Intrinsic value of ACCO Brands - ACCO

Previous Close

$10.75

  Intrinsic Value

$20.26

stock screener

  Rating & Target

str. buy

+88%

  Value-price divergence*

+15%

Previous close

$10.75

 
Intrinsic value

$20.26

 
Up/down potential

+88%

 
Rating

str. buy

 
Value-price divergence*

+15%

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

We calculate the intrinsic value of ACCO 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 1.1

 

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, %
  3.11
  29.50
  27.05
  24.85
  22.86
  21.07
  19.47
  18.02
  16.72
  15.55
  14.49
  13.54
  12.69
  11.92
  11.23
  10.60
  10.04
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  1,557
  2,016
  2,562
  3,198
  3,929
  4,757
  5,684
  6,708
  7,829
  9,046
  10,357
  11,760
  13,252
  14,832
  16,497
  18,246
  20,079
  21,994
  23,993
  26,075
  28,242
  30,495
  32,837
  35,271
  37,801
  40,429
  43,162
  46,003
  48,959
  52,035
  55,237
Variable operating expenses, $m
 
  1,781
  2,247
  2,791
  3,416
  4,123
  4,914
  5,789
  6,747
  7,787
  8,907
  10,046
  11,321
  12,671
  14,093
  15,588
  17,153
  18,790
  20,497
  22,276
  24,127
  26,052
  28,053
  30,132
  32,293
  34,539
  36,873
  39,301
  41,825
  44,453
  47,189
Fixed operating expenses, $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
Total operating expenses, $m
  1,390
  1,781
  2,247
  2,791
  3,416
  4,123
  4,914
  5,789
  6,747
  7,787
  8,907
  10,046
  11,321
  12,671
  14,093
  15,588
  17,153
  18,790
  20,497
  22,276
  24,127
  26,052
  28,053
  30,132
  32,293
  34,539
  36,873
  39,301
  41,825
  44,453
  47,189
Operating income, $m
  167
  235
  315
  407
  514
  634
  769
  919
  1,082
  1,259
  1,450
  1,713
  1,931
  2,161
  2,404
  2,658
  2,926
  3,205
  3,496
  3,799
  4,115
  4,443
  4,784
  5,139
  5,508
  5,891
  6,289
  6,703
  7,133
  7,581
  8,048
EBITDA, $m
  219
  333
  423
  528
  649
  785
  938
  1,107
  1,292
  1,493
  1,710
  1,941
  2,187
  2,448
  2,723
  3,012
  3,314
  3,630
  3,960
  4,304
  4,661
  5,033
  5,420
  5,822
  6,239
  6,673
  7,124
  7,593
  8,081
  8,589
  9,117
Interest expense (income), $m
  50
  46
  74
  106
  145
  188
  238
  293
  355
  422
  494
  573
  657
  746
  841
  940
  1,045
  1,155
  1,269
  1,389
  1,514
  1,643
  1,778
  1,918
  2,064
  2,215
  2,373
  2,536
  2,706
  2,883
  3,067
Earnings before tax, $m
  125
  189
  241
  301
  369
  446
  532
  625
  727
  838
  956
  1,140
  1,274
  1,415
  1,563
  1,718
  1,880
  2,050
  2,226
  2,410
  2,601
  2,800
  3,006
  3,221
  3,444
  3,675
  3,916
  4,167
  4,427
  4,698
  4,981
Tax expense, $m
  29
  51
  65
  81
  100
  120
  144
  169
  196
  226
  258
  308
  344
  382
  422
  464
  508
  553
  601
  651
  702
  756
  812
  870
  930
  992
  1,057
  1,125
  1,195
  1,269
  1,345
Net income, $m
  96
  138
  176
  220
  270
  326
  388
  457
  531
  612
  698
  833
  930
  1,033
  1,141
  1,254
  1,373
  1,496
  1,625
  1,759
  1,899
  2,044
  2,195
  2,351
  2,514
  2,683
  2,859
  3,042
  3,232
  3,430
  3,636

