Intrinsic value of INVESCO - IVZ

Previous Close

$38.13

  Intrinsic Value

$80.83

stock screener

  Rating & Target

str. buy

+112%

Previous close

$38.13

 
Intrinsic value

$80.83

 
Up/down potential

+112%

 
Rating

str. buy

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

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

We calculate the intrinsic value of IVZ 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -7.92
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  4,743
  5,279
  5,842
  6,432
  7,050
  7,693
  8,364
  9,062
  9,789
  10,544
  11,328
  12,143
  12,991
  13,871
  14,787
  15,739
  16,731
  17,762
  18,837
  19,957
  21,125
  22,343
  23,614
  24,941
  26,328
  27,776
  29,291
  30,874
  32,531
  34,265
  36,080
Variable operating expenses, $m
 
  2,802
  3,036
  3,281
  3,537
  3,804
  4,082
  4,372
  4,673
  4,986
  5,312
  5,037
  5,388
  5,754
  6,133
  6,528
  6,939
  7,367
  7,813
  8,278
  8,762
  9,267
  9,795
  10,345
  10,920
  11,521
  12,149
  12,806
  13,493
  14,212
  14,965
Fixed operating expenses, $m
 
  1,026
  1,052
  1,078
  1,105
  1,133
  1,161
  1,190
  1,220
  1,250
  1,281
  1,313
  1,346
  1,380
  1,414
  1,450
  1,486
  1,523
  1,561
  1,600
  1,640
  1,681
  1,723
  1,766
  1,811
  1,856
  1,902
  1,950
  1,998
  2,048
  2,100
Total operating expenses, $m
  3,558
  3,828
  4,088
  4,359
  4,642
  4,937
  5,243
  5,562
  5,893
  6,236
  6,593
  6,350
  6,734
  7,134
  7,547
  7,978
  8,425
  8,890
  9,374
  9,878
  10,402
  10,948
  11,518
  12,111
  12,731
  13,377
  14,051
  14,756
  15,491
  16,260
  17,065
Operating income, $m
  1,185
  1,450
  1,754
  2,074
  2,408
  2,757
  3,121
  3,501
  3,896
  4,307
  4,735
  5,793
  6,256
  6,738
  7,239
  7,761
  8,305
  8,872
  9,463
  10,079
  10,722
  11,394
  12,096
  12,830
  13,597
  14,399
  15,239
  16,119
  17,040
  18,004
  19,015
EBITDA, $m
  1,286
  2,131
  2,442
  2,769
  3,111
  3,468
  3,841
  4,230
  4,634
  5,055
  5,493
  5,949
  6,422
  6,915
  7,429
  7,963
  8,519
  9,099
  9,704
  10,335
  10,993
  11,680
  12,398
  13,149
  13,934
  14,755
  15,614
  16,514
  17,456
  18,443
  19,477
Interest expense (income), $m
  81
  228
  301
  377
  457
  540
  626
  717
  811
  909
  1,011
  1,116
  1,226
  1,340
  1,459
  1,582
  1,711
  1,844
  1,983
  2,128
  2,279
  2,437
  2,601
  2,772
  2,951
  3,138
  3,333
  3,537
  3,751
  3,974
  4,208
Earnings before tax, $m
  1,207
  1,223
  1,453
  1,697
  1,951
  2,217
  2,495
  2,784
  3,085
  3,398
  3,725
  4,677
  5,030
  5,398
  5,780
  6,179
  6,594
  7,027
  7,479
  7,951
  8,443
  8,958
  9,495
  10,058
  10,646
  11,262
  11,906
  12,582
  13,289
  14,030
  14,808
Tax expense, $m
  339
  330
  392
  458
  527
  599
  674
  752
  833
  918
  1,006
  1,263
  1,358
  1,457
  1,561
  1,668
  1,780
  1,897
  2,019
  2,147
  2,280
  2,419
  2,564
  2,716
  2,874
  3,041
  3,215
  3,397
  3,588
  3,788
  3,998
Net income, $m
  854
  893
  1,061
  1,238
  1,424
  1,619
  1,821
  2,032
  2,252
  2,481
  2,719
  3,414
  3,672
  3,940
  4,220
  4,511
  4,814
  5,130
  5,460
  5,804
  6,164
  6,539
  6,932
  7,342
  7,772
  8,221
  8,692
  9,185
  9,701
  10,242
  10,810

