Intrinsic value of IAMGOLD Corporation - IMG

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$5.64

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$5.64

 
Intrinsic value

$1.54

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of IMG 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 2.7

 

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, %
  7.67
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  1,334
  1,413
  1,495
  1,580
  1,670
  1,763
  1,861
  1,963
  2,069
  2,181
  2,297
  2,419
  2,547
  2,681
  2,821
  2,968
  3,122
  3,283
  3,452
  3,630
  3,816
  4,011
  4,215
  4,429
  4,654
  4,891
  5,138
  5,398
  5,671
  5,957
  6,257
Variable operating expenses, $m
 
  2,582
  2,732
  2,889
  3,052
  3,223
  3,401
  3,588
  3,783
  3,986
  4,199
  4,423
  4,656
  4,901
  5,157
  5,426
  5,707
  6,002
  6,311
  6,635
  6,975
  7,331
  7,705
  8,097
  8,508
  8,940
  9,393
  9,868
  10,366
  10,890
  11,439
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
  1,284
  2,582
  2,732
  2,889
  3,052
  3,223
  3,401
  3,588
  3,783
  3,986
  4,199
  4,423
  4,656
  4,901
  5,157
  5,426
  5,707
  6,002
  6,311
  6,635
  6,975
  7,331
  7,705
  8,097
  8,508
  8,940
  9,393
  9,868
  10,366
  10,890
  11,439
Operating income, $m
  49
  -1,170
  -1,238
  -1,309
  -1,383
  -1,460
  -1,541
  -1,625
  -1,713
  -1,806
  -1,902
  -2,003
  -2,109
  -2,220
  -2,336
  -2,458
  -2,585
  -2,719
  -2,859
  -3,005
  -3,159
  -3,321
  -3,490
  -3,668
  -3,854
  -4,049
  -4,254
  -4,470
  -4,695
  -4,932
  -5,181
EBITDA, $m
  405
  -795
  -841
  -889
  -939
  -992
  -1,047
  -1,104
  -1,164
  -1,227
  -1,292
  -1,361
  -1,433
  -1,508
  -1,587
  -1,670
  -1,756
  -1,847
  -1,942
  -2,042
  -2,146
  -2,256
  -2,371
  -2,492
  -2,618
  -2,751
  -2,890
  -3,036
  -3,190
  -3,351
  -3,520
Interest expense (income), $m
  33
  27
  31
  35
  39
  43
  48
  53
  58
  63
  68
  74
  80
  86
  93
  100
  107
  115
  122
  131
  139
  149
  158
  168
  179
  190
  201
  213
  226
  239
  253
Earnings before tax, $m
  129
  -1,197
  -1,269
  -1,343
  -1,422
  -1,503
  -1,589
  -1,678
  -1,771
  -1,869
  -1,971
  -2,077
  -2,189
  -2,306
  -2,429
  -2,557
  -2,692
  -2,833
  -2,981
  -3,136
  -3,299
  -3,469
  -3,648
  -3,836
  -4,033
  -4,239
  -4,456
  -4,683
  -4,922
  -5,172
  -5,435
Tax expense, $m
  46
  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
Net income, $m
  71
  -1,197
  -1,269
  -1,343
  -1,422
  -1,503
  -1,589
  -1,678
  -1,771
  -1,869
  -1,971
  -2,077
  -2,189
  -2,306
  -2,429
  -2,557
  -2,692
  -2,833
  -2,981
  -3,136
  -3,299
  -3,469
  -3,648
  -3,836
  -4,033
  -4,239
  -4,456
  -4,683
  -4,922
  -5,172
  -5,435

