Intrinsic value of Interpublic Group - IPG

Previous Close

$21.48

  Intrinsic Value

$57.42

stock screener

  Rating & Target

str. buy

+167%

Previous close

$21.48

 
Intrinsic value

$57.42

 
Up/down potential

+167%

 
Rating

str. buy

We calculate the intrinsic value of IPG 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
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, %
  3.06
  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
  7,847
  8,040
  8,225
  8,436
  8,673
  8,936
  9,225
  9,539
  9,879
  10,245
  10,638
  11,059
  11,508
  11,986
  12,494
  13,033
  13,604
  14,208
  14,848
  15,523
  16,236
  16,989
  17,783
  18,619
  19,501
  20,429
  21,407
  22,436
  23,518
  24,657
  25,855
Variable operating expenses, $m
 
  1,407
  1,431
  1,458
  1,488
  1,522
  1,558
  1,599
  1,642
  1,689
  1,739
  1,410
  1,468
  1,529
  1,593
  1,662
  1,735
  1,812
  1,894
  1,980
  2,071
  2,167
  2,268
  2,375
  2,487
  2,605
  2,730
  2,861
  2,999
  3,145
  3,297
Fixed operating expenses, $m
 
  5,771
  5,898
  6,028
  6,161
  6,296
  6,435
  6,576
  6,721
  6,869
  7,020
  7,174
  7,332
  7,493
  7,658
  7,827
  7,999
  8,175
  8,355
  8,539
  8,726
  8,918
  9,115
  9,315
  9,520
  9,729
  9,944
  10,162
  10,386
  10,614
  10,848
Total operating expenses, $m
  6,948
  7,178
  7,329
  7,486
  7,649
  7,818
  7,993
  8,175
  8,363
  8,558
  8,759
  8,584
  8,800
  9,022
  9,251
  9,489
  9,734
  9,987
  10,249
  10,519
  10,797
  11,085
  11,383
  11,690
  12,007
  12,334
  12,674
  13,023
  13,385
  13,759
  14,145
Operating income, $m
  898
  861
  895
  950
  1,025
  1,118
  1,232
  1,364
  1,516
  1,688
  1,880
  2,474
  2,708
  2,964
  3,242
  3,544
  3,870
  4,221
  4,599
  5,005
  5,439
  5,904
  6,400
  6,930
  7,494
  8,094
  8,733
  9,412
  10,133
  10,898
  11,710
EBITDA, $m
  1,058
  1,690
  1,735
  1,801
  1,889
  1,997
  2,126
  2,276
  2,447
  2,640
  2,853
  3,089
  3,348
  3,630
  3,937
  4,268
  4,626
  5,011
  5,425
  5,868
  6,342
  6,849
  7,389
  7,965
  8,578
  9,230
  9,923
  10,659
  11,441
  12,269
  13,147
Interest expense (income), $m
  79
  81
  94
  108
  125
  143
  164
  187
  211
  238
  267
  298
  331
  366
  404
  443
  486
  531
  578
  628
  682
  738
  797
  859
  925
  994
  1,067
  1,144
  1,225
  1,310
  1,399
Earnings before tax, $m
  830
  780
  802
  842
  900
  975
  1,068
  1,178
  1,305
  1,450
  1,613
  2,177
  2,377
  2,598
  2,839
  3,100
  3,384
  3,691
  4,021
  4,376
  4,758
  5,166
  5,604
  6,071
  6,569
  7,100
  7,666
  8,268
  8,908
  9,588
  10,311
Tax expense, $m
  198
  211
  217
  227
  243
  263
  288
  318
  352
  391
  436
  588
  642
  701
  766
  837
  914
  996
  1,086
  1,182
  1,285
  1,395
  1,513
  1,639
  1,774
  1,917
  2,070
  2,232
  2,405
  2,589
  2,784
Net income, $m
  609
  569
  585
  615
  657
  712
  779
  860
  953
  1,058
  1,178
  1,589
  1,736
  1,896
  2,072
  2,263
  2,470
  2,694
  2,935
  3,195
  3,473
  3,772
  4,091
  4,432
  4,795
  5,183
  5,596
  6,036
  6,503
  7,000
  7,527

