Intrinsic value of Koninklijke Philips N.V. - PHG

Previous Close

$43.09

  Intrinsic Value

$30.71

stock screener

  Rating & Target

sell

-29%

Previous close

$43.09

 
Intrinsic value

$30.71

 
Up/down potential

-29%

 
Rating

sell

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

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 39.4

 

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
  21,246
  21,734
  22,293
  22,920
  23,615
  24,377
  25,207
  26,106
  27,074
  28,113
  29,225
  30,411
  31,674
  33,016
  34,440
  35,949
  37,547
  39,237
  41,022
  42,907
  44,895
  46,993
  49,204
  51,533
  53,986
  56,569
  59,288
  62,149
  65,159
  68,325
Variable operating expenses, $m
  19,412
  19,826
  20,300
  20,832
  21,422
  22,068
  22,773
  23,535
  24,356
  25,238
  24,791
  25,797
  26,868
  28,007
  29,215
  30,495
  31,850
  33,283
  34,798
  36,396
  38,083
  39,863
  41,738
  43,714
  45,795
  47,986
  50,292
  52,719
  55,273
  57,958
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
  19,412
  19,826
  20,300
  20,832
  21,422
  22,068
  22,773
  23,535
  24,356
  25,238
  24,791
  25,797
  26,868
  28,007
  29,215
  30,495
  31,850
  33,283
  34,798
  36,396
  38,083
  39,863
  41,738
  43,714
  45,795
  47,986
  50,292
  52,719
  55,273
  57,958
Operating income, $m
  1,834
  1,908
  1,993
  2,088
  2,193
  2,309
  2,435
  2,571
  2,718
  2,876
  4,434
  4,614
  4,806
  5,009
  5,226
  5,455
  5,697
  5,953
  6,224
  6,510
  6,812
  7,130
  7,466
  7,819
  8,191
  8,583
  8,996
  9,430
  9,887
  10,367
EBITDA, $m
  3,941
  4,032
  4,136
  4,252
  4,381
  4,522
  4,676
  4,843
  5,023
  5,216
  5,422
  5,642
  5,876
  6,125
  6,389
  6,669
  6,966
  7,279
  7,610
  7,960
  8,329
  8,718
  9,128
  9,560
  10,016
  10,495
  10,999
  11,530
  12,088
  12,676
Interest expense (income), $m
  328
  299
  316
  337
  360
  386
  415
  446
  481
  518
  558
  601
  648
  697
  749
  805
  864
  927
  993
  1,063
  1,137
  1,216
  1,298
  1,385
  1,477
  1,574
  1,675
  1,783
  1,896
  2,014
  2,139
Earnings before tax, $m
  1,534
  1,591
  1,656
  1,728
  1,807
  1,894
  1,988
  2,090
  2,200
  2,317
  3,833
  3,967
  4,109
  4,260
  4,421
  4,590
  4,770
  4,960
  5,161
  5,373
  5,596
  5,832
  6,080
  6,342
  6,618
  6,908
  7,213
  7,534
  7,872
  8,228
Tax expense, $m
  414
  430
  447
  467
  488
  511
  537
  564
  594
  626
  1,035
  1,071
  1,109
  1,150
  1,194
  1,239
  1,288
  1,339
  1,393
  1,451
  1,511
  1,575
  1,642
  1,712
  1,787
  1,865
  1,948
  2,034
  2,126
  2,221
Net income, $m
  1,120
  1,162
  1,209
  1,261
  1,319
  1,383
  1,452
  1,526
  1,606
  1,692
  2,798
  2,896
  3,000
  3,110
  3,227
  3,351
  3,482
  3,621
  3,768
  3,922
  4,085
  4,257
  4,439
  4,630
  4,831
  5,043
  5,266
  5,500
  5,747
  6,006

