Intrinsic value of Celestica - CLS

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$13.54

  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 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 1.6

 

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, %
  6.70
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  6,017
  6,450
  6,900
  7,368
  7,855
  8,361
  8,888
  9,436
  10,007
  10,602
  11,223
  11,870
  12,546
  13,251
  13,987
  14,757
  15,562
  16,403
  17,284
  18,205
  19,169
  20,179
  21,237
  22,345
  23,505
  24,722
  25,997
  27,334
  28,735
  30,205
  31,747
Variable operating expenses, $m
 
  5,734
  6,134
  6,550
  6,982
  7,432
  7,900
  8,387
  8,895
  9,424
  9,975
  10,548
  11,148
  11,775
  12,429
  13,114
  13,829
  14,576
  15,359
  16,177
  17,034
  17,932
  18,871
  19,856
  20,887
  21,968
  23,101
  24,289
  25,535
  26,841
  28,211
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
  6,272
  6,686
  7,115
  7,562
  8,026
  8,509
  9,011
  9,535
  10,080
  10,647
  11,237
  11,854
  12,499
  13,171
  13,874
  14,608
  15,375
  16,178
  17,016
  17,894
  18,814
  19,775
  20,782
  21,837
  22,941
  24,099
  25,312
  26,583
  27,915
  29,312
Operating income, $m
  157
  178
  215
  253
  293
  335
  379
  425
  473
  523
  576
  633
  691
  752
  816
  883
  954
  1,028
  1,106
  1,188
  1,275
  1,366
  1,462
  1,562
  1,668
  1,780
  1,898
  2,022
  2,152
  2,290
  2,435
EBITDA, $m
  233
  222
  261
  303
  346
  391
  438
  487
  539
  593
  650
  709
  772
  837
  906
  978
  1,054
  1,133
  1,217
  1,305
  1,398
  1,495
  1,597
  1,705
  1,819
  1,938
  2,064
  2,197
  2,336
  2,483
  2,638
Interest expense (income), $m
  10
  7
  11
  16
  20
  25
  30
  35
  40
  46
  51
  57
  64
  70
  77
  84
  91
  99
  107
  116
  125
  134
  144
  154
  165
  176
  187
  200
  213
  226
  240
Earnings before tax, $m
  161
  171
  203
  237
  273
  310
  349
  390
  433
  477
  524
  576
  628
  682
  739
  799
  863
  929
  999
  1,073
  1,150
  1,232
  1,318
  1,408
  1,504
  1,605
  1,710
  1,822
  1,940
  2,064
  2,194
Tax expense, $m
  25
  46
  55
  64
  74
  84
  94
  105
  117
  129
  142
  156
  169
  184
  200
  216
  233
  251
  270
  290
  311
  333
  356
  380
  406
  433
  462
  492
  524
  557
  593
Net income, $m
  136
  125
  148
  173
  199
  226
  255
  285
  316
  348
  383
  420
  458
  498
  540
  584
  630
  678
  729
  783
  840
  899
  962
  1,028
  1,098
  1,171
  1,249
  1,330
  1,416
  1,507
  1,602

