Intrinsic value of KapStone Paper&Packaging - KS

Previous Close

$34.35

  Intrinsic Value

$13.54

stock screener

  Rating & Target

str. sell

-61%

Previous close

$34.35

 
Intrinsic value

$13.54

 
Up/down potential

-61%

 
Rating

str. sell

We calculate the intrinsic value of KS 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, %
  10.33
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  3,077
  3,575
  3,843
  4,123
  4,413
  4,715
  5,029
  5,355
  5,694
  6,048
  6,416
  6,799
  7,199
  7,616
  8,050
  8,505
  8,979
  9,474
  9,992
  10,534
  11,100
  11,693
  12,314
  12,963
  13,644
  14,356
  15,103
  15,886
  16,706
  17,565
  18,467
Variable operating expenses, $m
 
  3,234
  3,470
  3,715
  3,969
  4,233
  4,508
  4,794
  5,092
  5,401
  5,724
  5,958
  6,308
  6,673
  7,055
  7,453
  7,868
  8,302
  8,756
  9,231
  9,727
  10,247
  10,791
  11,360
  11,956
  12,581
  13,235
  13,921
  14,639
  15,393
  16,183
Fixed operating expenses, $m
 
  113
  116
  118
  121
  124
  126
  129
  132
  135
  138
  141
  144
  147
  151
  154
  157
  161
  164
  168
  172
  175
  179
  183
  187
  191
  195
  200
  204
  209
  213
Total operating expenses, $m
  2,907
  3,347
  3,586
  3,833
  4,090
  4,357
  4,634
  4,923
  5,224
  5,536
  5,862
  6,099
  6,452
  6,820
  7,206
  7,607
  8,025
  8,463
  8,920
  9,399
  9,899
  10,422
  10,970
  11,543
  12,143
  12,772
  13,430
  14,121
  14,843
  15,602
  16,396
Operating income, $m
  170
  227
  258
  290
  323
  358
  394
  431
  470
  511
  554
  700
  746
  795
  845
  898
  953
  1,011
  1,072
  1,135
  1,202
  1,271
  1,344
  1,420
  1,501
  1,585
  1,673
  1,765
  1,862
  1,964
  2,071
EBITDA, $m
  352
  595
  645
  698
  753
  810
  870
  932
  996
  1,063
  1,133
  1,206
  1,282
  1,361
  1,444
  1,531
  1,621
  1,716
  1,815
  1,919
  2,027
  2,141
  2,260
  2,385
  2,516
  2,653
  2,796
  2,947
  3,105
  3,271
  3,445
Interest expense (income), $m
  0
  79
  88
  98
  108
  118
  129
  140
  152
  164
  176
  189
  203
  217
  232
  248
  264
  281
  298
  317
  336
  356
  378
  400
  423
  447
  472
  499
  527
  556
  587
Earnings before tax, $m
  128
  148
  169
  192
  215
  240
  265
  291
  319
  348
  377
  511
  543
  577
  613
  650
  690
  730
  773
  818
  865
  915
  966
  1,021
  1,078
  1,138
  1,200
  1,266
  1,335
  1,408
  1,484
Tax expense, $m
  42
  40
  46
  52
  58
  65
  72
  79
  86
  94
  102
  138
  147
  156
  166
  176
  186
  197
  209
  221
  234
  247
  261
  276
  291
  307
  324
  342
  361
  380
  401
Net income, $m
  86
  108
  124
  140
  157
  175
  193
  213
  233
  254
  276
  373
  397
  421
  448
  475
  503
  533
  565
  597
  632
  668
  706
  745
  787
  830
  876
  924
  975
  1,028
  1,084

