Intrinsic value of Interpublic Group - IPG

Previous Close

$21.76

  Intrinsic Value

$155.25

stock screener

  Rating & Target

str. buy

+613%

Previous close

$21.76

 
Intrinsic value

$155.25

 
Up/down potential

+613%

 
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

Revenue (in 0001), $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 8.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  8,623
  9,396
  10,201
  11,038
  11,908
  12,813
  13,754
  14,731
  15,746
  16,802
  17,900
  19,042
  20,231
  21,468
  22,758
  24,102
  25,504
  26,966
  28,492
  30,086
  31,752
  33,492
  35,312
  37,215
  39,206
  41,291
  43,473
  45,757
  48,151
  50,658
Variable operating expenses, $m
  1,482
  1,580
  1,683
  1,790
  1,901
  2,016
  2,136
  2,261
  2,390
  2,525
  2,283
  2,428
  2,580
  2,738
  2,902
  3,074
  3,253
  3,439
  3,634
  3,837
  4,049
  4,271
  4,503
  4,746
  5,000
  5,266
  5,544
  5,836
  6,141
  6,461
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
  7,253
  7,478
  7,711
  7,951
  8,197
  8,451
  8,712
  8,982
  9,259
  9,545
  9,457
  9,760
  10,073
  10,396
  10,729
  11,073
  11,428
  11,794
  12,173
  12,563
  12,967
  13,386
  13,818
  14,266
  14,729
  15,210
  15,706
  16,222
  16,755
  17,309
Operating income, $m
  1,370
  1,917
  2,490
  3,088
  3,712
  4,362
  5,041
  5,749
  6,487
  7,257
  8,443
  9,281
  10,157
  11,072
  12,029
  13,029
  14,076
  15,172
  16,320
  17,523
  18,784
  20,106
  21,493
  22,949
  24,477
  26,081
  27,766
  29,536
  31,396
  33,350
EBITDA, $m
  1,851
  2,407
  2,988
  3,595
  4,229
  4,891
  5,580
  6,299
  7,049
  7,831
  8,647
  9,498
  10,388
  11,317
  12,288
  13,304
  14,367
  15,480
  16,645
  17,866
  19,146
  20,488
  21,896
  23,373
  24,924
  26,552
  28,262
  30,058
  31,944
  33,927
Interest expense (income), $m
  79
  81
  140
  200
  264
  329
  398
  469
  543
  620
  700
  783
  869
  959
  1,052
  1,149
  1,251
  1,356
  1,467
  1,581
  1,701
  1,827
  1,958
  2,094
  2,238
  2,387
  2,544
  2,707
  2,879
  3,059
  3,247
Earnings before tax, $m
  1,289
  1,778
  2,289
  2,824
  3,382
  3,965
  4,572
  5,206
  5,868
  6,558
  7,660
  8,413
  9,199
  10,020
  10,879
  11,779
  12,720
  13,706
  14,739
  15,821
  16,957
  18,148
  19,399
  20,711
  22,090
  23,538
  25,059
  26,657
  28,337
  30,103
Tax expense, $m
  348
  480
  618
  762
  913
  1,070
  1,235
  1,406
  1,584
  1,771
  2,068
  2,271
  2,484
  2,705
  2,937
  3,180
  3,434
  3,701
  3,979
  4,272
  4,578
  4,900
  5,238
  5,592
  5,964
  6,355
  6,766
  7,197
  7,651
  8,128
Net income, $m
  941
  1,298
  1,671
  2,061
  2,469
  2,894
  3,338
  3,801
  4,283
  4,787
  5,592
  6,141
  6,715
  7,315
  7,942
  8,598
  9,285
  10,005
  10,759
  11,550
  12,379
  13,248
  14,161
  15,119
  16,126
  17,182
  18,293
  19,460
  20,686
  21,975

