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 19.5

 

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, %
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
  5.59
Revenue, $m
  7,503
  8,729
  10,056
  11,483
  13,006
  14,624
  16,334
  18,136
  20,026
  22,005
  24,072
  26,227
  28,472
  30,808
  33,236
  35,760
  38,383
  41,109
  43,941
  46,886
  49,949
  53,135
  56,451
  59,904
  63,501
  67,251
  71,161
  75,240
  79,498
  83,945
Variable operating expenses, $m
  2,752
  3,172
  3,627
  4,116
  4,638
  5,193
  5,779
  6,397
  7,045
  7,723
  8,252
  8,991
  9,760
  10,561
  11,393
  12,259
  13,158
  14,092
  15,063
  16,073
  17,123
  18,215
  19,352
  20,535
  21,768
  23,054
  24,394
  25,793
  27,252
  28,777
Fixed operating expenses, $m
  2,850
  2,913
  2,977
  3,043
  3,110
  3,178
  3,248
  3,319
  3,392
  3,467
  3,543
  3,621
  3,701
  3,782
  3,866
  3,951
  4,038
  4,126
  4,217
  4,310
  4,405
  4,502
  4,601
  4,702
  4,805
  4,911
  5,019
  5,129
  5,242
  5,358
Total operating expenses, $m
  5,602
  6,085
  6,604
  7,159
  7,748
  8,371
  9,027
  9,716
  10,437
  11,190
  11,795
  12,612
  13,461
  14,343
  15,259
  16,210
  17,196
  18,218
  19,280
  20,383
  21,528
  22,717
  23,953
  25,237
  26,573
  27,965
  29,413
  30,922
  32,494
  34,135
Operating income, $m
  1,901
  2,644
  3,452
  4,324
  5,258
  6,253
  7,307
  8,419
  9,589
  10,815
  12,277
  13,615
  15,011
  16,464
  17,977
  19,551
  21,188
  22,890
  24,661
  26,504
  28,422
  30,419
  32,499
  34,667
  36,928
  39,286
  41,748
  44,318
  47,004
  49,811
EBITDA, $m
  2,348
  3,134
  3,990
  4,913
  5,901
  6,954
  8,069
  9,245
  10,482
  11,778
  13,134
  14,549
  16,025
  17,562
  19,161
  20,824
  22,555
  24,354
  26,226
  28,174
  30,201
  32,311
  34,509
  36,800
  39,189
  41,681
  44,282
  46,998
  49,835
  52,801
Interest expense (income), $m
  191
  241
  173
  250
  333
  422
  518
  619
  726
  838
  957
  1,081
  1,210
  1,345
  1,485
  1,631
  1,783
  1,941
  2,105
  2,275
  2,453
  2,637
  2,828
  3,028
  3,235
  3,451
  3,676
  3,911
  4,155
  4,410
  4,677
Earnings before tax, $m
  1,659
  2,470
  3,202
  3,991
  4,836
  5,735
  6,688
  7,694
  8,750
  9,858
  11,196
  12,405
  13,666
  14,979
  16,346
  17,768
  19,247
  20,785
  22,386
  24,051
  25,785
  27,590
  29,471
  31,432
  33,477
  35,610
  37,837
  40,163
  42,594
  45,134
Tax expense, $m
  448
  667
  864
  1,077
  1,306
  1,549
  1,806
  2,077
  2,363
  2,662
  3,023
  3,349
  3,690
  4,044
  4,413
  4,797
  5,197
  5,612
  6,044
  6,494
  6,962
  7,449
  7,957
  8,487
  9,039
  9,615
  10,216
  10,844
  11,500
  12,186
Net income, $m
  1,211
  1,803
  2,337
  2,913
  3,530
  4,187
  4,882
  5,616
  6,388
  7,196
  8,173
  9,056
  9,976
  10,935
  11,933
  12,970
  14,050
  15,173
  16,342
  17,557
  18,823
  20,141
  21,514
  22,945
  24,438
  25,995
  27,621
  29,319
  31,093
  32,948

