Intrinsic value of IAMGOLD Corporation - IMG

Previous Close

$7.63

  Intrinsic Value

$1.62

stock screener

  Rating & Target

str. sell

-79%

Previous close

$7.63

 
Intrinsic value

$1.62

 
Up/down potential

-79%

 
Rating

str. sell

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

We calculate the intrinsic value of IMG 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
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, %
  7.67
  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
  1,334
  1,361
  1,392
  1,428
  1,468
  1,512
  1,561
  1,614
  1,672
  1,734
  1,801
  1,872
  1,948
  2,029
  2,115
  2,206
  2,302
  2,405
  2,513
  2,627
  2,748
  2,875
  3,010
  3,151
  3,300
  3,458
  3,623
  3,797
  3,980
  4,173
  4,376
Variable operating expenses, $m
 
  2,487
  2,545
  2,610
  2,683
  2,765
  2,854
  2,951
  3,056
  3,170
  3,291
  3,421
  3,560
  3,708
  3,865
  4,032
  4,209
  4,396
  4,594
  4,803
  5,023
  5,256
  5,502
  5,761
  6,033
  6,320
  6,623
  6,941
  7,276
  7,628
  7,999
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
  1,284
  2,487
  2,545
  2,610
  2,683
  2,765
  2,854
  2,951
  3,056
  3,170
  3,291
  3,421
  3,560
  3,708
  3,865
  4,032
  4,209
  4,396
  4,594
  4,803
  5,023
  5,256
  5,502
  5,761
  6,033
  6,320
  6,623
  6,941
  7,276
  7,628
  7,999
Operating income, $m
  49
  -1,127
  -1,153
  -1,182
  -1,215
  -1,252
  -1,293
  -1,337
  -1,384
  -1,436
  -1,491
  -1,550
  -1,613
  -1,680
  -1,751
  -1,826
  -1,906
  -1,991
  -2,081
  -2,175
  -2,275
  -2,381
  -2,492
  -2,609
  -2,733
  -2,863
  -3,000
  -3,144
  -3,296
  -3,455
  -3,623
EBITDA, $m
  405
  -765
  -783
  -803
  -826
  -851
  -878
  -908
  -940
  -975
  -1,013
  -1,053
  -1,096
  -1,141
  -1,189
  -1,241
  -1,295
  -1,353
  -1,414
  -1,478
  -1,546
  -1,617
  -1,693
  -1,773
  -1,857
  -1,945
  -2,038
  -2,136
  -2,239
  -2,347
  -2,461
Interest expense (income), $m
  33
  27
  28
  30
  32
  34
  36
  38
  41
  44
  47
  50
  53
  57
  61
  65
  70
  74
  79
  85
  90
  96
  102
  109
  116
  123
  131
  139
  148
  157
  166
Earnings before tax, $m
  129
  -1,154
  -1,181
  -1,212
  -1,247
  -1,286
  -1,328
  -1,375
  -1,425
  -1,479
  -1,537
  -1,600
  -1,666
  -1,737
  -1,812
  -1,892
  -1,976
  -2,066
  -2,160
  -2,260
  -2,366
  -2,477
  -2,595
  -2,718
  -2,849
  -2,986
  -3,131
  -3,283
  -3,443
  -3,612
  -3,789
Tax expense, $m
  46
  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
  71
  -1,154
  -1,181
  -1,212
  -1,247
  -1,286
  -1,328
  -1,375
  -1,425
  -1,479
  -1,537
  -1,600
  -1,666
  -1,737
  -1,812
  -1,892
  -1,976
  -2,066
  -2,160
  -2,260
  -2,366
  -2,477
  -2,595
  -2,718
  -2,849
  -2,986
  -3,131
  -3,283
  -3,443
  -3,612
  -3,789

