Intrinsic value of CGI Group Cl A - GIB

Previous Close

$52.84

  Intrinsic Value

$92.57

stock screener

  Rating & Target

str. buy

+75%

  Value-price divergence*

+1%

Previous close

$52.84

 
Intrinsic value

$92.57

 
Up/down potential

+75%

 
Rating

str. buy

 
Value-price divergence*

+1%

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

We calculate the intrinsic value of GIB 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 13.9

 

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, %
  3.85
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  7,907
  8,413
  8,940
  9,488
  10,059
  10,655
  11,275
  11,923
  12,599
  13,305
  14,042
  14,813
  15,619
  16,462
  17,343
  18,266
  19,232
  20,243
  21,303
  22,413
  23,576
  24,795
  26,072
  27,412
  28,817
  30,290
  31,834
  33,455
  35,155
  36,938
  38,810
Variable operating expenses, $m
 
  5,739
  6,066
  6,406
  6,761
  7,131
  7,516
  7,919
  8,338
  8,777
  9,235
  9,200
  9,701
  10,224
  10,772
  11,345
  11,945
  12,573
  13,231
  13,920
  14,643
  15,400
  16,193
  17,025
  17,898
  18,813
  19,772
  20,779
  21,835
  22,942
  24,105
Fixed operating expenses, $m
 
  1,479
  1,516
  1,554
  1,593
  1,633
  1,673
  1,715
  1,758
  1,802
  1,847
  1,893
  1,941
  1,989
  2,039
  2,090
  2,142
  2,196
  2,251
  2,307
  2,365
  2,424
  2,484
  2,546
  2,610
  2,675
  2,742
  2,811
  2,881
  2,953
  3,027
Total operating expenses, $m
  6,832
  7,218
  7,582
  7,960
  8,354
  8,764
  9,189
  9,634
  10,096
  10,579
  11,082
  11,093
  11,642
  12,213
  12,811
  13,435
  14,087
  14,769
  15,482
  16,227
  17,008
  17,824
  18,677
  19,571
  20,508
  21,488
  22,514
  23,590
  24,716
  25,895
  27,132
Operating income, $m
  1,075
  1,195
  1,358
  1,528
  1,706
  1,891
  2,086
  2,289
  2,503
  2,726
  2,960
  3,719
  3,977
  4,248
  4,533
  4,831
  5,145
  5,475
  5,821
  6,185
  6,568
  6,971
  7,395
  7,840
  8,309
  8,802
  9,320
  9,866
  10,439
  11,043
  11,678
EBITDA, $m
  1,371
  1,754
  1,920
  2,093
  2,273
  2,462
  2,660
  2,867
  3,084
  3,312
  3,550
  3,800
  4,062
  4,338
  4,627
  4,930
  5,249
  5,585
  5,937
  6,307
  6,697
  7,106
  7,536
  7,989
  8,465
  8,966
  9,493
  10,047
  10,631
  11,244
  11,889
Interest expense (income), $m
  61
  52
  62
  72
  83
  94
  105
  117
  130
  143
  156
  171
  186
  201
  217
  235
  252
  271
  291
  311
  333
  355
  379
  403
  429
  456
  485
  515
  546
  579
  613
Earnings before tax, $m
  1,075
  1,143
  1,296
  1,456
  1,623
  1,798
  1,980
  2,172
  2,373
  2,583
  2,804
  3,549
  3,792
  4,047
  4,315
  4,597
  4,893
  5,204
  5,531
  5,874
  6,236
  6,616
  7,016
  7,437
  7,880
  8,345
  8,835
  9,351
  9,893
  10,464
  11,065
Tax expense, $m
  284
  309
  350
  393
  438
  485
  535
  586
  641
  697
  757
  958
  1,024
  1,093
  1,165
  1,241
  1,321
  1,405
  1,493
  1,586
  1,684
  1,786
  1,894
  2,008
  2,127
  2,253
  2,386
  2,525
  2,671
  2,825
  2,988
Net income, $m
  791
  835
  946
  1,063
  1,185
  1,312
  1,446
  1,586
  1,732
  1,886
  2,047
  2,591
  2,768
  2,954
  3,150
  3,356
  3,572
  3,799
  4,037
  4,288
  4,552
  4,830
  5,122
  5,429
  5,752
  6,092
  6,450
  6,826
  7,222
  7,639
  8,078

