Intrinsic value of Interpublic Group - IPG

Previous Close

$20.47

  Intrinsic Value

$46.31

stock screener

  Rating & Target

str. buy

+126%

Previous close

$20.47

 
Intrinsic value

$46.31

 
Up/down potential

+126%

 
Rating

str. buy

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

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 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 8.0

 

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, %
  3.06
  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
  7,847
  8,004
  8,188
  8,398
  8,635
  8,896
  9,184
  9,496
  9,835
  10,200
  10,591
  11,010
  11,457
  11,933
  12,438
  12,975
  13,543
  14,145
  14,782
  15,454
  16,164
  16,914
  17,704
  18,537
  19,414
  20,339
  21,312
  22,336
  23,414
  24,548
  25,740
Variable operating expenses, $m
 
  5,355
  5,470
  5,601
  5,748
  5,912
  6,091
  6,285
  6,496
  6,724
  6,968
  6,861
  7,140
  7,436
  7,751
  8,086
  8,440
  8,815
  9,212
  9,631
  10,073
  10,540
  11,033
  11,552
  12,099
  12,675
  13,281
  13,919
  14,591
  15,298
  16,041
Fixed operating expenses, $m
 
  1,779
  1,824
  1,869
  1,916
  1,964
  2,013
  2,064
  2,115
  2,168
  2,222
  2,278
  2,335
  2,393
  2,453
  2,514
  2,577
  2,642
  2,708
  2,775
  2,845
  2,916
  2,989
  3,063
  3,140
  3,218
  3,299
  3,381
  3,466
  3,553
  3,641
Total operating expenses, $m
  6,948
  7,134
  7,294
  7,470
  7,664
  7,876
  8,104
  8,349
  8,611
  8,892
  9,190
  9,139
  9,475
  9,829
  10,204
  10,600
  11,017
  11,457
  11,920
  12,406
  12,918
  13,456
  14,022
  14,615
  15,239
  15,893
  16,580
  17,300
  18,057
  18,851
  19,682
Operating income, $m
  898
  869
  894
  928
  970
  1,021
  1,080
  1,148
  1,223
  1,308
  1,401
  1,871
  1,982
  2,103
  2,234
  2,375
  2,526
  2,689
  2,863
  3,048
  3,246
  3,458
  3,683
  3,922
  4,176
  4,446
  4,732
  5,035
  5,357
  5,697
  6,058
EBITDA, $m
  1,058
  1,264
  1,290
  1,324
  1,367
  1,419
  1,479
  1,548
  1,625
  1,711
  1,805
  1,909
  2,022
  2,145
  2,277
  2,420
  2,573
  2,738
  2,914
  3,102
  3,302
  3,516
  3,744
  3,986
  4,243
  4,516
  4,806
  5,113
  5,438
  5,783
  6,147
Interest expense (income), $m
  79
  59
  69
  79
  92
  106
  121
  138
  157
  177
  198
  221
  246
  272
  300
  330
  362
  396
  431
  469
  508
  550
  594
  641
  690
  742
  797
  854
  914
  978
  1,045
Earnings before tax, $m
  830
  810
  826
  848
  878
  915
  959
  1,009
  1,067
  1,131
  1,203
  1,650
  1,736
  1,831
  1,934
  2,045
  2,164
  2,293
  2,431
  2,580
  2,738
  2,907
  3,088
  3,281
  3,486
  3,704
  3,935
  4,181
  4,442
  4,719
  5,013
Tax expense, $m
  198
  219
  223
  229
  237
  247
  259
  273
  288
  305
  325
  445
  469
  494
  522
  552
  584
  619
  656
  696
  739
  785
  834
  886
  941
  1,000
  1,062
  1,129
  1,199
  1,274
  1,354
Net income, $m
  609
  592
  603
  619
  641
  668
  700
  737
  779
  826
  878
  1,204
  1,268
  1,337
  1,412
  1,493
  1,580
  1,674
  1,775
  1,883
  1,999
  2,122
  2,254
  2,395
  2,544
  2,704
  2,873
  3,052
  3,243
  3,445
  3,660

