Intrinsic Valuation of IOB
	IOB Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$66,108,466,000	-50.97%		EPS (FY)	0.90		Market Cap	336B
	2020		$134,824,227,000	828.77%		P/E Ratio	19.68		Total Asset	2994B
	2019		($18,500,151,000)	-142.84%		Net Income	17B		Total Debt	36B
	2018		$43,184,542,000	376.07%		EBITDA	-		Total Liab	2764B
	2017		$9,071,003,000	-26.73%		Opr Margin	0.0822		Debt/Equity	0.16
	2016		$12,379,958,000			PreTax Margin	0.0822		BV/Share	12.17
	5Y Median FCF		$46,937,617,400	-26.73%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	6.40%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$48,438,782,540			MBG Intrinsic Value			$18.99
	2023		$35,491,908,917
	2024		$26,005,517,326
	2025		$19,054,678,996
	2026		$13,961,683,096
	2027		$10,229,959,524
	Terminal Value		$269,103,582,070			Net Worth/Share			$12.17
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$304,984,219,271				Growth Rate
	(+) Cash & Cash Equivalents	$0			14.22	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$36,270,972,000		WACC	6.30%	12.5	13.4	14.5	16.0	18.1
	Equity Value	$268,713,247,271			6.35%	12.4	13.2	14.4	15.8	17.8
	Shares Outstanding	18902412256			6.40%	12.3	13.1	14.2	15.6	17.5
					6.90%	11.3	12.0	12.8	13.9	15.2
	DCF Intrinsic Value	$14.22			7.40%	10.5	11.0	11.7	12.5	13.5
© Swarnadeep Seth (2022)