Intrinsic value of IGM Financial Inc. - IGM

Previous Close

$44.65

  Intrinsic Value

$31.45

stock screener

  Rating & Target

sell

-30%

Previous close

$44.65

 
Intrinsic value

$31.45

 
Up/down potential

-30%

 
Rating

sell

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 10.7

 

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, %
  0.82
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,941
  3,000
  3,069
  3,148
  3,236
  3,334
  3,442
  3,559
  3,686
  3,823
  3,970
  4,126
  4,294
  4,472
  4,662
  4,863
  5,076
  5,302
  5,540
  5,792
  6,058
  6,339
  6,635
  6,947
  7,276
  7,623
  7,987
  8,371
  8,775
  9,200
  9,647
Variable operating expenses, $m
 
  1,996
  2,035
  2,081
  2,132
  2,188
  2,250
  2,318
  2,391
  2,470
  2,555
  2,379
  2,476
  2,579
  2,688
  2,804
  2,927
  3,057
  3,194
  3,339
  3,493
  3,655
  3,826
  4,006
  4,195
  4,395
  4,605
  4,827
  5,059
  5,304
  5,562
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
  1,996
  2,035
  2,081
  2,132
  2,188
  2,250
  2,318
  2,391
  2,470
  2,555
  2,379
  2,476
  2,579
  2,688
  2,804
  2,927
  3,057
  3,194
  3,339
  3,493
  3,655
  3,826
  4,006
  4,195
  4,395
  4,605
  4,827
  5,059
  5,304
  5,562
Operating income, $m
  935
  1,004
  1,033
  1,067
  1,104
  1,146
  1,191
  1,241
  1,295
  1,353
  1,415
  1,747
  1,818
  1,894
  1,974
  2,059
  2,149
  2,245
  2,346
  2,453
  2,565
  2,684
  2,810
  2,942
  3,081
  3,228
  3,382
  3,545
  3,716
  3,896
  4,085
EBITDA, $m
  978
  1,313
  1,343
  1,377
  1,416
  1,459
  1,506
  1,557
  1,613
  1,673
  1,737
  1,806
  1,879
  1,957
  2,040
  2,128
  2,221
  2,320
  2,424
  2,534
  2,651
  2,774
  2,903
  3,040
  3,184
  3,335
  3,495
  3,663
  3,840
  4,026
  4,221
Interest expense (income), $m
  210
  317
  324
  333
  343
  355
  368
  381
  397
  413
  431
  450
  470
  492
  515
  539
  565
  593
  622
  653
  686
  720
  757
  795
  835
  878
  923
  970
  1,020
  1,072
  1,127
Earnings before tax, $m
  947
  688
  709
  734
  761
  791
  824
  860
  898
  940
  984
  1,298
  1,348
  1,402
  1,459
  1,520
  1,584
  1,652
  1,724
  1,800
  1,880
  1,964
  2,053
  2,147
  2,246
  2,350
  2,459
  2,575
  2,696
  2,824
  2,958
Tax expense, $m
  168
  186
  191
  198
  205
  214
  222
  232
  243
  254
  266
  350
  364
  379
  394
  410
  428
  446
  465
  486
  507
  530
  554
  580
  606
  634
  664
  695
  728
  762
  799
Net income, $m
  779
  502
  518
  536
  556
  577
  601
  628
  656
  686
  718
  947
  984
  1,023
  1,065
  1,109
  1,156
  1,206
  1,258
  1,314
  1,372
  1,434
  1,499
  1,567
  1,639
  1,715
  1,795
  1,880
  1,968
  2,061
  2,159

