Intrinsic value of Zoetis - ZTS

Previous Close

$92.48

  Intrinsic Value

$71.10

stock screener

  Rating & Target

sell

-23%

Previous close

$92.48

 
Intrinsic value

$71.10

 
Up/down potential

-23%

 
Rating

sell

We calculate the intrinsic value of ZTS 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 44.6

 

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, %
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  5,917
  6,559
  7,233
  7,937
  8,672
  9,439
  10,237
  11,067
  11,930
  12,827
  13,759
  14,727
  15,734
  16,781
  17,869
  19,002
  20,181
  21,409
  22,688
  24,022
  25,413
  26,864
  28,379
  29,962
  31,615
  33,343
  35,151
  37,041
  39,019
  41,089
Variable operating expenses, $m
  1,566
  1,705
  1,852
  2,005
  2,165
  2,332
  2,506
  2,686
  2,874
  3,069
  2,994
  3,205
  3,424
  3,652
  3,889
  4,136
  4,392
  4,659
  4,938
  5,228
  5,531
  5,847
  6,176
  6,521
  6,881
  7,257
  7,650
  8,061
  8,492
  8,943
Fixed operating expenses, $m
  2,273
  2,323
  2,374
  2,426
  2,480
  2,534
  2,590
  2,647
  2,705
  2,765
  2,825
  2,888
  2,951
  3,016
  3,082
  3,150
  3,220
  3,290
  3,363
  3,437
  3,512
  3,590
  3,669
  3,749
  3,832
  3,916
  4,002
  4,090
  4,180
  4,272
Total operating expenses, $m
  3,839
  4,028
  4,226
  4,431
  4,645
  4,866
  5,096
  5,333
  5,579
  5,834
  5,819
  6,093
  6,375
  6,668
  6,971
  7,286
  7,612
  7,949
  8,301
  8,665
  9,043
  9,437
  9,845
  10,270
  10,713
  11,173
  11,652
  12,151
  12,672
  13,215
Operating income, $m
  2,079
  2,531
  3,007
  3,505
  4,027
  4,572
  5,141
  5,734
  6,350
  6,993
  7,939
  8,635
  9,359
  10,113
  10,898
  11,716
  12,569
  13,459
  14,388
  15,357
  16,370
  17,428
  18,534
  19,692
  20,903
  22,171
  23,498
  24,889
  26,347
  27,875
EBITDA, $m
  2,537
  3,009
  3,505
  4,025
  4,569
  5,138
  5,731
  6,349
  6,992
  7,661
  8,358
  9,083
  9,838
  10,624
  11,442
  12,295
  13,184
  14,111
  15,079
  16,089
  17,144
  18,246
  19,399
  20,604
  21,866
  23,186
  24,569
  26,018
  27,536
  29,126
Interest expense (income), $m
  165
  267
  310
  354
  401
  450
  501
  554
  609
  667
  727
  789
  854
  921
  991
  1,063
  1,139
  1,217
  1,299
  1,384
  1,473
  1,565
  1,662
  1,763
  1,868
  1,977
  2,092
  2,212
  2,337
  2,468
  2,606
Earnings before tax, $m
  1,811
  2,221
  2,652
  3,104
  3,577
  4,072
  4,587
  5,124
  5,684
  6,266
  7,150
  7,781
  8,438
  9,122
  9,835
  10,577
  11,352
  12,160
  13,003
  13,884
  14,804
  15,766
  16,772
  17,824
  18,925
  20,078
  21,286
  22,552
  23,878
  25,269
Tax expense, $m
  489
  600
  716
  838
  966
  1,099
  1,238
  1,384
  1,535
  1,692
  1,930
  2,101
  2,278
  2,463
  2,655
  2,856
  3,065
  3,283
  3,511
  3,749
  3,997
  4,257
  4,528
  4,812
  5,110
  5,421
  5,747
  6,089
  6,447
  6,823
Net income, $m
  1,322
  1,621
  1,936
  2,266
  2,612
  2,972
  3,349
  3,741
  4,149
  4,574
  5,219
  5,680
  6,160
  6,659
  7,179
  7,722
  8,287
  8,877
  9,492
  10,135
  10,807
  11,509
  12,243
  13,011
  13,815
  14,657
  15,539
  16,463
  17,431
  18,446