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  442
  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
  8,655
  8,736
  9,283
  9,853
  10,446
  11,064
  11,709
  12,381
  13,083
  13,816
  14,582
  15,382
  16,219
  17,094
  18,010
  18,968
  19,971
  21,021
  22,121
  23,274
  24,482
  25,747
  27,074
  28,465
  29,924
  31,453
  33,058
  34,740
  36,506
  38,358
  40,301
Adjusted assets (=assets-cash), $m
  8,213
  8,736
  9,283
  9,853
  10,446
  11,064
  11,709
  12,381
  13,083
  13,816
  14,582
  15,382
  16,219
  17,094
  18,010
  18,968
  19,971
  21,021
  22,121
  23,274
  24,482
  25,747
  27,074
  28,465
  29,924
  31,453
  33,058
  34,740
  36,506
  38,358
  40,301
Revenue / Adjusted assets
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
Average production assets, $m
  885
  942
  1,001
  1,063
  1,127
  1,193
  1,263
  1,335
  1,411
  1,490
  1,573
  1,659
  1,749
  1,844
  1,942
  2,046
  2,154
  2,267
  2,386
  2,510
  2,640
  2,777
  2,920
  3,070
  3,227
  3,392
  3,565
  3,747
  3,937
  4,137
  4,347
Working capital, $m
  314
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  78
Total debt, $m
  1,414
  1,510
  1,759
  2,017
  2,286
  2,567
  2,860
  3,165
  3,484
  3,817
  4,164
  4,528
  4,907
  5,305
  5,720
  6,155
  6,611
  7,088
  7,587
  8,110
  8,659
  9,233
  9,836
  10,467
  11,129
  11,824
  12,552
  13,316
  14,118
  14,958
  15,841
Total liabilities, $m
  3,870
  3,966
  4,215
  4,473
  4,742
  5,023
  5,316
  5,621
  5,940
  6,273
  6,620
  6,984
  7,363
  7,761
  8,176
  8,611
  9,067
  9,544
  10,043
  10,566
  11,115
  11,689
  12,292
  12,923
  13,585
  14,280
  15,008
  15,772
  16,574
  17,414
  18,297
Total equity, $m
  4,785
  4,770
  5,069
  5,380
  5,703
  6,041
  6,393
  6,760
  7,143
  7,544
  7,962
  8,399
  8,856
  9,333
  9,833
  10,356
  10,904
  11,478
  12,078
  12,708
  13,367
  14,058
  14,782
  15,542
  16,338
  17,173
  18,049
  18,968
  19,932
  20,943
  22,004
Total liabilities and equity, $m
  8,655
  8,736
  9,284
  9,853
  10,445
  11,064
  11,709
  12,381
  13,083
  13,817
  14,582
  15,383
  16,219
  17,094
  18,009
  18,967
  19,971
  21,022
  22,121
  23,274
  24,482
  25,747
  27,074
  28,465
  29,923
  31,453
  33,057
  34,740
  36,506
  38,357
  40,301
Debt-to-equity ratio
  0.296
  0.320
  0.350
  0.370
  0.400
  0.420
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
Adjusted equity ratio
  0.529
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  791
  835
  946
  1,063
  1,185
  1,312
  1,446
  1,586
  1,732
  1,886
  2,047
  2,591
  2,768
  2,954
  3,150
  3,356
  3,572
  3,799
  4,037
  4,288
  4,552
  4,830
  5,122
  5,429
  5,752
  6,092
  6,450
  6,826
  7,222
  7,639
  8,078
Depreciation, amort., depletion, $m
  296
  559
  562
  565
  568
  571
  575
  578
  582
  586
  590
  81
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
  142
  149
  157
  165
  173
  182
  191
  201
  211
Funds from operations, $m
  789
  1,394
  1,508
  1,628
  1,753
  1,883
  2,020
  2,164
  2,314
  2,471
  2,636
  2,671
  2,853
  3,044
  3,244
  3,455
  3,676
  3,909
  4,153
  4,410
  4,680
  4,965
  5,264
  5,578
  5,909
  6,257
  6,623
  7,008
  7,413
  7,840
  8,289
Change in working capital, $m
  -198
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
Cash from operations, $m
  987
  1,393
  1,507
  1,626
  1,751
  1,882
  2,019
  2,162
  2,312
  2,470
  2,635
  2,670
  2,851
  3,042
  3,242
  3,453
  3,674
  3,907
  4,151
  4,408
  4,678
  4,962
  5,261
  5,575
  5,906
  6,254
  6,620
  7,005
  7,410
  7,836
  8,285
Maintenance CAPEX, $m
  0
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -69
  -72
  -76
  -81
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
  -201
New CAPEX, $m
  -274
  -58
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
Cash from investing activities, $m
  -283
  -101
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -171
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -278
  -292
  -306
  -322
  -338
  -354
  -372
  -391
  -411
Free cash flow, $m
  704
  1,292
  1,402
  1,516
  1,636
  1,761
  1,892
  2,028
  2,172
  2,322
  2,480
  2,507
  2,681
  2,863
  3,054
  3,255
  3,467
  3,689
  3,922
  4,168
  4,426
  4,697
  4,983
  5,284
  5,600
  5,932
  6,282
  6,650
  7,038
  7,445
  7,874
Issuance/(repayment) of debt, $m
  -135
  238
  248
  259
  269
  281
  293
  305
  319
  333
  348
  363
  380
  397
  416
  435
  455
  477
  499
  523
  548
  575
  602
  632
  662
  694
  728
  764
  801
  841
  882
Issuance/(repurchase) of shares, $m
  -340
  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  
  -493
  238
  248
  259
  269
  281
  293
  305
  319
  333
  348
  363
  380
  397
  416
  435
  455
  477
  499
  523
  548
  575
  602
  632
  662
  694
  728
  764
  801
  841
  882
Total cash flow (excl. dividends), $m
  216
  1,530
  1,650
  1,775
  1,905
  2,041
  2,184
  2,334
  2,491
  2,655
  2,828
  2,870
  3,060
  3,260
  3,470
  3,690
  3,922
  4,166
  4,422
  4,691
  4,974
  5,272
  5,585
  5,915
  6,262
  6,627
  7,010
  7,414
  7,839
  8,286
  8,757
Retained Cash Flow (-), $m
  -283
  -285
  -299
  -311
  -324
  -338
  -352
  -367
  -383
  -400
  -418
  -437
  -457
  -478
  -500
  -523
  -548
  -573
  -601
  -629
  -659
  -691
  -724
  -760
  -796
  -835
  -876
  -919
  -964
  -1,011
  -1,061
Prev. year cash balance distribution, $m
 
