Intrinsic value of Nielsen Holdings - NLSN

Previous Close

$26.26

  Intrinsic Value

$41.94

stock screener

  Rating & Target

str. buy

+60%

Previous close

$26.26

 
Intrinsic value

$41.94

 
Up/down potential

+60%

 
Rating

str. buy

We calculate the intrinsic value of NLSN 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 9.3

 

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
  6,703
  6,858
  7,034
  7,232
  7,451
  7,692
  7,953
  8,237
  8,542
  8,870
  9,221
  9,595
  9,994
  10,417
  10,867
  11,343
  11,847
  12,380
  12,943
  13,538
  14,165
  14,827
  15,525
  16,260
  17,034
  17,849
  18,707
  19,609
  20,559
  21,558
Variable operating expenses, $m
  4,585
  4,659
  4,744
  4,839
  4,945
  5,061
  5,187
  5,323
  5,470
  5,628
  4,440
  4,620
  4,812
  5,016
  5,232
  5,461
  5,704
  5,961
  6,232
  6,518
  6,821
  7,139
  7,475
  7,829
  8,202
  8,594
  9,007
  9,442
  9,899
  10,380
Fixed operating expenses, $m
  861
  879
  899
  919
  939
  959
  981
  1,002
  1,024
  1,047
  1,070
  1,093
  1,117
  1,142
  1,167
  1,193
  1,219
  1,246
  1,273
  1,301
  1,330
  1,359
  1,389
  1,419
  1,451
  1,483
  1,515
  1,549
  1,583
  1,617
Total operating expenses, $m
  5,446
  5,538
  5,643
  5,758
  5,884
  6,020
  6,168
  6,325
  6,494
  6,675
  5,510
  5,713
  5,929
  6,158
  6,399
  6,654
  6,923
  7,207
  7,505
  7,819
  8,151
  8,498
  8,864
  9,248
  9,653
  10,077
  10,522
  10,991
  11,482
  11,997
Operating income, $m
  1,258
  1,319
  1,391
  1,474
  1,567
  1,672
  1,786
  1,912
  2,048
  2,195
  3,712
  3,882
  4,065
  4,260
  4,467
  4,689
  4,924
  5,173
  5,438
  5,718
  6,015
  6,329
  6,661
  7,011
  7,382
  7,772
  8,184
  8,619
  9,077
  9,561
EBITDA, $m
  2,953
  3,021
  3,102
  3,195
  3,300
  3,416
  3,544
  3,683
  3,835
  3,999
  4,176
  4,365
  4,568
  4,784
  5,014
  5,260
  5,520
  5,797
  6,090
  6,400
  6,728
  7,075
  7,442
  7,830
  8,239
  8,671
  9,126
  9,606
  10,112
  10,646
Interest expense (income), $m
  0
  456
  469
  485
  503
  523
  546
  571
  598
  627
  659
  693
  729
  768
  809
  853
  900
  949
  1,001
  1,056
  1,115
  1,176
  1,241
  1,310
  1,382
  1,458
  1,538
  1,623
  1,712
  1,805
  1,904
Earnings before tax, $m
  802
  851
  907
  971
  1,044
  1,126
  1,215
  1,314
  1,421
  1,536
  3,019
  3,153
  3,297
  3,450
  3,614
  3,789
  3,975
  4,172
  4,382
  4,604
  4,839
  5,088
  5,351
  5,629
  5,923
  6,234
  6,562
  6,907
  7,272
  7,657
Tax expense, $m
  217
  230
  245
  262
  282
  304
  328
  355
  384
  415
  815
  851
  890
  932
  976
  1,023
  1,073
  1,126
  1,183
  1,243
  1,306
  1,374
  1,445
  1,520
  1,599
  1,683
  1,772
  1,865
  1,964
  2,067
Net income, $m
  586
  621
  662
  709
  762
  822
  887
  959
  1,037
  1,122
  2,204
  2,301
  2,406
  2,519
  2,638
  2,766
  2,902
  3,046
  3,199
  3,361
  3,532
  3,714
  3,906
  4,109
  4,324
  4,551
  4,790
  5,042
  5,309
  5,590

