Intrinsic value of Carpenter Technology - CRS

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$36.57

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$36.57

 
Intrinsic value

$4.53

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CRS 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 1.7

 

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, %
  -18.59
  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
  1,813
  1,849
  1,892
  1,940
  1,995
  2,055
  2,122
  2,194
  2,272
  2,357
  2,447
  2,544
  2,647
  2,757
  2,874
  2,998
  3,129
  3,268
  3,415
  3,571
  3,735
  3,908
  4,090
  4,283
  4,486
  4,699
  4,924
  5,161
  5,410
  5,672
  5,947
Variable operating expenses, $m
 
  1,558
  1,594
  1,634
  1,679
  1,729
  1,785
  1,844
  1,909
  1,979
  2,054
  2,110
  2,196
  2,287
  2,384
  2,487
  2,596
  2,711
  2,833
  2,962
  3,098
  3,241
  3,393
  3,553
  3,721
  3,898
  4,084
  4,281
  4,487
  4,705
  4,933
Fixed operating expenses, $m
 
  246
  252
  258
  265
  272
  278
  285
  292
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
  445
  456
  467
  479
  491
  503
Total operating expenses, $m
  1,762
  1,804
  1,846
  1,892
  1,944
  2,001
  2,063
  2,129
  2,201
  2,279
  2,361
  2,425
  2,519
  2,618
  2,723
  2,835
  2,952
  3,076
  3,207
  3,346
  3,491
  3,644
  3,806
  3,977
  4,155
  4,343
  4,540
  4,748
  4,966
  5,196
  5,436
Operating income, $m
  52
  45
  46
  48
  51
  54
  59
  64
  71
  78
  86
  119
  129
  139
  151
  164
  177
  192
  208
  225
  244
  263
  284
  307
  331
  356
  384
  412
  443
  476
  511
EBITDA, $m
  171
  173
  176
  181
  187
  194
  202
  212
  222
  234
  247
  261
  277
  294
  312
  331
  352
  375
  399
  425
  453
  482
  513
  547
  582
  619
  659
  701
  746
  793
  844
Interest expense (income), $m
  28
  28
  30
  31
  34
  36
  38
  41
  44
  48
  51
  55
  59
  64
  69
  74
  79
  84
  90
  97
  103
  110
  118
  126
  134
  143
  152
  161
  171
  182
  193
Earnings before tax, $m
  22
  17
  16
  16
  17
  19
  21
  23
  26
  30
  34
  64
  69
  75
  82
  90
  98
  108
  118
  128
  140
  153
  166
  181
  197
  214
  232
  251
  272
  294
  317
Tax expense, $m
  11
  5
  4
  4
  5
  5
  6
  6
  7
  8
  9
  17
  19
  20
  22
  24
  27
  29
  32
  35
  38
  41
  45
  49
  53
  58
  63
  68
  73
  79
  86
Net income, $m
  11
  12
  12
  12
  13
  14
  15
  17
  19
  22
  25
  46
  51
  55
  60
  66
  72
  79
  86
  94
  102
  112
  122
  132
  144
  156
  169
  183
  198
  214
  232

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  82
  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
  2,794
  2,764
  2,828
  2,900
  2,982
  3,072
  3,172
  3,280
  3,397
  3,523
  3,658
  3,802
  3,957
  4,121
  4,296
  4,481
  4,677
  4,885
  5,105
  5,337
  5,582
  5,841
  6,114
  6,402
  6,705
  7,024
  7,360
  7,714
  8,086
  8,478
  8,890
Adjusted assets (=assets-cash), $m
  2,712
  2,764
  2,828
  2,900
  2,982
  3,072
  3,172
  3,280
  3,397
  3,523
  3,658
  3,802
  3,957
  4,121
  4,296
  4,481
  4,677
  4,885
  5,105
  5,337
  5,582
  5,841
  6,114
  6,402
  6,705
  7,024
  7,360
  7,714
  8,086
  8,478
  8,890
Revenue / Adjusted assets
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
Average production assets, $m
  1,442
  1,470
  1,504
  1,543
  1,586
  1,634
  1,687
  1,744
  1,806
  1,873
  1,945
  2,022
  2,104
  2,192
  2,285
  2,383
  2,488
  2,598
  2,715
  2,839
  2,969
  3,107
  3,252
  3,405
  3,566
  3,736
  3,915
  4,103
  4,301
  4,509
  4,728
Working capital, $m
  712
  642
  656
  673
  692
  713
  736
  761
  788
  818
  849
  883
  919
  957
  997
  1,040
  1,086
  1,134
  1,185
  1,239
  1,296
  1,356
  1,419
  1,486
  1,556
  1,631
  1,709
  1,791
  1,877
  1,968
  2,064
Total debt, $m
  611
  644
  684
  729
  780
  836
  898
  965
  1,038
  1,117
  1,201
  1,291
  1,387
  1,489
  1,598
  1,714
  1,836
  1,965
  2,102
  2,247
  2,400
  2,561
  2,731
  2,910
  3,099
  3,298
  3,507
  3,728
  3,960
  4,204
  4,460
Total liabilities, $m
  1,689
  1,722
  1,762
  1,807
  1,858
  1,914
  1,976
  2,043
  2,116
  2,195
  2,279
  2,369
  2,465
  2,567
  2,676
  2,792
  2,914
  3,043
  3,180
  3,325
  3,478
  3,639
  3,809
  3,988
  4,177
  4,376
  4,585
  4,806
  5,038
  5,282
  5,538
Total equity, $m
  1,105
  1,042
  1,066
  1,093
  1,124
  1,158
  1,196
  1,236
  1,281
  1,328
  1,379
  1,433
  1,492
  1,554
  1,619
  1,689
  1,763
  1,842
  1,925
  2,012
  2,105
  2,202
  2,305
  2,413
  2,528
  2,648
  2,775
  2,908
  3,048
  3,196
  3,351
Total liabilities and equity, $m
  2,794
  2,764
  2,828
  2,900
  2,982
  3,072
  3,172
  3,279
  3,397
  3,523
  3,658
  3,802
  3,957
  4,121
  4,295
  4,481
  4,677
  4,885
  5,105
  5,337
  5,583
  5,841
  6,114
  6,401
  6,705
  7,024
  7,360
  7,714
  8,086
  8,478
  8,889
Debt-to-equity ratio
  0.553
  0.620
  0.640
  0.670
  0.690
  0.720
  0.750
  0.780
  0.810
  0.840
  0.870
  0.900
  0.930
  0.960
  0.990
  1.010
  1.040
  1.070
  1.090
  1.120
  1.140
  1.160
  1.180
  1.210
  1.230
  1.250
  1.260
  1.280
  1.300
  1.320
  1.330
Adjusted equity ratio
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  12
  12
  12
  13
  14
  15
  17
  19
  22
  25
  46
  51
  55
  60
  66
  72
  79
  86
  94
  102
  112
  122
  132
  144
  156
  169
  183
  198
  214
  232
Depreciation, amort., depletion, $m
  119
  128
  130
  133
  136
  140
  143
  147
  152
  156
  161
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  276
  289
  303
  318
  333
Funds from operations, $m
  267
  140
  142
  145
  149
  153
  158
  164
  171
  178
  186
  189
  199
  209
  221
  234
  247
  262
  277
  294
  311
  330
  351
  372
  395
  419
  445
  472
  501
  532
  565
Change in working capital, $m
  10
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
Cash from operations, $m
  257
  101
  128
  128
  130
  132
  135
  139
  144
  149
  155
  155
  163
  171
  180
  191
  201
  213
  226
  240
  254
  270
  287
  305
  324
  345
  367
  390
  415
  441
  469
Maintenance CAPEX, $m
  0
  -102
  -104
  -106
  -109
  -112
  -115
  -119
  -123
  -127
  -132
  -137
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -318
New CAPEX, $m
  -95
  -28
  -34
  -39
  -43
  -48
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -104
  -111
  -117
  -124
  -130
  -138
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -219
Cash from investing activities, $m
  -83
  -130
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -224
  -235
  -247
  -260
  -272
  -286
  -300
  -315
  -330
  -347
  -364
  -382
  -401
  -421
  -442
  -464
  -487
  -511
  -537
Free cash flow, $m
  174
  -29
  -10
  -16
  -22
  -28
  -33
  -37
  -41
  -45
  -49
  -59
  -62
  -64
  -67
  -69
  -71
  -72
  -74
  -75
  -76
  -76
  -77
  -77
  -76
  -76
  -75
  -74
  -72
  -70
  -68
Issuance/(repayment) of debt, $m
  0
  33
  40
  45
  51
  56
  62
  67
  73
  78
  84
  90
  96
  102
  109
  115
  122
  129
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  232
  244
  257
Issuance/(repurchase) of shares, $m
  -123
  0
  0
  0
  2
  5
  8
  11
  13
  14
  16
  23
  24
  24
  24
  23
  22
  21
  20
  18
  16
  13
  10
  6
  2
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -128
  33
  40
  45
  53
  61
  70
  78
  86
  92
  100
  113
  120
  126
  133
  138
  144
  150
  157
  163
  169
  174
  180
  185
  191
  199
  209
  220
  232
  244
  257
Total cash flow (excl. dividends), $m
  47
  4
  30
  29
  29
  29
  29
  30
  31
  33
  35
  31
  35
  38
  42
  47
  52
  57
  63
  70
  77
  85
  93
  102
  112
  123
  134
  147
  160
  174
  189
Retained Cash Flow (-), $m
  221
  -19
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -92
  -98
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -155
Prev. year cash balance distribution, $m
 
  82
  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
 
  67
  6
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  8
  13
  20
  26
  34
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  64
  5
  1
  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
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.9
  99.6
  99.1
  98.6
  97.9
  97.2
  96.5
  95.5
  94.5
  93.6
  92.7
  91.8
  91.0
  90.4
  89.7
  89.2
  88.8
  88.4
  88.2
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0
  88.0

Carpenter Technology Corporation manufactures, fabricates, and distributes specialty metals worldwide. It operates through two segments, Specialty Alloys Operations and Performance Engineered Products. The company develops, manufactures, and distributes cast/wrought and powder metal stainless steels and special alloys, including iron-nickel-cobalt base, stainless, superior corrosion resistant, and controlled expansion alloys; ultra-high strength and implantable alloys; tools and die steels; and other specialty metals, as well as cast/wrought titanium alloys. It also manufactures and rents down-hole drilling tools and components for use in the oil and gas industry. Carpenter Technology Corporation distributes its products directly through its distribution network, as well as through independent distributors. The company provides material solutions to aerospace and defense, energy, transportation, medical and industrial, and consumer industries. Carpenter Technology Corporation was founded in 1889 and is headquartered in Wyomissing, Pennsylvania.

FINANCIAL RATIOS  of  Carpenter Technology (CRS)

Valuation Ratios
P/E Ratio 154.9
Price to Sales 0.9
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 10.5
Growth Rates
Sales Growth Rate -18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.4%
Cap. Spend. - 3 Yr. Gr. Rate -21.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 55.3%
Total Debt to Equity 55.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.9%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity 0.9%
Return On Equity - 3 Yr. Avg. 4.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 15.3%
Gross Margin - 3 Yr. Avg. 16%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 318.2%

CRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRS stock intrinsic value calculation we used $1813 million for the last fiscal year's total revenue generated by Carpenter Technology. The default revenue input number comes from 2016 income statement of Carpenter Technology. 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 CRS 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 5.1%, whose default value for CRS is calculated based on our internal credit rating of Carpenter Technology, 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 Carpenter Technology.
    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 CRS stock the variable cost ratio is equal to 84.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $240 million in the base year in the intrinsic value calculation for CRS 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 4.6% for Carpenter Technology.

Corporate tax rate of 27% is the nominal tax rate for Carpenter Technology. 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 CRS 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 CRS are equal to 79.5%.

Life of production assets of 14.2 years is the average useful life of capital assets used in Carpenter Technology 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 CRS is equal to 34.7%. 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 - $1105 million for Carpenter Technology - 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 47.453 million for Carpenter Technology 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 Carpenter Technology at the current share price and the inputted number of shares is $1.7 billion.


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COMPANY NEWS

▶ Carpenter Technology Announces Conference Call and Webcast   [Apr-20-17 08:30AM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [08:15AM  GlobeNewswire]
▶ Carpenter Technology Completes Syndicated Credit Facility   [Mar-31-17 04:20PM  GlobeNewswire]
▶ Carpenter Technology Completes Acquisition of Puris LLC   [Mar-01-17 08:00AM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [Jan-25-17 04:15PM  GlobeNewswire]
▶ Carpenter Technology Announces Conference Call and Webcast   [Jan-19-17 04:15PM  GlobeNewswire]
▶ Is Carpenter Technology Corporation (CRS) A Good Stock To Buy?   [Dec-14-16 07:29PM  at Insider Monkey]
▶ Carpenter Technology Announces Conference Call and Webcast   [Oct-19-16 08:00AM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [09:00AM  GlobeNewswire]
▶ Is It Time to Get Small?   [Sep-18-16 07:00AM  at Morningstar]
▶ 5 Top Steel Stocks to Buy Today   [Sep-13-16 04:28PM  at Motley Fool]
▶ Carpenter Declares Quarterly Cash Dividend   [Aug-10-16 09:00AM  GlobeNewswire]
▶ Carpenter Technology Announces Conference Call and Webcast   [Jul-14-16 09:00AM  GlobeNewswire]
▶ 3 Stocks Senior Citizens Could Buy Now   [May-22-16 11:38AM  at Motley Fool]
▶ Carpenter reports 3Q loss   [08:46AM  AP]
▶ Carpenter Declares Quarterly Cash Dividend   [Apr-20-16 08:45AM  GlobeNewswire]
▶ Carpenter Technology Announces Conference Call and Webcast   [Apr-11-16 08:30AM  GlobeNewswire]
Stock chart of CRS Financial statements of CRS
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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