Intrinsic value of TE Connectivity - TEL

Previous Close

$91.69

  Intrinsic Value

$71.61

stock screener

  Rating & Target

sell

-22%

Previous close

$91.69

 
Intrinsic value

$71.61

 
Up/down potential

-22%

 
Rating

sell

We calculate the intrinsic value of TEL 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 2017), $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 32.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.20
  6.98
  6.78
  6.60
  6.44
  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
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  14,057
  15,038
  16,058
  17,119
  18,222
  19,370
  20,564
  21,809
  23,106
  24,458
  25,869
  27,341
  28,878
  30,483
  32,161
  33,914
  35,748
  37,667
  39,675
  41,776
  43,977
  46,282
  48,696
  51,226
  53,877
  56,656
  59,569
  62,624
  65,827
  69,187
Variable operating expenses, $m
  11,670
  12,432
  13,224
  14,048
  14,905
  15,797
  16,725
  17,692
  18,699
  19,750
  20,097
  21,240
  22,434
  23,681
  24,985
  26,347
  27,772
  29,262
  30,822
  32,455
  34,164
  35,955
  37,830
  39,796
  41,855
  44,014
  46,277
  48,650
  51,139
  53,749
Fixed operating expenses, $m
  132
  135
  138
  141
  144
  147
  150
  154
  157
  160
  164
  167
  171
  175
  179
  183
  187
  191
  195
  199
  204
  208
  213
  217
  222
  227
  232
  237
  242
  248
Total operating expenses, $m
  11,802
  12,567
  13,362
  14,189
  15,049
  15,944
  16,875
  17,846
  18,856
  19,910
  20,261
  21,407
  22,605
  23,856
  25,164
  26,530
  27,959
  29,453
  31,017
  32,654
  34,368
  36,163
  38,043
  40,013
  42,077
  44,241
  46,509
  48,887
  51,381
  53,997
Operating income, $m
  2,256
  2,472
  2,696
  2,930
  3,173
  3,426
  3,689
  3,964
  4,250
  4,548
  5,608
  5,933
  6,272
  6,627
  6,997
  7,385
  7,790
  8,214
  8,658
  9,122
  9,609
  10,119
  10,653
  11,213
  11,800
  12,415
  13,060
  13,736
  14,446
  15,190
EBITDA, $m
  4,148
  4,443
  4,751
  5,071
  5,403
  5,750
  6,110
  6,486
  6,877
  7,286
  7,711
  8,156
  8,620
  9,105
  9,612
  10,142
  10,696
  11,276
  11,883
  12,519
  13,184
  13,881
  14,612
  15,377
  16,180
  17,021
  17,903
  18,828
  19,798
  20,815
Interest expense (income), $m
  128
  235
  271
  310
  351
  393
  437
  482
  530
  579
  631
  684
  740
  799
  860
  924
  990
  1,060
  1,133
  1,209
  1,289
  1,372
  1,459
  1,551
  1,647
  1,747
  1,852
  1,963
  2,078
  2,200
  2,327
Earnings before tax, $m
  2,021
  2,200
  2,386
  2,579
  2,780
  2,989
  3,207
  3,434
  3,670
  3,917
  4,924
  5,193
  5,474
  5,767
  6,074
  6,395
  6,730
  7,081
  7,449
  7,834
  8,237
  8,659
  9,102
  9,566
  10,052
  10,562
  11,097
  11,658
  12,246
  12,863
Tax expense, $m
  546
  594
  644
  696
  751
  807
  866
  927
  991
  1,058
  1,329
  1,402
  1,478
  1,557
  1,640
  1,727
  1,817
  1,912
  2,011
  2,115
  2,224
  2,338
  2,458
  2,583
  2,714
  2,852
  2,996
  3,148
  3,306
  3,473
Net income, $m
  1,475
  1,606
  1,742
  1,883
  2,029
  2,182
  2,341
  2,507
  2,679
  2,860
  3,594
  3,791
  3,996
  4,210
  4,434
  4,668
  4,913
  5,169
  5,438
  5,719
  6,013
  6,321
  6,645
  6,983
  7,338
  7,711
  8,101
  8,510
  8,940
  9,390