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,328
  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
  25,734
  27,211
  30,115
  33,157
  36,338
  39,657
  43,115
  46,714
  50,457
  54,348
  58,392
  62,595
  66,962
  71,501
  76,222
  81,131
  86,240
  91,559
  97,099
  102,872
  108,891
  115,170
  121,722
  128,563
  135,709
  143,177
  150,983
  159,147
  167,687
  176,624
  185,980
Adjusted assets (=assets-cash), $m
  24,406
  27,211
  30,115
  33,157
  36,338
  39,657
  43,115
  46,714
  50,457
  54,348
  58,392
  62,595
  66,962
  71,501
  76,222
  81,131
  86,240
  91,559
  97,099
  102,872
  108,891
  115,170
  121,722
  128,563
  135,709
  143,177
  150,983
  159,147
  167,687
  176,624
  185,980
Revenue / Adjusted assets
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
Average production assets, $m
  1,823
  2,027
  2,243
  2,470
  2,707
  2,954
  3,212
  3,480
  3,759
  4,049
  4,350
  4,663
  4,988
  5,327
  5,678
  6,044
  6,425
  6,821
  7,233
  7,664
  8,112
  8,580
  9,068
  9,577
  10,110
  10,666
  11,248
  11,856
  12,492
  13,158
  13,855
Working capital, $m
  0
  -1,478
  -1,636
  -1,801
  -1,974
  -2,154
  -2,342
  -2,537
  -2,741
  -2,952
  -3,172
  -3,400
  -3,637
  -3,884
  -4,140
  -4,407
  -4,685
  -4,973
  -5,274
  -5,588
  -5,915
  -6,256
  -6,612
  -6,984
  -7,372
  -7,777
  -8,201
  -8,645
  -9,109
  -9,594
  -10,102
Total debt, $m
  6,506
  8,603
  10,772
  13,044
  15,420
  17,899
  20,483
  23,171
  25,968
  28,874
  31,895
  35,034
  38,297
  41,688
  45,213
  48,881
  52,697
  56,670
  60,809
  65,121
  69,618
  74,308
  79,202
  84,313
  89,651
  95,229
  101,060
  107,159
  113,538
  120,214
  127,203
Total liabilities, $m
  18,231
  20,327
  22,496
  24,768
  27,144
  29,623
  32,207
  34,895
  37,692
  40,598
  43,619
  46,758
  50,021
  53,412
  56,937
  60,605
  64,421
  68,394
  72,533
  76,845
  81,342
  86,032
  90,926
  96,037
  101,375
  106,953
  112,784
  118,883
  125,262
  131,938
  138,927
Total equity, $m
  7,504
  6,884
  7,619
  8,389
  9,193
  10,033
  10,908
  11,819
  12,766
  13,750
  14,773
  15,836
  16,941
  18,090
  19,284
  20,526
  21,819
  23,164
  24,566
  26,027
  27,549
  29,138
  30,796
  32,526
  34,334
  36,224
  38,199
  40,264
  42,425
  44,686
  47,053
Total liabilities and equity, $m
  25,735
  27,211
  30,115
  33,157
  36,337
  39,656
  43,115
  46,714
  50,458
  54,348
  58,392
  62,594
  66,962
  71,502
  76,221
  81,131
  86,240
  91,558
  97,099
  102,872
  108,891
  115,170
  121,722
  128,563
  135,709
  143,177
  150,983
  159,147
  167,687
  176,624
  185,980
Debt-to-equity ratio
  0.867
  1.250
  1.410
  1.550
  1.680
  1.780
  1.880
  1.960
  2.030
  2.100
  2.160
  2.210
  2.260
  2.300
  2.340
  2.380
  2.420
  2.450
  2.480
  2.500
  2.530
  2.550
  2.570
  2.590
  2.610
  2.630
  2.650
  2.660
  2.680
  2.690
  2.700
Adjusted equity ratio
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  854
  893
  1,061
  1,238
  1,424
  1,619
  1,821
  2,032
  2,252
  2,481
  2,719
  3,414
  3,672
  3,940
  4,220
  4,511
  4,814
  5,130
  5,460
  5,804
  6,164
  6,539
  6,932
  7,342
  7,772
  8,221
  8,692
  9,185
  9,701
  10,242
  10,810
Depreciation, amort., depletion, $m
