Intrinsic value of Canadian Imperial Bank of Commerce - CM

Previous Close

$88.39

  Intrinsic Value

$206.61

stock screener

  Rating & Target

str. buy

+134%

Previous close

$88.39

 
Intrinsic value

$206.61

 
Up/down potential

+134%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as CM.

We calculate the intrinsic value of CM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
Revenue, $m
  0
  14,234
  15,932
  17,722
  19,603
  21,574
  23,633
  25,782
  28,021
  30,351
  32,774
  35,292
  37,910
  40,630
  43,456
  46,395
  49,450
  52,628
  55,935
  59,378
  62,965
  66,703
  70,600
  74,665
  78,908
  83,338
  87,965
  92,801
  97,857
  103,144
  108,675
Variable operating expenses, $m
 
  7,387
  8,269
  9,198
  10,174
  11,197
  12,266
  13,381
  14,543
  15,752
  17,010
  18,317
  19,675
  21,087
  22,554
  24,079
  25,664
  27,314
  29,030
  30,817
  32,679
  34,619
  36,641
  38,751
  40,953
  43,252
  45,654
  48,164
  50,788
  53,532
  56,402
Fixed operating expenses, $m
 
  908
  928
  948
  969
  990
  1,012
  1,034
  1,057
  1,080
  1,104
  1,128
  1,153
  1,178
  1,204
  1,231
  1,258
  1,286
  1,314
  1,343
  1,372
  1,402
  1,433
  1,465
  1,497
  1,530
  1,564
  1,598
  1,633
  1,669
  1,706
Total operating expenses, $m
  0
  8,295
  9,197
  10,146
  11,143
  12,187
  13,278
  14,415
  15,600
  16,832
  18,114
  19,445
  20,828
  22,265
  23,758
  25,310
  26,922
  28,600
  30,344
  32,160
  34,051
  36,021
  38,074
  40,216
  42,450
  44,782
  47,218
  49,762
  52,421
  55,201
  58,108
Operating income, $m
  0
  5,939
  6,736
  7,577
  8,460
  9,387
  10,356
  11,367
  12,421
  13,519
  14,660
  15,847
  17,082
  18,364
  19,698
  21,085
  22,528
  24,028
  25,591
  27,218
  28,914
  30,681
  32,525
  34,449
  36,458
  38,556
  40,748
  43,039
  45,436
  47,943
  50,567
EBITDA, $m
  401
  51,703
  57,959
  64,556
  71,487
  78,749
  86,340
  94,260
  102,511
  111,099
  120,031
  129,316
  138,965
  148,993
  159,414
  170,248
  181,514
  193,232
  205,428
  218,125
  231,352
  245,137
  259,510
  274,504
  290,154
  306,495
  323,565
  341,405
  360,056
  379,562
  399,969
Interest expense (income), $m
  3,350
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
  4,797
Earnings before tax, $m
  4,352
  1,142
  1,939
  2,780
  3,664
  4,590
  5,559
  6,570
  7,624
  8,722
  9,863
  11,051
  12,285
  13,568
  14,901
  16,288
  17,731
  19,232
  20,794
  22,421
  24,117
  25,885
  27,728
  29,652
  31,661
  33,759
  35,951
  38,243
  40,639
  43,146
  45,770
Tax expense, $m
  860
  308
  524
  751
  989
  1,239
  1,501
  1,774
  2,059
  2,355
  2,663
  2,984
  3,317
  3,663
  4,023
  4,398
  4,787
  5,193
  5,614
  6,054
  6,512
  6,989
  7,487
  8,006
  8,548
  9,115
  9,707
  10,325
  10,973
  11,650
  12,358
Net income, $m
  3,478
  834
  1,416
  2,029
  2,674
  3,351
  4,058
  4,796
  5,566
  6,367
  7,200
  8,067
  8,968
  9,904
  10,878
  11,890
  12,943
  14,039
  15,180
  16,368
  17,605
  18,896
  20,242
  21,646
  23,112
  24,644
  26,244
  27,917
  29,667
  31,497
  33,412