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
  30,525
  31,227
  32,030
  32,931
  33,929
  35,025
  36,217
  37,509
  38,900
  40,393
  41,990
  43,694
  45,508
  47,437
  49,483
  51,652
  53,947
  56,374
  58,939
  61,647
  64,505
  67,518
  70,695
  74,042
  77,567
  81,278
  85,184
  89,295
  93,619
  98,168
Adjusted assets (=assets-cash), $m
  30,525
  31,227
  32,030
  32,931
  33,929
  35,025
  36,217
  37,509
  38,900
  40,393
  41,990
  43,694
  45,508
  47,437
  49,483
  51,652
  53,947
  56,374
  58,939
  61,647
  64,505
  67,518
  70,695
  74,042
  77,567
  81,278
  85,184
  89,295
  93,619
  98,168
Revenue / Adjusted assets
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
Average production assets, $m
  8,902
  9,107
  9,341
  9,603
  9,895
  10,214
  10,562
  10,938
  11,344
  11,779
  12,245
  12,742
  13,271
  13,834
  14,430
  15,063
  15,732
  16,440
  17,188
  17,978
  18,811
  19,690
  20,616
  21,592
  22,620
  23,703
  24,842
  26,041
  27,302
  28,628
Working capital, $m
  1,020
  1,043
  1,070
  1,100
  1,134
  1,170
  1,210
  1,253
  1,300
  1,349
  1,403
  1,460
  1,520
  1,585
  1,653
  1,726
  1,802
  1,883
  1,969
  2,060
  2,155
  2,256
  2,362
  2,474
  2,591
  2,715
  2,846
  2,983
  3,128
  3,280
Total debt, $m
  5,860
  6,235
  6,665
  7,147
  7,681
  8,267
  8,905
  9,596
  10,340
  11,139
  11,993
  12,905
  13,876
  14,907
  16,002
  17,162
  18,390
  19,689
  21,061
  22,510
  24,039
  25,651
  27,351
  29,141
  31,027
  33,012
  35,102
  37,301
  39,615
  42,049
Total liabilities, $m
  16,331
  16,707
  17,136
  17,618
  18,152
  18,738
  19,376
  20,067
  20,811
  21,610
  22,464
  23,376
  24,347
  25,379
  26,473
  27,634
  28,862
  30,160
  31,533
  32,981
  34,510
  36,122
  37,822
  39,612
  41,498
  43,484
  45,574
  47,773
  50,086
  52,520
Total equity, $m
  14,194
  14,521
  14,894
  15,313
  15,777
  16,286
  16,841
  17,442
  18,088
  18,783
  19,525
  20,318
  21,161
  22,058
  23,010
  24,018
  25,085
  26,214
  27,407
  28,666
  29,995
  31,396
  32,873
  34,429
  36,068
  37,794
  39,611
  41,522
  43,533
  45,648
Total liabilities and equity, $m
  30,525
  31,228
  32,030
  32,931
  33,929
  35,024
  36,217
  37,509
  38,899
  40,393
  41,989
  43,694
  45,508
  47,437
  49,483
  51,652
  53,947
  56,374
  58,940
  61,647
  64,505
  67,518
  70,695
  74,041
  77,566
  81,278
  85,185
  89,295
  93,619
  98,168
Debt-to-equity ratio
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.640
  0.660
  0.680
  0.700
  0.710
  0.730
  0.750
  0.770
  0.790
  0.800
  0.820
  0.830
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,120
  1,162
  1,209
  1,261
  1,319
  1,383
  1,452
  1,526
  1,606
  1,692
  2,798
  2,896
  3,000
  3,110
  3,227
  3,351
  3,482
  3,621
  3,768
  3,922
  4,085
  4,257
  4,439
  4,630
  4,831
  5,043
  5,266
  5,500
  5,747
  6,006
Depreciation, amort., depletion, $m
  2,108
  2,124
  2,143
  2,164
  2,188
  2,214
  2,242
  2,272
  2,305
  2,340
  988
  1,028
  1,070
  1,116
  1,164
  1,215
  1,269
  1,326
  1,386
  1,450
  1,517
  1,588
  1,663
  1,741
  1,824
  1,911
  2,003
  2,100
  2,202
  2,309
Funds from operations, $m
  3,228
  3,286
  3,352
  3,426
  3,507
  3,596
  3,693
  3,798
  3,911
  4,032
  3,785
  3,923
  4,070
  4,226
  4,391
  4,566
  4,751
  4,947
  5,154
  5,372
  5,602
  5,845
  6,101
  6,371
  6,655
  6,954
  7,269
  7,600
  7,948
  8,315
Change in working capital, $m
  20
  23
  27
  30
  33
  37
  40
  43
  46
  50
  53
  57
  61
  64
  68
  72
  77
  81
  86
  90
  95
  101
  106
  112
  118
  124
  131
  137
  144
  152
Cash from operations, $m
  3,208
  3,263
  3,325
  3,396
  3,474
  3,560
  3,653
  3,755
  3,864
  3,982
  3,732
  3,866
  4,009
  4,161
  4,322
  4,493
  4,674
  4,866
  5,068
  5,282
  5,507
  5,745
  5,995
  6,259
  6,537
  6,830
  7,138
  7,463
  7,804
  8,163
Maintenance CAPEX, $m
  -704
  -718
  -734
  -753
  -774
  -798
  -824
  -852
  -882
  -915
  -950
  -988
  -1,028
  -1,070
  -1,116
  -1,164
  -1,215
  -1,269
  -1,326
  -1,386
  -1,450
  -1,517
  -1,588
  -1,663
  -1,741
  -1,824
  -1,911
