Intrinsic value of Graphic Packaging Holding - GPK

Previous Close

$15.28

  Intrinsic Value

$10.44

stock screener

  Rating & Target

sell

-32%

Previous close

$15.28

 
Intrinsic value

$10.44

 
Up/down potential

-32%

 
Rating

sell

We calculate the intrinsic value of GPK 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 4.7

 

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, %
  3.32
  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
  4,298
  4,384
  4,485
  4,600
  4,729
  4,873
  5,030
  5,201
  5,387
  5,587
  5,801
  6,030
  6,275
  6,536
  6,813
  7,107
  7,418
  7,748
  8,096
  8,465
  8,854
  9,264
  9,697
  10,153
  10,634
  11,140
  11,673
  12,234
  12,824
  13,445
  14,099
Variable operating expenses, $m
 
  3,930
  4,017
  4,117
  4,230
  4,354
  4,491
  4,639
  4,800
  4,973
  5,160
  5,233
  5,445
  5,671
  5,911
  6,166
  6,437
  6,723
  7,025
  7,345
  7,682
  8,038
  8,414
  8,810
  9,227
  9,666
  10,128
  10,615
  11,127
  11,666
  12,233
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
  3,902
  3,930
  4,017
  4,117
  4,230
  4,354
  4,491
  4,639
  4,800
  4,973
  5,160
  5,233
  5,445
  5,671
  5,911
  6,166
  6,437
  6,723
  7,025
  7,345
  7,682
  8,038
  8,414
  8,810
  9,227
  9,666
  10,128
  10,615
  11,127
  11,666
  12,233
Operating income, $m
  396
  454
  467
  483
  500
  519
  540
  562
  587
  613
  642
  798
  830
  865
  901
  940
  982
  1,025
  1,071
  1,120
  1,171
  1,226
  1,283
  1,343
  1,407
  1,474
  1,545
  1,619
  1,697
  1,779
  1,865
EBITDA, $m
  695
  773
  791
  811
  834
  860
  887
  918
  950
  986
  1,023
  1,064
  1,107
  1,153
  1,202
  1,254
  1,309
  1,367
  1,428
  1,493
  1,562
  1,634
  1,711
  1,791
  1,876
  1,965
  2,059
  2,158
  2,262
  2,372
  2,487
Interest expense (income), $m
  65
  73
  76
  78
  82
  85
  89
  94
  99
  104
  110
  116
  122
  129
  137
  145
  153
  162
  171
  181
  191
  202
  214
  226
  239
  253
  267
  282
  298
  315
  333
Earnings before tax, $m
  319
  381
  392
  404
  418
  433
  450
  468
  488
  509
  532
  682
  708
  736
  765
  796
  829
  863
  900
  939
  980
  1,023
  1,069
  1,117
  1,168
  1,221
  1,277
  1,336
  1,398
  1,464
  1,533
Tax expense, $m
  93
  103
  106
  109
  113
  117
  122
  126
  132
  137
  144
  184
  191
  199
  206
  215
  224
  233
  243
  254
  265
  276
  289
  302
  315
  330
  345
  361
  378
  395
  414
Net income, $m
  228
  278
  286
  295
  305
  316
  329
  342
  356
  372
  388
  498
  517
  537
  558
  581
  605
  630
  657
  686
  715
  747
  780
  815
  852
  891
  932
  975
  1,021
  1,069
  1,119

