Intrinsic value of IGM Financial Inc. - IGM

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$40.75

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of IGM 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 9.8

 

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, %
  0.82
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  2,941
  3,223
  3,518
  3,825
  4,144
  4,477
  4,822
  5,181
  5,554
  5,942
  6,345
  6,764
  7,200
  7,653
  8,125
  8,617
  9,130
  9,664
  10,221
  10,803
  11,410
  12,045
  12,707
  13,400
  14,125
  14,883
  15,676
  16,507
  17,376
  18,287
  19,241
Variable operating expenses, $m
 
  2,124
  2,294
  2,471
  2,655
  2,847
  3,046
  3,253
  3,468
  3,692
  3,924
  3,900
  4,151
  4,413
  4,685
  4,968
  5,264
  5,572
  5,893
  6,228
  6,579
  6,944
  7,327
  7,726
  8,144
  8,581
  9,038
  9,517
  10,018
  10,543
  11,093
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
  2,006
  2,124
  2,294
  2,471
  2,655
  2,847
  3,046
  3,253
  3,468
  3,692
  3,924
  3,900
  4,151
  4,413
  4,685
  4,968
  5,264
  5,572
  5,893
  6,228
  6,579
  6,944
  7,327
  7,726
  8,144
  8,581
  9,038
  9,517
  10,018
  10,543
  11,093
Operating income, $m
  935
  1,099
  1,224
  1,354
  1,489
  1,630
  1,776
  1,928
  2,086
  2,250
  2,421
  2,864
  3,049
  3,241
  3,441
  3,649
  3,866
  4,092
  4,328
  4,574
  4,832
  5,100
  5,381
  5,674
  5,981
  6,302
  6,638
  6,990
  7,358
  7,744
  8,147
EBITDA, $m
  978
  1,410
  1,539
  1,674
  1,813
  1,959
  2,110
  2,267
  2,430
  2,600
  2,776
  2,960
  3,150
  3,349
  3,555
  3,770
  3,995
  4,228
  4,472
  4,727
  4,992
  5,270
  5,560
  5,863
  6,180
  6,512
  6,859
  7,222
  7,603
  8,001
  8,419
Interest expense (income), $m
  210
  317
  353
  391
  431
  472
  515
  560
  607
  655
  705
  757
  812
  868
  927
  988
  1,052
  1,118
  1,187
  1,259
  1,334
  1,413
  1,495
  1,581
  1,671
  1,765
  1,863
  1,965
  2,073
  2,185
  2,303
Earnings before tax, $m
  947
  782
  870
  962
  1,058
  1,157
  1,260
  1,368
  1,479
  1,595
  1,716
  2,107
  2,237
  2,373
  2,514
  2,661
  2,814
  2,974
  3,141
  3,315
  3,497
  3,687
  3,886
  4,093
  4,310
  4,538
  4,775
  5,024
  5,285
  5,558
  5,844
Tax expense, $m
  168
  211
  235
  260
  286
  312
  340
  369
  399
  431
  463
  569
  604
  641
  679
  718
  760
  803
  848
  895
  944
  996
  1,049
  1,105
  1,164
  1,225
  1,289
  1,357
  1,427
  1,501
  1,578
Net income, $m
  779
  571
  635
  702
  772
  845
  920
  998
  1,080
  1,164
  1,252
  1,538
  1,633
  1,732
  1,835
  1,943
  2,055
  2,171
  2,293
  2,420
  2,553
  2,692
  2,837
  2,988
  3,147
  3,312
  3,486
  3,668
  3,858
  4,057
  4,266

