Intrinsic value of Quebecor Inc. Class B Subordinate Voting - QBR-B

Previous Close

$48.07

  Intrinsic Value

$27.89

stock screener

  Rating & Target

sell

-42%

Previous close

$48.07

 
Intrinsic value

$27.89

 
Up/down potential

-42%

 
Rating

sell

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

We calculate the intrinsic value of QBR-B 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 5.8

 

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, %
  3.24
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  4,017
  4,174
  4,341
  4,519
  4,709
  4,911
  5,124
  5,350
  5,590
  5,843
  6,110
  6,392
  6,690
  7,003
  7,334
  7,682
  8,049
  8,435
  8,841
  9,269
  9,718
  10,191
  10,689
  11,212
  11,761
  12,339
  12,946
  13,584
  14,255
  14,959
  15,700
Variable operating expenses, $m
 
  3,495
  3,624
  3,762
  3,909
  4,064
  4,229
  4,404
  4,589
  4,784
  4,991
  4,936
  5,166
  5,408
  5,663
  5,932
  6,215
  6,513
  6,827
  7,157
  7,504
  7,869
  8,253
  8,657
  9,082
  9,528
  9,997
  10,489
  11,007
  11,551
  12,123
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
  3,252
  3,495
  3,624
  3,762
  3,909
  4,064
  4,229
  4,404
  4,589
  4,784
  4,991
  4,936
  5,166
  5,408
  5,663
  5,932
  6,215
  6,513
  6,827
  7,157
  7,504
  7,869
  8,253
  8,657
  9,082
  9,528
  9,997
  10,489
  11,007
  11,551
  12,123
Operating income, $m
  765
  678
  717
  757
  800
  846
  895
  947
  1,001
  1,059
  1,120
  1,456
  1,524
  1,596
  1,671
  1,750
  1,834
  1,922
  2,014
  2,112
  2,214
  2,322
  2,435
  2,554
  2,680
  2,811
  2,950
  3,095
  3,248
  3,408
  3,577
EBITDA, $m
  1,418
  1,381
  1,436
  1,495
  1,558
  1,625
  1,695
  1,770
  1,849
  1,933
  2,021
  2,115
  2,213
  2,317
  2,426
  2,541
  2,663
  2,790
  2,925
  3,066
  3,215
  3,372
  3,536
  3,709
  3,891
  4,082
  4,283
  4,494
  4,716
  4,949
  5,194
Interest expense (income), $m
  309
  302
  295
  312
  330
  349
  370
  391
  414
  438
  464
  491
  520
  550
  582
  615
  650
  688
  727
  768
  811
  857
  905
  955
  1,008
  1,064
  1,123
  1,184
  1,249
  1,317
  1,388
Earnings before tax, $m
  367
  376
  422
  445
  471
  497
  525
  555
  587
  620
  656
  965
  1,004
  1,046
  1,089
  1,135
  1,183
  1,234
  1,288
  1,344
  1,403
  1,465
  1,530
  1,599
  1,671
  1,747
  1,827
  1,911
  1,999
  2,091
  2,189
Tax expense, $m
  118
  102
  114
  120
  127
  134
  142
  150
  158
  167
  177
  261
  271
  282
  294
  306
  320
  333
  348
  363
  379
  396
  413
  432
  451
  472
  493
  516
  540
  565
  591
Net income, $m
  195
  275
  308
  325
  344
  363
  384
  405
  428
  453
  479
  705
  733
  763
  795
  829
  864
  901
  940
  981
  1,024
  1,069
  1,117
  1,167
  1,220
  1,275
  1,334
  1,395
  1,459
  1,527
  1,598

