Intrinsic value of CGI Group Inc. Class A Subordinate Voti - GIB-A

Previous Close

$67.25

  Intrinsic Value

$86.72

stock screener

  Rating & Target

buy

+29%

Previous close

$67.25

 
Intrinsic value

$86.72

 
Up/down potential

+29%

 
Rating

buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of GIB-A 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  1.52
  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
  10,845
  11,062
  11,316
  11,607
  11,934
  12,295
  12,692
  13,125
  13,593
  14,097
  14,638
  15,216
  15,834
  16,492
  17,190
  17,932
  18,718
  19,550
  20,429
  21,359
  22,340
  23,376
  24,468
  25,619
  26,832
  28,109
  29,454
  30,869
  32,359
  33,926
  35,575
Variable operating expenses, $m
 
  9,543
  9,747
  9,979
  10,240
  10,529
  10,846
  11,191
  11,565
  11,968
  12,400
  12,156
  12,650
  13,175
  13,733
  14,326
  14,954
  15,618
  16,321
  17,064
  17,848
  18,675
  19,547
  20,467
  21,436
  22,456
  23,531
  24,662
  25,852
  27,104
  28,421
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
  9,427
  9,543
  9,747
  9,979
  10,240
  10,529
  10,846
  11,191
  11,565
  11,968
  12,400
  12,156
  12,650
  13,175
  13,733
  14,326
  14,954
  15,618
  16,321
  17,064
  17,848
  18,675
  19,547
  20,467
  21,436
  22,456
  23,531
  24,662
  25,852
  27,104
  28,421
Operating income, $m
  1,418
  1,519
  1,570
  1,628
  1,694
  1,767
  1,846
  1,933
  2,027
  2,129
  2,238
  3,060
  3,184
  3,316
  3,457
  3,606
  3,764
  3,931
  4,108
  4,295
  4,493
  4,701
  4,920
  5,152
  5,396
  5,653
  5,923
  6,208
  6,507
  6,823
  7,154
EBITDA, $m
  1,795
  2,279
  2,331
  2,391
  2,458
  2,533
  2,615
  2,704
  2,800
  2,904
  3,015
  3,135
  3,262
  3,397
  3,541
  3,694
  3,856
  4,027
  4,209
  4,400
  4,602
  4,816
  5,041
  5,278
  5,527
  5,791
  6,068
  6,359
  6,666
  6,989
  7,329
Interest expense (income), $m
  78
  71
  76
  81
  86
  92
  99
  107
  115
  124
  134
  144
  155
  167
  180
  193
  207
  223
  238
  255
  273
  292
  312
  333
  355
  378
  403
  428
  456
  484
  514
Earnings before tax, $m
  1,418
  1,447
  1,494
  1,548
  1,608
  1,674
  1,747
  1,826
  1,912
  2,005
  2,104
  2,916
  3,029
  3,149
  3,277
  3,413
  3,557
  3,709
  3,870
  4,040
  4,219
  4,409
  4,609
  4,819
  5,041
  5,275
  5,520
  5,779
  6,052
  6,338
  6,640
Tax expense, $m
  383
  391
  403
  418
  434
  452
  472
  493
  516
  541
  568
  787
  818
  850
  885
  921
  960
  1,001
  1,045
  1,091
  1,139
  1,190
  1,244
  1,301
  1,361
  1,424
  1,491
  1,560
  1,634
  1,711
  1,793
Net income, $m
  1,035
  1,056
  1,091
  1,130
  1,174
  1,222
  1,275
  1,333
  1,396
  1,463
  1,536
  2,129
  2,211
  2,299
  2,392
  2,491
  2,596
  2,707
  2,825
  2,949
  3,080
  3,218
  3,364
  3,518
  3,680
  3,850
  4,030
  4,219
  4,418
  4,627
  4,847

