Intrinsic value of Qurate Retail Series A - QRTEA

Previous Close

$21.60

  Intrinsic Value

$52.36

stock screener

  Rating & Target

str. buy

+142%

Previous close

$21.60

 
Intrinsic value

$52.36

 
Up/down potential

+142%

 
Rating

str. buy

We calculate the intrinsic value of QRTEA 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 9.5

 

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, %
  37.50
  34.25
  31.33
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
Revenue, $m
  14,306
  19,205
  25,221
  32,458
  41,002
  50,920
  62,261
  75,053
  89,305
  105,015
  122,166
  140,734
  160,689
  181,998
  204,629
  228,553
  253,745
  280,185
  307,862
  336,771
  366,916
  398,310
  430,974
  464,936
  500,236
  536,919
  575,040
  614,659
  655,847
  698,679
Variable operating expenses, $m
  12,544
  16,420
  21,180
  26,905
  33,665
  41,513
  50,485
  60,605
  71,882
  84,311
  96,654
  111,345
  127,132
  143,991
  161,896
  180,824
  200,755
  221,674
  243,571
  266,443
  290,293
  315,131
  340,974
  367,844
  395,772
  424,795
  454,954
  486,300
  518,887
  552,774
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
  12,544
  16,420
  21,180
  26,905
  33,665
  41,513
  50,485
  60,605
  71,882
  84,311
  96,654
  111,345
  127,132
  143,991
  161,896
  180,824
  200,755
  221,674
  243,571
  266,443
  290,293
  315,131
  340,974
  367,844
  395,772
  424,795
  454,954
  486,300
  518,887
  552,774
Operating income, $m
  1,762
  2,785
  4,041
  5,552
  7,336
  9,408
  11,776
  14,447
  17,424
  20,704
  25,512
  29,389
  33,557
  38,006
  42,733
  47,729
  52,989
  58,511
  64,291
  70,328
  76,623
  83,179
  90,000
  97,093
  104,464
  112,125
  120,085
  128,359
  136,960
  145,905
EBITDA, $m
  3,535
  4,746
  6,232
  8,020
  10,131
  12,582
  15,384
  18,545
  22,067
  25,949
  30,187
  34,775
  39,705
  44,971
  50,563
  56,474
  62,699
  69,233
  76,071
  83,215
  90,663
  98,421
  106,492
  114,884
  123,606
  132,670
  142,090
  151,880
  162,057
  172,640
Interest expense (income), $m
  0
  462
  749
  1,108
  1,550
  2,081
  2,709
  3,437
  4,269
  5,209
  6,255
  7,408
  8,668
  10,031
  11,496
  13,060
  14,722
  16,479
  18,328
  20,269
  22,301
  24,424
  26,637
  28,942
  31,340
  33,834
  36,426
  39,119
  41,918
  44,826
  47,850
Earnings before tax, $m
  1,300
  2,036
  2,933
  4,002
  5,255
  6,699
  8,339
  10,178
  12,215
  14,449
  18,104
  20,722
  23,526
  26,511
  29,672
  33,007
  36,511
  40,183
  44,021
  48,026
  52,199
  56,542
  61,058
  65,752
  70,630
  75,699
  80,967
  86,442
  92,134
  98,054
Tax expense, $m
  351
  550
  792
  1,081
  1,419
  1,809
  2,252
  2,748
  3,298
  3,901
  4,888
  5,595
  6,352
  7,158
  8,011
  8,912
  9,858
  10,849
  11,886
  12,967
  14,094
  15,266
  16,486
  17,753
  19,070
  20,439
  21,861
  23,339
  24,876
  26,475
Net income, $m
  949
  1,486
  2,141
  2,922
  3,836
  4,890
  6,088
  7,430
  8,917
  10,548
  13,216
  15,127
  17,174
  19,353
  21,661
  24,095
  26,653
  29,333
  32,136
  35,059
  38,105
  41,276
  44,572
  47,999
  51,560
  55,260
  59,106
  63,102
  67,258
  71,580

