Intrinsic value of Owens-Illinois - OI

Previous Close

$24.65

  Intrinsic Value

$6.27

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

-81%

Previous close

$24.65

 
Intrinsic value

$6.27

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

-81%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of OI 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 4.0

 

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, %
  8.87
  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
  6,702
  6,836
  6,993
  7,173
  7,375
  7,598
  7,844
  8,111
  8,400
  8,711
  9,046
  9,403
  9,785
  10,191
  10,623
  11,082
  11,567
  12,081
  12,625
  13,199
  13,806
  14,446
  15,121
  15,832
  16,581
  17,371
  18,202
  19,077
  19,997
  20,966
  21,984
Variable operating expenses, $m
 
  5,731
  5,857
  6,001
  6,163
  6,342
  6,539
  6,753
  6,985
  7,235
  7,503
  7,544
  7,850
  8,176
  8,523
  8,890
  9,280
  9,692
  10,129
  10,589
  11,076
  11,589
  12,131
  12,701
  13,303
  13,936
  14,603
  15,305
  16,043
  16,820
  17,637
Fixed operating expenses, $m
 
  761
  780
  799
  819
  840
  860
  882
  904
  927
  950
  974
  998
  1,023
  1,048
  1,075
  1,102
  1,129
  1,157
  1,186
  1,216
  1,246
  1,277
  1,309
  1,342
  1,376
  1,410
  1,445
  1,481
  1,518
  1,556
Total operating expenses, $m
  6,346
  6,492
  6,637
  6,800
  6,982
  7,182
  7,399
  7,635
  7,889
  8,162
  8,453
  8,518
  8,848
  9,199
  9,571
  9,965
  10,382
  10,821
  11,286
  11,775
  12,292
  12,835
  13,408
  14,010
  14,645
  15,312
  16,013
  16,750
  17,524
  18,338
  19,193
Operating income, $m
  356
  345
  357
  373
  393
  417
  444
  476
  511
  550
  593
  886
  937
  992
  1,052
  1,117
  1,186
  1,260
  1,339
  1,424
  1,514
  1,610
  1,712
  1,821
  1,937
  2,059
  2,189
  2,327
  2,473
  2,627
  2,791
EBITDA, $m
  834
  878
  896
  920
  948
  981
  1,019
  1,062
  1,109
  1,161
  1,218
  1,280
  1,347
  1,419
  1,497
  1,581
  1,670
  1,766
  1,868
  1,977
  2,093
  2,216
  2,346
  2,485
  2,631
  2,787
  2,952
  3,126
  3,311
  3,506
  3,712
Interest expense (income), $m
  261
  246
  211
  219
  229
  241
  253
  267
  282
  298
  315
  334
  354
  375
  398
  422
  447
  474
  503
  533
  565
  599
  635
  672
  712
  754
  798
  844
  893
  944
  998
Earnings before tax, $m
  356
  99
  147
  154
  164
  176
  191
  209
  229
  252
  278
  552
  583
  617
  655
  695
  739
  786
  836
  891
  949
  1,011
  1,078
  1,149
  1,225
  1,305
  1,391
  1,483
  1,580
  1,683
  1,793
Tax expense, $m
  119
  27
  40
  42
  44
  48
  52
  56
  62
  68
  75
  149
  157
  167
  177
  188
  199
  212
  226
  240
  256
  273
  291
  310
  331
  352
  376
  400
  427
  454
  484
Net income, $m
  209
  72
  107
  112
  120
  129
  140
  153
  167
  184
  203
  403
  426
  451
  478
  507
  539
  574
  610
  650
  693
  738
  787
  839
  894
  953
  1,016
  1,082
  1,153
  1,229
  1,309

