Intrinsic value of Whirlpool - WHR

Previous Close

$127.66

  Intrinsic Value

$213.44

stock screener

  Rating & Target

str. buy

+67%

Previous close

$127.66

 
Intrinsic value

$213.44

 
Up/down potential

+67%

 
Rating

str. buy

We calculate the intrinsic value of WHR 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 9.3

 

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, %
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  21,806
  22,425
  23,110
  23,861
  24,679
  25,563
  26,515
  27,536
  28,629
  29,794
  31,034
  32,352
  33,751
  35,232
  36,800
  38,459
  40,210
  42,060
  44,012
  46,069
  48,238
  50,524
  52,930
  55,464
  58,131
  60,938
  63,890
  66,996
  70,261
  73,695
Variable operating expenses, $m
  20,352
  20,913
  21,535
  22,216
  22,958
  23,760
  24,624
  25,550
  26,541
  27,598
  28,152
  29,348
  30,616
  31,960
  33,383
  34,887
  36,476
  38,154
  39,925
  41,791
  43,759
  45,832
  48,015
  50,314
  52,733
  55,279
  57,957
  60,774
  63,737
  66,851
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
  20,352
  20,913
  21,535
  22,216
  22,958
  23,760
  24,624
  25,550
  26,541
  27,598
  28,152
  29,348
  30,616
  31,960
  33,383
  34,887
  36,476
  38,154
  39,925
  41,791
  43,759
  45,832
  48,015
  50,314
  52,733
  55,279
  57,957
  60,774
  63,737
  66,851
Operating income, $m
  1,454
  1,512
  1,575
  1,645
  1,721
  1,803
  1,891
  1,986
  2,088
  2,196
  2,882
  3,004
  3,134
  3,272
  3,417
  3,571
  3,734
  3,906
  4,087
  4,278
  4,480
  4,692
  4,915
  5,151
  5,398
  5,659
  5,933
  6,221
  6,525
  6,843
EBITDA, $m
  3,002
  3,087
  3,181
  3,285
  3,397
  3,519
  3,650
  3,791
  3,941
  4,101
  4,272
  4,454
  4,646
  4,850
  5,066
  5,294
  5,535
  5,790
  6,059
  6,342
  6,641
  6,955
  7,287
  7,635
  8,002
  8,389
  8,795
  9,223
  9,672
  10,145
Interest expense (income), $m
  198
  282
  303
  328
  356
  386
  419
  454
  493
  534
  577
  624
  674
  727
  783
  843
  906
  973
  1,043
  1,118
  1,196
  1,279
  1,366
  1,458
  1,555
  1,656
  1,764
  1,877
  1,995
  2,120
  2,251
Earnings before tax, $m
  1,172
  1,208
  1,247
  1,289
  1,335
  1,384
  1,437
  1,494
  1,554
  1,618
  2,258
  2,330
  2,407
  2,488
  2,574
  2,665
  2,761
  2,863
  2,969
  3,082
  3,201
  3,326
  3,457
  3,596
  3,742
  3,895
  4,056
  4,226
  4,404
  4,592
Tax expense, $m
  317
  326
  337
  348
  360
  374
  388
  403
  420
  437
  610
  629
  650
  672
  695
  720
  746
  773
  802
  832
  864
  898
  933
  971
  1,010
  1,052
  1,095
  1,141
  1,189
  1,240
Net income, $m
  856
  882
  910
  941
  975
  1,010
  1,049
  1,090
  1,134
  1,181
  1,648
  1,701
  1,757
  1,816
  1,879
  1,946
  2,016
  2,090
  2,168
  2,250
  2,337
  2,428
  2,524
  2,625
  2,731
  2,843
  2,961
  3,085
  3,215
  3,352

