Intrinsic value of Celestica - CLS

Previous Close

$11.54

  Intrinsic Value

$40.91

stock screener

  Rating & Target

str. buy

+255%

  Value-price divergence*

+371%

Previous close

$11.54

 
Intrinsic value

$40.91

 
Up/down potential

+255%

 
Rating

str. buy

 
Value-price divergence*

+371%

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

We calculate the intrinsic value of CLS 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 1.4

 

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, %
  6.70
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  6,017
  6,534
  7,073
  7,633
  8,215
  8,820
  9,448
  10,101
  10,780
  11,486
  12,221
  12,985
  13,781
  14,610
  15,474
  16,376
  17,316
  18,297
  19,322
  20,392
  21,511
  22,681
  23,904
  25,184
  26,524
  27,926
  29,394
  30,933
  32,544
  34,232
  36,002
Variable operating expenses, $m
 
  5,809
  6,287
  6,785
  7,302
  7,839
  8,398
  8,978
  9,582
  10,209
  10,862
  11,539
  12,246
  12,983
  13,751
  14,552
  15,387
  16,259
  17,170
  18,121
  19,115
  20,155
  21,242
  22,379
  23,569
  24,816
  26,120
  27,487
  28,919
  30,420
  31,992
Fixed operating expenses, $m
 
  538
  552
  565
  580
  594
  609
  624
  640
  656
  672
  689
  706
  724
  742
  760
  779
  799
  819
  839
  860
  882
  904
  926
  950
  973
  998
  1,023
  1,048
  1,074
  1,101
Total operating expenses, $m
  5,860
  6,347
  6,839
  7,350
  7,882
  8,433
  9,007
  9,602
  10,222
  10,865
  11,534
  12,228
  12,952
  13,707
  14,493
  15,312
  16,166
  17,058
  17,989
  18,960
  19,975
  21,037
  22,146
  23,305
  24,519
  25,789
  27,118
  28,510
  29,967
  31,494
  33,093
Operating income, $m
  157
  187
  234
  282
  333
  386
  441
  499
  559
  621
  687
  757
  829
  904
  982
  1,064
  1,149
  1,239
  1,333
  1,432
  1,536
  1,644
  1,759
  1,879
  2,005
  2,137
  2,276
  2,423
  2,577
  2,739
  2,909
EBITDA, $m
  233
  228
  277
  329
  383
  440
  498
  560
  624
  690
  760
  833
  909
  988
  1,072
  1,159
  1,250
  1,345
  1,445
  1,550
  1,660
  1,776
  1,897
  2,025
  2,159
  2,299
  2,447
  2,602
  2,765
  2,937
  3,118
Interest expense (income), $m
  10
  7
  12
  17
  23
  28
  34
  40
  47
  53
  60
  67
  74
  82
  90
  98
  107
  116
  126
  135
  146
  157
  168
  180
  192
  205
  218
  233
  247
  263
  279
Earnings before tax, $m
  161
  180
  222
  265
  310
  358
  407
  458
  512
  568
  627
  691
  755
  822
  892
  965
  1,042
  1,123
  1,208
  1,297
  1,390
  1,488
  1,591
  1,699
  1,813
  1,932
  2,058
  2,190
  2,329
  2,476
  2,630
Tax expense, $m
  25
  49
  60
  72
  84
  97
  110
  124
  138
  153
  169
  186
  204
  222
  241
  261
  281
  303
  326
  350
  375
  402
  430
  459
  489
  522
  556
  591
  629
  668
  710
Net income, $m
  136
  132
  162
  194
  227
  261
  297
  335
  374
  415
  458
  504
  551
  600
  651
  705
  761
  820
  882
  947
  1,015
  1,086
  1,161
  1,240
  1,323
  1,411
  1,502
  1,599
  1,700
  1,807
  1,920