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
  15,305
  15,657
  16,060
  16,511
  17,012
  17,561
  18,159
  18,807
  19,504
  20,253
  21,053
  21,908
  22,818
  23,785
  24,811
  25,898
  27,049
  28,266
  29,552
  30,910
  32,342
  33,853
  35,446
  37,124
  38,891
  40,752
  42,711
  44,772
  46,940
  49,221
Adjusted assets (=assets-cash), $m
  15,014
  15,305
  15,657
  16,060
  16,511
  17,012
  17,561
  18,159
  18,807
  19,504
  20,253
  21,053
  21,908
  22,818
  23,785
  24,811
  25,898
  27,049
  28,266
  29,552
  30,910
  32,342
  33,853
  35,446
  37,124
  38,891
  40,752
  42,711
  44,772
  46,940
  49,221
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
  1,269
  1,298
  1,331
  1,369
  1,410
  1,456
  1,506
  1,559
  1,617
  1,679
  1,745
  1,816
  1,892
  1,972
  2,057
  2,147
  2,243
  2,343
  2,450
  2,563
  2,681
  2,807
  2,939
  3,078
  3,224
  3,379
  3,541
  3,712
  3,892
  4,081
Working capital, $m
  0
  -624
  -638
  -655
  -673
  -694
  -716
  -740
  -767
  -795
  -826
  -858
  -893
  -930
  -970
  -1,011
  -1,056
  -1,103
  -1,152
  -1,205
  -1,260
  -1,319
  -1,380
  -1,445
  -1,513
  -1,586
  -1,661
  -1,741
  -1,825
  -1,914
  -2,007
Total debt, $m
  9,046
  9,264
  9,519
  9,811
  10,139
  10,502
  10,900
  11,333
  11,803
  12,308
  12,851
  13,432
  14,051
  14,711
  15,412
  16,156
  16,944
  17,778
  18,661
  19,593
  20,578
  21,616
  22,712
  23,866
  25,083
  26,364
  27,713
  29,133
  30,628
  32,200
  33,853
Total liabilities, $m
  10,879
  11,096
  11,351
  11,643
  11,971
  12,334
  12,732
  13,165
  13,635
  14,140
  14,683
  15,264
  15,883
  16,543
  17,244
  17,988
  18,776
  19,610
  20,493
  21,425
  22,410
  23,448
  24,544
  25,698
  26,915
  28,196
  29,545
  30,965
  32,460
  34,032
  35,685
Total equity, $m
  4,747
  4,209
  4,306
  4,416
  4,541
  4,678
  4,829
  4,994
  5,172
  5,364
  5,569
  5,790
  6,025
  6,275
  6,541
  6,823
  7,122
  7,438
  7,773
  8,127
  8,500
  8,894
  9,310
  9,748
  10,209
  10,695
  11,207
  11,746
  12,312
  12,909
  13,536
Total liabilities and equity, $m
  15,626
  15,305
  15,657
  16,059
  16,512
  17,012
  17,561
  18,159
  18,807
  19,504
  20,252
  21,054
  21,908
  22,818
  23,785
  24,811
  25,898
  27,048
  28,266
  29,552
  30,910
  32,342
  33,854
  35,446
  37,124
  38,891
  40,752
  42,711
  44,772
  46,941
  49,221
Debt-to-equity ratio
  1.906
  2.200
  2.210
  2.220
  2.230
  2.240
  2.260
  2.270
  2.280
  2.290
  2.310
  2.320
  2.330
  2.340
  2.360
  2.370
  2.380
  2.390
  2.400
  2.410
  2.420
  2.430
  2.440
  2.450
  2.460
  2.470
  2.470
  2.480
  2.490
  2.490
  2.500
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
  502
  518
  536
  556
  577
  601
  628
  656
  686
  718
  947
  984
  1,023
  1,065
  1,109
  1,156
  1,206
  1,258
  1,314
  1,372
  1,434
  1,499
  1,567
  1,639
  1,715
  1,795
  1,880
  1,968
  2,061
  2,159
Depreciation, amort., depletion, $m
  43
  308
  309
  310
  312
  313
  315
  316
  318
  320
  322
  58
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  94
  98
  103
  107
  113
  118
  124
  130
  136
Funds from operations, $m
  248
  810
  827
  846
  867
  890
  916
  944
  974
  1,006
  1,040
  1,005
  1,045
  1,086
  1,131
  1,178
  1,228
  1,281
  1,336
  1,395
  1,458
  1,523
  1,592
  1,665
  1,742
  1,823
  1,908
  1,998
  2,092
  2,191
  2,295
Change in working capital, $m
  -489
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
Cash from operations, $m
  737
  823
  841
  862
  886
  911
  938
  968
  1,000
  1,034
  1,071
  1,038
  1,080
  1,124
  1,170
  1,220
  1,272
  1,328
  1,386
  1,448
  1,513
  1,582
  1,654
  1,730
  1,810
  1,895
  1,984
  2,078
  2,176
  2,280
  2,388
Maintenance CAPEX, $m
  0
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -107
  -113
  -118
  -124
  -130
New CAPEX, $m
  -107
  -25
  -29
  -33
  -37
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -147
  -154
  -162
  -171
  -180
  -189
Cash from investing activities, $m
  -1,034
  -66
  -71
  -76
  -81
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -204
  -214
  -226
  -237
  -250
  -261
  -275
  -289
  -304
  -319
Free cash flow, $m
  -297
  756
  770
  786
  804
  824
  846
  870
  896
  924
  955
  916
  950
  988
  1,027
  1,069
  1,113
  1,161
  1,210
  1,263
  1,319
  1,377
  1,439
  1,505
  1,573
  1,646
  1,722
  1,803
  1,887
  1,976
  2,070
Issuance/(repayment) of debt, $m
  631
  218
  255
  292
  328
  363
  398
  434
  469
  506
  543
  581
  619
  660
  701
  744
  788
  834
  882
  932
  984
  1,039
  1,095
  1,155
  1,217
  1,281
  1,349
  1,420
  1,494
  1,572
  1,653
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
  218
  255
  292
  328
  363
  398
  434
  469
  506
  543
  581
  619
  660
  701
  744
  788
  834
  882
  932
  984
  1,039
  1,095
  1,155
  1,217
  1,281
  1,349
  1,420
  1,494
  1,572
  1,653
Total cash flow (excl. dividends), $m
  181
  974
  1,025
  1,077
  1,131
  1,187
  1,244
  1,304
  1,366
  1,430
  1,498
  1,496
  1,570
  1,647
  1,728
  1,813
  1,902
  1,995
  2,093
  2,195
  2,303
  2,416
  2,535
  2,659
  2,790
  2,927
  3,071
  3,223
  3,381
  3,548
  3,723
Retained Cash Flow (-), $m
  -20
  -73
  -97
  -111
  -124
  -138
  -151
  -164
  -178
  -192
  -206
  -220
  -235
  -250
  -266
  -282
  -299
  -317
  -335
  -354
  -373
  -394
  -416
  -438
  -461
  -486
  -512
  -539
  -567
  -596
  -627
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
 
