Intrinsic value of Koninklijke Philips ADR - PHG

Previous Close

$41.03

  Intrinsic Value

$19.17

stock screener

  Rating & Target

str. sell

-53%

Previous close

$41.03

 
Intrinsic value

$19.17

 
Up/down potential

-53%

 
Rating

str. sell

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

We calculate the intrinsic value of PHG 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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.12
  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
  25,875
  26,393
  27,000
  27,693
  28,472
  29,336
  30,283
  31,314
  32,430
  33,633
  34,924
  36,305
  37,778
  39,347
  41,014
  42,784
  44,659
  46,643
  48,742
  50,960
  53,301
  55,772
  58,377
  61,124
  64,017
  67,065
  70,274
  73,651
  77,205
  80,944
  84,877
Variable operating expenses, $m
 
  25,344
  25,906
  26,547
  27,268
  28,066
  28,942
  29,895
  30,928
  32,040
  33,233
  33,571
  34,934
  36,384
  37,926
  39,562
  41,296
  43,131
  45,072
  47,123
  49,288
  51,572
  53,982
  56,521
  59,197
  62,015
  64,983
  68,106
  71,392
  74,850
  78,487
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
  23,917
  25,344
  25,906
  26,547
  27,268
  28,066
  28,942
  29,895
  30,928
  32,040
  33,233
  33,571
  34,934
  36,384
  37,926
  39,562
  41,296
  43,131
  45,072
  47,123
  49,288
  51,572
  53,982
  56,521
  59,197
  62,015
  64,983
  68,106
  71,392
  74,850
  78,487
Operating income, $m
  1,958
  1,048
  1,094
  1,146
  1,205
  1,270
  1,341
  1,419
  1,503
  1,593
  1,690
  2,734
  2,844
  2,963
  3,088
  3,221
  3,363
  3,512
  3,670
  3,837
  4,013
  4,199
  4,395
  4,602
  4,820
  5,050
  5,291
  5,545
  5,813
  6,095
  6,391
EBITDA, $m
  3,295
  2,536
  2,594
  2,661
  2,736
  2,818
  2,909
  3,009
  3,116
  3,231
  3,355
  3,488
  3,630
  3,780
  3,941
  4,110
  4,291
  4,481
  4,683
  4,896
  5,121
  5,358
  5,609
  5,873
  6,151
  6,443
  6,752
  7,076
  7,418
  7,777
  8,155
Interest expense (income), $m
  328
  233
  255
  280
  308
  340
  375
  413
  455
  501
  549
  602
  658
  718
  782
  850
  922
  998
  1,078
  1,164
  1,254
  1,349
  1,450
  1,556
  1,667
  1,785
  1,909
  2,039
  2,177
  2,321
  2,473
Earnings before tax, $m
  1,466
  815
  839
  866
  897
  930
  966
  1,005
  1,048
  1,093
  1,141
  2,132
  2,186
  2,245
  2,306
  2,372
  2,441
  2,514
  2,592
  2,673
  2,759
  2,850
  2,946
  3,047
  3,153
  3,265
  3,382
  3,506
  3,636
  3,773
  3,917
Tax expense, $m
  345
  220
  226
  234
  242
  251
  261
  271
  283
  295
  308
  576
  590
  606
  623
  640
  659
  679
  700
  722
  745
  770
  795
  823
  851
  881
  913
  947
  982
  1,019
  1,058
Net income, $m
  1,528
  595
  612
  632
  655
  679
  705
  734
  765
  798
  833
  1,556
  1,596
  1,639
  1,684
  1,731
  1,782
  1,835
  1,892
  1,951
  2,014
  2,081
  2,150
  2,224
  2,302
  2,383
  2,469
  2,559
  2,655
  2,755
  2,860

