Intrinsic value of Nike Cl B - NKE

Previous Close

$80.05

  Intrinsic Value

$31.19

stock screener

  Rating & Target

str. sell

-61%

Previous close

$80.05

 
Intrinsic value

$31.19

 
Up/down potential

-61%

 
Rating

str. sell

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

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 132.2

 

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, %
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  36,445
  38,628
  40,904
  43,277
  45,753
  48,338
  51,038
  53,858
  56,806
  59,889
  63,113
  66,486
  70,017
  73,714
  77,585
  81,640
  85,888
  90,340
  95,006
  99,898
  105,026
  110,404
  116,044
  121,959
  128,164
  134,673
  141,503
  148,669
  156,188
  164,078
Variable operating expenses, $m
  31,377
  33,254
  35,210
  37,251
  39,380
  41,602
  43,923
  46,348
  48,882
  51,533
  54,262
  57,163
  60,199
  63,377
  66,705
  70,192
  73,844
  77,672
  81,684
  85,889
  90,299
  94,922
  99,771
  104,857
  110,192
  115,788
  121,660
  127,821
  134,286
  141,069
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
  31,377
  33,254
  35,210
  37,251
  39,380
  41,602
  43,923
  46,348
  48,882
  51,533
  54,262
  57,163
  60,199
  63,377
  66,705
  70,192
  73,844
  77,672
  81,684
  85,889
  90,299
  94,922
  99,771
  104,857
  110,192
  115,788
  121,660
  127,821
  134,286
  141,069
Operating income, $m
  5,068
  5,375
  5,694
  6,027
  6,374
  6,736
  7,115
  7,510
  7,924
  8,356
  8,850
  9,323
  9,818
  10,337
  10,880
  11,448
  12,044
  12,668
  13,323
  14,009
  14,728
  15,482
  16,273
  17,102
  17,972
  18,885
  19,843
  20,848
  21,902
  23,008
EBITDA, $m
  5,552
  5,884
  6,231
  6,592
  6,970
  7,363
  7,775
  8,204
  8,653
  9,123
  9,614
  10,128
  10,666
  11,229
  11,818
  12,436
  13,083
  13,761
  14,472
  15,217
  15,998
  16,818
  17,677
  18,578
  19,523
  20,515
  21,555
  22,646
  23,792
  24,994
Interest expense (income), $m
  98
  187
  221
  258
  295
  334
  375
  418
  463
  509
  558
  609
  662
  718
  776
  837
  901
  968
  1,038
  1,112
  1,189
  1,270
  1,355
  1,443
  1,537
  1,634
  1,737
  1,844
  1,957
  2,076
  2,200
Earnings before tax, $m
  4,881
  5,153
  5,436
  5,731
  6,039
  6,361
  6,697
  7,048
  7,414
  7,798
  8,241
  8,661
  9,101
  9,561
  10,042
  10,547
  11,076
  11,630
  12,211
  12,819
  13,458
  14,127
  14,829
  15,565
  16,338
  17,148
  17,998
  18,890
  19,826
  20,808
Tax expense, $m
  1,318
  1,391
  1,468
  1,547
  1,631
  1,717
  1,808
  1,903
  2,002
  2,105
  2,225
  2,339
  2,457
  2,581
  2,711
  2,848
  2,990
  3,140
  3,297
  3,461
  3,634
  3,814
  4,004
  4,203
  4,411
  4,630
  4,860
  5,100
  5,353
  5,618
Net income, $m
  3,563
  3,762
  3,968
  4,184
  4,409
  4,643
  4,889
  5,145
  5,413
  5,693
  6,016
  6,323
  6,643
  6,979
  7,331
  7,699
  8,085
  8,490
  8,914
  9,358
  9,824
  10,313
  10,825
  11,363
  11,927
  12,518
  13,139
  13,790
  14,473
  15,190

