Intrinsic value of Constellium Cl A - CSTM

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$6.90

  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 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 0.7

 

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, %
  -7.96
  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
  5,006
  5,256
  5,377
  5,515
  5,670
  5,842
  6,031
  6,236
  6,459
  6,698
  6,955
  7,230
  7,524
  7,836
  8,168
  8,520
  8,894
  9,289
  9,707
  10,149
  10,615
  11,107
  11,626
  12,173
  12,749
  13,356
  13,995
  14,668
  15,375
  16,120
  16,903
Variable operating expenses, $m
 
  5,040
  5,155
  5,286
  5,433
  5,597
  5,776
  5,971
  6,182
  6,410
  6,654
  6,872
  7,150
  7,447
  7,763
  8,098
  8,453
  8,828
  9,226
  9,645
  10,088
  10,556
  11,049
  11,569
  12,117
  12,694
  13,301
  13,940
  14,613
  15,321
  16,065
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
  5,040
  5,155
  5,286
  5,433
  5,597
  5,776
  5,971
  6,182
  6,410
  6,654
  6,872
  7,150
  7,447
  7,763
  8,098
  8,453
  8,828
  9,226
  9,645
  10,088
  10,556
  11,049
  11,569
  12,117
  12,694
  13,301
  13,940
  14,613
  15,321
  16,065
Operating income, $m
  260
  216
  222
  229
  237
  245
  255
  265
  276
  288
  301
  359
  373
  389
  405
  423
  441
  461
  481
  503
  526
  551
  577
  604
  632
  662
  694
  727
  763
  800
  838
EBITDA, $m
  424
  377
  386
  396
  407
  419
  433
  448
  464
  481
  499
  519
  540
  562
  586
  612
  638
  667
  697
  728
  762
  797
  835
  874
  915
  959
  1,005
  1,053
  1,104
  1,157
  1,213
Interest expense (income), $m
  184
  169
  73
  78
  84
  91
  99
  107
  116
  126
  136
  148
  160
  173
  187
  201
  217
  233
  251
  269
  289
  310
  331
  354
  378
  404
  431
  459
  489
  520
  553
Earnings before tax, $m
  69
  47
  150
  151
  153
  154
  156
  158
  160
  162
  164
  211
  213
  216
  218
  221
  224
  227
  231
  234
  238
  241
  245
  250
  254
  259
  263
  269
  274
  280
  286
Tax expense, $m
  73
  13
  40
  41
  41
  42
  42
  43
  43
  44
  44
  57
  58
  58
  59
  60
  61
  61
  62
  63
  64
  65
  66
  67
  69
  70
  71
  73
  74
  75
  77
Net income, $m
  -4
  34
  109
  110
  112
  113
  114
  115
  117
  118
  120
  154
  156
  157
  159
  161
  164
  166
  168
  171
  173
  176
  179
  182
  185
  189
  192
  196
  200
  204
  208