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  881
  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
  4,594
  3,935
  4,164
  4,402
  4,651
  4,911
  5,183
  5,467
  5,764
  6,074
  6,399
  6,739
  7,095
  7,468
  7,859
  8,268
  8,696
  9,146
  9,617
  10,110
  10,628
  11,171
  11,741
  12,338
  12,965
  13,623
  14,313
  15,037
  15,796
  16,594
  17,430
Adjusted assets (=assets-cash), $m
  3,713
  3,935
  4,164
  4,402
  4,651
  4,911
  5,183
  5,467
  5,764
  6,074
  6,399
  6,739
  7,095
  7,468
  7,859
  8,268
  8,696
  9,146
  9,617
  10,110
  10,628
  11,171
  11,741
  12,338
  12,965
  13,623
  14,313
  15,037
  15,796
  16,594
  17,430
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  2,515
  2,663
  2,818
  2,979
  3,148
  3,324
  3,507
  3,700
  3,900
  4,111
  4,330
  4,561
  4,801
  5,054
  5,318
  5,595
  5,885
  6,189
  6,508
  6,842
  7,192
  7,560
  7,945
  8,350
  8,774
  9,219
  9,686
  10,175
  10,690
  11,229
  11,795
Working capital, $m
  1,105
  237
  251
  266
  281
  296
  313
  330
  348
  366
  386
  406
  428
  450
  474
  499
  524
  552
  580
  610
  641
  674
  708
  744
  782
  822
  863
  907
  953
  1,001
  1,051
Total debt, $m
  656
  752
  850
  953
  1,059
  1,171
  1,287
  1,409
  1,537
  1,670
  1,809
  1,955
  2,108
  2,268
  2,435
  2,611
  2,795
  2,987
  3,190
  3,401
  3,624
  3,857
  4,101
  4,357
  4,626
  4,908
  5,204
  5,515
  5,841
  6,183
  6,542
Total liabilities, $m
  1,593
  1,688
  1,786
  1,889
  1,995
  2,107
  2,223
  2,345
  2,473
  2,606
  2,745
  2,891
  3,044
  3,204
  3,371
  3,547
  3,731
  3,923
  4,126
  4,337
  4,560
  4,793
  5,037
  5,293
  5,562
  5,844
  6,140
  6,451
  6,777
  7,119
  7,478
Total equity, $m
  3,002
  2,247
  2,377
  2,514
  2,656
  2,804
  2,959
  3,122
  3,291
  3,468
  3,654
  3,848
  4,051
  4,264
  4,487
  4,721
  4,966
  5,222
  5,491
  5,773
  6,069
  6,379
  6,704
  7,045
  7,403
  7,779
  8,173
  8,586
  9,020
  9,475
  9,953
Total liabilities and equity, $m
  4,595
  3,935
  4,163
  4,403
  4,651
  4,911
  5,182
  5,467
  5,764
  6,074
  6,399
  6,739
  7,095
  7,468
  7,858
  8,268
  8,697
  9,145
  9,617
  10,110
  10,629
  11,172
  11,741
  12,338
  12,965
  13,623
  14,313
  15,037
  15,797
  16,594
  17,431
Debt-to-equity ratio
  0.219
  0.330
  0.360
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
Adjusted equity ratio
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  -1,197
  -1,269
  -1,343
  -1,422
  -1,503
  -1,589
  -1,678
  -1,771
  -1,869
  -1,971
  -2,077
  -2,189
  -2,306
  -2,429
  -2,557
  -2,692
  -2,833
  -2,981
  -3,136
  -3,299
  -3,469
  -3,648
  -3,836
  -4,033
  -4,239
  -4,456
  -4,683
  -4,922
  -5,172
  -5,435
Depreciation, amort., depletion, $m
  356
  375
  397
  420
  443
  468
  494
  521
  549
  579
  610
  642
  676
  712
  749
  788
  829
  872
  917
  964
  1,013
  1,065
  1,119
  1,176
  1,236
  1,298
  1,364
  1,433
  1,506
  1,582
  1,661
Funds from operations, $m
  451
  -822
  -872
  -924
  -978
  -1,035
  -1,095
  -1,157
  -1,222
  -1,290
  -1,361
  -1,435
  -1,513
  -1,595
  -1,680
  -1,769
  -1,863
  -1,961
  -2,064
  -2,172
  -2,286
  -2,405
  -2,529
  -2,660
  -2,797
  -2,941
  -3,092
  -3,250
  -3,416
  -3,590
  -3,773
Change in working capital, $m
  26
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  21
  22
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
Cash from operations, $m
  425
  -825
  -885
  -938
  -993
  -1,051
  -1,111
  -1,174
  -1,240
  -1,308
  -1,380
  -1,456
  -1,534
  -1,617
  -1,703
  -1,794
  -1,889
  -1,989
  -2,093
  -2,202
  -2,317
  -2,437
  -2,563
  -2,696
  -2,835
  -2,980
  -3,133
  -3,294
  -3,462
  -3,638
  -3,824
Maintenance CAPEX, $m
  0
  -354
  -375
  -397
  -420
  -443
  -468
  -494
  -521
  -549
  -579
  -610
  -642
  -676
  -712
  -749
  -788
  -829
  -872
  -917
  -964
  -1,013
  -1,065
  -1,119
  -1,176
  -1,236
  -1,298
  -1,364
  -1,433
  -1,506
  -1,582
New CAPEX, $m
  -370
  -148
  -155
  -161
  -169
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -241
  -252
  -264
  -277
  -290
  -304
  -319
  -334
  -350
  -367
  -385
  -404
  -424
  -445
  -467
  -490
  -514
  -540
  -566
Cash from investing activities, $m
  -223
  -502
  -530
  -558
  -589
  -619
  -652
  -686
  -722
  -759
  -799
  -840
  -883
  -928
  -976
  -1,026
  -1,078
  -1,133
  -1,191
  -1,251
  -1,314
  -1,380
  -1,450
  -1,523
  -1,600
  -1,681
  -1,765
  -1,854
  -1,947
  -2,046
  -2,148
Free cash flow, $m
  202
  -1,328
  -1,415
  -1,497
  -1,581
  -1,670
  -1,763
  -1,860
  -1,962
  -2,068
  -2,179
  -2,296
  -2,418
  -2,546
  -2,680
  -2,820
  -2,967
  -3,121
  -3,283
  -3,453
  -3,631
  -3,818
  -4,014
  -4,219
  -4,435
  -4,661
  -4,898
  -5,148
  -5,409
  -5,684
  -5,972
Issuance/(repayment) of debt, $m
  -193
  96
  98
  102
  107
  112
  117
  122
  127
  133
  139
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  269
  282
  296
  311
  326
  342
  359
Issuance/(repurchase) of shares, $m
  356
  477
  1,448
  1,530
  1,617
  1,707
  1,802
  1,900
  2,004
  2,112
  2,225
  2,344
  2,468
  2,598
  2,735
  2,878
  3,028
  3,185
  3,350
  3,523
  3,705
  3,895
  4,095
  4,304
  4,524
  4,754
  4,996
  5,250
  5,517
  5,797
  6,090
Cash from financing (excl. dividends), $m  
  30
  573
  1,546
  1,632
  1,724
  1,819
  1,919
  2,022
  2,131
  2,245
  2,364
  2,490
  2,621
  2,758
  2,903
  3,054
  3,212
  3,378
  3,552
  3,735
  3,927
  4,128
  4,339
  4,560
  4,793
  5,036
  5,292
  5,561
  5,843
  6,139
  6,449
Total cash flow (excl. dividends), $m
  231
  -1,232
  -1,317
  -1,394
  -1,475
  -1,559
  -1,646
  -1,738
  -1,834
  -1,935
  -2,040
  -2,150
  -2,265
  -2,386
  -2,512
  -2,644
  -2,783
  -2,929
  -3,081
  -3,241
  -3,409
  -3,585
  -3,769
  -3,963
  -4,166
  -4,379
  -4,602
  -4,837
  -5,083
  -5,342
  -5,613
Retained Cash Flow (-), $m
  -441
  -126
  -131
  -136
  -142
  -148
  -155
  -162
  -170
  -177
  -186
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -296
  -310
  -325
  -341
  -358
  -375
  -394
  -413
  -434
  -455
  -478
Prev. year cash balance distribution, $m
 