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  59
  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
  4,603
  4,634
  4,741
  4,863
  4,999
  5,151
  5,317
  5,498
  5,694
  5,906
  6,132
  6,375
  6,633
  6,909
  7,202
  7,512
  7,842
  8,190
  8,559
  8,948
  9,359
  9,793
  10,250
  10,733
  11,241
  11,776
  12,339
  12,932
  13,556
  14,213
  14,903
Adjusted assets (=assets-cash), $m
  4,544
  4,634
  4,741
  4,863
  4,999
  5,151
  5,317
  5,498
  5,694
  5,906
  6,132
  6,375
  6,633
  6,909
  7,202
  7,512
  7,842
  8,190
  8,559
  8,948
  9,359
  9,793
  10,250
  10,733
  11,241
  11,776
  12,339
  12,932
  13,556
  14,213
  14,903
Revenue / Adjusted assets
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
  0.946
Average production assets, $m
  2,085
  2,126
  2,175
  2,231
  2,294
  2,363
  2,440
  2,523
  2,613
  2,710
  2,814
  2,925
  3,043
  3,170
  3,304
  3,447
  3,598
  3,758
  3,927
  4,105
  4,294
  4,493
  4,703
  4,924
  5,157
  5,403
  5,661
  5,933
  6,220
  6,521
  6,838
Working capital, $m
  335
  346
  354
  363
  374
  385
  397
  411
  426
  441
  458
  476
  496
  516
  538
  561
  586
  612
  640
  669
  699
  732
  766
  802
  840
  880
  922
  966
  1,013
  1,062
  1,114
Total debt, $m
  2,152
  2,160
  2,242
  2,336
  2,441
  2,557
  2,684
  2,823
  2,974
  3,136
  3,309
  3,495
  3,694
  3,905
  4,130
  4,368
  4,620
  4,888
  5,170
  5,469
  5,784
  6,117
  6,468
  6,838
  7,228
  7,638
  8,070
  8,525
  9,004
  9,507
  10,037
Total liabilities, $m
  3,547
  3,554
  3,636
  3,730
  3,835
  3,951
  4,078
  4,217
  4,368
  4,530
  4,703
  4,889
  5,088
  5,299
  5,524
  5,762
  6,014
  6,282
  6,564
  6,863
  7,178
  7,511
  7,862
  8,232
  8,622
  9,032
  9,464
  9,919
  10,398
  10,901
  11,431
Total equity, $m
  1,057
  1,080
  1,105
  1,133
  1,165
  1,200
  1,239
  1,281
  1,327
  1,376
  1,429
  1,485
  1,546
  1,610
  1,678
  1,750
  1,827
  1,908
  1,994
  2,085
  2,181
  2,282
  2,388
  2,501
  2,619
  2,744
  2,875
  3,013
  3,159
  3,312
  3,472
Total liabilities and equity, $m
  4,604
  4,634
  4,741
  4,863
  5,000
  5,151
  5,317
  5,498
  5,695
  5,906
  6,132
  6,374
  6,634
  6,909
  7,202
  7,512
  7,841
  8,190
  8,558
  8,948
  9,359
  9,793
  10,250
  10,733
  11,241
  11,776
  12,339
  12,932
  13,557
  14,213
  14,903
Debt-to-equity ratio
  2.036
  2.000
  2.030
  2.060
  2.100
  2.130
  2.170
  2.200
  2.240
  2.280
  2.320
  2.350
  2.390
  2.430
  2.460
  2.500
  2.530
  2.560
  2.590
  2.620
  2.650
  2.680
  2.710
  2.730
  2.760
  2.780
  2.810
  2.830
  2.850
  2.870
  2.890
Adjusted equity ratio
  0.228
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  228
  278
  286
  295
  305
  316
  329
  342
  356
  372
  388
  498
  517
  537
  558
  581
  605
  630
  657
  686
  715
  747
  780
  815
  852
  891
  932
  975
  1,021
  1,069
  1,119
Depreciation, amort., depletion, $m
  299
  319
  324
  329
  335
  341
  348
  355
  364
  372
  382
  266
  277
  288
  300
  313
  327
  342
  357
  373
  390
  408
  428
  448
  469
  491
  515
  539
  565
  593
  622
Funds from operations, $m
  680
  597
  610
  624
  640
  657
  676
  697
  720
  744
  770
  764
  793
  825
  859
  894
  932
  972
  1,014
  1,059
  1,106
  1,155
  1,208
  1,263
  1,321
  1,383
  1,447
  1,515
  1,586
  1,661
  1,741
Change in working capital, $m
  39
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
Cash from operations, $m
  641
  590
  602
  615
  629
  646
  664
  684
  705
  728
  753
  746
  774
  805
  837
  871
  907
  946
  987
  1,030
  1,075
  1,123
  1,174
  1,227
  1,283
  1,343
  1,405
  1,471
  1,540
  1,612
  1,689
Maintenance CAPEX, $m
  0
  -190
  -193
  -198
  -203
  -209
  -215
  -222
  -229
  -238
  -246
  -256
  -266
  -277
  -288
  -300
  -313
  -327
  -342
  -357
  -373
  -390
  -408
  -428
  -448
  -469
  -491
  -515
  -539
  -565
  -593
New CAPEX, $m
  -295
  -42
  -49
  -56
  -63
  -70
  -76
  -83
  -90
  -97
  -104
  -111
  -119
  -126
  -134
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -221
  -233
  -246
  -259
  -272
  -286
  -301
  -317
Cash from investing activities, $m
  -633
  -232
  -242
  -254
  -266
  -279
  -291
  -305
  -319
  -335
  -350
  -367
  -385
  -403
  -422
  -443
  -464
  -487
  -511
  -536
  -562
  -589
  -618
  -649
  -681
  -715
  -750
  -787
  -825
  -866
  -910
Free cash flow, $m
  8
  359
  360
  361
  364
  368
  373
  379
  386
  394
  403
  379
  390
  401
  414
  428
  443
  459
  476
  494
  513
  534
  555
  578
  603
  628
  655
  684
  714
  746
  779
Issuance/(repayment) of debt, $m
  239
  67
  82
  93
  105
  116
  128
  139
  150
  162
  174
  186
  198
  211
  225
  238
  253
  267
  283
  299
  315
  333
  351
  370
  390
  410
  432
  455
  479
  504
  530
Issuance/(repurchase) of shares, $m
  -176
  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  
  61
  67
  82
  93
  105
  116
  128
  139
  150
  162
  174
  186
  198
  211
  225
  238
  253
  267
  283
  299
  315
  333
  351
  370
  390
  410
  432
  455
  479
  504
  530
Total cash flow (excl. dividends), $m
  68
  427
  441
  455
  469
  484
  500
  518
  536
  556
  577
  565
  588
  613
  639
  666
  696
  726
  759
  793
  829
  866
  906
  948
  992
  1,039
  1,087
  1,139
  1,193
  1,249
  1,309
Retained Cash Flow (-), $m
  45
  -23
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
Prev. year cash balance distribution, $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 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
 
