Intrinsic value of Constellation Brands Cl A - STZ

Previous Close

$226.96

  Intrinsic Value

$134.38

stock screener

  Rating & Target

sell

-41%

Previous close

$226.96

 
Intrinsic value

$134.38

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of STZ 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 38.1

 

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, %
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  8,048
  8,530
  9,032
  9,556
  10,103
  10,674
  11,270
  11,893
  12,544
  13,224
  13,936
  14,681
  15,461
  16,277
  17,132
  18,027
  18,965
  19,948
  20,979
  22,059
  23,191
  24,379
  25,624
  26,930
  28,301
  29,738
  31,246
  32,828
  34,489
  36,231
Variable operating expenses, $m
  3,294
  3,424
  3,558
  3,699
  3,845
  3,998
  4,158
  4,324
  4,499
  4,681
  3,733
  3,933
  4,141
  4,360
  4,589
  4,829
  5,080
  5,343
  5,619
  5,909
  6,212
  6,530
  6,864
  7,214
  7,581
  7,966
  8,370
  8,793
  9,238
  9,705
Fixed operating expenses, $m
  2,224
  2,273
  2,323
  2,374
  2,426
  2,480
  2,534
  2,590
  2,647
  2,705
  2,765
  2,825
  2,887
  2,951
  3,016
  3,082
  3,150
  3,219
  3,290
  3,363
  3,437
  3,512
  3,589
  3,668
  3,749
  3,832
  3,916
  4,002
  4,090
  4,180
Total operating expenses, $m
  5,518
  5,697
  5,881
  6,073
  6,271
  6,478
  6,692
  6,914
  7,146
  7,386
  6,498
  6,758
  7,028
  7,311
  7,605
  7,911
  8,230
  8,562
  8,909
  9,272
  9,649
  10,042
  10,453
  10,882
  11,330
  11,798
  12,286
  12,795
  13,328
  13,885
Operating income, $m
  2,529
  2,833
  3,151
  3,484
  3,832
  4,196
  4,578
  4,979
  5,398
  5,838
  7,439
  7,923
  8,432
  8,966
  9,527
  10,116
  10,735
  11,386
  12,069
  12,788
  13,543
  14,336
  15,171
  16,048
  16,971
  17,941
  18,960
  20,033
  21,160
  22,346
EBITDA, $m
  4,023
  4,348
  4,688
  5,044
  5,416
  5,806
  6,214
  6,642
  7,090
  7,560
  8,053
  8,571
  9,114
  9,684
  10,282
  10,911
  11,572
  12,265
  12,994
  13,760
  14,565
  15,412
  16,301
  17,236
  18,219
  19,252
  20,338
  21,480
  22,681
  23,944
Interest expense (income), $m
  300
  550
  592
  636
  681
  728
  776
  828
  881
  937
  995
  1,056
  1,120
  1,187
  1,256
  1,329
  1,406
  1,486
  1,570
  1,658
  1,751
  1,847
  1,949
  2,055
  2,167
  2,284
  2,406
  2,535
  2,670
  2,812
  2,960
Earnings before tax, $m
  1,979
  2,241
  2,516
  2,803
  3,104
  3,420
  3,751
  4,098
  4,461
  4,843
  6,383
  6,803
  7,245
  7,710
  8,198
  8,710
  9,249
  9,815
  10,411
  11,037
  11,695
  12,388
  13,116
  13,882
  14,687
  15,534
  16,425
  17,363
  18,348
  19,385
Tax expense, $m
  534
  605
  679
  757
  838
  923
  1,013
  1,106
  1,205
  1,308
  1,723
  1,837
  1,956
  2,082
  2,213
  2,352
  2,497
  2,650
  2,811
  2,980
  3,158
  3,345
  3,541
  3,748
  3,966
  4,194
  4,435
  4,688
  4,954
  5,234
Net income, $m
  1,445
  1,636
  1,836
  2,046
  2,266
  2,497
  2,738
  2,991
  3,257
  3,535
  4,659
  4,967
  5,289
  5,628
  5,984
  6,358
  6,752
  7,165
  7,600
  8,057
  8,538
  9,043
  9,575
  10,134
  10,722
  11,340
  11,991
  12,675
  13,394
  14,151

