Intrinsic value of Sonoco Products - SON

Previous Close

$53.11

  Intrinsic Value

$63.09

stock screener

  Rating & Target

hold

+19%

Previous close

$53.11

 
Intrinsic value

$63.09

 
Up/down potential

+19%

 
Rating

hold

We calculate the intrinsic value of SON 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 5.3

 

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, %
  -3.65
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  4,783
  5,242
  5,721
  6,221
  6,740
  7,281
  7,842
  8,426
  9,033
  9,663
  10,319
  11,000
  11,709
  12,447
  13,215
  14,014
  14,848
  15,717
  16,623
  17,569
  18,557
  19,588
  20,666
  21,793
  22,972
  24,205
  25,495
  26,845
  28,259
  29,740
  31,292
Variable operating expenses, $m
 
  4,828
  5,259
  5,709
  6,176
  6,663
  7,169
  7,694
  8,240
  8,808
  9,398
  9,902
  10,540
  11,204
  11,895
  12,615
  13,365
  14,148
  14,964
  15,815
  16,704
  17,633
  18,603
  19,618
  20,678
  21,788
  22,950
  24,165
  25,438
  26,771
  28,168
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
  4,290
  4,828
  5,259
  5,709
  6,176
  6,663
  7,169
  7,694
  8,240
  8,808
  9,398
  9,902
  10,540
  11,204
  11,895
  12,615
  13,365
  14,148
  14,964
  15,815
  16,704
  17,633
  18,603
  19,618
  20,678
  21,788
  22,950
  24,165
  25,438
  26,771
  28,168
Operating income, $m
  493
  414
  462
  512
  564
  618
  674
  732
  793
  856
  921
  1,098
  1,169
  1,243
  1,319
  1,399
  1,482
  1,569
  1,659
  1,754
  1,853
  1,956
  2,063
  2,176
  2,293
  2,416
  2,545
  2,680
  2,821
  2,969
  3,124
EBITDA, $m
  698
  614
  671
  729
  790
  853
  919
  988
  1,059
  1,133
  1,210
  1,289
  1,373
  1,459
  1,549
  1,643
  1,740
  1,842
  1,949
  2,059
  2,175
  2,296
  2,423
  2,555
  2,693
  2,837
  2,989
  3,147
  3,313
  3,486
  3,668
Interest expense (income), $m
  53
  50
  61
  73
  85
  97
  110
  124
  138
  153
  168
  184
  200
  217
  235
  253
  273
  293
  314
  336
  359
  382
  407
  433
  461
  489
  519
  550
  583
  617
  652
Earnings before tax, $m
  441
  364
  401
  439
  479
  520
  563
  608
  655
  703
  753
  915
  969
  1,025
  1,084
  1,146
  1,209
  1,276
  1,346
  1,418
  1,494
  1,573
  1,656
  1,742
  1,833
  1,927
  2,026
  2,130
  2,239
  2,352
  2,471
Tax expense, $m
  164
  98
  108
  119
  129
  141
  152
  164
  177
  190
  203
  247
  262
  277
  293
  309
  327
  345
  363
  383
  403
  425
  447
  470
  495
  520
  547
  575
  604
  635
  667
Net income, $m
  286
  266
  293
  321
  350
  380
  411
  444
  478
  513
  550
  668
  707
  749
  792
  836
  883
  932
  982
  1,035
  1,091
  1,148
  1,209
  1,272
  1,338
  1,407
  1,479
  1,555
  1,634
  1,717
  1,804