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,101
  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
  12,485
  11,617
  11,884
  12,189
  12,532
  12,912
  13,329
  13,783
  14,274
  14,804
  15,372
  15,980
  16,628
  17,319
  18,053
  18,831
  19,657
  20,530
  21,454
  22,430
  23,461
  24,548
  25,695
  26,904
  28,177
  29,519
  30,931
  32,418
  33,982
  35,628
  37,359
Adjusted assets (=assets-cash), $m
  11,384
  11,617
  11,884
  12,189
  12,532
  12,912
  13,329
  13,783
  14,274
  14,804
  15,372
  15,980
  16,628
  17,319
  18,053
  18,831
  19,657
  20,530
  21,454
  22,430
  23,461
  24,548
  25,695
  26,904
  28,177
  29,519
  30,931
  32,418
  33,982
  35,628
  37,359
Revenue / Adjusted assets
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
Average production assets, $m
  743
  760
  778
  798
  820
  845
  872
  902
  934
  969
  1,006
  1,046
  1,088
  1,134
  1,182
  1,233
  1,287
  1,344
  1,404
  1,468
  1,536
  1,607
  1,682
  1,761
  1,844
  1,932
  2,025
  2,122
  2,224
  2,332
  2,445
Working capital, $m
  -268
  -976
  -999
  -1,025
  -1,053
  -1,085
  -1,120
  -1,159
  -1,200
  -1,244
  -1,292
  -1,343
  -1,398
  -1,456
  -1,517
  -1,583
  -1,652
  -1,726
  -1,803
  -1,885
  -1,972
  -2,063
  -2,160
  -2,261
  -2,369
  -2,481
  -2,600
  -2,725
  -2,856
  -2,995
  -3,140
Total debt, $m
  1,690
  1,491
  1,727
  1,997
  2,300
  2,636
  3,005
  3,406
  3,841
  4,309
  4,811
  5,348
  5,921
  6,532
  7,181
  7,869
  8,598
  9,371
  10,187
  11,050
  11,961
  12,923
  13,936
  15,005
  16,131
  17,317
  18,565
  19,879
  21,262
  22,717
  24,247
Total liabilities, $m
  10,468
  10,269
  10,505
  10,775
  11,078
  11,414
  11,783
  12,184
  12,619
  13,087
  13,589
  14,126
  14,699
  15,310
  15,959
  16,647
  17,376
  18,149
  18,965
  19,828
  20,739
  21,701
  22,714
  23,783
  24,909
  26,095
  27,343
  28,657
  30,040
  31,495
  33,025
Total equity, $m
  2,017
  1,348
  1,379
  1,414
  1,454
  1,498
  1,546
  1,599
  1,656
  1,717
  1,783
  1,854
  1,929
  2,009
  2,094
  2,184
  2,280
  2,381
  2,489
  2,602
  2,721
  2,848
  2,981
  3,121
  3,269
  3,424
  3,588
  3,760
  3,942
  4,133
  4,334
Total liabilities and equity, $m
  12,485
  11,617
  11,884
  12,189
  12,532
  12,912
  13,329
  13,783
  14,275
  14,804
  15,372
  15,980
  16,628
  17,319
  18,053
  18,831
  19,656
  20,530
  21,454
  22,430
  23,460
  24,549
  25,695
  26,904
  28,178
  29,519
  30,931
  32,417
  33,982
  35,628
  37,359
Debt-to-equity ratio
  0.838
  1.110
  1.250
  1.410
  1.580
  1.760
  1.940
  2.130
  2.320
  2.510
  2.700
  2.890
  3.070
  3.250
  3.430
  3.600
  3.770
  3.930
  4.090
  4.250
  4.400
  4.540
  4.680
  4.810
  4.940
  5.060
  5.170
  5.290
  5.390
  5.500
  5.600
Adjusted equity ratio
  0.088
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  609
  592
  603
  619
  641
  668
  700
  737
  779
  826
  878
  1,204
  1,268
  1,337
  1,412
  1,493
  1,580
  1,674
  1,775
  1,883
  1,999
  2,122
  2,254
  2,395
  2,544
  2,704
  2,873
  3,052
  3,243
  3,445
  3,660
Depreciation, amort., depletion, $m
  160
  395
  396
  397
  397
  398
  399
  400
  401
  403
  404
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  71
  74
  77
  81
  85
  89
Funds from operations, $m
  3
  987
  998
  1,016
  1,038
  1,066
  1,099
  1,137
  1,180
  1,229
  1,282
  1,242
  1,307
  1,378
  1,455
  1,538
  1,627
  1,723
  1,826
  1,937
  2,055
  2,181
  2,316
  2,459
  2,612
  2,774
  2,947
  3,130
  3,324
  3,530
  3,749
Change in working capital, $m
  -510
  -19
  -22
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -78
  -82
  -87
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -146
Cash from operations, $m
  513
  1,006
  1,021
  1,042
  1,067
  1,098
  1,134
  1,175
  1,222
  1,273
  1,330
  1,294
  1,362
  1,436
  1,516
  1,603
  1,696
  1,796
  1,904
  2,019
  2,142
  2,272
  2,412
  2,561
  2,719
  2,887
  3,065
  3,255
  3,456
  3,669
  3,894
Maintenance CAPEX, $m
  0
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -77
  -81
  -85
New CAPEX, $m
  -201
  -18
  -17
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -108
  -113
Cash from investing activities, $m
  -264
  -45
  -45
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -72
  -77
  -80
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -134
  -140
  -147
  -155
  -163
  -171
  -179
  -189
  -198
Free cash flow, $m
  249
  961
  976
  993
  1,016
  1,043
  1,076
  1,114
  1,156
  1,204
  1,258
  1,217
  1,281
  1,351
  1,427
  1,509
  1,597
  1,692
  1,794
  1,904
  2,020
  2,145
  2,278
  2,420
  2,571
  2,732
  2,902
  3,084
  3,276
  3,480
  3,696
Issuance/(repayment) of debt, $m
  -58
  211
  236
  270
  303
  336
  369
  401
  434
  468
  502
  537
  573
  610
  649
  688
  730
  772
  817
  863
  911
  961
  1,014
  1,069
  1,126
  1,186
  1,249
  1,314
  1,383
  1,455
  1,530
Issuance/(repurchase) of shares, $m
  -293
  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  
  -428
  211
  236
  270
  303
  336
  369
  401
  434
  468
  502
  537
  573
  610
  649
  688
  730
  772
  817
  863
  911
  961
  1,014
  1,069
  1,126
  1,186
  1,249
  1,314
  1,383
  1,455
  1,530
Total cash flow (excl. dividends), $m
  -167
  1,172
  1,212
  1,263
  1,319
  1,379
  1,445
  1,515
  1,591
  1,672
  1,760
  1,754
  1,855
  1,962
  2,076
  2,197
  2,327
  2,465
  2,611
  2,766
  2,932
  3,107
  3,292
  3,489
  3,697
  3,918
  4,151
  4,398
  4,659
  4,935
  5,226
Retained Cash Flow (-), $m
  -51
  -22
  -31
  -35
  -40
  -44
  -48
  -53
  -57
  -61
  -66
  -71
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -172
  -181
  -191
  -201
Prev. year cash balance distribution, $m
 
