Intrinsic value of Constellium Cl A - CSTM

Previous Close

$10.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-167%

Previous close

$10.30

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-167%

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

We calculate the intrinsic value of CSTM 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 1.1

 

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, %
  -7.96
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  5,006
  5,612
  6,251
  6,923
  7,627
  8,364
  9,133
  9,934
  10,768
  11,636
  12,538
  13,475
  14,449
  15,461
  16,513
  17,607
  18,745
  19,929
  21,161
  22,445
  23,782
  25,176
  26,631
  28,149
  29,733
  31,388
  33,118
  34,925
  36,816
  38,794
  40,863
Variable operating expenses, $m
 
  6,072
  6,758
  7,479
  8,235
  9,026
  9,851
  10,711
  11,607
  12,538
  13,506
  14,464
  15,509
  16,595
  17,725
  18,899
  20,120
  21,391
  22,714
  24,091
  25,527
  27,024
  28,585
  30,214
  31,915
  33,691
  35,548
  37,488
  39,517
  41,640
  43,861
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
  4,746
  6,072
  6,758
  7,479
  8,235
  9,026
  9,851
  10,711
  11,607
  12,538
  13,506
  14,464
  15,509
  16,595
  17,725
  18,899
  20,120
  21,391
  22,714
  24,091
  25,527
  27,024
  28,585
  30,214
  31,915
  33,691
  35,548
  37,488
  39,517
  41,640
  43,861
Operating income, $m
  260
  -460
  -507
  -556
  -608
  -662
  -718
  -777
  -838
  -902
  -968
  -989
  -1,060
  -1,134
  -1,212
  -1,292
  -1,375
  -1,462
  -1,553
  -1,647
  -1,745
  -1,847
  -1,954
  -2,065
  -2,182
  -2,303
  -2,430
  -2,563
  -2,701
  -2,846
  -2,998
EBITDA, $m
  424
  -272
  -303
  -335
  -370
  -405
  -443
  -481
  -522
  -564
  -607
  -653
  -700
  -749
  -800
  -853
  -908
  -966
  -1,025
  -1,088
  -1,152
  -1,220
  -1,290
  -1,364
  -1,441
  -1,521
  -1,605
  -1,692
  -1,784
  -1,880
  -1,980
Interest expense (income), $m
  184
  184
  114
  144
  175
  208
  242
  278
  315
  354
  395
  437
  481
  526
  573
  622
  674
  727
  782
  839
  899
  962
  1,027
  1,095
  1,166
  1,239
  1,317
  1,397
  1,482
  1,570
  1,662
Earnings before tax, $m
  69
  -644
  -621
  -700
  -783
  -870
  -960
  -1,055
  -1,154
  -1,256
  -1,363
  -1,426
  -1,541
  -1,661
  -1,785
  -1,914
  -2,049
  -2,189
  -2,334
  -2,486
  -2,644
  -2,809
  -2,981
  -3,160
  -3,347
  -3,542
  -3,747
  -3,960
  -4,183
  -4,416
  -4,660
Tax expense, $m
  73
  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
Net income, $m
  -4
  -644
  -621
  -700
  -783
  -870
  -960
  -1,055
  -1,154
  -1,256
  -1,363
  -1,426
  -1,541
  -1,661
  -1,785
  -1,914
  -2,049
  -2,189
  -2,334
  -2,486
  -2,644
  -2,809
  -2,981
  -3,160
  -3,347
  -3,542
  -3,747
  -3,960
  -4,183
  -4,416
  -4,660

