Intrinsic value of Calgon Carbon - CCC

Previous Close

$13.00

  Intrinsic Value

$1.60

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-53%

Previous close

$13.00

 
Intrinsic value

$1.60

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-53%

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

We calculate the intrinsic value of CCC 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 0.6

 

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, %
  -3.93
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  514
  613
  722
  841
  970
  1,109
  1,257
  1,415
  1,582
  1,757
  1,942
  2,135
  2,337
  2,548
  2,767
  2,995
  3,232
  3,479
  3,735
  4,002
  4,279
  4,566
  4,866
  5,177
  5,501
  5,838
  6,190
  6,556
  6,938
  7,336
  7,752
Variable operating expenses, $m
 
  537
  632
  735
  847
  967
  1,095
  1,232
  1,376
  1,529
  1,689
  1,849
  2,024
  2,207
  2,397
  2,594
  2,800
  3,013
  3,235
  3,466
  3,706
  3,955
  4,214
  4,484
  4,765
  5,057
  5,361
  5,679
  6,009
  6,355
  6,715
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
  490
  537
  632
  735
  847
  967
  1,095
  1,232
  1,376
  1,529
  1,689
  1,849
  2,024
  2,207
  2,397
  2,594
  2,800
  3,013
  3,235
  3,466
  3,706
  3,955
  4,214
  4,484
  4,765
  5,057
  5,361
  5,679
  6,009
  6,355
  6,715
Operating income, $m
  25
  75
  90
  106
  123
  142
  162
  183
  205
  229
  253
  286
  313
  341
  370
  401
  433
  466
  500
  536
  573
  611
  651
  693
  736
  781
  828
  877
  929
  982
  1,038
EBITDA, $m
  63
  122
  144
  167
  193
  221
  250
  282
  315
  350
  387
  425
  465
  507
  551
  596
  644
  693
  744
  797
  852
  909
  969
  1,031
  1,095
  1,163
  1,233
  1,305
  1,381
  1,461
  1,544
Interest expense (income), $m
  3
  8
  10
  13
  16
  20
  23
  27
  32
  36
  41
  46
  51
  56
  62
  67
  73
  80
  86
  93
  100
  108
  115
  123
  131
  140
  149
  158
  168
  178
  189
Earnings before tax, $m
  20
  68
  80
  93
  107
  122
  138
  155
  173
  193
  213
  240
  262
  285
  309
  333
  359
  386
  414
  442
  472
  504
  536
  570
  605
  641
  680
  719
  761
  804
  849
Tax expense, $m
  6
  18
  22
  25
  29
  33
  37
  42
  47
  52
  57
  65
  71
  77
  83
  90
  97
  104
  112
  119
  128
  136
  145
  154
  163
  173
  183
  194
  205
  217
  229
Net income, $m
  14
  49
  58
  68
  78
  89
  101
  113
  127
  141
  155
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  368
  391
  416
  442
  468
  496
  525
  555
  587
  620

