Intrinsic value of Constellium Cl A - CSTM

Previous Close

$13.05

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$13.05

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  5,006
  5,341
  5,690
  6,053
  6,431
  6,824
  7,234
  7,661
  8,106
  8,571
  9,056
  9,562
  10,091
  10,644
  11,222
  11,827
  12,460
  13,122
  13,816
  14,542
  15,302
  16,099
  16,934
  17,809
  18,726
  19,688
  20,696
  21,754
  22,863
  24,026
  25,247
Variable operating expenses, $m
 
  5,782
  6,156
  6,545
  6,951
  7,373
  7,813
  8,271
  8,749
  9,248
  9,768
  10,264
  10,832
  11,425
  12,046
  12,695
  13,374
  14,085
  14,829
  15,609
  16,425
  17,280
  18,176
  19,115
  20,100
  21,132
  22,215
  23,350
  24,540
  25,789
  27,099
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
  5,782
  6,156
  6,545
  6,951
  7,373
  7,813
  8,271
  8,749
  9,248
  9,768
  10,264
  10,832
  11,425
  12,046
  12,695
  13,374
  14,085
  14,829
  15,609
  16,425
  17,280
  18,176
  19,115
  20,100
  21,132
  22,215
  23,350
  24,540
  25,789
  27,099
Operating income, $m
  260
  -440
  -466
  -492
  -520
  -549
  -579
  -610
  -643
  -677
  -713
  -702
  -740
  -781
  -823
  -868
  -914
  -963
  -1,014
  -1,067
  -1,123
  -1,181
  -1,242
  -1,307
  -1,374
  -1,445
  -1,519
  -1,596
  -1,677
  -1,763
  -1,852
EBITDA, $m
  424
  -259
  -276
  -293
  -312
  -331
  -350
  -371
  -393
  -415
  -439
  -463
  -489
  -516
  -544
  -573
  -604
  -636
  -669
  -705
  -741
  -780
  -820
  -863
  -907
  -954
  -1,003
  -1,054
  -1,108
  -1,164
  -1,223
Interest expense (income), $m
  184
  184
  101
  117
  134
  152
  170
  189
  209
  230
  252
  274
  298
  323
  349
  376
  404
  433
  464
  497
  530
  566
  603
  642
  683
  726
  771
  818
  867
  919
  973
Earnings before tax, $m
  69
  -625
  -567
  -610
  -654
  -701
  -749
  -800
  -852
  -907
  -964
  -976
  -1,038
  -1,104
  -1,172
  -1,243
  -1,318
  -1,396
  -1,478
  -1,564
  -1,653
  -1,747
  -1,846
  -1,949
  -2,057
  -2,170
  -2,289
  -2,414
  -2,545
  -2,682
  -2,826
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
  -625
  -567
  -610
  -654
  -701
  -749
  -800
  -852
  -907
  -964
  -976
  -1,038
  -1,104
  -1,172
  -1,243
  -1,318
  -1,396
  -1,478
  -1,564
  -1,653
  -1,747
  -1,846
  -1,949
  -2,057
  -2,170
  -2,289
  -2,414
  -2,545
  -2,682
  -2,826