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  490
  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
  3,997
  3,933
  4,380
  4,851
  5,345
  5,861
  6,400
  6,962
  7,546
  8,154
  8,786
  9,443
  10,125
  10,835
  11,572
  12,338
  13,136
  13,965
  14,829
  15,729
  16,666
  17,643
  18,662
  19,726
  20,836
  21,996
  23,208
  24,475
  25,800
  27,185
  28,636
Adjusted assets (=assets-cash), $m
  3,507
  3,933
  4,380
  4,851
  5,345
  5,861
  6,400
  6,962
  7,546
  8,154
  8,786
  9,443
  10,125
  10,835
  11,572
  12,338
  13,136
  13,965
  14,829
  15,729
  16,666
  17,643
  18,662
  19,726
  20,836
  21,996
  23,208
  24,475
  25,800
  27,185
  28,636
Revenue / Adjusted assets
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
  1.427
Average production assets, $m
  1,524
  1,706
  1,900
  2,105
  2,319
  2,543
  2,776
  3,020
  3,274
  3,537
  3,811
  4,096
  4,392
  4,700
  5,020
  5,353
  5,698
  6,058
  6,433
  6,823
  7,230
  7,654
  8,096
  8,557
  9,039
  9,542
  10,068
  10,617
  11,192
  11,793
  12,422
Working capital, $m
  396
  22
  25
  28
  31
  33
  37
  40
  43
  47
  50
  54
  58
  62
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  119
  126
  132
  140
  147
  155
  163
Total debt, $m
  2,605
  1,536
  1,939
  2,363
  2,808
  3,272
  3,757
  4,262
  4,788
  5,336
  5,904
  6,496
  7,110
  7,748
  8,412
  9,102
  9,819
  10,566
  11,343
  12,153
  12,996
  13,876
  14,793
  15,750
  16,750
  17,793
  18,884
  20,024
  21,217
  22,464
  23,769
Total liabilities, $m
  4,608
  3,539
  3,942
  4,366
  4,811
  5,275
  5,760
  6,265
  6,791
  7,339
  7,907
  8,499
  9,113
  9,751
  10,415
  11,105
  11,822
  12,569
  13,346
  14,156
  14,999
  15,879
  16,796
  17,753
  18,753
  19,796
  20,887
  22,027
  23,220
  24,467
  25,772
Total equity, $m
  -611
  393
  438
  485
  535
  586
  640
  696
  755
  815
  879
  944
  1,013
  1,083
  1,157
  1,234
  1,314
  1,397
  1,483
  1,573
  1,667
  1,764
  1,866
  1,973
  2,084
  2,200
  2,321
  2,447
  2,580
  2,719
  2,864
Total liabilities and equity, $m
  3,997
  3,932
  4,380
  4,851
  5,346
  5,861
  6,400
  6,961
  7,546
  8,154
  8,786
  9,443
  10,126
  10,834
  11,572
  12,339
  13,136
  13,966
  14,829
  15,729
  16,666
  17,643
  18,662
  19,726
  20,837
  21,996
  23,208
  24,474
  25,800
  27,186
  28,636
Debt-to-equity ratio
  -4.264
  3.910
  4.430
  4.870
  5.250
  5.580
  5.870
  6.120
  6.350
  6.540
  6.720
  6.880
  7.020
  7.150
  7.270
  7.380
  7.480
  7.570
  7.650
  7.730
  7.800
  7.860
  7.930
  7.980
  8.040
  8.090
  8.140
  8.180
  8.220
  8.260
  8.300
Adjusted equity ratio
  -0.314
  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
  -4
  -644
  -621
  -700
  -783
  -870
  -960
  -1,055
  -1,154
  -1,256
  -1,363
  -1,426
  -1,541
  -1,661
  -1,785
  -1,914
  -2,049
  -2,189
  -2,334
  -2,486
  -2,644
  -2,809
  -2,981
  -3,160
  -3,347
  -3,542
  -3,747
  -3,960
  -4,183
  -4,416
  -4,660
Depreciation, amort., depletion, $m
  164
  188
  204
  221
  238
  257
  276
  296
  317
  338
  361
  336
  360
  385
  411
  439
  467
  497
  527
  559
  593
  627
  664
  701
  741
  782
  825
  870
  917
  967
  1,018
Funds from operations, $m
  -77
  -456
  -417
  -479
  -544
  -613
  -685
  -759
  -837
  -918
  -1,002
  -1,090
  -1,181
  -1,275
  -1,373
  -1,476
  -1,582
  -1,692
  -1,807
  -1,927
  -2,052
  -2,182
  -2,317
  -2,459
  -2,606
  -2,760
  -2,921
  -3,090
  -3,266
  -3,450
  -3,642
Change in working capital, $m
  -170
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash from operations, $m
  93
  -459
  -419
  -482
  -547
  -616
  -688
  -763
  -841
  -922
  -1,006
  -1,094
  -1,185
  -1,279
  -1,378
  -1,480
  -1,586
  -1,697
  -1,812
  -1,932
  -2,057
  -2,187
  -2,323
  -2,465
  -2,613
  -2,767
  -2,928
  -3,097
  -3,273
  -3,458
  -3,651
Maintenance CAPEX, $m
  0
  -125
  -140
  -156
  -173
  -190
  -208
  -228
  -248
  -268
  -290
  -312
  -336
  -360
  -385
  -411
  -439
  -467
  -497
  -527
  -559
  -593
  -627
  -664
  -701
  -741
  -782
  -825
  -870
  -917
  -967
New CAPEX, $m
  -375
  -182
  -194
  -204
  -214
  -224
  -234
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -375
  -390
  -407
  -424
  -442
  -461
  -482
  -503
  -526
  -550
  -575
  -601
  -629
Cash from investing activities, $m
  -385
  -307
  -334
  -360
  -387
  -414
  -442
  -472
  -502
  -532
  -564
  -597
  -632
  -668
  -705
  -744
  -785
  -827
  -872
  -917
  -966
  -1,017
  -1,069
  -1,125
  -1,183
  -1,244
  -1,308
  -1,375
  -1,445
  -1,518
  -1,596
Free cash flow, $m
  -292
  -766
  -753
  -842
  -934
  -1,030
  -1,130
  -1,234
  -1,342
  -1,454
  -1,570
  -1,691
  -1,817
  -1,947
  -2,083
  -2,224
  -2,371
  -2,524
  -2,683
  -2,850
  -3,023
  -3,204
  -3,392
  -3,590
  -3,796
  -4,011
  -4,236
  -4,472
  -4,718
  -4,976
  -5,246
Issuance/(repayment) of debt, $m
  -229
  -956
  403
  424
  444
  465
  485
  505
  526
  547
  569
  591
  614
  638
  664
  690
  718
  747
  777
  810
  844
  879
  917
  957
  999
  1,044
  1,091
  1,140
  1,192
  1,247
  1,305
Issuance/(repurchase) of shares, $m
  396
  2,026
  665
  747
  832
  921
  1,014
  1,111
  1,212
  1,317
  1,426
  1,491
  1,609
  1,731
  1,859
  1,991
  2,129
  2,272
  2,421
  2,576
  2,738
  2,907
  3,083
  3,266
  3,458
  3,658
  3,868
  4,087
  4,316
  4,555
  4,806
Cash from financing (excl. dividends), $m  
  153
  1,070
  1,068
  1,171
  1,276
  1,386
  1,499
  1,616
  1,738
  1,864
  1,995
  2,082
  2,223
  2,369
  2,523
  2,681
  2,847
  3,019
  3,198
  3,386
  3,582
  3,786
  4,000
  4,223
  4,457
  4,702
  4,959
  5,227
  5,508
  5,802
  6,111
Total cash flow (excl. dividends), $m
  -136
  304
  315
  329
  342
  356
  369
  383
  397
  411
  425
  391
  407
  423
  439
  457
  475
  494
  515
  536
  559
  582
  607
  634
  662
  691
  722
  755
  790
  826
  864
Retained Cash Flow (-), $m
  29
  -2,026
  -665
  -747
  -832
  -921
  -1,014
  -1,111
  -1,212
  -1,317
  -1,426
  -1,491
  -1,609
  -1,731
  -1,859
  -1,991
  -2,129
  -2,272
  -2,421
  -2,576
  -2,738
  -2,907
  -3,083
  -3,266
  -3,458
  -3,658
  -3,868
  -4,087
  -4,316
  -4,555
  -4,806
Prev. year cash balance distribution, $m
 
