Intrinsic value of CMS Energy - CMS

Previous Close

$44.16

  Intrinsic Value

$21.87

stock screener

  Rating & Target

str. sell

-50%

Previous close

$44.16

 
Intrinsic value

$21.87

 
Up/down potential

-50%

 
Rating

str. sell

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

We calculate the intrinsic value of CMS 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, %
  -0.88
  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
  6,064
  6,527
  6,677
  6,849
  7,041
  7,255
  7,489
  7,744
  8,020
  8,318
  8,637
  8,978
  9,343
  9,731
  10,143
  10,581
  11,044
  11,535
  12,054
  12,603
  13,182
  13,793
  14,437
  15,116
  15,832
  16,585
  17,379
  18,214
  19,093
  20,018
  20,991
Variable operating expenses, $m
 
  5,352
  5,475
  5,616
  5,774
  5,949
  6,141
  6,350
  6,577
  6,820
  7,082
  7,362
  7,661
  7,979
  8,317
  8,676
  9,056
  9,459
  9,884
  10,334
  10,809
  11,310
  11,838
  12,395
  12,982
  13,600
  14,251
  14,936
  15,656
  16,415
  17,212
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
  5,102
  5,352
  5,475
  5,616
  5,774
  5,949
  6,141
  6,350
  6,577
  6,820
  7,082
  7,362
  7,661
  7,979
  8,317
  8,676
  9,056
  9,459
  9,884
  10,334
  10,809
  11,310
  11,838
  12,395
  12,982
  13,600
  14,251
  14,936
  15,656
  16,415
  17,212
Operating income, $m
  1,297
  1,175
  1,202
  1,233
  1,267
  1,306
  1,348
  1,394
  1,444
  1,497
  1,555
  1,616
  1,682
  1,752
  1,826
  1,905
  1,988
  2,076
  2,170
  2,268
  2,373
  2,483
  2,599
  2,721
  2,850
  2,985
  3,128
  3,279
  3,437
  3,603
  3,778
EBITDA, $m
  2,108
  1,406
  1,438
  1,475
  1,517
  1,563
  1,613
  1,668
  1,728
  1,792
  1,860
  1,934
  2,012
  2,096
  2,185
  2,279
  2,379
  2,485
  2,596
  2,715
  2,839
  2,971
  3,110
  3,256
  3,410
  3,573
  3,743
  3,923
  4,113
  4,312
  4,521
Interest expense (income), $m
  427
  431
  447
  464
  485
  507
  532
  560
  590
  623
  658
  695
  736
  779
  824
  873
  924
  979
  1,037
  1,098
  1,163
  1,231
  1,303
  1,379
  1,459
  1,543
  1,632
  1,726
  1,824
  1,928
  2,037
Earnings before tax, $m
  826
  744
  755
  768
  783
  799
  816
  834
  854
  875
  897
  921
  946
  973
  1,002
  1,032
  1,064
  1,097
  1,133
  1,170
  1,210
  1,252
  1,296
  1,342
  1,391
  1,442
  1,496
  1,553
  1,613
  1,675
  1,741
Tax expense, $m
  273
  201
  204
  207
  211
  216
  220
  225
  230
  236
  242
  249
  255
  263
  270
  279
  287
  296
  306
  316
  327
  338
  350
  362
  375
  389
  404
  419
  435
  452
  470
Net income, $m
  551
  543
  551
  561
  572
  583
  595
  609
  623
  638
  655
  672
  691
  710
  731
  753
  776
  801
  827
  854
  883
  914
  946
  980
  1,015
  1,053
  1,092
  1,134
  1,177
  1,223
  1,271