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
  3,147
  3,220
  3,302
  3,395
  3,498
  3,611
  3,734
  3,867
  4,011
  4,165
  4,329
  4,505
  4,692
  4,891
  5,102
  5,326
  5,562
  5,813
  6,077
  6,356
  6,651
  6,962
  7,289
  7,634
  7,998
  8,380
  8,783
  9,207
  9,653
  10,122
Adjusted assets (=assets-cash), $m
  3,507
  3,147
  3,220
  3,302
  3,395
  3,498
  3,611
  3,734
  3,867
  4,011
  4,165
  4,329
  4,505
  4,692
  4,891
  5,102
  5,326
  5,562
  5,813
  6,077
  6,356
  6,651
  6,962
  7,289
  7,634
  7,998
  8,380
  8,783
  9,207
  9,653
  10,122
Revenue / Adjusted assets
  1.427
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
  1.670
Average production assets, $m
  1,524
  1,014
  1,038
  1,064
  1,094
  1,128
  1,164
  1,204
  1,246
  1,293
  1,342
  1,395
  1,452
  1,512
  1,576
  1,644
  1,716
  1,793
  1,873
  1,959
  2,049
  2,144
  2,244
  2,349
  2,461
  2,578
  2,701
  2,831
  2,967
  3,111
  3,262
Working capital, $m
  396
  -121
  -124
  -127
  -130
  -134
  -139
  -143
  -149
  -154
  -160
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -223
  -233
  -244
  -255
  -267
  -280
  -293
  -307
  -322
  -337
  -354
  -371
  -389
Total debt, $m
  2,605
  887
  952
  1,026
  1,110
  1,202
  1,304
  1,415
  1,535
  1,664
  1,802
  1,950
  2,109
  2,277
  2,456
  2,646
  2,847
  3,060
  3,285
  3,523
  3,775
  4,040
  4,319
  4,614
  4,925
  5,252
  5,596
  5,959
  6,340
  6,741
  7,164
Total liabilities, $m
  4,608
  2,833
  2,898
  2,972
  3,056
  3,148
  3,250
  3,361
  3,481
  3,610
  3,748
  3,896
  4,055
  4,223
  4,402
  4,592
  4,793
  5,006
  5,231
  5,469
  5,721
  5,986
  6,265
  6,560
  6,871
  7,198
  7,542
  7,905
  8,286
  8,687
  9,110
Total equity, $m
  -611
  315
  322
  330
  340
  350
  361
  373
  387
  401
  416
  433
  451
  469
  489
  510
  533
  556
  581
  608
  636
  665
  696
  729
  763
  800
  838
  878
  921
  965
  1,012
Total liabilities and equity, $m
  3,997
  3,148
  3,220
  3,302
  3,396
  3,498
  3,611
  3,734
  3,868
  4,011
  4,164
  4,329
  4,506
  4,692
  4,891
  5,102
  5,326
  5,562
  5,812
  6,077
  6,357
  6,651
  6,961
  7,289
  7,634
  7,998
  8,380
  8,783
  9,207
  9,652
  10,122
Debt-to-equity ratio
  -4.264
  2.820
  2.960
  3.110
  3.270
  3.440
  3.610
  3.790
  3.970
  4.150
  4.330
  4.510
  4.680
  4.850
  5.020
  5.190
  5.350
  5.500
  5.650
  5.800
  5.940
  6.070
  6.200
  6.330
  6.450
  6.570
  6.680
  6.780
  6.890
  6.980
  7.080
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
  34
  109
  110
  112
  113
  114
  115
  117
  118
  120
  154
  156
  157
  159
  161
  164
  166
  168
  171
  173
  176
  179
  182
  185
  189
  192
  196
  200
  204
  208
Depreciation, amort., depletion, $m
  164
  161
  164
  167
  170
  174
  178
  183
  188
  193
  199
  160
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  258
  270
  283
  296
  310
  325
  341
  358
  375
Funds from operations, $m
  -77
  195
  273
  277
  282
  287
  292
  298
  304
  311
  318
  314
  323
  331
  341
  350
  361
  372
  384
  396
  409
  423
  437
  452
  468
  485
  503
  521
  541
  562
  583
Change in working capital, $m
  -170
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
Cash from operations, $m
  93
  534
  276
  280
  285
  291
  296
  303
  309
  317
  324
  321
  329
  339
  348
  359
  370
  381
  393
  406
  420
  434
  449
  465
  481
  499
  517
  537
  557
  579
  601
Maintenance CAPEX, $m
  0
  -115
  -117
  -119
  -122
  -126
  -130
  -134
  -138
  -143
  -149
  -154
  -160
  -167
  -174
  -181
  -189
  -197
  -206
  -215
  -225
  -235
  -246
  -258
  -270
  -283
  -296
  -310
  -325
  -341
  -358
New CAPEX, $m
  -375
  -18
  -23
  -27
  -30
  -33
  -36
  -40
  -43
  -46
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -137
  -144
  -151
Cash from investing activities, $m
  -385
  -133
  -140
  -146
  -152
  -159
  -166
  -174
  -181
  -189
  -199
  -207
  -217
  -227
  -238
  -249
  -261
  -273
  -287
  -300
  -315
  -330
  -346
  -364
  -381
  -400
  -419
  -440
  -462
  -485
  -509
Free cash flow, $m
  -292
  402
  136
  134
  133
  132
  130
  129
  128
  127
  126
  113
  112
  111
  110
  109
  108
  107
  106
  105
  104
  103
  102
  101
  100
  99
  98
  97
  95
  94
  93
Issuance/(repayment) of debt, $m
  -229
  -1,177
  65
  74
  84
  93
  102
  111
  120
  129
  139
  148
  158
  168
  179
  190
  201
  213
  225
  238
  251
  265
  280
  295
  311
  327
  344
  362
  381
  401
  422
Issuance/(repurchase) of shares, $m
  396
  1,641
  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  
  153
  464
  65
  74
  84
  93
  102
  111
  120
  129
  139
  148
  158
  168
  179
  190
  201
  213
  225
  238
  251
  265
  280
  295
  311
  327
  344
  362
  381
  401
  422
Total cash flow (excl. dividends), $m
  -136
  -776
  201
  209
  217
  224
  232
  240
  248
  256
  265
  261
  270
  280
  289
  299
  310
  320
  332
  344
  356
  369
  382
  396
  411
  426
  442
  459
  477
  495
  515
Retained Cash Flow (-), $m
  29
  -1,239
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
Prev. year cash balance distribution, $m
 