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
  33,191
  44,559
  58,518
  75,308
  95,131
  118,145
  144,458
  174,136
  207,205
  243,654
  283,448
  326,529
  372,827
  422,268
  474,777
  530,285
  588,735
  650,082
  714,297
  781,372
  851,314
  924,154
  999,939
  1,078,739
  1,160,641
  1,245,753
  1,334,199
  1,426,124
  1,521,687
  1,621,065
Adjusted assets (=assets-cash), $m
  33,191
  44,559
  58,518
  75,308
  95,131
  118,145
  144,458
  174,136
  207,205
  243,654
  283,448
  326,529
  372,827
  422,268
  474,777
  530,285
  588,735
  650,082
  714,297
  781,372
  851,314
  924,154
  999,939
  1,078,739
  1,160,641
  1,245,753
  1,334,199
  1,426,124
  1,521,687
  1,621,065
Revenue / Adjusted assets
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
Average production assets, $m
  9,470
  12,714
  16,696
  21,487
  27,143
  33,709
  41,217
  49,685
  59,120
  69,520
  80,874
  93,166
  106,376
  120,482
  135,464
  151,302
  167,979
  185,483
  203,805
  222,943
  242,899
  263,681
  285,305
  307,788
  331,156
  355,441
  380,676
  406,904
  434,171
  462,525
Working capital, $m
  1,130
  1,517
  1,992
  2,564
  3,239
  4,023
  4,919
  5,929
  7,055
  8,296
  9,651
  11,118
  12,694
  14,378
  16,166
  18,056
  20,046
  22,135
  24,321
  26,605
  28,986
  31,467
  34,047
  36,730
  39,519
  42,417
  45,428
  48,558
  51,812
  55,196
Total debt, $m
  13,861
  20,523
  28,702
  38,541
  50,158
  63,644
  79,063
  96,455
  115,833
  137,192
  160,512
  185,757
  212,888
  241,860
  272,630
  305,158
  339,410
  375,359
  412,989
  452,295
  493,281
  535,965
  580,375
  626,552
  674,547
  724,422
  776,252
  830,120
  886,119
  944,355
Total liabilities, $m
  19,450
  26,112
  34,291
  44,130
  55,747
  69,233
  84,652
  102,044
  121,422
  142,781
  166,101
  191,346
  218,477
  247,449
  278,219
  310,747
  344,999
  380,948
  418,578
  457,884
  498,870
  541,554
  585,964
  632,141
  680,136
  730,011
  781,841
  835,709
  891,708
  949,944
Total equity, $m
  13,741
  18,448
  24,226
  31,177
  39,384
  48,912
  59,805
  72,092
  85,783
  100,873
  117,347
  135,183
  154,350
  174,819
  196,558
  219,538
  243,736
  269,134
  295,719
  323,488
  352,444
  382,600
  413,975
  446,598
  480,505
  515,742
  552,358
  590,415
  629,978
  671,121
Total liabilities and equity, $m
  33,191
  44,560
  58,517
  75,307
  95,131
  118,145
  144,457
  174,136
  207,205
  243,654
  283,448
  326,529
  372,827
  422,268
  474,777
  530,285
  588,735
  650,082
  714,297
  781,372
  851,314
  924,154
  999,939
  1,078,739
  1,160,641
  1,245,753
  1,334,199
  1,426,124
  1,521,686
  1,621,065
Debt-to-equity ratio
  1.010
  1.110
  1.180
  1.240
  1.270
  1.300
  1.320
  1.340
  1.350
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.390
  1.390
  1.400
  1.400
  1.400
  1.400
  1.400
  1.400
  1.400
  1.400
  1.410
  1.410
  1.410
  1.410
Adjusted equity ratio
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  949
  1,486
  2,141
  2,922
  3,836
  4,890
  6,088
  7,430
  8,917
  10,548
  13,216
  15,127
  17,174
  19,353
  21,661
  24,095
  26,653
  29,333
  32,136
  35,059
  38,105
  41,276
  44,572
  47,999
  51,560
  55,260
  59,106
  63,102
  67,258
  71,580
Depreciation, amort., depletion, $m
  1,773
  1,961
  2,191
  2,468
  2,795
  3,174
  3,608
  4,098
  4,643
  5,244
  4,675
  5,385
  6,149
  6,964
  7,830
  8,746
  9,710
  10,722
  11,781
  12,887
  14,040
  15,242
  16,492
  17,791
  19,142
  20,546
  22,004
  23,520
  25,097
  26,736
Funds from operations, $m
  2,722
  3,447
  4,332
  5,390
  6,631
  8,065
  9,696
  11,528
  13,560
  15,792
  17,890
  20,512
  23,323
  26,317
  29,491
  32,841
  36,363
  40,055
  43,916
  47,946
  52,146
  56,517
  61,064
  65,790
  70,702
  75,806
  81,110
  86,623
  92,354
  98,315
Change in working capital, $m
  308
  387
  475
  572
  675