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  3,256
  3,585
  3,855
  4,135
  4,426
  4,729
  5,044
  5,371
  5,711
  6,066
  6,435
  6,819
  7,220
  7,638
  8,075
  8,530
  9,006
  9,503
  10,022
  10,566
  11,134
  11,728
  12,351
  13,002
  13,685
  14,400
  15,149
  15,933
  16,756
  17,618
  18,522
Adjusted assets (=assets-cash), $m
  3,227
  3,585
  3,855
  4,135
  4,426
  4,729
  5,044
  5,371
  5,711
  6,066
  6,435
  6,819
  7,220
  7,638
  8,075
  8,530
  9,006
  9,503
  10,022
  10,566
  11,134
  11,728
  12,351
  13,002
  13,685
  14,400
  15,149
  15,933
  16,756
  17,618
  18,522
Revenue / Adjusted assets
  0.954
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
Average production assets, $m
  1,753
  2,660
  2,860
  3,067
  3,283
  3,508
  3,741
  3,984
  4,237
  4,499
  4,773
  5,058
  5,356
  5,666
  5,990
  6,327
  6,680
  7,049
  7,434
  7,837
  8,259
  8,700
  9,161
  9,645
  10,151
  10,681
  11,237
  11,819
  12,429
  13,069
  13,739
Working capital, $m
  428
  125
  135
  144
  154
  165
  176
  187
  199
  212
  225
  238
  252
  267
  282
  298
  314
  332
  350
  369
  389
  409
  431
  454
  478
  502
  529
  556
  585
  615
  646
Total debt, $m
  1,485
  1,634
  1,811
  1,995
  2,187
  2,386
  2,593
  2,808
  3,032
  3,266
  3,508
  3,762
  4,025
  4,300
  4,588
  4,887
  5,200
  5,527
  5,869
  6,227
  6,600
  6,992
  7,401
  7,830
  8,279
  8,749
  9,242
  9,759
  10,300
  10,867
  11,462
Total liabilities, $m
  2,352
  2,359
  2,537
  2,721
  2,913
  3,112
  3,319
  3,534
  3,758
  3,991
  4,234
  4,487
  4,751
  5,026
  5,313
  5,613
  5,926
  6,253
  6,595
  6,952
  7,326
  7,717
  8,127
  8,556
  9,005
  9,475
  9,968
  10,484
  11,025
  11,593
  12,188
Total equity, $m
  904
  1,226
  1,318
  1,414
  1,514
  1,617
  1,725
  1,837
  1,953
  2,074
  2,201
  2,332
  2,469
  2,612
  2,762
  2,917
  3,080
  3,250
  3,428
  3,613
  3,808
  4,011
  4,224
  4,447
  4,680
  4,925
  5,181
  5,449
  5,731
  6,025
  6,335
Total liabilities and equity, $m
  3,256
  3,585
  3,855
  4,135
  4,427
  4,729
  5,044
  5,371
  5,711
  6,065
  6,435
  6,819
  7,220
  7,638
  8,075
  8,530
  9,006
  9,503
  10,023
  10,565
  11,134
  11,728
  12,351
  13,003
  13,685
  14,400
  15,149
  15,933
  16,756
  17,618
  18,523
Debt-to-equity ratio
  1.643
  1.330
  1.370
  1.410
  1.440
  1.480
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.780
  1.790
  1.800
  1.800
  1.810
Adjusted equity ratio
  0.271
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  108
  124
  140
  157
  175
  193
  213
  233
  254
  276
  373
  397
  421
  448
  475
  503
  533
  565
  597
  632
  668
  706
  745
  787
  830
  876
  924
  975
  1,028
  1,084
Depreciation, amort., depletion, $m
  182
  368
  388
  409
  430
  453
  476
  500
  525
  552
  579
  506
  536
  567
  599
  633
  668
  705
  743
  784
  826
  870
  916
  964
  1,015
  1,068
  1,124
  1,182
  1,243
  1,307
  1,374
Funds from operations, $m
  294
  476
  511
  549
  587
  627
  669
  713
  758
  805
  855
  879
  932
  988
  1,047
  1,108
  1,171
  1,238
  1,308
  1,381
  1,458
  1,538
  1,622
  1,710
  1,802
  1,899
  2,000
  2,106
  2,218
  2,335
  2,457
Change in working capital, $m
  12
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
Cash from operations, $m
  282
  467
  502
  539
  577
  617
  658
  701
  746
  793
  842
  865
  918
  973
  1,031
  1,092
  1,155
  1,221
  1,290
  1,362
  1,438
  1,517
  1,600
  1,687
  1,778
  1,874
  1,974
  2,079
  2,189
  2,305
  2,426
Maintenance CAPEX, $m
  0
  -247
  -266
  -286
  -307
  -328
  -351
  -374
  -398
  -424
  -450
  -477
  -506
  -536
  -567
  -599
  -633
  -668
  -705
  -743
  -784
  -826
  -870
  -916
  -964
  -1,015
  -1,068
  -1,124
  -1,182
  -1,243
  -1,307
New CAPEX, $m
  -129
  -193
  -200
  -208
  -216
  -224
  -233
  -243
  -253
  -263
  -274
  -285
  -297
  -310
  -324
  -338
  -353
  -369
  -385
  -403
  -422
  -441
  -462
  -483
  -506
  -530
  -556
  -582
  -610
  -640
  -671
Cash from investing activities, $m
  -152
  -440
  -466
  -494
  -523
  -552
  -584
  -617
  -651
  -687
  -724
  -762
  -803
  -846
  -891
  -937
  -986
  -1,037
  -1,090
  -1,146
  -1,206
  -1,267
  -1,332
  -1,399
  -1,470
  -1,545
  -1,624
  -1,706
  -1,792
  -1,883
  -1,978
Free cash flow, $m
  130
  27
  36
  45
  54
  64
  74
  85
  95
  107
  118
  103
  115
  128
  141
  155
  169
  184
  200
  216
  233
  250
  268
  287
  307
  328
  350
  373
  397
  422
  448
Issuance/(repayment) of debt, $m
  -67
  172
  177
  184
  192
  199
  207
  215
  224
  233
  243
  253
  264
  275
  287
  300
  313
  327
  342
  357
  374
  391
  410
  429
  449
  470
  493
  516
  541
  567
  595
Issuance/(repurchase) of shares, $m
  2
  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  
  -69
  172
  177
  184
  192
  199
  207
  215
  224
  233
  243
  253
  264
  275
  287
  300
  313
  327
  342
  357
  374
  391
  410
  429
  449
  470
  493
  516
  541
  567
  595
Total cash flow (excl. dividends), $m
  62
  199
  214
  229
  246
  263
  281
  300
  319
  340
  361
  356
  379
  403
  428
  455
  482
  511
  541
  573
  606
  641
  678
  716
  756
  799
  843
  889
  938
  989
  1,043
Retained Cash Flow (-), $m
  -59
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -132
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -295
  -309
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
 