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,101
  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
  12,485
  12,946
  13,244
  13,584
  13,967
  14,390
  14,855
  15,360
  15,908
  16,498
  17,131
  17,809
  18,531
  19,301
  20,119
  20,987
  21,906
  22,880
  23,909
  24,997
  26,146
  27,358
  28,636
  29,983
  31,402
  32,897
  34,471
  36,128
  37,871
  39,706
  41,635
Adjusted assets (=assets-cash), $m
  11,384
  12,946
  13,244
  13,584
  13,967
  14,390
  14,855
  15,360
  15,908
  16,498
  17,131
  17,809
  18,531
  19,301
  20,119
  20,987
  21,906
  22,880
  23,909
  24,997
  26,146
  27,358
  28,636
  29,983
  31,402
  32,897
  34,471
  36,128
  37,871
  39,706
  41,635
Revenue / Adjusted assets
  0.689
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
  0.621
Average production assets, $m
  743
  4,470
  4,573
  4,690
  4,822
  4,969
  5,129
  5,304
  5,493
  5,696
  5,915
  6,149
  6,398
  6,664
  6,947
  7,246
  7,564
  7,900
  8,255
  8,631
  9,027
  9,446
  9,887
  10,352
  10,842
  11,359
  11,902
  12,474
  13,076
  13,709
  14,375
Working capital, $m
  -268
  -7,043
  -7,205
  -7,390
  -7,598
  -7,828
  -8,081
  -8,356
  -8,654
  -8,975
  -9,319
  -9,688
  -10,081
  -10,500
  -10,945
  -11,417
  -11,917
  -12,447
  -13,007
  -13,598
  -14,223
  -14,882
  -15,578
  -16,311
  -17,083
  -17,896
  -18,752
  -19,654
  -20,602
  -21,600
  -22,649
Total debt, $m
  1,690
  1,585
  1,831
  2,113
  2,429
  2,779
  3,163
  3,581
  4,034
  4,522
  5,046
  5,606
  6,204
  6,840
  7,516
  8,234
  8,995
  9,800
  10,651
  11,551
  12,501
  13,503
  14,560
  15,674
  16,848
  18,084
  19,386
  20,756
  22,198
  23,715
  25,310
Total liabilities, $m
  10,468
  10,707
  10,953
  11,234
  11,550
  11,901
  12,285
  12,703
  13,156
  13,644
  14,167
  14,728
  15,325
  15,962
  16,638
  17,356
  18,117
  18,922
  19,773
  20,673
  21,623
  22,625
  23,682
  24,796
  25,970
  27,206
  28,508
  29,878
  31,320
  32,836
  34,432
Total equity, $m
  2,017
  2,240
  2,291
  2,350
  2,416
  2,489
  2,570
  2,657
  2,752
  2,854
  2,964
  3,081
  3,206
  3,339
  3,481
  3,631
  3,790
  3,958
  4,136
  4,325
  4,523
  4,733
  4,954
  5,187
  5,433
  5,691
  5,964
  6,250
  6,552
  6,869
  7,203
Total liabilities and equity, $m
  12,485
  12,947
  13,244
  13,584
  13,966
  14,390
  14,855
  15,360
  15,908
  16,498
  17,131
  17,809
  18,531
  19,301
  20,119
  20,987
  21,907
  22,880
  23,909
  24,998
  26,146
  27,358
  28,636
  29,983
  31,403
  32,897
  34,472
  36,128
  37,872
  39,705
  41,635
Debt-to-equity ratio
  0.838
  0.710
  0.800
  0.900
  1.010
  1.120
  1.230
  1.350
  1.470
  1.580
  1.700
  1.820
  1.940
  2.050
  2.160
  2.270
  2.370
  2.480
  2.580
  2.670
  2.760
  2.850
  2.940
  3.020
  3.100
  3.180
  3.250
  3.320
  3.390
  3.450
  3.510
Adjusted equity ratio
  0.088
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  609
  569
  585
  615
  657
  712
  779
  860
  953
  1,058
  1,178
  1,589
  1,736
  1,896
  2,072
  2,263
  2,470
  2,694
  2,935
  3,195
  3,473
  3,772
  4,091
  4,432
  4,795
  5,183
  5,596
  6,036
  6,503
  7,000
  7,527
