Intrinsic value of Intact Financial Corporation - IFC

Previous Close

$96.79

  Intrinsic Value

$189.50

stock screener

  Rating & Target

str. buy

+96%

  Value-price divergence*

+246%

Previous close

$96.79

 
Intrinsic value

$189.50

 
Up/down potential

+96%

 
Rating

str. buy

 
Value-price divergence*

+246%

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

We calculate the intrinsic value of IFC 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 12.7

 

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, %
  5.08
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  0
  9,191
  9,973
  10,787
  11,633
  12,512
  13,426
  14,376
  15,363
  16,389
  17,456
  18,566
  19,722
  20,925
  22,178
  23,485
  24,848
  26,270
  27,754
  29,305
  30,924
  32,617
  34,387
  36,239
  38,176
  40,203
  42,326
  44,549
  46,878
  49,317
  51,874
Variable operating expenses, $m
 
  8,177
  8,861
  9,572
  10,312
  11,081
  11,880
  12,710
  13,573
  14,470
  15,403
  16,234
  17,244
  18,296
  19,392
  20,535
  21,727
  22,970
  24,268
  25,623
  27,039
  28,520
  30,067
  31,686
  33,380
  35,153
  37,009
  38,953
  40,989
  43,122
  45,357
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
  7,754
  8,177
  8,861
  9,572
  10,312
  11,081
  11,880
  12,710
  13,573
  14,470
  15,403
  16,234
  17,244
  18,296
  19,392
  20,535
  21,727
  22,970
  24,268
  25,623
  27,039
  28,520
  30,067
  31,686
  33,380
  35,153
  37,009
  38,953
  40,989
  43,122
  45,357
Operating income, $m
  686
  1,014
  1,113
  1,215
  1,321
  1,432
  1,546
  1,666
  1,790
  1,919
  2,053
  2,332
  2,477
  2,629
  2,786
  2,950
  3,122
  3,300
  3,487
  3,681
  3,885
  4,097
  4,320
  4,552
  4,796
  5,050
  5,317
  5,596
  5,889
  6,195
  6,517
EBITDA, $m
  773
  1,201
  1,304
  1,410
  1,521
  1,636
  1,755
  1,879
  2,008
  2,142
  2,282
  2,427
  2,578
  2,735
  2,899
  3,070
  3,248
  3,434
  3,628
  3,831
  4,043
  4,264
  4,495
  4,737
  4,990
  5,256
  5,533
  5,824
  6,128
  6,447
  6,781
Interest expense (income), $m
  0
  49
  101
  156
  213
  273
  334
  398
  465
  534
  606
  681
  759
  840
  924
  1,012
  1,103
  1,199
  1,299
  1,403
  1,511
  1,625
  1,743
  1,868
  1,997
  2,133
  2,275
  2,424
  2,580
  2,743
  2,914
Earnings before tax, $m
  686
  966
  1,011
  1,059
  1,108
  1,159
  1,212
  1,267
  1,325
  1,385
  1,447
  1,652
  1,719
  1,789
  1,862
  1,939
  2,018
  2,101
  2,188
  2,279
  2,374
  2,473
  2,576
  2,685
  2,798
  2,917
  3,042
  3,172
  3,309
  3,452
  3,602
Tax expense, $m
  145
  261
  273
  286
  299
  313
  327
  342
  358
  374
  391
  446
  464
  483
  503
  523
  545
  567
  591
  615
  641
  668
  696
  725
  756
  788
  821
  857
  893
  932
  973
Net income, $m
  541
  705
  738
  773
  809
  846
  885
  925
  967
  1,011
  1,056
  1,206
  1,255
  1,306
  1,359
  1,415
  1,473
  1,534
  1,597
  1,663
  1,733
  1,805
  1,881
  1,960
  2,043
  2,130
  2,221
  2,316
  2,416
  2,520
  2,630

