Intrinsic value of DENTSPLY SIRONA Inc. - XRAY

Previous Close

$52.33

  Intrinsic Value

$4.76

stock screener

  Rating & Target

str. sell

-91%

Previous close

$52.33

 
Intrinsic value

$4.76

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of XRAY 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 11.7

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,066
  4,159
  4,266
  4,386
  4,519
  4,665
  4,824
  4,996
  5,181
  5,380
  5,593
  5,820
  6,061
  6,318
  6,591
  6,880
  7,185
  7,509
  7,850
  8,211
  8,592
  8,993
  9,416
  9,862
  10,331
  10,826
  11,346
  11,893
  12,469
  13,075
Variable operating expenses, $m
  5,654
  5,782
  5,928
  6,092
  6,274
  6,474
  6,692
  6,927
  7,181
  7,453
  7,657
  7,968
  8,299
  8,651
  9,024
  9,419
  9,838
  10,280
  10,748
  11,242
  11,763
  12,313
  12,892
  13,502
  14,145
  14,822
  15,534
  16,284
  17,072
  17,902
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
  5,654
  5,782
  5,928
  6,092
  6,274
  6,474
  6,692
  6,927
  7,181
  7,453
  7,657
  7,968
  8,299
  8,651
  9,024
  9,419
  9,838
  10,280
  10,748
  11,242
  11,763
  12,313
  12,892
  13,502
  14,145
  14,822
  15,534
  16,284
  17,072
  17,902
Operating income, $m
  -1,588
  -1,622
  -1,662
  -1,706
  -1,755
  -1,809
  -1,868
  -1,931
  -2,000
  -2,073
  -2,065
  -2,148
  -2,238
  -2,332
  -2,433
  -2,540
  -2,652
  -2,772
  -2,898
  -3,031
  -3,172
  -3,320
  -3,476
  -3,640
  -3,814
  -3,996
  -4,188
  -4,390
  -4,603
  -4,827
EBITDA, $m
  -1,313
  -1,343
  -1,377
  -1,416
  -1,459
  -1,506
  -1,557
  -1,613
  -1,673
  -1,737
  -1,806
  -1,879
  -1,957
  -2,040
  -2,128
  -2,221
  -2,320
  -2,424
  -2,535
  -2,651
  -2,774
  -2,904
  -3,040
  -3,184
  -3,336
  -3,495
  -3,663
  -3,840
  -4,026
  -4,222
Interest expense (income), $m
  37
  89
  93
  98
  103
  109
  115
  122
  130
  138
  147
  156
  167
  178
  189
  202
  215
  229
  244
  259
  276
  293
  311
  331
  351
  373
  395
  419
  444
  471
  498
Earnings before tax, $m
  -1,677
  -1,716
  -1,759
  -1,809
  -1,864
  -1,924
  -1,990
  -2,061
  -2,138
  -2,220
  -2,221
  -2,315
  -2,415
  -2,522
  -2,635
  -2,754
  -2,881
  -3,015
  -3,157
  -3,307
  -3,465
  -3,631
  -3,807
  -3,992
  -4,186
  -4,392
  -4,607
  -4,835
  -5,074
  -5,325
Tax expense, $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
Net income, $m
  -1,677
  -1,716
  -1,759
  -1,809
  -1,864
  -1,924
  -1,990
  -2,061
  -2,138
  -2,220
  -2,221
  -2,315
  -2,415
  -2,522
  -2,635
  -2,754
  -2,881
  -3,015
  -3,157
  -3,307
  -3,465
  -3,631
  -3,807
  -3,992
  -4,186
  -4,392
  -4,607
  -4,835
  -5,074
  -5,325

