Intrinsic value of Interpublic Group of Companies, Inc. (Th - IPG

Previous Close

$20.10

  Intrinsic Value

$53.82

stock screener

  Rating & Target

str. buy

+168%

Previous close

$20.10

 
Intrinsic value

$53.82

 
Up/down potential

+168%

 
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 7.7

 

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, %
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  10,715
  11,761
  12,854
  13,994
  15,180
  16,414
  17,697
  19,031
  20,416
  21,856
  23,353
  24,909
  26,527
  28,211
  29,964
  31,789
  33,691
  35,673
  37,740
  39,897
  42,149
  44,501
  46,959
  49,527
  52,213
  55,022
  57,962
  61,039
  64,260
  67,633
Variable operating expenses, $m
  9,528
  10,401
  11,312
  12,261
  13,250
  14,279
  15,348
  16,460
  17,615
  18,815
  19,465
  20,763
  22,111
  23,515
  24,976
  26,497
  28,082
  29,734
  31,458
  33,256
  35,133
  37,093
  39,142
  41,283
  43,521
  45,863
  48,313
  50,878
  53,563
  56,374
Fixed operating expenses, $m
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
Total operating expenses, $m
  9,540
  10,414
  11,325
  12,274
  13,263
  14,293
  15,362
  16,474
  17,630
  18,830
  19,480
  20,779
  22,127
  23,531
  24,993
  26,514
  28,099
  29,752
  31,476
  33,275
  35,152
  37,112
  39,162
  41,303
  43,542
  45,884
  48,335
  50,900
  53,586
  56,397
Operating income, $m
  1,174
  1,348
  1,530
  1,719
  1,917
  2,122
  2,335
  2,557
  2,787
  3,026
  3,872
  4,131
  4,400
  4,680
  4,971
  5,275
  5,591
  5,921
  6,264
  6,623
  6,998
  7,389
  7,797
  8,224
  8,671
  9,138
  9,627
  10,139
  10,675
  11,236
EBITDA, $m
  1,898
  2,084
  2,279
  2,481
  2,693
  2,912
  3,141
  3,378
  3,625
  3,881
  4,148
  4,425
  4,713
  5,012
  5,325
  5,649
  5,988
  6,341
  6,709
  7,093
  7,494
  7,913
  8,351
  8,808
  9,286
  9,787
  10,310
  10,858
  11,432
  12,033
Interest expense (income), $m
  79
  202
  275
  352
  433
  516
  604
  694
  789
  887
  989
  1,095
  1,205
  1,319
  1,438
  1,562
  1,691
  1,825
  1,965
  2,111
  2,263
  2,421
  2,587
  2,760
  2,940
  3,129
  3,327
  3,533
  3,750
  3,976
  4,213
Earnings before tax, $m
  973
  1,073
  1,178
  1,287
  1,400
  1,518
  1,641
  1,768
  1,900
  2,038
  2,778
  2,926
  3,081
  3,242
  3,410
  3,584
  3,766
  3,956
  4,154
  4,361
  4,576
  4,802
  5,038
  5,284
  5,542
  5,812
  6,094
  6,389
  6,699
  7,023
Tax expense, $m
  263
  290
  318
  347
  378
  410
  443
  477
  513
  550
  750
  790
  832
  875
  921
  968
  1,017
  1,068
  1,122
  1,177
  1,236
  1,297
  1,360
  1,427
  1,496
  1,569
  1,645
  1,725
  1,809
  1,896
Net income, $m
  710
  783
  860
  939
  1,022
  1,108
  1,198
  1,291
  1,387
  1,488
  2,028
  2,136
  2,249
  2,367
  2,489
  2,616
  2,749
  2,888
  3,032
  3,183
  3,341
  3,505
  3,677
  3,857
  4,046
  4,242
  4,448
  4,664
  4,890
  5,127