  1,512
  928
  967
  1,007
  1,049
  1,093
  1,139
  1,188
  1,238
  1,292
  1,276
  1,335
  1,397
  1,462
  1,531
  1,603
  1,678
  1,758
  1,842
  1,930
  2,022
  2,119
  2,221
  2,328
  2,441
  2,560
  2,684
  2,815
  2,952
  3,096
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
 
  1,381
  768
  717
  663
  607
  550
  492
  435
  380
  327
  262
  219
  180
  146
  115
  90
  68
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  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. is a Canada-based financial services company. The Company's principal businesses are Investors Group Inc. and Mackenzie Financial Corporation, which operate within the advice segment of the financial services market. It operates in three segments: Investors Group, Mackenzie Investments, and Corporate and Other. The Investors Group provides a range of financial and investment planning services through its network of consultants across the country, and its products and services include Personal Financial Planner, Symphony Strategic Investment Planning Program and Mutual Funds. The Mackenzie Investments segment is engaged in the provision of investment management and related services offered through diversified investment solutions, distributed through multiple distribution channels. The Corporate and Other segment includes share of earnings of its affiliate, Great-West Lifeco Inc. (Lifeco) and operating results for Investment Planning Counsel Inc.

FINANCIAL RATIOS  of  IGM Financial Inc. (IGM)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 3.7
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 17
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 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 240.503 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 $10.7 billion.

RELATED COMPANIES Price Int.Val. Rating
CIX CI Financial C 29.31 40.07  buy
POW Power Corporat 32.34 105.23  str.buy
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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