Intrinsic value of Crown Holdings - CCK

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$57.62

  Intrinsic Value

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  Value-price divergence*

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$57.62

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

We calculate the intrinsic value of CCK 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 8.1

 

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, %
  -5.46
  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
  8,284
  8,450
  8,644
  8,866
  9,116
  9,392
  9,695
  10,025
  10,383
  10,768
  11,181
  11,623
  12,095
  12,597
  13,131
  13,697
  14,298
  14,933
  15,605
  16,315
  17,065
  17,856
  18,690
  19,569
  20,495
  21,471
  22,498
  23,580
  24,718
  25,915
  27,174
Variable operating expenses, $m
 
  7,557
  7,724
  7,916
  8,130
  8,368
  8,630
  8,914
  9,222
  9,554
  9,909
  10,011
  10,417
  10,850
  11,310
  11,798
  12,315
  12,862
  13,441
  14,052
  14,698
  15,379
  16,098
  16,855
  17,653
  18,493
  19,378
  20,309
  21,290
  22,321
  23,405
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
  7,300
  7,557
  7,724
  7,916
  8,130
  8,368
  8,630
  8,914
  9,222
  9,554
  9,909
  10,011
  10,417
  10,850
  11,310
  11,798
  12,315
  12,862
  13,441
  14,052
  14,698
  15,379
  16,098
  16,855
  17,653
  18,493
  19,378
  20,309
  21,290
  22,321
  23,405
Operating income, $m
  984
  893
  920
  951
  985
  1,023
  1,066
  1,111
  1,161
  1,214
  1,272
  1,612
  1,677
  1,747
  1,821
  1,900
  1,983
  2,071
  2,164
  2,263
  2,367
  2,476
  2,592
  2,714
  2,843
  2,978
  3,120
  3,270
  3,428
  3,594
  3,769
EBITDA, $m
  1,231
  1,306
  1,336
  1,370
  1,409
  1,451
  1,498
  1,549
  1,604
  1,664
  1,728
  1,796
  1,869
  1,947
  2,029
  2,117
  2,209
  2,308
  2,411
  2,521
  2,637
  2,759
  2,888
  3,024
  3,167
  3,318
  3,477
  3,644
  3,820
  4,005
  4,199
Interest expense (income), $m
  217
  198
  167
  175
  184
  195
  206
  219
  232
  247
  263
  280
  298
  318
  338
  360
  384
  408
  435
  462
  492
  523
  555
  590
  626
  664
  705
  747
  792
  838
  888
Earnings before tax, $m
  769
  695
  753
  775
  801
  829
  859
  893
  929
  967
  1,009
  1,332
  1,379
  1,430
  1,483
  1,539
  1,599
  1,663
  1,730
  1,800
  1,875
  1,954
  2,037
  2,124
  2,217
  2,314
  2,416
  2,523
  2,637
  2,756
  2,881
Tax expense, $m
  186
  188
  203
  209
  216
  224
  232
  241
  251
  261
  272
  360
  372
  386
  400
  416
  432
  449
  467
  486
  506
  528
  550
  574
  598
  625
  652
  681
  712
  744
  778
Net income, $m
  496
  507
  549
  566
  585
  605
  627
  652
  678
  706
  736
  972
  1,007
  1,044
  1,082
  1,124
  1,167
  1,214
  1,263
  1,314
  1,369
  1,426
  1,487
  1,551
  1,618
  1,689
  1,764
  1,842
  1,925
  2,012
  2,103

