Intrinsic value of IGM Financial Inc. - IGM

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$41.01

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$41.01

 
Intrinsic value

$45.32

 
Up/down potential

+11%

 
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 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 9.9

 

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
  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
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  2,941
  3,153
  3,373
  3,602
  3,839
  4,087
  4,344
  4,612
  4,891
  5,182
  5,486
  5,802
  6,132
  6,477
  6,837
  7,213
  7,606
  8,018
  8,448
  8,898
  9,370
  9,863
  10,380
  10,922
  11,489
  12,084
  12,707
  13,360
  14,045
  14,764
  15,517
Variable operating expenses, $m
 
  2,084
  2,211
  2,342
  2,480
  2,622
  2,771
  2,925
  3,086
  3,254
  3,429
  3,345
  3,535
  3,734
  3,942
  4,159
  4,385
  4,623
  4,871
  5,130
  5,402
  5,687
  5,985
  6,297
  6,624
  6,967
  7,326
  7,703
  8,098
  8,512
  8,947
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
  2,084
  2,211
  2,342
  2,480
  2,622
  2,771
  2,925
  3,086
  3,254
  3,429
  3,345
  3,535
  3,734
  3,942
  4,159
  4,385
  4,623
  4,871
  5,130
  5,402
  5,687
  5,985
  6,297
  6,624
  6,967
  7,326
  7,703
  8,098
  8,512
  8,947
Operating income, $m
  935
  1,069
  1,162
  1,259
  1,360
  1,465
  1,574
  1,687
  1,805
  1,928
  2,057
  2,457
  2,597
  2,743
  2,895
  3,054
  3,221
  3,395
  3,577
  3,768
  3,968
  4,177
  4,395
  4,625
  4,865
  5,117
  5,381
  5,657
  5,947
  6,252
  6,571
EBITDA, $m
  978
  1,379
  1,476
  1,576
  1,680
  1,788
  1,901
  2,018
  2,140
  2,267
  2,400
  2,539
  2,683
  2,834
  2,991
  3,156
  3,328
  3,508
  3,696
  3,893
  4,100
  4,316
  4,542
  4,779
  5,027
  5,287
  5,560
  5,846
  6,145
  6,460
  6,790
Interest expense (income), $m
  210
  317
  344
  373
  402
  433
  465
  498
  533
  569
  607
  646
  687
  730
  774
  821
  870
  921
  974
  1,030
  1,088
  1,149
  1,213
  1,280
  1,350
  1,423
  1,500
  1,581
  1,666
  1,754
  1,847
Earnings before tax, $m
  947
  752
  818
  887
  958
  1,032
  1,109
  1,189
  1,272
  1,359
  1,450
  1,811
  1,910
  2,013
  2,121
  2,233
  2,351
  2,474
  2,603
  2,738
  2,880
  3,028
  3,183
  3,345
  3,515
  3,693
  3,880
  4,076
  4,282
  4,497
  4,723
Tax expense, $m
  168
  203
  221
  239
  259
  279
  299
  321
  344
  367
  392
  489
  516
  543
  573
  603
  635
  668
  703
  739
  778
  817
  859
  903
  949
  997
  1,048
  1,101
  1,156
  1,214
  1,275
Net income, $m
  779
  549
  597
  647
  699
  753
  809
  868
  929
  992
  1,059
  1,322
  1,394
  1,469
  1,548
  1,630
  1,716
  1,806
  1,900
  1,999
  2,102
  2,210
  2,323
  2,442
  2,566
  2,696
  2,833
  2,976
  3,126
  3,283
  3,448

