Intrinsic value of WestRock - WRK

Previous Close

$63.11

  Intrinsic Value

$29.85

stock screener

  Rating & Target

str. sell

-53%

Previous close

$63.11

 
Intrinsic value

$29.85

 
Up/down potential

-53%

 
Rating

str. sell

We calculate the intrinsic value of WRK 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 16.0

 

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, %
  27.39
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  14,172
  14,569
  15,009
  15,492
  16,018
  16,588
  17,201
  17,860
  18,566
  19,318
  20,119
  20,971
  21,875
  22,832
  23,846
  24,919
  26,052
  27,248
  28,511
  29,842
  31,245
  32,724
  34,281
  35,921
  37,647
  39,464
  41,374
  43,384
  45,498
  47,721
  50,057
Variable operating expenses, $m
 
  13,448
  13,840
  14,270
  14,738
  15,246
  15,792
  16,379
  17,006
  17,676
  18,390
  18,670
  19,475
  20,327
  21,230
  22,185
  23,194
  24,259
  25,383
  26,568
  27,817
  29,134
  30,520
  31,980
  33,517
  35,134
  36,835
  38,625
  40,506
  42,485
  44,565
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
  13,739
  13,448
  13,840
  14,270
  14,738
  15,246
  15,792
  16,379
  17,006
  17,676
  18,390
  18,670
  19,475
  20,327
  21,230
  22,185
  23,194
  24,259
  25,383
  26,568
  27,817
  29,134
  30,520
  31,980
  33,517
  35,134
  36,835
  38,625
  40,506
  42,485
  44,565
Operating income, $m
  433
  1,121
  1,169
  1,222
  1,280
  1,342
  1,409
  1,482
  1,559
  1,642
  1,730
  2,301
  2,400
  2,505
  2,616
  2,734
  2,858
  2,990
  3,128
  3,274
  3,428
  3,590
  3,761
  3,941
  4,130
  4,330
  4,539
  4,760
  4,992
  5,236
  5,492
EBITDA, $m
  1,580
  2,443
  2,517
  2,598
  2,686
  2,782
  2,885
  2,995
  3,114
  3,240
  3,374
  3,517
  3,669
  3,829
  3,999
  4,179
  4,369
  4,570
  4,782
  5,005
  5,240
  5,488
  5,749
  6,025
  6,314
  6,619
  6,939
  7,276
  7,631
  8,003
  8,395
Interest expense (income), $m
  230
  220
  234
  250
  268
  288
  308
  331
  355
  381
  409
  438
  469
  503
  538
  575
  614
  656
  700
  746
  795
  847
  901
  958
  1,019
  1,082
  1,149
  1,219
  1,293
  1,370
  1,452
Earnings before tax, $m
  245
  901
  935
  971
  1,011
  1,055
  1,101
  1,151
  1,204
  1,261
  1,321
  1,863
  1,930
  2,002
  2,078
  2,159
  2,244
  2,333
  2,428
  2,528
  2,633
  2,743
  2,860
  2,983
  3,112
  3,248
  3,391
  3,541
  3,699
  3,865
  4,040
Tax expense, $m
  90
  243
  252
  262
  273
  285
  297
  311
  325
  340
  357
  503
  521
  541
  561
  583
  606
  630
  656
  682
  711
  741
  772
  805
  840
  877
  915
  956
  999
  1,044
  1,091
Net income, $m
  -396
  658
  682
  709
  738
  770
  804
  840
  879
  920
  964
  1,360
  1,409
  1,462
  1,517
  1,576
  1,638
  1,703
  1,772
  1,845
  1,922
  2,003
  2,088
  2,177
  2,272
  2,371
  2,475
  2,585
  2,700
  2,822
  2,949

