Intrinsic value of Stantec Inc. - STN

Previous Close

$35.38

  Intrinsic Value

$138.13

stock screener

  Rating & Target

str. buy

+290%

Previous close

$35.38

 
Intrinsic value

$138.13

 
Up/down potential

+290%

 
Rating

str. buy

We calculate the intrinsic value of STN 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 4.0

 

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, %
  30.50
  30.50
  27.95
  25.66
  23.59
  21.73
  20.06
  18.55
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.83
  10.25
  9.73
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
Revenue, $m
  3,098
  4,043
  5,173
  6,500
  8,033
  9,779
  11,740
  13,918
  16,312
  18,918
  21,733
  24,752
  27,970
  31,383
  34,986
  38,777
  42,751
  46,909
  51,249
  55,773
  60,483
  65,383
  70,476
  75,770
  81,271
  86,987
  92,929
  99,106
  105,531
  112,216
  119,175
Variable operating expenses, $m
 
  3,619
  4,580
  5,708
  7,011
  8,495
  10,162
  12,013
  14,048
  16,263
  18,656
  21,039
  23,775
  26,675
  29,738
  32,960
  36,338
  39,872
  43,562
  47,407
  51,410
  55,575
  59,904
  64,404
  69,079
  73,939
  78,989
  84,240
  89,701
  95,383
  101,298
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
  2,919
  3,619
  4,580
  5,708
  7,011
  8,495
  10,162
  12,013
  14,048
  16,263
  18,656
  21,039
  23,775
  26,675
  29,738
  32,960
  36,338
  39,872
  43,562
  47,407
  51,410
  55,575
  59,904
  64,404
  69,079
  73,939
  78,989
  84,240
  89,701
  95,383
  101,298
Operating income, $m
  180
  424
  593
  792
  1,022
  1,284
  1,578
  1,905
  2,264
  2,655
  3,077
  3,713
  4,196
  4,708
  5,248
  5,817
  6,413
  7,037
  7,688
  8,366
  9,073
  9,808
  10,572
  11,366
  12,191
  13,049
  13,940
  14,867
  15,830
  16,833
  17,877
EBITDA, $m
  180
  669
  856
  1,076
  1,330
  1,618
  1,943
  2,304
  2,700
  3,131
  3,597
  4,097
  4,629
  5,194
  5,790
  6,418
  7,076
  7,764
  8,482
  9,231
  10,010
  10,821
  11,664
  12,540
  13,451
  14,397
  15,380
  16,403
  17,466
  18,572
  19,724
Interest expense (income), $m
  -38
  1
  25
  53
  86
  125
  169
  218
  272
  332
  398
  468
  544
  624
  710
  800
  895
  995
  1,099
  1,208
  1,321
  1,439
  1,562
  1,690
  1,822
  1,960
  2,103
  2,252
  2,407
  2,568
  2,736
Earnings before tax, $m
  181
  423
  568
  739
  936
  1,159
  1,410
  1,687
  1,992
  2,323
  2,680
  3,245
  3,652
  4,083
  4,538
  5,016
  5,518
  6,042
  6,589
  7,159
  7,752
  8,369
  9,010
  9,676
  10,369
  11,088
  11,837
  12,614
  13,423
  14,265
  15,141
Tax expense, $m
  50
  114
  153
  200
  253
  313
  381
  456
  538
  627
  724
  876
  986
  1,102
  1,225
  1,354
  1,490
  1,631
  1,779
  1,933
  2,093
  2,260
  2,433
  2,613
  2,800
  2,994
  3,196
  3,406
  3,624
  3,852
  4,088
Net income, $m
  131
  308
  415
  540
  683
  846
  1,029
  1,232
  1,454
  1,696
  1,956
  2,369
  2,666
  2,981
  3,313
  3,662
  4,028
  4,410
  4,810
  5,226
  5,659
  6,109
  6,577
  7,064
  7,569
  8,095
  8,641
  9,208
  9,799
  10,413
  11,053