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  881
  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
  4,594
  3,790
  3,877
  3,977
  4,089
  4,213
  4,349
  4,497
  4,657
  4,830
  5,015
  5,214
  5,425
  5,651
  5,890
  6,144
  6,413
  6,698
  7,000
  7,318
  7,655
  8,009
  8,383
  8,778
  9,193
  9,631
  10,092
  10,577
  11,087
  11,624
  12,189
Adjusted assets (=assets-cash), $m
  3,713
  3,790
  3,877
  3,977
  4,089
  4,213
  4,349
  4,497
  4,657
  4,830
  5,015
  5,214
  5,425
  5,651
  5,890
  6,144
  6,413
  6,698
  7,000
  7,318
  7,655
  8,009
  8,383
  8,778
  9,193
  9,631
  10,092
  10,577
  11,087
  11,624
  12,189
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  2,515
  2,565
  2,624
  2,691
  2,767
  2,851
  2,943
  3,043
  3,152
  3,269
  3,394
  3,528
  3,671
  3,824
  3,986
  4,158
  4,340
  4,533
  4,737
  4,952
  5,180
  5,420
  5,673
  5,940
  6,221
  6,518
  6,829
  7,158
  7,503
  7,866
  8,249
Working capital, $m
  1,105
  229
  234
  240
  247
  254
  262
  271
  281
  291
  302
  314
  327
  341
  355
  371
  387
  404
  422
  441
  462
  483
  506
  529
  554
  581
  609
  638
  669
  701
  735
Total debt, $m
  656
  690
  727
  770
  818
  871
  930
  993
  1,062
  1,136
  1,216
  1,301
  1,391
  1,488
  1,591
  1,700
  1,815
  1,938
  2,067
  2,204
  2,348
  2,500
  2,661
  2,830
  3,008
  3,196
  3,393
  3,602
  3,820
  4,051
  4,293
Total liabilities, $m
  1,593
  1,626
  1,663
  1,706
  1,754
  1,807
  1,866
  1,929
  1,998
  2,072
  2,152
  2,237
  2,327
  2,424
  2,527
  2,636
  2,751
  2,874
  3,003
  3,140
  3,284
  3,436
  3,597
  3,766
  3,944
  4,132
  4,329
  4,538
  4,756
  4,987
  5,229
Total equity, $m
  3,002
  2,164
  2,214
  2,271
  2,335
  2,406
  2,483
  2,568
  2,659
  2,758
  2,864
  2,977
  3,098
  3,226
  3,363
  3,508
  3,662
  3,825
  3,997
  4,179
  4,371
  4,573
  4,787
  5,012
  5,249
  5,499
  5,762
  6,039
  6,331
  6,637
  6,960
Total liabilities and equity, $m
  4,595
  3,790
  3,877
  3,977
  4,089
  4,213
  4,349
  4,497
  4,657
  4,830
  5,016
  5,214
  5,425
  5,650
  5,890
  6,144
  6,413
  6,699
  7,000
  7,319
  7,655
  8,009
  8,384
  8,778
  9,193
  9,631
  10,091
  10,577
  11,087
  11,624
  12,189
Debt-to-equity ratio
  0.219
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.440
  0.450
  0.460
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
Adjusted equity ratio
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  -1,154
  -1,181
  -1,212
  -1,247
  -1,286
  -1,328
  -1,375
  -1,425
  -1,479
  -1,537
  -1,600
  -1,666
  -1,737
  -1,812
  -1,892
  -1,976
  -2,066
  -2,160
  -2,260
  -2,366
  -2,477
  -2,595
  -2,718
  -2,849
  -2,986
  -3,131
  -3,283
  -3,443
  -3,612
  -3,789
Depreciation, amort., depletion, $m
  356
  361
  370
  379
  390
  402
  414
  429
  444
  460
  478
  497
  517
  539
  561
  586
  611
  638
  667
  698
  730
  763
  799
  837
  876
  918
  962
  1,008
  1,057
  1,108
  1,162
Funds from operations, $m
  451
  -792
  -811
  -833
  -857
  -884
  -914
  -946
  -981
  -1,019
  -1,059
  -1,103
  -1,149
  -1,198
  -1,250
  -1,306
  -1,365
  -1,427
  -1,493
  -1,563
  -1,636
  -1,714
  -1,795
  -1,882
  -1,973
  -2,068
  -2,169
  -2,275
  -2,387
  -2,504
  -2,628
Change in working capital, $m
  26
  4
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
Cash from operations, $m
  425
  -797
  -817
  -839
  -864
  -892
  -922
  -955
  -991
  -1,029
  -1,071
  -1,115
  -1,162
  -1,212
  -1,265
  -1,321
  -1,381
  -1,444
  -1,511
  -1,582
  -1,656
  -1,735
  -1,818
  -1,905
  -1,998
  -2,095
  -2,197
  -2,304
  -2,417
  -2,536
  -2,662
Maintenance CAPEX, $m
  0
  -354
  -361
  -370
  -379
  -390
  -402
  -414
  -429
  -444
  -460
  -478
  -497
  -517
  -539
  -561
  -586
  -611
  -638
  -667
  -698
  -730
  -763
  -799
  -837
  -876
  -918
  -962
  -1,008
  -1,057
  -1,108
New CAPEX, $m
  -370
  -50
  -59
  -67
  -76
  -84
  -92
  -100
  -108
  -117
  -125
  -134
  -143
  -152
  -162
  -172
  -182
  -193
  -204
  -216
  -228
  -240
  -253
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
Cash from investing activities, $m
  -223
  -404
  -420
  -437
  -455
  -474
  -494
  -514
  -537
  -561
  -585
  -612
  -640
  -669
  -701
  -733
  -768
  -804
  -842
  -883
  -926
  -970
  -1,016
  -1,066
  -1,118
  -1,172
  -1,230
  -1,290
  -1,353
  -1,420
  -1,490
Free cash flow, $m
  202
  -1,201
  -1,237
  -1,276
  -1,319
  -1,365
  -1,416
  -1,470
  -1,528
  -1,590
  -1,656
  -1,727
  -1,802
  -1,881
  -1,965
  -2,055
  -2,149
  -2,248
  -2,354
  -2,464
  -2,581
  -2,705
  -2,835
  -2,971
  -3,115
  -3,267
  -3,427
  -3,594
  -3,771
  -3,957
  -4,152
Issuance/(repayment) of debt, $m
  -193
  34
  37
  43
  48
  53
  58
  64
  69
  74
  80
  85
  91
  97
  103
  109
  116
  122
  129
  137
  144
  152
  161
  169
  178
  188
  198
  208
  219
  230
  242
Issuance/(repurchase) of shares, $m
  356
  1,197
  1,231
  1,269
  1,311
  1,357
  1,406
  1,459
  1,517
  1,578
  1,643
  1,713
  1,787
  1,865
  1,949
  2,037
  2,130
  2,228
  2,332
  2,442
  2,558
  2,680
  2,808
  2,944
  3,086
  3,236
  3,394
  3,560
  3,735
  3,919
  4,112
Cash from financing (excl. dividends), $m  
  30
  1,231
  1,268
  1,312
  1,359
  1,410
  1,464
  1,523
  1,586
  1,652
  1,723
  1,798
  1,878
  1,962
  2,052
  2,146
  2,246
  2,350
  2,461
  2,579
  2,702
  2,832
  2,969
  3,113
  3,264
  3,424
  3,592
  3,768
  3,954
  4,149
  4,354
Total cash flow (excl. dividends), $m
  231
  29
  31
  36
  40
  44
  49
  53
  57
  62
  66
  71
  76
  81
  86
  91
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
  192
  202
Retained Cash Flow (-), $m
  -441
  -1,197
  -1,231
  -1,269
  -1,311
  -1,357
  -1,406
  -1,459
  -1,517
  -1,578
  -1,643
  -1,713
  -1,787
  -1,865
  -1,949
  -2,037
  -2,130
  -2,228
  -2,332
  -2,442
  -2,558
  -2,680
  -2,808
  -2,944
  -3,086
  -3,236
  -3,394
  -3,560
  -3,735
  -3,919
  -4,112
Prev. year cash balance distribution, $m
 
