Intrinsic value of Nike Cl B - NKE

Previous Close

$67.21

  Intrinsic Value

$35.88

stock screener

  Rating & Target

sell

-47%

Previous close

$67.21

 
Intrinsic value

$35.88

 
Up/down potential

-47%

 
Rating

sell

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

We calculate the intrinsic value of NKE 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, %
  6.10
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  34,350
  35,930
  37,597
  39,355
  41,208
  43,161
  45,217
  47,381
  49,660
  52,057
  54,579
  57,232
  60,022
  62,955
  66,039
  69,281
  72,688
  76,268
  80,031
  83,984
  88,138
  92,502
  97,087
  101,903
  106,962
  112,276
  117,857
  123,720
  129,877
  136,344
  143,135
Variable operating expenses, $m
 
  30,935
  32,370
  33,883
  35,478
  37,158
  38,927
  40,790
  42,751
  44,814
  46,985
  49,254
  51,655
  54,179
  56,833
  59,623
  62,555
  65,636
  68,874
  72,276
  75,851
  79,607
  83,552
  87,697
  92,051
  96,624
  101,427
  106,473
  111,771
  117,337
  123,181
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
  29,601
  30,935
  32,370
  33,883
  35,478
  37,158
  38,927
  40,790
  42,751
  44,814
  46,985
  49,254
  51,655
  54,179
  56,833
  59,623
  62,555
  65,636
  68,874
  72,276
  75,851
  79,607
  83,552
  87,697
  92,051
  96,624
  101,427
  106,473
  111,771
  117,337
  123,181
Operating income, $m
  4,749
  4,995
  5,227
  5,472
  5,731
  6,003
  6,290
  6,591
  6,909
  7,243
  7,595
  7,978
  8,367
  8,776
  9,206
  9,658
  10,133
  10,632
  11,157
  11,708
  12,287
  12,895
  13,534
  14,206
  14,911
  15,652
  16,430
  17,247
  18,105
  19,007
  19,954
EBITDA, $m
  5,465
  5,483
  5,738
  6,006
  6,289
  6,587
  6,900
  7,231
  7,578
  7,944
  8,329
  8,734
  9,160
  9,607
  10,078
  10,573
  11,092
  11,639
  12,213
  12,816
  13,450
  14,116
  14,816
  15,551
  16,323
  17,134
  17,986
  18,880
  19,820
  20,807
  21,843
Interest expense (income), $m
  98
  121
  138
  156
  175
  195
  216
  238
  261
  286
  311
  338
  367
  397
  428
  461
  496
  533
  571
  611
  654
  698
  745
  794
  846
  900
  957
  1,017
  1,080
  1,146
  1,215
Earnings before tax, $m
  4,886
  4,873
  5,089
  5,316
  5,556
  5,808
  6,074
  6,353
  6,648
  6,957
  7,283
  7,640
  8,001
  8,380
  8,778
  9,197
  9,637
  10,100
  10,586
  11,097
  11,633
  12,197
  12,789
  13,412
  14,065
  14,752
  15,473
  16,230
  17,026
  17,861
  18,739
Tax expense, $m
  646
  1,316
  1,374
  1,435
  1,500
  1,568
  1,640
  1,715
  1,795
  1,879
  1,967
  2,063
  2,160
  2,262
  2,370
  2,483
  2,602
  2,727
  2,858
  2,996
  3,141
  3,293
  3,453
  3,621
  3,798
  3,983
  4,178
  4,382
  4,597
  4,823
  5,059
Net income, $m
  4,240
  3,558
  3,715
  3,881
  4,056
  4,240
  4,434
  4,638
  4,853
  5,079
  5,317
  5,577
  5,840
  6,117
  6,408
  6,714
  7,035
  7,373
  7,728
  8,100
  8,492
  8,904
  9,336
  9,790
  10,268
  10,769
  11,295
  11,848
  12,429
  13,039
  13,679