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
  8,858
  9,062
  9,294
  9,556
  9,846
  10,163
  10,510
  10,884
  11,288
  11,721
  12,185
  12,679
  13,206
  13,765
  14,359
  14,988
  15,654
  16,359
  17,103
  17,889
  18,718
  19,592
  20,514
  21,485
  22,508
  23,585
  24,719
  25,911
  27,166
  28,486
Adjusted assets (=assets-cash), $m
  8,858
  9,062
  9,294
  9,556
  9,846
  10,163
  10,510
  10,884
  11,288
  11,721
  12,185
  12,679
  13,206
  13,765
  14,359
  14,988
  15,654
  16,359
  17,103
  17,889
  18,718
  19,592
  20,514
  21,485
  22,508
  23,585
  24,719
  25,911
  27,166
  28,486
Revenue / Adjusted assets
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
Average production assets, $m
  4,253
  4,351
  4,462
  4,588
  4,727
  4,880
  5,046
  5,226
  5,419
  5,627
  5,850
  6,087
  6,340
  6,609
  6,894
  7,196
  7,516
  7,854
  8,211
  8,589
  8,987
  9,407
  9,849
  10,315
  10,806
  11,324
  11,868
  12,440
  13,043
  13,677
Working capital, $m
  671
  686
  704
  724
  746
  770
  796
  824
  855
  888
  923
  960
  1,000
  1,043
  1,087
  1,135
  1,186
  1,239
  1,295
  1,355
  1,418
  1,484
  1,554
  1,627
  1,705
  1,786
  1,872
  1,962
  2,057
  2,157
Total debt, $m
  1,723
  1,807
  1,902
  2,009
  2,128
  2,258
  2,400
  2,554
  2,719
  2,897
  3,087
  3,290
  3,506
  3,735
  3,979
  4,237
  4,510
  4,798
  5,104
  5,426
  5,766
  6,124
  6,502
  6,900
  7,320
  7,761
  8,226
  8,715
  9,230
  9,771
Total liabilities, $m
  3,632
  3,715
  3,811
  3,918
  4,037
  4,167
  4,309
  4,463
  4,628
  4,806
  4,996
  5,198
  5,414
  5,644
  5,887
  6,145
  6,418
  6,707
  7,012
  7,334
  7,674
  8,033
  8,411
  8,809
  9,228
  9,670
  10,135
  10,624
  11,138
  11,679
Total equity, $m
  5,226
  5,346
  5,484
  5,638
  5,809
  5,996
  6,201
  6,422
  6,660
  6,915
  7,189
  7,481
  7,791
  8,121
  8,472
  8,843
  9,236
  9,652
  10,091
  10,554
  11,044
  11,560
  12,103
  12,676
  13,280
  13,915
  14,584
  15,288
  16,028
  16,807
Total liabilities and equity, $m
  8,858
  9,061
  9,295
  9,556
  9,846
  10,163
  10,510
  10,885
  11,288
  11,721
  12,185
  12,679
  13,205
  13,765
  14,359
  14,988
  15,654
  16,359
  17,103
  17,888
  18,718
  19,593
  20,514
  21,485
  22,508
  23,585
  24,719
  25,912
  27,166
  28,486
Debt-to-equity ratio
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
Adjusted equity ratio
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,677
  -1,716
  -1,759
  -1,809
  -1,864
  -1,924
  -1,990
  -2,061
  -2,138
  -2,220
  -2,221
  -2,315
  -2,415
  -2,522
  -2,635
  -2,754
  -2,881
  -3,015
  -3,157
  -3,307
  -3,465
  -3,631
  -3,807
  -3,992
  -4,186
  -4,392
  -4,607
  -4,835
  -5,074
  -5,325
Depreciation, amort., depletion, $m
  275
  280
  285
  290
  296
  303
  310
  318
  327
  336
  259
  269
  281
  292
  305
  318
  333
  348
  363
  380
  398
  416
  436
  456
  478
  501
  525
  550
  577
  605
Funds from operations, $m
  -1,402
  -1,436
  -1,475
  -1,519
  -1,568
  -1,621
  -1,679
  -1,743
  -1,811
  -1,884
  -1,962
  -2,046
  -2,135
  -2,229
  -2,330
  -2,436
  -2,549
  -2,668
  -2,794
  -2,927
  -3,067
  -3,215
  -3,371
  -3,535
  -3,708
  -3,890
  -4,082
  -4,284
  -4,497
  -4,720
Change in working capital, $m
  13
  15
  18
  20
  22
  24
  26
  28
  31
  33
  35
  37
  40
  42
  45
  48
  50
  53
  56
  60
  63
  66
  70
  74
  77
  82
  86
  90
  95
  100