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  235
  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
  21,622
  21,829
  22,331
  22,905
  23,550
  24,264
  25,047
  25,900
  26,823
  27,818
  28,886
  30,028
  31,247
  32,544
  33,923
  35,387
  36,937
  38,579
  40,315
  42,149
  44,086
  46,129
  48,284
  50,556
  52,949
  55,470
  58,124
  60,917
  63,857
  66,950
  70,202
Adjusted assets (=assets-cash), $m
  21,387
  21,829
  22,331
  22,905
  23,550
  24,264
  25,047
  25,900
  26,823
  27,818
  28,886
  30,028
  31,247
  32,544
  33,923
  35,387
  36,937
  38,579
  40,315
  42,149
  44,086
  46,129
  48,284
  50,556
  52,949
  55,470
  58,124
  60,917
  63,857
  66,950
  70,202
Revenue / Adjusted assets
  0.284
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
Average production assets, $m
  1,135
  1,155
  1,182
  1,212
  1,246
  1,284
  1,326
  1,371
  1,420
  1,472
  1,529
  1,589
  1,654
  1,722
  1,795
  1,873
  1,955
  2,042
  2,134
  2,231
  2,333
  2,441
  2,555
  2,676
  2,802
  2,936
  3,076
  3,224
  3,379
  3,543
  3,715
Working capital, $m
  -375
  685
  701
  719
  739
  762
  786
  813
  842
  873
  907
  943
  981
  1,022
  1,065
  1,111
  1,160
  1,211
  1,266
  1,323
  1,384
  1,448
  1,516
  1,587
  1,662
  1,741
  1,825
  1,912
  2,005
  2,102
  2,204
Total debt, $m
  10,034
  10,150
  10,552
  11,012
  11,528
  12,100
  12,728
  13,411
  14,151
  14,947
  15,802
  16,717
  17,694
  18,733
  19,837
  21,010
  22,252
  23,567
  24,957
  26,426
  27,978
  29,614
  31,341
  33,160
  35,077
  37,096
  39,222
  41,460
  43,814
  46,292
  48,897
Total liabilities, $m
  17,369
  17,485
  17,887
  18,347
  18,863
  19,435
  20,063
  20,746
  21,486
  22,282
  23,137
  24,052
  25,029
  26,068
  27,172
  28,345
  29,587
  30,902
  32,292
  33,761
  35,313
  36,949
  38,676
  40,495
  42,412
  44,431
  46,557
  48,795
  51,149
  53,627
  56,232
Total equity, $m
  4,253
  4,344
  4,444
  4,558
  4,686
  4,828
  4,984
  5,154
  5,338
  5,536
  5,748
  5,976
  6,218
  6,476
  6,751
  7,042
  7,351
  7,677
  8,023
  8,388
  8,773
  9,180
  9,609
  10,061
  10,537
  11,038
  11,567
  12,123
  12,708
  13,323
  13,970
Total liabilities and equity, $m
  21,622
  21,829
  22,331
  22,905
  23,549
  24,263
  25,047
  25,900
  26,824
  27,818
  28,885
  30,028
  31,247
  32,544
  33,923
  35,387
  36,938
  38,579
  40,315
  42,149
  44,086
  46,129
  48,285
  50,556
  52,949
  55,469
  58,124
  60,918
  63,857
  66,950
  70,202
Debt-to-equity ratio
  2.359
  2.340
  2.370
  2.420
  2.460
  2.510
  2.550
  2.600
  2.650
  2.700
  2.750
  2.800
  2.850
  2.890
  2.940
  2.980
  3.030
  3.070
  3.110
  3.150
  3.190
  3.230
  3.260
  3.300
  3.330
  3.360
  3.390
  3.420
  3.450
  3.470
  3.500
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  551
  543
  551
  561
  572
  583
  595
  609
  623
  638
  655
  672
  691
  710
  731
  753
  776
  801
  827
  854
  883
  914
  946
  980
  1,015
  1,053
  1,092
  1,134
  1,177
  1,223
  1,271
Depreciation, amort., depletion, $m
  811
  231
  236
  242
  249
  257
  265
  274
  284
  294
  306
  318
  331
  344
  359
  375
  391
  408
  427
  446
  467
  488
  511
  535
  560
  587
  615
  645
  676
  709
  743
Funds from operations, $m
  1,636
  774
  788
  803
  821
  840
  861
  883
  907
  933
  961
  990
  1,021
  1,055
  1,090
  1,128
  1,167
  1,209
  1,254
  1,300
  1,350
  1,402
  1,457
  1,515
  1,576
  1,640
  1,707
  1,778
  1,853
  1,932
  2,014
Change in working capital, $m
  7
  13
  16
  18
  20
  22
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
  52
  54
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
Cash from operations, $m
  1,629
  761
  772
  785
  801
  817
  836
  856
  878
  902
  927
  954
  983
  1,014
  1,047
  1,082
  1,119
  1,158
  1,199
  1,243
  1,289
  1,338
  1,389
  1,443
  1,500
  1,561
  1,624
  1,691
  1,761
  1,835
  1,912
Maintenance CAPEX, $m
  0
  -227
  -231
  -236
  -242
  -249
  -257
  -265
  -274
  -284
  -294
  -306
  -318
  -331
  -344
  -359
  -375
  -391
  -408
  -427
  -446
  -467
  -488
  -511
  -535
  -560
  -587
  -615
  -645
  -676
  -709
New CAPEX, $m
  -1,672
  -20
  -27
  -30
  -34
  -38
  -41
  -45
  -49
  -53
  -56
  -60
  -64
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -156
  -164
  -172
Cash from investing activities, $m
  -1,915
  -247
  -258
  -266
  -276
  -287
  -298
  -310
  -323
  -337
  -350
  -366
  -382
  -400
  -417
  -436
  -457
  -478
  -500
  -524
  -548
  -575
  -602
  -631
  -662
  -693
  -727
  -763
  -801
  -840
  -881
Free cash flow, $m
  -286
  513
  514
  519
  524
  530
  538
  546
  555
  565
  576
  588
  601
  615
  629
  645
  662
  680
  699
  719
  740
  763
  787
  812
  839
  867
  896
  928
  960
  995
  1,031
Issuance/(repayment) of debt, $m
  548
  351
  402
  460
  516
  572
  627
  683
  740
  797
  855
  915
  976
  1,039
  1,105
  1,172
  1,242
  1,315
  1,390
  1,469
  1,551
  1,637
  1,726
  1,820
  1,917
  2,019
  2,126
  2,238
  2,355
  2,477
  2,606
Issuance/(repurchase) of shares, $m
  72
  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  
  602
  351
  402
  460
  516
  572
  627
  683
  740
  797
  855
  915
  976
  1,039
  1,105
  1,172
  1,242
  1,315
  1,390
  1,469
  1,551
  1,637
  1,726
  1,820
  1,917
  2,019
  2,126
  2,238
  2,355
  2,477
  2,606
Total cash flow (excl. dividends), $m
  316
  865
  916
  978
  1,040
  1,102
  1,165
  1,229
  1,295
  1,362
  1,431
  1,503
  1,577
  1,654
  1,734
  1,817
  1,904
  1,995
  2,089
  2,188
  2,292
  2,400
  2,513
  2,632
  2,756
  2,886
  3,022
  3,165
  3,315
  3,472
  3,637
Retained Cash Flow (-), $m
  -315
  -91
  -100
  -114
  -128
  -142
  -156
  -170
  -184
  -198
  -212
  -227
  -243
  -258
  -274
  -291
  -309
  -327
  -345
  -365
  -385
  -407
  -429
  -452
  -476
  -502
  -528
  -556
  -585
  -615
  -647
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
 