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
  9,656
  11,234
  12,942
  14,778
  16,739
  18,821
  21,022
  23,341
  25,774
  28,320
  30,981
  33,755
  36,644
  39,649
  42,775
  46,023
  49,399
  52,907
  56,553
  60,343
  64,284
  68,385
  72,653
  77,097
  81,726
  86,552
  91,584
  96,834
  102,314
  108,037
Adjusted assets (=assets-cash), $m
  9,656
  11,234
  12,942
  14,778
  16,739
  18,821
  21,022
  23,341
  25,774
  28,320
  30,981
  33,755
  36,644
  39,649
  42,775
  46,023
  49,399
  52,907
  56,553
  60,343
  64,284
  68,385
  72,653
  77,097
  81,726
  86,552
  91,584
  96,834
  102,314
  108,037
Revenue / Adjusted assets
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
  0.777
Average production assets, $m
  1,951
  2,270
  2,615
  2,985
  3,382
  3,802
  4,247
  4,715
  5,207
  5,721
  6,259
  6,819
  7,403
  8,010
  8,641
  9,298
  9,980
  10,688
  11,425
  12,190
  12,987
  13,815
  14,677
  15,575
  16,510
  17,485
  18,502
  19,562
  20,670
  21,826
Working capital, $m
  -233
  -271
  -312
  -356
  -403
  -453
  -506
  -562
  -621
  -682
  -746
  -813
  -883
  -955
  -1,030
  -1,109
  -1,190
  -1,274
  -1,362
  -1,453
  -1,548
  -1,647
  -1,750
  -1,857
  -1,969
  -2,085
  -2,206
  -2,332
  -2,464
  -2,602
Total debt, $m
  3,212
  4,632
  6,169
  7,821
  9,586
  11,460
  13,441
  15,527
  17,717
  20,009
  22,404
  24,900
  27,500
  30,205
  33,018
  35,942
  38,980
  42,137
  45,418
  48,830
  52,377
  56,067
  59,908
  63,908
  68,075
  72,418
  76,947
  81,672
  86,604
  91,755
Total liabilities, $m
  8,691
  10,111
  11,648
  13,300
  15,065
  16,939
  18,920
  21,006
  23,196
  25,488
  27,883
  30,379
  32,979
  35,684
  38,497
  41,421
  44,459
  47,616
  50,897
  54,309
  57,856
  61,546
  65,387
  69,387
  73,554
  77,897
  82,426
  87,151
  92,083
  97,234
Total equity, $m
  966
  1,123
  1,294
  1,478
  1,674
  1,882
  2,102
  2,334
  2,577
  2,832
  3,098
  3,375
  3,664
  3,965
  4,277
  4,602
  4,940
  5,291
  5,655
  6,034
  6,428
  6,838
  7,265
  7,710
  8,173
  8,655
  9,158
  9,683
  10,231
  10,804
Total liabilities and equity, $m
  9,657
  11,234
  12,942
  14,778
  16,739
  18,821
  21,022
  23,340
  25,773
  28,320
  30,981
  33,754
  36,643
  39,649
  42,774
  46,023
  49,399
  52,907
  56,552
  60,343
  64,284
  68,384
  72,652
  77,097
  81,727
  86,552
  91,584
  96,834
  102,314
  108,038
Debt-to-equity ratio
  3.330
  4.120
  4.770
  5.290
  5.730
  6.090
  6.390
  6.650
  6.870
  7.070
  7.230
  7.380
  7.500
  7.620
  7.720
  7.810
  7.890
  7.960
  8.030
  8.090
  8.150
  8.200
  8.250
  8.290
  8.330
  8.370
  8.400
  8.430
  8.460
  8.490
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
  1,211
  1,803
  2,337
  2,913
  3,530
  4,187
  4,882
  5,616
  6,388
  7,196
  8,173
  9,056
  9,976
  10,935
  11,933
  12,970
  14,050
  15,173
  16,342
  17,557
  18,823
  20,141
  21,514
  22,945
  24,438
  25,995
  27,621
  29,319
  31,093
  32,948
Depreciation, amort., depletion, $m
  447
  491
  538
  589
  643
  701
  762
  826
  893
  964
  857
  934
  1,014
  1,097
  1,184
  1,274
  1,367
  1,464
  1,565
  1,670
  1,779
  1,892
  2,011
  2,134
  2,262
  2,395
  2,534
  2,680
  2,831
  2,990
Funds from operations, $m
  1,658
  2,294
  2,875
  3,502
  4,173
  4,888
  5,644
  6,442
  7,281
  8,160
  9,031
  9,990
  10,990
  12,032
  13,116
  14,244
  15,417
  16,637
  17,907
  19,227
  20,602
  22,033
  23,525
  25,079
  26,700
  28,391
  30,156
  31,999
  33,925
  35,938
Change in working capital, $m
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -61
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -132
  -138
Cash from operations, $m
  1,693
  2,332
  2,916
  3,546
  4,220
  4,938
  5,697
  6,498
  7,339
  8,221
  9,095
  10,057
  11,060
  12,105
  13,192
  14,322
  15,498
  16,722
  17,994
  19,319
  20,697
  22,132
  23,627
  25,186
  26,811
  28,507
  30,277
  32,125
  34,057
  36,076
Maintenance CAPEX, $m
  -227
  -267
  -311
  -358
  -409
  -463
  -521
  -582
  -646
  -713
  -784
  -857
  -934
  -1,014
  -1,097
  -1,184
  -1,274
  -1,367
  -1,464
  -1,565
  -1,670
  -1,779
  -1,892
  -2,011
  -2,134
  -2,262
  -2,395
  -2,534
  -2,680
  -2,831
New CAPEX, $m
  -291
  -319
  -345
  -371
  -396
  -421
  -445
  -468
  -492
  -515
  -537
  -560
  -584
  -607
  -631
  -656
  -682
  -709
  -737
  -766
  -796
  -828
  -862
  -898
  -935
  -975
  -1,017
  -1,061
  -1,107
  -1,156
Cash from investing activities, $m
  -518
  -586
  -656
  -729
  -805
  -884
  -966
  -1,050
  -1,138
  -1,228
  -1,321
  -1,417
  -1,518
  -1,621
  -1,728
  -1,840
  -1,956
  -2,076
  -2,201
  -2,331
  -2,466
  -2,607
  -2,754
  -2,909
  -3,069
  -3,237
  -3,412
  -3,595
  -3,787
  -3,987
Free cash flow, $m
  1,175
  1,746
  2,260
  2,817
  3,415
  4,054
  4,732
  5,448
  6,202
  6,993
  7,773
  8,639
  9,542
  10,483
  11,463
  12,482
  13,543
  14,646
  15,794
  16,988
  18,231
  19,525
  20,873
  22,278
  23,742
  25,270
  26,865
  28,530
  30,270
  32,088
Issuance/(repayment) of debt, $m
  -1,259
  1,420
  1,537
  1,652
  1,765
  1,874
  1,981
  2,086
  2,190
  2,292
  2,394
  2,497
  2,600
  2,705
  2,813
  2,924
  3,038
  3,157
  3,281
  3,411
  3,547
  3,690
  3,841
  4,000
  4,167
  4,343
  4,529
  4,725
  4,932
  5,151
Issuance/(repurchase) of shares, $m
  1,496
  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  
  237
  1,420
  1,537
  1,652
  1,765
  1,874
  1,981
  2,086
  2,190
  2,292
  2,394
  2,497
  2,600
  2,705
  2,813
  2,924
  3,038
  3,157
  3,281
  3,411
  3,547
  3,690
  3,841
  4,000
  4,167
  4,343
  4,529
  4,725
  4,932
  5,151
Total cash flow (excl. dividends), $m
  1,412
  3,166
  3,798
  4,470
  5,180
  5,928
  6,713
  7,534
  8,392
  9,286
  10,168
  11,136
  12,142
  13,188
  14,276
  15,406
  16,581
  17,803
  19,075
  20,399
  21,778
  23,215
  24,714
  26,277
  27,909
  29,613
  31,394
  33,255
  35,202
  37,239
Retained Cash Flow (-), $m
  -2,708
  -158
  -171
  -184
  -196
  -208
  -220
  -232
  -243
  -255
  -266
  -277
  -289
  -301
  -313
  -325
  -338
  -351
  -365
  -379
  -394
  -410
  -427
  -444
  -463
  -483
  -503
  -525
  -548
  -572
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
  -1,296
  3,008
  3,627
  4,286
  4,984
  5,720
  6,493
  7,302
  8,148
  9,031
  9,902
  10,858
  11,853
  12,888
  13,963
  15,081
  16,243
  17,452
  18,710
  20,020
  21,384
  22,805
  24,287
  25,833
  27,446
  29,131
  30,891
  32,730
  34,654
  36,666
Discount rate, %
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
  -1,174
  2,445
  2,619
  2,720
  2,748
  2,708
  2,605
  2,449
  2,251
  2,024
  1,770
  1,523
  1,280
  1,051
  842
  658
  501
  372
  268
  188
  128
  85
  54
  33
  20
  11
  6
  3
  2
  1
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

