Intrinsic value of Avery Dennison - AVY

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$88.05

  Intrinsic Value

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  Value-price divergence*

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

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 7.9

 

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
  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
  6,087
  6,209
  6,352
  6,515
  6,698
  6,901
  7,124
  7,367
  7,629
  7,912
  8,216
  8,541
  8,887
  9,256
  9,648
  10,065
  10,506
  10,973
  11,466
  11,988
  12,539
  13,120
  13,733
  14,379
  15,060
  15,777
  16,532
  17,326
  18,162
  19,042
  19,967
Variable operating expenses, $m
 
  2,637
  2,696
  2,763
  2,839
  2,922
  3,014
  3,114
  3,222
  3,339
  3,464
  3,518
  3,661
  3,813
  3,975
  4,146
  4,328
  4,520
  4,724
  4,939
  5,165
  5,405
  5,657
  5,924
  6,204
  6,499
  6,810
  7,138
  7,482
  7,844
  8,226
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
  5,812
  5,951
  6,099
  6,259
  6,427
  6,607
  6,797
  6,997
  7,208
  7,430
  7,583
  7,827
  8,084
  8,352
  8,633
  8,927
  9,234
  9,556
  9,892
  10,241
  10,608
  10,990
  11,391
  11,807
  12,243
  12,697
  13,172
  13,667
  14,184
  14,724
Operating income, $m
  477
  396
  401
  415
  440
  474
  517
  570
  632
  704
  786
  957
  1,060
  1,172
  1,296
  1,432
  1,579
  1,738
  1,911
  2,097
  2,297
  2,512
  2,742
  2,989
  3,252
  3,534
  3,834
  4,154
  4,495
  4,858
  5,243
EBITDA, $m
  658
  585
  592
  609
  637
  674
  722
  779
  846
  923
  1,010
  1,107
  1,216
  1,335
  1,466
  1,609
  1,763
  1,931
  2,112
  2,308
  2,517
  2,742
  2,984
  3,242
  3,517
  3,811
  4,125
  4,459
  4,814
  5,192
  5,594
Interest expense (income), $m
  59
  38
  41
  43
  47
  50
  54
  58
  63
  68
  73
  79
  85
  91
  98
  106
  113
  122
  131
  140
  150
  160
  171
  183
  195
  208
  221
  235
  250
  266
  283
Earnings before tax, $m
  477
  358
  360
  372
  393
  424
  463
  512
  570
  637
  713
  879
  975
  1,081
  1,198
  1,326
  1,465
  1,617
  1,780
  1,957
  2,147
  2,352
  2,571
  2,806
  3,058
  3,326
  3,613
  3,919
  4,245
  4,592
  4,961
Tax expense, $m
  156
  97
  97
  100
  106
  114
  125
  138
  154
  172
  193
  237
  263
  292
  323
  358
  396
  437
  481
  528
  580
  635
  694
  758
  826
  898
  976
  1,058
  1,146
  1,240
  1,339
Net income, $m
  321
  261
  263
  271
  287
  309
  338
  374
  416
  465
  521
  642
  712
  789
  875
  968
  1,070
  1,180
  1,300
  1,429
  1,568
  1,717
  1,877
  2,049
  2,232
  2,428
  2,638
  2,861
  3,099
  3,352
  3,621

