Intrinsic value of Interactive Brokers Group - IBKR

Previous Close

$62.69

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$62.69

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of IBKR 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 2017), $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 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
Revenue, $m
  2,075
  2,494
  2,960
  3,473
  4,032
  4,635
  5,284
  5,975
  6,708
  7,483
  8,298
  9,153
  10,047
  10,981
  11,955
  12,969
  14,023
  15,120
  16,259
  17,443
  18,674
  19,953
  21,283
  22,666
  24,105
  25,602
  27,162
  28,787
  30,481
  32,247
Variable operating expenses, $m
  -866
  -2,015
  -3,293
  -4,698
  -6,229
  -7,883
  -9,659
  -11,554
  -13,563
  -15,686
  -22,738
  -25,081
  -27,532
  -30,091
  -32,759
  -35,537
  -38,427
  -41,431
  -44,554
  -47,799
  -51,171
  -54,675
  -58,319
  -62,108
  -66,051
  -70,155
  -74,429
  -78,882
  -83,524
  -88,365
Fixed operating expenses, $m
  530
  542
  554
  566
  579
  591
  604
  618
  631
  645
  659
  674
  689
  704
  719
  735
  751
  768
  785
  802
  820
  838
  856
  875
  894
  914
  934
  955
  976
  997
Total operating expenses, $m
  -336
  -1,473
  -2,739
  -4,132
  -5,650
  -7,292
  -9,055
  -10,936
  -12,932
  -15,041
  -22,079
  -24,407
  -26,843
  -29,387
  -32,040
  -34,802
  -37,676
  -40,663
  -43,769
  -46,997
  -50,351
  -53,837
  -57,463
  -61,233
  -65,157
  -69,241
  -73,495
  -77,927
  -82,548
  -87,368
Operating income, $m
  2,411
  3,967
  5,699
  7,604
  9,682
  11,927
  14,339
  16,911
  19,640
  22,524
  30,377
  33,560
  36,891
  40,369
  43,995
  47,771
  51,699
  55,783
  60,028
  64,440
  69,025
  73,791
  78,746
  83,899
  89,261
  94,843
  100,657
  106,714
  113,029
  119,615
EBITDA, $m
  19,807
  23,906
  28,463
  33,477
  38,941
  44,848
  51,188
  57,951
  65,127
  72,706
  80,682
  89,049
  97,802
  106,943
  116,471
  126,393
  136,714
  147,445
  158,599
  170,189
  182,234
  194,754
  207,770
  221,308
  235,393
  250,054
  265,323
  281,232
  297,816
  315,112
Interest expense (income), $m
  77
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
  1,532
Earnings before tax, $m
  878
  2,435
  4,166
  6,072
  8,149
  10,395
  12,806
  15,378
  18,108
  20,991
  28,844
  32,027
  35,358
  38,836
  42,463
  46,238
  50,166
  54,251
  58,496
  62,908
  67,492
  72,258
  77,213
  82,367
  87,729
  93,311
  99,124
  105,182
  111,496
  118,083
Tax expense, $m
  237
  657
  1,125
  1,639
  2,200
  2,807
  3,458
  4,152
  4,889
  5,668
  7,788
  8,647
  9,547
  10,486
  11,465
  12,484
  13,545
  14,648
  15,794
  16,985
  18,223
  19,510
  20,848
  22,239
  23,687
  25,194
  26,764
  28,399
  30,104
  31,882
Net income, $m
  641
  1,778
  3,042
  4,432
  5,949
  7,588
  9,348
  11,226
  13,219
  15,324
  21,056
  23,380
  25,812
  28,351
  30,998
  33,754
  36,622
  39,603
  42,702
  45,923
  49,270
  52,749
  56,366
  60,128
  64,042
  68,117
  72,361
  76,783
  81,392
  86,200

