Intrinsic value of Industrial Alliance Insurance and Financ - IAG

Previous Close

$58.05

  Intrinsic Value

$244.53

stock screener

  Rating & Target

str. buy

+321%

  Value-price divergence*

+974%

Previous close

$58.05

 
Intrinsic value

$244.53

 
Up/down potential

+321%

 
Rating

str. buy

 
Value-price divergence*

+974%

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

We calculate the intrinsic value of IAG 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 6.1

 

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, %
  13.50
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  0
  9,581
  9,844
  10,137
  10,459
  10,811
  11,191
  11,602
  12,044
  12,516
  13,021
  13,558
  14,130
  14,737
  15,380
  16,061
  16,781
  17,543
  18,347
  19,195
  20,090
  21,033
  22,028
  23,075
  24,177
  25,338
  26,559
  27,845
  29,196
  30,618
  32,113
Variable operating expenses, $m
 
  7,098
  7,293
  7,509
  7,746
  8,006
  8,287
  8,590
  8,915
  9,264
  9,636
  10,001
  10,423
  10,871
  11,345
  11,847
  12,379
  12,940
  13,533
  14,159
  14,819
  15,515
  16,249
  17,021
  17,834
  18,691
  19,592
  20,540
  21,537
  22,585
  23,688
Fixed operating expenses, $m
 
  1,733
  1,777
  1,821
  1,867
  1,913
  1,961
  2,010
  2,060
  2,112
  2,165
  2,219
  2,274
  2,331
  2,389
  2,449
  2,510
  2,573
  2,637
  2,703
  2,771
  2,840
  2,911
  2,984
  3,059
  3,135
  3,213
  3,294
  3,376
  3,460
  3,547
Total operating expenses, $m
  8,576
  8,831
  9,070
  9,330
  9,613
  9,919
  10,248
  10,600
  10,975
  11,376
  11,801
  12,220
  12,697
  13,202
  13,734
  14,296
  14,889
  15,513
  16,170
  16,862
  17,590
  18,355
  19,160
  20,005
  20,893
  21,826
  22,805
  23,834
  24,913
  26,045
  27,235
Operating income, $m
  771
  749
  775
  807
  846
  892
  944
  1,002
  1,068
  1,141
  1,220
  1,338
  1,433
  1,535
  1,646
  1,764
  1,892
  2,029
  2,176
  2,332
  2,500
  2,678
  2,868
  3,070
  3,284
  3,512
  3,754
  4,011
  4,284
  4,572
  4,878
EBITDA, $m
  882
  857
  885
  920
  962
  1,010
  1,065
  1,127
  1,196
  1,272
  1,356
  1,447
  1,546
  1,654
  1,769
  1,894
  2,027
  2,170
  2,323
  2,487
  2,661
  2,847
  3,045
  3,255
  3,479
  3,716
  3,968
  4,235
  4,518
  4,818
  5,136
Interest expense (income), $m
  32
  35
  45
  96
  152
  214
  281
  354
  433
  518
  609
  706
  809
  919
  1,035
  1,159
  1,290
  1,428
  1,574
  1,729
  1,892
  2,064
  2,245
  2,436
  2,637
  2,849
  3,072
  3,306
  3,553
  3,813
  4,086
Earnings before tax, $m
  694
  714
  730
  711
  694
  678
  662
  648
  635
  622
  611
  632
  624
  616
  610
  606
  603
  601
  602
  604
  608
  614
  623
  634
  647
  664
  683
  705
  730
  759
  792
Tax expense, $m
  146
  193
  197
  192
  187
  183
  179
  175
  171
  168
  165
  171
  168
  166
  165
  164
  163
  162
  162
  163
  164
  166
  168
  171
  175
  179
  184
  190
  197
  205
  214
Net income, $m
  548
  521
  533
  519
  507
  495
  484
  473
  463
  454
  446
  462
  455
  450
  445
  442
  440
  439
  439
  441
  444
  448
  455
  463
  473
  485
  498
  515
  533
  554
  578