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
  13,909
  15,155
  16,453
  17,803
  19,207
  20,667
  22,183
  23,759
  25,397
  27,100
  28,871
  30,713
  32,630
  34,627
  36,706
  38,874
  41,135
  43,494
  45,955
  48,526
  51,212
  54,019
  56,955
  60,024
  63,236
  66,598
  70,117
  73,802
  77,662
  81,706
Adjusted assets (=assets-cash), $m
  13,909
  15,155
  16,453
  17,803
  19,207
  20,667
  22,183
  23,759
  25,397
  27,100
  28,871
  30,713
  32,630
  34,627
  36,706
  38,874
  41,135
  43,494
  45,955
  48,526
  51,212
  54,019
  56,955
  60,024
  63,236
  66,598
  70,117
  73,802
  77,662
  81,706
Revenue / Adjusted assets
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
Average production assets, $m
  2,742
  2,988
  3,244
  3,510
  3,787
  4,075
  4,374
  4,684
  5,007
  5,343
  5,692
  6,055
  6,433
  6,827
  7,237
  7,664
  8,110
  8,575
  9,061
  9,567
  10,097
  10,650
  11,229
  11,834
  12,468
  13,130
  13,824
  14,551
  15,312
  16,109
Working capital, $m
  -992
  -1,081
  -1,173
  -1,269
  -1,369
  -1,474
  -1,582
  -1,694
  -1,811
  -1,932
  -2,058
  -2,190
  -2,327
  -2,469
  -2,617
  -2,772
  -2,933
  -3,101
  -3,277
  -3,460
  -3,651
  -3,852
  -4,061
  -4,280
  -4,509
  -4,748
  -4,999
  -5,262
  -5,537
  -5,826
Total debt, $m
  2,368
  3,397
  4,469
  5,585
  6,744
  7,950
  9,203
  10,504
  11,857
  13,264
  14,726
  16,248
  17,832
  19,481
  21,199
  22,989
  24,857
  26,805
  28,839
  30,962
  33,181
  35,499
  37,924
  40,459
  43,112
  45,889
  48,796
  51,840
  55,028
  58,369
Total liabilities, $m
  11,489
  12,518
  13,590
  14,705
  15,865
  17,071
  18,323
  19,625
  20,978
  22,385
  23,847
  25,369
  26,952
  28,602
  30,320
  32,110
  33,977
  35,926
  37,959
  40,083
  42,301
  44,620
  47,044
  49,580
  52,233
  55,010
  57,917
  60,961
  64,149
  67,489
Total equity, $m
  2,420
  2,637
  2,863
  3,098
  3,342
  3,596
  3,860
  4,134
  4,419
  4,715
  5,023
  5,344
  5,678
  6,025
  6,387
  6,764
  7,157
  7,568
  7,996
  8,444
  8,911
  9,399
  9,910
  10,444
  11,003
  11,588
  12,200
  12,842
  13,513
  14,217
Total liabilities and equity, $m
  13,909
  15,155
  16,453
  17,803
  19,207
  20,667
  22,183
  23,759
  25,397
  27,100
  28,870
  30,713
  32,630
  34,627
  36,707
  38,874
  41,134
  43,494
  45,955
  48,527
  51,212
  54,019
  56,954
  60,024
  63,236
  66,598
  70,117
  73,803
  77,662
  81,706
Debt-to-equity ratio
  0.980
  1.290
  1.560
  1.800
  2.020
  2.210
  2.380
  2.540
  2.680
  2.810
  2.930
  3.040
  3.140
  3.230
  3.320
  3.400
  3.470
  3.540
  3.610
  3.670
  3.720
  3.780
  3.830
  3.870
  3.920
  3.960
  4.000
  4.040
  4.070
  4.110
Adjusted equity ratio
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  941
  1,298
  1,671
  2,061
  2,469
  2,894
  3,338
  3,801
  4,283
  4,787
  5,592
  6,141
  6,715
  7,315
  7,942
  8,598
  9,285
  10,005
  10,759
  11,550
  12,379
  13,248
  14,161
  15,119
  16,126
  17,182
  18,293
  19,460
  20,686
  21,975
Depreciation, amort., depletion, $m
  480
  489
  498
  508
  518
  528
  539
  550
  562
  574
  204
  217
  231
  245
  259
  275
  291
  307
  325
  343
  362
  382
  402
  424
  447
  471
  495
  522
  549
  577
Funds from operations, $m
  1,422
  1,787
  2,170
  2,569
  2,987
  3,422
  3,877
  4,350
  4,845
  5,361
  5,796
  6,358
  6,946
  7,559
  8,201
  8,873
  9,576
  10,312
  11,084
  11,893
  12,741
  13,630
  14,564
  15,544
  16,572
  17,653
  18,788
  19,981
  21,235
  22,552
Change in working capital, $m
  -85
  -89
  -93
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -142
  -148
  -155
  -161
  -168
  -176
  -183
  -192
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -275
  -288
Cash from operations, $m
  1,507
  1,876
  2,262
  2,666
  3,087
  3,526