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,570
  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
  34,093
  32,147
  32,886
  33,731
  34,680
  35,732
  36,885
  38,141
  39,501
  40,966
  42,538
  44,220
  46,015
  47,926
  49,957
  52,112
  54,395
  56,813
  59,369
  62,070
  64,922
  67,931
  71,105
  74,450
  77,975
  81,687
  85,595
  89,709
  94,038
  98,592
  103,383
Adjusted assets (=assets-cash), $m
  31,523
  32,147
  32,886
  33,731
  34,680
  35,732
  36,885
  38,141
  39,501
  40,966
  42,538
  44,220
  46,015
  47,926
  49,957
  52,112
  54,395
  56,813
  59,369
  62,070
  64,922
  67,931
  71,105
  74,450
  77,975
  81,687
  85,595
  89,709
  94,038
  98,592
  103,383
Revenue / Adjusted assets
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
  0.821
Average production assets, $m
  6,187
  6,308
  6,453
  6,619
  6,805
  7,011
  7,238
  7,484
  7,751
  8,038
  8,347
  8,677
  9,029
  9,404
  9,802
  10,225
  10,673
  11,148
  11,649
  12,179
  12,739
  13,329
  13,952
  14,609
  15,300
  16,029
  16,795
  17,603
  18,452
  19,346
  20,286
Working capital, $m
  3,802
  2,956
  3,024
  3,102
  3,189
  3,286
  3,392
  3,507
  3,632
  3,767
  3,911
  4,066
  4,231
  4,407
  4,594
  4,792
  5,002
  5,224
  5,459
  5,707
  5,970
  6,246
  6,538
  6,846
  7,170
  7,511
  7,871
  8,249
  8,647
  9,066
  9,506
Total debt, $m
  5,917
  4,636
  5,085
  5,598
  6,174
  6,812
  7,512
  8,275
  9,100
  9,989
  10,944
  11,965
  13,054
  14,214
  15,447
  16,755
  18,141
  19,608
  21,160
  22,800
  24,531
  26,357
  28,284
  30,314
  32,454
  34,707
  37,079
  39,577
  42,204
  44,969
  47,876
Total liabilities, $m
  20,794
  19,513
  19,962
  20,475
  21,051
  21,689
  22,389
  23,152
  23,977
  24,866
  25,821
  26,842
  27,931
  29,091
  30,324
  31,632
  33,018
  34,485
  36,037
  37,677
  39,408
  41,234
  43,161
  45,191
  47,331
  49,584
  51,956
  54,454
  57,081
  59,846
  62,753
Total equity, $m
  13,299
  12,634
  12,924
  13,256
  13,629
  14,043
  14,496
  14,990
  15,524
  16,100
  16,718
  17,379
  18,084
  18,835
  19,633
  20,480
  21,377
  22,327
  23,332
  24,394
  25,514
  26,697
  27,944
  29,259
  30,644
  32,103
  33,639
  35,256
  36,957
  38,747
  40,629
Total liabilities and equity, $m
  34,093
  32,147
  32,886
  33,731
  34,680
  35,732
  36,885
  38,142
  39,501
  40,966
  42,539
  44,221
  46,015
  47,926
  49,957
  52,112
  54,395
  56,812
  59,369
  62,071
  64,922
  67,931
  71,105
  74,450
  77,975
  81,687
  85,595
  89,710
  94,038
  98,593
  103,382
Debt-to-equity ratio
  0.445
  0.370
  0.390
  0.420
  0.450
  0.490
  0.520
  0.550
  0.590
  0.620
  0.650
  0.690
  0.720
  0.750
  0.790
  0.820
  0.850
  0.880
  0.910
  0.930
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
Adjusted equity ratio
  0.340
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,528
  595
  612
  632
  655
  679
  705
  734
  765
  798
  833
  1,556
  1,596
  1,639
  1,684
  1,731
  1,782
  1,835
  1,892
  1,951
  2,014
  2,081
  2,150
  2,224
  2,302
  2,383
  2,469
  2,559
  2,655
  2,755
  2,860
Depreciation, amort., depletion, $m
  1,337
  1,488
  1,500
  1,515
  1,531
  1,549
  1,568
  1,590
  1,613
  1,638
  1,665
  755
  785
  818
  852
  889
  928
  969
  1,013
  1,059
  1,108
  1,159
  1,213
  1,270
  1,330
  1,394
  1,460
  1,531
  1,605
  1,682
  1,764
Funds from operations, $m
  1,208
  2,082
  2,113
  2,147
  2,186
  2,228
  2,274
  2,324
  2,378
  2,436
  2,498
  2,311
  2,381
  2,456
  2,536
  2,621
  2,710
  2,805
  2,905
  3,010
  3,122
  3,240
  3,364
  3,494
  3,632
  3,777
  3,930
  4,090
  4,259
  4,437
  4,624
Change in working capital, $m
  -1,084
  58
  68
  78
  87
  97
  106
  116
  125
  135
  145
  155
  165
  176
  187
  198
  210
  222
  235
  248
  262
  277
  292
  308
  324
  341
  359
  378
  398
  419
  440
Cash from operations, $m
  2,292
  2,024
  2,045
  2,069
  2,098
  2,131
  2,168
  2,208
  2,253
  2,301
  2,353
  2,156
  2,216
  2,281
  2,349
  2,422
  2,500
  2,582
  2,670
  2,762
  2,860
  2,963
  3,072
  3,187
  3,308
  3,436
  3,570
  3,712
  3,861
  4,018
  4,183
Maintenance CAPEX, $m
  0
  -538
  -549
  -561
  -576
  -592
  -610
  -629
  -651
  -674
  -699
  -726
  -755
  -785
  -818
  -852
  -889
  -928
  -969
  -1,013
  -1,059
  -1,108
  -1,159
  -1,213
  -1,270
  -1,330
  -1,394
  -1,460
  -1,531
  -1,605
  -1,682
New CAPEX, $m
  -917
  -121
  -145
  -166
  -186
  -206
  -226
  -246
  -267
  -287
  -308
  -330
  -352
  -375
  -398
  -423
  -448
  -474
  -502
  -530
  -560
  -590
  -623
  -656
  -692
  -728
  -767
  -807
  -849
  -894
  -940
Cash from investing activities, $m
  -1,232
  -659
  -694
  -727
  -762
  -798
  -836
  -875
  -918
  -961
  -1,007
  -1,056
  -1,107
  -1,160
  -1,216
  -1,275
  -1,337
  -1,402
  -1,471
  -1,543
  -1,619
  -1,698
  -1,782
  -1,869
  -1,962
  -2,058
  -2,161
  -2,267
  -2,380
  -2,499
  -2,622
Free cash flow, $m
  1,060
  1,365
  1,351
  1,342
  1,337
  1,333
  1,332
  1,333
  1,335
  1,340
  1,346
  1,100
  1,110
  1,121
  1,133
  1,147
  1,163
  1,180
  1,199
  1,219
  1,241
  1,265
  1,290
  1,317
  1,346
  1,377
  1,409
  1,444
  1,481
  1,520
  1,561
Issuance/(repayment) of debt, $m
  -398
  392
  449
  513
  576
  638
  700
  763
  825
  889
  954
  1,021
  1,089
  1,160
  1,233
  1,308
  1,386
  1,467
  1,552
  1,640
  1,731
  1,827
  1,926
  2,031
  2,139
  2,253
  2,372
  2,497
  2,628
  2,764
  2,908
Issuance/(repurchase) of shares, $m
  -555
  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  
  -95
  392
  449
  513
  576
  638
  700
  763
  825
  889
  954
  1,021
  1,089
  1,160
  1,233
  1,308
  1,386
  1,467
  1,552
  1,640
  1,731
  1,827
  1,926
  2,031
  2,139
  2,253
  2,372
  2,497
  2,628
  2,764
  2,908
Total cash flow (excl. dividends), $m
  947
  1,757
  1,800
  1,855
  1,912
  1,971
  2,032
  2,095
  2,161
  2,229
  2,300
  2,121
  2,199
  2,280
  2,366
  2,455
  2,549
  2,647
  2,750
  2,859
  2,972
  3,091
  3,216
  3,348
  3,485
  3,630
  3,782
  3,941
  4,109
  4,284
  4,469
Retained Cash Flow (-), $m
  -991
  -232
  -291
  -332
  -373
  -413
  -453
  -494
  -534
  -576
  -618
  -661
  -705
  -751
  -798
  -847
  -897
  -950
  -1,005
  -1,062
  -1,121
  -1,183
  -1,247
  -1,315
  -1,385
  -1,459
  -1,536
  -1,617
  -1,701
  -1,790
  -1,883
Prev. year cash balance distribution, $m
 