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6,179
  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
  23,259
  17,867
  18,696
  19,570
  20,491
  21,462
  22,485
  23,561
  24,694
  25,886
  27,140
  28,460
  29,847
  31,306
  32,839
  34,451
  36,145
  37,925
  39,796
  41,762
  43,828
  45,998
  48,278
  50,673
  53,188
  55,831
  58,606
  61,521
  64,583
  67,799
  71,176
Adjusted assets (=assets-cash), $m
  17,080
  17,867
  18,696
  19,570
  20,491
  21,462
  22,485
  23,561
  24,694
  25,886
  27,140
  28,460
  29,847
  31,306
  32,839
  34,451
  36,145
  37,925
  39,796
  41,762
  43,828
  45,998
  48,278
  50,673
  53,188
  55,831
  58,606
  61,521
  64,583
  67,799
  71,176
Revenue / Adjusted assets
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
  2.011
Average production assets, $m
  2,277
  2,371
  2,481
  2,597
  2,720
  2,849
  2,984
  3,127
  3,278
  3,436
  3,602
  3,777
  3,961
  4,155
  4,359
  4,573
  4,797
  5,034
  5,282
  5,543
  5,817
  6,105
  6,408
  6,726
  7,059
  7,410
  7,779
  8,165
  8,572
  8,999
  9,447
Working capital, $m
  10,587
  4,958
  5,188
  5,431
  5,687
  5,956
  6,240
  6,539
  6,853
  7,184
  7,532
  7,898
  8,283
  8,688
  9,113
  9,561
  10,031
  10,525
  11,044
  11,590
  12,163
  12,765
  13,398
  14,063
  14,761
  15,494
  16,264
  17,073
  17,923
  18,815
  19,753
Total debt, $m
  3,802
  3,956
  4,467
  5,005
  5,573
  6,171
  6,801
  7,464
  8,162
  8,896
  9,669
  10,481
  11,336
  12,234
  13,179
  14,172
  15,215
  16,312
  17,465
  18,676
  19,948
  21,285
  22,689
  24,164
  25,714
  27,342
  29,051
  30,847
  32,733
  34,714
  36,794
Total liabilities, $m
  10,852
  11,006
  11,517
  12,055
  12,623
  13,221
  13,851
  14,514
  15,212
  15,946
  16,719
  17,531
  18,386
  19,284
  20,229
  21,222
  22,265
  23,362
  24,515
  25,726
  26,998
  28,335
  29,739
  31,214
  32,764
  34,392
  36,101
  37,897
  39,783
  41,764
  43,844
Total equity, $m
  12,407
  6,861
  7,179
  7,515
  7,869
  8,242
  8,634
  9,047
  9,483
  9,940
  10,422
  10,928
  11,461
  12,021
  12,610
  13,229
  13,880
  14,563
  15,282
  16,037
  16,830
  17,663
  18,539
  19,458
  20,424
  21,439
  22,505
  23,624
  24,800
  26,035
  27,332
Total liabilities and equity, $m
  23,259
  17,867
  18,696
  19,570
  20,492
  21,463
  22,485
  23,561
  24,695
  25,886
  27,141
  28,459
  29,847
  31,305
  32,839
  34,451
  36,145
  37,925
  39,797
  41,763
  43,828
  45,998
  48,278
  50,672
  53,188
  55,831
  58,606
  61,521
  64,583
  67,799
  71,176
Debt-to-equity ratio
  0.306
  0.580
  0.620
  0.670
  0.710
  0.750
  0.790
  0.820
  0.860
  0.890
  0.930
  0.960
  0.990
  1.020
  1.050
  1.070
  1.100
  1.120
  1.140
  1.160
  1.190
  1.210
  1.220
  1.240
  1.260
  1.280
  1.290
  1.310
  1.320
  1.330
  1.350
Adjusted equity ratio
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,240
  3,558
  3,715
  3,881
  4,056
  4,240
  4,434
  4,638
  4,853
  5,079
  5,317
  5,577
  5,840
  6,117
  6,408
  6,714
  7,035
  7,373
  7,728
  8,100
  8,492
  8,904
  9,336
  9,790
  10,268
  10,769
  11,295
  11,848
  12,429
  13,039
  13,679