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  57,050
  58,419
  60,025
  61,811
  63,775
  65,918
  68,241
  70,746
  73,437
  76,319
  79,396
  82,673
  86,158
  89,858
  93,780
  97,932
  102,325
  106,967
  111,870
  117,043
  122,500
  128,253
  134,315
  140,700
  147,423
  154,500
  161,948
  169,784
  178,026
  186,694
  195,809
Adjusted assets (=assets-cash), $m
  57,050
  58,419
  60,025
  61,811
  63,775
  65,918
  68,241
  70,746
  73,437
  76,319
  79,396
  82,673
  86,158
  89,858
  93,780
  97,932
  102,325
  106,967
  111,870
  117,043
  122,500
  128,253
  134,315
  140,700
  147,423
  154,500
  161,948
  169,784
  178,026
  186,694
  195,809
Revenue / Adjusted assets
  0.000
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
  0.164
Average production assets, $m
  694
  709
  728
  750
  774
  800
  828
  859
  891
  926
  964
  1,003
  1,046
  1,091
  1,138
  1,189
  1,242
  1,298
  1,358
  1,420
  1,487
  1,556
  1,630
  1,708
  1,789
  1,875
  1,965
  2,060
  2,161
  2,266
  2,376
Working capital, $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
Total debt, $m
  995
  1,287
  2,733
  4,340
  6,108
  8,036
  10,126
  12,381
  14,804
  17,397
  20,166
  23,116
  26,253
  29,582
  33,112
  36,849
  40,802
  44,980
  49,393
  54,049
  58,960
  64,138
  69,593
  75,340
  81,391
  87,760
  94,463
  101,515
  108,933
  116,735
  124,938
Total liabilities, $m
  52,285
  52,577
  54,023
  55,630
  57,398
  59,326
  61,416
  63,671
  66,094
  68,687
  71,456
  74,406
  77,543
  80,872
  84,402
  88,139
  92,092
  96,270
  100,683
  105,339
  110,250
  115,428
  120,883
  126,630
  132,681
  139,050
  145,753
  152,805
  160,223
  168,025
  176,228
Total equity, $m
  4,765
  5,842
  6,003
  6,181
  6,378
  6,592
  6,824
  7,075
  7,344
  7,632
  7,940
  8,267
  8,616
  8,986
  9,378
  9,793
  10,232
  10,697
  11,187
  11,704
  12,250
  12,825
  13,431
  14,070
  14,742
  15,450
  16,195
  16,978
  17,803
  18,669
  19,581
Total liabilities and equity, $m
  57,050
  58,419
  60,026
  61,811
  63,776
  65,918
  68,240
  70,746
  73,438
  76,319
  79,396
  82,673
  86,159
  89,858
  93,780
  97,932
  102,324
  106,967
  111,870
  117,043
  122,500
  128,253
  134,314
  140,700
  147,423
  154,500
  161,948
  169,783
  178,026
  186,694
  195,809
Debt-to-equity ratio
  0.209
  0.220
  0.460
  0.700
  0.960
  1.220
  1.480
  1.750
  2.020
  2.280
  2.540
  2.800
  3.050
  3.290
  3.530
  3.760
  3.990
  4.210
  4.420
  4.620
  4.810
  5.000
  5.180
  5.350
  5.520
  5.680
  5.830
  5.980
  6.120
  6.250
  6.380
Adjusted equity ratio
  0.084
  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
  548
  521
  533
  519
  507
  495
  484
  473
  463
  454
  446
  462
  455
  450
  445
  442
  440
  439
  439
  441
  444
  448
  455
  463
  473
  485
  498
  515
  533
  554
  578
Depreciation, amort., depletion, $m
  111
  108
  110
  113
  115
  118
  121
  125
  128
  132
  136
  109
  114
  119
  124
  129
  135
  141
  148
  154
  162
  169
  177
  186
  194
  204
  214
  224
  235
  246
  258
Funds from operations, $m
  -844
  630
  643
  632
  622
  613
  605
  598
  591
  586
  582
  571
  569
  568
  569
  571
  575
  580
  587
  595
  605
  618
  632
  648
  667
  688
  712
  739
  768
  801
  836
Change in working capital, $m
  -748
  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 operations, $m
  -96
  630
  643
  632
  622
  613
  605
  598
  591
  586
  582
  571
  569
  568
  569
  571
  575
  580
  587
  595
  605
  618
  632
  648
  667
  688
  712
  739
  768
  801
  836
Maintenance CAPEX, $m
  0
  -75
  -77
  -79
  -82
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -148
  -154
  -162
  -169
  -177
  -186
  -194
  -204
  -214
  -224
  -235
  -246
New CAPEX, $m
  -92
  -15
  -19
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -111
Cash from investing activities, $m
  -112
  -90
  -96
  -101
  -106
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -167
  -174
  -182
  -191
  -200
  -211
  -220
  -232
  -243
  -254
  -268
  -280
  -294
  -309
  -324
  -340
  -357
Free cash flow, $m
  -208
  539
  547
  531
  517
  503
  490
  477
  466
  454
  444
  426
  418
  410
  403
  397
  392
  389
  386
  385
  385
  386
  389
  394
  400
  408
  418
  430
  444
  461
  480
Issuance/(repayment) of debt, $m
  148
  292
  1,446
  1,607
  1,768
  1,928
  2,091
  2,255
  2,422
  2,593
  2,769
  2,950
  3,137
  3,330
  3,530
  3,737
  3,953
  4,178
  4,412
  4,656
  4,911
  5,177
  5,456
  5,747
  6,051
  6,369
  6,703
  7,052
  7,418
  7,802
  8,203
Issuance/(repurchase) of shares, $m
  182
  556
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  25
  51
  77
  102
  127
  151
  176
  200
  223
  246
  269
  291
  312
  333
Cash from financing (excl. dividends), $m  
  298
  848
  1,446
  1,607
  1,768
  1,928
  2,091
  2,255
  2,422
  2,593
  2,769
  2,950
  3,137
  3,330
  3,530
  3,737
  3,953
  4,203
  4,463
  4,733
  5,013
  5,304
  5,607
  5,923
  6,251
  6,592
  6,949
  7,321
  7,709
  8,114
  8,536
Total cash flow (excl. dividends), $m
  89
  1,386
  1,992
  2,139
  2,284
  2,431
  2,580
  2,732
  2,888
  3,048
  3,213
  3,376
  3,554
  3,739
  3,933
  4,135
  4,346
  4,592
  4,849
  5,118
  5,398
  5,690
  5,996
  6,316
  6,651
  7,001
  7,367
  7,751
  8,153
  8,575
  9,016
Retained Cash Flow (-), $m
  -581
  -1,077
  -161
  -179
  -196
  -214
  -232
  -251
  -269
  -288
  -308
  -328
  -349
  -370
  -392
  -415
  -439
  -464
  -490
  -517
  -546
  -575
  -606
  -639
  -672
  -708
  -745
  -784
  -824
  -867
  -911
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
 