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
  17,188
  17,584
  18,036
  18,543
  19,105
  19,722
  20,394
  21,121
  21,904
  22,744
  23,644
  24,603
  25,625
  26,711
  27,863
  29,084
  30,377
  31,744
  33,188
  34,713
  36,322
  38,019
  39,807
  41,692
  43,677
  45,766
  47,966
  50,281
  52,716
  55,277
Adjusted assets (=assets-cash), $m
  17,188
  17,584
  18,036
  18,543
  19,105
  19,722
  20,394
  21,121
  21,904
  22,744
  23,644
  24,603
  25,625
  26,711
  27,863
  29,084
  30,377
  31,744
  33,188
  34,713
  36,322
  38,019
  39,807
  41,692
  43,677
  45,766
  47,966
  50,281
  52,716
  55,277
Revenue / Adjusted assets
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Average production assets, $m
  7,153
  7,317
  7,505
  7,716
  7,950
  8,207
  8,486
  8,789
  9,115
  9,465
  9,839
  10,238
  10,663
  11,115
  11,595
  12,103
  12,641
  13,209
  13,810
  14,445
  15,115
  15,821
  16,565
  17,349
  18,175
  19,045
  19,960
  20,923
  21,937
  23,002
Working capital, $m
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
Total debt, $m
  8,677
  8,973
  9,311
  9,690
  10,111
  10,572
  11,074
  11,618
  12,204
  12,833
  13,506
  14,223
  14,988
  15,800
  16,662
  17,575
  18,542
  19,564
  20,644
  21,785
  22,989
  24,258
  25,596
  27,005
  28,490
  30,053
  31,699
  33,430
  35,251
  37,167
Total liabilities, $m
  12,857
  13,153
  13,491
  13,870
  14,291
  14,752
  15,254
  15,798
  16,384
  17,013
  17,686
  18,403
  19,168
  19,980
  20,842
  21,755
  22,722
  23,744
  24,824
  25,965
  27,169
  28,438
  29,776
  31,185
  32,670
  34,233
  35,879
  37,610
  39,431
  41,347
Total equity, $m
  4,331
  4,431
  4,545
  4,673
  4,814
  4,970
  5,139
  5,322
  5,520
  5,732
  5,958
  6,200
  6,458
  6,731
  7,022
  7,329
  7,655
  7,999
  8,363
  8,748
  9,153
  9,581
  10,031
  10,506
  11,006
  11,533
  12,087
  12,671
  13,284
  13,930
Total liabilities and equity, $m
  17,188
  17,584
  18,036
  18,543
  19,105
  19,722
  20,393
  21,120
  21,904
  22,745
  23,644
  24,603
  25,626
  26,711
  27,864
  29,084
  30,377
  31,743
  33,187
  34,713
  36,322
  38,019
  39,807
  41,691
  43,676
  45,766
  47,966
  50,281
  52,715
  55,277
Debt-to-equity ratio
  2.000
  2.020
  2.050
  2.070
  2.100
  2.130
  2.150
  2.180
  2.210
  2.240
  2.270
  2.290
  2.320
  2.350
  2.370
  2.400
  2.420
  2.450
  2.470
  2.490
  2.510
  2.530
  2.550
  2.570
  2.590
  2.610
  2.620
  2.640
  2.650
  2.670
Adjusted equity ratio
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  586
  621
  662
  709
  762
  822
  887
  959
  1,037
  1,122
  2,204
  2,301
  2,406
  2,519
  2,638
  2,766
  2,902
  3,046
  3,199
  3,361
  3,532
  3,714
  3,906
  4,109
  4,324
  4,551
  4,790
  5,042
  5,309
  5,590
Depreciation, amort., depletion, $m
  1,695
  1,702
  1,711
  1,721
  1,732
  1,744
  1,757
  1,772
  1,787
  1,804
  464
  483
  503
  524
  547
  571
  596
  623
  651
  681
  713
  746
  781
  818
  857
  898
  942
  987
  1,035
  1,085
Funds from operations, $m
  2,280
  2,323
  2,373
  2,430
  2,494
  2,566