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
  23,930
  25,363
  26,858
  28,416
  30,042
  31,739
  33,511
  35,363
  37,299
  39,323
  41,440
  43,655
  45,973
  48,400
  50,942
  53,605
  56,394
  59,317
  62,381
  65,593
  68,960
  72,491
  76,194
  80,078
  84,152
  88,426
  92,911
  97,616
  102,553
  107,733
Adjusted assets (=assets-cash), $m
  23,930
  25,363
  26,858
  28,416
  30,042
  31,739
  33,511
  35,363
  37,299
  39,323
  41,440
  43,655
  45,973
  48,400
  50,942
  53,605
  56,394
  59,317
  62,381
  65,593
  68,960
  72,491
  76,194
  80,078
  84,152
  88,426
  92,911
  97,616
  102,553
  107,733
Revenue / Adjusted assets
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
Average production assets, $m
  4,410
  4,674
  4,949
  5,237
  5,536
  5,849
  6,176
  6,517
  6,874
  7,247
  7,637
  8,045
  8,472
  8,919
  9,388
  9,878
  10,392
  10,931
  11,496
  12,088
  12,708
  13,359
  14,041
  14,757
  15,508
  16,295
  17,122
  17,989
  18,899
  19,853
Working capital, $m
  3,207
  3,399
  3,600
  3,808
  4,026
  4,254
  4,491
  4,740
  4,999
  5,270
  5,554
  5,851
  6,161
  6,487
  6,827
  7,184
  7,558
  7,950
  8,361
  8,791
  9,242
  9,716
  10,212
  10,732
  11,278
  11,851
  12,452
  13,083
  13,745
  14,439
Total debt, $m
  4,101
  4,769
  5,466
  6,192
  6,949
  7,740
  8,566
  9,429
  10,331
  11,274
  12,261
  13,293
  14,373
  15,505
  16,689
  17,930
  19,230
  20,592
  22,020
  23,516
  25,085
  26,731
  28,457
  30,266
  32,165
  34,157
  36,246
  38,439
  40,739
  43,154
Total liabilities, $m
  11,151
  11,819
  12,516
  13,242
  13,999
  14,790
  15,616
  16,479
  17,381
  18,324
  19,311
  20,343
  21,423
  22,555
  23,739
  24,980
  26,280
  27,642
  29,070
  30,566
  32,135
  33,781
  35,507
  37,316
  39,215
  41,207
  43,296
  45,489
  47,789
  50,204
Total equity, $m
  12,779
  13,544
  14,342
  15,174
  16,042
  16,949
  17,895
  18,884
  19,918
  20,998
  22,129
  23,312
  24,550
  25,846
  27,203
  28,625
  30,114
  31,675
  33,311
  35,027
  36,825
  38,710
  40,688
  42,762
  44,937
  47,220
  49,614
  52,127
  54,763
  57,530
Total liabilities and equity, $m
  23,930
  25,363
  26,858
  28,416
  30,041
  31,739
  33,511
  35,363
  37,299
  39,322
  41,440
  43,655
  45,973
  48,401
  50,942
  53,605
  56,394
  59,317
  62,381
  65,593
  68,960
  72,491
  76,195
  80,078
  84,152
  88,427
  92,910
  97,616
  102,552
  107,734
Debt-to-equity ratio
  0.320
  0.350
  0.380
  0.410
  0.430
  0.460
  0.480
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
Adjusted equity ratio
  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