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
  418,379
  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
Adjusted assets (=assets-cash), $m
  418,379
  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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  1,254
  457,638
  512,234
  569,794
  630,267
  693,622
  759,840
  828,926
  900,900
  975,807
  1,053,707
  1,134,682
  1,218,834
  1,306,282
  1,397,163
  1,491,632
  1,589,861
  1,692,039
  1,798,369
  1,909,072
  2,024,383
  2,144,553
  2,269,849
  2,400,553
  2,536,963
  2,679,394
  2,828,175
  2,983,654
  3,146,196
  3,316,184
  3,494,020
Working capital, $m
  0
  -460,484
  -515,420
  -573,338
  -634,188
  -697,937
  -764,567
  -834,082
  -906,504
  -981,877
  -1,060,261
  -1,141,740
  -1,226,416
  -1,314,408
  -1,405,854
  -1,500,911
  -1,599,751
  -1,702,565
  -1,809,556
  -1,920,948
  -2,036,976
  -2,157,894
  -2,283,969
  -2,415,486
  -2,552,745
  -2,696,061
  -2,845,768
  -3,002,214
  -3,165,767
  -3,336,813
  -3,515,755
Total debt, $m
  34,726
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
  88,829
Total liabilities, $m
  395,409
  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 equity, $m
  22,971
  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 liabilities and equity, $m
  418,380
  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
Debt-to-equity ratio
  1.512
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.055
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,478
  834
  1,416
  2,029
  2,674
  3,351
  4,058
  4,796
  5,566
  6,367
  7,200
  8,067
  8,968
  9,904
  10,878
  11,890
  12,943
  14,039
  15,180
  16,368
  17,605
  18,896
  20,242
  21,646
  23,112
  24,644
  26,244
  27,917
  29,667
  31,497
  33,412
Depreciation, amort., depletion, $m
  401
  45,764
  51,223
  56,979
  63,027
  69,362
  75,984
  82,893
  90,090
  97,581
  105,371
  113,468
  121,883
  130,628
  139,716
  149,163
  158,986
  169,204
  179,837
  190,907
  202,438
  214,455
  226,985
  240,055
  253,696
  267,939
  282,817
  298,365
  314,620
  331,618
  349,402
Funds from operations, $m
  -40
  46,598
  52,639
  59,009
  65,701
  72,713
  80,042
  87,689
  95,656
  103,948
  112,571
  121,535
  130,851
  140,533
  150,594
  161,054
  171,930
  183,243
  195,017
  207,275
  220,044
  233,351
  247,227
  261,701
  276,809
  292,583
  309,062
  326,282
  344,286
  363,115
  382,814
Change in working capital, $m
  -1,859
  -51,891
  -54,936
  -57,918
  -60,850
  -63,748
  -66,630
  -69,515
  -72,422
  -75,372
  -78,385
  -81,479
  -84,675
  -87,992
  -91,446
  -95,057
  -98,840
  -102,813
  -106,992
  -111,391
  -116,028
  -120,918
  -126,076
  -131,517
  -137,259
  -143,316
  -149,706
  -156,446
  -163,553
  -171,046
  -178,943
Cash from operations, $m
  1,819
  98,489
  107,575
  116,926
  126,551
  136,461
  146,673
  157,204
  168,078
  179,320
  190,956
  203,014
  215,527
  228,524
  242,041
  256,111
  270,770
  286,056
  302,008
  318,666
  336,072
  354,269
  373,302
  393,219
  414,067
  435,899
  458,768
  482,729
  507,839
  534,161
  561,757
Maintenance CAPEX, $m
  0
  -40,606
  -45,764
  -51,223
  -56,979
  -63,027
  -69,362
  -75,984
  -82,893
  -90,090
  -97,581
  -105,371
  -113,468
  -121,883
  -130,628
  -139,716
  -149,163
  -158,986
  -169,204
  -179,837
  -190,907
  -202,438
  -214,455
  -226,985
  -240,055
  -253,696
  -267,939
  -282,817
  -298,365
  -314,620
  -331,618
New CAPEX, $m
  0
  -51,578
  -54,596
  -57,560
  -60,474
  -63,354
  -66,218
  -69,085
  -71,975
  -74,906
  -77,900
  -80,975
  -84,152
  -87,448
  -90,881
  -94,469
  -98,229
  -102,178
  -106,330
  -110,703
  -115,311
  -120,170
  -125,296
  -130,704
  -136,410
  -142,430
  -148,781
  -155,479
  -162,542
  -169,988
  -177,836
Cash from investing activities, $m
  -1,454
  -92,184
  -100,360
  -108,783
  -117,453
  -126,381
  -135,580
  -145,069
  -154,868
  -164,996
  -175,481
  -186,346
  -197,620
  -209,331
  -221,509
  -234,185
  -247,392
  -261,164
  -275,534
  -290,540
  -306,218
  -322,608
  -339,751
  -357,689
  -376,465
  -396,126
  -416,720
  -438,296
  -460,907
  -484,608
  -509,454
Free cash flow, $m
  365
  6,305
  7,215
  8,143
  9,098
  10,080
  11,092
  12,135
  13,211
  14,324
  15,475
  16,668
  17,907
  19,193
  20,531
  21,925
  23,377
  24,893
  26,474
  28,127
  29,854
  31,660
  33,551
  35,530
  37,602
  39,773
  42,048
  44,432
  46,932
  49,553
  52,302
Issuance/(repayment) of debt, $m
  -41
  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
Issuance/(repurchase) of shares, $m
  725
  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  
  684
  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 cash flow (excl. dividends), $m
  1,011
  6,305
  7,215
  8,143
  9,098
  10,080
  11,092
  12,135
  13,211
  14,324
  15,475
  16,668
  17,907
  19,193
  20,531
  21,925
  23,377
  24,893
  26,474
  28,127
  29,854
  31,660
  33,551
  35,530
  37,602
  39,773
  42,048
  44,432
  46,932
  49,553
  52,302
Retained Cash Flow (-), $m
  -5,598
  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
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
 
