Intrinsic value of Genworth MI Canada Inc. - MIC

Previous Close

$42.86

  Intrinsic Value

$157.12

stock screener

  Rating & Target

str. buy

+267%

Previous close

$42.86

 
Intrinsic value

$157.12

 
Up/down potential

+267%

 
Rating

str. buy

We calculate the intrinsic value of MIC 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 3.9

 

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, %
  9.87
  33.60
  30.74
  28.17
  25.85
  23.76
  21.89
  20.20
  18.68
  17.31
  16.08
  14.97
  13.97
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
Revenue, $m
  0
  907
  1,186
  1,520
  1,913
  2,368
  2,886
  3,469
  4,117
  4,829
  5,606
  6,445
  7,346
  8,307
  9,326
  10,402
  11,535
  12,723
  13,966
  15,264
  16,616
  18,025
  19,490
  21,014
  22,597
  24,243
  25,952
  27,730
  29,577
  31,499
  33,498
Variable operating expenses, $m
 
  95
  124
  158
  199
  246
  299
  360
  427
  500
  581
  666
  759
  859
  964
  1,075
  1,192
  1,315
  1,444
  1,578
  1,718
  1,863
  2,015
  2,172
  2,336
  2,506
  2,683
  2,867
  3,058
  3,256
  3,463
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
  103
  95
  124
  158
  199
  246
  299
  360
  427
  500
  581
  666
  759
  859
  964
  1,075
  1,192
  1,315
  1,444
  1,578
  1,718
  1,863
  2,015
  2,172
  2,336
  2,506
  2,683
  2,867
  3,058
  3,256
  3,463
Operating income, $m
  575
  812
  1,062
  1,362
  1,714
  2,122
  2,586
  3,109
  3,690
  4,329
  5,025
  5,779
  6,586
  7,448
  8,362
  9,327
  10,342
  11,408
  12,522
  13,686
  14,899
  16,162
  17,475
  18,841
  20,261
  21,736
  23,270
  24,863
  26,520
  28,243
  30,035
EBITDA, $m
  641
  816
  1,067
  1,367
  1,721
  2,129
  2,596
  3,120
  3,703
  4,344
  5,042
  5,797
  6,607
  7,471
  8,388
  9,356
  10,375
  11,443
  12,561
  13,728
  14,945
  16,212
  17,530
  18,900
  20,324
  21,804
  23,342
  24,941
  26,602
  28,331
  30,129
Interest expense (income), $m
  22
  22
  72
  134
  208
  295
  396
  511
  640
  784
  942
  1,114
  1,301
  1,500
  1,714
  1,940
  2,178
  2,430
  2,693
  2,969
  3,257
  3,557
  3,869
  4,194
  4,532
  4,884
  5,249
  5,628
  6,022
  6,432
  6,858
Earnings before tax, $m
  566
  790
  990
  1,228
  1,506
  1,826
  2,190
  2,598
  3,050
  3,545
  4,083
  4,664
  5,286
  5,947
  6,648
  7,387
  8,164
  8,978
  9,829
  10,717
  11,642
  12,605
  13,606
  14,647
  15,729
  16,853
  18,021
  19,235
  20,498
  21,811
  23,177
Tax expense, $m
  149
  213
  267
  331
  407
  493
  591
  701
  823
  957
  1,102
  1,259
  1,427
  1,606
  1,795
  1,995
  2,204
  2,424
  2,654
  2,894
  3,143
  3,403
  3,674
  3,955
  4,247
  4,550
  4,866
  5,193
  5,534
  5,889
  6,258
Net income, $m
  417
  577
  723
  896
  1,099
  1,333
  1,599
  1,896
  2,226
  2,588
  2,981
  3,405
  3,859
  4,342
  4,853
  5,393
  5,960
  6,554
  7,175
  7,823
  8,499
  9,201
  9,932
  10,692
  11,482
  12,303
  13,155
  14,042
  14,963
  15,922
  16,919