  784
  896
  1,011
  1,126
  1,241
  1,355
  1,467
  1,576
  1,683
  1,788
  1,890
  1,990
  2,089
  2,186
  2,284
  2,381
  2,480
  2,580
  2,683
  2,789
  2,898
  3,012
  3,130
  3,254
  3,384
Cash from operations, $m
  2,414
  3,060
  3,857
  4,818
  5,956
  7,281
  8,800
  10,517
  12,434
  14,551
  16,535
  19,045
  21,746
  24,634
  27,703
  30,951
  34,373
  37,966
  41,730
  45,662
  49,764
  54,037
  58,484
  63,107
  67,913
  72,908
  78,099
  83,493
  89,100
  94,932
Maintenance CAPEX, $m
  -398
  -547
  -735
  -965
  -1,242
  -1,569
  -1,949
  -2,382
  -2,872
  -3,417
  -4,018
  -4,675
  -5,385
  -6,149
  -6,964
  -7,830
  -8,746
  -9,710
  -10,722
  -11,781
  -12,887
  -14,040
  -15,242
  -16,492
  -17,791
  -19,142
  -20,546
  -22,004
  -23,520
  -25,097
New CAPEX, $m
  -2,580
  -3,244
  -3,983
  -4,791
  -5,656
  -6,566
  -7,508
  -8,468
  -9,435
  -10,400
  -11,354
  -12,292
  -13,210
  -14,107
  -14,982
  -15,838
  -16,677
  -17,504
  -18,322
  -19,138
  -19,956
  -20,783
  -21,623
  -22,483
  -23,369
  -24,284
  -25,236
  -26,228
  -27,266
  -28,355
Cash from investing activities, $m
  -2,978
  -3,791
  -4,718
  -5,756
  -6,898
  -8,135
  -9,457
  -10,850
  -12,307
  -13,817
  -15,372
  -16,967
  -18,595
  -20,256
  -21,946
  -23,668
  -25,423
  -27,214
  -29,044
  -30,919
  -32,843
  -34,823
  -36,865
  -38,975
  -41,160
  -43,426
  -45,782
  -48,232
  -50,786
  -53,452
Free cash flow, $m
  -564
  -731
  -861
  -938
  -942
  -854
  -656
  -333
  127
  734
  1,163
  2,079
  3,151
  4,378
  5,757
  7,283
  8,950
  10,753
  12,686
  14,744
  16,921
  19,214
  21,619
  24,132
  26,754
  29,482
  32,317
  35,260
  38,314
  41,480
Issuance/(repayment) of debt, $m
  5,312
  6,662
  8,180
  9,839
  11,617
  13,486
  15,419
  17,391
  19,378
  21,360
  23,319
  25,245
  27,131
  28,972
  30,770
  32,528
  34,252
  35,949
  37,630
  39,306
  40,986
  42,684
  44,410
  46,177
  47,995
  49,875
  51,830
  53,868
  56,000
  58,236
Issuance/(repurchase) of shares, $m
  2,808
  3,220
  3,638
  4,029
  4,371
  4,637
  4,806
  4,857
  4,773
  4,542
  3,259
  2,709
  1,994
  1,116
  78
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  8,120
  9,882
  11,818
  13,868
  15,988
  18,123
  20,225
  22,248
  24,151
  25,902
  26,578
  27,954
  29,125
  30,088
  30,848
  32,528
  34,252
  35,949
  37,630
  39,306
  40,986
  42,684
  44,410
  46,177
  47,995
  49,875
  51,830
  53,868
  56,000
  58,236
Total cash flow (excl. dividends), $m
  7,556
  9,151
  10,957
  12,931
  15,045
  17,269
  19,569
  21,915
  24,279
  26,636
  27,741
  30,033
  32,276
  34,466
  36,605
  39,810
  43,201
  46,702
  50,316
  54,049
  57,908
  61,898
  66,029
  70,309
  74,748
  79,357
  84,147
  89,128
  94,314
  99,716
Retained Cash Flow (-), $m
  -3,757
  -4,706
  -5,779
  -6,951
  -8,207
  -9,527
  -10,894
  -12,287
  -13,690
  -15,090
  -16,475
  -17,835
  -19,168
  -20,469
  -21,739
  -22,980
  -24,198
  -25,398
  -26,585
  -27,769
  -28,956
  -30,156
  -31,375
  -32,623
  -33,908
  -35,236
  -36,617
  -38,057
  -39,563
  -41,143
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
  3,799
  4,444
  5,178
  5,980
  6,838
  7,741
  8,676
  9,628
  10,588
  11,546
  11,266
  12,197
  13,108
  13,998
  14,866
  16,830
  19,003
  21,305
  23,731
  26,281
  28,951
  31,742
  34,654
  37,686
  40,841
  44,121
  47,530
  51,071
  54,751
  58,573
Discount rate, %
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
  3,551
  3,857
  4,143
  4,378
  4,546
  4,633
  4,631
  4,541
  4,367
  4,118
  3,435
  3,140
  2,812
  2,467
  2,122
  1,914
  1,694
  1,463
  1,232
  1,011
  809
  630
  477
  352
  252
  175
  118
  77
  48
  29
Current shareholders' claim on cash, %
  77.2
  62.0
  51.3
  43.7
  38.1
  33.9
  30.7
  28.3
  26.5
  25.1
  24.3
  23.7
  23.3
  23.2
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1
  23.1