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
  16,085
  17,208
  18,375
  19,589
  20,851
  22,164
  23,532
  24,956
  26,440
  27,987
  29,601
  31,286
  33,045
  34,882
  36,801
  38,808
  40,907
  43,102
  45,399
  47,804
  50,322
  52,960
  55,722
  58,617
  61,651
  64,831
  68,165
  71,660
  75,325
  79,170
Adjusted assets (=assets-cash), $m
  15,014
  16,085
  17,208
  18,375
  19,589
  20,851
  22,164
  23,532
  24,956
  26,440
  27,987
  29,601
  31,286
  33,045
  34,882
  36,801
  38,808
  40,907
  43,102
  45,399
  47,804
  50,322
  52,960
  55,722
  58,617
  61,651
  64,831
  68,165
  71,660
  75,325
  79,170
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
  1,334
  1,427
  1,523
  1,624
  1,729
  1,838
  1,951
  2,069
  2,192
  2,320
  2,454
  2,594
  2,740
  2,892
  3,051
  3,217
  3,391
  3,574
  3,764
  3,963
  4,172
  4,391
  4,620
  4,860
  5,111
  5,375
  5,651
  5,941
  6,245
  6,564
Working capital, $m
  0
  -656
  -702
  -749
  -799
  -850
  -904
  -959
  -1,017
  -1,078
  -1,141
  -1,207
  -1,275
  -1,347
  -1,422
  -1,500
  -1,582
  -1,668
  -1,757
  -1,851
  -1,949
  -2,052
  -2,159
  -2,272
  -2,390
  -2,513
  -2,643
  -2,779
  -2,921
  -3,071
  -3,228
Total debt, $m
  9,046
  9,830
  10,644
  11,490
  12,370
  13,285
  14,237
  15,229
  16,261
  17,337
  18,459
  19,629
  20,850
  22,125
  23,457
  24,849
  26,304
  27,825
  29,417
  31,083
  32,826
  34,652
  36,564
  38,567
  40,665
  42,865
  45,170
  47,587
  50,121
  52,779
  55,566
Total liabilities, $m
  10,879
  11,662
  12,476
  13,322
  14,202
  15,117
  16,069
  17,061
  18,093
  19,169
  20,291
  21,461
  22,682
  23,957
  25,289
  26,681
  28,136
  29,657
  31,249
  32,915
  34,658
  36,484
  38,396
  40,399
  42,497
  44,697
  47,002
  49,419
  51,953
  54,611
  57,398
Total equity, $m
  4,747
  4,424
  4,732
  5,053
  5,387
  5,734
  6,095
  6,471
  6,863
  7,271
  7,697
  8,140
  8,604
  9,087
  9,592
  10,120
  10,672
  11,249
  11,853
  12,485
  13,146
  13,839
  14,564
  15,324
  16,120
  16,954
  17,828
  18,745
  19,706
  20,715
  21,772
Total liabilities and equity, $m
  15,626
  16,086
  17,208
  18,375
  19,589
  20,851
  22,164
  23,532
  24,956
  26,440
  27,988
  29,601
  31,286
  33,044
  34,881
  36,801
  38,808
  40,906
  43,102
  45,400
  47,804
  50,323
  52,960
  55,723
  58,617
  61,651
  64,830
  68,164
  71,659
  75,326
  79,170
Debt-to-equity ratio
  1.906
  2.220
  2.250
  2.270
  2.300
  2.320
  2.340
  2.350
  2.370
  2.380
  2.400
  2.410
  2.420
  2.430
  2.450
  2.460
  2.460
  2.470
  2.480
  2.490
  2.500
  2.500
  2.510
  2.520
  2.520
  2.530
  2.530
  2.540
  2.540
  2.550
  2.550
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
  549
  597
  647
  699
  753
  809
  868
  929
  992
  1,059
  1,322
  1,394
  1,469
  1,548
  1,630
  1,716
  1,806
  1,900
  1,999
  2,102
  2,210
  2,323
  2,442
  2,566
  2,696
  2,833
  2,976
  3,126
  3,283
  3,448
Depreciation, amort., depletion, $m
  43
  310
  314
  317
  320
  324
  327
  331
  335
  339
  343
  82
  86
  91
  96
  102
  107
  113
  119
  125
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  219
Funds from operations, $m
  248
  860
  911
  964
  1,019
  1,077
  1,137
  1,199
  1,264
  1,331
  1,402
  1,404
  1,480
  1,561
  1,644
  1,732
  1,824
  1,919
  2,020
  2,124
  2,234
  2,349
  2,470
  2,596
  2,728
  2,867
  3,012
  3,164
  3,324
  3,491
  3,667
Change in working capital, $m