  6,305
  7,215
  8,143
  9,098
  10,080
  11,092
  12,135
  13,211
  14,324
  15,475
  16,668
  17,907
  19,193
  20,531
  21,925
  23,377
  24,893
  26,474
  28,127
  29,854
  31,660
  33,551
  35,530
  37,602
  39,773
  42,048
  44,432
  46,932
  49,553
  52,302
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  5,827
  6,116
  6,281
  6,330
  6,268
  6,104
  5,849
  5,515
  5,118
  4,673
  4,197
  3,707
  3,218
  2,743
  2,295
  1,884
  1,515
  1,193
  918
  691
  507
  363
  253
  171
  113
  72
  44
  27
  15
  9
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

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets. The Company's Retail and Business Banking segment provides personal and business clients across Canada with financial advice, products and services in its banking centers or through remote channels, such as mobile advisors, telephone, online or mobile banking. The Company's Wealth Management segment provides advice and investment solutions. The Company's Capital Markets segment provides integrated credit and global markets products, investment banking advisory services and research to corporate, government and institutional clients around the world.

FINANCIAL RATIOS  of  Canadian Imperial Bank of Commerce (CM)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 0
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 151.2%
Total Debt to Equity 151.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 17.2%
Return On Equity - 3 Yr. Avg. 18.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 19.8%
Eff/ Tax Rate - 3 Yr. Avg. 16.4%
Payout Ratio 30.3%

CM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CM stock intrinsic value calculation we used $12630 million for the last fiscal year's total revenue generated by Canadian Imperial Bank of Commerce. The default revenue input number comes from 2017 income statement of Canadian Imperial Bank of Commerce. 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 CM stock valuation model: a) initial revenue growth rate of 12.7% 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 8.2%, whose default value for CM is calculated based on our internal credit rating of Canadian Imperial Bank of Commerce, 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 Canadian Imperial Bank of Commerce.
    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 CM stock the variable cost ratio is equal to 51.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $888 million in the base year in the intrinsic value calculation for CM 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 5.4% for Canadian Imperial Bank of Commerce.

Corporate tax rate of 27% is the nominal tax rate for Canadian Imperial Bank of Commerce. 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 CM 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 CM are equal to 3215.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Canadian Imperial Bank of Commerce 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 CM is equal to -3235.1%. 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 - $0 million for Canadian Imperial Bank of Commerce - 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 397 million for Canadian Imperial Bank of Commerce 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 Canadian Imperial Bank of Commerce at the current share price and the inputted number of shares is $35.1 billion.

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COMPANY NEWS

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▶ CIBC to Redeem Medium Term Notes   [May-02-18 07:32AM  CNW Group]
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▶ Top Ranked Income Stocks to Buy for March 20th   [Mar-20-18 10:08AM  Zacks]
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▶ World's only Ski-Thru ATM returns with a "twist"   [Feb-07-18 12:55PM  PR Newswire]
▶ EnerCom Dallas Announces 2018 Conference Presenters   [Jan-18-18 05:44PM  PR Newswire]
▶ CIBC raises prime lending rate   [Jan-17-18 02:48PM  CNW Group]
▶ /C O R R E C T I O N -- CIBC/   [Jan-10-18 09:03AM  CNW Group]
Financial statements of CM
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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