Intrinsic value of CGI Group Inc. Class A Subordinate Voti - GIB-A

Previous Close

$67.90

  Intrinsic Value

$125.66

stock screener

  Rating & Target

str. buy

+85%

Previous close

$67.90

 
Intrinsic value

$125.66

 
Up/down potential

+85%

 
Rating

str. buy

We calculate the intrinsic value of GIB-A 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 17.8

 

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, %
  3.85
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  10,683
  11,367
  12,078
  12,819
  13,591
  14,395
  15,234
  16,109
  17,022
  17,976
  18,972
  20,014
  21,102
  22,241
  23,432
  24,679
  25,984
  27,350
  28,782
  30,281
  31,853
  33,500
  35,226
  37,036
  38,933
  40,924
  43,011
  45,200
  47,497
  49,907
  52,435
Variable operating expenses, $m
 
  7,730
  8,171
  8,630
  9,107
  9,605
  10,125
  10,667
  11,232
  11,822
  12,439
  12,391
  13,065
  13,769
  14,507
  15,279
  16,087
  16,933
  17,819
  18,747
  19,720
  20,740
  21,808
  22,929
  24,104
  25,336
  26,628
  27,984
  29,406
  30,897
  32,463
Fixed operating expenses, $m
 
  2,016
  2,067
  2,118
  2,171
  2,225
  2,281
  2,338
  2,397
  2,457
  2,518
  2,581
  2,645
  2,712
  2,779
  2,849
  2,920
  2,993
  3,068
  3,145
  3,223
  3,304
  3,386
  3,471
  3,558
  3,647
  3,738
  3,831
  3,927
  4,025
  4,126
Total operating expenses, $m
  9,230
  9,746
  10,238
  10,748
  11,278
  11,830
  12,406
  13,005
  13,629
  14,279
  14,957
  14,972
  15,710
  16,481
  17,286
  18,128
  19,007
  19,926
  20,887
  21,892
  22,943
  24,044
  25,194
  26,400
  27,662
  28,983
  30,366
  31,815
  33,333
  34,922
  36,589
Operating income, $m
  1,453
  1,620
  1,841
  2,071
  2,312
  2,564
  2,828
  3,104
  3,394
  3,697
  4,015
  5,042
  5,392
  5,760
  6,146
  6,551
  6,977
  7,425
  7,895
  8,390
  8,909
  9,456
  10,031
  10,636
  11,272
  11,941
  12,645
  13,385
  14,164
  14,984
  15,846
EBITDA, $m
  1,853
  2,375
  2,600
  2,834
  3,079
  3,336
  3,604
  3,885
  4,180
  4,488
  4,812
  5,151
  5,507
  5,881
  6,273
  6,685
  7,118
  7,573
  8,052
  8,554
  9,083
  9,638
  10,223
  10,837
  11,484
  12,163
  12,879
  13,631
  14,423
  15,255
  16,132
Interest expense (income), $m
  82
  70
  84
  97
  112
  127
  142
  158
  175
  193
  211
  231
  251
  272
  294
  317
  341
  366
  393
  420
  449
  480
  512
  545
  580
  617
  655
  695
  738
  782
  829
Earnings before tax, $m
  1,453
  1,550
  1,757
  1,974
  2,200
  2,438
  2,686
  2,946
  3,219
  3,504
  3,804
  4,812
  5,142
  5,488
  5,852
  6,234
  6,636
  7,058
  7,502
  7,969
  8,460
  8,976
  9,520
  10,091
  10,692
  11,324
  11,990
  12,690
  13,427
  14,202
  15,018
Tax expense, $m
  384
  418
  474
  533
  594
  658
  725
  795
  869
  946
  1,027
  1,299
  1,388
  1,482
  1,580
  1,683
  1,792
  1,906
  2,026
  2,152
  2,284
  2,424
  2,570
  2,725
  2,887
  3,058
  3,237
  3,426
  3,625
  3,835
  4,055
Net income, $m
  1,069
  1,131
  1,283
  1,441
  1,606
  1,779
  1,961
  2,151
  2,350
  2,558
  2,777
  3,512
  3,753
  4,006
  4,272
  4,551
  4,844
  5,153
  5,477
  5,818
  6,176
  6,553
  6,949
  7,366
  7,805
  8,267
  8,753
  9,264
  9,802
  10,367
  10,963

