Intrinsic value of Sirius XM Holdings - SIRI

Previous Close

$6.19

  Intrinsic Value

$1.22

stock screener

  Rating & Target

str. sell

-80%

Previous close

$6.19

 
Intrinsic value

$1.22

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of SIRI 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 27.7

 

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, %
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  5,767
  6,123
  6,493
  6,880
  7,282
  7,702
  8,141
  8,598
  9,076
  9,576
  10,098
  10,644
  11,215
  11,813
  12,439
  13,094
  13,780
  14,499
  15,253
  16,042
  16,869
  17,737
  18,646
  19,600
  20,601
  21,650
  22,750
  23,905
  25,117
  26,388
Variable operating expenses, $m
  2,784
  2,926
  3,074
  3,228
  3,389
  3,557
  3,732
  3,915
  4,106
  4,305
  4,033
  4,251
  4,479
  4,718
  4,967
  5,229
  5,503
  5,790
  6,091
  6,406
  6,737
  7,083
  7,446
  7,827
  8,227
  8,646
  9,085
  9,547
  10,030
  10,538
Fixed operating expenses, $m
  1,184
  1,211
  1,237
  1,264
  1,292
  1,321
  1,350
  1,379
  1,410
  1,441
  1,472
  1,505
  1,538
  1,572
  1,606
  1,642
  1,678
  1,715
  1,752
  1,791
  1,830
  1,871
  1,912
  1,954
  1,997
  2,041
  2,086
  2,132
  2,179
  2,226
Total operating expenses, $m
  3,968
  4,137
  4,311
  4,492
  4,681
  4,878
  5,082
  5,294
  5,516
  5,746
  5,505
  5,756
  6,017
  6,290
  6,573
  6,871
  7,181
  7,505
  7,843
  8,197
  8,567
  8,954
  9,358
  9,781
  10,224
  10,687
  11,171
  11,679
  12,209
  12,764
Operating income, $m
  1,798
  1,986
  2,182
  2,387
  2,601
  2,825
  3,059
  3,304
  3,561
  3,830
  4,593
  4,888
  5,199
  5,524
  5,865
  6,223
  6,599
  6,994
  7,409
  7,845
  8,302
  8,783
  9,288
  9,819
  10,377
  10,963
  11,579
  12,227
  12,908
  13,624
EBITDA, $m
  2,475
  2,674
  2,883
  3,101
  3,328
  3,566
  3,815
  4,076
  4,349
  4,635
  4,935
  5,249
  5,578
  5,924
  6,286
  6,666
  7,066
  7,485
  7,925
  8,388
  8,873
  9,383
  9,919
  10,482
  11,074
  11,696
  12,349
  13,036
  13,758
  14,517
Interest expense (income), $m
  0
  371
  268
  295
  323
  352
  383
  415
  448
  483
  519
  557
  597
  638
  682
  727
  775
  825
  877
  932
  989
  1,049
  1,112
  1,178
  1,247
  1,319
  1,396
  1,475
  1,559
  1,647
  1,739
Earnings before tax, $m
  1,427
  1,719
  1,887
  2,064
  2,249
  2,442
  2,644
  2,856
  3,078
  3,311
  4,036
  4,292
  4,560
  4,842
  5,138
  5,448
  5,775
  6,117
  6,477
  6,856
  7,253
  7,671
  8,110
  8,572
  9,057
  9,568
  10,104
  10,668
  11,261
  11,885
Tax expense, $m
  385
  464
  510
  557
  607
  659
  714
  771
  831
  894
  1,090
  1,159
  1,231
  1,307
  1,387
  1,471
  1,559
  1,652
  1,749
  1,851
  1,958
  2,071
  2,190
  2,314
  2,445
  2,583
  2,728
  2,880
  3,040
  3,209
Net income, $m
  1,042
  1,255
  1,378
  1,507
  1,642
  1,783
  1,930
  2,085
  2,247
  2,417
  2,946
  3,133
  3,329
  3,535
  3,751
  3,977
  4,215
  4,466
  4,728
  5,005
  5,295
  5,600
  5,921
  6,258
  6,612
  6,984
  7,376
  7,788
  8,221
  8,676