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  341
  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
  23,038
  23,347
  24,053
  24,827
  25,670
  26,583
  27,566
  28,623
  29,752
  30,958
  32,242
  33,607
  35,056
  36,590
  38,215
  39,934
  41,750
  43,667
  45,690
  47,824
  50,073
  52,442
  54,938
  57,566
  60,332
  63,243
  66,305
  69,526
  72,914
  76,475
  80,220
Adjusted assets (=assets-cash), $m
  22,697
  23,347
  24,053
  24,827
  25,670
  26,583
  27,566
  28,623
  29,752
  30,958
  32,242
  33,607
  35,056
  36,590
  38,215
  39,934
  41,750
  43,667
  45,690
  47,824
  50,073
  52,442
  54,938
  57,566
  60,332
  63,243
  66,305
  69,526
  72,914
  76,475
  80,220
Revenue / Adjusted assets
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
Average production assets, $m
  11,924
  12,252
  12,622
  13,029
  13,471
  13,950
  14,466
  15,021
  15,614
  16,246
  16,920
  17,637
  18,397
  19,202
  20,055
  20,957
  21,910
  22,916
  23,977
  25,097
  26,277
  27,521
  28,831
  30,210
  31,661
  33,189
  34,796
  36,486
  38,264
  40,133
  42,098
Working capital, $m
  1,730
  1,734
  1,786
  1,844
  1,906
  1,974
  2,047
  2,125
  2,209
  2,299
  2,394
  2,496
  2,603
  2,717
  2,838
  2,965
  3,100
  3,243
  3,393
  3,551
  3,718
  3,894
  4,079
  4,275
  4,480
  4,696
  4,924
  5,163
  5,414
  5,679
  5,957
Total debt, $m
  5,789
  5,858
  6,262
  6,706
  7,189
  7,712
  8,276
  8,881
  9,528
  10,219
  10,955
  11,737
  12,567
  13,446
  14,377
  15,362
  16,403
  17,501
  18,660
  19,883
  21,172
  22,530
  23,960
  25,465
  27,050
  28,718
  30,473
  32,319
  34,260
  36,300
  38,446
Total liabilities, $m
  13,309
  13,378
  13,782
  14,226
  14,709
  15,232
  15,796
  16,401
  17,048
  17,739
  18,475
  19,257
  20,087
  20,966
  21,897
  22,882
  23,923
  25,021
  26,180
  27,403
  28,692
  30,050
  31,480
  32,985
  34,570
  36,238
  37,993
  39,839
  41,780
  43,820
  45,966
Total equity, $m
  9,729
  9,969
  10,270
  10,601
  10,961
  11,351
  11,771
  12,222
  12,704
  13,219
  13,767
  14,350
  14,969
  15,624
  16,318
  17,052
  17,827
  18,646
  19,510
  20,421
  21,381
  22,393
  23,459
  24,581
  25,762
  27,005
  28,312
  29,688
  31,134
  32,655
  34,254
Total liabilities and equity, $m
  23,038
  23,347
  24,052
  24,827
  25,670
  26,583
  27,567
  28,623
  29,752
  30,958
  32,242
  33,607
  35,056
  36,590
  38,215
  39,934
  41,750
  43,667
  45,690
  47,824
  50,073
  52,443
  54,939
  57,566
  60,332
  63,243
  66,305
  69,527
  72,914
  76,475
  80,220
Debt-to-equity ratio
  0.595
  0.590
  0.610
  0.630
  0.660
  0.680
  0.700
  0.730
  0.750
  0.770
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
Adjusted equity ratio
  0.414
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427
  0.427

