Intrinsic value of ATCO Ltd. Class I Non-voting Shares - ACO-X

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$50.68

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$50.68

 
Intrinsic value

$47.22

 
Up/down potential

-7%

 
Rating

hold

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

We calculate the intrinsic value of ACO-X 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, %
  -2.08
  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
  4,045
  4,126
  4,221
  4,329
  4,451
  4,586
  4,734
  4,895
  5,070
  5,258
  5,460
  5,675
  5,906
  6,151
  6,412
  6,688
  6,981
  7,292
  7,620
  7,966
  8,332
  8,719
  9,126
  9,555
  10,008
  10,484
  10,986
  11,514
  12,069
  12,654
  13,269
Variable operating expenses, $m
 
  3,284
  3,359
  3,446
  3,542
  3,650
  3,767
  3,895
  4,034
  4,183
  4,343
  4,508
  4,691
  4,885
  5,092
  5,312
  5,545
  5,791
  6,052
  6,327
  6,618
  6,925
  7,248
  7,589
  7,949
  8,327
  8,725
  9,145
  9,586
  10,050
  10,539
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
  2,732
  3,284
  3,359
  3,446
  3,542
  3,650
  3,767
  3,895
  4,034
  4,183
  4,343
  4,508
  4,691
  4,885
  5,092
  5,312
  5,545
  5,791
  6,052
  6,327
  6,618
  6,925
  7,248
  7,589
  7,949
  8,327
  8,725
  9,145
  9,586
  10,050
  10,539
Operating income, $m
  1,313
  842
  861
  884
  909
  936
  967
  1,000
  1,036
  1,075
  1,116
  1,168
  1,215
  1,266
  1,319
  1,376
  1,436
  1,500
  1,568
  1,639
  1,714
  1,794
  1,878
  1,966
  2,059
  2,157
  2,260
  2,369
  2,483
  2,604
  2,730
EBITDA, $m
  1,928
  1,434
  1,467
  1,505
  1,547
  1,594
  1,645
  1,701
  1,762
  1,827
  1,898
  1,973
  2,053
  2,138
  2,228
  2,325
  2,426
  2,534
  2,648
  2,769
  2,896
  3,030
  3,172
  3,321
  3,478
  3,644
  3,818
  4,002
  4,195
  4,398
  4,612
Interest expense (income), $m
  394
  391
  405
  423
  443
  466
  492
  520
  550
  583
  618
  657
  697
  741
  787
  836
  889
  944
  1,002
  1,064
  1,130
  1,199
  1,272
  1,349
  1,430
  1,515
  1,605
  1,700
  1,800
  1,905
  2,015
Earnings before tax, $m
  933
  451
  457
  461
  466
  470
  475
  481
  486
  492
  498
  511
  518
  525
  532
  540
  548
  556
  565
  575
  585
  595
  606
  617
  629
  642
  655
  669
  684
  699
  715
Tax expense, $m
  258
  122
  123
  124
  126
  127
  128
  130
  131
  133
  134
  138
  140
  142
  144
  146
  148
  150
  153
  155
  158
  161
  164
  167
  170
  173
  177
  181
  185
  189
  193
Net income, $m
  340
  329
  333
  337
  340
  343
  347
  351
  355
  359
  363
  373
  378
  383
  388
  394
  400
  406
  413
  420
  427
  434
  442
  451
  459
  469
  478
  488
  499
  510
  522

