Intrinsic value of Intact Financial Corporation - IFC

Previous Close

$104.88

  Intrinsic Value

$168.28

stock screener

  Rating & Target

str. buy

+60%

Previous close

$104.88

 
Intrinsic value

$168.28

 
Up/down potential

+60%

 
Rating

str. buy

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

We calculate the intrinsic value of IFC 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 2016), $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 13.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.08
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  0
  9,065
  9,714
  10,388
  11,089
  11,818
  12,577
  13,366
  14,188
  15,044
  15,936
  16,866
  17,836
  18,849
  19,906
  21,011
  22,165
  23,372
  24,634
  25,955
  27,337
  28,783
  30,298
  31,884
  33,547
  35,288
  37,113
  39,027
  41,032
  43,135
  45,341
Variable operating expenses, $m
 
  8,066
  8,634
  9,223
  9,836
  10,474
  11,137
  11,827
  12,546
  13,294
  14,074
  14,747
  15,596
  16,481
  17,406
  18,371
  19,381
  20,436
  21,540
  22,694
  23,903
  25,167
  26,492
  27,879
  29,332
  30,855
  32,451
  34,124
  35,878
  37,717
  39,645
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
  7,754
  8,066
  8,634
  9,223
  9,836
  10,474
  11,137
  11,827
  12,546
  13,294
  14,074
  14,747
  15,596
  16,481
  17,406
  18,371
  19,381
  20,436
  21,540
  22,694
  23,903
  25,167
  26,492
  27,879
  29,332
  30,855
  32,451
  34,124
  35,878
  37,717
  39,645
Operating income, $m
  686
  998
  1,080
  1,165
  1,253
  1,344
  1,440
  1,539
  1,642
  1,750
  1,862
  2,119
  2,241
  2,368
  2,501
  2,639
  2,784
  2,936
  3,095
  3,261
  3,434
  3,616
  3,806
  4,005
  4,214
  4,433
  4,662
  4,903
  5,155
  5,419
  5,696
EBITDA, $m
  773
  1,185
  1,270
  1,358
  1,450
  1,545
  1,644
  1,747
  1,855
  1,967
  2,083
  2,205
  2,332
  2,464
  2,602
  2,747
  2,898
  3,055
  3,220
  3,393
  3,574
  3,763
  3,961
  4,168
  4,385
  4,613
  4,852
  5,102
  5,364
  5,639
  5,927
Interest expense (income), $m
  0
  49
  93
  138
  185
  234
  284
  337
  392
  449
  509
  571
  636
  703
  774
  847
  924
  1,005
  1,089
  1,177
  1,269
  1,365
  1,465
  1,571
  1,681
  1,797
  1,918
  2,045
  2,179
  2,318
  2,465
Earnings before tax, $m
  686
  950
  987
  1,027
  1,068
  1,111
  1,155
  1,202
  1,250
  1,300
  1,353
  1,548
  1,605
  1,665
  1,727
  1,792
  1,860
  1,931
  2,006
  2,084
  2,166
  2,251
  2,341
  2,435
  2,533
  2,636
  2,744
  2,857
  2,976
  3,101
  3,231
Tax expense, $m
  145
  256
  267
  277
  288
  300
  312
  324
  337
  351
  365
  418
  433
  449
  466
  484
  502
  521
  542
  563
  585
  608
  632
  657
  684
  712
  741
  771
  804
  837
  872
Net income, $m
  541
  693
  721
  750
  780
  811
  843
  877
  912
  949
  987
  1,130
  1,172
  1,215
  1,261
  1,308
  1,358
  1,410
  1,464
  1,521
  1,581
  1,643
  1,709
  1,777
  1,849
  1,924
  2,003
  2,086
  2,173
  2,263
  2,359