Depreciation, amort., depletion, $m
  716
  488
  510
  533
  558
  584
  611
  639
  669
  701
  734
  755
  792
  831
  872
  915
  959
  1,007
  1,056
  1,109
  1,163
  1,221
  1,282
  1,345
  1,412
  1,482
  1,556
  1,633
  1,714
  1,800
  1,889
Funds from operations, $m
  2,499
  4,046
  4,225
  4,414
  4,613
  4,823
  5,044
  5,277
  5,522
  5,780
  6,051
  6,333
  6,633
  6,948
  7,280
  7,628
  7,994
  8,379
  8,784
  9,209
  9,656
  10,125
  10,618
  11,136
  11,680
  12,251
  12,851
  13,481
  14,143
  14,838
  15,569
Change in working capital, $m
  -1,141
  218
  230
  243
  256
  269
  284
  299
  314
  331
  348
  366
  385
  405
  426
  447
  470
  494
  519
  546
  573
  602
  633
  665
  698
  733
  770
  809
  850
  892
  937
Cash from operations, $m
  3,640
  3,828
  3,995
  4,172
  4,358
  4,554
  4,761
  4,978
  5,208
  5,449
  5,703
  5,967
  6,248
  6,543
  6,854
  7,181
  7,524
  7,885
  8,265
  8,663
  9,082
  9,523
  9,985
  10,471
  10,981
  11,518
  12,081
  12,672
  13,294
  13,946
  14,631
Maintenance CAPEX, $m
  0
  -455
  -474
  -496
  -519
  -544
  -570
  -597
  -625
  -656
  -687
  -720
  -755
  -792
  -831
  -872
  -915
  -959
  -1,007
  -1,056
  -1,109
  -1,163
  -1,221
  -1,282
  -1,345
  -1,412
  -1,482
  -1,556
  -1,633
  -1,714
  -1,800
New CAPEX, $m
  -1,105
  -95
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -368
  -387
  -406
  -427
  -448
Cash from investing activities, $m
  -1,008
  -550
  -584
  -612
  -641
  -673
  -706
  -740
  -775
  -814
  -853
  -895
  -939
  -986
  -1,035
  -1,086
  -1,140
  -1,195
  -1,255
  -1,317
  -1,383
  -1,451
  -1,524
  -1,600
  -1,679
  -1,763
  -1,850
  -1,943
  -2,039
  -2,141
  -2,248
Free cash flow, $m
  2,632
  3,278
  3,411
  3,559
  3,716
  3,881
  4,055
  4,239
  4,432
  4,635
  4,850
  5,071
  5,308
  5,557
  5,820
  6,095
  6,385
  6,690
  7,010
  7,346
  7,700
  8,071
  8,461
  8,872
  9,302
  9,755
  10,230
  10,730
  11,254
  11,805
  12,383
Issuance/(repayment) of debt, $m
  1,748
  485
  511
  539
  568
  598
  630
  663
  698
  734
  773
  813
  855
  899
  945
  993
  1,044
  1,097
  1,153
  1,211
  1,272
  1,337
  1,404
  1,475
  1,550
  1,628
  1,710
  1,796
  1,886
  1,981
  2,080
Issuance/(repurchase) of shares, $m
  -2,734
  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  
  -809
  485
  511
  539
  568
  598
  630
  663
  698
  734
  773
  813
  855
  899
  945
  993
  1,044
  1,097
  1,153
  1,211
  1,272
  1,337
  1,404
  1,475
  1,550
  1,628
  1,710
  1,796
  1,886
  1,981
  2,080
Total cash flow (excl. dividends), $m
  1,803
  3,762
  3,921
  4,098
  4,284
  4,479
  4,685
  4,902
  5,130
  5,370
  5,622
  5,884
  6,163
  6,456
  6,764
  7,088
  7,429
  7,786
  8,162
  8,557
  8,972
  9,408
  9,866
  10,347
  10,852
  11,383
  11,940
  12,525
  13,140
  13,786
  14,464
Retained Cash Flow (-), $m
  -149
  -302
  -318
  -336
  -354
  -373
  -393
  -413
  -435
  -458
  -482
  -507
  -533
  -560
  -589
  -619
  -651
  -684
  -718
  -755
  -793
  -833
  -875
  -920
  -966
  -1,015
  -1,066
  -1,119
  -1,176
  -1,235
  -1,297
Prev. year cash balance distribution, $m
 