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
  6,612
  8,807
  11,515
  14,758
  18,573
  22,986
  28,017
  33,677
  39,967
  46,886
  54,426
  62,574
  71,319
  80,646
  90,541
  100,992
  111,988
  123,523
  135,590
  148,190
  161,325
  175,001
  189,227
  204,018
  219,391
  235,365
  251,966
  269,220
  287,158
  305,814
  325,225
Adjusted assets (=assets-cash), $m
  6,612
  8,807
  11,515
  14,758
  18,573
  22,986
  28,017
  33,677
  39,967
  46,886
  54,426
  62,574
  71,319
  80,646
  90,541
  100,992
  111,988
  123,523
  135,590
  148,190
  161,325
  175,001
  189,227
  204,018
  219,391
  235,365
  251,966
  269,220
  287,158
  305,814
  325,225
Revenue / Adjusted assets
  0.000
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
  0.103
Average production assets, $m
  10
  13
  17
  21
  27
  33
  40
  49
  58
  68
  78
  90
  103
  116
  131
  146
  161
  178
  196
  214
  233
  252
  273
  294
  316
  339
  363
  388
  414
  441
  469
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
  433
  1,416
  2,629
  4,081
  5,791
  7,768
  10,022
  12,557
  15,375
  18,475
  21,853
  25,503
  29,421
  33,599
  38,032
  42,714
  47,641
  52,808
  58,214
  63,859
  69,744
  75,870
  82,244
  88,870
  95,757
  102,914
  110,351
  118,081
  126,117
  134,475
  143,171
Total liabilities, $m
  2,963
  3,946
  5,159
  6,611
  8,321
  10,298
  12,552
  15,087
  17,905
  21,005
  24,383
  28,033
  31,951
  36,129
  40,562
  45,244
  50,171
  55,338
  60,744
  66,389
  72,274
  78,400
  84,774
  91,400
  98,287
  105,444
  112,881
  120,611
  128,647
  137,005
  145,701
Total equity, $m
  3,649
  4,862
  6,356
  8,146
  10,252
  12,688
  15,466
  18,590
  22,062
  25,881
  30,043
  34,541
  39,368
  44,516
  49,979
  55,747
  61,818
  68,184
  74,846
  81,801
  89,051
  96,600
  104,453
  112,618
  121,104
  129,922
  139,085
  148,609
  158,511
  168,810
  179,524
Total liabilities and equity, $m
  6,612
  8,808
  11,515
  14,757
  18,573
  22,986
  28,018
  33,677
  39,967
  46,886
  54,426
  62,574
  71,319
  80,645
  90,541
  100,991
  111,989
  123,522
  135,590
  148,190
  161,325
  175,000
  189,227
  204,018
  219,391
  235,366
  251,966
  269,220
  287,158
  305,815
  325,225
Debt-to-equity ratio
  0.119
  0.290
  0.410
  0.500
  0.560
  0.610
  0.650
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
Adjusted equity ratio
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  417
  577
  723
  896
  1,099
  1,333
  1,599
  1,896
  2,226
  2,588
  2,981
  3,405
  3,859
  4,342
  4,853
  5,393
  5,960
  6,554
  7,175
  7,823
  8,499
  9,201
  9,932
  10,692
  11,482
  12,303
  13,155
  14,042
  14,963
  15,922
  16,919
Depreciation, amort., depletion, $m
  66
  4
  4
  5
  6
  8
  9
  11
  13
  15
  17
  18
  21
  23
  26
  29
  32
  36
  39
  43
  47
  50
  55
  59
  63
  68
  73
  78
  83
  88
  94
Funds from operations, $m
  643
  580
  727
  902
  1,106
  1,341
  1,608
  1,907
  2,239
  2,602
  2,997
  3,423
  3,879
  4,365
  4,879
  5,422
  5,992
  6,589
  7,214
  7,866
  8,545
  9,252
  9,987
  10,751
  11,545
  12,370
  13,228
  14,119
  15,046
  16,010
  17,013
Change in working capital, $m
  99
  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
  544
  580
  727
  902
  1,106
  1,341
  1,608
  1,907
  2,239
  2,602
  2,997
  3,423
  3,879
  4,365
  4,879
  5,422
  5,992
  6,589
  7,214
  7,866
  8,545
  9,252
  9,987
  10,751
  11,545
  12,370
  13,228
  14,119
  15,046
  16,010
  17,013
Maintenance CAPEX, $m
  0
  -2
  -3
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -50
  -55
  -59
  -63
  -68
  -73
  -78
  -83
  -88
New CAPEX, $m
  -5
  -3
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
Cash from investing activities, $m
  -654
  -5
  -7
  -8
  -10
  -11
  -14
  -16
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -45
  -49
  -53
  -57
  -62
  -67
  -71
  -76
  -81
  -86
  -92
  -98
  -104
  -110
  -116
Free cash flow, $m
  -110
  575
  721
  894
  1,096
  1,329
  1,594
  1,891
  2,220
  2,581
  2,973
  3,396
  3,849
  4,331
  4,842
  5,381
  5,947
  6,541
  7,161
  7,809
  8,483
  9,186
  9,916
  10,675
  11,464
  12,284
  13,136
  14,022
  14,942
  15,900
  16,897
Issuance/(repayment) of debt, $m
  0
  983
  1,213
  1,453
  1,709
  1,977
  2,254
  2,535
  2,818
  3,100
  3,378
  3,651
  3,918
  4,178
  4,433
  4,682
  4,926
  5,167
  5,406
  5,645
  5,884
  6,127
  6,373
  6,626
  6,887
  7,157
  7,437
  7,730
  8,036
  8,358
  8,696
Issuance/(repurchase) of shares, $m
  2
  636
  772
  894
  1,006
  1,103
  1,178
  1,227
  1,246
  1,232
  1,181
  1,093
  968
  807
  609
  376
  110
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1
  1,619
  1,985
  2,347
  2,715
  3,080
  3,432
  3,762
  4,064
  4,332
  4,559
  4,744
  4,886
  4,985
  5,042
  5,058
  5,036
  5,167
  5,406
  5,645
  5,884
  6,127
  6,373
  6,626
  6,887
  7,157
  7,437
  7,730
  8,036
  8,358
  8,696
Total cash flow (excl. dividends), $m
  -109
  2,194
  2,705
  3,241
  3,811
  4,410
  5,027
  5,654
  6,284
  6,912
  7,532
  8,139
  8,735
  9,316
  9,884
  10,439
  10,984
  11,708
  12,567
  13,453
  14,368
  15,312
  16,290
  17,302
  18,351
  19,441
  20,573
  21,752
  22,979
  24,258
  25,593
Retained Cash Flow (-), $m
  -229
  -1,213
  -1,494
  -1,790
  -2,106
  -2,436
  -2,777
  -3,124
  -3,472
  -3,819
  -4,162
  -4,498
  -4,827
  -5,148
  -5,462
  -5,769
  -6,070
  -6,367
  -6,661
  -6,955
  -7,250
  -7,549
  -7,853
  -8,165
  -8,486
  -8,818
  -9,164
  -9,524
  -9,902
  -10,298
  -10,715
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
 