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  775
  879
  1,035
  1,206
  1,391
  1,591
  1,803
  2,030
  2,269
  2,521
  2,786
  3,063
  3,353
  3,655
  3,970
  4,297
  4,638
  4,991
  5,359
  5,741
  6,139
  6,552
  6,981
  7,428
  7,892
  8,376
  8,881
  9,406
  9,954
  10,526
  11,123
Adjusted assets (=assets-cash), $m
  737
  879
  1,035
  1,206
  1,391
  1,591
  1,803
  2,030
  2,269
  2,521
  2,786
  3,063
  3,353
  3,655
  3,970
  4,297
  4,638
  4,991
  5,359
  5,741
  6,139
  6,552
  6,981
  7,428
  7,892
  8,376
  8,881
  9,406
  9,954
  10,526
  11,123
Revenue / Adjusted assets
  0.697
  0.697
  0.698
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
Average production assets, $m
  363
  432
  509
  593
  684
  782
  886
  997
  1,115
  1,239
  1,369
  1,505
  1,648
  1,796
  1,951
  2,112
  2,279
  2,453
  2,633
  2,821
  3,016
  3,219
  3,430
  3,650
  3,878
  4,116
  4,364
  4,622
  4,891
  5,172
  5,465
Working capital, $m
  191
  188
  222
  258
  298
  340
  386
  434
  486
  539
  596
  655
  717
  782
  849
  919
  992
  1,068
  1,147
  1,229
  1,314
  1,402
  1,494
  1,589
  1,689
  1,792
  1,900
  2,013
  2,130
  2,252
  2,380
Total debt, $m
  225
  295
  378
  468
  566
  671
  783
  903
  1,029
  1,162
  1,302
  1,448
  1,601
  1,761
  1,927
  2,100
  2,280
  2,466
  2,661
  2,862
  3,072
  3,290
  3,517
  3,753
  3,998
  4,254
  4,520
  4,797
  5,087
  5,389
  5,704
Total liabilities, $m
  394
  464
  547
  637
  735
  840
  952
  1,072
  1,198
  1,331
  1,471
  1,617
  1,770
  1,930
  2,096
  2,269
  2,449
  2,635
  2,830
  3,031
  3,241
  3,459
  3,686
  3,922
  4,167
  4,423
  4,689
  4,966
  5,256
  5,558
  5,873
Total equity, $m
  381
  415
  489
  569
  657
  751
  851
  958
  1,071
  1,190
  1,315
  1,446
  1,583
  1,725
  1,874
  2,028
  2,189
  2,356
  2,530
  2,710
  2,897
  3,092
  3,295
  3,506
  3,725
  3,954
  4,192
  4,440
  4,698
  4,968
  5,250
Total liabilities and equity, $m
  775
  879
  1,036
  1,206
  1,392
  1,591
  1,803
  2,030
  2,269
  2,521
  2,786
  3,063
  3,353
  3,655
  3,970
  4,297
  4,638
  4,991
  5,360
  5,741
  6,138
  6,551
  6,981
  7,428
  7,892
  8,377
  8,881
  9,406
  9,954
  10,526
  11,123
Debt-to-equity ratio
  0.591
  0.710
  0.770
  0.820
  0.860
  0.890
  0.920
  0.940
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.060
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.080
  1.090
Adjusted equity ratio
  0.465
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  49
  58
  68
  78
  89
  101
  113
  127
  141
  155
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  368
  391
  416
  442
  468
  496
  525
  555
  587
  620
Depreciation, amort., depletion, $m
  38
  47
  54
  61
  70
  79
  89
  99
  110
  121
  133
  139
  153
  166
  181
  196
  211
  227
  244
  261
  279
  298
  318
  338
  359
  381
  404
  428
  453
  479
  506
Funds from operations, $m
  83
  96
  112
  129
  148
  168
  190
  212
  236
  262
  289
  315
  344
  374
  406
  439
  473
  509
  546
  584
  624
  666
  709
  754
  801
  849
  900
  953
  1,008
  1,066
  1,126
Change in working capital, $m
  14
  30
  33
  37
  40
  43
  46
  48
  51
  54
  57
  59
  62
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  99
  104
  108
  112
  117
  122
  128
Cash from operations, $m
  69
  66
  78
  93
  108
  125
  144
  164
  185
  208
  232
  255
  282
  310
  339
  369
  400
  433
  467
  502
  539
  577
  617
  658
  701
  746
  792
  841
  891
  943
  998
Maintenance CAPEX, $m
  0
  -34
  -40
  -47
  -55
  -63
  -72
  -82
  -92
  -103
  -115
  -127
  -139
  -153
  -166
  -181
  -196
  -211
  -227
  -244
  -261
  -279
  -298
  -318
  -338
  -359
  -381
  -404
  -428
  -453
  -479
New CAPEX, $m
  -32
  -69
  -77
  -84
  -91
  -98
  -105
  -111
  -118
  -124
  -130
  -136
  -142
  -148
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -238
  -248
  -258
  -269
  -281
  -293
Cash from investing activities, $m
  -184
  -103
  -117
  -131
  -146
  -161
  -177
  -193
  -210
  -227
  -245
  -263
  -281
  -301
  -321
  -342
  -363
  -385
  -408
  -432
  -456
  -482
  -509
  -537
  -566
  -597
  -629
  -662
  -697
  -734
  -772
Free cash flow, $m
  -115
  -37
  -38
  -38
  -38
  -36
  -33
  -29
  -25
  -19
  -13
  -8
  0
  9
  18
  27
  37
  48
  59
  71
  83
  95
  108
  121
  135
  149
  163
  178
  194
  210
  226
Issuance/(repayment) of debt, $m
  114
  75
  83
  90
  98
  105
  112
  119
  126
  133
  140
  146
  153
  160
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  256
  266
  277
  289
  302
  315
Issuance/(repurchase) of shares, $m
  -8
  17
  16
  13
  9
  5
  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  
  111
  92
  99
  103
  107
  110
  112
  119
  126
  133
  140
  146
  153
  160
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  256
  266
  277
  289
  302
  315
Total cash flow (excl. dividends), $m
  -6
  55
  60
  65
  70
  74
  79
  90
  102
  114
  127
  139
  153
  168
  184
  200
  217
  235
  253
  273
  293
  313
  335
  357
  380
  404
  430
  456
  483
  511
  541
Retained Cash Flow (-), $m
  13
  -67
  -74
  -81
  -87
  -94
  -100
  -107
  -113
  -119
  -125
  -131
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -180
  -187
  -195
  -203
  -211
  -219
  -228
  -238
  -248
  -259
  -270
  -282
Prev. year cash balance distribution, $m
 