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
  17,226
  18,909
  20,666
  22,498
  24,405
  26,389
  28,452
  30,596
  32,824
  35,139
  37,545
  40,047
  42,649
  45,356
  48,173
  51,108
  54,165
  57,352
  60,676
  64,144
  67,764
  71,546
  75,496
  79,626
  83,944
  88,460
  93,186
  98,133
  103,311
  108,735
Adjusted assets (=assets-cash), $m
  17,226
  18,909
  20,666
  22,498
  24,405
  26,389
  28,452
  30,596
  32,824
  35,139
  37,545
  40,047
  42,649
  45,356
  48,173
  51,108
  54,165
  57,352
  60,676
  64,144
  67,764
  71,546
  75,496
  79,626
  83,944
  88,460
  93,186
  98,133
  103,311
  108,735
Revenue / Adjusted assets
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
Average production assets, $m
  3,536
  3,881
  4,242
  4,618
  5,009
  5,417
  5,840
  6,280
  6,737
  7,213
  7,706
  8,220
  8,754
  9,310
  9,888
  10,490
  11,118
  11,772
  12,454
  13,166
  13,909
  14,685
  15,496
  16,344
  17,230
  18,157
  19,127
  20,143
  21,206
  22,319
Working capital, $m
  -600
  -659
  -720
  -784
  -850
  -919
  -991
  -1,066
  -1,143
  -1,224
  -1,308
  -1,395
  -1,486
  -1,580
  -1,678
  -1,780
  -1,887
  -1,998
  -2,113
  -2,234
  -2,360
  -2,492
  -2,630
  -2,774
  -2,924
  -3,081
  -3,246
  -3,418
  -3,599
  -3,787
Total debt, $m
  5,097
  6,523
  8,011
  9,563
  11,178
  12,859
  14,606
  16,422
  18,308
  20,269
  22,308
  24,426
  26,630
  28,923
  31,310
  33,795
  36,385
  39,084
  41,899
  44,837
  47,903
  51,106
  54,452
  57,950
  61,607
  65,433
  69,436
  73,625
  78,012
  82,605
Total liabilities, $m
  14,590
  16,016
  17,504
  19,056
  20,671
  22,352
  24,099
  25,915
  27,802
  29,763
  31,801
  33,920
  36,123
  38,416
  40,803
  43,288
  45,878
  48,577
  51,392
  54,330
  57,396
  60,599
  63,945
  67,443
  71,100
  74,926
  78,929
  83,118
  87,505
  92,099
Total equity, $m
  2,636
  2,893
  3,162
  3,442
  3,734
  4,038
  4,353
  4,681
  5,022
  5,376
  5,744
  6,127
  6,525
  6,939
  7,371
  7,819
  8,287
  8,775
  9,283
  9,814
  10,368
  10,946
  11,551
  12,183
  12,843
  13,534
  14,257
  15,014
  15,807
  16,636
Total liabilities and equity, $m
  17,226
  18,909
  20,666
  22,498
  24,405
  26,390
  28,452
  30,596
  32,824
  35,139
  37,545
  40,047
  42,648
  45,355
  48,174
  51,107
  54,165
  57,352
  60,675
  64,144
  67,764
  71,545
  75,496
  79,626
  83,943
  88,460
  93,186
  98,132
  103,312
  108,735
Debt-to-equity ratio
  1.930
  2.250
  2.530
  2.780
  2.990
  3.180
  3.360
  3.510
  3.650
  3.770
  3.880
  3.990
  4.080
  4.170
  4.250
  4.320
  4.390
  4.450
  4.510
  4.570
  4.620
  4.670
  4.710
  4.760
  4.800
  4.830
  4.870
  4.900
  4.940
  4.970
Adjusted equity ratio
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  710
  783
  860
  939
  1,022
  1,108
  1,198
  1,291
  1,387
  1,488
  2,028
  2,136
  2,249
  2,367
  2,489
  2,616
  2,749
  2,888
  3,032
  3,183
  3,341
  3,505
  3,677
  3,857
  4,046
  4,242
  4,448
  4,664
  4,890
  5,127
Depreciation, amort., depletion, $m
  723
  736
  749
  762
  776
  791
  806
  821
  838
  855
  275
  294
  313
  332
  353
  375
  397
  420
  445
  470
  497
  524
  553
  584
  615
  648
  683
  719
  757
  797
Funds from operations, $m
  1,433
  1,519
  1,608
  1,701
  1,798
  1,899
  2,003
  2,112
  2,225
  2,342
  2,303
  2,430
  2,562
  2,699
  2,842
  2,991
  3,146
  3,308
  3,477
  3,653
  3,838
  4,030
  4,231
  4,441
  4,661
  4,891
  5,132
  5,384
  5,648
  5,924
Change in working capital, $m
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -165
  -172
  -180
  -189
Cash from operations, $m
  1,489
  1,578
  1,670
  1,765
  1,865
  1,968
  2,075
  2,187
  2,302
  2,423
  2,387
  2,517
  2,652
  2,793
  2,940
  3,093
  3,253
  3,419
  3,593
  3,774
  3,964
  4,162
  4,369
  4,585
  4,811
  5,048
  5,296
  5,556
  5,828
  6,113
Maintenance CAPEX, $m
  -114
  -126
  -139
  -151
  -165
  -179
  -193
  -209
  -224
  -241
  -258
  -275
  -294
  -313
  -332
  -353
  -375
  -397
  -420
  -445
  -470
  -497
  -524
  -553
  -584
  -615
  -648
  -683
  -719
  -757
New CAPEX, $m
  -332
  -345
  -361
  -376
  -391
  -407
  -423