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
  0
Total assets, $m
  22,866
  24,565
  26,324
  28,152
  30,052
  32,028
  34,083
  36,222
  38,449
  40,769
  43,186
  45,707
  48,337
  51,081
  53,947
  56,940
  60,069
  63,339
  66,760
  70,338
  74,083
  78,003
  82,108
  86,408
  90,912
  95,632
  100,578
  105,763
  111,199
  116,898
  122,875
Adjusted assets (=assets-cash), $m
  22,866
  24,565
  26,324
  28,152
  30,052
  32,028
  34,083
  36,222
  38,449
  40,769
  43,186
  45,707
  48,337
  51,081
  53,947
  56,940
  60,069
  63,339
  66,760
  70,338
  74,083
  78,003
  82,108
  86,408
  90,912
  95,632
  100,578
  105,763
  111,199
  116,898
  122,875
Revenue / Adjusted assets
  0.000
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
Average production assets, $m
  1,294
  1,387
  1,486
  1,589
  1,697
  1,808
  1,924
  2,045
  2,171
  2,302
  2,438
  2,580
  2,729
  2,884
  3,046
  3,215
  3,391
  3,576
  3,769
  3,971
  4,183
  4,404
  4,636
  4,878
  5,133
  5,399
  5,678
  5,971
  6,278
  6,600
  6,937
Working capital, $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
  0
Total debt, $m
  1,393
  2,646
  3,937
  5,279
  6,673
  8,124
  9,632
  11,202
  12,837
  14,539
  16,314
  18,164
  20,094
  22,108
  24,212
  26,409
  28,705
  31,106
  33,617
  36,243
  38,992
  41,869
  44,883
  48,038
  51,344
  54,809
  58,439
  62,245
  66,235
  70,418
  74,805
Total liabilities, $m
  16,778
  18,031
  19,322
  20,664
  22,058
  23,509
  25,017
  26,587
  28,222
  29,924
  31,699
  33,549
  35,479
  37,493
  39,597
  41,794
  44,090
  46,491
  49,002
  51,628
  54,377
  57,254
  60,268
  63,423
  66,729
  70,194
  73,824
  77,630
  81,620
  85,803
  90,190
Total equity, $m
  6,088
  6,534
  7,002
  7,488
  7,994
  8,519
  9,066
  9,635
  10,227
  10,844
  11,488
  12,158
  12,858
  13,588
  14,350
  15,146
  15,978
  16,848
  17,758
  18,710
  19,706
  20,749
  21,841
  22,984
  24,183
  25,438
  26,754
  28,133
  29,579
  31,095
  32,685
Total liabilities and equity, $m
  22,866
  24,565
  26,324
  28,152
  30,052
  32,028
  34,083
  36,222
  38,449
  40,768
  43,187
  45,707
  48,337
  51,081
  53,947
  56,940
  60,068
  63,339
  66,760
  70,338
  74,083
  78,003
  82,109
  86,407
  90,912
  95,632
  100,578
  105,763
  111,199
  116,898
  122,875
Debt-to-equity ratio
  0.229
  0.400
  0.560
  0.700
  0.830
  0.950
  1.060
  1.160
  1.260
  1.340
  1.420
  1.490
  1.560
  1.630
  1.690
  1.740
  1.800
  1.850
  1.890
  1.940
  1.980
  2.020
  2.050
  2.090
  2.120
  2.150
  2.180
  2.210
  2.240
  2.260
  2.290
Adjusted equity ratio
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  541
  693
  721
  750
  780
  811
  843
  877
  912
  949
  987
  1,130
  1,172
  1,215
  1,261
  1,308
  1,358
  1,410
  1,464
  1,521
  1,581
  1,643
  1,709
  1,777
  1,849
  1,924
  2,003
  2,086
  2,173
  2,263
  2,359
Depreciation, amort., depletion, $m
  87
  187
  190
  193
  197
  201
  204
  208
  213
  217
  222
  86
  91
  96
  102
  107
  113
  119
  126
  132
  139
  147
  155
  163
  171
  180
  189
  199
  209
  220
  231
Funds from operations, $m
  1,043
  880
  911
  943
  977
  1,011
  1,048
  1,086
  1,125
  1,166
  1,209
  1,216
  1,263
  1,311
  1,362
  1,415
  1,471
  1,529
  1,590
  1,654
  1,720
  1,790
  1,863
  1,940
  2,020
  2,104
  2,192
  2,285
  2,382
  2,483
  2,590
Change in working capital, $m
  118
  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 operations, $m
  925
  880
  911
  943
  977
  1,011
  1,048
  1,086
  1,125
  1,166
  1,209
  1,216
  1,263
  1,311
  1,362
  1,415
  1,471
  1,529
  1,590
  1,654
  1,720
  1,790
  1,863
  1,940
  2,020
  2,104
  2,192
  2,285
  2,382
  2,483
  2,590
Maintenance CAPEX, $m
  0
  -43
  -46
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -119
  -126
  -132
  -139
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
New CAPEX, $m
  -120
  -93
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -193
  -202
  -211
  -221
  -232
  -243
  -254
  -266
  -279
  -293
  -307
  -322
  -337
Cash from investing activities, $m
  -759
  -136
  -145
  -153
  -160
  -169
  -176
  -185
  -194
  -203
  -213
  -223
  -234
  -246
  -258
  -271
  -284
  -298
  -312
  -328
  -343
  -360
  -379
  -398
  -417
  -437
  -459
  -482
  -506
  -531
  -557
Free cash flow, $m
  166
  743
  765
  790
  816
  843
  872
  901
  931
  963
  996
  992
  1,028
  1,065
  1,104
  1,145
  1,187
  1,231
  1,278
  1,326
  1,377
  1,429
  1,485
  1,543
  1,603
  1,667
  1,733
  1,803
  1,876
  1,952
  2,033
Issuance/(repayment) of debt, $m
  248
  1,253
  1,291
  1,342
  1,395
  1,450
  1,509
  1,570
  1,635
  1,703
  1,774
  1,850
  1,930
  2,014
  2,103
  2,197
  2,296
  2,401
  2,511
  2,627
  2,749
  2,878
  3,013
  3,156
  3,306
  3,464
  3,631
  3,806
  3,990
  4,184
  4,387
Issuance/(repurchase) of shares, $m
  -63
  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  
  185
  1,253
  1,291
  1,342
  1,395
  1,450
  1,509
  1,570
  1,635
  1,703
  1,774
  1,850
  1,930
  2,014
  2,103
  2,197
  2,296
  2,401
  2,511
  2,627
  2,749
  2,878
  3,013
  3,156
  3,306
  3,464
  3,631
  3,806
  3,990
  4,184
  4,387
Total cash flow (excl. dividends), $m
  351
  1,996
  2,056
  2,132
  2,211
  2,294
  2,380
  2,471
  2,566
  2,666
  2,770
  2,842
  2,958
  3,080
  3,208
  3,342
  3,483
  3,632
  3,788
  3,953
  4,125
  4,307
  4,498
  4,698
  4,909
  5,131
  5,364
  5,609
  5,866
  6,136
  6,420
Retained Cash Flow (-), $m
  -364
  -446
  -468
  -486
  -505
  -526
  -547
  -569
  -592
  -617
  -643
  -671
  -699
  -730
  -762
  -796
  -832
  -870
  -910
  -952
  -996
  -1,043
  -1,092
  -1,144
  -1,198
  -1,255
  -1,316
  -1,379
  -1,446
  -1,516
  -1,590
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
 
