Intrinsic value of Cott - COT

Previous Close

$15.22

  Intrinsic Value

$25.87

stock screener

  Rating & Target

str. buy

+70%

  Value-price divergence*

+119%

Previous close

$15.22

 
Intrinsic value

$25.87

 
Up/down potential

+70%

 
Rating

str. buy

 
Value-price divergence*

+119%

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

We calculate the intrinsic value of COT 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 2.1

 

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, %
  9.92
  32.50
  29.75
  27.28
  25.05
  23.04
  21.24
  19.61
  18.15
  16.84
  15.65
  14.59
  13.63
  12.77
  11.99
  11.29
  10.66
  10.10
  9.59
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
  6.78
  6.60
  6.44
  6.30
Revenue, $m
  3,236
  4,288
  5,563
  7,081
  8,854
  10,894
  13,208
  15,799
  18,667
  21,810
  25,224
  28,904
  32,844
  37,037
  41,478
  46,161
  51,083
  56,240
  61,631
  67,257
  73,118
  79,219
  85,563
  92,158
  99,013
  106,135
  113,537
  121,231
  129,232
  137,553
  146,213
Variable operating expenses, $m
 
  4,104
  5,290
  6,700
  8,349
  10,246
  12,397
  14,806
  17,472
  20,394
  23,568
  26,872
  30,535
  34,433
  38,561
  42,915
  47,491
  52,286
  57,298
  62,528
  67,977
  73,649
  79,547
  85,679
  92,051
  98,673
  105,554
  112,708
  120,145
  127,882
  135,932
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
  3,154
  4,104
  5,290
  6,700
  8,349
  10,246
  12,397
  14,806
  17,472
  20,394
  23,568
  26,872
  30,535
  34,433
  38,561
  42,915
  47,491
  52,286
  57,298
  62,528
  67,977
  73,649
  79,547
  85,679
  92,051
  98,673
  105,554
  112,708
  120,145
  127,882
  135,932
Operating income, $m
  82
  184
  274
  380
  505
  648
  811
  993
  1,195
  1,416
  1,656
  2,032
  2,309
  2,604
  2,916
  3,246
  3,592
  3,954
  4,333
  4,729
  5,141
  5,570
  6,016
  6,480
  6,962
  7,462
  7,983
  8,524
  9,086
  9,671
  10,280
EBITDA, $m
  321
  502
  651
  829
  1,036
  1,275
  1,546
  1,849
  2,185
  2,553
  2,952
  3,383
  3,844
  4,335
  4,854
  5,403
  5,979
  6,582
  7,213
  7,872
  8,558
  9,272
  10,014
  10,786
  11,588
  12,422
  13,288
  14,189
  15,125
  16,099
  17,112
Interest expense (income), $m
  125
  135
  198
  273
  363
  469
  590
  727
  881
  1,051
  1,237
  1,440
  1,658
  1,892
  2,141
  2,404
  2,682
  2,974
  3,280
  3,599
  3,933
  4,281
  4,643
  5,019
  5,410
  5,817
  6,240
  6,679
  7,135
  7,610
  8,103
Earnings before tax, $m
  -46
  49
  76
  107
  142
  180
  221
  266
  314
  365
  419
  592
  651
  712
  776
  842
  910
  981
  1,054
  1,129
  1,208
  1,289
  1,373
  1,461
  1,551
  1,645
  1,743
  1,845
  1,951
  2,062
  2,177
Tax expense, $m
  26
  13
  20
  29
  38
  49
  60
  72
  85
  99
  113
  160
  176
  192
  209
  227
  246
  265
  284
  305
  326
  348
  371
  394
  419
  444
  471
  498
  527
  557
  588
Net income, $m
  -78
  35
  55
  78
  103
  131
  162
  194
  229
  267
  306
  433
  475
  520
  566
  614
  664
  716
  769
  824
  882
  941
  1,002
  1,066
  1,132
  1,201
  1,273
  1,347
  1,424
  1,505
  1,589