  981
  1,211
  1,450
  1,706
  1,973
  2,249
  2,530
  2,812
  3,093
  3,370
  3,641
  3,908
  4,168
  4,422
  4,670
  4,914
  5,341
  5,906
  6,498
  7,117
  7,763
  8,436
  9,137
  9,866
  10,623
  11,410
  12,227
  13,077
  13,960
  14,878
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
 
  941
  1,109
  1,262
  1,404
  1,530
  1,632
  1,709
  1,758
  1,777
  1,767
  1,729
  1,667
  1,585
  1,484
  1,371
  1,249
  1,162
  1,088
  1,001
  904
  803
  700
  599
  502
  413
  333
  262
  202
  152
  112
Current shareholders' claim on cash, %
  100
  86.0
  74.9
  66.2
  59.3
  53.9
  49.6
  46.2
  43.4
  41.3
  39.6
  38.3
  37.3
  36.6
  36.1
  35.9
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8
  35.8

Genworth MI Canada Inc., through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, operates as a private-sector residential mortgage insurer. The Company provides mortgage default insurance to Canadian residential mortgage lenders. It underwrites mortgage insurance for residential properties in various provinces and territories of Canada. The Company offers both transactional and portfolio mortgage insurance. Its transactional mortgage insurance covers default risk on mortgage loans secured by residential properties to protect lenders from any resulting losses on claims. It also provides portfolio mortgage insurance to lenders for loans with loan-to-value ratios of 80% or less. Under mortgage insurance, it serves originators of residential mortgage loans, such as banks, mortgage loan and trust companies, and credit unions. It works with lenders, mortgage brokers and real estate agents across Canada to make homeownership accessible for first-time homebuyers.

FINANCIAL RATIOS  of  Genworth MI Canada Inc. (MIC)

Valuation Ratios
P/E Ratio 9.4
Price to Sales 5.8
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 7.3
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25%
Cap. Spend. - 3 Yr. Gr. Rate 10.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 11.9%
Total Debt to Equity 11.9%
Interest Coverage 27
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 96.3%
EBITDA Margin - 3 Yr. Avg. 98.8%
Operating Margin 84.8%
Oper. Margin - 3 Yr. Avg. 88.4%
Pre-Tax Margin 83.4%
Pre-Tax Margin - 3 Yr. Avg. 85.6%
Net Profit Margin 61.4%
Net Profit Margin - 3 Yr. Avg. 63.3%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 26%
Payout Ratio 37.4%

MIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIC stock intrinsic value calculation we used $679 million for the last fiscal year's total revenue generated by Genworth MI Canada Inc.. The default revenue input number comes from 2016 income statement of Genworth MI Canada 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 MIC stock valuation model: a) initial revenue growth rate of 33.6% 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 4.3%, whose default value for MIC is calculated based on our internal credit rating of Genworth MI Canada 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 Genworth MI Canada 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 MIC stock the variable cost ratio is equal to 10.5%.

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 MIC 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 5.1% for Genworth MI Canada Inc..

Corporate tax rate of 27% is the nominal tax rate for Genworth MI Canada 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 MIC 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 MIC are equal to 1.4%.

Life of production assets of 0.3 years is the average useful life of capital assets used in Genworth MI Canada 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 MIC 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 - $3649 million for Genworth MI Canada 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 91.015 million for Genworth MI Canada 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 Genworth MI Canada Inc. at the current share price and the inputted number of shares is $3.9 billion.

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Financial statements of MIC
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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