  33
  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
 
  21
  -14
  -16
  -18
  -20
  -21
  -17
  -11
  -5
  2
  8
  16
  26
  35
  46
  57
  68
  80
  92
  105
  118
  132
  146
  161
  176
  192
  208
  224
  242
  259
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  20
  -12
  -13
  -14
  -14
  -14
  -10
  -6
  -2
  1
  3
  5
  7
  8
  8
  9
  8
  8
  7
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  97.1
  95.0
  93.5
  92.6
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2

Calgon Carbon Corporation provides services and solutions for purifying water and air, food, beverage, and industrial process streams primarily in the United States, Europe, and Japan. It operates in three segments: Activated Carbon and Service, Equipment, and Consumer. The Activated Carbon and Service segment manufactures and markets granular and powdered activated carbon to remove organic compounds from water, air, and other liquids and gases. It also offers services related to activated carbon, including reactivation of spent carbon; and leasing, monitoring, and maintenance of carbon fills, as well as the ion exchange technologies for treatment of groundwater and process streams. The Equipment segment offers adsorption systems that are used to control volatile organic compound emissions, off gases from air strippers, and landfill gas production; and liquid phase equipment systems for use in water treatment, process purification, wastewater treatment, groundwater remediation, and de-chlorination applications. This segment also provides UV oxidation equipment for taste and odor removal in municipal drinking water and for water reuse; Ionic Separator used for the purification, separation, and recovery of products in the food, pharmaceutical, mining, chemical, and biotechnology industries; UV disinfection systems to inactivate cryptosporidium, giardia, and other pathogens in surface water; and a water management solution. The Consumer segment offers carbon cloth that is activated carbon in cloth form for medical, military, and specialty markets. The company sells its products and services through a direct sales force and sales offices, as well as through a network of agents and distributors to potable water, industrial process, environmental water, environmental air, food, and specialty markets. It also operates in Africa, Canada, India, Latin America, and other parts of Asia. The company was founded in 1942 and is headquartered in Moon Township, Pennsylvania.

FINANCIAL RATIOS  of  Calgon Carbon (CCC)

Valuation Ratios
P/E Ratio 47.1
Price to Sales 1.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 17.8
Growth Rates
Sales Growth Rate -3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -48.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.3%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 57.7%
Total Debt to Equity 59.1%
Interest Coverage 8
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 71.4%

CCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCC stock intrinsic value calculation we used $514 million for the last fiscal year's total revenue generated by Calgon Carbon. The default revenue input number comes from 2016 income statement of Calgon Carbon. 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 CCC stock valuation model: a) initial revenue growth rate of 19.2% 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 6%, whose default value for CCC is calculated based on our internal credit rating of Calgon Carbon, 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 Calgon Carbon.
    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 CCC stock the variable cost ratio is equal to 87.9%.

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 CCC 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 Calgon Carbon.

Corporate tax rate of 27% is the nominal tax rate for Calgon Carbon. 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 CCC 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 CCC are equal to 70.5%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Calgon Carbon 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 CCC is equal to 30.7%. 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 - $381 million for Calgon Carbon - 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 49.238 million for Calgon Carbon 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 Calgon Carbon at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Calgon meets 2Q profit forecasts   [Aug-04-17 10:38PM  Associated Press]
▶ ETFs with exposure to Calgon Carbon Corp. : July 7, 2017   [Jul-07-17 02:42PM  Capital Cube]
▶ Calgon Carbon wins $15.4M defense contract   [May-30-17 08:20AM  American City Business Journals]
▶ Calgon misses 1Q revenue forecasts   [May-09-17 07:40AM  Associated Press]
▶ Outstanding CEOs and Top Executives Winner: Randy Dearth   [Apr-14-17 09:46AM  American City Business Journals]
▶ Calgon reports 4Q loss   [07:32AM  Associated Press]
▶ Do Hedge Funds Love Calgon Carbon Corporation (CCC)?   [Dec-09-16 05:42AM  at Insider Monkey]
Stock chart of CCC Financial statements of CCC
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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