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
  9,048
  10,030
  11,059
  12,136
  13,260
  14,432
  15,653
  16,922
  18,241
  19,613
  21,038
  22,519
  24,058
  25,659
  27,323
  29,055
  30,858
  32,735
  34,691
  36,731
  38,857
  41,077
  43,393
  45,813
  48,341
  50,984
  53,747
  56,638
  59,662
  62,828
Adjusted assets (=assets-cash), $m
  9,048
  10,030
  11,059
  12,136
  13,260
  14,432
  15,653
  16,922
  18,241
  19,613
  21,038
  22,519
  24,058
  25,659
  27,323
  29,055
  30,858
  32,735
  34,691
  36,731
  38,857
  41,077
  43,393
  45,813
  48,341
  50,984
  53,747
  56,638
  59,662
  62,828
Revenue / Adjusted assets
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
Average production assets, $m
  3,101
  3,437
  3,790
  4,159
  4,544
  4,946
  5,364
  5,799
  6,251
  6,721
  7,210
  7,717
  8,245
  8,793
  9,364
  9,957
  10,575
  11,218
  11,889
  12,587
  13,316
  14,077
  14,871
  15,700
  16,566
  17,472
  18,419
  19,409
  20,446
  21,531
Working capital, $m
  1,740
  1,928
  2,126
  2,333
  2,550
  2,775
  3,010
  3,254
  3,507
  3,771
  4,045
  4,330
  4,626
  4,934
  5,254
  5,587
  5,933
  6,294
  6,670
  7,062
  7,471
  7,898
  8,343
  8,809
  9,295
  9,803
  10,334
  10,890
  11,472
  12,080
Total debt, $m
  5,737
  6,562
  7,427
  8,331
  9,276
  10,260
  11,285
  12,351
  13,460
  14,612
  15,809
  17,053
  18,346
  19,690
  21,089
  22,543
  24,058
  25,635
  27,278
  28,991
  30,777
  32,641
  34,587
  36,620
  38,744
  40,963
  43,285
  45,713
  48,253
  50,912
Total liabilities, $m
  7,600
  8,425
  9,290
  10,194
  11,139
  12,123
  13,148
  14,214
  15,323
  16,475
  17,672
  18,916
  20,209
  21,553
  22,952
  24,406
  25,921
  27,498
  29,141
  30,854
  32,640
  34,504
  36,450
  38,483
  40,607
  42,826
  45,148
  47,576
  50,116
  52,775
Total equity, $m
  1,448
  1,605
  1,769
  1,942
  2,122
  2,309
  2,504
  2,707
  2,919
  3,138
  3,366
  3,603
  3,849
  4,105
  4,372
  4,649
  4,937
  5,238
  5,551
  5,877
  6,217
  6,572
  6,943
  7,330
  7,735
  8,157
  8,600
  9,062
  9,546
  10,052
Total liabilities and equity, $m
  9,048
  10,030
  11,059
  12,136
  13,261
  14,432
  15,652
  16,921
  18,242
  19,613
  21,038
  22,519
  24,058
  25,658
  27,324
  29,055
  30,858
  32,736
  34,692
  36,731
  38,857
  41,076
  43,393
  45,813
  48,342
  50,983
  53,748
  56,638
  59,662
  62,827
Debt-to-equity ratio
  3.960
  4.090
  4.200
  4.290
  4.370
  4.440
  4.510
  4.560
  4.610
  4.660
  4.700
  4.730
  4.770
  4.800
  4.820
  4.850
  4.870
  4.890
  4.910
  4.930
  4.950
  4.970
  4.980
  5.000
  5.010
  5.020
  5.030
  5.040
  5.050
  5.060
Adjusted equity ratio
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,322
  1,621
  1,936
  2,266
  2,612
  2,972
  3,349
  3,741
  4,149
  4,574
  5,219
  5,680
  6,160
  6,659
  7,179
  7,722
  8,287
  8,877
  9,492
  10,135
  10,807
  11,509
  12,243
  13,011
  13,815
  14,657
  15,539
  16,463
  17,431
  18,446
Depreciation, amort., depletion, $m
  458
  478
  498
  520
  542
  565
  590
  615
  641
  669
  419
  449
  479
  511
  544
  579
  615
  652
  691
  732
  774
  818
  865
  913
  963
  1,016
  1,071
  1,128
  1,189
  1,252
Funds from operations, $m
  1,780
  2,099
  2,434
  2,786
  3,154
  3,538
  3,938
  4,356
  4,790
  5,243
  5,639
  6,129
  6,639
  7,170
  7,724