  373
  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
 
  0
  194
  200
  207
  214
  221
  228
  235
  242
  249
  245
  253
  261
  269
  278
  287
  297
  307
  317
  328
  339
  351
  363
  376
  390
  404
  419
  434
  451
  468
Discount rate, %
 
  13.90
  14.60
  15.32
  16.09
  16.90
  17.74
  18.63
  19.56
  20.54
  21.56
  22.64
  23.77
  24.96
  26.21
  27.52
  28.90
  30.34
  31.86
  33.45
  35.12
  36.88
  38.72
  40.66
  42.69
  44.83
  47.07
  49.42
  51.90
  54.49
  57.21
PV of cash for distribution, $m
 
  0
  147
  131
  114
  98
  83
  69
  56
  45
  35
  26
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Constellium N.V. engages in the design, manufacture, and sale of specialty rolled and extruded aluminum products for the aerospace, packaging, and automotive end-markets. The company operates in three segments: Packaging & Automotive Rolled Products, Aerospace & Transportation, and Automotive Structures & Industry. The Packaging & Automotive Rolled Products segment produces rolled aluminum products, including can stock and closure stock for the beverage and food industry, and foil stock for the flexible packaging market. It also supplies automotive sheets, heat exchangers, and sheet and coils for the building and constructions markets. The Aerospace & Transportation segment provides aluminum and specialty materials products, including aerospace plates and sheets, aerospace wingskins, plates for general engineering, and sheets for transportation applications, as well as other extrusions and precision casting products. This segment serves aerospace, transportation, industry, and defense sectors. The Automotive Structures & Industry segment offers crash management systems, side impact beams, body structures, and cockpit carriers; and soft and hard alloy extrusions, and large profiles for automotive, rail, road, energy, building, and industrial applications. This segment also provides downstream technology and services, which include pre-machining, surface treatment, research and development, and technical support services. The company sells its products directly or through distributors in France, Germany, the Czech Republic, the United Kingdom, Switzerland, Italy, and the United States, as well as Tokyo, Shanghai, Seoul, and Singapore. Constellium N.V. was incorporated in 2010 and is headquartered in Schiphol-Rijk, the Netherlands.

FINANCIAL RATIOS  of  Constellium Cl A (CSTM)

Valuation Ratios
P/E Ratio -182.1
Price to Sales 0.1
Price to Book -1.2
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow -2.6
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 $5153 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 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 13.9%, 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 95.9%.

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 8.2% 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 19.3%.

Life of production assets of 8.7 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 -2.3%. 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 - $-551 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 102.951 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 $0.7 billion.


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COMPANY NEWS

▶ 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]
▶ Investor Alert: Can Arconic Navigate Its Short-Term Challenges?   [Sep-22-16 10:04AM  at Market Realist]
▶ Do the Markets Really Want Alcoa to Split into 2 Companies?   [Sep-20-16 04:30PM  at Market Realist]
Stock chart of CSTM Financial statements of CSTM Annual reports 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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