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  611
  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
  15,625
  16,446
  17,949
  19,515
  21,145
  22,841
  24,603
  26,435
  28,338
  30,316
  32,372
  34,510
  36,733
  39,047
  41,456
  43,965
  46,580
  49,306
  52,150
  55,117
  58,215
  61,452
  64,834
  68,369
  72,066
  75,934
  79,981
  84,218
  88,654
  93,301
  98,168
Adjusted assets (=assets-cash), $m
  15,014
  16,446
  17,949
  19,515
  21,145
  22,841
  24,603
  26,435
  28,338
  30,316
  32,372
  34,510
  36,733
  39,047
  41,456
  43,965
  46,580
  49,306
  52,150
  55,117
  58,215
  61,452
  64,834
  68,369
  72,066
  75,934
  79,981
  84,218
  88,654
  93,301
  98,168
Revenue / Adjusted assets
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
Average production assets, $m
  1,244
  1,363
  1,488
  1,618
  1,753
  1,894
  2,040
  2,192
  2,349
  2,513
  2,684
  2,861
  3,045
  3,237
  3,437
  3,645
  3,862
  4,088
  4,324
  4,570
  4,827
  5,095
  5,375
  5,668
  5,975
  6,296
  6,631
  6,982
  7,350
  7,735
  8,139
Working capital, $m
  0
  -670
  -732
  -796
  -862
  -931
  -1,003
  -1,078
  -1,155
  -1,236
  -1,320
  -1,407
  -1,498
  -1,592
  -1,690
  -1,792
  -1,899
  -2,010
  -2,126
  -2,247
  -2,373
  -2,505
  -2,643
  -2,787
  -2,938
  -3,096
  -3,261
  -3,433
  -3,614
  -3,804
  -4,002
Total debt, $m
  9,046
  10,091
  11,181
  12,316
  13,498
  14,727
  16,005
  17,333
  18,713
  20,147
  21,638
  23,188
  24,800
  26,477
  28,224
  30,043
  31,938
  33,915
  35,976
  38,128
  40,374
  42,721
  45,172
  47,736
  50,416
  53,220
  56,155
  59,226
  62,442
  65,811
  69,340
Total liabilities, $m
  10,879
  11,923
  13,013
  14,148
  15,330
  16,559
  17,837
  19,165
  20,545
  21,979
  23,470
  25,020
  26,632
  28,309
  30,056
  31,875
  33,770
  35,747
  37,808
  39,960
  42,206
  44,553
  47,004
  49,568
  52,248
  55,052
  57,987
  61,058
  64,274
  67,643
  71,172
Total equity, $m
  4,747
  4,523
  4,936
  5,367
  5,815
  6,281
  6,766
  7,269
  7,793
  8,337
  8,902
  9,490
  10,102
  10,738
  11,400
  12,090
  12,809
  13,559
  14,341
  15,157
  16,009
  16,899
  17,829
  18,802
  19,818
  20,882
  21,995
  23,160
  24,380
  25,658
  26,996
Total liabilities and equity, $m
  15,626
  16,446
  17,949
  19,515
  21,145
  22,840
  24,603
  26,434
  28,338
  30,316
  32,372
  34,510
  36,734
  39,047
  41,456
  43,965
  46,579
  49,306
  52,149
  55,117
  58,215
  61,452
  64,833
  68,370
  72,066
  75,934
  79,982
  84,218
  88,654
  93,301
  98,168
Debt-to-equity ratio
  1.906
  2.230
  2.270
  2.290
  2.320
  2.340
  2.370
  2.380
  2.400
  2.420
  2.430
  2.440
  2.460
  2.470
  2.480
  2.480
  2.490
  2.500
  2.510
  2.520
  2.520
  2.530
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.560
  2.570
Adjusted equity ratio
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275
  0.275

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  779
  571
  635
  702
  772
  845
  920
  998
  1,080
  1,164
  1,252
  1,538
  1,633
  1,732
  1,835
  1,943
  2,055
  2,171
  2,293
  2,420
  2,553
  2,692
  2,837
  2,988
  3,147
  3,312
  3,486
  3,668
  3,858
  4,057
  4,266
Depreciation, amort., depletion, $m
  43
  311
  316
  320
  324
  329
  334
  339
  344
  350
  355
  95
  102
  108
  115
  122
  129
  136
  144
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  271
Funds from operations, $m
  248
  883
  951
  1,022
  1,097
  1,174
  1,254
  1,338
  1,424
  1,514
  1,608
  1,633
  1,735
  1,840
  1,950
  2,064
  2,183
  2,308
  2,437
  2,572
  2,714
  2,861
  3,016
  3,177
  3,346
  3,522
  3,707
  3,900
  4,103
  4,315
  4,537
Change in working capital, $m
  -489
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
Cash from operations, $m
  737
  965
  1,012
  1,086
  1,163
  1,243
  1,326
  1,412
  1,502
  1,595
  1,692
  1,721
  1,825
  1,934
  2,048
  2,166
  2,290
  2,419
  2,553
  2,693
  2,840
  2,993
  3,154
  3,321
  3,496
  3,680
  3,872
  4,073
  4,284
  4,505
  4,736
Maintenance CAPEX, $m
  0
  -41
  -45
  -50
  -54
  -58
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
New CAPEX, $m
  -107
  -119
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -192
  -200
  -208
  -217
  -226
  -236
  -246
  -257
  -268
  -280
  -293
  -307
  -321
  -336
  -351
  -368
  -385
  -404
Cash from investing activities, $m
  -1,034
  -160
  -170
  -180
  -189
  -199
  -209
  -220
  -231
  -242
  -254
  -266
  -279
  -294
  -308
  -323
  -339
  -355
  -372
  -390
  -409
  -429
  -450
  -472
  -496
  -520
  -546
  -572
  -601
  -630
  -662
Free cash flow, $m
  -297
  804
  842
  907
  974
  1,044
  1,117
  1,192
  1,271
  1,353
  1,437
  1,454
  1,546
  1,641
  1,740
  1,844
  1,952
  2,064
  2,181
  2,303
  2,431
  2,564
  2,703
  2,849
  3,001
  3,160
  3,327
  3,501
  3,683
  3,874
  4,075
Issuance/(repayment) of debt, $m
  631
  1,045
  1,090
  1,135
  1,182
  1,229
  1,278
  1,328
  1,380
  1,434
  1,491
  1,550
  1,612
  1,678
  1,746
  1,819
  1,896
  1,976
  2,062
  2,151
  2,246
  2,346
  2,452
  2,563
  2,680
  2,804
  2,934
  3,072
  3,216
  3,368
  3,529
Issuance/(repurchase) of shares, $m
  -152
  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  
  478
  1,045
  1,090
  1,135
  1,182
  1,229
  1,278
  1,328
  1,380
  1,434
  1,491
  1,550
  1,612
  1,678
  1,746
  1,819
  1,896
  1,976
  2,062
  2,151
  2,246
  2,346
  2,452
  2,563
  2,680
  2,804
  2,934
  3,072
  3,216
  3,368
  3,529
Total cash flow (excl. dividends), $m
  181
  1,849
  1,932
  2,042
  2,156
  2,273
  2,395
  2,520
  2,651
  2,787
  2,928
  3,004
  3,158
  3,319
  3,487
  3,663
  3,847
  4,040
  4,243
  4,455
  4,677
  4,911
  5,155
  5,412
  5,681
  5,964
  6,261
  6,573
  6,900
  7,243
  7,603
Retained Cash Flow (-), $m
  -20
  -387
  -413
  -431
  -448
  -466
  -485
  -504
  -523
  -544
  -565
  -588
  -612
  -636
  -662
  -690
  -719
  -750
  -782
  -816
  -852
  -890
  -930
  -972
  -1,017
  -1,064
  -1,113
  -1,165
  -1,220
  -1,278
  -1,338
Prev. year cash balance distribution, $m
 