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
  70
Cash available for distribution, $m
 
  110
  121
  134
  146
  160
  174
  188
  203
  219
  235
  224
  242
  260
  279
  299
  320
  341
  364
  387
  412
  438
  465
  493
  523
  554
  587
  621
  657
  695
  734
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  102
  104
  104
  104
  102
  98
  94
  88
  82
  75
  60
  54
  47
  41
  35
  29
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  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

KapStone Paper and Packaging Corporation is a producer of containerboard and the kraft paper in North America. The Company operates through two segments: Paper and Packaging, and Distribution. The Paper and Packaging segment manufactures and sells a range of containerboard, corrugated products and specialty paper for industrial and consumer markets. The Distribution segment, which operates under the Victory and Golden State Container trade names, provides its customers packaging solutions and services and distributes corrugated packaging materials and other specialty packaging products, which include stretch film, void fill, carton sealing tape and other specialty tapes. The Company produces a range of products ranging from basic corrugated shipping containers to specialized packaging. The Company also produces packaging for fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.

FINANCIAL RATIOS  of  KapStone Paper&Packaging (KS)

Valuation Ratios
P/E Ratio 38.6
Price to Sales 1.1
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 21.7
Growth Rates
Sales Growth Rate 10.3%
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 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 164.3%
Total Debt to Equity 164.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 15.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 45.3%

KS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KS stock intrinsic value calculation we used $3316 million for the last fiscal year's total revenue generated by KapStone Paper&Packaging. The default revenue input number comes from 2016 income statement of KapStone Paper&Packaging. 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 KS stock valuation model: a) initial revenue growth rate of 7.8% 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 7.8%, whose default value for KS is calculated based on our internal credit rating of KapStone Paper&Packaging, 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 KapStone Paper&Packaging.
    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 KS stock the variable cost ratio is equal to 90.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $111 million in the base year in the intrinsic value calculation for KS 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 5.4% for KapStone Paper&Packaging.

Corporate tax rate of 27% is the nominal tax rate for KapStone Paper&Packaging. 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 KS stock is equal to 0.4%.

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 KS are equal to 74.4%.

Life of production assets of 10 years is the average useful life of capital assets used in KapStone Paper&Packaging 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 KS is equal to 3.5%. 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 - $1137 million for KapStone Paper&Packaging - 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 97 million for KapStone Paper&Packaging 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 KapStone Paper&Packaging at the current share price and the inputted number of shares is $3.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ KapStone: 2Q Earnings Snapshot   [Jul-25-18 05:42PM  Associated Press]
▶ KapStone Reports Second Quarter Results   [04:15PM  PR Newswire]
▶ 5 Great Basic Materials Stocks to Buy Ahead of Q2 Earnings   [Jul-23-18 11:00AM  InvestorPlace]
▶ 5 Top-Ranked High-Beta Stocks to Play the Roaring Market   [Jun-07-18 11:05AM  InvestorPlace]
▶ KapStone: 1Q Earnings Snapshot   [Apr-18-18 04:39PM  Associated Press]
▶ KapStone Reports First Quarter Results   [04:15PM  PR Newswire]
▶ New Strong Buy Stocks for April 17th   [Apr-17-18 10:46AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for March 27th   [Mar-27-18 08:32AM  Zacks]
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▶ 5 Momentum Picks to Conquer the Market   [Mar-08-18 04:03PM  Zacks]
▶ 4 Safe Dividend Growth ETFs & Stocks for a Faltering Market   [Feb-28-18 03:15PM  InvestorPlace]
▶ These 3 Stocks Are Up 50% Already in 2018   [Feb-08-18 08:05PM  Motley Fool]
▶ KapStone tops Street 4Q forecasts   [Feb-07-18 07:23PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:55PM  Motley Fool]
▶ Stocks With Rising Relative Strength: Kapstone Paper & Packaging   [Jan-11-18 03:00AM  Investor's Business Daily]
▶ Quants, Technicians Agree on KapStone Paper and Packaging   [Jan-09-18 03:53PM  TheStreet.com]
▶ KapStone misses 3Q profit forecasts   [Oct-25-17 07:33PM  Associated Press]
▶ KapStone Reports Third Quarter Results   [04:15PM  PR Newswire]
Financial statements of KS
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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