Depreciation, amort., depletion, $m
  160
  829
  839
  851
  864
  879
  895
  912
  931
  952
  973
  615
  640
  666
  695
  725
  756
  790
  826
  863
  903
  945
  989
  1,035
  1,084
  1,136
  1,190
  1,247
  1,308
  1,371
  1,438
Funds from operations, $m
  3
  1,398
  1,425
  1,466
  1,521
  1,591
  1,674
  1,772
  1,884
  2,010
  2,151
  2,204
  2,375
  2,563
  2,767
  2,988
  3,227
  3,484
  3,761
  4,058
  4,376
  4,716
  5,079
  5,467
  5,880
  6,319
  6,786
  7,283
  7,811
  8,371
  8,964
Change in working capital, $m
  -510
  -138
  -162
  -185
  -208
  -230
  -253
  -275
  -298
  -321
  -344
  -368
  -393
  -419
  -445
  -472
  -500
  -530
  -560
  -592
  -625
  -659
  -695
  -733
  -772
  -813
  -856
  -901
  -948
  -998
  -1,049
Cash from operations, $m
  513
  1,537
  1,587
  1,651
  1,729
  1,821
  1,927
  2,047
  2,182
  2,331
  2,495
  2,572
  2,769
  2,981
  3,212
  3,460
  3,727
  4,014
  4,321
  4,650
  5,001
  5,375
  5,775
  6,200
  6,652
  7,132
  7,643
  8,184
  8,759
  9,368
  10,014
Maintenance CAPEX, $m
  0
  -438
  -447
  -457
  -469
  -482
  -497
  -513
  -530
  -549
  -570
  -591
  -615
  -640
  -666
  -695
  -725
  -756
  -790
  -826
  -863
  -903
  -945
  -989
  -1,035
  -1,084
  -1,136
  -1,190
  -1,247
  -1,308
  -1,371
New CAPEX, $m
  -201
  -86
  -103
  -118
  -132
  -146
  -160
  -175
  -189
  -204
  -219
  -234
  -250
  -266
  -282
  -300
  -318
  -336
  -355
  -376
  -397
  -418
  -441
  -465
  -490
  -516
  -543
  -572
  -602
  -633
  -666
Cash from investing activities, $m
  -264
  -524
  -550
  -575
  -601
  -628
  -657
  -688
  -719
  -753
  -789
  -825
  -865
  -906
  -948
  -995
  -1,043
  -1,092
  -1,145
  -1,202
  -1,260
  -1,321
  -1,386
  -1,454
  -1,525
  -1,600
  -1,679
  -1,762
  -1,849
  -1,941
  -2,037
Free cash flow, $m
  249
  1,012
  1,037
  1,076
  1,128
  1,193
  1,270
  1,360
  1,462
  1,578
  1,707
  1,747
  1,904
  2,076
  2,263
  2,466
  2,685
  2,921
  3,176
  3,449
  3,741
  4,054
  4,389
  4,746
  5,126
  5,532
  5,963
  6,422
  6,910
  7,427
  7,977
Issuance/(repayment) of debt, $m
  -58
  212
  246
  281
  316
  350
  384
  418
  453
  488
  524
  560
  598
  636
  676
  718
  761
  805
  851
  900
  950
  1,002
  1,057
  1,114
  1,174
  1,236
  1,302
  1,370
  1,442
  1,517
  1,595
Issuance/(repurchase) of shares, $m
  -293
  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  
  -428
  212
  246
  281
  316
  350
  384
  418
  453
  488
  524
  560
  598
  636
  676
  718
  761
  805
  851
  900
  950
  1,002
  1,057
  1,114
  1,174
  1,236
  1,302
  1,370
  1,442
  1,517
  1,595
Total cash flow (excl. dividends), $m
  -167
  1,224
  1,283
  1,358
  1,444
  1,543
  1,654
  1,778
  1,915
  2,066
  2,231
  2,307
  2,502
  2,712
  2,939
  3,183
  3,445
  3,726
  4,027
  4,348
  4,691
  5,056
  5,446
  5,860
  6,300
  6,768
  7,265
  7,792
  8,351
  8,944
  9,572
Retained Cash Flow (-), $m
  -51
  -39
  -52
  -59
  -66
  -73
  -80
  -88
  -95
  -102
  -110
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -199
  -210
  -221
  -233
  -246
  -259
  -272
  -287
  -302
  -317
  -334
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
 
