Intrinsic value of Aptargroup - ATR

Previous Close

$88.60

  Intrinsic Value

$53.96

stock screener

  Rating & Target

sell

-39%

  Value-price divergence*

+2%

Previous close

$88.60

 
Intrinsic value

$53.96

 
Up/down potential

-39%

 
Rating

sell

 
Value-price divergence*

+2%

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

We calculate the intrinsic value of ATR 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 5.6

 

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, %
  0.60
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,331
  2,378
  2,432
  2,495
  2,565
  2,643
  2,728
  2,821
  2,922
  3,030
  3,146
  3,271
  3,403
  3,545
  3,695
  3,854
  4,023
  4,202
  4,391
  4,591
  4,802
  5,024
  5,259
  5,506
  5,767
  6,042
  6,331
  6,635
  6,955
  7,292
  7,646
Variable operating expenses, $m
 
  2,044
  2,090
  2,143
  2,202
  2,267
  2,339
  2,417
  2,502
  2,593
  2,691
  2,755
  2,867
  2,986
  3,113
  3,247
  3,389
  3,540
  3,699
  3,868
  4,045
  4,233
  4,431
  4,639
  4,859
  5,090
  5,334
  5,590
  5,860
  6,144
  6,442
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
  2,020
  2,044
  2,090
  2,143
  2,202
  2,267
  2,339
  2,417
  2,502
  2,593
  2,691
  2,755
  2,867
  2,986
  3,113
  3,247
  3,389
  3,540
  3,699
  3,868
  4,045
  4,233
  4,431
  4,639
  4,859
  5,090
  5,334
  5,590
  5,860
  6,144
  6,442
Operating income, $m
  311
  334
  342
  352
  363
  375
  389
  404
  419
  436
  455
  515
  536
  558
  582
  607
  634
  662
  692
  723
  756
  791
  828
  867
  908
  952
  997
  1,045
  1,095
  1,149
  1,204
EBITDA, $m
  465
  484
  495
  508
  522
  538
  556
  575
  595
  617
  641
  666
  693
  722
  752
  785
  819
  856
  894
  935
  978
  1,023
  1,071
  1,121
  1,175
  1,230
  1,289
  1,351
  1,416
  1,485
  1,557
Interest expense (income), $m
  36
  32
  33
  34
  35
  37
  39
  40
  43
  45
  47
  50
  52
  55
  59
  62
  65
  69
  73
  77
  82
  86
  91
  96
  102
  108
  114
  120
  127
  134
  142
Earnings before tax, $m
  281
  302
  310
  318
  328
  339
  350
  363
  377
  392
  408
  465
  484
  503
  523
  545
  568
  593
  619
  646
  675
  705
  737
  771
  806
  844
  883
  925
  969
  1,014
  1,063
Tax expense, $m
  75
  82
  84
  86
  89
  91
  95
  98
  102
  106
  110
  126
  131
  136
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  218
  228
  238
  250
  261
  274
  287
Net income, $m
  206
  220
  226
  232
  239
  247
  256
  265
  275
  286
  298
  340
  353
  367
  382
  398
  415
  433
  452
  471
  492
  515
  538
  563
  589
  616
  645
  675
  707
  741
  776