  300
  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
 
  1,545
  1,352
  1,464
  1,581
  1,704
  1,832
  1,967
  2,107
  2,255
  2,410
  2,433
  2,604
  2,782
  2,970
  3,167
  3,374
  3,592
  3,821
  4,062
  4,315
  4,581
  4,861
  5,156
  5,465
  5,791
  6,134
  6,495
  6,875
  7,275
  7,696
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
 
  1,481
  1,238
  1,274
  1,302
  1,321
  1,330
  1,329
  1,317
  1,295
  1,263
  1,156
  1,111
  1,058
  997
  930
  858
  782
  704
  625
  548
  474
  403
  338
  278
  225
  179
  139
  106
  79
  58
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

CGI Group Inc. (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company's services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions. The Company's segments are United States of America (U.S.); Nordics; Canada; France (including Luxembourg and Morocco) (France); United Kingdom (U.K.); Eastern, Central and Southern Europe (primarily the Netherlands and Germany) (ECS); and Asia Pacific (including Australia, India and the Philippines) (Asia Pacific). Its services in an end-to-end engagement include application development, integration and maintenance; technology infrastructure management; and business process services, such as collections and payroll management. Its Internet Protocol (IP)-based business solutions include CGI Advantage, Momentum, Credit Services Solutions, CGI Atlas360 and CGI Trade360.

FINANCIAL RATIOS  of  CGI Group Cl A (GIB)

Valuation Ratios
P/E Ratio 20.4
Price to Sales 2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 22.6
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.6%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 26.6%
Total Debt to Equity 29.6%
Interest Coverage 19
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 17%
Return On Equity - 3 Yr. Avg. 17.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 30.3%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 18.1%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 13.6%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 26.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 0%

GIB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GIB stock intrinsic value calculation we used $7907 million for the last fiscal year's total revenue generated by CGI Group Cl A. The default revenue input number comes from 2016 income statement of CGI Group Cl A. 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 GIB stock valuation model: a) initial revenue growth rate of 6.4% 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 GIB is calculated based on our internal credit rating of CGI Group Cl A, 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 CGI Group Cl A.
    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 GIB stock the variable cost ratio is equal to 68.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1443 million in the base year in the intrinsic value calculation for GIB 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 4.1% for CGI Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for CGI Group Cl A. 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 GIB 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 GIB are equal to 11.2%.

Life of production assets of 20.6 years is the average useful life of capital assets used in CGI Group Cl A 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 GIB is equal to 0.2%. 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 - $4785 million for CGI Group Cl A - 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 262.715 million for CGI Group Cl A 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 CGI Group Cl A at the current share price and the inputted number of shares is $13.9 billion.

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COMPANY NEWS

▶ S&P 500 Breaks 20-Year Record: 5 Best Buys   [Oct-06-17 09:51AM  Zacks]
▶ Is It Too Late To Buy CGI Group Inc (TSX:GIBA)?   [04:45PM  Simply Wall St.]
▶ 5 Top Stocks With Stellar Earnings Acceleration   [Sep-07-17 11:10AM  Zacks]
▶ New Strong Buy Stocks for August 31st   [Aug-31-17 08:56AM  Zacks]
▶ CGI acquires Pittsburgh-based Summa   [08:30AM  PR Newswire]
▶ CGI misses 3Q profit forecasts   [Aug-02-17 09:24PM  Associated Press]
▶ CGI reports strong Q3 growth of 6.4%   [06:30AM  PR Newswire]
▶ ETFs with exposure to CGI Group, Inc. : July 31, 2017   [Jul-31-17 04:45PM  Capital Cube]
▶ ETFs with exposure to CGI Group, Inc. : July 7, 2017   [Jul-07-17 02:56PM  Capital Cube]
▶ 5 Companies Hit 52-Week Highs   [Jun-27-17 01:52PM  GuruFocus.com]
▶ ETFs with exposure to CGI Group, Inc. : June 26, 2017   [Jun-26-17 04:02PM  Capital Cube]
▶ After losing federal IT contract, CGI closes Durham operation   [May-08-17 03:15PM  American City Business Journals]
▶ CGI misses 2Q profit forecasts   [May-03-17 06:46AM  Associated Press]
▶ CGI reports strong Q2 results   [06:30AM  PR Newswire]
▶ CGI reports strong Q2 results   [06:30AM  CNW Group]
▶ Global IT firm buys CTS, gains foothold in Nashville area   [May-01-17 01:10PM  American City Business Journals]
▶ Major Birmingham tech firm acquired by Canadian IT giant   [09:14AM  American City Business Journals]
▶ Serious Breaches Shave Nearly 2% Off Public Company's Value   [Apr-12-17 02:10PM  The Wall Street Journal]
▶ Is CGI Group a Great Stock for Value Investors?   [Apr-05-17 09:30AM  Zacks]
Financial statements of GIB
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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