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  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
  2,065
  2,619
  3,327
  4,153
  5,103
  6,178
  7,381
  8,711
  10,168
  11,748
  13,451
  15,273
  17,210
  19,262
  21,424
  23,696
  26,077
  28,564
  31,160
  33,863
  36,677
  39,604
  42,646
  45,807
  49,092
  52,506
  56,054
  59,745
  63,583
  67,577
  71,736
Adjusted assets (=assets-cash), $m
  2,022
  2,619
  3,327
  4,153
  5,103
  6,178
  7,381
  8,711
  10,168
  11,748
  13,451
  15,273
  17,210
  19,262
  21,424
  23,696
  26,077
  28,564
  31,160
  33,863
  36,677
  39,604
  42,646
  45,807
  49,092
  52,506
  56,054
  59,745
  63,583
  67,577
  71,736
Revenue / Adjusted assets
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  747
  968
  1,230
  1,535
  1,886
  2,284
  2,728
  3,220
  3,758
  4,342
  4,971
  5,645
  6,361
  7,119
  7,918
  8,758
  9,638
  10,557
  11,517
  12,516
  13,556
  14,638
  15,762
  16,930
  18,144
  19,406
  20,718
  22,082
  23,500
  24,977
  26,514
Working capital, $m
  265
  377
  479
  598
  735
  890
  1,063
  1,254
  1,464
  1,692
  1,937
  2,199
  2,478
  2,774
  3,085
  3,412
  3,755
  4,113
  4,487
  4,876
  5,281
  5,703
  6,141
  6,596
  7,069
  7,560
  8,071
  8,603
  9,155
  9,730
  10,329
Total debt, $m
  696
  1,039
  1,499
  2,036
  2,652
  3,350
  4,130
  4,994
  5,939
  6,965
  8,070
  9,252
  10,510
  11,841
  13,244
  14,719
  16,264
  17,878
  19,563
  21,317
  23,144
  25,043
  27,017
  29,069
  31,201
  33,416
  35,719
  38,114
  40,605
  43,198
  45,897
Total liabilities, $m
  1,356
  1,699
  2,159
  2,696
  3,312
  4,010
  4,790
  5,654
  6,599
  7,625
  8,730
  9,912
  11,170
  12,501
  13,904
  15,379
  16,924
  18,538
  20,223
  21,977
  23,804
  25,703
  27,677
  29,729
  31,861
  34,076
  36,379
  38,774
  41,265
  43,858
  46,557
Total equity, $m
  709
  919
  1,168
  1,458
  1,791
  2,169
  2,591
  3,058
  3,569
  4,124
  4,721
  5,361
  6,041
  6,761
  7,520
  8,317
  9,153
  10,026
  10,937
  11,886
  12,874
  13,901
  14,969
  16,078
  17,231
  18,429
  19,675
  20,970
  22,318
  23,720
  25,179
Total liabilities and equity, $m
  2,065
  2,618
  3,327
  4,154
  5,103
  6,179
  7,381
  8,712
  10,168
  11,749
  13,451
  15,273
  17,211
  19,262
  21,424
  23,696
  26,077
  28,564
  31,160
  33,863
  36,678
  39,604
  42,646
  45,807
  49,092
  52,505
  56,054
  59,744
  63,583
  67,578
  71,736
Debt-to-equity ratio
  0.982
  1.130
  1.280
  1.400
  1.480
  1.540
  1.590
  1.630
  1.660
  1.690
  1.710
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.780
  1.790
  1.790
  1.800
  1.800
  1.800
  1.810
  1.810
  1.810
  1.820
  1.820
  1.820
  1.820
  1.820
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  96
  138
  176
  220
  270
  326
  388
  457
  531
  612
  698
  833
  930
  1,033
  1,141
  1,254
  1,373
  1,496
  1,625
  1,759
  1,899
  2,044
  2,195
  2,351
  2,514
  2,683
  2,859
  3,042
  3,232
  3,430
  3,636
Depreciation, amort., depletion, $m
  52
  98
  108
  121
  135
  151
  169
  189
  210
  234
  259
  228
  256
  287
  319
  353