  79
  80
  82
  84
  87
  89
  92
  95
  99
  102
  106
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  247
Cash available for distribution, $m
 
  1,185
  1,232
  1,299
  1,378
  1,470
  1,574
  1,690
  1,820
  1,964
  2,121
  2,190
  2,377
  2,579
  2,798
  3,033
  3,286
  3,558
  3,849
  4,160
  4,492
  4,847
  5,225
  5,627
  6,055
  6,510
  6,993
  7,506
  8,050
  8,627
  9,238
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
 
  1,137
  1,127
  1,130
  1,135
  1,139
  1,142
  1,142
  1,138
  1,128
  1,112
  1,040
  1,014
  981
  939
  891
  835
  774
  709
  641
  571
  501
  434
  369
  308
  253
  204
  161
  125
  94
  70
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

The Interpublic Group of Companies, Inc. is a global advertising and marketing services company. The Company specializes in consumer advertising, digital marketing, communications planning and media buying, public relations and specialized communications disciplines. It operates in two segments: Integrated Agency Networks (IAN) and Constituency Management Group (CMG). Its agencies offer customized marketing programs for clients that range in scale from global marketers to regional and local clients. IAN consists of McCann Worldgroup, FCB, MullenLowe Group, IPG Mediabrands, its digital specialist agencies and its domestic integrated agencies. CMG consists of its specialist marketing services offerings. It has three global networks: McCann Worldgroup, Foote, Cone & Belding and MullenLowe Group, which provide integrated, advertising and marketing solutions for clients. Its global media services companies include UM and Initiative, which operate under the IPG Mediabrands umbrella.

FINANCIAL RATIOS  of  Interpublic Group (IPG)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 1.1
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 27
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24.8%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 63.5%
Total Debt to Equity 83.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 16.4%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 30.6%
Return On Equity - 3 Yr. Avg. 25%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 13.6%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 10.9%
Pre-Tax Margin 10.6%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 23.9%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 39.1%

IPG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IPG stock intrinsic value calculation we used $7882 million for the last fiscal year's total revenue generated by Interpublic Group. The default revenue input number comes from 2016 income statement of Interpublic Group. 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 IPG 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 4.3%, whose default value for IPG is calculated based on our internal credit rating of Interpublic Group, 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 Interpublic Group.
    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 IPG stock the variable cost ratio is equal to 17.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5647 million in the base year in the intrinsic value calculation for IPG 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 5.9% for Interpublic Group.

Corporate tax rate of 27% is the nominal tax rate for Interpublic Group. 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 IPG stock is equal to 1%.

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 IPG are equal to 55.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Interpublic Group 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 IPG is equal to -87.6%. 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 - $2201 million for Interpublic Group - 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 390 million for Interpublic Group 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 Interpublic Group at the current share price and the inputted number of shares is $8.4 billion.

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COMPANY NEWS

▶ OKRP Chicago ad agency in growth mode goes on hiring binge   [Jul-20-18 03:52PM  American City Business Journals]
▶ Interpublic Schedules Second Quarter 2018 Earnings Release   [Jul-09-18 04:31PM  GlobeNewswire]
▶ Why Acxiom Corporation Stock Popped (Again) Today   [Jul-03-18 02:47PM  Motley Fool]
▶ After-hours buzz: MLHR, ACXM & more   [Jul-02-18 05:13PM  CNBC]
▶ [$$] IPG to Acquire Acxiom Division for $2.3 Billion   [04:30PM  The Wall Street Journal]
▶ Ad Giants Expected to Bid for Acxioms Customer Data Business   [Jun-28-18 11:03PM  The Wall Street Journal]
▶ Bet on These 5 Stocks With Strong Sales Growth Right Away   [Jun-22-18 11:43AM  InvestorPlace]
▶ The Shunned Single Woman   [Jun-14-18 09:00AM  Business Wire]
▶ IPG Takes Top Honors at North American Effie Awards   [Jun-01-18 04:10PM  GlobeNewswire]
▶ Consumers Worldwide Grow More Distrustful, Pessimistic   [May-31-18 03:00PM  PR Newswire]
▶ Interpublic Declares Common Stock Dividend   [May-24-18 04:17PM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for May 14th   [May-14-18 08:56AM  Zacks]
▶ Interpublic: 1Q Earnings Snapshot   [07:27AM  Associated Press]
▶ Market Jumps as Earnings Take Center Stage   [Apr-17-18 09:15AM  Zacks]
Financial statements of IPG
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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