  309
  1,832
  1,960
  2,088
  2,217
  2,348
  2,482
  2,619
  2,760
  2,906
  3,048
  3,206
  3,370
  3,541
  3,719
  3,906
  4,128
  4,359
  4,600
  4,852
  5,115
  5,390
  5,677
  5,978
  6,293
  6,622
  6,967
  7,329
  7,708
  8,105
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
 
  297
  1,677
  1,706
  1,719
  1,719
  1,704
  1,677
  1,637
  1,585
  1,523
  1,448
  1,368
  1,281
  1,189
  1,092
  993
  898
  803
  708
  617
  529
  447
  372
  304
  245
  193
  150
  113
  84
  61
Current shareholders' claim on cash, %
  100
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.7
  91.5
  91.2
  90.7
  90.1
  89.3
  88.5
  87.6
  86.7
  85.7
  84.6
  83.5
  82.4
  81.3
  80.2

Industrial Alliance Insurance and Financial Services Inc., doing business as, iA Financial Group, primarily provides various life and health insurance products in Canada. It operates through Individual Insurance, Individual Wealth Management, Group Insurance, and Group Savings and Retirement segments. The company offers various individual insurance products and services, including life, car, home, mortgage, critical illness, disability, personal accident, and other group insurance coverages, as well as specialized insurance products and solutions; and residential mortgage loans, registered retirement savings plan (RRSP) loans, registered education savings plan (RESP) loans, and other loans. It also provides savings and retirement products, such as RRSP products, tax-free savings accounts, locked-in retirement accounts, voluntary retirement savings plans, and non-registered savings plans; registered retirement income funds, life income funds, and annuities; RESP products for childrenÂ’s education; segregated funds; and various financial products. In addition, the company offers group insurance products and services, including medical and paramedical care, homecare, vision and dental care, life, accidental death and dismemberment, short and long-term disability, travel, term life and critical illness, and employee assistance program insurance products; services for members and administrators; special market solutions; group retirement plans; and dealer services for various insurance products, as well as leases office space. Further, it provides advisory and brokerage services for individual and group insurance, individual savings, lawyer or notary, and automobile and recreational dealer; and advisory services for group retirement plans and securities, as well as acts as a broker for special risk insurance products, mortgage, and real estate. The company was founded in 1892 and is headquartered in Quebec City, Canada.

FINANCIAL RATIOS  of  Industrial Alliance Insurance and Financ (IAG)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 0.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -64.2
Price to Free Cash Flow -32.8
Growth Rates
Sales Growth Rate 13.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 20.9%
Total Debt to Equity 20.9%
Interest Coverage 23
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 12.2%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 5%
Effective Tax Rate 21%
Eff/ Tax Rate - 3 Yr. Avg. 10.1%
Payout Ratio 26.6%

IAG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IAG stock intrinsic value calculation we used $9347 million for the last fiscal year's total revenue generated by Industrial Alliance Insurance and Financ. The default revenue input number comes from 2016 income statement of Industrial Alliance Insurance and Financ. 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 IAG stock valuation model: a) initial revenue growth rate of 2.5% 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 IAG is calculated based on our internal credit rating of Industrial Alliance Insurance and Financ, 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 Industrial Alliance Insurance and Financ.
    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 IAG stock the variable cost ratio is equal to 74.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1691 million in the base year in the intrinsic value calculation for IAG 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 Industrial Alliance Insurance and Financ.

Corporate tax rate of 27% is the nominal tax rate for Industrial Alliance Insurance and Financ. 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 IAG 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 IAG are equal to 7.4%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Industrial Alliance Insurance and Financ 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 IAG is equal to 0%. 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 - $4765 million for Industrial Alliance Insurance and Financ - 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 105.284 million for Industrial Alliance Insurance and Financ 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 Industrial Alliance Insurance and Financ at the current share price and the inputted number of shares is $6.1 billion.

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Stock chart of IAG Financial statements of IAG
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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