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  9,262
  9,595
  9,979
  10,389
  10,826
  11,289
  11,780
  12,300
  12,850
  13,432
  14,046
  14,695
  15,379
  16,100
  16,860
  17,660
  18,503
  19,391
  20,325
  21,308
  22,341
  23,428
  24,572
  25,774
  27,037
  28,365
  29,761
  31,228
  32,770
  34,389
  36,091
Adjusted assets (=assets-cash), $m
  9,240
  9,595
  9,979
  10,389
  10,826
  11,289
  11,780
  12,300
  12,850
  13,432
  14,046
  14,695
  15,379
  16,100
  16,860
  17,660
  18,503
  19,391
  20,325
  21,308
  22,341
  23,428
  24,572
  25,774
  27,037
  28,365
  29,761
  31,228
  32,770
  34,389
  36,091
Revenue / Adjusted assets
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
Average production assets, $m
  4,716
  4,900
  5,096
  5,306
  5,529
  5,765
  6,016
  6,281
  6,562
  6,860
  7,173
  7,504
  7,854
  8,222
  8,610
  9,019
  9,450
  9,903
  10,380
  10,882
  11,409
  11,965
  12,549
  13,162
  13,808
  14,486
  15,199
  15,948
  16,735
  17,562
  18,431
Working capital, $m
  -430
  -396
  -412
  -429
  -447
  -467
  -487
  -508
  -531
  -555
  -580
  -607
  -636
  -665
  -697
  -730
  -765
  -801
  -840
  -881
  -923
  -968
  -1,015
  -1,065
  -1,117
  -1,172
  -1,230
  -1,291
  -1,354
  -1,421
  -1,491
Total debt, $m
  6,188
  6,016
  6,362
  6,731
  7,124
  7,541
  7,983
  8,451
  8,946
  9,470
  10,023
  10,606
  11,222
  11,871
  12,555
  13,275
  14,034
  14,833
  15,673
  16,558
  17,488
  18,467
  19,496
  20,577
  21,715
  22,910
  24,166
  25,486
  26,874
  28,331
  29,863
Total liabilities, $m
  8,807
  8,635
  8,981
  9,350
  9,743
  10,160
  10,602
  11,070
  11,565
  12,089
  12,642
  13,225
  13,841
  14,490
  15,174
  15,894
  16,653
  17,452
  18,292
  19,177
  20,107
  21,086
  22,115
  23,196
  24,334
  25,529
  26,785
  28,105
  29,493
  30,950
  32,482
Total equity, $m
  455
  959
  998
  1,039
  1,083
  1,129
  1,178
  1,230
  1,285
  1,343
  1,405
  1,469
  1,538
  1,610
  1,686
  1,766
  1,850
  1,939
  2,032
  2,131
  2,234
  2,343
  2,457
  2,577
  2,704
  2,837
  2,976
  3,123
  3,277
  3,439
  3,609
Total liabilities and equity, $m
  9,262
  9,594
  9,979
  10,389
  10,826
  11,289
  11,780
  12,300
  12,850
  13,432
  14,047
  14,694
  15,379
  16,100
  16,860
  17,660
  18,503
  19,391
  20,324
  21,308
  22,341
  23,429
  24,572
  25,773
  27,038
  28,366
  29,761
  31,228
  32,770
  34,389
  36,091
Debt-to-equity ratio
  13.600
  6.270
  6.380
  6.480
  6.580
  6.680
  6.780
  6.870
  6.960
  7.050
  7.140
  7.220
  7.300
  7.370
  7.450
  7.520
  7.580
  7.650
  7.710
  7.770
  7.830
  7.880
  7.930
  7.980
  8.030
  8.080
  8.120
  8.160
  8.200
  8.240
  8.270
Adjusted equity ratio
  0.049
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  195
  275
  308
  325
  344
  363
  384
  405
  428
  453
  479
  705
  733
  763
  795
  829
  864
  901
  940
  981
  1,024
  1,069
  1,117
  1,167
  1,220
  1,275
  1,334
  1,395
  1,459
  1,527
  1,598
Depreciation, amort., depletion, $m
  653
  702
  720
  738
  757
  778
  800
  824
  848
  874
  902
  658
  689
  721
  755
  791
  829
  869
  911
  955
  1,001
  1,050
  1,101
  1,155
  1,211
  1,271
  1,333
  1,399
  1,468
  1,541
  1,617
Funds from operations, $m
  1,236
  977
  1,027
  1,063
  1,101
  1,141
  1,184
  1,229
  1,277
  1,327
  1,380
  1,363
  1,422
  1,485
  1,550
  1,620
  1,693
  1,770
  1,850
  1,935
  2,025
  2,119
  2,218
  2,322
  2,431
  2,546
  2,667
  2,794
  2,927
  3,067
  3,215
Change in working capital, $m
  123
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
Cash from operations, $m
  1,113
  992
  1,043
  1,080
  1,119
  1,160
  1,204
  1,250
  1,299
  1,351
  1,406
  1,390
  1,450
  1,514
  1,582
  1,653
  1,728
  1,806
  1,889
  1,976
  2,068
  2,164
  2,265
  2,372
  2,483
  2,601
  2,725
  2,854
  2,991
  3,134
  3,285
Maintenance CAPEX, $m
  0
  -414
  -430
  -447
  -465
  -485
  -506
  -528
  -551
  -576
  -602
  -629
  -658
  -689
  -721
  -755
  -791
  -829
  -869
  -911
  -955
  -1,001
  -1,050
  -1,101
  -1,155
  -1,211
  -1,271
  -1,333
  -1,399
  -1,468
  -1,541
New CAPEX, $m
  -848
  -184
  -196
  -209
  -223
  -237
  -251
  -266
  -281
  -297
  -314
  -331
  -349
  -368
  -388
  -409
  -431
  -453
  -477
  -502
  -528
  -555
  -584
  -614
  -645
  -678
  -713
  -749
  -787
  -827
  -869
Cash from investing activities, $m
  -947
  -598
  -626
  -656
  -688
  -722
  -757
  -794
  -832
  -873
  -916
  -960
  -1,007
  -1,057
  -1,109
  -1,164
  -1,222
  -1,282
  -1,346
  -1,413
  -1,483
  -1,556
  -1,634
  -1,715
  -1,800
  -1,889
  -1,984
  -2,082
  -2,186
  -2,295
  -2,410
Free cash flow, $m
  166
  394
  417
  424
  431
  439
  448
  457
  467
  478
  490
  429
  443
  457
  473
  489
  506
  524
  543
  564
  585
  608
  632
  657
  684
  712
  741
  772
  805
  839
  875
Issuance/(repayment) of debt, $m
  -100
  -150
  346
  369
  393
  417
  442
  468
  495
  523
  553
  584
  616
  649
  684
  721
  759
  799
  841
  884
  930
  978
  1,029
  1,082
  1,137
  1,195
  1,256
  1,320
  1,387
  1,458
  1,531
Issuance/(repurchase) of shares, $m
  -23
  230
  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  
  -141
  80
  346
  369
  393
  417
  442
  468
  495
  523
  553
  584
  616
  649
  684
  721
  759
  799
  841
  884
  930
  978
  1,029
  1,082
  1,137
  1,195
  1,256
  1,320
  1,387
  1,458
  1,531
Total cash flow (excl. dividends), $m
  25
  474
  763
  793
  823
  856
  890
  925
  963
  1,002
  1,043
  1,013
  1,058
  1,106
  1,156
  1,209
  1,265
  1,323
  1,384
  1,448
  1,516
  1,586
  1,661
  1,739
  1,821
  1,907
  1,997
  2,092
  2,192
  2,297
  2,407
Retained Cash Flow (-), $m
  -156
  -504
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
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
 
