Intrinsic value of IGM Financial Inc. - IGM

Previous Close

$45.50

  Intrinsic Value

$48.20

stock screener

  Rating & Target

hold

+6%

Previous close

$45.50

 
Intrinsic value

$48.20

 
Up/down potential

+6%

 
Rating

hold

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

We calculate the intrinsic value of IGM 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 10.9

 

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, %
  0.82
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  2,941
  3,179
  3,427
  3,684
  3,952
  4,230
  4,519
  4,819
  5,131
  5,456
  5,795
  6,147
  6,514
  6,897
  7,296
  7,713
  8,148
  8,602
  9,076
  9,573
  10,091
  10,634
  11,202
  11,796
  12,418
  13,070
  13,752
  14,467
  15,217
  16,002
  16,826
Variable operating expenses, $m
 
  2,099
  2,242
  2,390
  2,544
  2,705
  2,871
  3,044
  3,225
  3,412
  3,607
  3,544
  3,756
  3,977
  4,207
  4,447
  4,698
  4,959
  5,233
  5,519
  5,818
  6,131
  6,458
  6,801
  7,160
  7,535
  7,929
  8,341
  8,773
  9,226
  9,701
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
  2,006
  2,099
  2,242
  2,390
  2,544
  2,705
  2,871
  3,044
  3,225
  3,412
  3,607
  3,544
  3,756
  3,977
  4,207
  4,447
  4,698
  4,959
  5,233
  5,519
  5,818
  6,131
  6,458
  6,801
  7,160
  7,535
  7,929
  8,341
  8,773
  9,226
  9,701
Operating income, $m
  935
  1,080
  1,185
  1,294
  1,407
  1,525
  1,647
  1,775
  1,907
  2,045
  2,188
  2,603
  2,758
  2,921
  3,090
  3,266
  3,450
  3,642
  3,843
  4,053
  4,273
  4,503
  4,743
  4,995
  5,258
  5,534
  5,823
  6,126
  6,444
  6,776
  7,125
EBITDA, $m
  978
  1,391
  1,499
  1,612
  1,729
  1,851
  1,977
  2,109
  2,245
  2,387
  2,535
  2,690
  2,850
  3,018
  3,192
  3,375
  3,565
  3,764
  3,971
  4,188
  4,415
  4,653
  4,901
  5,161
  5,433
  5,719
  6,017
  6,330
  6,658
  7,002
  7,362
Interest expense (income), $m
  210
  317
  347
  380
  413
  447
  483
  521
  560
  600
  642
  686
  732
  779
  829
  880
  934
  991
  1,050
  1,111
  1,175
  1,242
  1,313
  1,386
  1,463
  1,544
  1,628
  1,716
  1,809
  1,906
  2,008
Earnings before tax, $m
  947
  764
  838
  915
  994
  1,078
  1,164
  1,254
  1,347
  1,444
  1,545
  1,917
  2,027
  2,141
  2,261
  2,385
  2,516
  2,652
  2,794
  2,942
  3,098
  3,261
  3,431
  3,609
  3,795
  3,991
  4,195
  4,410
  4,635
  4,870
  5,117
Tax expense, $m
  168
  206
  226
  247
  269
  291
  314
  338
  364
  390
  417
  518
  547
  578
  610
  644
  679
  716
  754
  794
  836
  880
  926
  974
  1,025
  1,077
  1,133
  1,191
  1,251
  1,315
  1,382
Net income, $m
  779
  557
  611
  668
  726
  787
  850
  915
  983
  1,054
  1,128
  1,399
  1,480
  1,563
  1,650
  1,741
  1,836
  1,936
  2,040
  2,148
  2,261
  2,380
  2,504
  2,634
  2,771
  2,913
  3,063
  3,219
  3,383
  3,555
  3,736