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
  22,991
  25,044
  27,175
  29,393
  31,698
  34,094
  36,584
  39,171
  41,860
  44,656
  47,564
  50,589
  53,737
  57,016
  60,432
  63,993
  67,706
  71,581
  75,625
  79,849
  84,262
  88,875
  93,698
  98,743
  104,021
  109,546
  115,330
  121,387
  127,732
  134,379
  141,345
Adjusted assets (=assets-cash), $m
  22,991
  25,044
  27,175
  29,393
  31,698
  34,094
  36,584
  39,171
  41,860
  44,656
  47,564
  50,589
  53,737
  57,016
  60,432
  63,993
  67,706
  71,581
  75,625
  79,849
  84,262
  88,875
  93,698
  98,743
  104,021
  109,546
  115,330
  121,387
  127,732
  134,379
  141,345
Revenue / Adjusted assets
  0.000
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
Average production assets, $m
  1,294
  1,406
  1,526
  1,650
  1,780
  1,914
  2,054
  2,199
  2,350
  2,507
  2,671
  2,841
  3,017
  3,201
  3,393
  3,593
  3,802
  4,019
  4,246
  4,484
  4,731
  4,990
  5,261
  5,545
  5,841
  6,151
  6,476
  6,816
  7,172
  7,546
  7,937
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
  1,393
  2,897
  4,464
  6,093
  7,788
  9,549
  11,379
  13,281
  15,257
  17,312
  19,449
  21,673
  23,987
  26,397
  28,907
  31,525
  34,254
  37,102
  40,075
  43,179
  46,423
  49,813
  53,358
  57,066
  60,946
  65,006
  69,257
  73,709
  78,373
  83,259
  88,378
Total liabilities, $m
  16,903
  18,407
  19,974
  21,603
  23,298
  25,059
  26,889
  28,791
  30,767
  32,822
  34,959
  37,183
  39,497
  41,907
  44,417
  47,035
  49,764
  52,612
  55,585
  58,689
  61,933
  65,323
  68,868
  72,576
  76,456
  80,516
  84,767
  89,219
  93,883
  98,769
  103,888
Total equity, $m
  6,088
  6,637
  7,201
  7,789
  8,400
  9,035
  9,695
  10,380
  11,093
  11,834
  12,604
  13,406
  14,240
  15,109
  16,014
  16,958
  17,942
  18,969
  20,041
  21,160
  22,330
  23,552
  24,830
  26,167
  27,566
  29,030
  30,562
  32,168
  33,849
  35,610
  37,456
Total liabilities and equity, $m
  22,991
  25,044
  27,175
  29,392
  31,698
  34,094
  36,584
  39,171
  41,860
  44,656
  47,563
  50,589
  53,737
  57,016
  60,431
  63,993
  67,706
  71,581
  75,626
  79,849
  84,263
  88,875
  93,698
  98,743
  104,022
  109,546
  115,329
  121,387
  127,732
  134,379
  141,344
Debt-to-equity ratio
  0.229
  0.440
  0.620
  0.780
  0.930
  1.060
  1.170
  1.280
  1.380
  1.460
  1.540
  1.620
  1.680
  1.750
  1.810
  1.860
  1.910
  1.960
  2.000
  2.040
  2.080
  2.120
  2.150
  2.180
  2.210
  2.240
  2.270
  2.290
  2.320
  2.340
  2.360
Adjusted equity ratio
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  541
  705
  738
  773
  809
  846
  885
  925
  967
  1,011
  1,056
  1,206
  1,255
  1,306
  1,359
  1,415
  1,473
  1,534
  1,597
  1,663
  1,733
  1,805
  1,881
  1,960
  2,043
  2,130
  2,221
  2,316
  2,416
  2,520
  2,630
Depreciation, amort., depletion, $m
  87
  187
  191
  195
  200
  204
  209
  214
  219
  224
  229
  95
  101
  107
  113
  120
  127
  134
  142
  149
  158
  166
  175
  185
  195
  205
  216
  227
  239
  252
  265
Funds from operations, $m
  1,043
  892
  929
  968
  1,008
  1,050
  1,094
  1,139
  1,186
  1,235
  1,285
  1,300
  1,355
  1,413
  1,473
  1,535
  1,600
  1,668
  1,739
  1,813
  1,890
  1,971
  2,056
  2,145
  2,238
  2,335
  2,436
  2,543
  2,655
  2,772
  2,894
Change in working capital, $m
  118
  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
  925
  892
  929
  968
  1,008
  1,050
  1,094
  1,139
  1,186
  1,235
  1,285
  1,300
  1,355
  1,413
  1,473
  1,535
  1,600
  1,668
  1,739
  1,813
  1,890
  1,971
  2,056
  2,145
  2,238
  2,335
  2,436
  2,543
  2,655
  2,772
  2,894
Maintenance CAPEX, $m
  0
  -43
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -142
  -149
  -158
  -166
  -175
  -185
  -195
  -205
  -216
  -227
  -239
  -252
New CAPEX, $m
  -120
  -113
  -120
  -124
  -129
  -135
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -271
  -283
  -296
  -310
  -325
  -340
  -356
  -373
  -391
Cash from investing activities, $m
  -759
  -156
  -167
  -175
  -184
  -194
  -204
  -213
  -224
  -235
  -247
  -259
  -272
  -285
  -299
  -313
  -329
  -345
  -361
  -379
  -397
  -417
  -437
  -458
  -481
  -505
  -530
  -556
  -583
  -612
  -643
Free cash flow, $m
  166
  736
  763
  793
  824
  856
  890
  925
  961
  999
  1,039
  1,041
  1,084
  1,128
  1,174
  1,222
  1,272
  1,324
  1,378
  1,434
  1,493
  1,555
  1,619
  1,686
  1,756
  1,830
  1,907
  1,987
  2,071
  2,159
  2,252
Issuance/(repayment) of debt, $m
  248
  1,504
  1,566
  1,630
  1,694
  1,761
  1,830
  1,902
  1,977
  2,055
  2,137
  2,223
  2,314
  2,410
  2,511
  2,617
  2,729
  2,848
  2,973
  3,105
  3,244
  3,390
  3,545
  3,708
  3,880
  4,061
  4,251
  4,452
  4,663
  4,886
  5,120
Issuance/(repurchase) of shares, $m
  -63
  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  
  185
  1,504
  1,566
  1,630
  1,694
  1,761
  1,830
  1,902
  1,977
  2,055
  2,137
  2,223
  2,314
  2,410
  2,511
  2,617
  2,729
  2,848
  2,973
  3,105
  3,244
  3,390
  3,545
  3,708
  3,880
  4,061
  4,251
  4,452
  4,663
  4,886
  5,120
Total cash flow (excl. dividends), $m
  351
  2,241
  2,329
  2,422
  2,518
  2,617
  2,720
  2,827
  2,938
  3,054
  3,176
  3,265
  3,398
  3,538
  3,685
  3,839
  4,001
  4,171
  4,351
  4,539
  4,737
  4,945
  5,164
  5,394
  5,636
  5,890
  6,158
  6,439
  6,735
  7,045
  7,372
Retained Cash Flow (-), $m
  -364
  -549
  -565
  -588
  -611
  -635
  -660
  -686
  -713
  -741
  -770
  -802
  -834
  -869
  -905
  -944
  -984
  -1,027
  -1,072
  -1,119
  -1,169
  -1,222
  -1,278
  -1,337
  -1,399
  -1,464
  -1,533
  -1,605
  -1,681
  -1,762
  -1,846
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
 