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  118
  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
  3,940
  5,062
  6,568
  8,360
  10,454
  12,862
  15,594
  18,653
  22,039
  25,750
  29,781
  34,125
  38,777
  43,727
  48,970
  54,499
  60,310
  66,399
  72,764
  79,406
  86,326
  93,528
  101,019
  108,806
  116,898
  125,307
  134,046
  143,130
  152,576
  162,400
  172,624
Adjusted assets (=assets-cash), $m
  3,822
  5,062
  6,568
  8,360
  10,454
  12,862
  15,594
  18,653
  22,039
  25,750
  29,781
  34,125
  38,777
  43,727
  48,970
  54,499
  60,310
  66,399
  72,764
  79,406
  86,326
  93,528
  101,019
  108,806
  116,898
  125,307
  134,046
  143,130
  152,576
  162,400
  172,624
Revenue / Adjusted assets
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
Average production assets, $m
  1,662
  2,204
  2,860
  3,639
  4,551
  5,600
  6,789
  8,121
  9,595
  11,210
  12,965
  14,857
  16,882
  19,037
  21,320
  23,727
  26,257
  28,907
  31,678
  34,570
  37,583
  40,718
  43,979
  47,369
  50,892
  54,553
  58,358
  62,313
  66,425
  70,702
  75,153
Working capital, $m
  43
  184
  239
  304
  381
  468
  568
  679
  803
  938
  1,085
  1,243
  1,412
  1,593
  1,784
  1,985
  2,197
  2,418
  2,650
  2,892
  3,144
  3,406
  3,679
  3,963
  4,258
  4,564
  4,882
  5,213
  5,557
  5,915
  6,287
Total debt, $m
  2,201
  3,043
  4,207
  5,592
  7,211
  9,073
  11,184
  13,549
  16,166
  19,035
  22,151
  25,509
  29,104
  32,931
  36,984
  41,258
  45,750
  50,456
  55,377
  60,511
  65,860
  71,427
  77,218
  83,237
  89,492
  95,992
  102,748
  109,770
  117,071
  124,666
  132,568
Total liabilities, $m
  3,071
  3,913
  5,077
  6,462
  8,081
  9,943
  12,054
  14,419
  17,036
  19,905
  23,021
  26,379
  29,974
  33,801
  37,854
  42,128
  46,620
  51,326
  56,247
  61,381
  66,730
  72,297
  78,088
  84,107
  90,362
  96,862
  103,618
  110,640
  117,941
  125,536
  133,438
Total equity, $m
  869
  1,149
  1,491
  1,898
  2,373
  2,920
  3,540
  4,234
  5,003
  5,845
  6,760
  7,746
  8,802
  9,926
  11,116
  12,371
  13,690
  15,073
  16,517
  18,025
  19,596
  21,231
  22,931
  24,699
  26,536
  28,445
  30,429
  32,491
  34,635
  36,865
  39,186
Total liabilities and equity, $m
  3,940
  5,062
  6,568
  8,360
  10,454
  12,863
  15,594
  18,653
  22,039
  25,750
  29,781
  34,125
  38,776
  43,727
  48,970
  54,499
  60,310
  66,399
  72,764
  79,406
  86,326
  93,528
  101,019
  108,806
  116,898
  125,307
  134,047
  143,131
  152,576
  162,401
  172,624
Debt-to-equity ratio
  2.533
  2.650
  2.820
  2.950
  3.040
  3.110
  3.160
  3.200
  3.230
  3.260
  3.280
  3.290
  3.310
  3.320
  3.330
  3.330
  3.340
  3.350
  3.350
  3.360
  3.360
  3.360
  3.370
  3.370
  3.370
  3.370
  3.380
  3.380
  3.380
  3.380
  3.380
Adjusted equity ratio
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -78
  35
  55
  78
  103
  131
  162
  194
  229
  267
  306
  433
  475
  520
  566
  614
  664
  716
  769
  824
  882
  941
  1,002
  1,066
  1,132
  1,201
  1,273
  1,347
  1,424
  1,505
  1,589
Depreciation, amort., depletion, $m
  239
  318
  377
  448
  531
  627
  735
  856
  990
  1,137
  1,296
  1,351
  1,535
  1,731
  1,938
  2,157
  2,387
  2,628
  2,880
  3,143
  3,417
  3,702
  3,998
  4,306
  4,627
  4,959
  5,305
  5,665
  6,039
  6,427
  6,832
Funds from operations, $m
  317
  353
  433
  526
  635
  758
  896
  1,050
  1,219
  1,403
  1,602
  1,783
  2,010
  2,251
  2,504
  2,771
  3,051
  3,344
  3,649
  3,967
  4,298
  4,643
  5,001
  5,373
  5,759
  6,161
  6,578
  7,012
  7,463
  7,933
  8,421
Change in working capital, $m
  47
  45
  55
  65
  76
  88
  99
  111
  123
  135
  147
  158
  169
  180
  191
  201
  212
  222
  232
  242
  252
  262
  273
  284
  295
  306
  318
  331
  344
  358
  372
Cash from operations, $m
  270
  308
  378
  461
  558
  670
  797
  939
  1,096
  1,268
  1,455
  1,625
  1,841
  2,070
  2,314
  2,570
  2,840
  3,122
  3,417
  3,725
  4,046
  4,380
  4,728
  5,089
  5,464
  5,854
  6,260
  6,681
  7,119
  7,575
  8,049
Maintenance CAPEX, $m
  0
  -151
  -200
  -260
  -331
  -414
  -509
  -617
  -738
  -872
  -1,019
  -1,179
  -1,351
  -1,535
  -1,731
  -1,938
  -2,157
  -2,387
  -2,628
  -2,880
  -3,143
  -3,417
  -3,702
  -3,998
  -4,306
  -4,627
  -4,959
  -5,305
  -5,665
  -6,039
  -6,427
New CAPEX, $m
  -148
  -542
  -656
  -780
  -912
  -1,049
  -1,189
  -1,332
  -1,474
  -1,616
  -1,755
  -1,891
  -2,025
  -2,155
  -2,283
  -2,407
  -2,530
  -2,651
  -2,771
  -2,891
  -3,013
  -3,136
  -3,261
  -3,390
  -3,523
  -3,661
  -3,805
  -3,955
  -4,112
  -4,277
  -4,451
Cash from investing activities, $m
  -1,097
  -693
  -856
  -1,040
  -1,243
  -1,463
  -1,698
  -1,949
  -2,212
  -2,488
  -2,774
  -3,070
  -3,376
  -3,690
  -4,014
  -4,345
  -4,687
  -5,038
  -5,399
  -5,771
  -6,156
  -6,553
  -6,963
  -7,388
  -7,829
  -8,288
  -8,764
  -9,260
  -9,777
  -10,316
  -10,878
Free cash flow, $m
  -827
  -385
  -478
  -579
  -684
  -792
  -902
  -1,010
  -1,117
  -1,220
  -1,319
  -1,445
  -1,535
  -1,620
  -1,700
  -1,775
  -1,847
  -1,916
  -1,982
  -2,046
  -2,109
  -2,172
  -2,235
  -2,299
  -2,365
  -2,433
  -2,504
  -2,579
  -2,658
  -2,741
  -2,829
Issuance/(repayment) of debt, $m
  578
  960
  1,164
  1,385
  1,619
  1,862
  2,112
  2,364
  2,617
  2,869
  3,116
  3,358
  3,595
  3,827
  4,053
  4,274
  4,492
  4,707
  4,920
  5,134
  5,349
  5,568
  5,790
  6,019
  6,255
  6,500
  6,755
  7,022
  7,301
  7,594
  7,903
Issuance/(repurchase) of shares, $m
  361
  245
  286
  329
  372
  416
  458
  500
  539
  576
  609
  554
  580
  604
  624
  641
  655
  666
  676
  683
  689
  694
  698
  701
  705
  708
  711
  715
  720
  725
  732
Cash from financing (excl. dividends), $m  
  907
  1,205
  1,450
  1,714
  1,991
  2,278
  2,570
  2,864
  3,156
  3,445
  3,725
  3,912
  4,175
  4,431
  4,677
  4,915
  5,147
  5,373
  5,596
  5,817
  6,038
  6,262
  6,488
  6,720
  6,960
  7,208
  7,466
  7,737
  8,021
  8,319
  8,635
Total cash flow (excl. dividends), $m
  72
  820
  973
  1,135
  1,306
  1,485
  1,669
  1,854
  2,040
  2,225
  2,406
  2,467
  2,641
  2,811
  2,977
  3,140
  3,299
  3,457
  3,614
  3,771
  3,929
  4,090
  4,253
  4,421
  4,595
  4,775
  4,962
  5,158
  5,363
  5,578
  5,805
Retained Cash Flow (-), $m
  -230
  -280
  -342
  -407
  -475
  -547
  -620
  -694
  -769
  -842
  -915
  -986
  -1,056
  -1,124
  -1,190
  -1,255
  -1,319
  -1,382
  -1,445
  -1,508
  -1,571
  -1,635
  -1,700
  -1,768
  -1,837
  -1,909
  -1,984
  -2,062
  -2,144
  -2,230
  -2,321
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
 
  540
  631
  728
  831
  938
  1,048
  1,160
  1,271
  1,382
  1,491
  1,481
  1,585
  1,687
  1,787
  1,884
  1,980
  2,075
  2,169
  2,263
  2,358
  2,455
  2,553
  2,654
  2,758
  2,866
  2,978
  3,096
  3,219
  3,348
  3,484
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  488
  511
  523
  523
  512
  490
  458
  418
  373
  325
  257
  215
  175
  139
  108
  82
  60
  43
  30
  20
  13
  9
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.6
  81.3
  74.5
  69.0
  64.4
  60.5
  57.1
  54.3
  51.8
  49.7
  48.1
  46.7
  45.4
  44.2
  43.2
  42.3
  41.5
  40.7
  40.0
  39.4
  38.9
  38.3
  37.9
  37.4
  37.0
  36.6
  36.3
  36.0
  35.7
  35.4

Cott Corp is a Canada-based company, which along with its subsidiaries, is engaged in production of beverages on behalf of retailers, brand owners and distributors. The Company operates through five operating segments: Water & Coffee Solutions; Cott North America; Cott United Kingdom (Cott U.K.), Royal Crown International (RCI) and Mexico. Water & Coffee Solutions segment provides direct-to-consumer products, such as bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers, and filtration equipment. Its traditional business consists of its Cott North America, Cott U.K. and All Other segments. Its traditional business produces products, including carbonated soft drinks, shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy drinks and shots, sports drinks, new age beverages, ready-to liquid enhancers, freezables, hot chocolate, creamers/whiteners, cereals and beverage concentrates directly or through third-party manufacturers.