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
  4,285
  4,383
  4,496
  4,623
  4,763
  4,916
  5,084
  5,265
  5,460
  5,670
  5,894
  6,133
  6,388
  6,659
  6,946
  7,250
  7,573
  7,913
  8,273
  8,653
  9,055
  9,478
  9,923
  10,393
  10,888
  11,409
  11,957
  12,534
  13,141
  13,780
Adjusted assets (=assets-cash), $m
  4,201
  4,285
  4,383
  4,496
  4,623
  4,763
  4,916
  5,084
  5,265
  5,460
  5,670
  5,894
  6,133
  6,388
  6,659
  6,946
  7,250
  7,573
  7,913
  8,273
  8,653
  9,055
  9,478
  9,923
  10,393
  10,888
  11,409
  11,957
  12,534
  13,141
  13,780
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
  1,080
  1,105
  1,134
  1,165
  1,201
  1,240
  1,282
  1,327
  1,377
  1,430
  1,486
  1,546
  1,611
  1,679
  1,751
  1,828
  1,909
  1,995
  2,086
  2,182
  2,283
  2,390
  2,502
  2,620
  2,745
  2,877
  3,015
  3,160
  3,313
  3,474
Working capital, $m
  -99
  292
  299
  306
  315
  324
  335
  346
  359
  372
  386
  401
  418
  435
  453
  473
  494
  516
  539
  563
  589
  617
  645
  676
  708
  742
  777
  814
  854
  895
  938
Total debt, $m
  1,293
  1,165
  1,242
  1,330
  1,429
  1,538
  1,658
  1,788
  1,930
  2,082
  2,246
  2,420
  2,607
  2,806
  3,017
  3,241
  3,478
  3,730
  3,995
  4,276
  4,573
  4,886
  5,216
  5,563
  5,930
  6,316
  6,722
  7,150
  7,600
  8,073
  8,571
Total liabilities, $m
  3,471
  3,342
  3,419
  3,507
  3,606
  3,715
  3,835
  3,965
  4,107
  4,259
  4,423
  4,597
  4,784
  4,983
  5,194
  5,418
  5,655
  5,907
  6,172
  6,453
  6,750
  7,063
  7,393
  7,740
  8,107
  8,493
  8,899
  9,327
  9,777
  10,250
  10,748
Total equity, $m
  926
  943
  964
  989
  1,017
  1,048
  1,082
  1,118
  1,158
  1,201
  1,247
  1,297
  1,349
  1,405
  1,465
  1,528
  1,595
  1,666
  1,741
  1,820
  1,904
  1,992
  2,085
  2,183
  2,287
  2,395
  2,510
  2,631
  2,758
  2,891
  3,032
Total liabilities and equity, $m
  4,397
  4,285
  4,383
  4,496
  4,623
  4,763
  4,917
  5,083
  5,265
  5,460
  5,670
  5,894
  6,133
  6,388
  6,659
  6,946
  7,250
  7,573
  7,913
  8,273
  8,654
  9,055
  9,478
  9,923
  10,394
  10,888
  11,409
  11,958
  12,535
  13,141
  13,780
Debt-to-equity ratio
  1.396
  1.240
  1.290
  1.340
  1.400
  1.470
  1.530
  1.600
  1.670
  1.730
  1.800
  1.870
  1.930
  2.000
  2.060
  2.120
  2.180
  2.240
  2.290
  2.350
  2.400
  2.450
  2.500
  2.550
  2.590
  2.640
  2.680
  2.720
  2.760
  2.790
  2.830
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
  261
  263
  271
  287
  309
  338
  374
  416
  465
  521
  642
  712
  789
  875
  968
  1,070
  1,180
  1,300
  1,429
  1,568
  1,717
  1,877
  2,049
  2,232
  2,428
  2,638
  2,861
  3,099
  3,352
  3,621
Depreciation, amort., depletion, $m
  181
  189
  191
  194
  197
  201
  205
  209
  213
  218
  224
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  277
  291
  305
  319
  335
  351
Funds from operations, $m
  446
  450
  454
  465
  484
  510
  543
  583
  629
  683
  744
  792
  868
  952
  1,044
  1,145
  1,254
  1,373
  1,501
  1,639
  1,788
  1,947
  2,118
  2,301
  2,497
  2,706
  2,928
  3,165
  3,418
  3,687
  3,972
Change in working capital, $m
  -139
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
Cash from operations, $m
  585
  483
  447
  458
  476
  500
  532
  571
  617
  670
  730
  776
  852
  935
  1,026
  1,125
  1,234
  1,351
  1,478
  1,615
  1,762
  1,920
  2,090
  2,271
  2,465
  2,672
  2,893
  3,128
  3,379
  3,645
  3,929
Maintenance CAPEX, $m
  0
  -107
  -109
  -112
  -115
  -118
  -121
  -125
  -129
  -134
  -139
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -220
  -231
  -241
  -253
  -265
  -277
  -291
  -305
  -319
  -335
New CAPEX, $m
  -207
  -20
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
Cash from investing activities, $m
  -435
  -127
  -134
  -140
  -147
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -210
  -220
  -231
  -242
  -254
  -266
  -279
  -293
  -307
  -321
  -338
  -353
  -371
  -390
  -408
  -429
  -450
  -472
  -496
Free cash flow, $m
  150
  356
  313
  318
  329
  347
  372
  404
  442
  487
  538
  575
  641
  714
  795
  883
  980
  1,085
  1,199
  1,323
  1,455
  1,599
  1,752
  1,917
  2,094
  2,282
  2,484
  2,699
  2,929
  3,173
  3,433
Issuance/(repayment) of debt, $m
  232
  67
  77
  88
  99
  109
  120
  131
  141
  152
  163
  175
  187
  199
  211
  224
  237
  251
  266
  281
  297
  313
  330
  348
  366
  386
  406
  428
  450
  473
  498
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
  67
  77
  88
  99
  109
  120
  131
  141
  152
  163
  175
  187
  199
  211
  224
  237
  251
  266
  281
  297
  313
  330
  348
  366
  386
  406
  428
  450
  473
  498
Total cash flow (excl. dividends), $m
  179
  423
  390
  406
  428
  457
  492
  534
  583
  639
  702
  750
  828
  913
  1,006
  1,107
  1,217
  1,337
  1,465
  1,603
  1,752
  1,911
  2,082
  2,265
  2,460
  2,668
  2,890
  3,127
  3,379
  3,647
  3,931
Retained Cash Flow (-), $m
  40
  -17
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -140
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
 