Motorola Solutions, Inc. is a provider of communication infrastructure, devices, accessories, software and services. The Company operates through two segments: Products and Services. The Company's Products segment offers a portfolio of infrastructure, devices, accessories and software. The Products segment has two product lines: Devices and Systems. The primary customers of the Products segment are government, public safety and first-responder agencies, municipalities, and commercial and industrial customers operating private communications networks and manage a mobile workforce. The Company's Services segment provides a range of service offerings for government, public safety and commercial communication networks. The Services segment product lines include Integration services, Managed & Support services, and Integrated Digital Enhanced Network (iDEN) services.

FINANCIAL RATIOS  of  Motorola Solutions (MSI)

Valuation Ratios
P/E Ratio 35.4
Price to Sales 3.3
Price to Book -20.5
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.9%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 269
Current Ratio 0
LT Debt to Equity -455.6%
Total Debt to Equity -456%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.8%
Return On Equity -104.7%
Return On Equity - 3 Yr. Avg. -5.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 47.5%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 33.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 50%

MSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSI stock intrinsic value calculation we used $6380 million for the last fiscal year's total revenue generated by Motorola Solutions. The default revenue input number comes from 0001 income statement of Motorola Solutions. 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 MSI stock valuation model: a) initial revenue growth rate of 17.6% 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 10.4%, whose default value for MSI is calculated based on our internal credit rating of Motorola Solutions, 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 Motorola Solutions.
    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 MSI stock the variable cost ratio is equal to 37.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2789 million in the base year in the intrinsic value calculation for MSI 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 Motorola Solutions.

Corporate tax rate of 27% is the nominal tax rate for Motorola Solutions. 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 MSI 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 MSI are equal to 26%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Motorola Solutions 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 MSI is equal to -3.1%. 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 - $-1742 million for Motorola Solutions - 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 162.3 million for Motorola Solutions 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 Motorola Solutions at the current share price and the inputted number of shares is $19.5 billion.

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