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
  20,552
  21,136
  21,781
  22,489
  23,260
  24,093
  24,991
  25,953
  26,983
  28,081
  29,250
  30,492
  31,810
  33,207
  34,685
  36,247
  37,899
  39,642
  41,481
  43,421
  45,465
  47,619
  49,887
  52,276
  54,789
  57,434
  60,217
  63,144
  66,222
  69,458
Adjusted assets (=assets-cash), $m
  20,552
  21,136
  21,781
  22,489
  23,260
  24,093
  24,991
  25,953
  26,983
  28,081
  29,250
  30,492
  31,810
  33,207
  34,685
  36,247
  37,899
  39,642
  41,481
  43,421
  45,465
  47,619
  49,887
  52,276
  54,789
  57,434
  60,217
  63,144
  66,222
  69,458
Revenue / Adjusted assets
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
Average production assets, $m
  9,769
  10,046
  10,353
  10,690
  11,056
  11,452
  11,879
  12,336
  12,826
  13,348
  13,903
  14,494
  15,120
  15,784
  16,487
  17,229
  18,014
  18,843
  19,717
  20,639
  21,611
  22,635
  23,713
  24,848
  26,043
  27,300
  28,623
  30,014
  31,477
  33,015
Working capital, $m
  -1,853
  -1,906
  -1,964
  -2,028
  -2,098
  -2,173
  -2,254
  -2,341
  -2,433
  -2,532
  -2,638
  -2,750
  -2,869
  -2,995
  -3,128
  -3,269
  -3,418
  -3,575
  -3,741
  -3,916
  -4,100
  -4,295
  -4,499
  -4,714
  -4,941
  -5,180
  -5,431
  -5,695
  -5,972
  -6,264
Total debt, $m
  5,614
  6,075
  6,585
  7,145
  7,753
  8,412
  9,121
  9,881
  10,694
  11,562
  12,486
  13,467
  14,508
  15,611
  16,779
  18,014
  19,318
  20,695
  22,148
  23,680
  25,295
  26,997
  28,789
  30,676
  32,662
  34,751
  36,949
  39,262
  41,693
  44,250
Total liabilities, $m
  16,236
  16,697
  17,207
  17,767
  18,375
  19,034
  19,743
  20,503
  21,316
  22,184
  23,108
  24,089
  25,130
  26,233
  27,401
  28,636
  29,940
  31,317
  32,770
  34,302
  35,917
  37,619
  39,411
  41,298
  43,284
  45,373
  47,571
  49,884
  52,315
  54,872
Total equity, $m
  4,316
  4,438
  4,574
  4,723
  4,885
  5,060
  5,248
  5,450
  5,666
  5,897
  6,143
  6,403
  6,680
  6,973
  7,284
  7,612
  7,959
  8,325
  8,711
  9,118
  9,548
  10,000
  10,476
  10,978
  11,506
  12,061
  12,646
  13,260
  13,907
  14,586
Total liabilities and equity, $m
  20,552
  21,135
  21,781
  22,490
  23,260
  24,094
  24,991
  25,953
  26,982
  28,081
  29,251
  30,492
  31,810
  33,206
  34,685
  36,248
  37,899
  39,642
  41,481
  43,420
  45,465
  47,619
  49,887
  52,276
  54,790
  57,434
  60,217
  63,144
  66,222
  69,458
Debt-to-equity ratio
  1.300
  1.370
  1.440
  1.510
  1.590
  1.660
  1.740
  1.810
  1.890
  1.960
  2.030
  2.100
  2.170
  2.240
  2.300
  2.370
  2.430
  2.490
  2.540
  2.600
  2.650
  2.700
  2.750
  2.790
  2.840
  2.880
  2.920
  2.960
  3.000
  3.030
Adjusted equity ratio
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  856
  882
  910
  941
  975
  1,010
  1,049
  1,090
  1,134
  1,181
  1,648
  1,701
  1,757
  1,816
  1,879
  1,946
  2,016
  2,090
  2,168
  2,250
  2,337
  2,428
  2,524
  2,625
  2,731
  2,843
  2,961
  3,085
  3,215
  3,352
Depreciation, amort., depletion, $m
  1,548
  1,576
  1,606
  1,640
  1,677
  1,716
  1,759
  1,805
  1,853
  1,906
  1,390
  1,449
  1,512
  1,578
  1,649
  1,723
  1,801
  1,884
  1,972
  2,064
  2,161
  2,263
  2,371
  2,485
  2,604
  2,730
  2,862
  3,001
  3,148
  3,302
Funds from operations, $m
  2,404
  2,458
  2,517
  2,581
  2,651
  2,727
