I

IAG Iamgold Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $42M$98M($66M)$115M$56M$12M$167M($62M)$211M$849M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $308M, $0.25 per $1 retained.

Balance sheet Modest net debt, $226M · dividend paid 4 of 10 yrs, cut at least once

ICG Intchains Group Limited

A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.

Owner earnings 2020–2025 CN¥15MCN¥394MCN¥323M(CN¥52M)(CN¥148M)(CN¥98M)

Retained capital Retained CN¥791M of earnings over 2020–2025; annual owner earnings fell CN¥343M, CN¥-0.43 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥489M

ICL ICL Group Ltd.

Revenue is led by Phosphate Solutions (33%) and Growing Solutions (29%), with 3 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $2.5B

ICLR ICON plc

ICON is a global provider of outsourced development and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations.

Owner earnings 2016–2025 $217M$338M$220M$374M$527M$735M$421M$1.0B$1.1B$862M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $742M, $0.43 per $1 retained.

Balance sheet Heavy net debt, $1.2B

IFRX InflaRx N.V.

We are a biopharmaceutical company applying our proprietary technologies to discover, develop and commercialize first-in-class, highly potent and specific inhibitors of the complement activation factor known as C5a and its receptor C5aR.

Owner earnings 2020–2025 (€37M)(€40M)(€34M)(€38M)(€49M)(€35M)

Retained capital not read

Balance sheet Net cash, +€53M

IFS Intercorp Financial Services Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 8 yrs, cut at least once

IGIC International General Insurance Holdings Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, cut at least once

IHG Intercontinental Hotels Group

Revenue is System Fund and Reimbursable Revenues (52%), System Fund Revenue (33%) and Reimbursable Revenues (19%).

Owner earnings 2016–2025 $678M$572M$663M$578M$111M$619M$592M$865M$695M$870M

Retained capital Paid out $3.0B more than it earned over 2016–2025; annual owner earnings grew $172M.

Balance sheet Meaningful net debt, $3.1B · dividend paid 8 of 10 yrs, cut at least once

IHS IHS Holding Limited

Revenue is Nigeria (68%) and SSA (32%).

Owner earnings 2020–2025 $540M$512M$529M$389M$494M$719M

Retained capital Paid out $4.3B more than it earned over 2020–2025; annual owner earnings grew $7M.

Balance sheet Meaningful net debt, $2.2B

IMMP Immutep Limited

Immutep is a late-stage biotechnology company developing novel LAG-3 related immunotherapies for cancer and autoimmune disease.

Owner earnings 2016–2025 (A$11M)(A$9M)(A$8M)(A$15M)(A$11M)(A$18M)(A$30M)(A$35M)(A$35M)(A$62M)

Retained capital not read

Balance sheet Net cash, debt-free, +A$130M

IMOS ChipMOS TECHNOLOGIES INC.

We are one of the leading independent providers of semiconductor assembly and testing services.

Owner earnings 2015–2024 NT$2.5BNT$598MNT$1.3B(NT$25M)NT$2.3BNT$2.0BNT$2.7BNT$3.9BNT$3.5BNT$859M

Retained capital Retained NT$8.5B of earnings over 2015–2024; annual owner earnings grew NT$1.3B, NT$0.15 per NT$1 retained.

Balance sheet Net cash, +NT$4.4B · dividend paid 10 of 10 yrs, cut at least once

IMPP Imperial Petroleum Inc.

Revenue is Voyage Charter Revenues (54%) and Time Charter Revenues (42%).

Owner earnings 2020–2025 $8M$5M$29M$64M$61M$79M

Retained capital Retained $188M of earnings over 2020–2025; annual owner earnings grew $54M, $0.29 per $1 retained.

Balance sheet Net cash, debt-free, +$6M

IMPPP Imperial Petroleum Inc./Marshall Islands

Revenue is Voyage Charter Revenues (54%) and Time Charter Revenues (42%).

Owner earnings 2020–2025 $8M$5M$29M$64M$61M$79M

Retained capital Retained $188M of earnings over 2020–2025; annual owner earnings grew $54M, $0.29 per $1 retained.