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  166
  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
  11,396
  11,451
  11,715
  12,016
  12,354
  12,728
  13,139
  13,587
  14,071
  14,593
  15,153
  15,752
  16,391
  17,072
  17,795
  18,563
  19,377
  20,238
  21,148
  22,110
  23,126
  24,198
  25,329
  26,520
  27,776
  29,098
  30,491
  31,956
  33,498
  35,120
  36,827
Adjusted assets (=assets-cash), $m
  11,230
  11,451
  11,715
  12,016
  12,354
  12,728
  13,139
  13,587
  14,071
  14,593
  15,153
  15,752
  16,391
  17,072
  17,795
  18,563
  19,377
  20,238
  21,148
  22,110
  23,126
  24,198
  25,329
  26,520
  27,776
  29,098
  30,491
  31,956
  33,498
  35,120
  36,827
Revenue / Adjusted assets
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
  0.966
Average production assets, $m
  1,145
  1,173
  1,200
  1,230
  1,265
  1,303
  1,345
  1,391
  1,441
  1,494
  1,552
  1,613
  1,678
  1,748
  1,822
  1,901
  1,984
  2,072
  2,166
  2,264
  2,368
  2,478
  2,594
  2,716
  2,844
  2,980
  3,122
  3,272
  3,430
  3,596
  3,771
Working capital, $m
  161
  122
  124
  128
  131
  135
  140
  144
  150
  155
  161
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
Total debt, $m
  1,862
  1,845
  1,964
  2,100
  2,253
  2,422
  2,608
  2,810
  3,029
  3,265
  3,518
  3,789
  4,078
  4,386
  4,713
  5,060
  5,427
  5,816
  6,228
  6,663
  7,122
  7,607
  8,118
  8,656
  9,224
  9,821
  10,451
  11,113
  11,810
  12,543
  13,315
Total liabilities, $m
  5,194
  5,176
  5,295
  5,431
  5,584
  5,753
  5,939
  6,141
  6,360
  6,596
  6,849
  7,120
  7,409
  7,717
  8,044
  8,391
  8,758
  9,147
  9,559
  9,994
  10,453
  10,938
  11,449
  11,987
  12,555
  13,152
  13,782
  14,444
  15,141
  15,874
  16,646
Total equity, $m
  6,203
  6,275
  6,420
  6,585
  6,770
  6,975
  7,200
  7,445
  7,711
  7,997
  8,304
  8,632
  8,982
  9,355
  9,752
  10,173
  10,618
  11,090
  11,589
  12,117
  12,673
  13,261
  13,880
  14,533
  15,221
  15,946
  16,709
  17,512
  18,357
  19,246
  20,181
Total liabilities and equity, $m
  11,397
  11,451
  11,715
  12,016
  12,354
  12,728
  13,139
  13,586
  14,071
  14,593
  15,153
  15,752
  16,391
  17,072
  17,796
  18,564
  19,376
  20,237
  21,148
  22,111
  23,126
  24,199
  25,329
  26,520
  27,776
  29,098
  30,491
  31,956
  33,498
  35,120
  36,827
Debt-to-equity ratio
  0.300
  0.290
  0.310
  0.320
  0.330
  0.350
  0.360
  0.380
  0.390
  0.410
  0.420
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.660
Adjusted equity ratio
  0.538
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,035
  1,056
  1,091
  1,130
  1,174
  1,222
  1,275
  1,333
  1,396
  1,463
  1,536
  2,129
  2,211
  2,299
  2,392
  2,491
  2,596
  2,707
  2,825
  2,949
  3,080
  3,218
  3,364
  3,518
  3,680
  3,850
  4,030
  4,219
  4,418
  4,627
  4,847
Depreciation, amort., depletion, $m
  377
  760
  762
  763
  765
  766
  768
  770
  773
  775
  778
  75
  78
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  151
  159
  166
  175
Funds from operations, $m
  1,213
  1,817
  1,852
  1,893
  1,938
  1,989
  2,044
  2,104
  2,169
  2,239
  2,314
  2,203
  2,289
  2,380
  2,477
  2,579
  2,688
  2,803
  2,925
  3,054
  3,190
  3,333
  3,484
  3,644
  3,812
  3,988
  4,174
  4,370
  4,577
  4,793
  5,022
Change in working capital, $m
  -146
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
Cash from operations, $m
  1,359
  1,814
  1,849
  1,890
  1,935
  1,985
  2,039
  2,099
  2,163
  2,233
  2,308
  2,197
  2,282
  2,373
  2,469
  2,571
  2,680
  2,794
  2,916
  3,044
  3,179
  3,322
  3,472
  3,631
  3,798
  3,974
  4,160
  4,355
  4,560
  4,776
  5,003
Maintenance CAPEX, $m
  0
  -53
  -54
  -56
  -57
  -59
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -166
New CAPEX, $m
  -315
  -28
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -135
  -143
  -150
  -158
  -166
  -175
Cash from investing activities, $m
  -592
  -81
  -81
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -242
  -255
  -267
  -281
  -295
  -309
  -325
  -341
Free cash flow, $m
  767
  1,733
  1,768
  1,803
  1,843
  1,888
  1,937
  1,991
  2,049
  2,113
  2,181
  2,064
  2,142
  2,225
  2,314
  2,408
  2,508
  2,614
  2,726
  2,845
  2,970
  3,102
  3,242
  3,389
  3,544
  3,707
  3,879
  4,060
  4,251
  4,451
  4,662
Issuance/(repayment) of debt, $m
  10
  105
  119
  136
  153
  169
  186
  202
  219
  236
  253
  271
  289
  308
  327
  347
  368
  389
  412
  435
  459
  485
  511
  539
  567
  598
  629
  662
  697
  733
  771
Issuance/(repurchase) of shares, $m
  -1,197
  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  
  -1,183
  105
  119
  136
  153
  169
  186
  202
  219
  236
  253
  271
  289
  308
  327
  347
  368
  389
  412
  435
  459
  485
  511
  539
  567
  598
  629
  662
  697
  733
  771
Total cash flow (excl. dividends), $m
  -431
  1,838
  1,887
  1,939
  1,996
  2,057
  2,123
  2,193
  2,268
  2,349
  2,434
  2,334
  2,431
  2,533
  2,641
  2,755
  2,876
  3,003
  3,138
  3,280
  3,429
  3,587
  3,753
  3,928
  4,111
  4,305
  4,508
  4,723
  4,948
  5,185
  5,434
Retained Cash Flow (-), $m
  262
  -116
  -144
  -165
  -185
  -205
  -225
  -245
  -265
  -286
  -307
  -328
  -350
  -373
  -396
  -421
  -446
  -472
  -499
  -527
  -557
  -587
  -620
  -653
  -688
  -725
  -763
  -803
  -845
  -889
  -935
Prev. year cash balance distribution, $m
 