  377
  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
 
  -1,344
  -350
  -418
  -490
  -565
  -645
  -728
  -816
  -907
  -1,001
  -1,100
  -1,202
  -1,309
  -1,419
  -1,534
  -1,653
  -1,777
  -1,906
  -2,040
  -2,179
  -2,324
  -2,475
  -2,632
  -2,796
  -2,967
  -3,145
  -3,332
  -3,526
  -3,729
  -3,941
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -1,176
  -265
  -269
  -265
  -254
  -236
  -213
  -188
  -162
  -135
  -110
  -87
  -67
  -50
  -36
  -26
  -18
  -12
  -7
  -5
  -3
  -2
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  18.6
  6.9
  2.5
  0.9
  0.3
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Constellium N.V. is a Netherlands-based company engaged in developing aluminum products for a range of markets and applications, including aerospace, automotive and packaging. The Company's manufacturing facilities are located in the United States, Europe and China. It operates through three segments: Packaging & Automotive Rolled Product; Aerospace & Transportation, and Automotive Structures & Industry. Its products include can body stock, can end stock, auto body sheet, heat exchangers, specialty reflective sheet, aerospace plates and sheets, aerospace wingskins, plates for general engineering, sheets for transportation applications, soft alloys, hard alloys, large profiles and automotive structures. It offers services, such as pre-machining services, which includes surface machining, boring and drilling; aluminum recycling services to recycle aluminum from end-of-life aircraft, and advanced welding services.