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  557
  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
  2,822
  2,459
  2,662
  2,873
  3,092
  3,319
  3,556
  3,802
  4,057
  4,323
  4,599
  4,887
  5,187
  5,499
  5,824
  6,163
  6,517
  6,886
  7,272
  7,675
  8,096
  8,536
  8,997
  9,478
  9,983
  10,510
  11,063
  11,642
  12,248
  12,884
  13,550
Adjusted assets (=assets-cash), $m
  2,265
  2,459
  2,662
  2,873
  3,092
  3,319
  3,556
  3,802
  4,057
  4,323
  4,599
  4,887
  5,187
  5,499
  5,824
  6,163
  6,517
  6,886
  7,272
  7,675
  8,096
  8,536
  8,997
  9,478
  9,983
  10,510
  11,063
  11,642
  12,248
  12,884
  13,550
Revenue / Adjusted assets
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
Average production assets, $m
  349
  379
  410
  443
  476
  512
  548
  586
  625
  666
  709
  753
  799
  847
  898
  950
  1,004
  1,061
  1,121
  1,183
  1,248
  1,315
  1,386
  1,461
  1,538
  1,620
  1,705
  1,794
  1,888
  1,985
  2,088
Working capital, $m
  1,101
  653
  707
  763
  821
  882
  945
  1,010
  1,078
  1,149
  1,222
  1,299
  1,378
  1,461
  1,547
  1,638
  1,732
  1,830
  1,932
  2,039
  2,151
  2,268
  2,390
  2,518
  2,652
  2,793
  2,939
  3,093
  3,254
  3,423
  3,600
Total debt, $m
  245
  320
  456
  598
  746
  899
  1,059
  1,224
  1,397
  1,576
  1,762
  1,956
  2,158
  2,368
  2,587
  2,816
  3,054
  3,303
  3,563
  3,835
  4,119
  4,415
  4,726
  5,050
  5,390
  5,746
  6,118
  6,509
  6,917
  7,346
  7,795
Total liabilities, $m
  1,584
  1,658
  1,794
  1,936
  2,084
  2,237
  2,397
  2,562
  2,735
  2,914
  3,100
  3,294
  3,496
  3,706
  3,925
  4,154
  4,392
  4,641
  4,901
  5,173
  5,457
  5,753
  6,064
  6,388
  6,728
  7,084
  7,456
  7,847
  8,255
  8,684
  9,133
Total equity, $m
  1,239
  802
  868
  937
  1,008
  1,082
  1,159
  1,239
  1,323
  1,409
  1,499
  1,593
  1,691
  1,793
  1,899
  2,009
  2,125
  2,245
  2,371
  2,502
  2,639
  2,783
  2,933
  3,090
  3,254
  3,426
  3,607
  3,795
  3,993
  4,200
  4,417
Total liabilities and equity, $m
  2,823
  2,460
  2,662
  2,873
  3,092
  3,319
  3,556
  3,801
  4,058
  4,323
  4,599
  4,887
  5,187
  5,499
  5,824
  6,163
  6,517
  6,886
  7,272
  7,675
  8,096
  8,536
  8,997
  9,478
  9,982
  10,510
  11,063
  11,642
  12,248
  12,884
  13,550
Debt-to-equity ratio
  0.198
  0.400
  0.530
  0.640
  0.740
  0.830
  0.910
  0.990
  1.060
  1.120
  1.180
  1.230
  1.280
  1.320
  1.360
  1.400
  1.440
  1.470
  1.500
  1.530
  1.560
  1.590
  1.610
  1.630
  1.660
  1.680
  1.700
  1.710
  1.730
  1.750
  1.760
Adjusted equity ratio
  0.301
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  136
  132
  162
  194
  227
  261
  297
  335
  374
  415
  458
  504
  551
  600
  651
  705
  761
  820
  882
  947
  1,015
  1,086
  1,161
  1,240
  1,323
  1,411
  1,502
  1,599
  1,700
  1,807
  1,920
Depreciation, amort., depletion, $m
  76
  40
  43
  47
  50
  53
  57
  61
  65
  69
  73
  75
  80
  85
  90
  95
  100
  106
  112
  118
  125
  132
  139
  146
  154
  162
  170
  179
  189
  199
  209
Funds from operations, $m
  61
  172
  205
  240
  277
  315
  354
  396
  439
  484
  531
  579
  631
  685
  741
  800
  861
  926
  994
  1,065
  1,139
  1,218
  1,300
  1,386
  1,477
  1,573
  1,673
  1,778
  1,889
  2,006
  2,128
Change in working capital, $m
  -112
  52
  54
  56
  58
  60
  63
  65
  68
  71
  73
  76
  80
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
Cash from operations, $m
  173
  120
  151
  184
  218
  254
  291
  330
  371
  413
  457
  503
  551
  602
  654
  710
  767
  828
  891
  958
  1,028
  1,101
  1,178
  1,258
  1,343
  1,432
  1,526
  1,624
  1,728
  1,837
  1,951
Maintenance CAPEX, $m
  0
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -189
  -199
New CAPEX, $m
  -64
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -103
Cash from investing activities, $m
  -64
  -65
  -69
  -73
  -78
  -83
  -87
  -93
  -98
  -104
  -110
  -115
  -121
  -128
  -135
  -142
  -150
  -157
  -165
  -174
  -183
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -287
  -302
Free cash flow, $m
  109
  55
  82
  111
  140
  171
  204
  238
  273
  310
  348
  388
  430
  474
  519
  567
  618
  670
  726
  784
  844
  908
  975
  1,046
  1,119
  1,197
  1,279
  1,365
  1,455
  1,550
  1,650
Issuance/(repayment) of debt, $m
  -40
  131
  137
  142
  148
  153
  159
  166
  172
  179
  186
  194
  202
  210
  219
  229
  238
  249
  260
  272
  284
  297
  310
  325
  340
  356
  373
  390
  409
  428
  449
Issuance/(repurchase) of shares, $m
  -48
  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  
  -97
  131
  137
  142
  148
  153
  159
  166
  172
  179
  186
  194
  202
  210
  219
  229
  238
  249
  260
  272
  284
  297
  310
  325
  340
  356
  373
  390
  409
  428
  449
Total cash flow (excl. dividends), $m
  12
  185
  219
  253
  288
  325
  363
  403
  445
  489
  535
  582
  632
  684
  739
  796
  856
  919
  986
  1,055
  1,128
  1,205
  1,285
  1,370
  1,459
  1,553
  1,651
  1,755
  1,864
  1,979
  2,099
Retained Cash Flow (-), $m
  -148
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -126
  -131
  -137
  -144
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
Prev. year cash balance distribution, $m
 