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  559
  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
  9,599
  9,225
  9,437
  9,679
  9,952
  10,253
  10,584
  10,945
  11,335
  11,755
  12,206
  12,689
  13,204
  13,752
  14,335
  14,953
  15,609
  16,302
  17,036
  17,811
  18,629
  19,493
  20,404
  21,364
  22,375
  23,440
  24,562
  25,742
  26,984
  28,291
  29,666
Adjusted assets (=assets-cash), $m
  9,040
  9,225
  9,437
  9,679
  9,952
  10,253
  10,584
  10,945
  11,335
  11,755
  12,206
  12,689
  13,204
  13,752
  14,335
  14,953
  15,609
  16,302
  17,036
  17,811
  18,629
  19,493
  20,404
  21,364
  22,375
  23,440
  24,562
  25,742
  26,984
  28,291
  29,666
Revenue / Adjusted assets
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
Average production assets, $m
  3,284
  3,346
  3,423
  3,511
  3,610
  3,719
  3,839
  3,970
  4,112
  4,264
  4,428
  4,603
  4,790
  4,988
  5,200
  5,424
  5,662
  5,913
  6,180
  6,461
  6,758
  7,071
  7,401
  7,749
  8,116
  8,503
  8,909
  9,338
  9,788
  10,262
  10,761
Working capital, $m
  -55
  -431
  -441
  -452
  -465
  -479
  -494
  -511
  -530
  -549
  -570
  -593
  -617
  -642
  -670
  -699
  -729
  -762
  -796
  -832
  -870
  -911
  -953
  -998
  -1,045
  -1,095
  -1,147
  -1,203
  -1,261
  -1,322
  -1,386
Total debt, $m
  4,911
  3,980
  4,171
  4,389
  4,634
  4,906
  5,204
  5,528
  5,879
  6,258
  6,664
  7,098
  7,562
  8,055
  8,580
  9,136
  9,726
  10,350
  11,010
  11,708
  12,445
  13,222
  14,041
  14,905
  15,815
  16,774
  17,783
  18,846
  19,964
  21,140
  22,377
Total liabilities, $m
  9,233
  8,302
  8,493
  8,711
  8,956
  9,228
  9,526
  9,850
  10,201
  10,580
  10,986
  11,420
  11,884
  12,377
  12,902
  13,458
  14,048
  14,672
  15,332
  16,030
  16,767
  17,544
  18,363
  19,227
  20,137
  21,096
  22,105
  23,168
  24,286
  25,462
  26,699
Total equity, $m
  366
  922
  944
  968
  995
  1,025
  1,058
  1,094
  1,133
  1,176
  1,221
  1,269
  1,320
  1,375
  1,434
  1,495
  1,561
  1,630
  1,704
  1,781
  1,863
  1,949
  2,040
  2,136
  2,237
  2,344
  2,456
  2,574
  2,698
  2,829
  2,967
Total liabilities and equity, $m
  9,599
  9,224
  9,437
  9,679
  9,951
  10,253
  10,584
  10,944
  11,334
  11,756
  12,207
  12,689
  13,204
  13,752
  14,336
  14,953
  15,609
  16,302
  17,036
  17,811
  18,630
  19,493
  20,403
  21,363
  22,374
  23,440
  24,561
  25,742
  26,984
  28,291
  29,666
Debt-to-equity ratio
  13.418
  4.310
  4.420
  4.530
  4.660
  4.780
  4.920
  5.050
  5.190
  5.320
  5.460
  5.590
  5.730
  5.860
  5.990
  6.110
  6.230
  6.350
  6.460
  6.570
  6.680
  6.780
  6.880
  6.980
  7.070
  7.160
  7.240
  7.320
  7.400
  7.470
  7.540
Adjusted equity ratio
  -0.018
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  496
  507
  549
  566
  585
  605
  627
  652
  678
  706
  736
  972
  1,007
  1,044
  1,082
  1,124
  1,167
  1,214
  1,263
  1,314
  1,369
  1,426
  1,487
  1,551
  1,618
  1,689
  1,764
  1,842
  1,925
  2,012
  2,103
Depreciation, amort., depletion, $m
  247
  413
  416
  420
  423
  428
  433
  438
  444
  450
  456
  184
  192
  200
  208
  217
  226
  237
  247
  258
  270
  283
  296
  310
  325
  340
  356
  374
  392
  410
  430
Funds from operations, $m
  1,025
  920
  965
  986
  1,008
  1,033
  1,060
  1,090
  1,122
  1,156
  1,193
  1,157
  1,198
  1,243
  1,290
  1,341
  1,394
  1,450
  1,510
  1,573
  1,639
  1,709
  1,783
  1,861
  1,943
  2,029
  2,120
  2,216
  2,316
  2,422
  2,533
Change in working capital, $m
  95
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
Cash from operations, $m
  930
  937
  975
  997
  1,021
  1,047
  1,076
  1,106
  1,140
  1,175
  1,214
  1,179
  1,223
  1,269
  1,318
  1,370
  1,425
  1,483
  1,544
  1,609
  1,677
  1,749
  1,825
  1,906
  1,990
  2,079
  2,172
  2,271
  2,374
  2,483
  2,598
Maintenance CAPEX, $m
  0
  -131
  -134
  -137
  -140
  -144
  -149
  -154
  -159
  -164
  -171
  -177
  -184
  -192
  -200
  -208
  -217
  -226
  -237
  -247
  -258
  -270
  -283
  -296
  -310
  -325
  -340
  -356
  -374
  -392
  -410
New CAPEX, $m
  -473
  -62
  -77
  -88
  -99
  -109
  -120
  -131
  -142
  -152
  -164
  -175
  -187
  -199
  -211
  -224
  -238
  -252
  -266
  -281
  -297
  -313
  -330
  -348
  -367
  -386
  -407
  -428
  -451
  -474
  -499
Cash from investing activities, $m
  -442
  -193
  -211
  -225
  -239
  -253
  -269
  -285
  -301
  -316
  -335
  -352
  -371
  -391
  -411
  -432
  -455
  -478
  -503
  -528
  -555
  -583
  -613
  -644
  -677
  -711
  -747
  -784
  -825
  -866
  -909
Free cash flow, $m
  488
  743
  765
  772
  782
  793
  807
  822
  839
  859
  879
  827
  852
  878
  907
  937
  970
  1,005
  1,041
  1,081
  1,122
  1,166
  1,212
  1,261
  1,313
  1,368
  1,425
  1,486
  1,550
  1,618
  1,689
Issuance/(repayment) of debt, $m
  -566
  -737
  191
  218
  245
  272
  298
  324
  351
  378
  406
  434
  463
  493
  524
  557
  590
  624
  660
  698
  737
  777
  820
  864
  910
  959
  1,009
  1,062
  1,118
  1,176
  1,237
Issuance/(repurchase) of shares, $m
  2
  550
  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  
  -616
  -187
  191
  218
  245
  272
  298
  324
  351
  378
  406
  434
  463
  493
  524
  557
  590
  624
  660
  698
  737
  777
  820
  864
  910
  959
  1,009
  1,062
  1,118
  1,176
  1,237
Total cash flow (excl. dividends), $m
  -158
  6
  955
  990
  1,027
  1,065
  1,105
  1,147
  1,191
  1,237
  1,286
  1,261
  1,315
  1,372
  1,431
  1,494
  1,560
  1,629
  1,702
  1,778
  1,859
  1,943
  2,032
  2,125
  2,223
  2,326
  2,435
  2,549
  2,668
  2,794
  2,926
Retained Cash Flow (-), $m
  -272
  -921
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -69
  -73
  -78
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -137
Prev. year cash balance distribution, $m
 