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
  21,809
  23,116
  24,478
  25,898
  27,380
  28,926
  30,542
  32,230
  33,994
  35,838
  37,768
  39,786
  41,899
  44,111
  46,428
  48,854
  51,397
  54,061
  56,853
  59,780
  62,849
  66,067
  69,442
  72,982
  76,695
  80,591
  84,677
  88,965
  93,465
  98,187
Adjusted assets (=assets-cash), $m
  21,809
  23,116
  24,478
  25,898
  27,380
  28,926
  30,542
  32,230
  33,994
  35,838
  37,768
  39,786
  41,899
  44,111
  46,428
  48,854
  51,397
  54,061
  56,853
  59,780
  62,849
  66,067
  69,442
  72,982
  76,695
  80,591
  84,677
  88,965
  93,465
  98,187
Revenue / Adjusted assets
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
Average production assets, $m
  10,647
  11,285
  11,950
  12,643
  13,366
  14,121
  14,910
  15,734
  16,595
  17,496
  18,438
  19,423
  20,455
  21,535
  22,666
  23,850
  25,091
  26,392
  27,755
  29,184
  30,682
  32,253
  33,901
  35,629
  37,442
  39,343
  41,338
  43,432
  45,628
  47,933
Working capital, $m
  2,245
  2,380
  2,520
  2,666
  2,819
  2,978
  3,144
  3,318
  3,500
  3,690
  3,888
  4,096
  4,314
  4,541
  4,780
  5,030
  5,291
  5,566
  5,853
  6,154
  6,470
  6,802
  7,149
  7,514
  7,896
  8,297
  8,718
  9,159
  9,622
  10,108
Total debt, $m
  10,970
  11,770
  12,603
  13,473
  14,379
  15,326
  16,315
  17,348
  18,427
  19,556
  20,737
  21,972
  23,265
  24,619
  26,037
  27,522
  29,078
  30,708
  32,417
  34,209
  36,087
  38,056
  40,122
  42,288
  44,561
  46,945
  49,446
  52,070
  54,824
  57,713
Total liabilities, $m
  13,347
  14,147
  14,980
  15,849
  16,756
  17,703
  18,692
  19,724
  20,804
  21,933
  23,114
  24,349
  25,642
  26,996
  28,414
  29,899
  31,455
  33,085
  34,794
  36,586
  38,464
  40,433
  42,499
  44,665
  46,938
  49,321
  51,823
  54,447
  57,201
  60,090
Total equity, $m
  8,462
  8,969
  9,497
  10,048
  10,623
  11,223
  11,850
  12,505
  13,190
  13,905
  14,654
  15,437
  16,257
  17,115
  18,014
  18,956
  19,942
  20,976
  22,059
  23,195
  24,386
  25,634
  26,944
  28,317
  29,758
  31,269
  32,855
  34,519
  36,264
  38,096
Total liabilities and equity, $m
  21,809
  23,116
  24,477
  25,897
  27,379
  28,926
  30,542
  32,229
  33,994
  35,838
  37,768
  39,786
  41,899
  44,111
  46,428
  48,855
  51,397
  54,061
  56,853
  59,781
  62,850
  66,067
  69,443
  72,982
  76,696
  80,590
  84,678
  88,966
  93,465
  98,186
Debt-to-equity ratio
  1.300
  1.310
  1.330
  1.340
  1.350
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.440
  1.450
  1.450
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.500
  1.500
  1.500
  1.510
  1.510
  1.510
Adjusted equity ratio
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388
  0.388