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
  2,428
  2,597
  2,773
  2,956
  3,147
  3,345
  3,551
  3,766
  3,990
  4,224
  4,467
  4,722
  4,987
  5,264
  5,554
  5,857
  6,174
  6,505
  6,852
  7,215
  7,595
  7,993
  8,410
  8,847
  9,304
  9,784
  10,287
  10,815
  11,368
  11,948
Adjusted assets (=assets-cash), $m
  2,265
  2,428
  2,597
  2,773
  2,956
  3,147
  3,345
  3,551
  3,766
  3,990
  4,224
  4,467
  4,722
  4,987
  5,264
  5,554
  5,857
  6,174
  6,505
  6,852
  7,215
  7,595
  7,993
  8,410
  8,847
  9,304
  9,784
  10,287
  10,815
  11,368
  11,948
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
  206
  221
  236
  251
  268
  284
  302
  320
  339
  359
  380
  401
  424
  448
  472
  498
  525
  553
  583
  613
  646
  680
  715
  752
  791
  832
  875
  920
  967
  1,016
Working capital, $m
  1,101
  645
  690
  737
  786
  836
  889
  944
  1,001
  1,060
  1,122
  1,187
  1,255
  1,325
  1,399
  1,476
  1,556
  1,640
  1,728
  1,821
  1,917
  2,018
  2,124
  2,234
  2,351
  2,472
  2,600
  2,733
  2,874
  3,021
  3,175
Total debt, $m
  245
  298
  412
  531
  655
  783
  917
  1,056
  1,201
  1,352
  1,509
  1,673
  1,844
  2,023
  2,210
  2,405
  2,610
  2,823
  3,046
  3,280
  3,525
  3,781
  4,049
  4,330
  4,625
  4,933
  5,257
  5,596
  5,951
  6,324
  6,715
Total liabilities, $m
  1,584
  1,636
  1,750
  1,869
  1,993
  2,121
  2,255
  2,394
  2,539
  2,690
  2,847
  3,011
  3,182
  3,361
  3,548
  3,743
  3,948
  4,161
  4,384
  4,618
  4,863
  5,119
  5,387
  5,668
  5,963
  6,271
  6,595
  6,934
  7,289
  7,662
  8,053
Total equity, $m
  1,239
  791
  847
  904
  964
  1,026
  1,090
  1,158
  1,228
  1,301
  1,377
  1,456
  1,539
  1,626
  1,716
  1,811
  1,909
  2,013
  2,121
  2,234
  2,352
  2,476
  2,606
  2,742
  2,884
  3,033
  3,190
  3,354
  3,526
  3,706
  3,895
Total liabilities and equity, $m
  2,823
  2,427
  2,597
  2,773
  2,957
  3,147
  3,345
  3,552
  3,767
  3,991
  4,224
  4,467
  4,721
  4,987
  5,264
  5,554
  5,857
  6,174
  6,505
  6,852
  7,215
  7,595
  7,993
  8,410
  8,847
  9,304
  9,785
  10,288
  10,815
  11,368
  11,948
Debt-to-equity ratio
  0.198
  0.380
  0.490
  0.590
  0.680
  0.760
  0.840
  0.910
  0.980
  1.040
  1.100
  1.150
  1.200
  1.240
  1.290
  1.330
  1.370
  1.400
  1.440
  1.470
  1.500
  1.530
  1.550
  1.580
  1.600
  1.630
  1.650
  1.670
  1.690
  1.710
  1.720
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
  125
  148
  173
  199
  226
  255
  285
  316
  348
  383
  420
  458
  498
  540
  584
  630
  678
  729
  783
  840
  899
  962
  1,028
  1,098
  1,171
  1,249
  1,330
  1,416
  1,507
  1,602
Depreciation, amort., depletion, $m
  76
  44
  46
  49
  53
  56
  59
  63
  66
  70
  74
  76
  80
  85
  90
  94
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  175
  184
  193
  203
Funds from operations, $m
  61
  168
  195
  223
  252
  282
  314
  347
  382
  419
  457
  496
  539
  583
  629
  678
  729
  783
  840
  900
  962
  1,028
  1,098
  1,171
  1,248
  1,330
  1,415
  1,505
  1,600
  1,700
  1,805
Change in working capital, $m
  -112
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
Cash from operations, $m
  173
  -41
  150
  176
  203
  232
  261
  292
  325
  359
  395
  432
  471
  512
  556
  601
  649
  699
  752
  807
  866
  927
  992
  1,060
  1,132
  1,208
  1,288
  1,371
  1,460
  1,553
  1,651
Maintenance CAPEX, $m
  0
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -94
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
New CAPEX, $m
  -64
  -15
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Cash from investing activities, $m
  -64
  -53
  -55
  -59
  -63
  -66
  -71
  -75
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -242
Free cash flow, $m
  109
  -94
  94
  117
  140
  165
  191
  218
  246
  276
  307
  339
  373
  409
  447
  487
  529
  573
  619
  667
  719
  772
  829
  889
  952
  1,019
  1,088
  1,162
  1,240
  1,322
  1,408
Issuance/(repayment) of debt, $m
  -40
  109
  114
  119
  123
  128
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
  234
  245
  256
  268
  281
  294
  309
  323
  339
  356
  373
  391
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
  109
  114
  119
  123
  128
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
  234
  245
  256
  268
  281
  294
  309
  323
  339
  356
  373
  391
Total cash flow (excl. dividends), $m
  12
  15
  208
  236
  264
  294
  325
  357
  391
  427
  465
  503
  545
  588
  634
  682
  733
  786
  842
  901
  963
  1,029
  1,097
  1,170
  1,247
  1,327
  1,412
  1,501
  1,596
  1,695
  1,799
Retained Cash Flow (-), $m
  -148
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
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
 
  463
  153
  178
  204
  231
  260
  290
  321
  354
  388
  424
  462
  502
  544
  588
  634
  683
  734
  788
  845
  905
  968
  1,034
  1,104
  1,178
  1,256
  1,337
  1,424
  1,514
  1,610
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
 
  444
  140
  155
  168
  179
  189
  196
  201
  203
  204
  201
  197
  191
  183
  173
  161
  149
  135
  121
  107
  94
  80
  68
  56
  46
  37
  29
  22
  17
  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

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 14
Price to Sales 0.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 11
Price to Free Cash Flow 17.5
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 7.2% 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 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 3.2%.

Life of production assets of 2.8 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 $1.6 billion.


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COMPANY NEWS

▶ 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]
▶ Huge Cisco Quarter and Outlook Could Benefit 5 Top Companies   [Feb-12-16 09:25AM  at 24/7 Wall St.]
▶ The Top 10 Small-Cap Stocks for 2016 (ATI, ARCB)   [Feb-11-16 03:33PM  at Investopedia]
Stock chart of CLS Financial statements of CLS Annual reports 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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