  897
  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
 
  2,422
  1,509
  1,523
  1,540
  1,558
  1,579
  1,601
  1,626
  1,653
  1,682
  1,460
  1,494
  1,529
  1,568
  1,608
  1,652
  1,697
  1,746
  1,797
  1,851
  1,909
  1,969
  2,033
  2,100
  2,171
  2,246
  2,325
  2,407
  2,494
  2,586
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
 
  2,323
  1,382
  1,326
  1,268
  1,208
  1,146
  1,082
  1,016
  950
  882
  693
  637
  582
  526
  472
  420
  369
  322
  277
  235
  197
  163
  133
  107
  84
  66
  50
  37
  27
  19
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

Koninklijke Philips N.V. is the Netherlands-based health technology company. The Company's segments include Personal Health businesses, Diagnosis & Treatment businesses, Connected Care & Health Informatics businesses, HealthTech Other and Legacy Items. The Personal Health businesses segment is engaged in the health continuum, delivering integrated, connected solutions that support healthier lifestyles and those living with chronic disease. The Diagnosis & Treatment businesses segment delivers precision medicine and treatment, and therapy. The Connected Care & Health Informatics businesses segment provides consumers, care givers and clinicians with digital solutions that facilitate care by enabling precision medicine and population health management. The HealthTech Other segment comprises such items, as innovation, emerging businesses, royalties, among others. The Legacy Items segment consists mainly of separation costs, legacy legal items, legacy pension costs, among others.

FINANCIAL RATIOS  of  Koninklijke Philips ADR (PHG)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 1.5
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 16.5
Price to Free Cash Flow 27.5
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.2%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 31.9%
Total Debt to Equity 44.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 40.8%
EBITDA Margin 12.1%
EBITDA Margin - 3 Yr. Avg. 9.5%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 4.6%
Pre-Tax Margin 5.7%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 23.5%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 22.8%

PHG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PHG stock intrinsic value calculation we used $25875 million for the last fiscal year's total revenue generated by Koninklijke Philips ADR. The default revenue input number comes from 2016 income statement of Koninklijke Philips ADR. 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 PHG 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 4.3%, whose default value for PHG is calculated based on our internal credit rating of Koninklijke Philips ADR, 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 Koninklijke Philips ADR.
    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 PHG stock the variable cost ratio is equal to 96.1%.

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 PHG 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 5.5% for Koninklijke Philips ADR.

Corporate tax rate of 27% is the nominal tax rate for Koninklijke Philips ADR. 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 PHG 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 PHG are equal to 23.9%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Koninklijke Philips ADR 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 PHG is equal to 11.2%. 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 - $13299 million for Koninklijke Philips ADR - 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 941.005 million for Koninklijke Philips ADR 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 Koninklijke Philips ADR at the current share price and the inputted number of shares is $38.6 billion.

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Financial statements of PHG
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