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
  8,859
  9,405
  9,974
  10,568
  11,186
  11,831
  12,505
  13,208
  13,942
  14,709
  15,511
  16,350
  17,228
  18,146
  19,107
  20,114
  21,168
  22,272
  23,429
  24,642
  25,913
  27,246
  28,643
  30,108
  31,644
  33,256
  34,947
  36,721
  38,582
  40,534
Adjusted assets (=assets-cash), $m
  8,859
  9,405
  9,974
  10,568
  11,186
  11,831
  12,505
  13,208
  13,942
  14,709
  15,511
  16,350
  17,228
  18,146
  19,107
  20,114
  21,168
  22,272
  23,429
  24,642
  25,913
  27,246
  28,643
  30,108
  31,644
  33,256
  34,947
  36,721
  38,582
  40,534
Revenue / Adjusted assets
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
Average production assets, $m
  4,060
  4,310
  4,571
  4,843
  5,127
  5,422
  5,731
  6,053
  6,390
  6,741
  7,109
  7,493
  7,896
  8,316
  8,757
  9,218
  9,701
  10,207
  10,738
  11,294
  11,876
  12,487
  13,127
  13,799
  14,503
  15,241
  16,016
  16,829
  17,682
  18,577
Working capital, $m
  -2,566
  -2,725
  -2,890
  -3,061
  -3,241
  -3,427
  -3,623
  -3,826
  -4,039
  -4,261
  -4,494
  -4,737
  -4,991
  -5,257
  -5,535
  -5,827
  -6,132
  -6,452
  -6,787
  -7,139
  -7,507
  -7,893
  -8,298
  -8,722
  -9,167
  -9,634
  -10,124
  -10,638
  -11,177
  -11,743
Total debt, $m
  4,866
  5,358
  5,870
  6,404
  6,961
  7,541
  8,147
  8,780
  9,441
  10,131
  10,853
  11,608
  12,398
  13,225
  14,090
  14,996
  15,944
  16,938
  17,980
  19,071
  20,215
  21,414
  22,672
  23,990
  25,373
  26,824
  28,345
  29,942
  31,617
  33,374
Total liabilities, $m
  7,973
  8,465
  8,977
  9,511
  10,068
  10,648
  11,254
  11,887
  12,548
  13,238
  13,960
  14,715
  15,505
  16,331
  17,197
  18,102
  19,051
  20,045
  21,086
  22,178
  23,322
  24,521
  25,778
  27,097
  28,480
  29,931
  31,452
  33,049
  34,724
  36,481
Total equity, $m
  886
  941
  997
  1,057
  1,119
  1,183
  1,250
  1,321
  1,394
  1,471
  1,551
  1,635
  1,723
  1,815
  1,911
  2,011
  2,117
  2,227
  2,343
  2,464
  2,591
  2,725
  2,864
  3,011
  3,164
  3,326
  3,495
  3,672
  3,858
  4,053
Total liabilities and equity, $m
  8,859
  9,406
  9,974
  10,568
  11,187
  11,831
  12,504
  13,208
  13,942
  14,709
  15,511
  16,350
  17,228
  18,146
  19,108
  20,113
  21,168
  22,272
  23,429
  24,642
  25,913
  27,246
  28,642
  30,108
  31,644
  33,257
  34,947
  36,721
  38,582
  40,534
Debt-to-equity ratio
  5.490
  5.700
  5.890
  6.060
  6.220
  6.370
  6.520
  6.650
  6.770
  6.890
  7.000
  7.100
  7.200
  7.290
  7.370
  7.460
  7.530
  7.610
  7.670
  7.740
  7.800
  7.860
  7.920
  7.970
  8.020
  8.070
  8.110
  8.150
  8.190
  8.230
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,042
  1,255
  1,378
  1,507
  1,642
  1,783
  1,930
  2,085
  2,247
  2,417
  2,946
  3,133
  3,329
  3,535
  3,751
  3,977
  4,215
  4,466
  4,728
  5,005
  5,295
  5,600
  5,921
  6,258
  6,612
  6,984
  7,376
  7,788
  8,221
  8,676
Depreciation, amort., depletion, $m
  676
  688
  701
  714
  727
  742
  756
  772
  788
  805
  342
  360
  380
  400
  421
  443
  466
  491
  516
  543
  571
  600
  631
  663
  697
  733
  770
  809
  850
  893
Funds from operations, $m
  1,718
  1,943
  2,079
  2,221
  2,369
  2,524
  2,687
  2,857
  3,035
  3,222
  3,288
  3,493
  3,708
  3,934
  4,172
  4,420
  4,682
  4,956
  5,245
  5,548
  5,866
  6,200
  6,552
  6,921
  7,309
  7,717
  8,146
  8,597
  9,071
  9,569
Change in working capital, $m
  -152
  -158
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -278
  -292
  -305
  -320
  -335
  -351
  -368
  -386
  -405
  -424
  -445
  -467
  -490
  -514
  -539
  -566
Cash from operations, $m
  1,870
  2,101
  2,243
  2,392
  2,548
  2,711
  2,882
  3,061
  3,248
  3,444
  3,520
  3,736
  3,963
  4,200
  4,450
  4,712
  4,987
  5,276
  5,580
  5,899
  6,234
  6,586
  6,956
  7,345
  7,754
  8,184
  8,636
  9,111
  9,610
  10,135
Maintenance CAPEX, $m
  -184
  -195
  -207
  -220
  -233
  -246
  -261
  -276
  -291
  -307
  -324
  -342
  -360
  -380
  -400
  -421
  -443
  -466
  -491
  -516
  -543
  -571
  -600
  -631
  -663
  -697
  -733
  -770
  -809
  -850
New CAPEX, $m
  -239
  -250
  -261
  -272
  -283
  -296
  -309
  -322
  -337
  -352
  -368
  -384
  -402
  -421
  -441
  -461
  -483
  -506
  -530
  -556
  -583
  -611
  -640
  -671
  -704
  -739
  -775
  -813
  -853
  -895
Cash from investing activities, $m
  -423
  -445
  -468
  -492
  -516
  -542
  -570
  -598
  -628
  -659
  -692
  -726
  -762
  -801
  -841
  -882
  -926
  -972
  -1,021
  -1,072
  -1,126
  -1,182
  -1,240
  -1,302
  -1,367
  -1,436
  -1,508
  -1,583
  -1,662
  -1,745
Free cash flow, $m
  1,447
  1,655
  1,775
  1,901
  2,032
  2,169
  2,313
  2,463
  2,620
  2,785
  2,828
  3,010
  3,200
  3,400
  3,610
  3,830
  4,061
  4,304
  4,559
  4,827
  5,109
  5,405
  5,716
  6,043
  6,387
  6,748
  7,128
  7,528
  7,948
  8,390
Issuance/(repayment) of debt, $m
  -1,881
  492
  512
  534
  557
  581
  606
  633
  661
  691
  722
  755
  790
  826
  865
  906
  949
  994
  1,041
  1,091
  1,144
  1,199
  1,257
  1,319
  1,383
  1,451
  1,522