FINANCIAL RATIOS  of  Constellium Cl A (CSTM)

Valuation Ratios
P/E Ratio -271.9
Price to Sales 0.2
Price to Book -1.8
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow -3.9
Growth Rates
Sales Growth Rate -8%
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 19.8%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity -407.9%
Total Debt to Equity -426.4%
Interest Coverage 1
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. -3.3%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -10.7%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. -264.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 10.9%
Gross Margin - 3 Yr. Avg. 10.9%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 2.5%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. -2.5%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 105.8%
Eff/ Tax Rate - 3 Yr. Avg. 50.6%
Payout Ratio 0%

CSTM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSTM stock intrinsic value calculation we used $5006 million for the last fiscal year's total revenue generated by Constellium Cl A. The default revenue input number comes from 2016 income statement of Constellium Cl A. 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 CSTM stock valuation model: a) initial revenue growth rate of 12.1% 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 14.3%, whose default value for CSTM is calculated based on our internal credit rating of Constellium Cl A, 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 Constellium Cl A.
    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 CSTM stock the variable cost ratio is equal to 108.3%.

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 CSTM 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 7.4% for Constellium Cl A.

Corporate tax rate of 27% is the nominal tax rate for Constellium Cl A. 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 CSTM 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 CSTM are equal to 30.4%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Constellium Cl A 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 CSTM is equal to 0.4%. 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 - $-611 million for Constellium Cl A - 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 106.796 million for Constellium Cl A 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 Constellium Cl A at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
ARNC Arconic 26.21 18.45  sell
KALU Kaiser Aluminu 102.49 11.53  str.sell
AA Alcoa 45.38 7.48  str.sell
BLL Ball 41.00 150.40  str.buy

COMPANY NEWS

▶ ETFs with exposure to Constellium NV : August 15, 2017   [Aug-15-17 03:52PM  Capital Cube]
▶ Why Constellium N.V.'s Shares Popped 19% Today   [Aug-04-17 04:15PM  Motley Fool]
▶ Constellium misses Street 2Q forecasts   [Jul-28-17 01:32AM  Associated Press]
▶ Investor Network: Constellium NV to Host Earnings Call   [Jul-27-17 09:10AM  ACCESSWIRE]
▶ Constellium opens new Georgia plant (SLIDESHOW)   [May-12-17 06:40AM  American City Business Journals]
▶ ETFs with exposure to Constellium NV : May 5, 2017   [May-05-17 04:01PM  Capital Cube]
▶ Constellium Posts Annual General Meeting Materials   [May-03-17 04:05PM  PR Newswire]
▶ Constellium NV Value Analysis (NYSE:CSTM) : May 2, 2017   [May-02-17 05:11PM  Capital Cube]
▶ Constellium tops Street 1Q forecasts   [Apr-27-17 05:00AM  Associated Press]
▶ Why Constellium Stock Just Jumped Nearly 9%   [Apr-25-17 05:47PM  Motley Fool]
▶ ETFs with exposure to Constellium NV : April 13, 2017   [Apr-13-17 12:33PM  Capital Cube]
▶ 3 Industrial Stocks Struggling in March   [Mar-31-17 11:04AM  Motley Fool]
▶ 3 Industrial Stocks Struggling in March   [11:04AM  at Motley Fool]
▶ ETFs with exposure to Constellium NV : March 30, 2017   [Mar-29-17 08:29PM  Capital Cube]
▶ Alcoa Will Be an Excellent Income Stock to Buy This Year   [Mar-27-17 01:48PM  TheStreet.com]
▶ Constellium Publishes Dutch Annual Report 2016   [Mar-23-17 05:00PM  PR Newswire]
▶ 4 Stocks Under $10 Setting Up to Break Out   [Mar-16-17 10:15PM  TheStreet.com]
▶ Why Constellium Stock Is Down 12% Today   [12:00PM  Motley Fool]
▶ Why Constellium Stock Is Down 12% Today   [12:00PM  at Motley Fool]
▶ Why Constellium NV's Shares Popped 15% Today   [Feb-13-17 04:55PM  at Motley Fool]
▶ Constellium Prices Notes Offering   [Feb-02-17 04:20PM  PR Newswire]
▶ Constellium Launches Notes Offering   [04:40PM  PR Newswire]
▶ Is Encore Wire Corporation (WIRE) A Good Stock To Buy?   [Dec-12-16 05:12PM  at Insider Monkey]
▶ Constellium NV (CSTM): This Metric Is Giving A Huge Buy Signal   [Nov-30-16 09:16PM  at Insider Monkey]
▶ [$$] Noranda Aluminum Announces Winner in Bankruptcy Auction   [Oct-21-16 03:54PM  at The Wall Street Journal]
Financial statements of CSTM
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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