  501
  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
 
  623
  153
  184
  217
  251
  286
  323
  362
  402
  444
  488
  534
  582
  633
  686
  741
  799
  860
  924
  991
  1,061
  1,135
  1,213
  1,295
  1,381
  1,471
  1,566
  1,666
  1,771
  1,882
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
 
  597
  140
  160
  178
  194
  208
  218
  226
  231
  233
  232
  228
  221
  212
  201
  188
  174
  158
  142
  126
  110
  94
  80
  66
  54
  43
  34
  26
  19
  14
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

Celestica Inc. provides supply chain solutions to customers in the communications, consumer, aerospace and defense, industrial, healthcare, energy, semiconductor equipment, servers, and storage end markets in the Americas, Asia, and Europe. It offers a range of services, including design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, and after-market repair and return services. The company’s products and services are used in various applications, such as servers; networking, wireless, and telecommunications equipment; storage systems; optical equipment; aerospace and defense electronics comprising in-flight entertainment and guidance systems; audiovisual equipment; set top boxes; printer supplies; semiconductor equipment; and a range of industrial and alternative energy products, including solar panels and inverters. Celestica Inc. was incorporated in 1996 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Celestica (CLS)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 0.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 14.9
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 15.3%
Total Debt to Equity 19.8%
Interest Coverage 17
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 7.1%
Gross Margin - 3 Yr. Avg. 7.1%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.7%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 15.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.6%
Payout Ratio 0%

CLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLS stock intrinsic value calculation we used $6017 million for the last fiscal year's total revenue generated by Celestica. The default revenue input number comes from 2016 income statement of Celestica. 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 CLS stock valuation model: a) initial revenue growth rate of 8.6% 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 CLS is calculated based on our internal credit rating of Celestica, 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 Celestica.
    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 CLS stock the variable cost ratio is equal to 88.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $525 million in the base year in the intrinsic value calculation for CLS 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 3.8% for Celestica.

Corporate tax rate of 27% is the nominal tax rate for Celestica. 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 CLS 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 CLS are equal to 5.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Celestica 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 CLS is equal to 10%. 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 - $1239 million for Celestica - 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 118.248 million for Celestica 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 Celestica at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Celestica, Inc. : August 17, 2017   [Aug-17-17 03:19PM  Capital Cube]
▶ Celestica Releases its 2016 Sustainability Report   [Aug-10-17 05:00PM  Marketwired]
▶ Celestica meets 2Q profit forecasts   [Jul-25-17 11:06PM  Associated Press]
▶ Celestica, Inc. Value Analysis (NYSE:CLS) : June 30, 2017   [Jun-30-17 03:44PM  Capital Cube]
▶ Celestica Announces Executive Leadership Change   [May-23-17 08:30AM  Marketwired]
▶ Ciscos Top 10 Suppliers: The Impact of Mays Earnings   [May-17-17 11:03AM  Market Realist]
▶ View From the Top: How to Be Successful   [May-03-17 10:49PM  Bloomberg]
▶ ETFs with exposure to Celestica, Inc. : April 26, 2017   [Apr-26-17 03:12PM  Capital Cube]
▶ Celestica Announces Election of Directors   [Apr-20-17 03:59PM  Marketwired]
▶ Celestica posts 1Q profit   [07:12AM  Associated Press]
▶ Celestica Files Form 20-F   [Mar-13-17 04:20PM  Marketwired]
▶ ETFs with exposure to Celestica, Inc. : February 2, 2017   [Feb-02-17 12:42PM  Capital Cube]
▶ Why Shares of Celestica Surged Today   [12:07PM  Motley Fool]
▶ Celestica tops Street 4Q forecasts   [Jan-26-17 05:08PM  Associated Press]
▶ Should You Follow Hedge Funds Into Evertec Inc (EVTC)?   [Nov-28-16 03:56PM  at Insider Monkey]
▶ [$$] AOSI Conference: 21 Cheap Stocks   [Oct-22-16 12:01AM  at Barrons.com]
▶ Celestica beats 3Q profit forecasts   [Oct-20-16 04:29PM  AP]
▶ Celestica Awarded Excellence in Sustainability by Cisco   [Sep-26-16 06:22PM  Marketwired]
▶ Wasatch International Gains 8 in 2nd Quarter   [Aug-30-16 02:14PM  Gurufocus]
▶ Celestica beats Street 2Q forecasts   [Jul-21-16 04:51PM  AP]
▶ Celestica Completes a Program Share Repurchase   [May-10-16 05:59PM  Marketwired]
▶ Celestica Releases Its 2015 Sustainability Report   [Apr-21-16 05:30PM  Marketwired]
▶ Celestica Announces Election of Directors   [03:00PM  Marketwired]
▶ Celestica Amends Normal Course Issuer Bid   [Mar-08-16 05:00PM  PR Newswire]
▶ Celestica Files Form 20-F   [Mar-07-16 04:45PM  PR Newswire]
Stock chart of CLS Financial statements of CLS
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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