  101
  680
  688
  695
  703
  711
  720
  729
  738
  748
  758
  155
  166
  178
  189
  201
  214
  227
  241
  255
  270
  286
  302
  319
  337
  356
  375
  395
  416
  439
  462
Funds from operations, $m
  -362
  1,573
  1,749
  1,934
  2,127
  2,330
  2,541
  2,761
  2,990
  3,229
  3,477
  3,570
  3,838
  4,118
  4,409
  4,712
  5,028
  5,357
  5,701
  6,060
  6,434
  6,825
  7,234
  7,661
  8,109
  8,577
  9,067
  9,580
  10,117
  10,681
  11,271
Change in working capital, $m
  -491
  -150
  -158
  -165
  -173
  -180
  -188
  -196
  -203
  -211
  -220
  -228
  -237
  -247
  -256
  -267
  -278
  -289
  -301
  -314
  -327
  -341
  -356
  -372
  -388
  -406
  -424
  -443
  -464
  -485
  -508
Cash from operations, $m
  129
  1,723
  1,906
  2,099
  2,300
  2,510
  2,729
  2,957
  3,194
  3,440
  3,697
  3,798
  4,075
  4,364
  4,665
  4,979
  5,305
  5,646
  6,002
  6,373
  6,761
  7,166
  7,590
  8,033
  8,497
  8,982
  9,491
  10,023
  10,581
  11,166
  11,780
Maintenance CAPEX, $m
  0
  -61
  -68
  -75
  -82
  -90
  -98
  -107
  -116
  -125
  -135
  -145
  -155
  -166
  -178
  -189
  -201
  -214
  -227
  -241
  -255
  -270
  -286
  -302
  -319
  -337
  -356
  -375
  -395
  -416
  -439
New CAPEX, $m
  -148
  -205
  -216
  -227
  -237
  -247
  -258
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -352
  -366
  -381
  -396
  -413
  -430
  -448
  -468
  -488
  -510
  -532
  -556
  -582
  -608
  -636
  -666
  -697
Cash from investing activities, $m
  -991
  -266
  -284
  -302
  -319
  -337
  -356
  -375
  -395
  -415
  -436
  -458
  -480
  -504
  -530
  -555
  -582
  -610
  -640
  -671
  -703
  -738
  -774
  -812
  -851
  -893
  -938
  -983
  -1,031
  -1,082
  -1,136
Free cash flow, $m
  -862
  1,458
  1,622
  1,798
  1,981
  2,173
  2,373
  2,581
  2,799
  3,025
  3,260
  3,340
  3,595
  3,860
  4,136
  4,424
  4,723
  5,036
  5,362
  5,702
  6,057
  6,428
  6,816
  7,221
  7,645
  8,089
  8,554
  9,040
  9,550
  10,084
  10,644
Issuance/(repayment) of debt, $m
  1,185
  2,097
  2,169
  2,273
  2,376
  2,479
  2,583
  2,689
  2,796
  2,907
  3,021
  3,139
  3,262
  3,391
  3,526
  3,667
  3,816
  3,973
  4,138
  4,313
  4,496
  4,690
  4,895
  5,110
  5,338
  5,578
  5,831
  6,098
  6,380
  6,676
  6,988
Issuance/(repurchase) of shares, $m
  -535
  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  
  930
  2,097
  2,169
  2,273
  2,376
  2,479
  2,583
  2,689
  2,796
  2,907
  3,021
  3,139
  3,262
  3,391
  3,526
  3,667
  3,816
  3,973
  4,138
  4,313
  4,496
  4,690
  4,895
  5,110
  5,338
  5,578
  5,831
  6,098
  6,380
  6,676
  6,988
Total cash flow (excl. dividends), $m
  -63
  3,554
  3,791
  4,070
  4,357
  4,652
  4,956
  5,270
  5,595
  5,932
  6,281
  6,479
  6,857
  7,251
  7,662
  8,091
  8,540
  9,009
  9,500
  10,014
  10,553
  11,118
  11,710
  12,332
  12,983
  13,667
  14,385
  15,138
  15,930
  16,760
  17,633
Retained Cash Flow (-), $m
  381
  -708
  -735
  -770
  -805
  -840
  -875
  -911
  -947
  -984
  -1,023
  -1,063
  -1,105
  -1,149
  -1,194
  -1,242
  -1,293
  -1,346
  -1,402
  -1,461
  -1,523
  -1,588
  -1,658
  -1,731
  -1,808
  -1,889
  -1,975
  -2,065
  -2,161
  -2,261
  -2,367
Prev. year cash balance distribution, $m
 