  2,808
  2,895
  2,988
  3,087
  3,038
  3,150
  3,269
  3,395
  3,528
  3,669
  3,817
  3,974
  4,139
  4,314
  4,498
  4,691
  4,895
  5,110
  5,336
  5,573
  5,823
  6,086
  6,363
  6,654
Change in working capital, $m
  -47
  -53
  -58
  -64
  -69
  -75
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -205
  -215
  -227
  -239
  -251
  -264
  -278
  -292
Cash from operations, $m
  2,450
  2,510
  2,575
  2,645
  2,721
  2,802
  2,889
  2,982
  3,081
  3,186
  3,144
  3,262
  3,388
  3,521
  3,661
  3,810
  3,966
  4,131
  4,305
  4,489
  4,682
  4,886
  5,100
  5,325
  5,562
  5,812
  6,074
  6,350
  6,641
  6,946
Maintenance CAPEX, $m
  -953
  -977
  -1,005
  -1,035
  -1,069
  -1,106
  -1,145
  -1,188
  -1,234
  -1,283
  -1,335
  -1,390
  -1,449
  -1,512
  -1,578
  -1,649
  -1,723
  -1,801
  -1,884
  -1,972
  -2,064
  -2,161
  -2,263
  -2,371
  -2,485
  -2,604
  -2,730
  -2,862
  -3,001
  -3,148
New CAPEX, $m
  -239
  -277
  -307
  -337
  -366
  -396
  -427
  -458
  -489
  -522
  -556
  -590
  -626
  -664
  -703
  -743
  -785
  -829
  -874
  -922
  -972
  -1,024
  -1,078
  -1,135
  -1,195
  -1,257
  -1,323
  -1,391
  -1,463
  -1,538
Cash from investing activities, $m
  -1,192
  -1,254
  -1,312
  -1,372
  -1,435
  -1,502
  -1,572
  -1,646
  -1,723
  -1,805
  -1,891
  -1,980
  -2,075
  -2,176
  -2,281
  -2,392
  -2,508
  -2,630
  -2,758
  -2,894
  -3,036
  -3,185
  -3,341
  -3,506
  -3,680
  -3,861
  -4,053
  -4,253
  -4,464
  -4,686
Free cash flow, $m
  1,259
  1,256
  1,263
  1,273
  1,285
  1,300
  1,317
  1,336
  1,358
  1,382
  1,253
  1,282
  1,312
  1,345
  1,380
  1,418
  1,458
  1,501
  1,547
  1,595
  1,646
  1,701
  1,758
  1,819
  1,883
  1,950
  2,022
  2,097
  2,176
  2,260
Issuance/(repayment) of debt, $m
  396
  461
  510
  559
  609
  658
  709
  760
  813
  868
  924
  981
  1,041
  1,103
  1,168
  1,235
  1,304
  1,377
  1,453
  1,532
  1,615
  1,702
  1,792
  1,887
  1,986
  2,090
  2,198
  2,312
  2,432
  2,557
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  
  396
  461
  510
  559
  609
  658
  709
  760
  813
  868
  924
  981
  1,041
  1,103
  1,168
  1,235
  1,304
  1,377
  1,453
  1,532
  1,615
  1,702
  1,792
  1,887
  1,986
  2,090
  2,198
  2,312
  2,432
  2,557
Total cash flow (excl. dividends), $m
  1,655
  1,717
  1,773
  1,832
  1,894
  1,958
  2,026
  2,097
  2,171
  2,249
  2,177
  2,263
  2,353
  2,448
  2,548
  2,653
  2,763
  2,878
  3,000
  3,127
  3,261
  3,402
  3,550
  3,705
  3,869
  4,040
  4,220
  4,409
  4,608
  4,816
Retained Cash Flow (-), $m
  -118
  -123
  -136
  -149
  -162
  -175
  -188
  -202
  -216
  -231
  -246
  -261
  -277
  -293
  -310
  -328
  -347
  -366
  -386
  -407
  -429
  -452
  -476
  -502
  -528
  -555
  -584
  -615
  -646
  -680
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
  1,537
  1,594
  1,638
  1,684
  1,732
  1,783
  1,837
  1,895
  1,955
  2,018
  1,931
  2,002
  2,077
  2,155
  2,238
  2,324
  2,416
  2,512
  2,614
  2,720
  2,832
  2,950
  3,074
  3,204
  3,341
  3,485
  3,636
  3,794
  3,961
  4,137
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  1,446
  1,403
  1,339
  1,271
  1,198
  1,121
  1,042
  960
  878
  794
  659
  586
  515
  448
  384
  324
  270
  222
  179
  142
  110
  84
  63
  46
  33
  23
  16
  10
  7
  4
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

