Intrinsic value of Catalent - CTLT

Previous Close

$43.37

  Intrinsic Value

$45.16

stock screener

  Rating & Target

hold

+4%

Previous close

$43.37

 
Intrinsic value

$45.16

 
Up/down potential

+4%

 
Rating

hold

We calculate the intrinsic value of CTLT 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.28
  23.10
  21.29
  19.66
  18.19
  16.88
  15.69
  14.62
  13.66
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
Revenue, $m
  2,075
  2,554
  3,098
  3,707
  4,382
  5,121
  5,925
  6,791
  7,718
  8,705
  9,751
  10,854
  12,013
  13,228
  14,498
  15,823
  17,204
  18,642
  20,136
  21,690
  23,305
  24,983
  26,727
  28,540
  30,425
  32,385
  34,425
  36,549
  38,761
  41,066
  43,470
Variable operating expenses, $m
 
  2,229
  2,681
  3,188
  3,749
  4,364
  5,032
  5,752
  6,524
  7,345
  8,214
  9,027
  9,991
  11,002
  12,058
  13,160
  14,309
  15,504
  16,747
  18,039
  19,383
  20,778
  22,229
  23,736
  25,304
  26,934
  28,631
  30,397
  32,237
  34,154
  36,153
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
  1,846
  2,229
  2,681
  3,188
  3,749
  4,364
  5,032
  5,752
  6,524
  7,345
  8,214
  9,027
  9,991
  11,002
  12,058
  13,160
  14,309
  15,504
  16,747
  18,039
  19,383
  20,778
  22,229
  23,736
  25,304
  26,934
  28,631
  30,397
  32,237
  34,154
  36,153
Operating income, $m
  230
  326
  417
  520
  633
  758
  893
  1,039
  1,195
  1,361
  1,537
  1,827
  2,022
  2,226
  2,440
  2,663
  2,896
  3,138
  3,389
  3,651
  3,923
  4,205
  4,499
  4,804
  5,121
  5,451
  5,794
  6,152
  6,524
  6,912
  7,317
EBITDA, $m
  377
  529
  642
  768
  908
  1,061
  1,228
  1,407
  1,599
  1,804
  2,020
  2,249
  2,489
  2,741
  3,004
  3,279
  3,565
  3,863
  4,172
  4,494
  4,829
  5,177
  5,538
  5,914
  6,304
  6,710
  7,133
  7,573
  8,031
  8,509
  9,007
Interest expense (income), $m
  81
  84
  110
  139
  172
  208
  247
  290
  337
  386
  439
  495
  554
  616
  681
  749
  820
  894
  971
  1,051
  1,134
  1,220
  1,310
  1,403
  1,500
  1,601
  1,706
  1,815
  1,929
  2,047
  2,171
Earnings before tax, $m
  136
  241
  307
  380
  461
  550
  645
  748
  858
  975
  1,098
  1,332
  1,468
  1,610
  1,759
  1,914
  2,076
  2,244
  2,418
  2,600
  2,789
  2,985
  3,188
  3,400
  3,620
  3,850
  4,088
  4,336
  4,595
  4,865
  5,146
Tax expense, $m
  26
  65
  83
  103
  125
  148
  174
  202
  232
  263
  296
  360
  396
  435
  475
  517
  560
  606
  653
  702
  753
  806
  861
  918
  978
  1,039
  1,104
  1,171
  1,241
  1,313
  1,389
Net income, $m
  110
  176
  224
  278
  337
  401
  471
  546
  626
  711
  801
  972
  1,072
  1,176
  1,284
  1,397
  1,515
  1,638
  1,765
  1,898
  2,036
  2,179
  2,328
  2,482
  2,643
  2,810
  2,984
  3,166
  3,354
  3,551
  3,757