  -2,003
  -2,100
  -2,202
New CAPEX, $m
  -171
  -205
  -234
  -263
  -291
  -319
  -348
  -377
  -406
  -435
  -466
  -497
  -529
  -562
  -597
  -632
  -669
  -708
  -748
  -790
  -833
  -879
  -926
  -976
  -1,028
  -1,082
  -1,139
  -1,199
  -1,261
  -1,327
Cash from investing activities, $m
  -875
  -923
  -968
  -1,016
  -1,065
  -1,117
  -1,172
  -1,229
  -1,288
  -1,350
  -1,416
  -1,485
  -1,557
  -1,632
  -1,713
  -1,796
  -1,884
  -1,977
  -2,074
  -2,176
  -2,283
  -2,396
  -2,514
  -2,639
  -2,769
  -2,906
  -3,050
  -3,202
  -3,361
  -3,529
Free cash flow, $m
  2,333
  2,340
  2,357
  2,380
  2,408
  2,442
  2,482
  2,526
  2,576
  2,631
  2,316
  2,382
  2,452
  2,529
  2,610
  2,697
  2,790
  2,889
  2,994
  3,106
  3,224
  3,349
  3,481
  3,621
  3,768
  3,924
  4,088
  4,261
  4,443
  4,635
Issuance/(repayment) of debt, $m
  318
  376
  429
  482
  534
  586
  638
  691
  744
  799
  854
  912
  971
  1,032
  1,095
  1,160
  1,228
  1,299
  1,372
  1,449
  1,529
  1,612
  1,699
  1,791
  1,886
  1,986
  2,090
  2,199
  2,314
  2,434
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  
  318
  376
  429
  482
  534
  586
  638
  691
  744
  799
  854
  912
  971
  1,032
  1,095
  1,160
  1,228
  1,299
  1,372
  1,449
  1,529
  1,612
  1,699
  1,791
  1,886
  1,986
  2,090
  2,199
  2,314
  2,434
Total cash flow (excl. dividends), $m
  2,651
  2,716
  2,786
  2,862
  2,942
  3,028
  3,120
  3,217
  3,321
  3,430
  3,171
  3,294
  3,423
  3,560
  3,705
  3,857
  4,018
  4,188
  4,366
  4,555
  4,753
  4,961
  5,180
  5,411
  5,654
  5,909
  6,178
  6,460
  6,756
  7,068
Retained Cash Flow (-), $m
  -300
  -326
  -373
  -419
  -464
  -509
  -555
  -600
  -647
  -694
  -743
  -792
  -844
  -897
  -952
  -1,008
  -1,067
  -1,129
  -1,193
  -1,259
  -1,329
  -1,401
  -1,477
  -1,556
  -1,639
  -1,726
  -1,816
  -1,911
  -2,011
  -2,115
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
  2,351
  2,389
  2,413
  2,443
  2,478
  2,519
  2,565
  2,617
  2,674
  2,736
  2,428
  2,501
  2,579
  2,663
  2,753
  2,849
  2,951
  3,059
  3,174
  3,295
  3,424
  3,560
  3,703
  3,855
  4,015
  4,183
  4,361
  4,548
  4,746
  4,953
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
  2,254
  2,187
  2,100
  2,011
  1,921
  1,828
  1,733
  1,636
  1,536
  1,434
  1,153
  1,067
  981
  894
  808
  724
  642
  563
  489
  419
  354
  295
  243
  196
  156
  122
  94
  70
  52
  37
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

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 N.V. (PHG)

Valuation Ratios
P/E Ratio 26
Price to Sales 1.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow 28.9
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 $20829 million for the last fiscal year's total revenue generated by Koninklijke Philips N.V.. The default revenue input number comes from 0001 income statement of Koninklijke Philips 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 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 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 Koninklijke Philips 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 PHG stock the variable cost ratio is equal to 91.5%.

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 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 5.4% for Koninklijke Philips N.V..

Corporate tax rate of 27% is the nominal tax rate for Koninklijke Philips 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 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 41.9%.

Life of production assets of 12.4 years is the average useful life of capital assets used in Koninklijke Philips 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 PHG is equal to 4.8%. 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 - $13894.2528736 million for Koninklijke Philips 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 914.216 million for Koninklijke Philips 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 Koninklijke Philips N.V. at the current share price and the inputted number of shares is $39.4 billion.

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