Whirlpool Corporation is a manufacturer and marketer of home appliances. The Company's segments include North America; Europe, Middle East and Africa (EMEA); Latin America, and Asia. In North America, the Company markets and distributes home appliances and small domestic appliances under a range of brand names. In EMEA, it markets and distributes its home appliances primarily under the Whirlpool, Bauknecht, Ignis, Maytag, Laden, Indesit and Privileg brand names, and domestic appliances under the KitchenAid, Hotpoint and Hotpoint-Ariston brand names. In Latin America, it markets and distributes its home appliances and small domestic appliances primarily under the Consul, Brastemp, Whirlpool and KitchenAid brand names. The Company markets and distributes its products in Asia primarily under the Whirlpool, Maytag, KitchenAid, Amana, Bauknecht, Jenn-Air, Diqua and Royalstar brand names. It manufactures and markets a line of home appliances and related products.

FINANCIAL RATIOS  of  Whirlpool (WHR)

Valuation Ratios
P/E Ratio 10.6
Price to Sales 0.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.2%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 81.2%
Total Debt to Equity 93.7%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 17.8%
Gross Margin - 3 Yr. Avg. 17.5%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.5%
Payout Ratio 33.1%

WHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WHR stock intrinsic value calculation we used $21253 million for the last fiscal year's total revenue generated by Whirlpool. The default revenue input number comes from 2017 income statement of Whirlpool. 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 WHR stock valuation model: a) initial revenue growth rate of 2.6% 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 6.3%, whose default value for WHR is calculated based on our internal credit rating of Whirlpool, 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 Whirlpool.
    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 WHR stock the variable cost ratio is equal to 93.4%.

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 WHR 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 Whirlpool.

Corporate tax rate of 27% is the nominal tax rate for Whirlpool. 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 WHR 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 WHR are equal to 44.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Whirlpool 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 WHR is equal to -8.5%. 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 - $4198 million for Whirlpool - 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 73 million for Whirlpool 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 Whirlpool at the current share price and the inputted number of shares is $9.3 billion.

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▶ Whirlpool Could Spin Higher In the Weeks Ahead   [Apr-27-18 09:37AM  TheStreet.com]
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▶ Whirlpool Selling Embraco for $1 Billion   [11:08AM  Investopedia]
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▶ Whirlpool Corporation (WHR) Shares Fall on Q1 Earnings Miss   [Apr-23-18 05:03PM  InvestorPlace]
▶ Whirlpool: 1Q Earnings Snapshot   [04:49PM  Associated Press]
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