  2,645
  2,731
  2,824
  2,925
  2,668
  2,784
  2,909
  3,043
  3,185
  3,337
  3,498
  3,669
  3,850
  4,042
  4,245
  4,460
  4,688
  4,928
  5,181
  5,449
  5,731
  6,029
  6,344
  6,675
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  2,280
  2,323
  2,373
  2,430
  2,494
  2,565
  2,644
  2,730
  2,824
  2,925
  2,667
  2,784
  2,909
  3,042
  3,184
  3,336
  3,497
  3,668
  3,849
  4,041
  4,244
  4,459
  4,686
  4,926
  5,180
  5,447
  5,730
  6,028
  6,342
  6,673
Maintenance CAPEX, $m
  -331
  -337
  -345
  -354
  -364
  -375
  -387
  -400
  -415
  -430
  -446
  -464
  -483
  -503
  -524
  -547
  -571
  -596
  -623
  -651
  -681
  -713
  -746
  -781
  -818
  -857
  -898
  -942
  -987
  -1,035
New CAPEX, $m
  -138
  -165
  -188
  -211
  -234
  -257
  -279
  -303
  -326
  -350
  -374
  -399
  -425
  -452
  -479
  -508
  -538
  -569
  -601
  -635
  -670
  -706
  -744
  -784
  -826
  -870
  -915
  -963
  -1,013
  -1,066
Cash from investing activities, $m
  -469
  -502
  -533
  -565
  -598
  -632
  -666
  -703
  -741
  -780
  -820
  -863
  -908
  -955
  -1,003
  -1,055
  -1,109
  -1,165
  -1,224
  -1,286
  -1,351
  -1,419
  -1,490
  -1,565
  -1,644
  -1,727
  -1,813
  -1,905
  -2,000
  -2,101
Free cash flow, $m
  1,811
  1,821
  1,840
  1,865
  1,896
  1,934
  1,978
  2,027
  2,083
  2,145
  1,846
  1,920
  2,001
  2,087
  2,181
  2,281
  2,388
  2,503
  2,625
  2,755
  2,893
  3,040
  3,196
  3,361
  3,535
  3,720
  3,916
  4,123
  4,341
  4,572
Issuance/(repayment) of debt, $m
  236
  296
  338
  379
  420
  461
  502
  544
  586
  629
  673
  718
  764
  812
  862
  913
  967
  1,022
  1,080
  1,141
  1,204
  1,269
  1,338
  1,410
  1,485
  1,563
  1,645
  1,731
  1,821
  1,916
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  
  236
  296
  338
  379
  420
  461
  502
  544
  586
  629
  673
  718
  764
  812
  862
  913
  967
  1,022
  1,080
  1,141
  1,204
  1,269
  1,338
  1,410
  1,485
  1,563
  1,645
  1,731
  1,821
  1,916
Total cash flow (excl. dividends), $m
  2,047
  2,117
  2,178
  2,244
  2,317
  2,395
  2,480
  2,571
  2,669
  2,774
  2,519
  2,638
  2,765
  2,900
  3,043
  3,194
  3,355
  3,525
  3,705
  3,895
  4,097
  4,309
  4,533
  4,770
  5,020
  5,284
  5,561
  5,854
  6,163
  6,488
Retained Cash Flow (-), $m
  -86
  -100
  -114
  -128
  -142
  -155
  -169
  -183
  -197
  -212
  -227
  -242
  -257
  -274
  -290
  -308
  -326
  -344
  -364
  -384
  -405
  -428
  -451
  -475
  -500
  -527
  -554
  -583
  -614
  -645
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
  1,961
  2,017
  2,064
  2,116
  2,175
  2,240
  2,311
  2,388
  2,472
  2,562
  2,292
  2,396
  2,507
  2,626
  2,752
  2,887
  3,029
  3,181
  3,341
  3,511
  3,691
  3,882
  4,083
  4,295
  4,520
  4,757
  5,007
  5,271
  5,549
  5,842
Discount rate, %
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
  1,799
  1,684
  1,554
  1,424
  1,294
  1,166
  1,041
  920
  804
  693
  509
  430
  358
  293
  235
  186
  144
  109
  81
  58
  41
  28
  19
  12
  8
  5
  3
  2
  1
  0
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