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  611
  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
  15,625
  16,221
  17,484
  18,797
  20,162
  21,580
  23,054
  24,587
  26,181
  27,839
  29,565
  31,363
  33,236
  35,189
  37,226
  39,351
  41,570
  43,887
  46,309
  48,839
  51,486
  54,254
  57,151
  60,183
  63,358
  66,682
  70,165
  73,813
  77,637
  81,645
  85,846
Adjusted assets (=assets-cash), $m
  15,014
  16,221
  17,484
  18,797
  20,162
  21,580
  23,054
  24,587
  26,181
  27,839
  29,565
  31,363
  33,236
  35,189
  37,226
  39,351
  41,570
  43,887
  46,309
  48,839
  51,486
  54,254
  57,151
  60,183
  63,358
  66,682
  70,165
  73,813
  77,637
  81,645
  85,846
Revenue / Adjusted assets
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
Average production assets, $m
  1,244
  1,345
  1,450
  1,558
  1,672
  1,789
  1,911
  2,038
  2,171
  2,308
  2,451
  2,600
  2,756
  2,917
  3,086
  3,263
  3,446
  3,639
  3,839
  4,049
  4,269
  4,498
  4,738
  4,990
  5,253
  5,528
  5,817
  6,120
  6,437
  6,769
  7,117
Working capital, $m
  0
  -661
  -713
  -766
  -822
  -880
  -940
  -1,002
  -1,067
  -1,135
  -1,205
  -1,279
  -1,355
  -1,435
  -1,518
  -1,604
  -1,695
  -1,789
  -1,888
  -1,991
  -2,099
  -2,212
  -2,330
  -2,454
  -2,583
  -2,718
  -2,860
  -3,009
  -3,165
  -3,328
  -3,500
Total debt, $m
  9,046
  9,928
  10,844
  11,796
  12,785
  13,814
  14,882
  15,993
  17,149
  18,351
  19,603
  20,906
  22,264
  23,680
  25,157
  26,698
  28,306
  29,986
  31,742
  33,577
  35,495
  37,502
  39,602
  41,801
  44,102
  46,513
  49,037
  51,683
  54,455
  57,361
  60,407
Total liabilities, $m
  10,879
  11,760
  12,676
  13,628
  14,617
  15,646
  16,714
  17,825
  18,981
  20,183
  21,435
  22,738
  24,096
  25,512
  26,989
  28,530
  30,138
  31,818
  33,574
  35,409
  37,327
  39,334
  41,434
  43,633
  45,934
  48,345
  50,869
  53,515
  56,287
  59,193
  62,239
Total equity, $m
  4,747
  4,461
  4,808
  5,169
  5,545
  5,935
  6,340
  6,761
  7,200
  7,656
  8,130
  8,625
  9,140
  9,677
  10,237
  10,822
  11,432
  12,069
  12,735
  13,431
  14,159
  14,920
  15,717
  16,550
  17,423
  18,338
  19,295
  20,299
  21,350
  22,452
  23,608
Total liabilities and equity, $m
  15,626
  16,221
  17,484
  18,797
  20,162
  21,581
  23,054
  24,586
  26,181
  27,839
  29,565
  31,363
  33,236
  35,189
  37,226
  39,352
  41,570
  43,887
  46,309
  48,840
  51,486
  54,254
  57,151
  60,183
  63,357
  66,683
  70,164
  73,814
  77,637
  81,645
  85,847
Debt-to-equity ratio
  1.906
  2.230
  2.260
  2.280
  2.310
  2.330
  2.350
  2.370
  2.380
  2.400
  2.410
  2.420
  2.440
  2.450
  2.460
  2.470
  2.480
  2.480
  2.490
  2.500
  2.510
  2.510
  2.520
  2.530
  2.530
  2.540
  2.540
  2.550
  2.550
  2.550
  2.560
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  779
  557
  611
  668
  726
  787
  850
  915
  983
  1,054
  1,128
  1,399
  1,480
  1,563
  1,650
  1,741
  1,836
  1,936
  2,040
  2,148
  2,261
  2,380
  2,504
  2,634
  2,771
  2,913
  3,063
  3,219
  3,383
  3,555
  3,736
Depreciation, amort., depletion, $m
  43
  311
  314
  318
  322
  326
  330
  334
  338
  343
  348
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
  226
  237
Funds from operations, $m
  248
  868
  926
  986
  1,048
  1,112
  1,179
  1,249
  1,322
  1,397
  1,476
  1,486
  1,571
  1,660
  1,753
  1,850
  1,951
  2,057
  2,168
  2,283
  2,404
  2,530
  2,662
  2,801
  2,946
  3,098
  3,257
  3,423
  3,598
  3,781
  3,973
Change in working capital, $m
  -489
  -50
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -80
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -129
  -136
  -142
  -149
  -156
  -163
  -171
Cash from operations, $m
  737
  918
  977
  1,039
  1,103
  1,170
  1,239
  1,312
  1,387
  1,465
  1,546
  1,559
  1,648
  1,740
  1,836
  1,937
  2,042
  2,152
  2,266
  2,386
  2,512
  2,643
  2,780
  2,924
  3,075
  3,233
  3,399
  3,572
  3,754
  3,944
  4,144
Maintenance CAPEX, $m
  0
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -215
  -226
New CAPEX, $m
  -107
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -192
  -201
  -210
  -219
  -230
  -240
  -251
  -263
  -276
  -289
  -303
  -317
  -332
  -348
Cash from investing activities, $m
  -1,034
  -142
  -150
  -157
  -165
  -174
  -182
  -191
  -200
  -209
  -220
  -231
  -242
  -254
  -266
  -279
  -293
  -307
  -322
  -338
  -354
  -372
  -390
  -409
  -429
  -451
  -473
  -497
  -521
  -547
  -574
Free cash flow, $m
  -297
  776
  828
  882
  938
  997
  1,058
  1,121
  1,187
  1,255
  1,326
  1,329
  1,406
  1,486
  1,570
  1,658
  1,749
  1,845
  1,944
  2,048
  2,157
  2,271
  2,390
  2,515
  2,646
  2,782
  2,926
  3,076
  3,233
  3,397
  3,570
Issuance/(repayment) of debt, $m
  631
  882
  916
  952
  989
  1,028
  1,069
  1,111
  1,156
  1,202
  1,252
  1,303
  1,358
  1,416
  1,477
  1,541
  1,609
  1,680
  1,755
  1,835
  1,919
  2,007
  2,100
  2,198
  2,302
  2,410
  2,525
  2,645
  2,772
  2,906
  3,046
Issuance/(repurchase) of shares, $m
  -152
  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  
  478
  882
  916
  952
  989
  1,028
  1,069
  1,111
  1,156
  1,202
  1,252
  1,303
  1,358
  1,416
  1,477
  1,541
  1,609
  1,680
  1,755
  1,835
  1,919
  2,007
  2,100
  2,198
  2,302
  2,410
  2,525
  2,645
  2,772
  2,906
  3,046
Total cash flow (excl. dividends), $m
  181
  1,657
  1,744
  1,834
  1,928
  2,025
  2,126
  2,232
  2,342
  2,457
  2,578
  2,632
  2,764
  2,902
  3,047
  3,199
  3,358
  3,525
  3,700
  3,883
  4,076
  4,278
  4,490
  4,713
  4,947
  5,193
  5,450
  5,721
  6,005
  6,303
  6,616
Retained Cash Flow (-), $m
  -20
  -325
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -456
  -475
  -494
  -515
  -537
  -560
  -584
  -610
  -637
  -666
  -696
  -728
  -761
  -797
  -834
  -873
  -914
  -958
  -1,003
  -1,052
  -1,102
  -1,155
Prev. year cash balance distribution, $m
 