  365
  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
 
  0
  934
  966
  999
  1,035
  1,072
  1,111
  1,152
  1,195
  1,240
  1,213
  1,264
  1,317
  1,373
  1,432
  1,494
  1,559
  1,628
  1,701
  1,777
  1,857
  1,941
  2,029
  2,122
  2,220
  2,323
  2,431
  2,544
  2,663
  2,788
Discount rate, %
 
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
 
  0
  747
  679
  611
  544
  477
  414
  354
  298
  247
  189
  152
  119
  92
  69
  51
  37
  26
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8
  1.8

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods in the Americas, Europe, and the Asia Pacific. The company offers aluminum beverage cans and ends, and other packaging products to beverage and beer companies; food cans and ends, including two-and three-piece cans in various shapes and sizes for food marketers; glass bottles; and aerosol cans and ends for manufacturers of personal care, food, household, and industrial products. It also provides metal and composite closures, and capping systems and services, as well as various specialty containers with various lid and closure variations. The company was founded in 1927 and is headquartered in Philadelphia, Pennsylvania.

FINANCIAL RATIOS  of  Crown Holdings (CCK)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 1
Price to Book 22
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 17.6
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.6%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 1288.8%
Total Debt to Equity 1341.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 215.7%
Return On Equity - 3 Yr. Avg. 404.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 20.5%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 0%

CCK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCK stock intrinsic value calculation we used $8284 million for the last fiscal year's total revenue generated by Crown Holdings. The default revenue input number comes from 2016 income statement of Crown Holdings. 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 CCK 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 11.3%, whose default value for CCK is calculated based on our internal credit rating of Crown Holdings, 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 Crown Holdings.
    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 CCK stock the variable cost ratio is equal to 89.5%.

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 CCK 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 4.2% for Crown Holdings.

Corporate tax rate of 27% is the nominal tax rate for Crown Holdings. 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 CCK 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 CCK are equal to 39.6%.

Life of production assets of 25 years is the average useful life of capital assets used in Crown Holdings 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 CCK is equal to -5.1%. 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 - $366 million for Crown Holdings - 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 140.156 million for Crown Holdings 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 Crown Holdings at the current share price and the inputted number of shares is $8.1 billion.


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COMPANY NEWS

▶ ETFs with exposure to Crown Holdings, Inc. : May 25, 2017   [May-25-17 12:36PM  Capital Cube]
▶ ETFs with exposure to Crown Holdings, Inc. : May 2, 2017   [May-02-17 03:47PM  Capital Cube]
▶ Crown beats Street 1Q forecasts   [Apr-19-17 05:14PM  Associated Press]
▶ [$$] Ball Corp.: The Can-Do Can Maker   [Mar-11-17 12:36AM  at Barrons.com]
▶ Crown meets 4Q profit forecasts   [Feb-02-17 06:14PM  Associated Press]
▶ Is Crown Holdings, Inc. (CCK) A Good Stock To Buy?   [Dec-01-16 12:19PM  at Insider Monkey]
▶ Legendary Short Seller Jim Chanos Is Bullish On These Equities   [Nov-24-16 09:24PM  at Insider Monkey]
▶ Crown Holdings Announces Pricing Of Senior Notes   [Sep-08-16 04:02PM  PR Newswire]
▶ Crown Holdings Announces Senior Notes Offerings   [Sep-06-16 11:00PM  PR Newswire]
▶ Famed Short Seller Jim Chanos Was Bullish On These Stocks in Q2   [Aug-28-16 07:30PM  at Insider Monkey]
▶ Crown Announces 2020 Sustainability Goals   [Jul-25-16 04:45PM  PR Newswire]
Stock chart of CCK Financial statements of CCK Annual reports of CCK
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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