Nielsen Holdings plc operates as an information and measurement company. It operates through two segments: Buy and Watch. The company provides media and marketing information, analytics, and manufacturer and retailer expertise about what and where consumers buy, read, watch and listen. The Buy segment provides retail transactional measurement data, consumer behavior information, and analytics primarily to businesses in the consumer packaged goods industry. This segment provides data on retail measurement services, such as market share, and competitive sales volumes; insights into distribution, pricing, merchandising, and promotion; consumer panel measurement, which offers insight into shopper behavior and customer segmentation; and consumer intelligence and analytical services for decision making in product development and marketing cycles. The Watch segment provides viewership and listening data, and analytics primarily to the media and advertising industries for television, radio, print, online, and mobile viewing, and listening platforms. This segment offers television audience measurement services; audio audience measurement services; digital audience measurement services, such as digital media and market research, audience analytics, and social media measurement; mobile measurement services comprising measurement and consumer research for telecom and media companies; and total audience measurement services, as well as advertising solutions. The company was formerly known as Nielsen N.V. and changed its name to Nielsen Holdings plc in August 2015. Nielsen Holdings plc was founded in 1923 and is headquartered in Oxford, the United Kingdom.

FINANCIAL RATIOS  of  Nielsen Holdings (NLSN)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NLSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NLSN stock intrinsic value calculation we used $6572 million for the last fiscal year's total revenue generated by Nielsen Holdings. The default revenue input number comes from 0001 income statement of Nielsen Holdings. 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 NLSN 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 9%, whose default value for NLSN is calculated based on our internal credit rating of Nielsen Holdings, 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 Nielsen Holdings.
    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 NLSN stock the variable cost ratio is equal to 68.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $842 million in the base year in the intrinsic value calculation for NLSN 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 Nielsen Holdings.

Corporate tax rate of 27% is the nominal tax rate for Nielsen Holdings. 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 NLSN 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 NLSN are equal to 106.7%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Nielsen Holdings 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 NLSN is equal to 0.2%. 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 - $4245 million for Nielsen Holdings - 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 355.208 million for Nielsen Holdings 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 Nielsen Holdings at the current share price and the inputted number of shares is $9.3 billion.

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COMPANY NEWS

▶ Nielsen to Report Third Quarter 2018 Results   [Oct-11-18 04:01PM  PR Newswire]
▶ Nielsens SuperData to measure online gaming   [Oct-10-18 01:34PM  American City Business Journals]
▶ Nielsen Launches SmartStore In Canada   [11:30AM  CNW Group]
▶ Micron slumps while Altria and Chevron climb   [04:28PM  Associated Press]
▶ [$$] Nielsen Exploring Options, Including Sale or Spinoff   [07:55AM  The Wall Street Journal]
▶ [$$] Stocks to Watch: Amazon, Twitter, Coupa, GE, Kellogg   [08:58AM  The Wall Street Journal]
▶ [$$] Nielsen Hires Former Honeywell Finance Chief   [07:44AM  The Wall Street Journal]
▶ David J. Anderson Named New Nielsen CFO   [07:30AM  PR Newswire]

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