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
Total assets, $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
Adjusted assets (=assets-cash), $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
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
Average production assets, $m
  125,779
  151,199
  179,456
  210,538
  244,410
  281,021
  320,311
  362,218
  406,680
  453,641
  503,055
  554,887
  609,116
  665,738
  724,764
  786,220
  850,153
  916,622
  985,704
  1,057,492
  1,132,094
  1,209,633
  1,290,246
  1,374,085
  1,461,312
  1,552,107
  1,646,660
  1,745,176
  1,847,870
  1,954,972
Working capital, $m
  -66,715
  -80,198
  -95,187
  -111,673
  -129,639
  -149,058
  -169,899
  -192,127
  -215,710
  -240,619
  -266,829
  -294,321
  -323,086
  -353,119
  -384,427
  -417,025
  -450,936
  -486,192
  -522,834
  -560,912
  -600,482
  -641,610
  -684,369
  -728,838
  -775,105
  -823,264
  -873,417
  -925,671
  -980,141
  -1,036,951
Total debt, $m
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
  28,378
Total liabilities, $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 equity, $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 liabilities and equity, $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
Debt-to-equity ratio
  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
  0.000
  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
  641
  1,778
  3,042
  4,432
  5,949
  7,588
  9,348
  11,226
  13,219
  15,324
  21,056
  23,380
  25,812
  28,351
  30,998
  33,754
  36,622
  39,603
  42,702
  45,923
  49,270
  52,749
  56,366
  60,128
  64,042
  68,117
  72,361
  76,783
  81,392
  86,200
Depreciation, amort., depletion, $m
  17,397
  19,939
  22,764
  25,873
  29,260
  32,921
  36,850
  41,041
  45,487
  50,183
  50,306
  55,489
  60,912
  66,574
  72,476
  78,622
  85,015
  91,662
  98,570
  105,749
  113,209
  120,963
  129,025
  137,408
  146,131
  155,211
  164,666
  174,518
  184,787
  195,497
Funds from operations, $m
  18,038
  21,716
  25,806
  30,305
  35,209
  40,509
  46,198
  52,267
  58,705
  65,506
  71,362
  78,869
  86,723
  94,924
  103,474
  112,376
  121,637
  131,265
  141,272
  151,672
  162,479
  173,712
  185,390
  197,536
  210,173
  223,328
  237,027
  251,300
  266,179
  281,698
Change in working capital, $m
  -11,986
  -13,483
  -14,988
  -16,486
  -17,966
  -19,419
  -20,840
  -22,228
  -23,583
  -24,909
  -26,210
  -27,492
  -28,764
  -30,033
  -31,308
  -32,598
  -33,911
  -35,256
  -36,642
  -38,078
  -39,570
  -41,128
  -42,759
  -44,469
  -46,267
  -48,159
  -50,153
  -52,254
  -54,471
  -56,809
Cash from operations, $m
  30,024
  35,199
  40,794
  46,791
  53,175
  59,928
  67,039
  74,495
  82,289
  90,415
  97,572
  106,361
  115,487
  124,958
  134,782
  144,974
  155,548
  166,521
  177,915
  189,749
  202,049
  214,840
  228,149
  242,005
  256,440
  271,487
  287,179
  303,554
  320,650
  338,507
Maintenance CAPEX, $m
  -10,318
  -12,578
  -15,120
  -17,946
  -21,054
  -24,441
  -28,102
  -32,031
  -36,222
  -40,668
  -45,364
  -50,306
  -55,489
  -60,912
  -66,574
  -72,476
  -78,622
  -85,015
  -91,662
  -98,570
  -105,749
  -113,209
  -120,963
  -129,025
  -137,408
  -146,131
  -155,211
  -164,666
  -174,518
  -184,787
New CAPEX, $m
  -22,597
  -25,420
  -28,258
  -31,082
  -33,872
  -36,611
  -39,291
  -41,907
  -44,462
  -46,961
  -49,414
  -51,832
  -54,229
  -56,622
  -59,026
  -61,457
  -63,932
  -66,469
  -69,082
  -71,788
  -74,602
  -77,539
  -80,613
  -83,838
  -87,228
  -90,795
  -94,553
  -98,515
  -102,694
  -107,103
Cash from investing activities, $m
  -32,915
  -37,998
  -43,378
  -49,028
  -54,926
  -61,052
  -67,393
  -73,938
  -80,684
  -87,629
  -94,778
  -102,138
  -109,718
  -117,534
  -125,600
  -133,933
  -142,554
  -151,484
  -160,744
  -170,358
  -180,351
  -190,748
  -201,576
  -212,863
  -224,636
  -236,926
  -249,764
  -263,181
  -277,212
  -291,890
Free cash flow, $m
  -2,892
  -2,799
  -2,583
  -2,236
  -1,751
  -1,124
  -354
  557
  1,605
  2,786
  2,794
  4,224
  5,769
  7,424
  9,183
  11,041
  12,993
  15,037
  17,170
  19,391
  21,698
  24,091
  26,572
  29,143
  31,804
  34,561
  37,416
  40,373
  43,438
  46,617
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $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 cash flow (excl. dividends), $m
  -2,892
  -2,799
  -2,583
  -2,236
  -1,751
  -1,124
  -354
  557
  1,605
  2,786
  2,794
  4,224
  5,769
  7,424
  9,183
  11,041
  12,993
  15,037
  17,170
  19,391
  21,698
  24,091
  26,572
  29,143
  31,804
  34,561
  37,416
  40,373
  43,438
  46,617
Retained Cash Flow (-), $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
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
  164
  185
  208
  232
  257
  284
  311
  340
  371
  402
  435
  469
  504
  541
  579
  619
  660
  703
  747
  794
  842
  892
  945
Cash available for distribution, $m
  0
  0
  0
  0
  0
  0
  0
  557
  1,605
  2,786
  2,794
  4,224
  5,769
  7,424
  9,183
  11,041
  12,993
  15,037
  17,170
  19,391
  21,698
  24,091
  26,572
  29,143
  31,804
  34,561
  37,416
  40,373
  43,438
  46,617
Discount rate, %
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
  0
  0
  0
  0
  0
  0
  0
  148
  338
  455
  348
  393
  392
  360
  310
  253
  197
  147
  104
  71
  47
  29
  18
  10
  6
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  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