  -489
  -44
  -46
  -48
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -157
Cash from operations, $m
  737
  928
  957
  1,012
  1,069
  1,128
  1,190
  1,255
  1,322
  1,392
  1,465
  1,469
  1,549
  1,632
  1,719
  1,810
  1,905
  2,005
  2,109
  2,218
  2,332
  2,452
  2,577
  2,708
  2,846
  2,990
  3,141
  3,300
  3,466
  3,641
  3,824
Maintenance CAPEX, $m
  0
  -41
  -44
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
New CAPEX, $m
  -107
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -219
  -229
  -240
  -252
  -264
  -276
  -290
  -304
  -319
Cash from investing activities, $m
  -1,034
  -131
  -137
  -145
  -152
  -159
  -167
  -174
  -183
  -192
  -201
  -211
  -222
  -232
  -243
  -255
  -268
  -281
  -295
  -309
  -324
  -341
  -358
  -375
  -394
  -414
  -434
  -455
  -478
  -502
  -527
Free cash flow, $m
  -297
  797
  819
  867
  917
  969
  1,024
  1,080
  1,139
  1,200
  1,264
  1,258
  1,328
  1,400
  1,476
  1,555
  1,637
  1,724
  1,814
  1,909
  2,007
  2,111
  2,219
  2,333
  2,452
  2,577
  2,707
  2,844
  2,988
  3,139
  3,297
Issuance/(repayment) of debt, $m
  631
  784
  814
  846
  880
  915
  952
  991
  1,033
  1,076
  1,122
  1,170
  1,221
  1,275
  1,332
  1,392
  1,455
  1,521
  1,592
  1,666
  1,744
  1,826
  1,912
  2,003
  2,099
  2,199
  2,305
  2,417
  2,534
  2,657
  2,787
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
  784
  814
  846
  880
  915
  952
  991
  1,033
  1,076
  1,122
  1,170
  1,221
  1,275
  1,332
  1,392
  1,455
  1,521
  1,592
  1,666
  1,744
  1,826
  1,912
  2,003
  2,099
  2,199
  2,305
  2,417
  2,534
  2,657
  2,787
Total cash flow (excl. dividends), $m
  181
  1,581
  1,633
  1,713
  1,797
  1,884
  1,976
  2,071
  2,171
  2,276
  2,385
  2,428
  2,549
  2,675
  2,808
  2,946
  3,092
  3,245
  3,406
  3,574
  3,751
  3,937
  4,131
  4,336
  4,551
  4,776
  5,013
  5,261
  5,522
  5,796
  6,084
Retained Cash Flow (-), $m
  -20
  -288
  -309
  -321
  -334
  -347
  -361
  -376
  -392
  -408
  -426
  -444
  -463
  -484
  -505
  -528
  -552
  -577
  -604
  -632
  -661
  -692
  -725
  -760
  -796
  -834
  -874
  -917
  -961
  -1,008
  -1,057
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
 
  1,904
  1,324
  1,392
  1,463
  1,537
  1,615
  1,695
  1,780
  1,868
  1,960
  1,985
  2,086
  2,191
  2,302
  2,419
  2,540
  2,668
  2,802
  2,942
  3,090
  3,244
  3,406
  3,576
  3,755
  3,942
  4,138
  4,345
  4,561
  4,788
  5,027
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
 
  1,739
  1,095
  1,033
  964
  890
  813
  733
  652
  573
  496
  408
  342
  283
  229
  182
  142
  108
  81
  59
  42
  29
  19
  13
  8
  5
  3
  2
  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

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 12.7
Price to Sales 3.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 15.7
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 7.2% 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 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 241.457 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 $9.9 billion.


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RELATED COMPANIES Price Int.Val. Rating
CIX CI Financial C 26.70 34.26  buy
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Stock chart of IGM Financial statements of IGM
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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