Balance sheet Net cash, debt-free, +$6M

INCR Intercure Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2019–2024 (₪12M)₪5M₪23M₪40M(₪56M)(₪71M)

Retained capital not read

Balance sheet Net debt against an operating loss, ₪105M

INFY Infosys Limited

A software business, earning high margins on code once it is written.

Owner earnings 2016–2020 $1.6B$1.8B$1.9B$1.9B$2.1B

Retained capital Retained $1.4B of earnings over 2016–2020; annual owner earnings grew $191M, $0.14 per $1 retained.

Balance sheet Net cash, debt-free, +$4.3B · dividend paid 5 of 5 yrs, cut at least once

ING ING Group N.V.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

INMD InMode Ltd.

Revenue is Capital Equipment (78%) and Consumables and Service Revenues (22%).

Owner earnings 2017–2025 $14M$37M$62M$79M$174M$181M$176M$132M$85M

Retained capital Retained $459M of earnings over 2017–2025; annual owner earnings grew $93M, $0.20 per $1 retained.

Balance sheet Net cash, debt-free, +$386M

INTR Inter & Co. Inc. Class A

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

INVZ Innoviz Technologies Ltd.

We are a leading Tier-1 direct supplier of high-performance, automotive-grade LiDAR sensor platforms and complementary software stacks.

Owner earnings 2018–2025 ($46M)($75M)($67M)($86M)($116M)($100M)($81M)($52M)

Retained capital not read

Balance sheet Net cash, +$18M

IPHA Innate Pharma S.A. ADS

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2017–2025 (€51M)(€33M)€34M(€53M)(€59M)(€20M)(€33M)(€7M)(€53M)

Retained capital not read

Balance sheet Net cash, debt-free, +€34M

IQ iQIYI Inc.

Revenue is led by Membership (62%) and Advertising (19%), with 2 more lines behind.

Owner earnings 2016–2025 CN¥2.3BCN¥3.7BCN¥2.6BCN¥3.4B(CN¥5.7B)(CN¥6.2B)(CN¥245M)CN¥3.3BCN¥2.0BCN¥10M

Retained capital Paid out CN¥36.8B more than it earned over 2016–2025; annual owner earnings fell CN¥1.1B.

Balance sheet net position not read (debt under-captured)

IRS IRSA Investments and Representations Inc.

IRSA is an Argentine real estate company. It owns and rents out shopping malls and other commercial property, and it develops and sells real estate, including housing. Its money comes from rent paid by tenants, from selling developed property, and from changes in the appraised value of the buildings it holds.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

ITRG Integra Resources Corp.

Integra is a growing Canadian-based precious metals producer focused on gold mining, mine development and mineral exploration activities in the Great Basin of the Western United States.

Owner earnings 2020–2025 ($17M)($32M)($18M)($27M)($12M)$57M

Retained capital not read

Balance sheet Net cash, debt-free, +$63M

ITRN Ituran Location and Control Ltd.

We are a leading provider of telematics services, consisting predominantly of stolen vehicle recovery, fleet management services and other tracking services as well as connected car and usage base insurance.

Owner earnings 2016–2025 $32M$34M$44M$41M$50M$39M$30M$63M$61M$75M

Retained capital Retained $219M of earnings over 2016–2025; annual owner earnings grew $29M, $0.13 per $1 retained.

Balance sheet Net cash, +$96M · dividend paid 10 of 10 yrs, cut at least once

ITUB Itau Unibanco Banco Holding SA

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 10 yrs, cut at least once

IVA Inventiva S.A.

We are a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of MASH.

Owner earnings not read

Retained capital not read

Balance sheet net position not read (debt under-captured)

IX ORIX Corporation

ORIX is a Japanese diversified financial group. It began in equipment leasing and spread into lending, insurance, banking, real estate, and investment and asset management, financing, owning, and operating assets and then collecting the interest, lease payments, fees, and profits they throw off. In plain terms, it puts capital to work across many businesses, mostly in Japan but also abroad, and lives on the spread between what that capital earns and what it costs.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut