Intrinsic value of Avery Dennison - AVY

Previous Close

$114.37

  Intrinsic Value

$142.00

stock screener

  Rating & Target

buy

+24%

Previous close

$114.37

 
Intrinsic value

$142.00

 
Up/down potential

+24%

 
Rating

buy

We calculate the intrinsic value of AVY 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 10.1

 

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, %
  2.01
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  6,087
  6,422
  6,772
  7,138
  7,521
  7,921
  8,341
  8,780
  9,240
  9,722
  10,227
  10,756
  11,311
  11,892
  12,502
  13,141
  13,812
  14,515
  15,253
  16,027
  16,840
  17,692
  18,586
  19,524
  20,509
  21,543
  22,628
  23,767
  24,962
  26,216
  27,533
Variable operating expenses, $m
 
  2,725
  2,869
  3,020
  3,178
  3,343
  3,515
  3,696
  3,886
  4,084
  4,292
  4,431
  4,660
  4,899
  5,150
  5,414
  5,690
  5,980
  6,284
  6,603
  6,937
  7,288
  7,657
  8,043
  8,449
  8,875
  9,322
  9,791
  10,283
  10,800
  11,343
Fixed operating expenses, $m
 
  3,175
  3,255
  3,336
  3,420
  3,505
  3,593
  3,683
  3,775
  3,869
  3,966
  4,065
  4,166
  4,271
  4,377
  4,487
  4,599
  4,714
  4,832
  4,953
  5,076
  5,203
  5,333
  5,467
  5,603
  5,744
  5,887
  6,034
  6,185
  6,340
  6,498
Total operating expenses, $m
  5,609
  5,900
  6,124
  6,356
  6,598
  6,848
  7,108
  7,379
  7,661
  7,953
  8,258
  8,496
  8,826
  9,170
  9,527
  9,901
  10,289
  10,694
  11,116
  11,556
  12,013
  12,491
  12,990
  13,510
  14,052
  14,619
  15,209
  15,825
  16,468
  17,140
  17,841
Operating income, $m
  477
  521
  648
  782
  923
  1,074
  1,233
  1,401
  1,580
  1,769
  1,969
  2,260
  2,485
  2,723
  2,974
  3,241
  3,523
  3,822
  4,138
  4,472
  4,826
  5,200
  5,596
  6,014
  6,457
  6,925
  7,419
  7,942
  8,494
  9,077
  9,693
EBITDA, $m
  658
  714
  846
  987
  1,135
  1,292
  1,459
  1,635
  1,821
  2,019
  2,228
  2,449
  2,684
  2,932
  3,194
  3,472
  3,766
  4,077
  4,406
  4,754
  5,122
  5,511
  5,923
  6,358
  6,817
  7,303
  7,817
  8,359
  8,932
  9,537
  10,177
Interest expense (income), $m
  59
  55
  64
  73
  83
  94
  104
  116
  127
  140
  153
  166
  181
  196
  211
  228
  245
  263
  282
  302
  323
  344
  367
  391
  417
  443
  471
  500
  531
  563
  597
Earnings before tax, $m
  477
  467
  584
  708
  840
  980
  1,128
  1,285
  1,452
  1,629
  1,816
  2,094
  2,304
  2,527
  2,763
  3,013
  3,278
  3,559
  3,856
  4,170
  4,503
  4,856
  5,229
  5,623
  6,040
  6,482
  6,948
  7,441
  7,963
  8,514
  9,096
Tax expense, $m
  156
  126
  158
  191
  227
  265
  305
  347
  392
  440
  490
  565
  622
  682
  746
  814
  885
  961
  1,041
  1,126
  1,216
  1,311
  1,412
  1,518
  1,631
  1,750
  1,876
  2,009
  2,150
  2,299
  2,456
Net income, $m
  321
  341
  426
  517
  613
  715
  824
  938
  1,060
  1,189
  1,326
  1,528
  1,682
  1,845
  2,017
  2,200
  2,393
  2,598
  2,815
  3,044
  3,288
  3,545
  3,817
  4,105
  4,409
  4,732
  5,072
  5,432
  5,813
  6,215
  6,640