  1,596
  1,675
  1,757
Issuance/(repurchase) of shares, $m
  1,368
  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  
  -513
  492
  512
  534
  557
  581
  606
  633
  661
  691
  722
  755
  790
  826
  865
  906
  949
  994
  1,041
  1,091
  1,144
  1,199
  1,257
  1,319
  1,383
  1,451
  1,522
  1,596
  1,675
  1,757
Total cash flow (excl. dividends), $m
  934
  2,147
  2,288
  2,435
  2,588
  2,750
  2,918
  3,096
  3,281
  3,476
  3,550
  3,765
  3,990
  4,226
  4,475
  4,736
  5,010
  5,298
  5,600
  5,918
  6,253
  6,604
  6,973
  7,361
  7,770
  8,199
  8,650
  9,124
  9,623
  10,147
Retained Cash Flow (-), $m
  -2,410
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
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
  -1,475
  2,093
  2,231
  2,375
  2,527
  2,685
  2,851
  3,025
  3,208
  3,399
  3,470
  3,681
  3,902
  4,135
  4,379
  4,635
  4,904
  5,187
  5,485
  5,797
  6,125
  6,471
  6,834
  7,215
  7,616
  8,038
  8,481
  8,947
  9,437
  9,952
Discount rate, %
  12.00
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
PV of cash for distribution, $m
  -1,317
  1,650
  1,537
  1,412
  1,279
  1,142
  1,004
  868
  738
  617
  487
  392
  309
  238
  179
  131
  94
  65
  44
  29
  18
  11
  7
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Sirius XM Holdings Inc. provides satellite radio services in the United States. The company broadcasts music plus sports, entertainment, comedy, talk, news, traffic, and weather programs, including various music genres ranging from rock, pop and hip-hop to country, dance, jazz, Latin, and classical; live play-by-play sports from principal leagues and colleges; multitude of talk and entertainment channels for various audiences; national, international, and financial news; and limited run channels. It also streams music and non-music channels over the Internet; and offer applications to allow consumers to access its Internet radio service on smartphones, tablets, computers, home devices, and other consumer electronic equipment. In addition, the company distributes satellite radios through the sale and lease of new vehicles; and acquires subscribers through the sale and lease of previously owned vehicles with factory-installed satellite radios. Its satellite radio systems include satellites, terrestrial repeaters, and other satellite facilities; studios; and radios. Further, the company provides satellite television services, which offer music channels on the DISH NETWORK satellite television service as a programming package; Travel Link, a suite of data services that include graphical weather, fuel prices, sports schedule and scores, and movie listings; real-time traffic services; and real-time weather services. Additionally, it offers location-based services through two-way wireless connectivity, including safety, security, convenience, maintenance and data services, remote vehicles diagnostics, and stolen or parked vehicle locator services. The company also sells satellite radios directly to consumers through its Website, as well as through national and regional retailers. The company was founded in 1990 and is headquartered in New York, New York. Sirius XM Holdings Inc. is a subsidiary of Liberty Media Corporation.

FINANCIAL RATIOS  of  Sirius XM Holdings (SIRI)

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%

SIRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIRI stock intrinsic value calculation we used $5425.129 million for the last fiscal year's total revenue generated by Sirius XM Holdings. The default revenue input number comes from 0001 income statement of Sirius XM 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 SIRI stock valuation model: a) initial revenue growth rate of 6.3% 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 12%, whose default value for SIRI is calculated based on our internal credit rating of Sirius XM 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 Sirius XM 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 SIRI stock the variable cost ratio is equal to 48.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1159 million in the base year in the intrinsic value calculation for SIRI 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 Sirius XM Holdings.

Corporate tax rate of 27% is the nominal tax rate for Sirius XM 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 SIRI 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 SIRI are equal to 70.4%.

Life of production assets of 20.8 years is the average useful life of capital assets used in Sirius XM 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 SIRI is equal to -44.5%. 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 - $-1523.874 million for Sirius XM 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 4478.74 million for Sirius XM 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 Sirius XM Holdings at the current share price and the inputted number of shares is $27.7 billion.

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COMPANY NEWS

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