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  257
  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
  3,923
  4,017
  4,384
  4,767
  5,165
  5,579
  6,009
  6,457
  6,922
  7,405
  7,907
  8,429
  8,972
  9,538
  10,126
  10,739
  11,378
  12,043
  12,738
  13,463
  14,220
  15,010
  15,836
  16,700
  17,603
  18,548
  19,536
  20,571
  21,655
  22,790
  23,978
Adjusted assets (=assets-cash), $m
  3,666
  4,017
  4,384
  4,767
  5,165
  5,579
  6,009
  6,457
  6,922
  7,405
  7,907
  8,429
  8,972
  9,538
  10,126
  10,739
  11,378
  12,043
  12,738
  13,463
  14,220
  15,010
  15,836
  16,700
  17,603
  18,548
  19,536
  20,571
  21,655
  22,790
  23,978
Revenue / Adjusted assets
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
Average production assets, $m
  765
  839
  915
  995
  1,078
  1,165
  1,255
  1,348
  1,445
  1,546
  1,651
  1,760
  1,873
  1,991
  2,114
  2,242
  2,376
  2,515
  2,660
  2,811
  2,969
  3,134
  3,307
  3,487
  3,675
  3,873
  4,079
  4,295
  4,521
  4,758
  5,007
Working capital, $m
  546
  351
  383
  417
  452
  488
  525
  565
  605
  647
  691
  737
  785
  834
  885
  939
  995
  1,053
  1,114
  1,177
  1,243
  1,312
  1,385
  1,460
  1,539
  1,622
  1,708
  1,799
  1,893
  1,993
  2,097
Total debt, $m
  1,053
  1,245
  1,481
  1,727
  1,983
  2,249
  2,526
  2,814
  3,113
  3,423
  3,746
  4,082
  4,431
  4,795
  5,173
  5,567
  5,978
  6,406
  6,853
  7,319
  7,805
  8,314
  8,845
  9,400
  9,981
  10,588
  11,224
  11,889
  12,586
  13,316
  14,080
Total liabilities, $m
  2,391
  2,583
  2,819
  3,065
  3,321
  3,587
  3,864
  4,152
  4,451
  4,761
  5,084
  5,420
  5,769
  6,133
  6,511
  6,905
  7,316
  7,744
  8,191
  8,657
  9,143
  9,652
  10,183
  10,738
  11,319
  11,926
  12,562
  13,227
  13,924
  14,654
  15,418
Total equity, $m
  1,532
  1,434
  1,565
  1,702
  1,844
  1,992
  2,145
  2,305
  2,471
  2,644
  2,823
  3,009
  3,203
  3,405
  3,615
  3,834
  4,062
  4,300
  4,547
  4,806
  5,076
  5,359
  5,654
  5,962
  6,284
  6,621
  6,974
  7,344
  7,731
  8,136
  8,560
Total liabilities and equity, $m
  3,923
  4,017
  4,384
  4,767
  5,165
  5,579
  6,009
  6,457
  6,922
  7,405
  7,907
  8,429
  8,972
  9,538
  10,126
  10,739
  11,378
  12,044
  12,738
  13,463
  14,219
  15,011
  15,837
  16,700
  17,603
  18,547
  19,536
  20,571
  21,655
  22,790
  23,978
Debt-to-equity ratio
  0.687
  0.870
  0.950
  1.010
  1.080
  1.130
  1.180
  1.220
  1.260
  1.290
  1.330
  1.360
  1.380
  1.410
  1.430
  1.450
  1.470
  1.490
  1.510
  1.520
  1.540
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.640
Adjusted equity ratio
  0.348
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  286
  266
  293
  321
  350
  380
  411
  444
  478
  513
  550
  668
  707
  749
  792
  836
  883
  932
  982
  1,035
  1,091
  1,148
  1,209
  1,272
  1,338
  1,407
  1,479
  1,555
  1,634
  1,717
  1,804
Depreciation, amort., depletion, $m
  205
  200
  209
  217
  226
  236
  246
  256
  266
  277
  289
  191
  204
  216
  230
  244
  258
  273
  289
  306
  323
  341
  359
  379
  400
  421
  443
  467
  491
  517
  544
Funds from operations, $m
  372
  466
  501
  538
  576
  616
  657
  700
  744
  790
  838
  859
  911
  965
  1,021
  1,080
  1,141
  1,205
  1,271
  1,341
  1,413
  1,489
  1,568
  1,651
  1,737
  1,828
  1,923
  2,022
  2,126
  2,234
  2,348
Change in working capital, $m
  -27
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
Cash from operations, $m
  399
  435
  469
  505
  541
  580
  619
  661
  704
  748
  795
  813
  863
  916
  970
  1,026
  1,085
  1,147
  1,211
  1,277
  1,347
  1,420
  1,496
  1,575
  1,658
  1,745
  1,836
  1,931
  2,031
  2,135
  2,244
Maintenance CAPEX, $m
  0
  -83
  -91
  -100
  -108
  -117
  -127
  -136
  -147
  -157
  -168
  -179
  -191
  -204
  -216
  -230
  -244
  -258
  -273
  -289
  -306
  -323
  -341
  -359
  -379
  -400
  -421
  -443
  -467
  -491
  -517
New CAPEX, $m
  -187
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -189
  -197
  -206
  -216
  -226
  -237
  -248
Cash from investing activities, $m
  -3
  -157
  -168
  -180
  -191
  -203
  -217
  -229
  -244
  -258
  -273
  -288
  -304
  -322
  -339
  -358
  -377
  -397
  -418
  -440
  -464
  -488
  -513
  -539
  -568
  -597
  -627
  -659
  -693
  -728
  -765
Free cash flow, $m
  396
  278
  301
  325
  350
  376
  403
  431
  460
  490
  522
  525
  559
  594
  631
  669
  708
  749
  792
  837
  884
  932
  983
  1,036
  1,091
  1,149
  1,209
  1,272
  1,338
  1,407
  1,479
Issuance/(repayment) of debt, $m
  -65
  224
  236
  246
  256
  266
  277
  288
  299
  311
  323
  336
  349
  363
  378
  394
  411
  428
  447
  466
  487
  508
  531
  555
  581
  607
  636
  665
  697
  730
  764
Issuance/(repurchase) of shares, $m
  -107
  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  
  -170
  224
  236
  246
  256
  266
  277
  288
  299
  311
  323
  336
  349
  363
  378
  394
  411
  428
  447
  466
  487
  508
  531
  555
  581
  607
  636
  665
  697
  730
  764
Total cash flow (excl. dividends), $m
  221
  502
  538
  571
  606
  642
  680
  718
  759
  801
  845
  861
  908
  957
  1,009
  1,063
  1,119
  1,178
  1,239
  1,303
  1,370
  1,440
  1,514
  1,591
  1,672
  1,756
  1,844
  1,937
  2,035
  2,136
  2,243
Retained Cash Flow (-), $m
  -19
  -127
  -131
  -137
  -142
  -148
  -154
  -160
  -166
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -228
  -238
  -248
  -259
  -270
  -282
  -295
  -308
  -322
  -337
  -353
  -369
  -387
  -405
  -424
Prev. year cash balance distribution, $m
 