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  606
  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
  19,724
  19,462
  19,909
  20,421
  20,996
  21,632
  22,330
  23,091
  23,914
  24,801
  25,753
  26,771
  27,858
  29,014
  30,244
  31,549
  32,931
  34,395
  35,942
  37,578
  39,304
  41,126
  43,047
  45,072
  47,206
  49,454
  51,820
  54,310
  56,931
  59,688
  62,588
Adjusted assets (=assets-cash), $m
  19,118
  19,462
  19,909
  20,421
  20,996
  21,632
  22,330
  23,091
  23,914
  24,801
  25,753
  26,771
  27,858
  29,014
  30,244
  31,549
  32,931
  34,395
  35,942
  37,578
  39,304
  41,126
  43,047
  45,072
  47,206
  49,454
  51,820
  54,310
  56,931
  59,688
  62,588
Revenue / Adjusted assets
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
Average production assets, $m
  2,869
  2,925
  2,993
  3,069
  3,156
  3,251
  3,356
  3,471
  3,594
  3,728
  3,871
  4,024
  4,187
  4,361
  4,546
  4,742
  4,950
  5,170
  5,402
  5,648
  5,908
  6,182
  6,470
  6,775
  7,095
  7,433
  7,789
  8,163
  8,557
  8,972
  9,408
Working capital, $m
  395
  17
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
Total debt, $m
  8,378
  8,431
  8,804
  9,231
  9,710
  10,241
  10,824
  11,458
  12,144
  12,884
  13,678
  14,527
  15,433
  16,398
  17,423
  18,512
  19,665
  20,885
  22,176
  23,540
  24,980
  26,499
  28,101
  29,790
  31,570
  33,444
  35,418
  37,495
  39,681
  41,980
  44,399
Total liabilities, $m
  16,178
  16,231
  16,604
  17,031
  17,510
  18,041
  18,624
  19,258
  19,944
  20,684
  21,478
  22,327
  23,233
  24,198
  25,223
  26,312
  27,465
  28,685
  29,976
  31,340
  32,780
  34,299
  35,901
  37,590
  39,370
  41,244
  43,218
  45,295
  47,481
  49,780
  52,199
Total equity, $m
  3,546
  3,231
  3,305
  3,390
  3,485
  3,591
  3,707
  3,833
  3,970
  4,117
  4,275
  4,444
  4,624
  4,816
  5,020
  5,237
  5,467
  5,710
  5,966
  6,238
  6,524
  6,827
  7,146
  7,482
  7,836
  8,209
  8,602
  9,016
  9,451
  9,908
  10,390
Total liabilities and equity, $m
  19,724
  19,462
  19,909
  20,421
  20,995
  21,632
  22,331
  23,091
  23,914
  24,801
  25,753
  26,771
  27,857
  29,014
  30,243
  31,549
  32,932
  34,395
  35,942
  37,578
  39,304
  41,126
  43,047
  45,072
  47,206
  49,453
  51,820
  54,311
  56,932
  59,688
  62,589
Debt-to-equity ratio
  2.363
  2.610
  2.660
  2.720
  2.790
  2.850
  2.920
  2.990
  3.060
  3.130
  3.200
  3.270
  3.340
  3.400
  3.470
  3.530
  3.600
  3.660
  3.720
  3.770
  3.830
  3.880
  3.930
  3.980
  4.030
  4.070
  4.120
  4.160
  4.200
  4.240
  4.270
Adjusted equity ratio
  0.157
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  340
  329
  333
  337
  340
  343
  347
  351
  355
  359
  363
  373
  378
  383
  388
  394
  400
  406
  413
  420
  427
  434
  442
  451
  459
  469
  478
  488
  499
  510
  522
Depreciation, amort., depletion, $m
  615
  592
  606
  621
  638
  657
  678
  701
  726
  753
  781
  805
  837
  872
  909
  948
  990
  1,034
  1,080
  1,130
  1,182
  1,236
  1,294
  1,355
  1,419
  1,487
  1,558
  1,633
  1,711
  1,794
  1,882
Funds from operations, $m
  1,605
  921
  939
  958
  978
  1,001
  1,025
  1,052
  1,081
  1,112
  1,145
  1,178
  1,215
  1,255
  1,298
  1,342
  1,390
  1,440
  1,493
  1,549
  1,608
  1,671
  1,736
  1,806
  1,878
  1,955
  2,036
  2,121
  2,210
  2,305
  2,404
Change in working capital, $m
  -185
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  1,790
  1,004
  939
  957
  978
  1,000
  1,025
  1,051
  1,080
  1,111
  1,144
  1,177
  1,215
  1,254
  1,297
  1,341
  1,389
  1,439
  1,492
  1,548
  1,607
  1,669
  1,735
  1,804
  1,877
  1,953
  2,034
  2,119
  2,208
  2,302
  2,401
Maintenance CAPEX, $m
  0
  -574
  -585
  -599
  -614
  -631
  -650
  -671
  -694
  -719
  -746
  -774
  -805
  -837
  -872
  -909
  -948
  -990
  -1,034
  -1,080
  -1,130
  -1,182
  -1,236
  -1,294
  -1,355
  -1,419
  -1,487
  -1,558
  -1,633
  -1,711
  -1,794
New CAPEX, $m
  -1,433
  -57
  -67
  -77
  -86
  -96
  -105
  -114
  -124
  -133
  -143
  -153
  -163
  -174
  -185
  -196
  -208
  -220
  -233
  -246
  -260
  -274
  -289
  -304
  -321
  -338
  -356
  -374
  -394
  -414
  -436
Cash from investing activities, $m
  -1,611
  -631
  -652
  -676
  -700
  -727
  -755
  -785
  -818
  -852
  -889
  -927
  -968
  -1,011
  -1,057
  -1,105
  -1,156
  -1,210
  -1,267
  -1,326
  -1,390
  -1,456
  -1,525
  -1,598
  -1,676
  -1,757
  -1,843
  -1,932
  -2,027
  -2,125
  -2,230
Free cash flow, $m
  179
  374
  286
  282
  277
  273
  270
  266
  262
  259
  255
  250
  246
  243
  240
  236
  233
  229
  225
  222
  218
  214
  210
  205
  201
  196
  192
  187
  182
  176
  171
Issuance/(repayment) of debt, $m
  346
  282
  373
  427
  479
  531
  582
  634
  687
  740
  794
  849
  906
  965
  1,025
  1,088
  1,153
  1,221
  1,291
  1,364
  1,440
  1,519
  1,602
  1,689
  1,780
  1,874
  1,973
  2,077
  2,186
  2,299
  2,419
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -236
  282
  373
  427
  479
  531
  582
  634
  687
  740
  794
  849
  906
  965
  1,025
  1,088
  1,153
  1,221
  1,291
  1,364
  1,440
  1,519
  1,602
  1,689
  1,780
  1,874
  1,973
  2,077
  2,186
  2,299
  2,419
Total cash flow (excl. dividends), $m
  -67
  656
  660
  708
  757
  804
  852
  900
  949
  998
  1,049
  1,099
  1,153
  1,208
  1,265
  1,324
  1,386
  1,450
  1,516
  1,585
  1,658
  1,733
  1,812
  1,894
  1,981
  2,071
  2,165
  2,264
  2,367
  2,476
  2,589
Retained Cash Flow (-), $m
  -190
  -62
  -74
  -85
  -95
  -106
  -116
  -126
  -137
  -147
  -158
  -169
  -180
  -192
  -204
  -217
  -230
  -243
  -257
  -271
  -287
  -302
  -319
  -336
  -354
  -373
  -393
  -413
  -435
  -458
  -481
Prev. year cash balance distribution, $m
 