  611
  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
 
  2,074
  1,519
  1,612
  1,708
  1,807
  1,910
  2,017
  2,127
  2,243
  2,363
  2,416
  2,546
  2,682
  2,824
  2,973
  3,128
  3,291
  3,461
  3,639
  3,825
  4,021
  4,225
  4,440
  4,665
  4,901
  5,148
  5,407
  5,680
  5,965
  6,265
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  1,894
  1,256
  1,195
  1,125
  1,046
  961
  872
  780
  688
  598
  496
  418
  346
  281
  224
  175
  134
  100
  73
  52
  36
  24
  16
  10
  6
  4
  2
  1
  1
  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

IGM Financial Inc., a personal financial services company, provides investment advisory and related services in Canada. The company operates through Investors Group, Mackenzie, and Corporate and Other segments. It is involved in the distribution, management, and administration of mutual funds. As of December 31, 2015, the company provided advice and services through a network of 5,320 consultants. It also offers financial planning services comprising investment, tax, retirement, education, risk management, and estate planning services; mutual funds; segregated funds; insurance; securities operations; and other financial services. In addition, the company provides strategic investment planning programs; managed asset and multi-manager investment programs; residential mortgages to investors group clients; guaranteed investment certificates; and banking products, such as investment loans, lines of credit, personal loans, creditor insurance, deposit accounts, and credit cards. IGM Financial Inc. offers its products and services through retail, strategic alliance, and institutional distribution channels to retail and institutional investors. The company was founded in 1894 and is headquartered in Winnipeg, Canada. IGM Financial Inc. operates as a subsidiary of Power Financial Corporation.

FINANCIAL RATIOS  of  IGM Financial Inc. (IGM)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 3.3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.3%
Cap. Spend. - 3 Yr. Gr. Rate 15.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 190.6%
Total Debt to Equity 190.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 16.4%
Return On Equity - 3 Yr. Avg. 16.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 63.8%
EBITDA Margin 40.8%
EBITDA Margin - 3 Yr. Avg. 42.2%
Operating Margin 31.8%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 32.2%
Pre-Tax Margin - 3 Yr. Avg. 33.4%
Net Profit Margin 26.5%
Net Profit Margin - 3 Yr. Avg. 26.7%
Effective Tax Rate 17.7%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 71%

IGM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IGM stock intrinsic value calculation we used $2941 million for the last fiscal year's total revenue generated by IGM Financial Inc.. The default revenue input number comes from 2016 income statement of IGM Financial Inc.. 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 IGM stock valuation model: a) initial revenue growth rate of 9.6% 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 9.5%, whose default value for IGM is calculated based on our internal credit rating of IGM Financial Inc., 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 IGM Financial Inc..
    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 IGM stock the variable cost ratio is equal to 66.7%.

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 IGM 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 IGM Financial Inc..

Corporate tax rate of 27% is the nominal tax rate for IGM Financial Inc.. 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 IGM 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 IGM are equal to 42.3%.

Life of production assets of 90.8 years is the average useful life of capital assets used in IGM Financial Inc. 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 IGM is equal to -20.8%. 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 - $4747 million for IGM Financial Inc. - 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 241.449 million for IGM Financial Inc. 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 IGM Financial Inc. at the current share price and the inputted number of shares is $9.8 billion.


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Stock chart of IGM Financial statements of IGM
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