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  597
  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
  11,693
  11,803
  12,542
  13,312
  14,113
  14,948
  15,819
  16,728
  17,677
  18,667
  19,701
  20,783
  21,913
  23,095
  24,332
  25,627
  26,982
  28,401
  29,888
  31,445
  33,077
  34,787
  36,579
  38,459
  40,429
  42,496
  44,663
  46,937
  49,322
  51,824
  54,450
Adjusted assets (=assets-cash), $m
  11,096
  11,803
  12,542
  13,312
  14,113
  14,948
  15,819
  16,728
  17,677
  18,667
  19,701
  20,783
  21,913
  23,095
  24,332
  25,627
  26,982
  28,401
  29,888
  31,445
  33,077
  34,787
  36,579
  38,459
  40,429
  42,496
  44,663
  46,937
  49,322
  51,824
  54,450
Revenue / Adjusted assets
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
Average production assets, $m
  1,196
  1,273
  1,353
  1,436
  1,522
  1,612
  1,706
  1,804
  1,907
  2,013
  2,125
  2,242
  2,363
  2,491
  2,624
  2,764
  2,910
  3,063
  3,224
  3,392
  3,568
  3,752
  3,945
  4,148
  4,361
  4,583
  4,817
  5,062
  5,320
  5,590
  5,873
Working capital, $m
  425
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  70
  74
  78
  82
  86
  90
  95
  100
  105
Total debt, $m
  1,911
  2,042
  2,377
  2,727
  3,090
  3,470
  3,865
  4,278
  4,708
  5,158
  5,627
  6,118
  6,632
  7,168
  7,730
  8,318
  8,933
  9,577
  10,252
  10,959
  11,700
  12,476
  13,290
  14,143
  15,038
  15,976
  16,960
  17,992
  19,075
  20,211
  21,403
Total liabilities, $m
  5,229
  5,359
  5,694
  6,044
  6,407
  6,787
  7,182
  7,595
  8,025
  8,475
  8,944
  9,435
  9,949
  10,485
  11,047
  11,635
  12,250
  12,894
  13,569
  14,276
  15,017
  15,793
  16,607
  17,460
  18,355
  19,293
  20,277
  21,309
  22,392
  23,528
  24,720
Total equity, $m
  6,465
  6,445
  6,848
  7,268
  7,706
  8,162
  8,637
  9,134
  9,651
  10,192
  10,757
  11,347
  11,965
  12,610
  13,285
  13,992
  14,732
  15,507
  16,319
  17,169
  18,060
  18,994
  19,972
  20,998
  22,074
  23,203
  24,386
  25,628
  26,930
  28,296
  29,730
Total liabilities and equity, $m
  11,694
  11,804
  12,542
  13,312
  14,113
  14,949
  15,819
  16,729
  17,676
  18,667
  19,701
  20,782
  21,914
  23,095
  24,332
  25,627
  26,982
  28,401
  29,888
  31,445
  33,077
  34,787
  36,579
  38,458
  40,429
  42,496
  44,663
  46,937
  49,322
  51,824
  54,450
Debt-to-equity ratio
  0.296
  0.320
  0.350
  0.380
  0.400
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
Adjusted equity ratio
  0.529
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,069
  1,131
  1,283
  1,441
  1,606
  1,779
  1,961
  2,151
  2,350
  2,558
  2,777
  3,512
  3,753
  4,006
  4,272
  4,551
  4,844
  5,153
  5,477
  5,818
  6,176
  6,553
  6,949
  7,366
  7,805
  8,267
  8,753
  9,264
  9,802
  10,367
  10,963
Depreciation, amort., depletion, $m
  400
  755
  759
  763
  767
  772
  776
  781
  786
  791
  796
  109
  115
  121
  127
  134
  141
  149
  156
  165
  173
  182
  192
  201
  212
  222
  234
  246
  258
  271
  285
Funds from operations, $m
  1,065
  1,886
  2,042
  2,204
  2,374
  2,551
  2,737
  2,931
  3,135
  3,349
  3,573
  3,621
  3,868
  4,127
  4,399
  4,685
  4,986
  5,301
  5,633
  5,982
  6,349
  6,735
  7,141
  7,568
  8,017
  8,489
  8,986
  9,509
  10,060
  10,639
  11,248
Change in working capital, $m
  -268
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  1,333
  1,885
  2,040
  2,202
  2,372
  2,549
  2,735
  2,930
  3,134
  3,347
  3,571
  3,619
  3,866
  4,125
  4,397
  4,683
  4,983
  5,299
  5,630
  5,979
  6,346
  6,732
  7,137
  7,564
  8,013
  8,485
  8,982
  9,505
  10,055
  10,634
  11,243
Maintenance CAPEX, $m
  0
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -149
  -156
  -165
  -173
  -182
  -192
  -201
  -212
  -222
  -234
  -246
  -258
  -271
New CAPEX, $m
  -370
  -78
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -283
Cash from investing activities, $m
  -383
  -136
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
  -243
  -254
  -267
  -280
  -294
  -309
  -324
  -341
  -357
  -375
  -395
  -414
  -435
  -456
  -479
  -503
  -528
  -554
Free cash flow, $m
  950
  1,749
  1,899
  2,054
  2,216
  2,385
  2,563
  2,749
  2,944
  3,148
  3,362
  3,399
  3,635
  3,883
  4,143
  4,416
  4,703
  5,004
  5,321
  5,655
  6,005
  6,374
  6,762
  7,170
  7,599
  8,051
  8,526
  9,026
  9,552
  10,106
  10,689
Issuance/(repayment) of debt, $m
  -183
  323
  335
  349
  364
  379
  395
  413
  431
  450
  470
  491
  513
  537
  562
  588
  615
  644
  675
  707
  741
  776
  814
  853
  895
  938
  984
  1,032
  1,083
  1,136
  1,192
Issuance/(repurchase) of shares, $m
  -460
  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  
  -666
  323
  335
  349
  364
  379
  395
  413
  431
  450
  470
  491
  513
  537
  562
  588
  615
  644
  675
  707
  741
  776
  814
  853
  895
  938
  984
  1,032
  1,083
  1,136
  1,192
Total cash flow (excl. dividends), $m
  291
  2,072
  2,234
  2,403
  2,580
  2,765
  2,958
  3,161
  3,374
  3,597
  3,832
  3,890
  4,148
  4,419
  4,704
  5,003
  5,318
  5,649
  5,996
  6,362
  6,746
  7,150
  7,576
  8,023
  8,494
  8,989
  9,510
  10,058
  10,635
  11,242
  11,880
Retained Cash Flow (-), $m
  -383
  -385
  -403
  -420
  -438
  -456
  -476
  -496
  -518
  -541
  -565
  -590
  -617
  -646
  -675
  -707
  -740
  -775
  -812
  -850
  -891
  -934
  -979
  -1,026
  -1,076
  -1,128
  -1,183
  -1,241
  -1,302
  -1,366
  -1,433
Prev. year cash balance distribution, $m
 