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
  3,743
  3,988
  4,242
  4,506
  4,782
  5,069
  5,368
  5,680
  6,006
  6,346
  6,701
  7,072
  7,459
  7,864
  8,288
  8,732
  9,196
  9,682
  10,190
  10,723
  11,282
  11,867
  12,480
  13,123
  13,797
  14,503
  15,244
  16,022
  16,837
  17,692
Adjusted assets (=assets-cash), $m
  3,507
  3,743
  3,988
  4,242
  4,506
  4,782
  5,069
  5,368
  5,680
  6,006
  6,346
  6,701
  7,072
  7,459
  7,864
  8,288
  8,732
  9,196
  9,682
  10,190
  10,723
  11,282
  11,867
  12,480
  13,123
  13,797
  14,503
  15,244
  16,022
  16,837
  17,692
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
  1,624
  1,730
  1,840
  1,955
  2,074
  2,199
  2,329
  2,464
  2,605
  2,753
  2,907
  3,068
  3,236
  3,412
  3,595
  3,788
  3,989
  4,200
  4,421
  4,652
  4,894
  5,148
  5,414
  5,693
  5,985
  6,292
  6,613
  6,950
  7,304
  7,675
Working capital, $m
  396
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  91
  96
  101
Total debt, $m
  2,605
  1,366
  1,586
  1,815
  2,053
  2,301
  2,559
  2,829
  3,109
  3,402
  3,708
  4,028
  4,361
  4,710
  5,075
  5,456
  5,855
  6,273
  6,710
  7,168
  7,648
  8,150
  8,677
  9,229
  9,807
  10,414
  11,050
  11,717
  12,416
  13,150
  13,920
Total liabilities, $m
  4,608
  3,369
  3,589
  3,818
  4,056
  4,304
  4,562
  4,832
  5,112
  5,405
  5,711
  6,031
  6,364
  6,713
  7,078
  7,459
  7,858
  8,276
  8,713
  9,171
  9,651
  10,153
  10,680
  11,232
  11,810
  12,417
  13,053
  13,720
  14,419
  15,153
  15,923
Total equity, $m
  -611
  374
  399
  424
  451
  478
  507
  537
  568
  601
  635
  670
  707
  746
  786
  829
  873
  920
  968
  1,019
  1,072
  1,128
  1,187
  1,248
  1,312
  1,380
  1,450
  1,524
  1,602
  1,684
  1,769
Total liabilities and equity, $m
  3,997
  3,743
  3,988
  4,242
  4,507
  4,782
  5,069
  5,369
  5,680
  6,006
  6,346
  6,701
  7,071
  7,459
  7,864
  8,288
  8,731
  9,196
  9,681
  10,190
  10,723
  11,281
  11,867
  12,480
  13,122
  13,797
  14,503
  15,244
  16,021
  16,837
  17,692
Debt-to-equity ratio
  -4.264
  3.650
  3.980
  4.280
  4.560
  4.810
  5.050
  5.270
  5.470
  5.670
  5.840
  6.010
  6.170
  6.310
  6.450
  6.580
  6.710
  6.820
  6.930
  7.030
  7.130
  7.220
  7.310
  7.400
  7.470
  7.550
  7.620
  7.690
  7.750
  7.810
  7.870
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
  -625
  -567
  -610
  -654
  -701
  -749
  -800
  -852
  -907
  -964
  -976
  -1,038
  -1,104
  -1,172
  -1,243
  -1,318
  -1,396
  -1,478
  -1,564
  -1,653
  -1,747
  -1,846
  -1,949
  -2,057
  -2,170
  -2,289
  -2,414
  -2,545
  -2,682
  -2,826
Depreciation, amort., depletion, $m
  164
  181
  190
  199
  208
  218
  228
  239
  250
  262
  274
  238
  251
  265
  280
  295
  310
  327
  344
  362
  381
  401
  422
  444
  467
  491
  516
  542
  570
  599
  629
Funds from operations, $m
  -77
  -443
  -377
  -411
  -446
  -483
  -521
  -561
  -602
  -645
  -691
  -738
  -787
  -839
  -892
  -949
  -1,008
  -1,069
  -1,134
  -1,201
  -1,272
  -1,346
  -1,424
  -1,505
  -1,590
  -1,680
  -1,773
  -1,872
  -1,975
  -2,083
  -2,196
Change in working capital, $m
  -170
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
Cash from operations, $m
  93
  -445
  -378
  -412
  -447
  -484
  -522
  -562
  -604
  -647
  -693
  -740
  -789
  -841
  -895
  -951
  -1,010
  -1,072
  -1,136
  -1,204
  -1,275
  -1,349
  -1,427
  -1,508
  -1,594
  -1,684
  -1,777
  -1,876
  -1,979
  -2,088
  -2,201
Maintenance CAPEX, $m
  0
  -125
  -133
  -142
  -151
  -160
  -170
  -180
  -191
  -202
  -214
  -226
  -238
  -251
  -265
  -280
  -295
  -310
  -327
  -344
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
  -542
  -570
  -599
New CAPEX, $m
  -375
  -100
  -106
  -110
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -192
  -201
  -211
  -221
  -231
  -242
  -254
  -266
  -279
  -292
  -307
  -321
  -337
  -354
  -371
Cash from investing activities, $m
  -385
  -225
  -239
  -252
  -266
  -280
  -295
  -310
  -326
  -343
  -361
  -380
  -399
  -419
  -441
  -464
  -487
  -511
  -538
  -565
  -593
  -623
  -655
  -688
  -723
  -759
  -798
  -837
  -879
  -924
  -970
Free cash flow, $m
  -292
  -669
  -617
  -664
  -713
  -764
  -817
  -872
  -930
  -990
  -1,054
  -1,119
  -1,188
  -1,260
  -1,336
  -1,415
  -1,497
  -1,584
  -1,674
  -1,769
  -1,868
  -1,973
  -2,082
  -2,196
  -2,317
  -2,442
  -2,575
  -2,713
  -2,859
  -3,011
  -3,171
Issuance/(repayment) of debt, $m
  -229
  -1,126
  220
  229
  238
  248
  258
  269
  281
  293
  306
  319
  334
  349
  365
  381
  399
  418
  437
  458
  480
  502
  527
  552
  579
  607
  636
  667
  700
  734
  770
Issuance/(repurchase) of shares, $m
  396
  1,987
  591
  635
  681
  728
  778
  830
  883
  940
  998
  1,011
  1,076
  1,142
  1,212
  1,286
  1,362
  1,443
  1,526
  1,614
  1,706
  1,803
  1,904
  2,010
  2,121
  2,238
  2,360
  2,488
  2,622
  2,763
  2,911
Cash from financing (excl. dividends), $m  
  153
  861
  811
  864
  919
  976
  1,036
  1,099
  1,164
  1,233
  1,304
  1,330
  1,410
  1,491
  1,577
  1,667
  1,761
  1,861
  1,963
  2,072
  2,186
  2,305
  2,431
  2,562
  2,700
  2,845
  2,996
  3,155
  3,322
  3,497
  3,681
Total cash flow (excl. dividends), $m
  -136
  191
  194
  200
  206
  212
  219
  227
  234
  242
  251
  212
  221
  231
  242
  253
  264
  277
  290
  303
  318
  333
  349
  365
  383
  402
  421
  442
  463
  486
  510
Retained Cash Flow (-), $m
  29
  -1,987
  -591
  -635
  -681
  -728
  -778
  -830
  -883
  -940
  -998
  -1,011
  -1,076
  -1,142
  -1,212
  -1,286
  -1,362
  -1,443
  -1,526
  -1,614
  -1,706
  -1,803
  -1,904
  -2,010
  -2,121
  -2,238
  -2,360
  -2,488
  -2,622
  -2,763
  -2,911
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
 