  389
  426
  464
  505
  547
  590
  636
  683
  732
  783
  835
  890
  948
  1,007
  1,069
Funds from operations, $m
  156
  235
  284
  340
  404
  476
  557
  645
  741
  845
  957
  1,060
  1,186
  1,320
  1,460
  1,607
  1,761
  1,922
  2,090
  2,264
  2,446
  2,634
  2,830
  3,034
  3,246
  3,466
  3,694
  3,932
  4,179
  4,437
  4,705
Change in working capital, $m
  -10
  86
  102
  119
  137
  155
  173
  192
  210
  228
  245
  262
  279
  295
  311
  327
  343
  358
  374
  389
  405
  421
  438
  455
  473
  492
  511
  531
  553
  575
  599
Cash from operations, $m
  166
  150
  182
  221
  268
  322
  384
  454
  532
  618
  712
  798
  907
  1,024
  1,149
  1,280
  1,419
  1,564
  1,716
  1,875
  2,040
  2,213
  2,392
  2,579
  2,773
  2,974
  3,183
  3,401
  3,627
  3,862
  4,106
Maintenance CAPEX, $m
  0
  -30
  -39
  -50
  -62
  -76
  -92
  -110
  -130
  -152
  -175
  -200
  -228
  -256
  -287
  -319
  -353
  -389
  -426
  -464
  -505
  -547
  -590
  -636
  -683
  -732
  -783
  -835
  -890
  -948
  -1,007
New CAPEX, $m
  -19
  -221
  -262
  -306
  -351
  -397
  -445
  -492
  -538
  -584
  -629
  -673
  -716
  -758
  -799
  -840
  -880
  -919
  -959
  -999
  -1,040
  -1,082
  -1,124
  -1,168
  -1,214
  -1,262
  -1,312
  -1,364
  -1,419
  -1,476
  -1,537
Cash from investing activities, $m
  -106
  -251
  -301
  -356
  -413
  -473
  -537
  -602
  -668
  -736
  -804
  -873
  -944
  -1,014
  -1,086
  -1,159
  -1,233
  -1,308
  -1,385
  -1,463
  -1,545
  -1,629
  -1,714
  -1,804
  -1,897
  -1,994
  -2,095
  -2,199
  -2,309
  -2,424
  -2,544
Free cash flow, $m
  60
  -101
  -119
  -134
  -145
  -152
  -153
  -148
  -137
  -118
  -93
  -76
  -36
  10
  62
  121
  186
  256
  331
  411
  496
  585
  678
  775
  876
  981
  1,089
  1,201
  1,318
  1,438
  1,562
Issuance/(repayment) of debt, $m
  -46
  386
  460
  536
  616
  698
  781
  863
  945
  1,026
  1,105
  1,182
  1,258
  1,331
  1,404
  1,475
  1,545
  1,615
  1,684
  1,755
  1,826
  1,899
  1,974
  2,052
  2,132
  2,216
  2,303
  2,395
  2,491
  2,592
  2,699
Issuance/(repurchase) of shares, $m
  7
  72
  73
  71
  64
  52
  34
  10
  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  
  -75
  458
  533
  607
  680
  750
  815
  873
  945
  1,026
  1,105
  1,182
  1,258
  1,331
  1,404
  1,475
  1,545
  1,615
  1,684
  1,755
  1,826
  1,899
  1,974
  2,052
  2,132
  2,216
  2,303
  2,395
  2,491
  2,592
  2,699
Total cash flow (excl. dividends), $m
  -13
  357
  414
  473
  535
  598
  662
  726
  809
  908
  1,012
  1,106
  1,221
  1,341
  1,466
  1,596
  1,731
  1,870
  2,015
  2,166
  2,322
  2,484
  2,652
  2,826
  3,008
  3,196
  3,392
  3,596
  3,809
  4,030
  4,261
Retained Cash Flow (-), $m
  -128
  -210
  -249
  -290
  -333
  -377
  -422
  -467
  -511
  -555
  -598
  -639
  -680
  -720
  -759
  -797
  -835
  -873
  -911
  -949
  -988
  -1,027
  -1,068
  -1,110
  -1,153
  -1,198
  -1,246
  -1,295
  -1,347
  -1,402
  -1,460
Prev. year cash balance distribution, $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 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
 