FINANCIAL RATIOS  of  Qurate Retail Series A (QRTEA)

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%

QRTEA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QRTEA stock intrinsic value calculation we used $10404 million for the last fiscal year's total revenue generated by Qurate Retail Series A. The default revenue input number comes from 0001 income statement of Qurate Retail Series A. 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 QRTEA stock valuation model: a) initial revenue growth rate of 37.5% 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 7%, whose default value for QRTEA is calculated based on our internal credit rating of Qurate Retail Series A, 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 Qurate Retail Series A.
    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 QRTEA stock the variable cost ratio is equal to 90.9%.

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 QRTEA 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 Qurate Retail Series A.

Corporate tax rate of 27% is the nominal tax rate for Qurate Retail Series A. 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 QRTEA 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 QRTEA are equal to 66.2%.

Life of production assets of 17.3 years is the average useful life of capital assets used in Qurate Retail Series A 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 QRTEA is equal to 7.9%. 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 - $9984 million for Qurate Retail Series A - 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 440.356 million for Qurate Retail Series A 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 Qurate Retail Series A at the current share price and the inputted number of shares is $9.5 billion.

COMPANY NEWS

▶ QVC Owner Hires Former J.C. Penney Finance Chief   [Sep-28-18 04:39PM  The Wall Street Journal]
▶ JCPenney Stock Tumbles on CFO Departure   [11:29AM  InvestorPlace]
▶ Frank Azar argues QVC was 'misleading' investors in class-action lawsuit   [Sep-07-18 03:25PM  American City Business Journals]
▶ [$$] The Merits of Musk   [Aug-18-18 12:01AM  Barrons.com]
▶ HSN, now part of Qurate, still in early stages of turnaround, CEO says   [Aug-09-18 06:45AM  American City Business Journals]
▶ Qurate Retail: 2Q Earnings Snapshot   [08:37AM  Associated Press]

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