FINANCIAL RATIOS  of  Cott (COT)

Valuation Ratios
P/E Ratio -27
Price to Sales 0.7
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 17.3
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.7%
Cap. Spend. - 3 Yr. Gr. Rate 19.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 228.8%
Total Debt to Equity 253.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. -12%
Return On Total Capital -2.9%
Ret/ On T. Cap. - 3 Yr. Avg. -0.6%
Return On Equity -10.3%
Return On Equity - 3 Yr. Avg. -2.1%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 25.6%
EBITDA Margin 9.8%
EBITDA Margin - 3 Yr. Avg. 8.8%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin -1.4%
Pre-Tax Margin - 3 Yr. Avg. -1.2%
Net Profit Margin -2.4%
Net Profit Margin - 3 Yr. Avg. -0.5%
Effective Tax Rate -56.5%
Eff/ Tax Rate - 3 Yr. Avg. 409.7%
Payout Ratio -39.7%

COT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COT stock intrinsic value calculation we used $3236 million for the last fiscal year's total revenue generated by Cott. The default revenue input number comes from 2016 income statement of Cott. 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 COT stock valuation model: a) initial revenue growth rate of 32.5% 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 10.6%, whose default value for COT is calculated based on our internal credit rating of Cott, 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 Cott.
    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 COT stock the variable cost ratio is equal to 96.6%.

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 COT 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 6.5% for Cott.

Corporate tax rate of 27% is the nominal tax rate for Cott. 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 COT 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 COT are equal to 51.4%.

Life of production assets of 11 years is the average useful life of capital assets used in Cott 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 COT is equal to 4.3%. 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 - $869 million for Cott - 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 138.945 million for Cott 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 Cott at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COKE Coca-Cola Bott 227.10 713.58  str.buy
FIZZ National Bever 106.68 194.80  str.buy

COMPANY NEWS

▶ IBD Rating Upgrades: Cott Shows Improved Relative Price Strength   [Sep-29-17 03:00AM  Investor's Business Daily]
▶ Bear Of The Day Cott Corp (COT)   [06:46AM  Zacks]
▶ Today's Bell Ringer, August 29, 2017   [Aug-29-17 09:16AM  CNBC Videos]
▶ Cott reports 2Q loss   [Aug-04-17 02:36AM  Associated Press]
▶ Cott Reports Second Quarter 2017 Results   [06:45AM  PR Newswire]
▶ Cott Declares Quarterly Dividend   [Aug-02-17 07:30AM  PR Newswire]
▶ Cott Declares Quarterly Dividend   [07:30AM  CNW Group]
▶ Cott agrees to sell bottling business for $1.25B   [Jul-25-17 10:11PM  American City Business Journals]
▶ Tampa beverage maker is merger target, reports say   [Jul-13-17 04:55PM  American City Business Journals]
▶ ETFs with exposure to Cott Corp. (Canada) : July 4, 2017   [Jul-04-17 02:47PM  Capital Cube]
▶ 3 Stocks with Universal Display-like Return Potential   [Jun-18-17 02:32PM  Motley Fool]
▶ ETFs with exposure to Cott Corp. (Canada) : June 14, 2017   [Jun-14-17 01:31PM  Capital Cube]
▶ Cott Announces Upcoming Investor and Analyst Day   [Jun-05-17 05:04PM  CNW Group]
▶ ETFs with exposure to Cott Corp. (Canada) : June 1, 2017   [Jun-01-17 01:42PM  Capital Cube]
▶ ETFs with exposure to Cott Corp. (Canada) : May 22, 2017   [May-22-17 01:28PM  Capital Cube]
▶ Cott Announces Participation in Upcoming Conferences   [May-11-17 04:45PM  PR Newswire]
▶ Beverage Companies Release Earnings This Week   [May-05-17 11:01AM  Investopedia]
▶ Cott reports 1Q loss   [07:51AM  Associated Press]
▶ Cott Reports First Quarter 2017 Results   [06:55AM  PR Newswire]
▶ Weekly CEO Buys Highlights   [Mar-13-17 12:39PM  GuruFocus.com]
Financial statements of COT
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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