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,563
  3,762
  3,968
  4,184
  4,409
  4,643
  4,889
  5,145
  5,413
  5,693
  6,016
  6,323
  6,643
  6,979
  7,331
  7,699
  8,085
  8,490
  8,914
  9,358
  9,824
  10,313
  10,825
  11,363
  11,927
  12,518
  13,139
  13,790
  14,473
  15,190
Depreciation, amort., depletion, $m
  483
  510
  537
  566
  596
  627
  660
  694
  730
  767
  764
  804
  847
  892
  939
  988
  1,039
  1,093
  1,150
  1,209
  1,271
  1,336
  1,404
  1,476
  1,551
  1,630
  1,712
  1,799
  1,890
  1,985
Funds from operations, $m
  4,046
  4,271
  4,506
  4,750
  5,005
  5,271
  5,548
  5,839
  6,142
  6,459
  6,780
  7,127
  7,491
  7,871
  8,270
  8,687
  9,125
  9,583
  10,063
  10,567
  11,095
  11,649
  12,229
  12,839
  13,477
  14,148
  14,851
  15,589
  16,363
  17,176
Change in working capital, $m
  184
  192
  200
  209
  218
  227
  238
  248
  259
  271
  284
  297
  311
  325
  341
  357
  374
  392
  411
  430
  451
  473
  496
  521
  546
  573
  601
  631
  662
  694
Cash from operations, $m
  3,862
  4,079
  4,305
  4,541
  4,787
  5,043
  5,311
  5,590
  5,883
  6,188
  6,496
  6,830
  7,180
  7,546
  7,929
  8,330
  8,751
  9,191
  9,653
  10,137
  10,644
  11,175
  11,733
  12,318
  12,931
  13,575
  14,250
  14,958
  15,701
  16,481
Maintenance CAPEX, $m
  -417
  -441
  -467
  -495
  -524
  -554
  -585
  -618
  -652
  -687
  -725
  -764
  -804
  -847
  -892
  -939
  -988
  -1,039
  -1,093
  -1,150
  -1,209
  -1,271
  -1,336
  -1,404
  -1,476
  -1,551
  -1,630
  -1,712
  -1,799
  -1,890
New CAPEX, $m
  -238
  -264
  -275
  -287
  -300
  -313
  -327
  -341
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -491
  -514
  -539
  -565
  -592
  -621
  -651
  -682
  -716
  -751
  -788
  -826
  -867
  -910
  -955
Cash from investing activities, $m
  -655
  -705
  -742
  -782
  -824
  -867
  -912
  -959
  -1,009
  -1,060
  -1,115
  -1,172
  -1,231
  -1,294
  -1,360
  -1,430
  -1,502
  -1,578
  -1,658
  -1,742
  -1,830
  -1,922
  -2,018
  -2,120
  -2,227
  -2,339
  -2,456
  -2,579
  -2,709
  -2,845
Free cash flow, $m
  3,206
  3,374
  3,563
  3,759
  3,963
  4,177
  4,399
  4,632
  4,874
  5,128
  5,381
  5,658
  5,948
  6,251
  6,569
  6,901
  7,249
  7,613
  7,995
  8,395
  8,814
  9,254
  9,715
  10,198
  10,705
  11,236
  11,794
  12,379
  12,993
  13,637
Issuance/(repayment) of debt, $m
  630
  668
  696
  726
  758
  791
  826
  863
  902
  943
  987
  1,032
  1,080
  1,131
  1,184
  1,241
  1,300
  1,362
  1,428
  1,497
  1,569
  1,645
  1,726
  1,810
  1,899
  1,992
  2,090
  2,193
  2,301
  2,414
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  
  630
  668
  696
  726
  758
  791
  826
  863
  902
  943
  987
  1,032
  1,080
  1,131
  1,184
  1,241
  1,300
  1,362
  1,428
  1,497
  1,569
  1,645
  1,726
  1,810
  1,899
  1,992
  2,090
  2,193
  2,301
  2,414
Total cash flow (excl. dividends), $m
  3,837
  4,042
  4,259
  4,485
  4,721
  4,968
  5,225
  5,495
  5,776
  6,071
  6,368
  6,691
  7,029
  7,382
  7,753
  8,142
  8,549
  8,975
  9,423
  9,892
  10,384
  10,899
  11,440
  12,008
  12,603
  13,228
  13,884
  14,571
  15,293
  16,051
Retained Cash Flow (-), $m
  -746
  -765
  -798
  -832
  -868
  -906
  -947
  -989
  -1,034
  -1,081
  -1,130
  -1,183
  -1,238
  -1,296
  -1,357
  -1,422
  -1,490
  -1,561
  -1,636
  -1,715
  -1,798
  -1,886
  -1,977
  -2,074
  -2,176
  -2,282
  -2,395
  -2,512
  -2,636
  -2,767
Prev. year cash balance distribution, $m
  374
  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
  206
  219
  232
  245
  260
  275
  290
  306
  323
  341
  359
  379
  399
  420
  442
  466
  490
  515
  542
  570
  599
  630
  662
  696
  732
  769
  808
  849
  892
  937
Cash available for distribution, $m
  3,465
  3,277
  3,461
  3,653
  3,853
  4,061
  4,279
  4,506
  4,743
  4,990
  5,237
  5,508
  5,791
  6,086
  6,396
  6,720
  7,059
  7,414
  7,787
  8,177
  8,585
  9,014
  9,463
  9,934
  10,428
  10,946
  11,489
  12,059
  12,657
  13,284
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
  3,322
  3,000
  3,012
  3,008
  2,986
  2,947
  2,891
  2,816
  2,724
  2,616
  2,487
  2,350
  2,202
  2,043
  1,878
  1,708
  1,536
  1,365
  1,199
  1,039
  888
  748
  620
  506
  406
  319
  247
  187
  138
  100
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

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 31
Price to Sales 3.8
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 36.1
Price to Free Cash Flow 51.9
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 6.1% 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 5.4% 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 0.6%.