Cash from operations, $m
  -1,415
  -1,451
  -1,493
  -1,539
  -1,590
  -1,645
  -1,706
  -1,771
  -1,841
  -1,917
  -1,997
  -2,083
  -2,175
  -2,272
  -2,375
  -2,484
  -2,599
  -2,721
  -2,850
  -2,986
  -3,130
  -3,281
  -3,441
  -3,609
  -3,786
  -3,972
  -4,168
  -4,374
  -4,592
  -4,820
Maintenance CAPEX, $m
  -185
  -188
  -193
  -197
  -203
  -209
  -216
  -223
  -231
  -240
  -249
  -259
  -269
  -281
  -292
  -305
  -318
  -333
  -348
  -363
  -380
  -398
  -416
  -436
  -456
  -478
  -501
  -525
  -550
  -577
New CAPEX, $m
  -82
  -98
  -112
  -126
  -139
  -153
  -166
  -180
  -194
  -208
  -223
  -237
  -253
  -269
  -285
  -302
  -320
  -338
  -357
  -377
  -398
  -420
  -443
  -466
  -491
  -517
  -544
  -573
  -602
  -634
Cash from investing activities, $m
  -267
  -286
  -305
  -323
  -342
  -362
  -382
  -403
  -425
  -448
  -472
  -496
  -522
  -550
  -577
  -607
  -638
  -671
  -705
  -740
  -778
  -818
  -859
  -902
  -947
  -995
  -1,045
  -1,098
  -1,152
  -1,211
Free cash flow, $m
  -1,681
  -1,737
  -1,797
  -1,862
  -1,932
  -2,007
  -2,088
  -2,174
  -2,266
  -2,364
  -2,469
  -2,579
  -2,697
  -2,821
  -2,952
  -3,091
  -3,237
  -3,392
  -3,555
  -3,727
  -3,908
  -4,099
  -4,299
  -4,511
  -4,733
  -4,967
  -5,213
  -5,472
  -5,745
  -6,031
Issuance/(repayment) of debt, $m
  66
  84
  95
  107
  119
  130
  142
  154
  165
  178
  190
  203
  216
  229
  243
  258
  273
  289
  305
  322
  340
  359
  378
  398
  419
  442
  465
  489
  515
  541
Issuance/(repurchase) of shares, $m
  1,782
  1,836
  1,897
  1,963
  2,035
  2,112
  2,194
  2,282
  2,376
  2,476
  2,494
  2,607
  2,726
  2,852
  2,985
  3,126
  3,274
  3,431
  3,596
  3,770
  3,954
  4,147
  4,350
  4,565
  4,790
  5,027
  5,276
  5,538
  5,814
  6,104
Cash from financing (excl. dividends), $m  
  1,848
  1,920
  1,992
  2,070
  2,154
  2,242
  2,336
  2,436
  2,541
  2,654
  2,684
  2,810
  2,942
  3,081
  3,228
  3,384
  3,547
  3,720
  3,901
  4,092
  4,294
  4,506
  4,728
  4,963
  5,209
  5,469
  5,741
  6,027
  6,329
  6,645
Total cash flow (excl. dividends), $m
  167
  182
  195
  209
  222
  235
  248
  261
  275
  289
  216
  230
  245
  260
  276
  293
  310
  328
  346
  366
  386
  407
  429
  452
  476
  501
  528
  555
  584
  614
Retained Cash Flow (-), $m
  -1,782
  -1,836
  -1,897
  -1,963
  -2,035
  -2,112
  -2,194
  -2,282
  -2,376
  -2,476
  -2,494
  -2,607
  -2,726
  -2,852
  -2,985
  -3,126
  -3,274
  -3,431
  -3,596
  -3,770
  -3,954
  -4,147
  -4,350
  -4,565
  -4,790
  -5,027
  -5,276
  -5,538
  -5,814
  -6,104
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
  -1,616
  -1,654
  -1,701
  -1,754
  -1,813
  -1,877
  -1,946
  -2,021
  -2,101
  -2,187
  -2,279
  -2,377
  -2,481
  -2,591
  -2,709
  -2,833
  -2,964
  -3,103
  -3,250
  -3,405
  -3,568
  -3,740
  -3,921
  -4,113
  -4,314
  -4,526
  -4,749
  -4,983
  -5,230
  -5,490
Discount rate, %
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
  -1,543
  -1,502
  -1,462
  -1,419
  -1,373
  -1,323
  -1,269
  -1,211
  -1,148
  -1,082
  -1,012
  -940
  -865
  -789
  -713
  -637
  -563
  -492
  -424
  -361
  -302
  -250
  -203
  -162
  -127
  -97
  -73
  -54
  -39
  -27
Current shareholders' claim on cash, %
  86.8
  75.2
  65.1
  56.2
  48.6
  41.9
  36.1
  31.1
  26.7
  23.0
  19.9
  17.1
  14.8
  12.7
  11.0
  9.4
  8.1
  7.0
  6.0
  5.2
  4.4
  3.8
  3.3
  2.8
  2.4
  2.1
  1.8
  1.5
  1.3
  1.1

