IMPERIAL OIL LTD (IMO)

Petroleum Refining

Latest Price

$135.35

TTM P/E

15.81

Normalized P/E

15.26

Div Yield

2.35%

Book Value

50.75

P/B Ratio

2.67

Valuation metrics

EPS: $6.48

Book value / share: $46.02

Formula: √(22.5 × EPS × BVPS)

Graham Number

$81.91

39% downside

Norm. op. income: $4.3B (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$61.94

54% downside

Base FCF: $4.4B (median of recent 5yr)

Growth: 20%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$450.17

+233% upside

EPS: $6.48

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$97.20

28% downside

25.8% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
FMR LLC	52.76M	$5.92B	10.90%	-2.91M	2026-06-30
First Eagle Investment Management, LLC	13.59M	$1.52B	2.81%	-381.6K	2026-06-30
GOLDMAN SACHS GROUP INC	10.65M	$1.19B	2.20%	+8.52M	2026-06-30
FIL Ltd	5.11M	$573.0M	1.06%	+1.43M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	3.84M	$430.0M	0.79%	+32.0K	2026-06-30
UBS Group AG	3.59M	$402.0M	0.74%	+2.59M	2026-06-30
TD Asset Management Inc	3.06M	$343.0M	0.63%	-381.3K	2026-06-30
BANK OF MONTREAL /CAN/	2.82M	$315.0M	0.58%	+96.0K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.72M	$200.0M	0.36%	+5.7K	2026-06-30
MORGAN STANLEY	1.57M	$175.0M	0.32%	-63.6K	2026-06-30