Interactive Brokers Group, Inc. (IBG, Inc.) is a holding company. The Company is an automated global electronic broker and market maker specializing in routing orders, and executing and processing trades in securities, futures, foreign exchange instruments, bonds and mutual funds on over 120 electronic exchanges and market centers around the world and offering custody, prime brokerage, securities and margin lending services to customers. It operates in two segments: electronic brokerage and market making. It conducts its electronic brokerage business through its Interactive Brokers (IB) subsidiaries. It conducts its market making business through its Timber Hill (TH) subsidiaries. In the United States, it conducts its business from Greenwich, Connecticut and Chicago, Illinois. Outside the United States, it conducts business in Canada, England, Switzerland, Liechtenstein, China (Hong Kong and Shanghai), India, Australia and Japan.

FINANCIAL RATIOS  of  Interactive Brokers Group (IBKR)

Valuation Ratios
P/E Ratio 50.7
Price to Sales 2.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 8.2
Growth Rates
Sales Growth Rate 17.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10%
Cap. Spend. - 3 Yr. Gr. Rate 9.7%
Financial Strength
Quick Ratio 351
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 7.6%
Interest Coverage 11
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 8.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 94.6%
Gross Margin - 3 Yr. Avg. 94.3%
EBITDA Margin 58.5%
EBITDA Margin - 3 Yr. Avg. 51.9%
Operating Margin 51.6%
Oper. Margin - 3 Yr. Avg. 44.5%
Pre-Tax Margin 51.6%
Pre-Tax Margin - 3 Yr. Avg. 44.5%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 8.1%
Eff/ Tax Rate - 3 Yr. Avg. 8.9%
Payout Ratio 31%

IBKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IBKR stock intrinsic value calculation we used $1702 million for the last fiscal year's total revenue generated by Interactive Brokers Group. The default revenue input number comes from 2017 income statement of Interactive Brokers 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 IBKR stock valuation model: a) initial revenue growth rate of 21.9% 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 12.8%, whose default value for IBKR is calculated based on our internal credit rating of Interactive Brokers 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 Interactive Brokers 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 IBKR stock the variable cost ratio is equal to 9.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $519 million in the base year in the intrinsic value calculation for IBKR 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 Interactive Brokers Group.

Corporate tax rate of 27% is the nominal tax rate for Interactive Brokers 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 IBKR stock is equal to 3.1%.

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 IBKR are equal to 6062.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Interactive Brokers 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 IBKR is equal to -3215.6%. 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 - $0 million for Interactive Brokers 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 0 million for Interactive Brokers 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 Interactive Brokers Group at the current share price and the inputted number of shares is $0.0 billion.

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