DENTSPLY SIRONA Inc. is a manufacturer of professional dental products and technologies. The Company develops, manufactures, and markets solutions offering, including dental and oral health products, as well as other consumable medical devices. It operates through two segments: Dental and Healthcare Consumables, and Technologies. The dental industry encompasses the diagnosis, treatment and prevention of disease and ailments of the teeth, gums and supporting bone. Its principal dental product categories are dental consumable products, dental laboratory products, dental specialty products and dental equipment. Additionally, its consumable medical device products are used for urological and surgical applications. These products are produced by the Company in the United States and internationally and are distributed throughout the world under various brand names, including ANKYLOS, AQUASIL ULTRA, ARTICADENT, ATLANTIS, CALIBRA, CAULK, CAVITRON, CELTRA, DELTON, DENTSPLY, DETREY and DYRACT.

FINANCIAL RATIOS  of  DENTSPLY SIRONA Inc. (XRAY)

Valuation Ratios
P/E Ratio 28
Price to Sales 3.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 27.6
Growth Rates
Sales Growth Rate 40.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 4.5%
Financial Strength
Quick Ratio 18
Current Ratio 0
LT Debt to Equity 18.6%
Total Debt to Equity 18.9%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 53.4%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin 20%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 2.3%
Eff/ Tax Rate - 3 Yr. Avg. 15.2%
Payout Ratio 15.1%

XRAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XRAY stock intrinsic value calculation we used $3986 million for the last fiscal year's total revenue generated by DENTSPLY SIRONA Inc.. The default revenue input number comes from 0001 income statement of DENTSPLY SIRONA Inc.. 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 XRAY stock valuation model: a) initial revenue growth rate of 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 4.7%, whose default value for XRAY is calculated based on our internal credit rating of DENTSPLY SIRONA Inc., 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 DENTSPLY SIRONA Inc..
    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 XRAY stock the variable cost ratio is equal to 139.1%.

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 XRAY 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 DENTSPLY SIRONA Inc..

Corporate tax rate of 27% is the nominal tax rate for DENTSPLY SIRONA Inc.. 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 XRAY 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 XRAY are equal to 104.6%.

Life of production assets of 22.6 years is the average useful life of capital assets used in DENTSPLY SIRONA Inc. 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 XRAY is equal to 16.5%. 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 - $5121.1 million for DENTSPLY SIRONA Inc. - 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 223.263 million for DENTSPLY SIRONA Inc. 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 DENTSPLY SIRONA Inc. at the current share price and the inputted number of shares is $11.7 billion.

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