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  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
  3,454
  3,876
  4,701
  5,626
  6,649
  7,771
  8,990
  10,305
  11,712
  13,210
  14,797
  16,471
  18,230
  20,073
  22,000
  24,011
  26,107
  28,288
  30,556
  32,914
  35,364
  37,911
  40,557
  43,308
  46,168
  49,143
  52,239
  55,461
  58,818
  62,316
  65,963
Adjusted assets (=assets-cash), $m
  3,147
  3,876
  4,701
  5,626
  6,649
  7,771
  8,990
  10,305
  11,712
  13,210
  14,797
  16,471
  18,230
  20,073
  22,000
  24,011
  26,107
  28,288
  30,556
  32,914
  35,364
  37,911
  40,557
  43,308
  46,168
  49,143
  52,239
  55,461
  58,818
  62,316
  65,963
Revenue / Adjusted assets
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
Average production assets, $m
  1,235
  1,520
  1,843
  2,206
  2,607
  3,047
  3,525
  4,041
  4,592
  5,180
  5,802
  6,458
  7,148
  7,871
  8,626
  9,415
  10,237
  11,092
  11,981
  12,906
  13,867
  14,865
  15,903
  16,981
  18,103
  19,269
  20,483
  21,747
  23,063
  24,435
  25,865
Working capital, $m
  591
  381
  462
  552
  653
  763
  883
  1,012
  1,150
  1,297
  1,453
  1,617
  1,790
  1,971
  2,160
  2,358
  2,563
  2,778
  3,000
  3,232
  3,472
  3,722
  3,982
  4,252
  4,533
  4,825
  5,129
  5,446
  5,775
  6,119
  6,477
Total debt, $m
  2,080
  2,683
  3,393
  4,188
  5,068
  6,033
  7,082
  8,212
  9,422
  10,711
  12,075
  13,515
  15,028
  16,613
  18,270
  20,000
  21,802
  23,677
  25,628
  27,656
  29,763
  31,953
  34,229
  36,595
  39,054
  41,613
  44,275
  47,047
  49,934
  52,942
  56,079
Total liabilities, $m
  2,731
  3,333
  4,043
  4,838
  5,718
  6,683
  7,732
  8,862
  10,072
  11,361
  12,725
  14,165
  15,678
  17,263
  18,920
  20,650
  22,452
  24,327
  26,278
  28,306
  30,413
  32,603
  34,879
  37,245
  39,704
  42,263
  44,925
  47,697
  50,584
  53,592
  56,729
Total equity, $m
  724
  543
  658
  788
  931
  1,088
  1,259
  1,443
  1,640
  1,849
  2,072
  2,306
  2,552
  2,810
  3,080
  3,362
  3,655
  3,960
  4,278
  4,608
  4,951
  5,307
  5,678
  6,063
  6,464
  6,880
  7,313
  7,765
  8,235
  8,724
  9,235
Total liabilities and equity, $m
  3,455
  3,876
  4,701
  5,626
  6,649
  7,771
  8,991
  10,305
  11,712
  13,210
  14,797
  16,471
  18,230
  20,073
  22,000
  24,012
  26,107
  28,287
  30,556
  32,914
  35,364
  37,910
  40,557
  43,308
  46,168
  49,143
  52,238
  55,462
  58,819
  62,316
  65,964
Debt-to-equity ratio
  2.873
  4.950
  5.160
  5.320
  5.440
  5.550
  5.630
  5.690
  5.750
  5.790
  5.830
  5.860
  5.890
  5.910
  5.930
  5.950
  5.970
  5.980
  5.990
  6.000
  6.010
  6.020
  6.030
  6.040
  6.040
  6.050
  6.050
  6.060
  6.060
  6.070
  6.070
Adjusted equity ratio
  0.133
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  176
  224
  278
  337
  401
  471
  546
  626
  711
  801
  972
  1,072
  1,176
  1,284
  1,397
  1,515
  1,638
  1,765
  1,898
  2,036
  2,179
  2,328
  2,482
  2,643
  2,810
  2,984
  3,166
  3,354
  3,551
  3,757
Depreciation, amort., depletion, $m
  147
  204
  225
  249
  275
  304
  335
  368
  405
  443
  484
  422
  467
  514
  564
  615
  669
  725
  783
  844
  906
  972
  1,039
  1,110
  1,183
  1,259
  1,339
  1,421
  1,507
  1,597
  1,690
Funds from operations, $m
  288
  380
  449
  526
  612
  705
  806
  915
  1,031
  1,154
  1,285
  1,394
  1,539
  1,690
  1,848
  2,013
  2,184
  2,363
  2,549
  2,742
  2,942
  3,150
  3,367
  3,592
  3,826
  4,070
  4,323
  4,587
  4,862
  5,148
  5,447
Change in working capital, $m
  -12
  71
  81
  91
  101
  110
  120
  129
  138
  147
  156
  164
  173
  181
  189
  197
  206
  214
  223
  232
  241
  250
  260
  270
  281
  292
  304
  316
  330
  343
  358
Cash from operations, $m
  300
  308
  368
  436
  511
  595
  686
  786
  893
  1,007
  1,129
  1,230
  1,366
  1,509
  1,659
  1,815
  1,979
  2,149
  2,326
  2,510
  2,701
  2,900
  3,107
  3,322
  3,545
  3,778
  4,019
  4,270
  4,532
  4,805
  5,089
Maintenance CAPEX, $m
  0
  -81
  -99
  -120
  -144
  -170
  -199
  -230
  -264
  -300
  -339
  -379
  -422
  -467
  -514
  -564
  -615
  -669
  -725
  -783
  -844
  -906
  -972
  -1,039
  -1,110
  -1,183
  -1,259
  -1,339
  -1,421
  -1,507
  -1,597
New CAPEX, $m
  -140
  -285
  -324
  -362
  -401
  -440
  -478
  -515
  -552
  -587
  -622
  -656
  -690
  -723
  -756
  -789
  -822
  -855
  -889
  -925
  -961
  -998
  -1,038
  -1,079
  -1,121
  -1,166
  -1,214
  -1,264
  -1,316
  -1,372
  -1,430
Cash from investing activities, $m
  -309
  -366
  -423
  -482
  -545
  -610
  -677
  -745
  -816
  -887
  -961
  -1,035
  -1,112
  -1,190
  -1,270
  -1,353
  -1,437
  -1,524
  -1,614
  -1,708
  -1,805
  -1,904
  -2,010
  -2,118
  -2,231
  -2,349
  -2,473
  -2,603
  -2,737
  -2,879
  -3,027
Free cash flow, $m
  -9
  -58
  -55
  -47
  -34
  -16
  9
  40
  77
  120
  168
  195
  254
  319
  389
  463
  542
  625
  711
  802
  897
  996
  1,098
  1,204
  1,314
  1,428
  1,546
  1,668
  1,795
  1,926
  2,062
Issuance/(repayment) of debt, $m
  173
  628
  710
  795
  880
  965
  1,048
  1,130
  1,210
  1,288
  1,365
  1,439
  1,513
  1,585
  1,657
  1,729
  1,802
  1,876
  1,951
  2,028
  2,107
  2,190
  2,276
  2,366
  2,460
  2,558
  2,662
  2,772
  2,887
  3,008
  3,136
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  161
  628
  710
  795
  880
  965
  1,048
  1,130
  1,210
  1,288
  1,365
  1,439
  1,513
  1,585
  1,657
  1,729
  1,802
  1,876
  1,951
  2,028
  2,107
  2,190
  2,276
  2,366
  2,460
  2,558
  2,662
  2,772
  2,887
  3,008
  3,136
Total cash flow (excl. dividends), $m
  157
  571
  655
  748
  846
  949
  1,058
  1,170
  1,287
  1,408
  1,533
  1,634
  1,767
  1,904
  2,046
  2,192
  2,344
  2,500
  2,662
  2,830
  3,004
  3,186
  3,374
  3,570
  3,774
  3,986
  4,208
  4,440
  4,681
  4,934
  5,198
Retained Cash Flow (-), $m
  -88
  -101
  -116
  -129
  -143
  -157
  -171
  -184
  -197
  -210
  -222
  -234
  -246
  -258
  -270
  -282
  -293
  -305
  -318
  -330
  -343
  -356
  -370
  -385
  -400
  -416
  -433
  -451
  -470
  -490
  -511
Prev. year cash balance distribution, $m
 