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 12.1%.

Life of production assets of 10 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 8.8%. 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 1651 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 $132.2 billion.

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COMPANY NEWS

▶ Meet the Portland lawyer taking on Nike's 'boys' club' culture   [Aug-15-18 02:35PM  American City Business Journals]
▶ Why Nike's Hot Stock May Fall By 10%   [01:06PM  Investopedia]
▶ It Just Doesnt Make Sense to Invest in Nike Stock   [Aug-14-18 09:49AM  InvestorPlace]
▶ Nike's Tech-Focused Retail Experience   [12:38PM  Bloomberg]
▶ Netflix CFO to leave, Sysco posts beat, Nike sued   [10:17AM  Yahoo Finance Video]
▶ 5 Top Stock Trades for Monday Morning   [03:59PM  InvestorPlace]
▶ Ex-employees sue Nike over pay, gender discrimination   [10:25AM  American City Business Journals]
▶ How Nike (NKE) Makes Money   [08:46AM  Investopedia]
▶ [$$] Adidas Earnings More Than Double Amid Fresh Nike Challenge   [Aug-09-18 07:45PM  The Wall Street Journal]
▶ NIKE, Inc. Declares $0.20 Quarterly Dividend   [04:15PM  Business Wire]
▶ New Friends AD scores big apparel win   [03:20PM  American City Business Journals]
▶ Adidas shares jump after earnings report   [03:12PM  American City Business Journals]
▶ Adidas Was the Real World Cup Winner   [03:00PM  Barrons.com]
▶ [$$] Adidas Is Looking Fitter Than Nike   [10:50AM  The Wall Street Journal]
▶ [$$] Adidas: running battle   [Aug-08-18 10:54PM  Financial Times]
▶ The Year of the Golf Free Agent Is Here   [07:42PM  The Wall Street Journal]
▶ 5 busted in counterfeit Nike Air Jordan sneaker ring   [Aug-07-18 07:00PM  Associated Press]
▶ Where Is Under Armour Winning? Elsewhere   [07:55AM  Motley Fool]
▶ Back to school retail stocks to watch   [12:55PM  CNBC Videos]
▶ Nike, Clemson announce 10-year, $58M extension   [Aug-03-18 02:29PM  American City Business Journals]
▶ 3 Stocks to Hold for the Next 20 Years   [01:00PM  Motley Fool]
▶ Dont Be Left Exposed to Naked Brands Stock   [Aug-02-18 05:57PM  InvestorPlace]
▶ 4 Wearables Stocks to Add to Your Watchlist   [03:23PM  InvestorPlace]
▶ Art exhibit by Nike designers will benefit Make-a-Wish   [02:48PM  American City Business Journals]
▶ Apple Hits $1 Trillion Next Stop $300?   [11:57AM  InvestorPlace]
▶ Elections complaint targets Nike, labor deal with governor   [Aug-01-18 05:35PM  American City Business Journals]
▶ Nike launches 'ultimate shopping companion'   [Jul-31-18 04:00PM  American City Business Journals]
▶ Top Under Armour marketing executive reportedly going to Nike   [09:51AM  American City Business Journals]
▶ Netflix options Phil Knight's memoir   [Jul-27-18 11:32AM  American City Business Journals]
▶ Lululemon Stock Has Gotten Ahead of Itself   [Jul-26-18 02:41PM  InvestorPlace]
▶ Nike, Under Armour Take a Victory Lap   [10:53AM  Barrons.com]
▶ Better Buy: Nike Inc. vs. Under Armour   [Jul-25-18 06:33PM  Motley Fool]
▶ Closing Bell: LIVE MARKETS BLOG   [Jul-24-18 04:03PM  TheStreet.com]
▶ 4 Red-Hot Stocks Flying Too Close to the Sun   [10:16AM  InvestorPlace]
▶ Nike to Give 7000 Employees Raises   [06:34AM  Investopedia]
▶ The Pre-Markets Rundown: July 24, 2018   [06:11AM  CNBC Videos]
▶ Nike Is Giving 7,000 Employees a Raise   [07:20PM  Meredith Videos]
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