  691
  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
 
  1,842
  1,181
  1,228
  1,279
  1,335
  1,396
  1,462
  1,534
  1,611
  1,694
  1,684
  1,779
  1,881
  1,991
  2,107
  2,231
  2,363
  2,504
  2,653
  2,812
  2,980
  3,159
  3,349
  3,549
  3,762
  3,987
  4,225
  4,477
  4,744
  5,025
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
 
  1,766
  1,081
  1,068
  1,053
  1,035
  1,013
  988
  959
  925
  888
  800
  759
  715
  668
  619
  567
  514
  461
  409
  357
  308
  262
  219
  181
  146
  116
  91
  69
  52
  38
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

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 13.2
Price to Sales 1
Price to Book 4
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 25.7
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 $7847 million for the last fiscal year's total revenue generated by Interpublic Group. The default revenue input number comes from 2016 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 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 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 67%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1736 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 4.6% 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 9.5%.

Life of production assets of 27.4 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 -12.2%. 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 - $2017 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 393.199 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 $8.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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ADS Alliance Data 238.34 124.49  sell

COMPANY NEWS

▶ Interpublic Names New CEO at Martin Agency   [12:30AM  The Wall Street Journal]
▶ Interpublic Names New CEO at Martin Agency   [Dec-12-17 12:47PM  The Wall Street Journal]
▶ MRM//McCann Promotes Kate MacNevin to Global President   [Dec-06-17 04:06PM  PR Newswire]
▶ Adweek Names McCann Its U.S. Agency of the Year for 2017   [Dec-04-17 02:41PM  PR Newswire]
▶ Interpublic Declares Common Stock Dividend   [Nov-14-17 04:32PM  GlobeNewswire]
▶ /C O R R E C T I O N -- McCann Worldgroup/   [Nov-08-17 08:42AM  PR Newswire]
▶ IPG Faces Declines in Third Quarter, Revises Outlook   [12:05PM  The Wall Street Journal]
▶ Interpublic misses Street 3Q forecasts   [07:25AM  Associated Press]
▶ The Advertising Apocalypse Has Been Postponed   [Oct-17-17 02:33PM  Barrons.com]
▶ Evening Sector Snapshot: Chemicals Gain, Utilities Fall   [Oct-13-17 04:44PM  Barrons.com]
▶ The stock options traders think is about to sink   [Oct-11-17 02:05PM  CNBC Videos]
▶ Are Ad Agencies Displaying Some Hope?   [Oct-09-17 10:39AM  Barrons.com]
▶ Interpublic and Cirrus Logic Are on the Casualty List   [Oct-04-17 12:55PM  GuruFocus.com]
▶ Devika Bulchandani Named President of McCann New York   [Oct-02-17 02:07PM  PR Newswire]
▶ FCB Chicago acquiring a top-line store design firm   [Aug-31-17 02:08PM  American City Business Journals]
▶ The Biggest Loser: Omnicom Group Tumbles 7%   [Aug-23-17 05:09PM  Barrons.com]
Financial statements of IPG
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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