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,445
  1,636
  1,836
  2,046
  2,266
  2,497
  2,738
  2,991
  3,257
  3,535
  4,659
  4,967
  5,289
  5,628
  5,984
  6,358
  6,752
  7,165
  7,600
  8,057
  8,538
  9,043
  9,575
  10,134
  10,722
  11,340
  11,991
  12,675
  13,394
  14,151
Depreciation, amort., depletion, $m
  1,494
  1,515
  1,537
  1,560
  1,584
  1,610
  1,636
  1,663
  1,692
  1,722
  615
  647
  682
  718
  756
  795
  836
  880
  925
  973
  1,023
  1,075
  1,130
  1,188
  1,248
  1,311
  1,378
  1,448
  1,521
  1,598
Funds from operations, $m
  2,939
  3,151
  3,374
  3,607
  3,851
  4,106
  4,374
  4,654
  4,949
  5,257
  5,274
  5,614
  5,971
  6,346
  6,740
  7,153
  7,588
  8,045
  8,525
  9,030
  9,560
  10,118
  10,705
  11,321
  11,970
  12,652
  13,369
  14,122
  14,915
  15,749
Change in working capital, $m
  129
  134
  140
  146
  153
  159
  166
  174
  182
  190
  199
  208
  218
  228
  238
  250
  262
  274
  287
  301
  316
  331
  347
  364
  382
  401
  421
  441
  463
  486
Cash from operations, $m
  2,809
  3,016
  3,233
  3,460
  3,698
  3,947
  4,207
  4,481
  4,767
  5,068
  5,075
  5,406
  5,753
  6,118
  6,501
  6,904
  7,326
  7,771
  8,238
  8,728
  9,244
  9,787
  10,357
  10,957
  11,587
  12,250
  12,948
  13,681
  14,452
  15,263
Maintenance CAPEX, $m
  -334
  -355
  -376
  -398
  -421
  -446
  -471
  -497
  -524
  -553
  -583
  -615
  -647
  -682
  -718
  -756
  -795
  -836
  -880
  -925
  -973
  -1,023
  -1,075
  -1,130
  -1,188
  -1,248
  -1,311
  -1,378
  -1,448
  -1,521
New CAPEX, $m
  -614
  -638
  -665
  -693
  -723
  -755
  -789
  -824
  -861
  -900
  -942
  -986
  -1,032
  -1,080
  -1,131
  -1,185
  -1,241
  -1,301
  -1,363
  -1,429
  -1,498
  -1,571
  -1,648
  -1,728
  -1,813
  -1,902
  -1,995
  -2,093
  -2,197
  -2,305
Cash from investing activities, $m
  -948
  -993
  -1,041
  -1,091
  -1,144
  -1,201
  -1,260
  -1,321
  -1,385
  -1,453
  -1,525
  -1,601
  -1,679
  -1,762
  -1,849
  -1,941
  -2,036
  -2,137
  -2,243
  -2,354
  -2,471
  -2,594
  -2,723
  -2,858
  -3,001
  -3,150
  -3,306
  -3,471
  -3,645
  -3,826
Free cash flow, $m
  1,861
  2,024
  2,192
  2,369
  2,553
  2,746
  2,948
  3,160
  3,381
  3,614
  3,550
  3,806
  4,075
  4,356
  4,652
  4,963
  5,290
  5,634
  5,995
  6,374
  6,773
  7,193
  7,635
  8,099
  8,587
  9,101
  9,641
  10,210
  10,808
  11,437
Issuance/(repayment) of debt, $m
  784
  800
  833
  869
  907
  947
  989
  1,033
  1,080
  1,129
  1,181
  1,235
  1,293
  1,354
  1,418
  1,485
  1,556
  1,630
  1,709
  1,791
  1,878
  1,969
  2,065
  2,166
  2,272
  2,384
  2,501
  2,624
  2,754
  2,890
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  
  784
  800
  833
  869
  907
  947
  989
  1,033
  1,080
  1,129
  1,181
  1,235
  1,293
  1,354
  1,418
  1,485
  1,556
  1,630
  1,709
  1,791
  1,878
  1,969
  2,065
  2,166
  2,272
  2,384
  2,501
  2,624
  2,754
  2,890
Total cash flow (excl. dividends), $m
  2,645
  2,823
  3,026
  3,238
  3,460
  3,693
  3,937
  4,193
  4,461
  4,743
  4,731
  5,042
  5,368
  5,710
  6,070
  6,449
  6,846
  7,264
  7,704
  8,166
  8,652
  9,163
  9,700
  10,265
  10,860
  11,485
  12,142
  12,834
  13,561
  14,327
Retained Cash Flow (-), $m
  -487
  -507
  -528
  -551
  -575
  -600
  -627
  -655
  -684
  -716
  -749
  -783
  -820
  -858
  -899
  -941
  -986
  -1,034
  -1,083
  -1,136
  -1,191
  -1,249
  -1,309
  -1,373
  -1,441
  -1,511
  -1,586
  -1,664
  -1,746
  -1,832
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
  2,158
  2,316
  2,497
  2,687
  2,885
  3,093
  3,310
  3,538
  3,777
  4,027
  3,982
  4,258
  4,548
  4,852
  5,171
  5,507
  5,860
  6,230
  6,620
  7,030
  7,461
  7,914
  8,390
  8,892
  9,419
  9,973
  10,557
  11,170
  11,816
  12,495
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  1,994
  1,964
  1,926
  1,869
  1,794
  1,702
  1,595
  1,477
  1,349
  1,216
  1,003
  882
  762
  648
  541
  444
  357
  281
  216
  163
  120
  86
  60
  41
  27
  17
  11
  6
  4
  2
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