  44
  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
 
  1,766
  1,743
  1,774
  1,811
  1,852
  1,897
  1,948
  2,003
  2,063
  2,127
  2,006
  2,080
  2,160
  2,245
  2,335
  2,430
  2,532
  2,639
  2,753
  2,873
  2,999
  3,133
  3,275
  3,423
  3,580
  3,746
  3,920
  4,103
  4,296
  4,498
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
 
  1,693
  1,596
  1,544
  1,491
  1,435
  1,377
  1,316
  1,252
  1,185
  1,115
  953
  888
  821
  754
  685
  618
  551
  486
  424
  365
  310
  260
  215
  174
  139
  109
  84
  63
  47
  34
Current shareholders' claim on cash, %
  100
  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

CGI Group Inc. (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company's services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions. The Company's segments are United States of America (U.S.); Nordics; Canada; France (including Luxembourg and Morocco) (France); United Kingdom (U.K.); Eastern, Central and Southern Europe (primarily the Netherlands and Germany) (ECS); and Asia Pacific (including Australia, India and the Philippines) (Asia Pacific). Its services in an end-to-end engagement include application development, integration and maintenance; technology infrastructure management; and business process services, such as collections and payroll management. Its Internet Protocol (IP)-based business solutions include CGI Advantage, Momentum, Credit Services Solutions, CGI Atlas360 and CGI Trade360.

FINANCIAL RATIOS  of  CGI Group Inc. Class A Subordinate Voti (GIB-A)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 1.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.9%
Cap. Spend. - 3 Yr. Gr. Rate 4%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 28.1%
Total Debt to Equity 30%
Interest Coverage 19
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 12.6%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 17%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 30%
Gross Margin - 3 Yr. Avg. 30.2%
EBITDA Margin 17.3%
EBITDA Margin - 3 Yr. Avg. 17.8%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 13.2%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.2%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 26.6%
Payout Ratio 0%

GIB-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIB-A stock intrinsic value calculation we used $10845 million for the last fiscal year's total revenue generated by CGI Group Inc. Class A Subordinate Voti. The default revenue input number comes from 2017 income statement of CGI Group Inc. Class A Subordinate Voti. 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 GIB-A 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 4.3%, whose default value for GIB-A is calculated based on our internal credit rating of CGI Group Inc. Class A Subordinate Voti, 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 CGI Group Inc. Class A Subordinate Voti.
    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 GIB-A stock the variable cost ratio is equal to 86.4%.

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 GIB-A 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 4.1% for CGI Group Inc. Class A Subordinate Voti.

Corporate tax rate of 27% is the nominal tax rate for CGI Group Inc. Class A Subordinate Voti. 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 GIB-A 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 GIB-A are equal to 10.6%.

Life of production assets of 21.6 years is the average useful life of capital assets used in CGI Group Inc. Class A Subordinate Voti 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 GIB-A is equal to 1.1%. 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 - $6203 million for CGI Group Inc. Class A Subordinate Voti - 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 254.319 million for CGI Group Inc. Class A Subordinate Voti 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 CGI Group Inc. Class A Subordinate Voti at the current share price and the inputted number of shares is $17.1 billion.

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Financial statements of GIB-A
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