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  466
  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
  2,607
  2,183
  2,234
  2,291
  2,355
  2,427
  2,505
  2,590
  2,683
  2,782
  2,889
  3,003
  3,125
  3,255
  3,393
  3,539
  3,694
  3,859
  4,032
  4,216
  4,409
  4,614
  4,829
  5,056
  5,296
  5,548
  5,813
  6,093
  6,387
  6,696
  7,021
Adjusted assets (=assets-cash), $m
  2,141
  2,183
  2,234
  2,291
  2,355
  2,427
  2,505
  2,590
  2,683
  2,782
  2,889
  3,003
  3,125
  3,255
  3,393
  3,539
  3,694
  3,859
  4,032
  4,216
  4,409
  4,614
  4,829
  5,056
  5,296
  5,548
  5,813
  6,093
  6,387
  6,696
  7,021
Revenue / Adjusted assets
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
  1.089
Average production assets, $m
  838
  856
  876
  898
  923
  951
  982
  1,016
  1,052
  1,091
  1,133
  1,177
  1,225
  1,276
  1,330
  1,388
  1,448
  1,513
  1,581
  1,653
  1,729
  1,809
  1,893
  1,982
  2,076
  2,175
  2,279
  2,389
  2,504
  2,625
  2,753
Working capital, $m
  727
  445
  455
  467
  480
  494
  510
  528
  546
  567
  588
  612
  636
  663
  691
  721
  752
  786
  821
  858
  898
  940
  983
  1,030
  1,078
  1,130
  1,184
  1,241
  1,301
  1,364
  1,430
Total debt, $m
  947
  798
  827
  861
  899
  941
  987
  1,037
  1,091
  1,150
  1,213
  1,280
  1,352
  1,428
  1,509
  1,595
  1,686
  1,783
  1,885
  1,993
  2,107
  2,227
  2,354
  2,487
  2,628
  2,776
  2,932
  3,097
  3,269
  3,451
  3,643
Total liabilities, $m
  1,433
  1,284
  1,313
  1,347
  1,385
  1,427
  1,473
  1,523
  1,577
  1,636
  1,699
  1,766
  1,838
  1,914
  1,995
  2,081
  2,172
  2,269
  2,371
  2,479
  2,593
  2,713
  2,840
  2,973
  3,114
  3,262
  3,418
  3,583
  3,755
  3,937
  4,129
Total equity, $m
  1,174
  900
  920
  944
  970
  1,000
  1,032
  1,067
  1,105
  1,146
  1,190
  1,237
  1,288
  1,341
  1,398
  1,458
  1,522
  1,590
  1,661
  1,737
  1,817
  1,901
  1,990
  2,083
  2,182
  2,286
  2,395
  2,510
  2,631
  2,759
  2,893
Total liabilities and equity, $m
  2,607
  2,184
  2,233
  2,291
  2,355
  2,427
  2,505
  2,590
  2,682
  2,782
  2,889
  3,003
  3,126
  3,255
  3,393
  3,539
  3,694
  3,859
  4,032
  4,216
  4,410
  4,614
  4,830
  5,056
  5,296
  5,548
  5,813
  6,093
  6,386
  6,696
  7,022
Debt-to-equity ratio
  0.807
  0.890
  0.900
  0.910
  0.930
  0.940
  0.960
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
Adjusted equity ratio
  0.410
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  206
  220
  226
  232
  239
  247
  256
  265
  275
  286
  298
  340
  353
  367
  382
  398
  415
  433
  452
  471
  492
  515
  538
  563
  589
  616
  645
  675
  707
  741
  776
Depreciation, amort., depletion, $m
  154
  151
  153
  156
  159
  163
  167
  171
  176
  181
  186
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  279
  292
  306
  321
  337
  353
Funds from operations, $m
  270
  371
  379
  388
  399
  410
  422
  436
  451
  467
  484
  491
  510
  531
  553
  576
  601
  627
  654
  683
  714
  747
  781
  817
  855
  895
  937
  981
  1,028
  1,077
  1,129
Change in working capital, $m
  -57
  9
  10
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
Cash from operations, $m
  327
  362
  369
  377
  385
  395
  406
  419
  432
  446
  462
  467
  485
  504
  525
  546
  569
  593
  619
  646
  675
  705
  737
  771
  806
  844
  883
  924
  968
  1,014
  1,063
Maintenance CAPEX, $m
  0
  -107
  -110
  -112
  -115
  -118
  -122
  -126
  -130
  -135
  -140
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -321
  -337
New CAPEX, $m
  -131
  -18
  -20
  -23
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
  -128
Cash from investing activities, $m
  -301
  -125
  -130
  -135
  -140
  -146
  -153
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -332
  -348
  -365
  -383
  -402
  -421
  -442
  -465
Free cash flow, $m
  26
  237
  239
  242
  245
  249
  254
  259
  266
  272
  280
  277
  287
  296
  307
  318
  330
  343
  357
  371
  387
  403
  420
  439
  458
  478
  500
  523
  547
  572
  598
Issuance/(repayment) of debt, $m
  114
  25
  30
  34
  38
  42
  46
  50
  54
  59
  63
  67
  72
  76
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  191
Issuance/(repurchase) of shares, $m
  -78
  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  
  45
  25
  30
  34
  38
  42
  46
  50
  54
  59
  63
  67
  72
  76
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  191
Total cash flow (excl. dividends), $m
  53
  262
  269
  276
  283
  291
  300
  309
  320
  331
  343
  345
  358
  373
  388
  404
  421
  440
  459
  479
  501
  523
  547
  572
  599
  627
  656
  687
  720
  754
  790
Retained Cash Flow (-), $m
  -25
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -134
Prev. year cash balance distribution, $m
 
  292
  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
 
  536
  248
  252
  256
  262
  268
  274
  282
  290
  299
  298
  308
  319
  331
  344
  358
  372
  387
  404
  421
  439
  458
  479
  500
  523
  547
  572
  598
  626
  656
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  514
  227
  219
  211
  203
  194
  185
  176
  167
  157
  141
  131
  121
  111
  101
  91
  81
  71
  62
  53
  45
  38
  31
  25
  20
  16
  12
  9
  7
  5
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