  611
  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
 
  1,944
  1,396
  1,473
  1,552
  1,635
  1,721
  1,810
  1,904
  2,001
  2,103
  2,138
  2,249
  2,365
  2,487
  2,614
  2,748
  2,887
  3,034
  3,187
  3,348
  3,517
  3,694
  3,879
  4,074
  4,278
  4,493
  4,717
  4,953
  5,201
  5,461
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  1,775
  1,155
  1,092
  1,023
  947
  866
  783
  698
  614
  532
  439
  369
  305
  248
  197
  154
  117
  87
  64
  45
  31
  21
  14
  9
  5
  3
  2
  1
  1
  0
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

IGM Financial Inc. is a Canada-based financial services company. The Company's principal businesses are Investors Group Inc. and Mackenzie Financial Corporation, which operate within the advice segment of the financial services market. It operates in three segments: Investors Group, Mackenzie Investments, and Corporate and Other. The Investors Group provides a range of financial and investment planning services through its network of consultants across the country, and its products and services include Personal Financial Planner, Symphony Strategic Investment Planning Program and Mutual Funds. The Mackenzie Investments segment is engaged in the provision of investment management and related services offered through diversified investment solutions, distributed through multiple distribution channels. The Corporate and Other segment includes share of earnings of its affiliate, Great-West Lifeco Inc. (Lifeco) and operating results for Investment Planning Counsel Inc.

FINANCIAL RATIOS  of  IGM Financial Inc. (IGM)

Valuation Ratios
P/E Ratio 14
Price to Sales 3.7
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.8
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 -5.3%
Cap. Spend. - 3 Yr. Gr. Rate 15.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 190.6%
Total Debt to Equity 190.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 16.4%
Return On Equity - 3 Yr. Avg. 16.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 63.8%
EBITDA Margin 40.8%
EBITDA Margin - 3 Yr. Avg. 42.2%
Operating Margin 31.8%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 32.2%
Pre-Tax Margin - 3 Yr. Avg. 33.4%
Net Profit Margin 26.5%
Net Profit Margin - 3 Yr. Avg. 26.7%
Effective Tax Rate 17.7%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 71%

IGM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IGM stock intrinsic value calculation we used $2941 million for the last fiscal year's total revenue generated by IGM Financial Inc.. The default revenue input number comes from 2016 income statement of IGM Financial 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 IGM stock valuation model: a) initial revenue growth rate of 8.1% 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 9.5%, whose default value for IGM is calculated based on our internal credit rating of IGM Financial 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 IGM Financial 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 IGM stock the variable cost ratio is equal to 66.7%.

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 IGM 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 IGM Financial Inc..

Corporate tax rate of 27% is the nominal tax rate for IGM Financial 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 IGM 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 IGM are equal to 42.3%.

Life of production assets of 90.8 years is the average useful life of capital assets used in IGM Financial 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 IGM is equal to -20.8%. 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 - $4747 million for IGM Financial 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 240.611 million for IGM Financial 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 IGM Financial Inc. at the current share price and the inputted number of shares is $10.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CIX CI Financial C 28.32 42.84  str.buy
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Financial statements of IGM
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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