  881
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  80.3
  47.1
  27.7
  16.3
  9.6
  5.6
  3.3
  1.9
  1.1
  0.7
  0.4
  0.2
  0.1
  0.1
  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
  0.0

IAMGOLD Corporation explores for, develops, and operates mining properties in North and South America, and West Africa. The company explores for gold, copper, zinc, and silver. The company owns interest in the Rosebel gold mine located in north eastern Suriname, South America; Essakane gold mine in north-eastern Burkina Faso, West Africa; Westwood gold mine southwestern Québec, Canada; and Côté gold development project located to the southwest of Gogama, Ontario. It also holds interests in various exploration projects, including Boto gold project in eastern Senegal; and Pitangui project located in Brazil. IAMGOLD Corporation was incorporated in 1990 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  IAMGOLD Corporation (IMG)

Valuation Ratios
P/E Ratio 36
Price to Sales 1.9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 46.5
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.5%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 21.9%
Total Debt to Equity 21.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. -7.1%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. -10%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. -12.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 10.3%
Gross Margin - 3 Yr. Avg. 5.3%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. -1.1%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. -27.7%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. -30%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. -32.5%
Effective Tax Rate 35.7%
Eff/ Tax Rate - 3 Yr. Avg. -15.9%
Payout Ratio 0%

IMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMG stock intrinsic value calculation we used $1334 million for the last fiscal year's total revenue generated by IAMGOLD Corporation. The default revenue input number comes from 2016 income statement of IAMGOLD 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 IMG stock valuation model: a) initial revenue growth rate of 5.9% 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 IMG is calculated based on our internal credit rating of IAMGOLD 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 IAMGOLD 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 IMG stock the variable cost ratio is equal to 182.8%.

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 IMG 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 4.1% for IAMGOLD Corporation.

Corporate tax rate of 27% is the nominal tax rate for IAMGOLD 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 IMG 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 IMG are equal to 188.5%.

Life of production assets of 7.1 years is the average useful life of capital assets used in IAMGOLD 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 IMG is equal to 16.8%. 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 - $3002 million for IAMGOLD 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 487.41 million for IAMGOLD 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 IAMGOLD Corporation at the current share price and the inputted number of shares is $2.7 billion.


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