  774
  817
  864
  912
  960
  1,009
  1,059
  1,111
  1,164
  1,219
  1,276
  1,334
  1,396
  1,460
  1,526
  1,596
  1,668
  1,744
  1,823
  1,906
  1,993
  2,084
  2,180
  2,280
  2,384
  2,494
  2,609
  2,730
  2,857
  2,990
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  703
  669
  631
  588
  541
  491
  439
  387
  337
  288
  243
  201
  163
  130
  102
  78
  58
  42
  30
  21
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
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

CMS Energy Corporation is an energy company operating primarily in Michigan. The Company operates through three segments: electric utility, which consists of regulated activities associated with the generation, transmission and distribution of electricity in Michigan; gas utility, which consists of regulated activities associated with the transportation, storage and distribution of natural gas in Michigan, and enterprises, which consists of various subsidiaries engaging primarily in domestic independent power production. The Company is the parent holding company of various subsidiaries, including Consumers Energy Company (Consumers), an electric and gas utility company, and CMS Enterprises Company (CMS Enterprises), a domestic independent power producer. Consumers serves individuals and businesses operating in the alternative energy, automotive, chemical, metal, and food products industries, as well as a group of other industries.

FINANCIAL RATIOS  of  CMS Energy (CMS)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 1.9
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow -286.7
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 205.7%
Total Debt to Equity 235.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 20.3%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 63%

CMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMS stock intrinsic value calculation we used $6399 million for the last fiscal year's total revenue generated by CMS Energy. The default revenue input number comes from 2016 income statement of CMS Energy. 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 CMS 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 10%, whose default value for CMS is calculated based on our internal credit rating of CMS Energy, 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 CMS Energy.
    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 CMS stock the variable cost ratio is equal to 82%.

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 CMS 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 4.4% for CMS Energy.

Corporate tax rate of 27% is the nominal tax rate for CMS Energy. 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 CMS 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 CMS are equal to 17.7%.

Life of production assets of 1.4 years is the average useful life of capital assets used in CMS Energy 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 CMS is equal to 10.5%. 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 - $4253 million for CMS Energy - 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 282.664 million for CMS Energy 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 CMS Energy at the current share price and the inputted number of shares is $12.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to CMS Energy Corp. : December 1, 2017   [Dec-01-17 10:33AM  Capital Cube]
▶ ETFs with exposure to CMS Energy Corp. : November 9, 2017   [Nov-09-17 12:23PM  Capital Cube]
▶ CMS Energy beats 3Q profit forecasts   [07:21AM  Associated Press]
▶ Where CMS Energys Dividend Growth Stands among Peers   [Oct-20-17 09:09AM  Market Realist]
▶ CMS Energy To Announce Third Quarter Results October 26   [Oct-16-17 04:30PM  PR Newswire]
▶ CMS Energy to Webcast Investor Day Meeting   [Sep-18-17 04:30PM  PR Newswire]
▶ CMS Energy Sees Relative Strength Rating Improve To 73   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to CMS Energy Corp. : August 15, 2017   [Aug-15-17 03:45PM  Capital Cube]
▶ IIROC Trading Halt - CMS   [08:44AM  PR Newswire]
Financial statements of CMS
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