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  232
  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
  4,285
  5,292
  6,771
  8,508
  10,515
  12,800
  15,367
  18,218
  21,351
  24,762
  28,446
  32,398
  36,610
  41,077
  45,794
  50,755
  55,957
  61,399
  67,080
  73,002
  79,167
  85,579
  92,246
  99,175
  106,375
  113,857
  121,635
  129,720
  138,130
  146,880
  155,988
Adjusted assets (=assets-cash), $m
  4,053
  5,292
  6,771
  8,508
  10,515
  12,800
  15,367
  18,218
  21,351
  24,762
  28,446
  32,398
  36,610
  41,077
  45,794
  50,755
  55,957
  61,399
  67,080
  73,002
  79,167
  85,579
  92,246
  99,175
  106,375
  113,857
  121,635
  129,720
  138,130
  146,880
  155,988
Revenue / Adjusted assets
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
  0.764
Average production assets, $m
  481
  627
  802
  1,007
  1,245
  1,516
  1,820
  2,157
  2,528
  2,932
  3,369
  3,837
  4,335
  4,864
  5,423
  6,010
  6,626
  7,271
  7,944
  8,645
  9,375
  10,134
  10,924
  11,744
  12,597
  13,483
  14,404
  15,361
  16,357
  17,394
  18,472
Working capital, $m
  510
  485
  621
  780
  964
  1,173
  1,409
  1,670
  1,957
  2,270
  2,608
  2,970
  3,356
  3,766
  4,198
  4,653
  5,130
  5,629
  6,150
  6,693
  7,258
  7,846
  8,457
  9,092
  9,752
  10,438
  11,151
  11,893
  12,664
  13,466
  14,301
Total debt, $m
  125
  711
  1,520
  2,470
  3,568
  4,817
  6,222
  7,781
  9,495
  11,361
  13,376
  15,538
  17,842
  20,285
  22,865
  25,579
  28,425
  31,401
  34,509
  37,748
  41,120
  44,628
  48,275
  52,065
  56,003
  60,096
  64,350
  68,773
  73,373
  78,159
  83,141
Total liabilities, $m
  2,309
  2,895
  3,704
  4,654
  5,752
  7,001
  8,406
  9,965
  11,679
  13,545
  15,560
  17,722
  20,026
  22,469
  25,049
  27,763
  30,609
  33,585
  36,693
  39,932
  43,304
  46,812
  50,459
  54,249
  58,187
  62,280
  66,534
  70,957
  75,557
  80,343
  85,325
Total equity, $m
  1,976
  2,397
  3,067
  3,854
  4,763
  5,798
  6,961
  8,253
  9,672
  11,217
  12,886
  14,676
  16,584
  18,608
  20,745
  22,992
  25,349
  27,814
  30,387
  33,070
  35,863
  38,767
  41,787
  44,926
  48,188
  51,577
  55,101
  58,763
  62,573
  66,537
  70,663
Total liabilities and equity, $m
  4,285
  5,292
  6,771
  8,508
  10,515
  12,799
  15,367
  18,218
  21,351
  24,762
  28,446
  32,398
  36,610
  41,077
  45,794
  50,755
  55,958
  61,399
  67,080
  73,002
  79,167
  85,579
  92,246
  99,175
  106,375
  113,857
  121,635
  129,720
  138,130
  146,880
  155,988
Debt-to-equity ratio
  0.063
  0.300
  0.500
  0.640
  0.750
  0.830
  0.890
  0.940
  0.980
  1.010
  1.040
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
  1.180
Adjusted equity ratio
  0.430
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  131
  308
  415
  540
  683
  846
  1,029
  1,232
  1,454
  1,696
  1,956
  2,369
  2,666
  2,981
  3,313
  3,662
  4,028
  4,410
  4,810
  5,226
  5,659
  6,109
  6,577
  7,064
  7,569
  8,095
  8,641
  9,208
  9,799
  10,413
  11,053
Depreciation, amort., depletion, $m
  0
  245
  263
  284
  307
  334
  365
  399
  436
  476
  520
  384
  434
  486
  542
  601
  663
  727
  794
  864
  937
  1,013
  1,092
  1,174
  1,260
  1,348
  1,440
  1,536
  1,636
  1,739
  1,847
Funds from operations, $m
  -1,904
  554
  678
  823
  990
  1,181
  1,394
  1,630
  1,890
  2,172
  2,476
  2,752
  3,099
  3,467
  3,855
  4,263
  4,691
  5,138
  5,604
  6,090
  6,596
  7,122
  7,670
  8,238
  8,829
  9,443
  10,081
  10,745
  11,435
  12,153
  12,900
Change in working capital, $m
  -2,190
  113
  136
  159
  184
  209
  235
  261
  287
  313
  338
  362
  386
  410
  432
  455
  477
  499
  521
  543
  565
  588
  611
  635
  660
  686
  713
  741
  771
  802
  835
Cash from operations, $m
  286
  441
  542
  664
  806
  971
  1,158
  1,369
  1,602
  1,859
  2,138
  2,390
  2,713
  3,058
  3,423
  3,808
  4,214
  4,639
  5,083
  5,547
  6,031
  6,535
  7,058
  7,603
  8,169
  8,757
  9,368
  10,003
  10,664
  11,351
  12,065
Maintenance CAPEX, $m
  0
  -48
  -63
  -80
  -101
  -125
  -152
  -182
  -216
  -253
  -293
  -337
  -384
  -434
  -486
  -542
  -601
  -663
  -727
  -794
  -864
  -937
  -1,013
  -1,092
  -1,174
  -1,260
  -1,348
  -1,440
  -1,536
  -1,636
  -1,739
New CAPEX, $m
  -58
  -146
  -175
  -206
  -238
  -271
  -304
  -338
  -371
  -404
  -436
  -468
  -499
  -529
  -559
  -587
  -616
  -644
  -673
  -701
  -730
  -759
  -789
  -821
  -853
  -886
  -921
  -958
  -996
  -1,036
  -1,079
Cash from investing activities, $m
  -1,137
  -194
  -238
  -286
  -339
  -396
  -456
  -520
  -587
  -657
  -729
  -805
  -883
  -963
  -1,045
  -1,129
  -1,217
  -1,307
  -1,400
  -1,495
  -1,594
  -1,696
  -1,802
  -1,913
  -2,027
  -2,146
  -2,269
  -2,398
  -2,532
  -2,672
  -2,818
Free cash flow, $m
  -851
  246
  304
  378
  468
  576
  703
  849
  1,016
  1,202
  1,408
  1,585
  1,831
  2,095
  2,378
  2,678
  2,996
  3,332
  3,683
  4,052
  4,437
  4,838
  5,255
  5,690
  6,142
  6,611
  7,099
  7,605
  8,132
  8,679
  9,247
Issuance/(repayment) of debt, $m
  486
  680
  809
  950
  1,098
  1,250
  1,404
  1,559
  1,714
  1,866
  2,015
  2,161
  2,304
  2,444
  2,580
  2,714
  2,846
  2,977
  3,108
  3,239
  3,372
  3,508
  3,647
  3,790
  3,938
  4,093
  4,254
  4,423
  4,600
  4,786
  4,982
Issuance/(repurchase) of shares, $m
  591
  251
  255
  247
  226
  189
  134
  60
  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  
  1,041
  931
  1,064
  1,197
  1,324
  1,439
  1,538
  1,619
  1,714
  1,866
  2,015
  2,161
  2,304
  2,444
  2,580
  2,714
  2,846
  2,977
  3,108
  3,239
  3,372
  3,508
  3,647
  3,790
  3,938
  4,093
  4,254
  4,423
  4,600
  4,786
  4,982
Total cash flow (excl. dividends), $m
  190
  1,177
  1,369
  1,575
  1,792
  2,015
  2,241
  2,468
  2,729
  3,068
  3,424
  3,747
  4,135
  4,539
  4,958
  5,392
  5,842
  6,308
  6,791
  7,291
  7,809
  8,345
  8,902
  9,480
  10,080
  10,704
  11,353
  12,028
  12,732
  13,465
  14,230
Retained Cash Flow (-), $m
  -653
  -559
  -670
  -787
  -909
  -1,035
  -1,163
  -1,291
  -1,419
  -1,545
  -1,669
  -1,790
  -1,908
  -2,024
  -2,137
  -2,247
  -2,357
  -2,465
  -2,574
  -2,682
  -2,793
  -2,905
  -3,020
  -3,139
  -3,262
  -3,390
  -3,523
  -3,663
  -3,810
  -3,964
  -4,126
Prev. year cash balance distribution, $m
 