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  195
  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
  4,396
  4,432
  4,673
  4,926
  5,190
  5,467
  5,756
  6,059
  6,377
  6,709
  7,058
  7,423
  7,806
  8,207
  8,628
  9,069
  9,532
  10,018
  10,527
  11,061
  11,621
  12,210
  12,827
  13,474
  14,154
  14,867
  15,616
  16,402
  17,227
  18,093
  19,002
Adjusted assets (=assets-cash), $m
  4,201
  4,432
  4,673
  4,926
  5,190
  5,467
  5,756
  6,059
  6,377
  6,709
  7,058
  7,423
  7,806
  8,207
  8,628
  9,069
  9,532
  10,018
  10,527
  11,061
  11,621
  12,210
  12,827
  13,474
  14,154
  14,867
  15,616
  16,402
  17,227
  18,093
  19,002
Revenue / Adjusted assets
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
  1.449
Average production assets, $m
  1,060
  1,117
  1,178
  1,242
  1,309
  1,378
  1,451
  1,528
  1,608
  1,692
  1,779
  1,872
  1,968
  2,069
  2,175
  2,287
  2,403
  2,526
  2,654
  2,789
  2,930
  3,078
  3,234
  3,397
  3,569
  3,748
  3,937
  4,135
  4,343
  4,562
  4,791
Working capital, $m
  -99
  302
  318
  335
  353
  372
  392
  413
  434
  457
  481
  506
  532
  559
  588
  618
  649
  682
  717
  753
  791
  832
  874
  918
  964
  1,013
  1,064
  1,117
  1,173
  1,232
  1,294
Total debt, $m
  1,293
  1,280
  1,468
  1,665
  1,871
  2,087
  2,313
  2,549
  2,797
  3,056
  3,328
  3,613
  3,912
  4,225
  4,553
  4,897
  5,258
  5,637
  6,034
  6,451
  6,888
  7,347
  7,828
  8,333
  8,863
  9,420
  10,004
  10,617
  11,260
  11,935
  12,644
Total liabilities, $m
  3,471
  3,457
  3,645
  3,842
  4,048
  4,264
  4,490
  4,726
  4,974
  5,233
  5,505
  5,790
  6,089
  6,402
  6,730
  7,074
  7,435
  7,814
  8,211
  8,628
  9,065
  9,524
  10,005
  10,510
  11,040
  11,597
  12,181
  12,794
  13,437
  14,112
  14,821
Total equity, $m
  926
  975
  1,028
  1,084
  1,142
  1,203
  1,266
  1,333
  1,403
  1,476
  1,553
  1,633
  1,717
  1,806
  1,898
  1,995
  2,097
  2,204
  2,316
  2,433
  2,557
  2,686
  2,822
  2,964
  3,114
  3,271
  3,436
  3,608
  3,790
  3,980
  4,180
Total liabilities and equity, $m
  4,397
  4,432
  4,673
  4,926
  5,190
  5,467
  5,756
  6,059
  6,377
  6,709
  7,058
  7,423
  7,806
  8,208
  8,628
  9,069
  9,532
  10,018
  10,527
  11,061
  11,622
  12,210
  12,827
  13,474
  14,154
  14,868
  15,617
  16,402
  17,227
  18,092
  19,001
Debt-to-equity ratio
  1.396
  1.310
  1.430
  1.540
  1.640
  1.740
  1.830
  1.910
  1.990
  2.070
  2.140
  2.210
  2.280
  2.340
  2.400
  2.450
  2.510
  2.560
  2.610
  2.650
  2.690
  2.730
  2.770
  2.810
  2.850
  2.880
  2.910
  2.940
  2.970
  3.000
  3.020
Adjusted equity ratio
  0.174
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  321
  341
  426
  517
  613
  715
  824
  938
  1,060
  1,189
  1,326
  1,528
  1,682
  1,845
  2,017
  2,200
  2,393
  2,598
  2,815
  3,044
  3,288
  3,545
  3,817
  4,105
  4,409
  4,732
  5,072
  5,432
  5,813
  6,215
  6,640
Depreciation, amort., depletion, $m
  181
  192
  198
  205
  212
  219
  226
  234
  242
  250
  259
  189
  199
  209
  220
  231
  243
  255
  268
  282
  296
  311
  327
  343
  360
  379
  398
  418
  439
  461
  484
Funds from operations, $m
  446
  533
  625
  722
  825
  934
  1,050
  1,172
  1,302
  1,439
  1,585
  1,718
  1,881
  2,054
  2,237
  2,431
  2,636
  2,853
  3,083
  3,326
  3,583
  3,856
  4,144
  4,448
  4,770
  5,110
  5,470
  5,850
  6,251
  6,676
  7,124
Change in working capital, $m
  -139
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
Cash from operations, $m
  585
  517
  608
  705
  807
  915
  1,030
  1,151
  1,280
  1,417
  1,561
  1,693
  1,855
  2,026
  2,208
  2,401
  2,604
  2,820
  3,048
  3,290
  3,545
  3,816
  4,102
  4,404
  4,724
  5,062
  5,419
  5,796
  6,195
  6,617
  7,062
Maintenance CAPEX, $m
  0
  -107
  -113
  -119
  -125
  -132
  -139
  -147
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -282
  -296
  -311
  -327
  -343
  -360
  -379
  -398
  -418
  -439
  -461
New CAPEX, $m
  -207
  -57
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -218
  -229
Cash from investing activities, $m
  -435
  -164
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
  -259
  -272
  -286
  -300
  -315
  -331
  -348
  -365
  -383
  -403
  -423
  -444
  -467
  -490
  -514
  -540
  -568
  -596
  -626
  -657
  -690
Free cash flow, $m
  150
  353
  434
  522
  615
  713
  818
  928
  1,046
  1,170
  1,302
  1,421
  1,569
  1,726
  1,893
  2,070
  2,257
  2,455
  2,665
  2,887
  3,122
  3,371
  3,635
  3,914
  4,209
  4,521
  4,851
  5,201
  5,570
  5,960
  6,372
Issuance/(repayment) of debt, $m
  232
  182
  188
  197
  206
  216
  226
  236
  248
  259
  272
  285
  299
  313
  328
  344
  361
  379
  397
  417
  437
  459
  481
  505
  530
  556
  584
  613
  643
  675
  709
Issuance/(repurchase) of shares, $m
  -191
  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  
  37
  182
  188
  197
  206
  216
  226
  236
  248
  259
  272
  285
  299
  313
  328
  344
  361
  379
  397
  417
  437
  459
  481
  505
  530
  556
  584
  613
  643
  675
  709
Total cash flow (excl. dividends), $m
  179
  535
  623
  719
  821
  929
  1,044
  1,165
  1,293
  1,430
  1,574
  1,706
  1,868
  2,039
  2,221
  2,414
  2,618
  2,833
  3,062
  3,304
  3,559
  3,830
  4,116
  4,419
  4,739
  5,078
  5,435
  5,814
  6,213
  6,635
  7,081
Retained Cash Flow (-), $m
  40
  -49
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
  -142
  -150
  -157
  -165
  -173
  -181
  -190
  -200
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
 