  1,692
  1,764
  1,835
  1,907
  1,982
  2,060
  2,141
  2,225
  2,313
  2,405
  2,463
  2,564
  2,669
  2,780
  2,895
  3,017
  3,145
  3,279
  3,419
  3,567
  3,723
  3,886
  4,057
  4,237
  4,426
  4,625
  4,834
  5,053
  5,284
  5,526
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
 
  1,622
  1,615
  1,597
  1,571
  1,537
  1,495
  1,447
  1,391
  1,329
  1,261
  1,170
  1,094
  1,015
  933
  850
  767
  684
  604
  526
  453
  385
  322
  266
  216
  172
  135
  104
  78
  58
  42
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

Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products for individuals and businesses in Canada. It principally underwrites automobile, home, and commercial property and casualty insurance contracts. The company distributes its products through a network of insurance brokers, as well as sells its products directly to consumers through call centers and the Internet. Intact Financial Corporation offers its products and services under the Intact Insurance, belairdirect, Grey Power, and Novex Group Insurance brands. The company was formerly known as ING Canada Inc. and changed its name to Intact Financial Corporation in 2009. Intact Financial Corporation was founded in 1809 and is based in Toronto, Canada.

FINANCIAL RATIOS  of  Intact Financial Corporation (IFC)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 1.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 15.8
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 22.9%
Total Debt to Equity 22.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 10.4%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 21.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.6%
Payout Ratio 59.9%

IFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IFC stock intrinsic value calculation we used $8440 million for the last fiscal year's total revenue generated by Intact Financial Corporation. The default revenue input number comes from 2016 income statement of Intact Financial 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 IFC stock valuation model: a) initial revenue growth rate of 8.9% 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 4.3%, whose default value for IFC is calculated based on our internal credit rating of Intact Financial 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 Intact Financial 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 IFC stock the variable cost ratio is equal to 89.1%.

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 IFC 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 Intact Financial Corporation.

Corporate tax rate of 27% is the nominal tax rate for Intact Financial 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 IFC 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 IFC are equal to 15.3%.

Life of production assets of 30.2 years is the average useful life of capital assets used in Intact Financial 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 IFC 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 - $6088 million for Intact Financial 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 130.989 million for Intact Financial 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 Intact Financial Corporation at the current share price and the inputted number of shares is $12.7 billion.

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Stock chart of IFC Financial statements of IFC
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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