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
  20,795
  22,246
  23,755
  25,323
  26,955
  28,653
  30,421
  32,262
  34,181
  36,181
  38,267
  40,445
  42,719
  45,093
  47,575
  50,169
  52,882
  55,720
  58,690
  61,799
  65,055
  68,464
  72,035
  75,778
  79,700
  83,810
  88,120
  92,639
  97,377
  102,347
Adjusted assets (=assets-cash), $m
  20,795
  22,246
  23,755
  25,323
  26,955
  28,653
  30,421
  32,262
  34,181
  36,181
  38,267
  40,445
  42,719
  45,093
  47,575
  50,169
  52,882
  55,720
  58,690
  61,799
  65,055
  68,464
  72,035
  75,778
  79,700
  83,810
  88,120
  92,639
  97,377
  102,347
Revenue / Adjusted assets
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
Average production assets, $m
  11,428
  12,226
  13,055
  13,917
  14,814
  15,747
  16,719
  17,731
  18,785
  19,885
  21,031
  22,228
  23,478
  24,783
  26,147
  27,572
  29,063
  30,623
  32,256
  33,964
  35,753
  37,627
  39,590
  41,647
  43,802
  46,061
  48,430
  50,913
  53,517
  56,249
Working capital, $m
  408
  436
  466
  496
  528
  562
  596
  632
  670
  709
  750
  793
  837
  884
  933
  984
  1,037
  1,092
  1,151
  1,212
  1,275
  1,342
  1,412
  1,486
  1,562
  1,643
  1,728
  1,816
  1,909
  2,006
Total debt, $m
  5,027
  5,748
  6,498
  7,278
  8,089
  8,933
  9,811
  10,726
  11,680
  12,674
  13,711
  14,793
  15,923
  17,103
  18,337
  19,626
  20,974
  22,385
  23,861
  25,406
  27,024
  28,719
  30,494
  32,354
  34,303
  36,346
  38,488
  40,733
  43,089
  45,559
Total liabilities, $m
  10,335
  11,056
  11,806
  12,586
  13,397
  14,241
  15,119
  16,034
  16,988
  17,982
  19,019
  20,101
  21,231
  22,411
  23,645
  24,934
  26,282
  27,693
  29,169
  30,714
  32,332
  34,027
  35,802
  37,662
  39,611
  41,654
  43,796
  46,041
  48,397
  50,867
Total equity, $m
  10,460
  11,190
  11,949
  12,738
  13,558
  14,413
  15,302
  16,228
  17,193
  18,199
  19,249
  20,344
  21,487
  22,682
  23,930
  25,235
  26,600
  28,027
  29,521
  31,085
  32,722
  34,437
  36,234
  38,116
  40,089
  42,157
  44,324
  46,597
  48,981
  51,481
Total liabilities and equity, $m
  20,795
  22,246
  23,755
  25,324
  26,955
  28,654
  30,421
  32,262
  34,181
  36,181
  38,268
  40,445
  42,718
  45,093
  47,575
  50,169
  52,882
  55,720
  58,690
  61,799
  65,054
  68,464
  72,036
  75,778
  79,700
  83,811
  88,120
  92,638
  97,378
  102,348
Debt-to-equity ratio
  0.480
  0.510
  0.540
  0.570
  0.600
  0.620
  0.640
  0.660
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
Adjusted equity ratio
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,475
  1,606
  1,742
  1,883
  2,029
  2,182
  2,341
  2,507
  2,679
  2,860
  3,594
  3,791
  3,996
  4,210
  4,434
  4,668
  4,913
  5,169
  5,438
  5,719
  6,013
  6,321
  6,645
  6,983
  7,338
  7,711
  8,101
  8,510
  8,940
  9,390
Depreciation, amort., depletion, $m
  1,892
  1,972
  2,055
  2,141
  2,231
  2,324
  2,421
  2,522
  2,628
  2,738
  2,103
  2,223
  2,348
  2,478
  2,615
  2,757
  2,906
  3,062
  3,226
  3,396
  3,575
  3,763
  3,959
  4,165
  4,380
  4,606
  4,843
  5,091
  5,352
  5,625
Funds from operations, $m
  3,367
  3,578
  3,796
  4,024
  4,260
  4,506
  4,762
  5,029
  5,307
  5,597
  5,698
  6,014
  6,343
  6,688
  7,049
  7,425
  7,819
  8,232
  8,663
  9,115
  9,588
  10,084
  10,604
  11,148
  11,718
  12,317
  12,944
  13,602
  14,291
  15,015