  881
  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
 
  -286
  -1,199
  -1,233
  -1,271
  -1,312
  -1,357
  -1,406
  -1,459
  -1,516
  -1,577
  -1,642
  -1,711
  -1,785
  -1,863
  -1,946
  -2,033
  -2,126
  -2,224
  -2,328
  -2,437
  -2,553
  -2,674
  -2,802
  -2,937
  -3,079
  -3,229
  -3,386
  -3,552
  -3,726
  -3,909
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
 
  -275
  -1,098
  -1,073
  -1,046
  -1,017
  -985
  -950
  -912
  -871
  -827
  -780
  -730
  -679
  -625
  -571
  -517
  -463
  -410
  -358
  -310
  -264
  -222
  -184
  -150
  -120
  -94
  -73
  -55
  -41
  -29
Current shareholders' claim on cash, %
  100
  67.6
  45.5
  30.6
  20.5
  13.7
  9.2
  6.1
  4.1
  2.7
  1.8
  1.2
  0.8
  0.5
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents. The Company's gold mine segment is divided into geographic segments, such as Burkina Faso - Essakane mine; Suriname-Rosebel mine; Canada-Doyon division, which includes the Westwood mine and the Doyon mine, and Joint ventures (Mali)-Sadiola mine (41%) and Yatela mine (40%). The Company's non-gold segments are divided into Exploration and evaluation, and Corporate, which includes royalty interests located in Canada and investments in associates and joint ventures. In Canada, the Company owns the Westwood mine in Quebec and the Cote Gold project, a development project located in Ontario.

FINANCIAL RATIOS  of  IAMGOLD Corporation (IMG)

Valuation Ratios
P/E Ratio 48.8
Price to Sales 2.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 63
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.5%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 21.9%
Total Debt to Equity 21.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. -7.1%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. -10%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. -12.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 10.3%
Gross Margin - 3 Yr. Avg. 5.3%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. -1.1%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. -27.7%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. -30%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. -32.5%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. -15.9%
Payout Ratio 0%

IMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMG stock intrinsic value calculation we used $1334 million for the last fiscal year's total revenue generated by IAMGOLD Corporation. The default revenue input number comes from 2016 income statement of IAMGOLD 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 IMG 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 IMG is calculated based on our internal credit rating of IAMGOLD 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 IAMGOLD 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 IMG stock the variable cost ratio is equal to 182.8%.

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 IMG 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 IAMGOLD Corporation.

Corporate tax rate of 27% is the nominal tax rate for IAMGOLD 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 IMG 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 IMG are equal to 188.5%.

Life of production assets of 7.1 years is the average useful life of capital assets used in IAMGOLD 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 IMG is equal to 16.8%. 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 - $3002 million for IAMGOLD 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 462.483 million for IAMGOLD 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 IAMGOLD Corporation at the current share price and the inputted number of shares is $3.5 billion.

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Financial statements of IMG
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