  282
  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
 
  752
  539
  618
  703
  792
  887
  986
  1,090
  1,198
  1,311
  1,400
  1,521
  1,646
  1,776
  1,911
  2,050
  2,195
  2,345
  2,500
  2,661
  2,829
  3,003
  3,185
  3,373
  3,570
  3,775
  3,988
  4,212
  4,444
  4,688
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  688
  447
  460
  465
  461
  449
  430
  404
  372
  336
  292
  254
  217
  181
  148
  118
  92
  70
  52
  37
  26
  18
  12
  8
  5
  3
  2
  1
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Catalent, Inc. provides delivery technologies and development solutions for drugs, biologics, and consumer and animal health products. Its segments include Softgel Technologies, Drug Delivery Solutions and Clinical Supply Services. The Softgel Technologies segment is engaged in the formulation, development and manufacturing of prescription and consumer health soft capsules or softgels. The Drug Delivery Solutions segment is engaged in the formulation, development and manufacturing of prescription and consumer and animal health products; blow-fill seal unit dose manufacturing; biologic cell line development; analytical and bioanalytical development, and testing services. The Clinical Supply Services segment is engaged in manufacturing, packaging, labeling, storage, distribution and inventory management for clinical trials of drugs and biologics for patient kits; FastChain clinical supply service; clinical e-solutions and informatics, and global comparator sourcing services.