  1,328
  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
 
  4,174
  3,057
  3,301
  3,552
  3,812
  4,081
  4,359
  4,648
  4,947
  5,258
  5,416
  5,752
  6,102
  6,468
  6,849
  7,247
  7,663
  8,099
  8,554
  9,030
  9,530
  10,053
  10,601
  11,175
  11,778
  12,410
  13,073
  13,769
  14,499
  15,266
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  3,879
  2,622
  2,593
  2,535
  2,451
  2,342
  2,211
  2,062
  1,898
  1,725
  1,500
  1,327
  1,157
  992
  837
  693
  564
  450
  352
  269
  201
  147
  105
  73
  49
  32
  20
  13
  8
  4
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

Invesco Ltd. (Invesco) is an independent investment management company. The Company provides a range of investment capabilities and outcomes, which are delivered through a set of investment vehicles, to help clients achieve their investment objectives. It has a presence in the retail and institutional markets within the investment management industry in North America; Europe, Middle East and Africa (EMEA), and Asia-Pacific. Its Jemstep solution provides wealth management home offices and their advisors with a suite of technology solutions that are customizable and are integrated into existing systems. The solution offers advisors an open architecture platform that includes Invesco's fundamental and factor-based investment strategies. It offers retail products within various asset classes. It offers a suite of domestic and global strategies, including traditional and quantitative equities, fixed income and absolute return strategies.

FINANCIAL RATIOS  of  INVESCO (IVZ)

Valuation Ratios
P/E Ratio 18
Price to Sales 3.2
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 119.4
Price to Free Cash Flow -810.4
Growth Rates
Sales Growth Rate -7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.4%
Cap. Spend. - 3 Yr. Gr. Rate 11%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 86.7%
Total Debt to Equity 86.7%
Interest Coverage 16
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 11.1%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 70.3%
Gross Margin - 3 Yr. Avg. 69.4%
EBITDA Margin 29.3%
EBITDA Margin - 3 Yr. Avg. 29.6%
Operating Margin 25%
Oper. Margin - 3 Yr. Avg. 25.5%
Pre-Tax Margin 25.4%
Pre-Tax Margin - 3 Yr. Avg. 26.3%
Net Profit Margin 18%
Net Profit Margin - 3 Yr. Avg. 18.6%
Effective Tax Rate 28.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 53.9%

IVZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IVZ stock intrinsic value calculation we used $4743 million for the last fiscal year's total revenue generated by INVESCO. The default revenue input number comes from 2016 income statement of INVESCO. 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 IVZ stock valuation model: a) initial revenue growth rate of 11.3% 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 7.6%, whose default value for IVZ is calculated based on our internal credit rating of INVESCO, 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 INVESCO.
    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 IVZ stock the variable cost ratio is equal to 54.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1001 million in the base year in the intrinsic value calculation for IVZ 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 3.5% for INVESCO.

Corporate tax rate of 27% is the nominal tax rate for INVESCO. 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 IVZ 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 IVZ are equal to 38.4%.

Life of production assets of 79 years is the average useful life of capital assets used in INVESCO 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 IVZ is equal to -28%. 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 - $7504 million for INVESCO - 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 409.688 million for INVESCO 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 INVESCO at the current share price and the inputted number of shares is $15.6 billion.

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COMPANY NEWS

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▶ Why Invesco's Hu Is Long Indian Local Currency Bonds   [Dec-03-17 10:31PM  Bloomberg]
▶ Invesco Closed-End Funds Declare Dividends   [Dec-01-17 02:03PM  PR Newswire]
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▶ Metro Atlanta Chamber taps Invescos Marty Flanagan in future leadership role   [Nov-16-17 02:14PM  American City Business Journals]
▶ November Best Dividend Paying Stocks   [Nov-13-17 08:02AM  Simply Wall St.]
▶ [$$] Former star funds crash out of Europe's top list   [Nov-12-17 10:30PM  Financial Times]
▶ Invesco Gets Technical Rating Upgrade   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Invesco to migrate PGL to NEO Exchange   [Nov-02-17 04:00PM  PR Newswire]
▶ Invesco to migrate PGL to NEO Exchange   [04:00PM  CNW Group]
▶ Fed Speak, 10-Year Outlook Among Hot Topics At Bond Conference   [08:00AM  Investor's Business Daily]
▶ ETFs with exposure to Invesco Ltd. : October 30, 2017   [Oct-30-17 11:59AM  Capital Cube]
▶ Invesco Ltd. to Host Earnings Call   [07:25AM  ACCESSWIRE]
▶ Invesco tops Street 3Q forecasts   [07:07AM  Associated Press]
Financial statements of IVZ
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