  485
  570
  663
  763
  868
  980
  1,098
  1,224
  1,357
  1,497
  1,625
  1,784
  1,951
  2,129
  2,317
  2,516
  2,727
  2,950
  3,186
  3,436
  3,701
  3,981
  4,277
  4,590
  4,921
  5,271
  5,641
  6,032
  6,445
  6,881
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  462
  513
  563
  606
  643
  671
  691
  703
  705
  699
  676
  654
  624
  589
  547
  502
  453
  403
  353
  304
  258
  214
  175
  140
  109
  84
  63
  46
  33
  23
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

Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company's segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM). The Company's LGM segment manufactures and sells Fasson-, JAC-, and Avery Dennison-brand pressure-sensitive label and packaging materials, Avery Dennison- and Mactac-brand graphics, and Avery Dennison-brand reflective products. The Company's RBIS segment designs, manufactures and sells a range of branding and information solutions to retailers, brand owners, apparel manufacturers, distributors and industrial customers on a global basis. The Company's IHM segment manufactures and sells Fasson-brand and Avery Dennison-brand tapes and fasteners, Vancive-brand medical pressure-sensitive adhesive (PSA) based materials and products, and performance polymers.

FINANCIAL RATIOS  of  Avery Dennison (AVY)

Valuation Ratios
P/E Ratio 31.5
Price to Sales 1.7
Price to Book 10.9
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow 26.7
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.2%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 77.1%
Total Debt to Equity 139.6%
Interest Coverage 9
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 12.8%
Return On Equity 33.9%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 27.9%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 7.9%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 7.8%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 44.5%

AVY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVY stock intrinsic value calculation we used $6087 million for the last fiscal year's total revenue generated by Avery Dennison. The default revenue input number comes from 2016 income statement of Avery Dennison. 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 AVY stock valuation model: a) initial revenue growth rate of 5.5% 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 5.1%, whose default value for AVY is calculated based on our internal credit rating of Avery Dennison, 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 Avery Dennison.
    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 AVY stock the variable cost ratio is equal to 42.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3098 million in the base year in the intrinsic value calculation for AVY 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 5% for Avery Dennison.

Corporate tax rate of 27% is the nominal tax rate for Avery Dennison. 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 AVY 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 AVY are equal to 17.4%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Avery Dennison 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 AVY is equal to 4.7%. 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 - $926 million for Avery Dennison - 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 88.356 million for Avery Dennison 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 Avery Dennison at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Avery Dennison Declares Quarterly Dividend   [Oct-27-17 03:45AM  Business Wire]
▶ Avery Dennison beats Street 3Q forecasts   [06:57AM  Associated Press]
▶ Avery Dennison Upcoming Investor Events   [Oct-10-17 05:00PM  Business Wire]
▶ Avery Dennison Trading Near Top Of Buy Zone With EPS On Deck   [03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for September 8th   [Sep-08-17 10:31AM  Zacks]
▶ 5 of the Best Manufacturing Stocks Right Now   [Sep-05-17 12:30PM  Zacks]
▶ 3 Top Dividend Stocks in Packaging   [Aug-01-17 04:51PM  Motley Fool]
▶ Avery Dennison Declares Quarterly Dividend   [Jul-27-17 06:45AM  Business Wire]
▶ Avery Dennison tops Street 2Q forecasts   [Jul-25-17 09:55PM  Associated Press]
▶ Avery Dennison buys Finesse Medical   [May-22-17 05:55PM  American City Business Journals]
▶ Avery Dennison Acquires Finesse Medical   [11:00AM  Business Wire]
▶ Top Ranked Momentum Stocks to Buy for May 2nd   [May-02-17 11:03AM  Zacks]
▶ Avery Dennison Increases Quarterly Dividend   [Apr-27-17 04:15PM  Business Wire]
Financial statements of AVY
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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