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  492
  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
  9,135
  8,821
  9,024
  9,255
  9,516
  9,804
  10,121
  10,466
  10,839
  11,241
  11,672
  12,134
  12,626
  13,150
  13,708
  14,299
  14,925
  15,589
  16,290
  17,031
  17,814
  18,640
  19,510
  20,428
  21,395
  22,414
  23,486
  24,615
  25,803
  27,053
  28,367
Adjusted assets (=assets-cash), $m
  8,643
  8,821
  9,024
  9,255
  9,516
  9,804
  10,121
  10,466
  10,839
  11,241
  11,672
  12,134
  12,626
  13,150
  13,708
  14,299
  14,925
  15,589
  16,290
  17,031
  17,814
  18,640
  19,510
  20,428
  21,395
  22,414
  23,486
  24,615
  25,803
  27,053
  28,367
Revenue / Adjusted assets
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
  0.775
Average production assets, $m
  3,537
  3,609
  3,692
  3,787
  3,894
  4,012
  4,141
  4,283
  4,435
  4,600
  4,776
  4,965
  5,167
  5,381
  5,609
  5,851
  6,107
  6,379
  6,666
  6,969
  7,289
  7,627
  7,984
  8,359
  8,755
  9,172
  9,611
  10,073
  10,559
  11,070
  11,608
Working capital, $m
  194
  -103
  -105
  -108
  -111
  -114
  -118
  -122
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -174
  -181
  -189
  -198
  -207
  -217
  -227
  -237
  -249
  -261
  -273
  -286
  -300
  -314
  -330
Total debt, $m
  5,328
  4,386
  4,568
  4,777
  5,011
  5,271
  5,556
  5,866
  6,202
  6,564
  6,952
  7,367
  7,810
  8,282
  8,784
  9,316
  9,880
  10,477
  11,108
  11,775
  12,479
  13,223
  14,006
  14,832
  15,703
  16,620
  17,585
  18,601
  19,670
  20,794
  21,977
Total liabilities, $m
  8,881
  7,939
  8,121
  8,330
  8,564
  8,824
  9,109
  9,419
  9,755
  10,117
  10,505
  10,920
  11,363
  11,835
  12,337
  12,869
  13,433
  14,030
  14,661
  15,328
  16,032
  16,776
  17,559
  18,385
  19,256
  20,173
  21,138
  22,154
  23,223
  24,347
  25,530
Total equity, $m
  254
  882
  902
  926
  952
  980
  1,012
  1,047
  1,084
  1,124
  1,167
  1,213
  1,263
  1,315
  1,371
  1,430
  1,493
  1,559
  1,629
  1,703
  1,781
  1,864
  1,951
  2,043
  2,140
  2,241
  2,349
  2,462
  2,580
  2,705
  2,837
Total liabilities and equity, $m
  9,135
  8,821
  9,023
  9,256
  9,516
  9,804
  10,121
  10,466
  10,839
  11,241
  11,672
  12,133
  12,626
  13,150
  13,708
  14,299
  14,926
  15,589
  16,290
  17,031
  17,813
  18,640
  19,510
  20,428
  21,396
  22,414
  23,487
  24,616
  25,803
  27,052
  28,367
Debt-to-equity ratio
  20.976
  4.970
  5.060
  5.160
  5.270
  5.380
  5.490
  5.610
  5.720
  5.840
  5.960
  6.070
  6.190
  6.300
  6.410
  6.520
  6.620
  6.720
  6.820
  6.910
  7.010
  7.090
  7.180
  7.260
  7.340
  7.410
  7.490
  7.560
  7.620
  7.690
  7.750
Adjusted equity ratio
  -0.028
  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
  209
  72
  107
  112
  120
  129
  140
  153
  167
  184
  203
  403
  426
  451
  478
  507
  539
  574
  610
  650
  693
  738
  787
  839
  894
  953
  1,016
  1,082
  1,153
  1,229
  1,309
Depreciation, amort., depletion, $m
  478
  533
  539
  547
  555
  565
  575
  586
  598
  611
  625
  394
  410
  427
  445
  464
  485
  506
  529
  553
  579
  605
  634
  663
  695
  728
  763
  799
  838
  879
  921
Funds from operations, $m
  889
  605
  646
  659
  675
  693
  715
  739
  765
  795
  828
  797
  836
  878
  923
  972
  1,024
  1,080
  1,139
  1,203
  1,271
  1,343
  1,420
  1,502
  1,589
  1,681
  1,778
  1,882
  1,991
  2,107
  2,230
Change in working capital, $m
  138
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
Cash from operations, $m
  751
  607
  649
  662
  678
  697
  718
  743
  770
  800
  833
  802
  842
  884
  930
  979
  1,031
  1,087
  1,148
  1,212
  1,280
  1,353
  1,431
  1,513
  1,600
  1,693
  1,791
  1,895
  2,005
  2,122
  2,245
Maintenance CAPEX, $m
  0
  -281
  -286
  -293
  -301
  -309
  -318
  -329
  -340
  -352
  -365
  -379
  -394
  -410
  -427
  -445
  -464
  -485
  -506
  -529
  -553
  -579
  -605
  -634
  -663
  -695
  -728
  -763
  -799
  -838
  -879
New CAPEX, $m
  -454
  -73
  -83
  -95
  -107
  -118
  -130
  -141
  -153
  -164
  -177
  -189
  -202
  -215
  -228
  -242
  -256
  -271
  -287
  -303
  -320
  -338
  -356
  -376
  -396
  -417
  -439
  -462
  -486
  -511
  -538
Cash from investing activities, $m
  -417
  -354
  -369
  -388
  -408
  -427
  -448
  -470
  -493
  -516
  -542
  -568
  -596
  -625
  -655
  -687
  -720
  -756
  -793
  -832
  -873
  -917
  -961
  -1,010
  -1,059
  -1,112
  -1,167
  -1,225
  -1,285
  -1,349
  -1,417
Free cash flow, $m
  334
  253
  279
  274
  271
  270
  270
  273
  277
  283
  291
  235
  246
  259
  274
  291
  310
  331
  354
  380
  407
  437
  469
  504
  541
  581
  624
  670
  720
  772
  829
Issuance/(repayment) of debt, $m
  -208
  -747
  183
  209
  234
  260
  285
  310
  336
  362
  388
  415
  443
  472
  502
  532
  564
  597
  631
  667
  704
  743
  784
  826
  870
  917
  965
  1,016
  1,069
  1,125
  1,183
Issuance/(repurchase) of shares, $m
  5
  853
  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  
  -228
  106
  183
  209
  234
  260
  285
  310
  336
  362
  388
  415
  443
  472
  502
  532
  564
  597
  631
  667
  704
  743
  784
  826
  870
  917
  965
  1,016
  1,069
  1,125
  1,183
Total cash flow (excl. dividends), $m
  93
  359
  462
  483
  505
  529
  555
  583
  613
  645
  680
  650
  689
  731
  776
  824
  874
  928
  986
  1,047
  1,111
  1,180
  1,253
  1,330
  1,411
  1,498
  1,589
  1,686
  1,789
  1,897
  2,012
Retained Cash Flow (-), $m
  -83
  -925
  -20
  -23
  -26
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
Prev. year cash balance distribution, $m
 