  -440
  -457
  -475
  -494
  -513
  -534
  -556
  -578
  -602
  -628
  -654
  -682
  -712
  -743
  -776
  -811
  -848
  -886
  -927
  -970
  -1,015
  -1,063
  -1,113
Cash from investing activities, $m
  -446
  -471
  -500
  -527
  -556
  -586
  -616
  -649
  -681
  -716
  -752
  -788
  -828
  -869
  -910
  -955
  -1,003
  -1,051
  -1,102
  -1,157
  -1,213
  -1,273
  -1,335
  -1,401
  -1,470
  -1,542
  -1,618
  -1,698
  -1,782
  -1,870
Free cash flow, $m
  1,043
  1,106
  1,170
  1,238
  1,308
  1,382
  1,458
  1,538
  1,621
  1,707
  1,635
  1,728
  1,825
  1,925
  2,029
  2,138
  2,251
  2,368
  2,490
  2,618
  2,750
  2,889
  3,033
  3,184
  3,341
  3,506
  3,678
  3,857
  4,046
  4,242
Issuance/(repayment) of debt, $m
  1,363
  1,425
  1,488
  1,552
  1,615
  1,680
  1,747
  1,816
  1,887
  1,961
  2,038
  2,119
  2,204
  2,293
  2,387
  2,485
  2,590
  2,699
  2,815
  2,938
  3,067
  3,203
  3,346
  3,498
  3,657
  3,826
  4,003
  4,190
  4,386
  4,594
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  
  1,363
  1,425
  1,488
  1,552
  1,615
  1,680
  1,747
  1,816
  1,887
  1,961
  2,038
  2,119
  2,204
  2,293
  2,387
  2,485
  2,590
  2,699
  2,815
  2,938
  3,067
  3,203
  3,346
  3,498
  3,657
  3,826
  4,003
  4,190
  4,386
  4,594
Total cash flow (excl. dividends), $m
  2,406
  2,531
  2,659
  2,789
  2,924
  3,062
  3,205
  3,354
  3,508
  3,668
  3,673
  3,847
  4,029
  4,218
  4,416
  4,623
  4,840
  5,067
  5,306
  5,555
  5,817
  6,091
  6,379
  6,681
  6,999
  7,331
  7,681
  8,047
  8,432
  8,836
Retained Cash Flow (-), $m
  -242
  -257
  -269
  -280
  -292
  -304
  -316
  -328
  -341
  -354
  -368
  -383
  -398
  -414
  -431
  -449
  -468
  -488
  -509
  -531
  -554
  -579
  -604
  -632
  -661
  -691
  -723
  -757
  -792
  -830
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
  2,164
  2,274
  2,390
  2,509
  2,632
  2,759
  2,890
  3,026
  3,167
  3,314
  3,305
  3,464
  3,630
  3,804
  3,985
  4,174
  4,372
  4,580
  4,797
  5,024
  5,263
  5,513
  5,775
  6,050
  6,338
  6,640
  6,958
  7,290
  7,640
  8,006
Discount rate, %
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
  2,007
  1,943
  1,866
  1,775
  1,673
  1,561
  1,441
  1,315
  1,187
  1,057
  887
  771
  660
  557
  462
  377
  302
  237
  183
  138
  101
  73
  51
  35
  23
  15
  9
  6
  3
  2
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 of Companies, Inc. (Th (IPG)

Valuation Ratios
P/E Ratio 12.9
Price to Sales 1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 25.2
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 $9714 million for the last fiscal year's total revenue generated by Interpublic Group of Companies, Inc. (Th. The default revenue input number comes from 0001 income statement of Interpublic Group of Companies, Inc. (Th. 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 10.3% 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 7.8%, whose default value for IPG is calculated based on our internal credit rating of Interpublic Group of Companies, Inc. (Th, 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 of Companies, Inc. (Th.
    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 89.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $12 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 5.4% for Interpublic Group of Companies, Inc. (Th.

Corporate tax rate of 27% is the nominal tax rate for Interpublic Group of Companies, Inc. (Th. 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 33%.

Life of production assets of 28 years is the average useful life of capital assets used in Interpublic Group of Companies, Inc. (Th 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 -5.6%. 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 - $2393.2 million for Interpublic Group of Companies, Inc. (Th - 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 384.960 million for Interpublic Group of Companies, Inc. (Th 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 of Companies, Inc. (Th at the current share price and the inputted number of shares is $7.7 billion.

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