Change in working capital, $m
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  84
  89
  93
  97
Cash from operations, $m
  3,340
  3,549
  3,767
  3,993
  4,228
  4,473
  4,727
  4,993
  5,270
  5,558
  5,657
  5,971
  6,299
  6,642
  7,000
  7,374
  7,766
  8,176
  8,605
  9,054
  9,525
  10,017
  10,534
  11,075
  11,642
  12,236
  12,859
  13,513
  14,199
  14,918
Maintenance CAPEX, $m
  -1,066
  -1,143
  -1,223
  -1,306
  -1,392
  -1,481
  -1,575
  -1,672
  -1,773
  -1,879
  -1,988
  -2,103
  -2,223
  -2,348
  -2,478
  -2,615
  -2,757
  -2,906
  -3,062
  -3,226
  -3,396
  -3,575
  -3,763
  -3,959
  -4,165
  -4,380
  -4,606
  -4,843
  -5,091
  -5,352
New CAPEX, $m
  -771
  -798
  -829
  -862
  -897
  -933
  -971
  -1,012
  -1,054
  -1,099
  -1,147
  -1,197
  -1,250
  -1,305
  -1,364
  -1,426
  -1,491
  -1,560
  -1,632
  -1,709
  -1,789
  -1,874
  -1,963
  -2,057
  -2,155
  -2,259
  -2,369
  -2,483
  -2,604
  -2,731
Cash from investing activities, $m
  -1,837
  -1,941
  -2,052
  -2,168
  -2,289
  -2,414
  -2,546
  -2,684
  -2,827
  -2,978
  -3,135
  -3,300
  -3,473
  -3,653
  -3,842
  -4,041
  -4,248
  -4,466
  -4,694
  -4,935
  -5,185
  -5,449
  -5,726
  -6,016
  -6,320
  -6,639
  -6,975
  -7,326
  -7,695
  -8,083
Free cash flow, $m
  1,503
  1,609
  1,715
  1,825
  1,939
  2,058
  2,181
  2,309
  2,442
  2,580
  2,521
  2,671
  2,827
  2,989
  3,158
  3,334
  3,518
  3,710
  3,910
  4,120
  4,339
  4,568
  4,808
  5,059
  5,322
  5,597
  5,885
  6,187
  6,503
  6,835
Issuance/(repayment) of debt, $m
  683
  721
  750
  780
  811
  844
  879
  915
  954
  994
  1,037
  1,082
  1,130
  1,180
  1,233
  1,289
  1,348
  1,411
  1,476
  1,545
  1,618
  1,694
  1,775
  1,860
  1,949
  2,043
  2,142
  2,246
  2,355
  2,470
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  
  683
  721
  750
  780
  811
  844
  879
  915
  954
  994
  1,037
  1,082
  1,130
  1,180
  1,233
  1,289
  1,348
  1,411
  1,476
  1,545
  1,618
  1,694
  1,775
  1,860
  1,949
  2,043
  2,142
  2,246
  2,355
  2,470
Total cash flow (excl. dividends), $m
  2,186
  2,330
  2,465
  2,605
  2,750
  2,902
  3,060
  3,224
  3,396
  3,574
  3,559
  3,753
  3,957
  4,169
  4,391
  4,623
  4,866
  5,120
  5,387
  5,665
  5,957
  6,263
  6,583
  6,919
  7,271
  7,640
  8,027
  8,432
  8,858
  9,305
Retained Cash Flow (-), $m
  -709
  -730
  -759
  -789
  -821
  -854
  -889
  -926
  -965
  -1,006
  -1,050
  -1,095
  -1,144
  -1,195
  -1,248
  -1,305
  -1,365
  -1,428
  -1,494
  -1,564
  -1,637
  -1,715
  -1,796
  -1,882
  -1,973
  -2,068
  -2,168
  -2,273
  -2,384
  -2,500
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
  105
  112
  120
  128
  137
  146
  155
  165
  174
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  334
  352
  370
  390
  410
  431
  453
  477
  501
  527
Cash available for distribution, $m
  1,478
  1,600
  1,706
  1,816
  1,930
  2,048
  2,171
  2,298
  2,430
  2,568
  2,509
  2,658
  2,813
  2,974
  3,143
  3,318
  3,502
  3,693
  3,893
  4,101
  4,320
  4,548
  4,787
  5,036
  5,298
  5,572
  5,859
  6,159
  6,475
  6,805
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
  1,417
  1,465
  1,485
  1,495
  1,496
  1,486
  1,466
  1,436
  1,396
  1,346
  1,191
  1,134
  1,070
  999
  923
  843
  762
  680
  599
  521
  447
  377
  314
  257
  206
  163
  126
  95
  71
  51
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

TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies. Its products are used in the automotive, commercial transportation and sensors markets. It sells primary products, including terminals and connector systems and components, sensors, relays, application tooling, and wire and heat shrink tubing. The Industrial Solutions segment is a supplier of products that connect and distribute power, data and signals. The Industrial Solutions segment offers products, such as terminals and connector systems and components; heat shrink tubing; relays, and wire and cable. The Communications Solutions segment is a supplier of electronic components for the data and devices and appliances markets.

FINANCIAL RATIOS  of  TE Connectivity (TEL)

Valuation Ratios
P/E Ratio 19.2
Price to Sales 2.5
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 37.3%
Total Debt to Equity 44.5%
Interest Coverage 16
Management Effectiveness
Return On Assets 9.7%
Ret/ On Assets - 3 Yr. Avg. 11.2%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 15.5%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 22.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33.9%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin 20.5%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 14.7%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 12.8%
Net Profit Margin - 3 Yr. Avg. 16.3%
Effective Tax Rate 13.2%
Eff/ Tax Rate - 3 Yr. Avg. -10.8%
Payout Ratio 32.4%

TEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEL stock intrinsic value calculation we used $13113 million for the last fiscal year's total revenue generated by TE Connectivity. The default revenue input number comes from 2017 income statement of TE Connectivity. 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 TEL stock valuation model: a) initial revenue growth rate of 7.2% 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 TEL is calculated based on our internal credit rating of TE Connectivity, 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 TE Connectivity.
    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 TEL stock the variable cost ratio is equal to 83.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $129 million in the base year in the intrinsic value calculation for TEL 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 TE Connectivity.

Corporate tax rate of 27% is the nominal tax rate for TE Connectivity. 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 TEL stock is equal to 0.8%.

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 TEL are equal to 81.3%.

Life of production assets of 10 years is the average useful life of capital assets used in TE Connectivity 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 TEL is equal to 2.9%. 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 - $9751 million for TE Connectivity - 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 355 million for TE Connectivity 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 TE Connectivity at the current share price and the inputted number of shares is $32.5 billion.

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