Intrinsic value of Nielsen N.V. - NLSN

Previous Close

$23.06

  Intrinsic Value

$35.43

stock screener

  Rating & Target

str. buy

+54%

Previous close

$23.06

 
Intrinsic value

$35.43

 
Up/down potential

+54%

 
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 8.2

 

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
  6,645
  6,798
  6,973
  7,169
  7,386
  7,625
  7,884
  8,166
  8,468
  8,793
  9,141
  9,512
  9,907
  10,327
  10,772
  11,244
  11,744
  12,273
  12,831
  13,421
  14,043
  14,699
  15,390
  16,119
  16,886
  17,694
  18,544
  19,439
  20,381
  21,371
Variable operating expenses, $m
  5,392
  5,488
  5,598
  5,722
  5,859
  6,010
  6,173
  6,351
  6,542
  6,747
  5,765
  5,999
  6,248
  6,513
  6,794
  7,091
  7,406
  7,740
  8,092
  8,464
  8,856
  9,270
  9,706
  10,165
  10,649
  11,159
  11,695
  12,259
  12,853
  13,477
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
  5,392
  5,488
  5,598
  5,722
  5,859
  6,010
  6,173
  6,351
  6,542
  6,747
  5,765
  5,999
  6,248
  6,513
  6,794
  7,091
  7,406
  7,740
  8,092
  8,464
  8,856
  9,270
  9,706
  10,165
  10,649
  11,159
  11,695
  12,259
  12,853
  13,477
Operating income, $m
  1,253
  1,310
  1,374
  1,447
  1,527
  1,615
  1,711
  1,815
  1,927
  2,047
  3,376
  3,513
  3,659
  3,814
  3,979
  4,153
  4,338
  4,533
  4,739
  4,957
  5,187
  5,429
  5,684
  5,954
  6,237
  6,535
  6,850
  7,180
  7,528
  7,894
EBITDA, $m
  2,810
  2,875
  2,949
  3,032
  3,124
  3,225
  3,334
  3,453
  3,581
  3,719
  3,866
  4,023
  4,190
  4,367
  4,556
  4,755
  4,967
  5,190
  5,426
  5,676
  5,939
  6,216
  6,509
  6,817
  7,141
  7,483
  7,843
  8,221
  8,619
  9,038
Interest expense (income), $m
  0
  453
  466
  482
  500
  520
  542
  566
  593
  622
  653
  686
  721
  759
  800
  842
  888
  936
  987
  1,041
  1,098
  1,159
  1,222
  1,289
  1,360
  1,434
  1,513
  1,595
  1,682
  1,774
  1,870
Earnings before tax, $m
  801
  844
  893
  947
  1,007
  1,073
  1,145
  1,222
  1,305
  1,394
  2,691
  2,792
  2,900
  3,015
  3,136
  3,265
  3,402
  3,546
  3,698
  3,859
  4,028
  4,207
  4,395
  4,594
  4,803
  5,023
  5,254
  5,498
  5,754
  6,023
Tax expense, $m
  216
  228
  241
  256
  272
  290
  309
  330
  352
  376
  726
  754
  783
  814
  847
  882
  918
  957
  998
  1,042
  1,088
  1,136
  1,187
  1,240
  1,297
  1,356
  1,419
  1,484
  1,554
  1,626
Net income, $m
  584
  616
  652
  691
  735
  783
  836
  892
  953
  1,018
  1,964
  2,038
  2,117
  2,201
  2,290
  2,384
  2,483
  2,588
  2,699
  2,817
  2,941
  3,071
  3,208
  3,353
  3,506
  3,666
  3,835
  4,013
  4,200
  4,397