  5,848
  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
 
  9,309
  3,603
  3,762
  3,930
  4,106
  4,292
  4,488
  4,695
  4,912
  5,141
  5,377
  5,630
  5,896
  6,175
  6,469
  6,778
  7,103
  7,444
  7,802
  8,179
  8,575
  8,990
  9,427
  9,886
  10,368
  10,874
  11,406
  11,964
  12,551
  13,167
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
 
  8,925
  3,298
  3,274
  3,236
  3,183
  3,115
  3,032
  2,934
  2,822
  2,695
  2,554
  2,402
  2,242
  2,073
  1,899
  1,722
  1,545
  1,371
  1,201
  1,039
  887
  746
  618
  504
  403
  317
  245
  185
  137
  99
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

NIKE, Inc. is engaged in the design, development, marketing and selling of athletic footwear, apparel, equipment, accessories and services. The Company's operating segments include North America, Western Europe, Central & Eastern Europe, Greater China, Japan and Emerging Markets. Its portfolio brands include the NIKE Brand, Jordan Brand, Hurley and Converse. As of May 31, 2016, the Company focused its NIKE brand product offerings in nine categories: Running, NIKE Basketball, the Jordan Brand, Football (Soccer), Men's Training, Women's Training, Action Sports, Sportswear (its sports-inspired lifestyle products) and Golf. Men's Training includes its baseball and American football product offerings. It also markets products designed for kids, as well as for other athletic and recreational uses, such as cricket, lacrosse, tennis, volleyball, wrestling, walking and outdoor activities. The Company sells a range of performance equipment and accessories under the NIKE Brand name.

FINANCIAL RATIOS  of  Nike Cl B (NKE)

Valuation Ratios
P/E Ratio 26
Price to Sales 3.2
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 30.3
Price to Free Cash Flow 43.6
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity 28%
Total Debt to Equity 30.6%
Interest Coverage 51
Management Effectiveness
Return On Assets 19.4%
Ret/ On Assets - 3 Yr. Avg. 17.9%
Return On Total Capital 27.8%
Ret/ On T. Cap. - 3 Yr. Avg. 26.5%
Return On Equity 34.4%
Return On Equity - 3 Yr. Avg. 30.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 44.6%
Gross Margin - 3 Yr. Avg. 45.6%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 13.8%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 14.2%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 13.2%
Eff/ Tax Rate - 3 Yr. Avg. 18%
Payout Ratio 26.7%

NKE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NKE stock intrinsic value calculation we used $34350 million for the last fiscal year's total revenue generated by Nike Cl B. The default revenue input number comes from 2017 income statement of Nike Cl B. 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 NKE stock valuation model: a) initial revenue growth rate of 4.6% 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 4.3%, whose default value for NKE is calculated based on our internal credit rating of Nike Cl B, 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 Nike Cl B.
    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 NKE stock the variable cost ratio is equal to 86.1%.

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 NKE 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 Nike Cl B.

Corporate tax rate of 27% is the nominal tax rate for Nike Cl B. 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 NKE 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 NKE are equal to 6.6%.

Life of production assets of 3.4 years is the average useful life of capital assets used in Nike Cl B 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 NKE is equal to 13.8%. 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 - $12407 million for Nike Cl B - 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 1641.89 million for Nike Cl B 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 Nike Cl B at the current share price and the inputted number of shares is $110.4 billion.

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Financial statements of NKE
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