  405
  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
 
  2,092
  1,831
  1,983
  2,142
  2,309
  2,483
  2,665
  2,856
  3,057
  3,267
  3,300
  3,531
  3,774
  4,029
  4,297
  4,578
  4,874
  5,185
  5,511
  5,855
  6,217
  6,597
  6,997
  7,418
  7,861
  8,327
  8,817
  9,333
  9,876
  10,447
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
 
  2,006
  1,676
  1,726
  1,764
  1,789
  1,802
  1,801
  1,785
  1,756
  1,713
  1,567
  1,507
  1,435
  1,353
  1,261
  1,163
  1,060
  955
  849
  744
  643
  547
  459
  378
  306
  243
  189
  144
  108
  79
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

CGI Group Inc. (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company's services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions. The Company's segments are United States of America (U.S.); Nordics; Canada; France (including Luxembourg and Morocco) (France); United Kingdom (U.K.); Eastern, Central and Southern Europe (primarily the Netherlands and Germany) (ECS); and Asia Pacific (including Australia, India and the Philippines) (Asia Pacific). Its services in an end-to-end engagement include application development, integration and maintenance; technology infrastructure management; and business process services, such as collections and payroll management. Its Internet Protocol (IP)-based business solutions include CGI Advantage, Momentum, Credit Services Solutions, CGI Atlas360 and CGI Trade360.

FINANCIAL RATIOS  of  CGI Group Inc. Class A Subordinate Voti (GIB-A)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.9
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 21.5
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.5%
Cap. Spend. - 3 Yr. Gr. Rate 11.7%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 26.6%
Total Debt to Equity 29.6%
Interest Coverage 19
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 17%
Return On Equity - 3 Yr. Avg. 17.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 30.3%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 18.1%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 13.6%
Oper. Margin - 3 Yr. Avg. 12.8%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 26.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 0%

GIB-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIB-A stock intrinsic value calculation we used $10683 million for the last fiscal year's total revenue generated by CGI Group Inc. Class A Subordinate Voti. The default revenue input number comes from 2016 income statement of CGI Group Inc. Class A Subordinate Voti. 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 GIB-A stock valuation model: a) initial revenue growth rate of 6.4% 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 GIB-A is calculated based on our internal credit rating of CGI Group Inc. Class A Subordinate Voti, 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 CGI Group Inc. Class A Subordinate Voti.
    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 GIB-A stock the variable cost ratio is equal to 68.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1967 million in the base year in the intrinsic value calculation for GIB-A 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 CGI Group Inc. Class A Subordinate Voti.

Corporate tax rate of 27% is the nominal tax rate for CGI Group Inc. Class A Subordinate Voti. 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 GIB-A 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 GIB-A are equal to 11.2%.

Life of production assets of 20.6 years is the average useful life of capital assets used in CGI Group Inc. Class A Subordinate Voti 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 GIB-A is equal to 0.2%. 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 - $6465 million for CGI Group Inc. Class A Subordinate Voti - 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 262.392 million for CGI Group Inc. Class A Subordinate Voti 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 CGI Group Inc. Class A Subordinate Voti at the current share price and the inputted number of shares is $17.8 billion.

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Financial statements of GIB-A
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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