  406
  368
  381
  400
  426
  458
  497
  543
  596
  656
  701
  775
  857
  946
  1,044
  1,150
  1,266
  1,390
  1,524
  1,668
  1,823
  1,989
  2,167
  2,357
  2,560
  2,776
  3,006
  3,252
  3,513
  3,791
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
 
  386
  332
  323
  318
  315
  314
  313
  312
  310
  306
  291
  284
  274
  262
  247
  229
  210
  190
  169
  148
  127
  107
  88
  72
  57
  44
  33
  25
  18
  12
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 produces and sells pressure-sensitive materials worldwide. It operates through Label and Graphic Materials (LGM), Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM) segments. The LGM segment offers pressure-sensitive labeling materials; packaging materials and solutions; roll-fed sleeves; engineered films; graphic imaging media; and reflective materials under the Fasson, JAC, and Avery Dennison brands. It serves label converters, package designers, packaging engineers and manufacturers, industrial and sign manufacturers, printers, distributors, designers, advertising and government agencies, and graphics vendors. The RBIS segment designs, manufactures, and sells various branding and information solutions, including creative services, brand embellishments, graphic tickets, tags and labels, sustainable packaging, inventory visibility and loss prevention solutions, data management services, price tickets, printers and scanners, radio-frequency identification inlays and tags, and brand protection and security solutions. This segment serves apparel and footwear brands; manufacturers and retailers; food service, grocery, and pharmaceutical supply chains; consumer goods brands; automotive manufacturers; and transportation companies. The IHM segment offers pressure-sensitive tapes; diaper tapes and closures; fasteners; skin-contact adhesives; surgical, wound care, ostomy, and securement products; and medical barrier films under the Fasson, Avery Dennison, and Vancive brand names. This segment serves tape converters, original equipment and original design manufacturers, construction firms, personal care product manufacturers, manufacturers and retailers, and medical device manufacturers. The company was formerly known as Avery International Corporation and changed its name to Avery Dennison Corporation in 1990. Avery Dennison Corporation was founded in 1935 and is headquartered in Glendale, California.

FINANCIAL RATIOS  of  Avery Dennison (AVY)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 1.3
Price to Book 8.4
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 20.6
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 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 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 3.5% 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 89.432 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 $7.9 billion.


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COMPANY NEWS

▶ 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]
▶ Avery Dennison beats Street 1Q forecasts   [07:16AM  Associated Press]
▶ Avery Dennison RFID Announces Partnership with Target   [Apr-03-17 07:00AM  Business Wire]
▶ Avery Dennison Declares Quarterly Dividend   [06:50AM  Business Wire]
▶ [$$] The smart label that wants to restyle your life   [Jan-24-17 12:00AM  at Financial Times]
▶ Avery Dennison Upcoming Investor Events   [Jan-13-17 06:45AM  Business Wire]
▶ Avery Dennison to Acquire Hanita Coatings   [Dec-13-16 01:00AM  Business Wire]
▶ What Does Smart Money Think about Avery Dennison Corp (AVY)?   [Dec-01-16 09:30AM  at Insider Monkey]
Stock chart of AVY Financial statements of AVY Annual reports 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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