  -30
  725
  752
  780
  809
  840
  873
  908
  944
  982
  948
  990
  1,034
  1,081
  1,129
  1,180
  1,234
  1,291
  1,350
  1,412
  1,478
  1,546
  1,619
  1,694
  1,774
  1,858
  1,946
  2,038
  2,135
  2,237
Discount rate, %
 
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
 
  -27
  562
  504
  447
  391
  337
  286
  239
  196
  158
  116
  90
  69
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2
  95.2

Quebecor Inc. is a telecommunications and media company. The Company's segments include Telecommunications, Media, and Sports and Entertainment. The Telecommunications segment offers television distribution, Internet access, business solutions (including data centers), cable and mobile telephony and over-the-top video services in Canada. The operations of the Media segment in Quebec include the operation of an over-the-air television network and specialty television services; the printing, publishing and distribution of daily newspapers; the operation of Internet portals and specialized Websites; the distribution and production of music, and the operation of an out-of-home advertising business. The activities of the Sports and Entertainment segment in Quebec encompass the operation and management of the Videotron Centre in Quebec City, show production, sporting and cultural events management, and the operation of over two Quebec Major Junior Hockey League (QMJHL) teams.

FINANCIAL RATIOS  of  Quebecor Inc. Class B Subordinate Voting (QBR-B)

Valuation Ratios
P/E Ratio 30
Price to Sales 1.5
Price to Book 12.9
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 22.1
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.4%
Cap. Spend. - 3 Yr. Gr. Rate 5.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 1344.4%
Total Debt to Equity 1360%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 51.7%
Return On Equity - 3 Yr. Avg. 28%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 67.7%
EBITDA Margin 33.1%
EBITDA Margin - 3 Yr. Avg. 32.7%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 17.2%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 32.2%
Eff/ Tax Rate - 3 Yr. Avg. 42.3%
Payout Ratio 10.8%

QBR-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QBR-B stock intrinsic value calculation we used $4017 million for the last fiscal year's total revenue generated by Quebecor Inc. Class B Subordinate Voting. The default revenue input number comes from 2016 income statement of Quebecor Inc. Class B Subordinate Voting. 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 QBR-B stock valuation model: a) initial revenue growth rate of 3.9% 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 12.9%, whose default value for QBR-B is calculated based on our internal credit rating of Quebecor Inc. Class B Subordinate Voting, 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 Quebecor Inc. Class B Subordinate Voting.
    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 QBR-B stock the variable cost ratio is equal to 84%.

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 QBR-B 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 4.9% for Quebecor Inc. Class B Subordinate Voting.

Corporate tax rate of 27% is the nominal tax rate for Quebecor Inc. Class B Subordinate Voting. 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 QBR-B 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 QBR-B are equal to 117.4%.

Life of production assets of 11.4 years is the average useful life of capital assets used in Quebecor Inc. Class B Subordinate Voting 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 QBR-B is equal to -9.5%. 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 - $455 million for Quebecor Inc. Class B Subordinate Voting - 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 120.657 million for Quebecor Inc. Class B Subordinate Voting 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 Quebecor Inc. Class B Subordinate Voting at the current share price and the inputted number of shares is $5.8 billion.

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Financial statements of QBR-B
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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