  147
  165
  183
  201
  220
  239
  259
  297
  353
  415
  467
  541
  621
  707
  798
  895
  997
  1,104
  1,217
  1,334
  1,457
  1,584
  1,717
  1,855
  1,998
  2,147
  2,301
  2,462
  2,628
  2,802
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  137
  143
  145
  146
  145
  141
  136
  137
  142
  144
  138
  134
  128
  119
  108
  96
  83
  71
  58
  47
  37
  28
  21
  15
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  93.9
  89.4
  86.1
  83.7
  82.2
  81.4
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2

ACCO Brands Corporation manufactures, markets, and distributes office, school, and calendar products primarily in the United States, Northern Europe, Brazil, Canada, Australia, and Mexico. The company also provides computer and electronic accessories. It operates through three segments: ACCO Brands North America, ACCO Brands International, and Computer Products Group. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and school products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products within the office and school products sector, as well as business machine maintenance and repair services. The company offers its office products, school supplies, and calendar products under the AT-A-GLANCE, Day-Timer, Five Star, GBC, Hilroy, Marbig, Mead, NOBO, Quartet, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

FINANCIAL RATIOS  of  ACCO Brands (ACCO)

Valuation Ratios
P/E Ratio 12.1
Price to Sales 0.7
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 7.9
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.1%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 88.4%
Total Debt to Equity 98.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 14.9%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 33.1%
Gross Margin - 3 Yr. Avg. 32%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 10.6%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 23.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 0%

ACCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACCO stock intrinsic value calculation we used $1557 million for the last fiscal year's total revenue generated by ACCO Brands. The default revenue input number comes from 2016 income statement of ACCO Brands. 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 ACCO stock valuation model: a) initial revenue growth rate of 29.5% 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 7.2%, whose default value for ACCO is calculated based on our internal credit rating of ACCO Brands, 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 ACCO Brands.
    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 ACCO stock the variable cost ratio is equal to 89.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ACCO 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 7.1% for ACCO Brands.

Corporate tax rate of 27% is the nominal tax rate for ACCO Brands. 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 ACCO 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 ACCO are equal to 48%.

Life of production assets of 24.8 years is the average useful life of capital assets used in ACCO Brands 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 ACCO is equal to 18.7%. 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 - $709 million for ACCO Brands - 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 103.597 million for ACCO Brands 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 ACCO Brands at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Acco beats 2Q profit forecasts   [Aug-01-17 10:56PM  Associated Press]
▶ ETFs with exposure to ACCO Brands Corp. : July 28, 2017   [Jul-28-17 04:21PM  Capital Cube]
▶ ETFs with exposure to ACCO Brands Corp. : July 18, 2017   [Jul-18-17 01:44PM  Capital Cube]
▶ ETFs with exposure to ACCO Brands Corp. : July 7, 2017   [Jul-07-17 02:22PM  Capital Cube]
▶ ETFs with exposure to ACCO Brands Corp. : June 26, 2017   [Jun-26-17 03:13PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for May 30th   [May-30-17 10:43AM  Zacks]
▶ Acco tops Street 1Q forecasts   [May-03-17 07:18AM  Associated Press]
▶ 7 Stocks Near 52-Week High to Look Out For   [Apr-24-17 10:48AM  Zacks]
▶ Top Stock Picks for the Week of April 17th   [Apr-17-17 01:32PM  Zacks]
▶ Top Ranked Value Stocks to Buy for March 31st   [Mar-31-17 10:46AM  Zacks]
▶ Bemis Poised for Growth Amid Market & Economic Headwinds   [Mar-30-17 09:26AM  Investopedia]
Stock chart of ACCO Financial statements of ACCO
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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