FINANCIAL RATIOS  of  Catalent (CTLT)

Valuation Ratios
P/E Ratio 49.3
Price to Sales 2.6
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 33.9
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 12
Current Ratio 0.1
LT Debt to Equity 283.8%
Total Debt to Equity 287.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 65%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 31.6%
Gross Margin - 3 Yr. Avg. 32.3%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 19.1%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 19.1%
Eff/ Tax Rate - 3 Yr. Avg. -14.4%
Payout Ratio 0%

CTLT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTLT stock intrinsic value calculation we used $2075 million for the last fiscal year's total revenue generated by Catalent. The default revenue input number comes from 2017 income statement of Catalent. 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 CTLT stock valuation model: a) initial revenue growth rate of 23.1% 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 9.4%, whose default value for CTLT is calculated based on our internal credit rating of Catalent, 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 Catalent.
    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 CTLT stock the variable cost ratio is equal to 88.2%.

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 CTLT 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 4.1% for Catalent.

Corporate tax rate of 27% is the nominal tax rate for Catalent. 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 CTLT 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 CTLT are equal to 59.5%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Catalent 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 CTLT is equal to 14.9%. 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 - $724 million for Catalent - 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 133.885 million for Catalent 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 Catalent at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ [$$] Allergan Names Matthew Walsh New Finance Chief   [Feb-05-18 09:17AM  The Wall Street Journal]
▶ Catalent reports 2Q loss   [08:04AM  Associated Press]
▶ 5 Opioid Treatment Stocks   [06:52AM  Insider Monkey]
▶ New Strong Sell Stocks for January 3rd   [Jan-03-18 05:01AM  Zacks]
▶ New Strong Sell Stocks for December 29th   [Dec-29-17 09:17AM  Zacks]
▶ ETFs with exposure to Catalent, Inc. : December 27, 2017   [Dec-27-17 11:07AM  Capital Cube]
▶ Stocks Showing Rising Market Leadership: Catalent Earns 83 RS Rating   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Catalent, Inc. : November 8, 2017   [Nov-08-17 05:51PM  Capital Cube]
▶ Catalent beats Street 1Q forecasts   [Nov-06-17 07:43AM  Associated Press]
▶ Catalent Completes Acquisition of Cook Pharmica   [Oct-24-17 02:00AM  Business Wire]
▶ This No. 1-Ranked Medical Stock Is Breaking Out With Q3 Earnings Due   [Oct-13-17 11:40AM  Investor's Business Daily]
▶ ETFs with exposure to Catalent, Inc. : October 9, 2017   [Oct-09-17 11:26AM  Capital Cube]
▶ Cook Medical parent company sells subsidiary for $950M   [Sep-20-17 11:00AM  American City Business Journals]
▶ Catalent Dips On $950 Million Acquisition Of Cook Pharmica   [Sep-19-17 04:20PM  Investor's Business Daily]
▶ ETFs with exposure to Catalent, Inc. : September 1, 2017   [Sep-01-17 07:24PM  Capital Cube]
▶ Stocks With Rising Relative Price Strength: Catalent   [03:00AM  Investor's Business Daily]
▶ Why Movado Group, Catalent, and ImmunoGen Jumped Today   [Aug-29-17 04:21PM  Motley Fool]
▶ Catalent tops Street 4Q forecasts   [Aug-28-17 09:37PM  Associated Press]
▶ Catalent, Inc. Value Analysis (NYSE:CTLT) : July 31, 2017   [Jul-31-17 05:51PM  Capital Cube]
▶ ETFs with exposure to Catalent, Inc. : July 3, 2017   [Jul-03-17 03:03PM  Capital Cube]
▶ ETFs with exposure to Catalent, Inc. : June 19, 2017   [Jun-19-17 03:09PM  Capital Cube]
▶ Medical Stock Bolts Higher On 81% Spike In Earnings   [May-12-17 11:21AM  Investor's Business Daily]
▶ Here's Why Catalent Inc. Rose as Much as 20.3% Today   [May-05-17 02:57PM  Motley Fool]
▶ Catalent beats Street 3Q forecasts   [May-04-17 07:39PM  Associated Press]
Financial statements of CTLT
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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