AptarGroup, Inc. is a provider of a range of packaging, dispensing and sealing solutions, primarily for the beauty, personal care, homecare, prescription drug, consumer healthcare, injectables, food and beverage markets. The Company has manufacturing facilities located throughout the world, including North America, Europe, Asia and South America. The Company operates through three segments: Beauty + Home, Pharma and Food + Beverage. It offers various dispensing and sealing solutions. Its primary products are dispensing pumps, closures, aerosol valves and elastomeric primary packaging components. Its elastomeric components also include pre filled syringe components, such as plungers, needle shields, tip caps and cartridges, as well as dropper bulbs and syringe plungers. Its Beauty + Home segment primarily sells pumps, closures, aerosol valves, accessories and sealing solutions to the personal care and home care markets, and pumps and decorative components to the beauty market.

FINANCIAL RATIOS  of  Aptargroup (ATR)

Valuation Ratios
P/E Ratio 26.7
Price to Sales 2.4
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 28.1
Growth Rates
Sales Growth Rate 0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.1%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 65.8%
Total Debt to Equity 80.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 17.7%
Return On Equity - 3 Yr. Avg. 16.8%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin 20.2%
EBITDA Margin - 3 Yr. Avg. 19.3%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 12.1%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 26.7%
Eff/ Tax Rate - 3 Yr. Avg. 30.7%
Payout Ratio 37.4%

ATR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATR stock intrinsic value calculation we used $2331 million for the last fiscal year's total revenue generated by Aptargroup. The default revenue input number comes from 2016 income statement of Aptargroup. 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 ATR stock valuation model: a) initial revenue growth rate of 2% 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 4.3%, whose default value for ATR is calculated based on our internal credit rating of Aptargroup, 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 Aptargroup.
    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 ATR stock the variable cost ratio is equal to 86%.

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 ATR 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 4.1% for Aptargroup.

Corporate tax rate of 27% is the nominal tax rate for Aptargroup. 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 ATR 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 ATR are equal to 36%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Aptargroup 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 ATR 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 - $1174 million for Aptargroup - 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 63.721 million for Aptargroup 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 Aptargroup at the current share price and the inputted number of shares is $5.6 billion.

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COMPANY NEWS

▶ AptarGroup Declares Quarterly Dividend   [Oct-19-17 05:00PM  Business Wire]
▶ Ateba Announces Change of Management   [Aug-10-17 05:12PM  Newsfile]
▶ AptarGroup Follows a Good Quarter With Light Guidance   [Jul-29-17 10:00AM  Motley Fool]
▶ AptarGroup beats 2Q profit forecasts   [Jul-28-17 12:44AM  Associated Press]
▶ AptarGroup Reports Second Quarter Results   [Jul-27-17 05:00PM  Business Wire]
▶ AptarGroup Declares Quarterly Dividend   [05:00PM  Business Wire]
▶ ETFs with exposure to AptarGroup, Inc. : June 26, 2017   [Jun-26-17 03:20PM  Capital Cube]
▶ ETFs with exposure to AptarGroup, Inc. : June 9, 2017   [Jun-09-17 01:16PM  Capital Cube]
▶ AptarGroup Releases Corporate Sustainability Report   [May-31-17 02:00PM  Business Wire]
▶ New Strong Buy Stocks for May 15th   [May-15-17 10:12AM  Zacks]
▶ New Strong Buy Stocks At 52-Week Highs Today   [May-09-17 07:13PM  Zacks]
▶ AptarGroup, Inc. Returns to Growth   [Apr-29-17 11:00AM  Motley Fool]
▶ AptarGroup tops Street 1Q forecasts   [Apr-27-17 07:06PM  Associated Press]
▶ AptarGroup Declares Quarterly Dividend   [Apr-20-17 05:00PM  Business Wire]
▶ Weekly CEO Buys Highlights   [Mar-06-17 01:18PM  GuruFocus.com]
▶ AptarGroup Declares Quarterly Dividend   [Jan-19-17 05:00PM  Business Wire]
▶ Do Hedge Funds Love AptarGroup, Inc. (ATR)?   [Dec-09-16 06:04AM  at Insider Monkey]
▶ The Best Plastic Stocks to Buy Today   [Dec-03-16 03:03PM  at Motley Fool]
▶ Should You Buy Godaddy Inc (GDDY)?   [Nov-30-16 09:34AM  at Insider Monkey]
▶ Hedge Funds Are Buying Vail Resorts, Inc. (MTN)   [06:52AM  at Insider Monkey]
▶ AptarGroup Announces CEO Succession Plan   [02:00AM  Business Wire]
Financial statements of ATR
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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