  -1,418
  -397
  -435
  -475
  -516
  -559
  -603
  -649
  -697
  -748
  -800
  -855
  -912
  -971
  -1,033
  -1,098
  -1,166
  -1,237
  -1,311
  -1,389
  -1,470
  -1,555
  -1,645
  -1,738
  -1,836
  -1,939
  -2,046
  -2,159
  -2,277
  -2,401
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
 
  -1,241
  -300
  -281
  -257
  -232
  -204
  -177
  -150
  -124
  -101
  -80
  -62
  -47
  -34
  -25
  -17
  -12
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  19.4
  7.5
  2.9
  1.1
  0.4
  0.2
  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

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 -344.5
Price to Sales 0.3
Price to Book -2.3
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow -4.9
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 6.7% 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 138.117 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 $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
KALU Kaiser Aluminu 114.38 11.21  str.sell
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RYI Ryerson Holdin 12.60 3.16  str.sell
PKOH Park-Ohio Hold 47.35 85.90  str.buy

COMPANY NEWS

▶ ETFs with exposure to Constellium NV : December 21, 2017   [Dec-21-17 11:22AM  Capital Cube]
▶ ETFs with exposure to Constellium NV : December 7, 2017   [Dec-07-17 01:25PM  Capital Cube]
▶ ETFs with exposure to Constellium NV : November 15, 2017   [Nov-15-17 11:44AM  Capital Cube]
▶ ETFs with exposure to Constellium NV : November 3, 2017   [Nov-03-17 12:05PM  Capital Cube]
▶ Constellium Prices Notes Offering   [Nov-02-17 01:37PM  GlobeNewswire]
▶ Constellium prices offering of ordinary shares   [Oct-31-17 06:49PM  GlobeNewswire]
▶ A Well-Defined Niche: Steel-Alloy Stocks Rebound In New Era   [Oct-27-17 12:38PM  Investor's Business Daily]
▶ Constellium tops 3Q profit forecasts   [05:03AM  Associated Press]
▶ 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]
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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