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
  15,490
  15,846
  16,254
  16,711
  17,218
  17,773
  18,379
  19,034
  19,740
  20,497
  21,308
  22,173
  23,093
  24,072
  25,110
  26,211
  27,376
  28,608
  29,909
  31,283
  32,733
  34,263
  35,875
  37,573
  39,362
  41,245
  43,227
  45,313
  47,508
  49,816
Adjusted assets (=assets-cash), $m
  15,490
  15,846
  16,254
  16,711
  17,218
  17,773
  18,379
  19,034
  19,740
  20,497
  21,308
  22,173
  23,093
  24,072
  25,110
  26,211
  27,376
  28,608
  29,909
  31,283
  32,733
  34,263
  35,875
  37,573
  39,362
  41,245
  43,227
  45,313
  47,508
  49,816
Revenue / Adjusted assets
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
Average production assets, $m
  7,011
  7,172
  7,356
  7,563
  7,793
  8,044
  8,318
  8,615
  8,934
  9,277
  9,644
  10,035
  10,452
  10,895
  11,365
  11,863
  12,390
  12,948
  13,537
  14,159
  14,815
  15,507
  16,237
  17,005
  17,815
  18,667
  19,564
  20,509
  21,502
  22,546
Working capital, $m
  -73
  -75
  -77
  -79
  -81
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -124
  -129
  -135
  -141
  -148
  -154
  -162
  -169
  -177
  -186
  -195
  -204
  -214
  -224
  -235
Total debt, $m
  8,633
  8,922
  9,253
  9,624
  10,036
  10,487
  10,979
  11,511
  12,084
  12,699
  13,357
  14,059
  14,807
  15,602
  16,445
  17,338
  18,284
  19,284
  20,341
  21,457
  22,635
  23,876
  25,185
  26,564
  28,017
  29,546
  31,155
  32,849
  34,631
  36,506
Total liabilities, $m
  12,578
  12,867
  13,198
  13,569
  13,981
  14,432
  14,924
  15,456
  16,029
  16,644
  17,302
  18,004
  18,752
  19,547
  20,390
  21,283
  22,229
  23,229
  24,286
  25,402
  26,580
  27,821
  29,130
  30,509
  31,962
  33,491
  35,100
  36,794
  38,576
  40,451
Total equity, $m
  2,912
  2,979
  3,056
  3,142
  3,237
  3,341
  3,455
  3,578
  3,711
  3,854
  4,006
  4,168
  4,342
  4,526
  4,721
  4,928
  5,147
  5,378
  5,623
  5,881
  6,154
  6,441
  6,744
  7,064
  7,400
  7,754
  8,127
  8,519
  8,931
  9,365
Total liabilities and equity, $m
  15,490
  15,846
  16,254
  16,711
  17,218
  17,773
  18,379
  19,034
  19,740
  20,498
  21,308
  22,172
  23,094
  24,073
  25,111
  26,211
  27,376
  28,607
  29,909
  31,283
  32,734
  34,262
  35,874
  37,573
  39,362
  41,245
  43,227
  45,313
  47,507
  49,816
Debt-to-equity ratio
  2.960
  2.990
  3.030
  3.060
  3.100
  3.140
  3.180
  3.220
  3.260
  3.300
  3.330
  3.370
  3.410
  3.450
  3.480
  3.520
  3.550
  3.590
  3.620
  3.650
  3.680
  3.710
  3.730
  3.760
  3.790
  3.810
  3.830
  3.860
  3.880
  3.900
Adjusted equity ratio
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188
  0.188