  225
  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
 
  600
  406
  435
  464
  494
  526
  559
  593
  628
  665
  674
  714
  756
  799
  844
  891
  940
  991
  1,044
  1,100
  1,158
  1,219
  1,283
  1,349
  1,419
  1,492
  1,568
  1,648
  1,731
  1,819
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  573
  368
  372
  374
  372
  368
  361
  351
  339
  324
  295
  277
  258
  237
  216
  194
  173
  151
  131
  111
  93
  77
  62
  50
  39
  30
  22
  16
  12
  8
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

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment's products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management. The Display and Packaging segment's products and services include point-of-purchase displays; fulfilment; supply chain management, and paperboard specialties. Its Paper and Industrial Converted Products segment provides the raw material for its fiber-based packaging. The Protective Solutions segment's products and services include custom-engineered and expanded foam protective packaging and components, and temperature-assured packaging.

FINANCIAL RATIOS  of  Sonoco Products (SON)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 1.1
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 24.8
Growth Rates
Sales Growth Rate -3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 66.6%
Total Debt to Equity 68.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 19.6%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 10.3%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio 51%

SON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SON stock intrinsic value calculation we used $4783 million for the last fiscal year's total revenue generated by Sonoco Products. The default revenue input number comes from 2016 income statement of Sonoco Products. 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 SON stock valuation model: a) initial revenue growth rate of 9.6% 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 4.8%, whose default value for SON is calculated based on our internal credit rating of Sonoco Products, 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 Sonoco Products.
    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 SON stock the variable cost ratio is equal to 92.3%.

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 SON 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 4.9% for Sonoco Products.

Corporate tax rate of 27% is the nominal tax rate for Sonoco Products. 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 SON 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 SON are equal to 16%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Sonoco Products 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 SON is equal to 6.7%. 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 - $1532 million for Sonoco Products - 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 99.416 million for Sonoco Products 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 Sonoco Products at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ Sonoco beats Street 3Q forecasts   [07:02AM  Associated Press]
▶ Sonoco Reports Third Quarter 2017 Results   [06:45AM  GlobeNewswire]
▶ Sonoco Declares Regular Quarterly Common Stock Dividend   [Oct-16-17 12:30PM  GlobeNewswire]
▶ 3 Warren Buffett Stocks for Retirees   [09:33AM  Motley Fool]
▶ 3 Stocks That Could Help Retirees Reach Their Goals   [Sep-21-17 06:15AM  Motley Fool]
▶ Sonoco Completes Acquisition of Clear Lam Packaging, Inc.   [Jul-24-17 04:58PM  GlobeNewswire]
▶ Sonoco tops Street 2Q forecasts   [12:23AM  Associated Press]
▶ Sonoco Reports Second Quarter 2017 Results   [Jul-20-17 06:50AM  GlobeNewswire]
▶ Sonoco Declares Regular Quarterly Common Stock Dividend   [Jul-19-17 11:22AM  GlobeNewswire]
▶ Sonoco Releases Cost of Damage Calculator   [06:50AM  GlobeNewswire]
▶ Sonoco-Alcore to Increase Paperboard Prices in Europe   [Jul-05-17 10:20AM  GlobeNewswire]
▶ Sonoco to Acquire Clear Lam Packaging, Inc.   [Jun-26-17 08:00AM  GlobeNewswire]
▶ Sonoco IML design wins IMDA Best of Show   [Jun-21-17 06:55AM  GlobeNewswire]
▶ ETFs with exposure to Sonoco Products Co. : May 19, 2017   [May-19-17 02:09PM  Capital Cube]
▶ Sonoco tops 1Q profit forecasts   [Apr-20-17 07:06AM  Associated Press]
▶ Sonoco Reports First Quarter 2017 Results   [06:55AM  GlobeNewswire]
▶ Sonoco Increases Common Stock Dividend by 5.4 Percent   [Apr-19-17 11:44AM  GlobeNewswire]
▶ Sonoco Launches PromoPeel Integrated Label Technology   [Apr-11-17 06:55AM  GlobeNewswire]
▶ Sonoco Issues 2016 Annual Report to Shareholders   [Mar-17-17 08:00AM  GlobeNewswire]
Financial statements of SON
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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