  297
  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
 
  -269
  441
  459
  479
  500
  523
  549
  576
  605
  636
  604
  640
  679
  720
  764
  812
  862
  916
  972
  1,033
  1,097
  1,165
  1,238
  1,315
  1,396
  1,482
  1,573
  1,670
  1,772
  1,880
Discount rate, %
 
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
 
  -239
  345
  312
  279
  247
  215
  186
  158
  132
  108
  79
  63
  49
  37
  28
  20
  14
  10
  7
  4
  3
  2
  1
  1
  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

Owens-Illinois, Inc. is a manufacturer of glass container products. The Company's principal product lines are glass containers for the food and beverage industries. The Company's segments include Europe, North America, Latin America and Asia Pacific. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine. The Company also produces glass packaging for a range of food items, soft drinks, teas, juices and pharmaceuticals. The Company manufactures glass containers in a range of sizes, shapes and colors. The Company also provides engineering support for its glass manufacturing operations through facilities located in the United States, Australia, France, Poland, Colombia and Peru. As of December 31, 2016, the Company had 79 glass manufacturing plants in 23 countries. The Company has a distribution facility used to import glass containers from its business in Mexico.

FINANCIAL RATIOS  of  Owens-Illinois (OI)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 0.6
Price to Book 15.8
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 13.5
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 2020.9%
Total Debt to Equity 2097.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 98.4%
Return On Equity - 3 Yr. Avg. 43.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 18.1%
Gross Margin - 3 Yr. Avg. 18.2%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 14.9%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 4.7%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 33.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

OI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OI stock intrinsic value calculation we used $6702 million for the last fiscal year's total revenue generated by Owens-Illinois. The default revenue input number comes from 2016 income statement of Owens-Illinois. 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 OI 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 12.5%, whose default value for OI is calculated based on our internal credit rating of Owens-Illinois, 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 Owens-Illinois.
    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 OI stock the variable cost ratio is equal to 83.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $742 million in the base year in the intrinsic value calculation for OI 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 4.8% for Owens-Illinois.

Corporate tax rate of 27% is the nominal tax rate for Owens-Illinois. 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 OI 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 OI are equal to 52.8%.

Life of production assets of 12.6 years is the average useful life of capital assets used in Owens-Illinois 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 OI is equal to -1.5%. 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 - $254 million for Owens-Illinois - 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 164.037 million for Owens-Illinois 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 Owens-Illinois at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ New Strong Buy Stocks for August 21st   [Aug-21-17 09:47AM  Zacks]
▶ Tank leak oozes 300 tons of molten glass into Ohio plant   [Aug-08-17 04:30PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for August 2nd   [Aug-02-17 09:45AM  Zacks]
▶ Owens-Illinois beats 2Q profit forecasts   [Jul-31-17 09:44PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for June 14th   [Jun-14-17 10:25AM  Zacks]
▶ ETFs with exposure to Owens-Illinois, Inc. : May 11, 2017   [May-11-17 05:17PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for May 3rd   [May-03-17 09:40AM  Zacks]
▶ Owens-Illinois beats Street 1Q forecasts   [Apr-24-17 04:39PM  Associated Press]
▶ Owens-Illinois reports 4Q loss   [Feb-01-17 04:48PM  Associated Press]
▶ Should You Avoid Owens-Illinois Inc (OI)?   [Nov-28-16 06:24AM  at Insider Monkey]
Financial statements of OI
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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