  377
  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
 
  971
  585
  624
  661
  699
  736
  774
  812
  851
  891
  930
  972
  1,016
  1,061
  1,108
  1,156
  1,207
  1,259
  1,314
  1,371
  1,431
  1,493
  1,558
  1,626
  1,698
  1,772
  1,850
  1,932
  2,018
  2,108
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  893
  490
  472
  449
  420
  389
  355
  319
  283
  248
  213
  181
  151
  124
  100
  79
  61
  46
  34
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
  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

ATCO Ltd. engages in structures and logistics, electricity, and pipelines and liquids businesses worldwide. Its Structures and Logistics segment is involved in the design, manufacture, and installation of temporary and permanent modular buildings for office spaces, workforce housing, and other facilities; modular fleet hire and sale activities; and provision of equipment and building maintenance, remote fuel supply and distribution, remote airfield, remote waste management, remote water and wastewater treatment, and remote medical and fire response services, as well as telecommunications, and radar operations and maintenance services. This segment also offers lodge accommodations and related support services, including catering, housekeeping, retail, maintenance, and utility services; noise and air emissions control, and waste heat recovery systems for power generation, oil and gas, petrochemical, and other industrial sites; and pre-fabricated building solutions to aboriginal and other communities. The company’s Energy segment transmits and distributes electricity; and supplies electricity and cogeneration steam from natural gas, coal-fired, and hydroelectric generating plants. . Its Pipelines & Liquids segment engages in the regulated natural gas distribution; non-regulated natural gas transmission through pipelines; non-regulated gathering, storage, processing, and transmission of natural gas; extraction of natural gas liquids; storage of hydro carbons; and provision of industrial water services. The company’s Corporate and Other segment retails electricity and offers natural gas services. ATCO Ltd. was founded in 1947 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  ATCO Ltd. Class I Non-voting Shares (ACO-X)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 1.4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 3.2
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate -2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.1%
Cap. Spend. - 3 Yr. Gr. Rate -10.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 229.8%
Total Debt to Equity 236.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 9.9%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 48%
EBITDA Margin - 3 Yr. Avg. 43.7%
Operating Margin 32.5%
Oper. Margin - 3 Yr. Avg. 27.3%
Pre-Tax Margin 23.1%
Pre-Tax Margin - 3 Yr. Avg. 19.7%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 38.5%

ACO-X stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACO-X stock intrinsic value calculation we used $4045 million for the last fiscal year's total revenue generated by ATCO Ltd. Class I Non-voting Shares. The default revenue input number comes from 2016 income statement of ATCO Ltd. Class I Non-voting Shares. 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 ACO-X 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 8.8%, whose default value for ACO-X is calculated based on our internal credit rating of ATCO Ltd. Class I Non-voting Shares, 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 ATCO Ltd. Class I Non-voting Shares.
    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 ACO-X stock the variable cost ratio is equal to 79.6%.

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 ACO-X 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 4.8% for ATCO Ltd. Class I Non-voting Shares.

Corporate tax rate of 27% is the nominal tax rate for ATCO Ltd. Class I Non-voting Shares. 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 ACO-X 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 ACO-X are equal to 70.9%.

Life of production assets of 4.8 years is the average useful life of capital assets used in ATCO Ltd. Class I Non-voting Shares 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 ACO-X is equal to 0.4%. 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 - $3546 million for ATCO Ltd. Class I Non-voting Shares - 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 113.964 million for ATCO Ltd. Class I Non-voting Shares 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 ATCO Ltd. Class I Non-voting Shares at the current share price and the inputted number of shares is $5.8 billion.


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