  138
  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
 
  755
  699
  789
  883
  980
  1,078
  1,177
  1,310
  1,523
  1,755
  1,957
  2,227
  2,515
  2,821
  3,145
  3,486
  3,843
  4,217
  4,608
  5,016
  5,440
  5,882
  6,341
  6,819
  7,314
  7,830
  8,365
  8,922
  9,501
  10,104
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
 
  724
  640
  686
  727
  759
  782
  795
  819
  875
  920
  929
  950
  956
  947
  923
  886
  836
  777
  710
  637
  563
  488
  416
  347
  285
  228
  180
  138
  104
  76
Current shareholders' claim on cash, %
  100
  93.7
  89.1
  85.7
  83.3
  81.7
  80.8
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4
  80.4

Stantec Inc. is a provider of professional services in the area of infrastructure and facilities for clients in the public and private sectors. The Company's operates through four segments Consulting Services-Canada, Consulting Services-United States, Consulting Services-Global and Construction Services. The Company's services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and planning through to design, construction, commissioning, maintenance, decommissioning and remediation. The Company provides professional consulting services in engineering, architecture, interior design, landscape architecture, surveying, environmental services, project management and project economics in the area of infrastructure and facilities, principally under fee-for-service agreements with clients.

FINANCIAL RATIOS  of  Stantec Inc. (STN)

Valuation Ratios
P/E Ratio 30.8
Price to Sales 1.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 17.7
Growth Rates
Sales Growth Rate 30.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 1.6%
Total Debt to Equity 6.3%
Interest Coverage -4
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.6%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 54.1%
Gross Margin - 3 Yr. Avg. 54.5%
EBITDA Margin 4.6%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 35.1%

STN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STN stock intrinsic value calculation we used $3098 million for the last fiscal year's total revenue generated by Stantec Inc.. The default revenue input number comes from 2016 income statement of Stantec 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 STN stock valuation model: a) initial revenue growth rate of 30.5% 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 STN is calculated based on our internal credit rating of Stantec 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 Stantec 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 STN stock the variable cost ratio is equal to 90.9%.

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 STN 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 Stantec Inc..

Corporate tax rate of 27% is the nominal tax rate for Stantec 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 STN 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 STN are equal to 15.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Stantec 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 STN is equal to 12%. 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 - $1976 million for Stantec 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 113.779 million for Stantec 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 Stantec Inc. at the current share price and the inputted number of shares is $4.0 billion.

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Financial statements of STN
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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