  404
  417
  426
  437
  449
  462
  475
  490
  507
  524
  508
  528
  549
  571
  594
  619
  645
  673
  702
  733
  765
  800
  836
  874
  914
  956
  1,000
  1,047
  1,096
  1,148
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  372
  351
  326
  300
  274
  249
  223
  199
  175
  152
  122
  104
  87
  71
  58
  46
  36
  27
  20
  15
  11
  7
  5
  3
  2
  1
  1
  0
  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

Graphic Packaging Holding Company is a provider of paper-based packaging solutions for a range of products to food, beverage and other consumer product companies. The Company's segments include Paperboard Mills, Americas Paperboard Packaging, Europe Paperboard Packaging, and Corporate and Other. The Paperboard Mills segment includes the Company's North American paperboard mills, which produce primarily coated unbleached kraft and coated recycled board. As of December 31, 2016, the Company had seven paperboard mills in North America. The Americas Paperboard Packaging segment includes paperboard folding cartons sold primarily to consumer packaged goods (CPG) companies serving the food, beverage and consumer product markets in the Americas. The Europe Paperboard Packaging segment includes paperboard folding cartons sold primarily to CPG companies serving the food, beverage and consumer product markets in Europe. The Corporate and Other segment includes the Pacific Rim operating segment.

FINANCIAL RATIOS  of  Graphic Packaging Holding (GPK)

Valuation Ratios
P/E Ratio 21
Price to Sales 1.1
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 13.8
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 197.6%
Total Debt to Equity 203.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 21.1%
Return On Equity - 3 Yr. Avg. 17.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 18.4%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 14.2%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 7.4%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 28.1%

GPK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GPK stock intrinsic value calculation we used $4298 million for the last fiscal year's total revenue generated by Graphic Packaging Holding. The default revenue input number comes from 2016 income statement of Graphic Packaging Holding. 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 GPK 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 8.5%, whose default value for GPK is calculated based on our internal credit rating of Graphic Packaging Holding, 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 Graphic Packaging Holding.
    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 GPK stock the variable cost ratio is equal to 89.7%.

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 GPK 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 3.5% for Graphic Packaging Holding.

Corporate tax rate of 27% is the nominal tax rate for Graphic Packaging Holding. 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 GPK 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 GPK are equal to 48.5%.

Life of production assets of 11 years is the average useful life of capital assets used in Graphic Packaging Holding 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 GPK is equal to 7.9%. 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 - $1057 million for Graphic Packaging Holding - 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 310.224 million for Graphic Packaging Holding 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 Graphic Packaging Holding at the current share price and the inputted number of shares is $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
WRK WestRock 62.55 29.85  str.sell

COMPANY NEWS

▶ IP enters into $660 million credit agreement   [Dec-12-17 03:30PM  American City Business Journals]
▶ Graphic Packaging Hits 80-Plus Relative Strength Rating Benchmark   [Dec-06-17 03:00AM  Investor's Business Daily]
▶ Georgia manufacturer investing $136 million to modernize Macon mill   [Dec-04-17 02:45PM  American City Business Journals]
▶ Graphic Packaging Declares Quarterly Dividend   [Nov-16-17 05:00PM  PR Newswire]
▶ Graphic Packaging acquires Canadian company and its affiliates   [Nov-09-17 03:20PM  American City Business Journals]
▶ Stocks To Watch: Graphic Packaging Sees Relative Strength Rating Rise To 82   [Nov-02-17 03:00AM  Investor's Business Daily]
▶ Atlanta-based manufacturer inks $6B partnership   [Oct-25-17 03:19PM  American City Business Journals]
▶ IP announces $1.8 billion transaction   [Oct-24-17 12:50PM  American City Business Journals]
▶ Graphic Packaging meets 3Q profit forecasts   [07:17AM  Associated Press]
▶ Graphic Packaging Declares Quarterly Dividend   [Jul-28-17 05:00PM  PR Newswire]
▶ Graphic Packaging matches Street 2Q forecasts   [Jul-25-17 09:48PM  Associated Press]
▶ Graphic Packaging tops Street 1Q forecasts   [Apr-25-17 06:46AM  Associated Press]
▶ Graphic Packaging Declares Quarterly Dividend   [Mar-13-17 05:00PM  PR Newswire]
Financial statements of GPK
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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