  8,300
  8,902
  9,529
  10,184
  10,867
  11,581
  12,328
  13,108
  13,924
  14,779
  15,673
  16,610
  17,591
  18,620
  19,698
Change in working capital, $m
  179
  189
  198
  207
  216
  225
  235
  244
  254
  264
  274
  285
  296
  308
  320
  333
  347
  361
  376
  392
  409
  427
  445
  465
  486
  508
  531
  556
  582
  609
Cash from operations, $m
  1,601
  1,910
  2,236
  2,579
  2,937
  3,312
  3,704
  4,112
  4,537
  4,979
  5,365
  5,844
  6,343
  6,863
  7,404
  7,967
  8,555
  9,168
  9,808
  10,475
  11,172
  11,901
  12,662
  13,459
  14,292
  15,165
  16,079
  17,036
  18,038
  19,089
Maintenance CAPEX, $m
  -162
  -180
  -200
  -220
  -242
  -264
  -288
  -312
  -337
  -363
  -391
  -419
  -449
  -479
  -511
  -544
  -579
  -615
  -652
  -691
  -732
  -774
  -818
  -865
  -913
  -963
  -1,016
  -1,071
  -1,128
  -1,189
New CAPEX, $m
  -321
  -336
  -353
  -369
  -385
  -402
  -418
  -435
  -452
  -470
  -488
  -508
  -528
  -548
  -570
  -593
  -618
  -643
  -670
  -699
  -729
  -761
  -794
  -829
  -866
  -906
  -947
  -991
  -1,037
  -1,085
Cash from investing activities, $m
  -483
  -516
  -553
  -589
  -627
  -666
  -706
  -747
  -789
  -833
  -879
  -927
  -977
  -1,027
  -1,081
  -1,137
  -1,197
  -1,258
  -1,322
  -1,390
  -1,461
  -1,535
  -1,612
  -1,694
  -1,779
  -1,869
  -1,963
  -2,062
  -2,165
  -2,274
Free cash flow, $m
  1,119
  1,394
  1,684
  1,989
  2,310
  2,647
  2,998
  3,365
  3,747
  4,146
  4,485
  4,917
  5,367
  5,835
  6,322
  6,830
  7,358
  7,910
  8,485
  9,085
  9,712
  10,366
  11,050
  11,765
  12,513
  13,296
  14,116
  14,974
  15,873
  16,816
Issuance/(repayment) of debt, $m
  784
  825
  865
  905
  944
  984
  1,025
  1,066
  1,108
  1,152
  1,197
  1,244
  1,293
  1,344
  1,398
  1,455
  1,514
  1,577
  1,643
  1,713
  1,787
  1,864
  1,946
  2,033
  2,124
  2,220
  2,321
  2,428
  2,541
  2,659
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
  825
  865
  905
  944
  984
  1,025
  1,066
  1,108
  1,152
  1,197
  1,244
  1,293
  1,344
  1,398
  1,455
  1,514
  1,577
  1,643
  1,713
  1,787
  1,864
  1,946
  2,033
  2,124
  2,220
  2,321
  2,428
  2,541
  2,659
Total cash flow (excl. dividends), $m
  1,903
  2,218
  2,549
  2,894
  3,255
  3,631
  4,023
  4,431
  4,856
  5,298
  5,683
  6,161
  6,660
  7,179
  7,720
  8,284
  8,873
  9,487
  10,128
  10,798
  11,498
  12,230
  12,996
  13,798
  14,637
  15,516
  16,437
  17,402
  18,414
  19,475
Retained Cash Flow (-), $m
  -148
  -157
  -165
  -172
  -180
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -277
  -288
  -300
  -313
  -326
  -340
  -355
  -371
  -387
  -405
  -423
  -442
  -462
  -484
  -507
Prev. year cash balance distribution, $m
  470
  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
  2,225
  2,061
  2,384
  2,722
  3,075
  3,443
  3,828
  4,228
  4,645
  5,078
  5,455
  5,924
  6,414
  6,923
  7,454
  8,007
  8,584
  9,186
  9,815
  10,472
  11,158
  11,875
  12,625
  13,411
  14,232
  15,093
  15,995
  16,940
  17,930
  18,969
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
  2,093
  1,813
  1,949
  2,054
  2,126
  2,165
  2,170
  2,143
  2,085
  1,999
  1,862
  1,735
  1,592
  1,438
  1,278
  1,118
  960
  811
  671
  546
  434
  339
  258
  192
  140
  99
  68
  46
  30
  19
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