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  584
  616
  652
  691
  735
  783
  836
  892
  953
  1,018
  1,964
  2,038
  2,117
  2,201
  2,290
  2,384
  2,483
  2,588
  2,699
  2,817
  2,941
  3,071
  3,208
  3,353
  3,506
  3,666
  3,835
  4,013
  4,200
  4,397
Depreciation, amort., depletion, $m
  1,557
  1,565
  1,575
  1,585
  1,597
  1,609
  1,623
  1,638
  1,655
  1,672
  490
  509
  531
  553
  577
  602
  629
  657
  687
  719
  752
  787
  824
  863
  904
  948
  993
  1,041
  1,091
  1,144
Funds from operations, $m
  2,141
  2,181
  2,226
  2,276
  2,332
  2,393
  2,459
  2,531
  2,607
  2,690
  2,454
  2,548
  2,648
  2,754
  2,866
  2,986
  3,112
  3,246
  3,387
  3,535
  3,693
  3,858
  4,033
  4,217
  4,410
  4,614
  4,829
  5,054
  5,292
  5,542
Change in working capital, $m
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  2,143
  2,183
  2,228
  2,279
  2,334
  2,396
  2,462
  2,534
  2,611
  2,693
  2,458
  2,552
  2,652
  2,758
  2,871
  2,991
  3,118
  3,251
  3,393
  3,542
  3,699
  3,865
  4,040
  4,225
  4,419
  4,623
  4,838
  5,064
  5,302
  5,553
Maintenance CAPEX, $m
  -349
  -356
  -364
  -373
  -384
  -396
  -408
  -422
  -437
  -454
  -471
  -490
  -509
  -531
  -553
  -577
  -602
  -629
  -657
  -687
  -719
  -752
  -787
  -824
  -863
  -904
  -948
  -993
  -1,041
  -1,091
New CAPEX, $m
  -140
  -161
  -184
  -207
  -229
  -252
  -274
  -297
  -319
  -343
  -367
  -391
  -417
  -443
  -470
  -498
  -527
  -558
  -589
  -622
  -656
  -692
  -730
  -769
  -810
  -852
  -897
  -944
  -993
  -1,045
Cash from investing activities, $m
  -489
  -517
  -548
  -580
  -613
  -648
  -682
  -719
  -756
  -797
  -838
  -881
  -926
  -974
  -1,023
  -1,075
  -1,129
  -1,187
  -1,246
  -1,309
  -1,375
  -1,444
  -1,517
  -1,593
  -1,673
  -1,756
  -1,845
  -1,937
  -2,034
  -2,136
Free cash flow, $m
  1,654
  1,666
  1,680
  1,698
  1,721
  1,748
  1,780
  1,815
  1,854
  1,897
  1,620
  1,671
  1,726
  1,785
  1,848
  1,916
  1,988
  2,065
  2,146
  2,233
  2,324
  2,421
  2,524
  2,632
  2,746
  2,866
  2,993
  3,127
  3,268
  3,416
Issuance/(repayment) of debt, $m
  246
  289
  331
  371
  411
  451
  492
  532
  573
  615
  658
  702
  748
  795
  843
  894
  946
  1,000
  1,057
  1,116
  1,177
  1,242
  1,309
  1,379
  1,452
  1,529
  1,610
  1,694
  1,782
  1,874
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  
  246
  289
  331
  371
  411
  451
  492
  532
  573
  615
  658
  702
  748
  795
  843
  894
  946
  1,000
  1,057
  1,116
  1,177
  1,242
  1,309
  1,379
  1,452
  1,529
  1,610
  1,694
  1,782
  1,874
Total cash flow (excl. dividends), $m
  1,900
  1,955
  2,010
  2,070
  2,133
  2,200
  2,271
  2,347
  2,427
  2,512
  2,278
  2,373
  2,473
  2,580
  2,692
  2,810
  2,934
  3,065
  3,203
  3,349
  3,502
  3,663
  3,832
  4,011
  4,198
  4,395
  4,603
  4,821
  5,050
  5,291
Retained Cash Flow (-), $m
  -65
  -67
  -77
  -86
  -95
  -105
  -114
  -123
  -133
  -142
  -152
  -163
  -173
  -184
  -195
  -207
  -219
  -232
  -245
  -258
  -273
  -287
  -303
  -319
  -336
  -354
  -373
  -392
  -413
  -434
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
  1,835
  1,888
  1,934
  1,984
  2,037
  2,095
  2,157
  2,224
  2,294
  2,370
  2,126
  2,210
  2,300
  2,396
  2,496
  2,603
  2,715
  2,834
  2,959
  3,090
  3,229
  3,375
  3,529
  3,691
  3,862
  4,041
  4,230
  4,429
  4,637
  4,857
Discount rate, %
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
  1,665
  1,540
  1,405
  1,269
  1,136
  1,005
  880
  761
  649
  545
  392
  321
  258
  204
  158
  120
  89
  65
  46
  31
  21
  14
  9
  5
  3
  2
  1
  1
  0
  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 N.V. (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 $6515 million for the last fiscal year's total revenue generated by Nielsen N.V.. The default revenue input number comes from 0001 income statement of Nielsen N.V.. 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 10.2%, whose default value for NLSN is calculated based on our internal credit rating of Nielsen N.V., 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 N.V..
    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 81.5%.

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 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 N.V..

Corporate tax rate of 27% is the nominal tax rate for Nielsen N.V.. 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 105.5%.

Life of production assets of 19.7 years is the average useful life of capital assets used in Nielsen N.V. 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 -1.1%. 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 - $2847 million for Nielsen N.V. - 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 355.473 million for Nielsen N.V. 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 N.V. at the current share price and the inputted number of shares is $8.2 billion.

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