Constellation Brands, Inc. is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States. It sells a number of brands in the import and craft beer categories, including Corona Extra, Corona Light, Modelo Especial, Ballast Point and others. It is a producer and marketer of wine, and sells a number of wine brands across various categories, including table wine, sparkling wine and dessert wine, and across all price points, such as popular, premium and luxury categories. Some of its wine and spirits brands sold in the United States, which comprise its U.S. Focus Brands (Focus Brands) include Meiomi, Robert Mondavi, Wild Horse and others.

FINANCIAL RATIOS  of  Constellation Brands Cl A (STZ)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 6
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 26
Price to Free Cash Flow 56
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.8%
Cap. Spend. - 3 Yr. Gr. Rate 32.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 112%
Total Debt to Equity 134.1%
Interest Coverage 8
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 10%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 22.8%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 48.1%
Gross Margin - 3 Yr. Avg. 46%
EBITDA Margin 36.6%
EBITDA Margin - 3 Yr. Avg. 32%
Operating Margin 32.7%
Oper. Margin - 3 Yr. Avg. 28.2%
Pre-Tax Margin 28.5%
Pre-Tax Margin - 3 Yr. Avg. 23.7%
Net Profit Margin 20.9%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 20.5%

STZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STZ stock intrinsic value calculation we used $7585 million for the last fiscal year's total revenue generated by Constellation Brands Cl A. The default revenue input number comes from 0001 income statement of Constellation Brands Cl 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 STZ stock valuation model: a) initial revenue growth rate of 6.1% 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 8.2%, whose default value for STZ is calculated based on our internal credit rating of Constellation Brands Cl 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 Constellation Brands Cl 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 STZ stock the variable cost ratio is equal to 41.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2176 million in the base year in the intrinsic value calculation for STZ 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 Constellation Brands Cl A.

Corporate tax rate of 27% is the nominal tax rate for Constellation Brands Cl 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 STZ 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 STZ are equal to 132.3%.

Life of production assets of 53.5 years is the average useful life of capital assets used in Constellation Brands Cl 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 STZ is equal to 27.9%. 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 - $7975.1 million for Constellation Brands Cl 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 167.864 million for Constellation Brands Cl 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 Constellation Brands Cl A at the current share price and the inputted number of shares is $38.1 billion.

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