Zoetis Inc. is engaged in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. The Company has a business, commercializing products across eight core species: cattle, swine, poultry, sheep and fish (collectively, livestock) and dogs, cats and horses (collectively, companion animals), and within five product categories: anti-infectives, vaccines, parasiticides, medicated feed additives and other pharmaceuticals. The Company's segments include the United States and International. Within each of these operating segments, it offers a product portfolio for both livestock and companion animal customers. Its livestock products include Ceftiofur injectable line, Draxxin, Spectramast, Bovi-Shield line, Rispoval line, Suvaxyn/Fostera, Embrex devices and Lutalyse. Its companion animal products include Clavamox/Synulox, Convenia, ProHeart, Revolution/Stronghold, Apoquel, Cerenia and Rimadyl.

FINANCIAL RATIOS  of  Zoetis (ZTS)

Valuation Ratios
P/E Ratio 55.5
Price to Sales 9.3
Price to Book 30.7
Price to Tangible Book
Price to Cash Flow 63.9
Price to Free Cash Flow 91.7
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 300.5%
Total Debt to Equity 300.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 13.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.8%
Return On Equity 64.3%
Return On Equity - 3 Yr. Avg. 48.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 65.9%
Gross Margin - 3 Yr. Avg. 64.5%
EBITDA Margin 33.4%
EBITDA Margin - 3 Yr. Avg. 25.1%
Operating Margin 25.1%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 25.1%
Pre-Tax Margin - 3 Yr. Avg. 17.9%
Net Profit Margin 16.8%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 22.9%

ZTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZTS stock intrinsic value calculation we used $5307 million for the last fiscal year's total revenue generated by Zoetis. The default revenue input number comes from 0001 income statement of Zoetis. 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 ZTS stock valuation model: a) initial revenue growth rate of 11.5% 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 ZTS is calculated based on our internal credit rating of Zoetis, 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 Zoetis.
    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 ZTS stock the variable cost ratio is equal to 27%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2224 million in the base year in the intrinsic value calculation for ZTS 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 Zoetis.

Corporate tax rate of 27% is the nominal tax rate for Zoetis. 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 ZTS 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 ZTS are equal to 52.4%.

Life of production assets of 17.2 years is the average useful life of capital assets used in Zoetis 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 ZTS is equal to 29.4%. 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 - $1770 million for Zoetis - 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 481.824 million for Zoetis 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 Zoetis at the current share price and the inputted number of shares is $44.6 billion.

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▶ Zoetis: 2Q Earnings Snapshot   [07:11AM  Associated Press]
▶ Zoetis Announces Second Quarter 2018 Results   [07:00AM  Business Wire]
▶ Zoetis Q2 Earnings Preview   [Aug-01-18 03:16PM  Benzinga]
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