  1,550
  1,588
  1,646
  1,706
  1,768
  1,833
  1,902
  1,973
  2,048
  2,127
  2,172
  2,259
  2,350
  2,445
  2,546
  2,651
  2,762
  2,878
  3,001
  3,129
  3,264
  3,406
  3,555
  3,711
  3,875
  4,048
  4,229
  4,420
  4,620
  4,830
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
 
  1,486
  1,454
  1,432
  1,404
  1,370
  1,331
  1,285
  1,233
  1,177
  1,115
  1,031
  964
  893
  821
  747
  674
  601
  530
  462
  398
  338
  283
  233
  189
  151
  118
  91
  68
  50
  36
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

Intact Financial Corporation is a holding company, which provides property and casualty (P&C) insurance. The Company operates through P&C insurance operations segment. It offers a range of car, home and business insurance products, including personal auto, personal property, commercial P&C and commercial auto. It offers various levels of coverage to customers for their liability, personal injury and damage to their vehicles through personal auto. Its coverage is also available for motor homes, recreational vehicles and others. Under personal property, it covers individuals for fire, theft and other damages to both their residences and its contents, as well as personal liability coverage. Under commercial P&C, it offers coverage to a group of small and medium-sized businesses, including commercial landlords, manufacturers, transportation businesses, agriculture businesses and service providers. Under commercial auto, it provides the same type of coverage as personal auto category.

FINANCIAL RATIOS  of  Intact Financial Corporation (IFC)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 1.6
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 22.9%
Total Debt to Equity 22.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 21.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.6%
Payout Ratio 59.9%

IFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IFC stock intrinsic value calculation we used $8440 million for the last fiscal year's total revenue generated by Intact Financial Corporation. The default revenue input number comes from 2016 income statement of Intact Financial Corporation. 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 IFC stock valuation model: a) initial revenue growth rate of 7.4% 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 IFC is calculated based on our internal credit rating of Intact Financial Corporation, 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 Intact Financial Corporation.
    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 IFC stock the variable cost ratio is equal to 89.1%.

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 IFC 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 3.5% for Intact Financial Corporation.

Corporate tax rate of 27% is the nominal tax rate for Intact Financial Corporation. 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 IFC 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 IFC are equal to 15.3%.

Life of production assets of 30.2 years is the average useful life of capital assets used in Intact Financial Corporation 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 IFC is equal to 0%. 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 - $6088 million for Intact Financial Corporation - 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 130.978 million for Intact Financial Corporation 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 Intact Financial Corporation at the current share price and the inputted number of shares is $13.7 billion.

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Financial statements of IFC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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