  3,985
  4,463
  4,962
  5,482
  5,922
  6,490
  7,082
  7,702
  8,350
  9,028
  9,737
  10,481
  11,259
  12,076
  12,932
  13,830
  14,773
  15,762
  16,801
  17,893
  19,039
  20,244
  21,510
  22,841
Maintenance CAPEX, $m
  -90
  -98
  -107
  -116
  -126
  -136
  -146
  -157
  -168
  -179
  -192
  -204
  -217
  -231
  -245
  -259
  -275
  -291
  -307
  -325
  -343
  -362
  -382
  -402
  -424
  -447
  -471
  -495
  -522
  -549
New CAPEX, $m
  -232
  -246
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -349
  -363
  -378
  -394
  -410
  -427
  -446
  -465
  -485
  -507
  -530
  -553
  -579
  -605
  -633
  -663
  -694
  -727
  -761
  -797
Cash from investing activities, $m
  -322
  -344
  -363
  -382
  -403
  -424
  -445
  -468
  -491
  -515
  -541
  -567
  -595
  -625
  -655
  -686
  -721
  -756
  -792
  -832
  -873
  -915
  -961
  -1,007
  -1,057
  -1,110
  -1,165
  -1,222
  -1,283
  -1,346
Free cash flow, $m
  1,184
  1,532
  1,899
  2,283
  2,684
  3,103
  3,540
  3,995
  4,471
  4,967
  5,382
  5,922
  6,487
  7,078
  7,695
  8,341
  9,017
  9,725
  10,467
  11,244
  12,060
  12,915
  13,812
  14,755
  15,744
  16,783
  17,875
  19,022
  20,227
  21,495
Issuance/(repayment) of debt, $m
  995
  1,029
  1,072
  1,115
  1,160
  1,205
  1,253
  1,302
  1,353
  1,407
  1,463
  1,522
  1,584
  1,649
  1,718
  1,791
  1,867
  1,948
  2,034
  2,124
  2,219
  2,319
  2,424
  2,536
  2,653
  2,777
  2,907
  3,044
  3,188
  3,340
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  
  995
  1,029
  1,072
  1,115
  1,160
  1,205
  1,253
  1,302
  1,353
  1,407
  1,463
  1,522
  1,584
  1,649
  1,718
  1,791
  1,867
  1,948
  2,034
  2,124
  2,219
  2,319
  2,424
  2,536
  2,653
  2,777
  2,907
  3,044
  3,188
  3,340
Total cash flow (excl. dividends), $m
  2,180
  2,561
  2,971
  3,398
  3,844
  4,308
  4,792
  5,297
  5,824
  6,373
  6,844
  7,444
  8,071
  8,727
  9,413
  10,132
  10,884
  11,673
  12,500
  13,368
  14,278
  15,234
  16,237
  17,290
  18,397
  19,560
  20,782
  22,066
  23,416
  24,835
Retained Cash Flow (-), $m
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -321
  -334
  -347
  -362
  -377
  -393
  -410
  -428
  -447
  -467
  -488
  -511
  -534
  -559
  -585
  -612
  -641
  -672
  -704
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
  1,971
  2,344
  2,745
  3,164
  3,600
  4,054
  4,528
  5,023
  5,539
  6,077
  6,536
  7,123
  7,737
  8,379
  9,051
  9,754
  10,491
  11,263
  12,072
  12,921
  13,811
  14,745
  15,726
  16,756
  17,838
  18,975
  20,169
  21,425
  22,744
  24,131
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
  1,890
  2,146
  2,389
  2,605
  2,790
  2,942
  3,059
  3,139
  3,182
  3,186
  3,104
  3,040
  2,942
  2,813
  2,657
  2,479
  2,283
  2,074
  1,859
  1,642
  1,428
  1,223
  1,031
  853
  694
  554
  433
  331
  248
  182
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

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 14
Price to Sales 1.1
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 27.3
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 $7882.4 million for the last fiscal year's total revenue generated by Interpublic Group. The default revenue input number comes from 0001 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 9.4% 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 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 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 IPG are equal to 31.8%.

Life of production assets of 27.9 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 -11.5%. 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 - $2211.5 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 383.785 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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