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -396
  658
  682
  709
  738
  770
  804
  840
  879
  920
  964
  1,360
  1,409
  1,462
  1,517
  1,576
  1,638
  1,703
  1,772
  1,845
  1,922
  2,003
  2,088
  2,177
  2,272
  2,371
  2,475
  2,585
  2,700
  2,822
  2,949
Depreciation, amort., depletion, $m
  1,147
  1,323
  1,348
  1,376
  1,407
  1,440
  1,475
  1,514
  1,555
  1,598
  1,645
  1,216
  1,269
  1,324
  1,383
  1,445
  1,511
  1,580
  1,654
  1,731
  1,812
  1,898
  1,988
  2,083
  2,184
  2,289
  2,400
  2,516
  2,639
  2,768
  2,903
Funds from operations, $m
  1,662
  1,980
  2,031
  2,085
  2,145
  2,210
  2,279
  2,354
  2,433
  2,518
  2,609
  2,576
  2,678
  2,786
  2,900
  3,021
  3,149
  3,284
  3,426
  3,576
  3,734
  3,901
  4,076
  4,261
  4,455
  4,660
  4,875
  5,101
  5,339
  5,589
  5,853
Change in working capital, $m
  -26
  47
  52
  57
  63
  68
  73
  78
  84
  90
  95
  101
  108
  114
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  239
  252
  264
  278
Cash from operations, $m
  1,688
  1,933
  1,978
  2,028
  2,083
  2,142
  2,206
  2,275
  2,350
  2,429
  2,514
  2,475
  2,570
  2,672
  2,780
  2,894
  3,014
  3,141
  3,276
  3,418
  3,567
  3,725
  3,891
  4,066
  4,250
  4,444
  4,647
  4,862
  5,088
  5,325
  5,574
Maintenance CAPEX, $m
  0
  -822
  -845
  -871
  -899
  -929
  -962
  -998
  -1,036
  -1,077
  -1,120
  -1,167
  -1,216
  -1,269
  -1,324
  -1,383
  -1,445
  -1,511
  -1,580
  -1,654
  -1,731
  -1,812
  -1,898
  -1,988
  -2,083
  -2,184
  -2,289
  -2,400
  -2,516
  -2,639
  -2,768
New CAPEX, $m
  -797
  -328
  -370
  -406
  -442
  -479
  -516
  -554
  -593
  -633
  -674
  -716
  -760
  -806
  -853
  -902
  -953
  -1,006
  -1,062
  -1,120
  -1,180
  -1,244
  -1,310
  -1,379
  -1,452
  -1,528
  -1,607
  -1,690
  -1,778
  -1,869
  -1,965
Cash from investing activities, $m
  -1,351
  -1,150
  -1,215
  -1,277
  -1,341
  -1,408
  -1,478
  -1,552
  -1,629
  -1,710
  -1,794
  -1,883
  -1,976
  -2,075
  -2,177
  -2,285
  -2,398
  -2,517
  -2,642
  -2,774
  -2,911
  -3,056
  -3,208
  -3,367
  -3,535
  -3,712
  -3,896
  -4,090
  -4,294
  -4,508
  -4,733
Free cash flow, $m
  337
  782
  763
  751
  742
  734
  728
  723
  721
  719
  719
  592
  594
  598
  603
  609
  616
  624
  634
  644
  656
  669
  683
  698
  715
  733
  752
  772
  794
  817
  842
Issuance/(repayment) of debt, $m
  439
  362
  404
  444
  483
  523
  564
  605
  647
  691
  736
  782
  830
  880
  931
  985
  1,040
  1,099
  1,159
  1,223
  1,289
  1,358
  1,430
  1,506
  1,585
  1,668
  1,755
  1,846
  1,941
  2,041
  2,146
Issuance/(repurchase) of shares, $m
  -324
  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  
  150
  362
  404
  444
  483
  523
  564
  605
  647
  691
  736
  782
  830
  880
  931
  985
  1,040
  1,099
  1,159
  1,223
  1,289
  1,358
  1,430
  1,506
  1,585
  1,668
  1,755
  1,846
  1,941
  2,041
  2,146
Total cash flow (excl. dividends), $m
  494
  1,145
  1,167
  1,195
  1,225
  1,257
  1,291
  1,329
  1,368
  1,410
  1,455
  1,374
  1,424
  1,477
  1,534
  1,593
  1,656
  1,723
  1,793
  1,867
  1,945
  2,027
  2,113
  2,204
  2,300
  2,400
  2,506
  2,618
  2,735
  2,858
  2,987
Retained Cash Flow (-), $m
  1,923
  -288
  -301
  -331
  -360
  -390
  -420
  -451
  -482
  -515
  -548
  -583
  -618
  -655
  -694
  -734
  -775
  -819
  -864
  -911
  -960
  -1,012
  -1,066
  -1,122
  -1,181
  -1,243
  -1,308
  -1,375
  -1,446
  -1,521
  -1,599
Prev. year cash balance distribution, $m
 
  48
  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
 
  904
  866
  864
  865
  867
  871
  878
  886
  895
  907
  791
  806
  822
  840
  860
  881
  904
  929
  956
  984
  1,015
  1,047
  1,082
  1,119
  1,157
  1,199
  1,242
  1,288
  1,337
  1,388
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  852
  765
  711
  658
  606
  556
  506
  458
  412
  367
  279
  245
  213
  183
  155
  130
  108
  88
  71
  56
  43
  33
  25
  18
  13
  9
  6
  4
  3
  2
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

WestRock Company, incorporated on March 6, 2015, is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company's segments include Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment consists of its containerboard mill and corrugated packaging operations, as well as its recycling operations. The Consumer Packaging segment consists of consumer mills, folding carton, beverage, merchandising displays, and partition operations. The Land and Development segment is engaged in the development and sale of real estate primarily in Charleston, South Carolina.

FINANCIAL RATIOS  of  WestRock (WRK)

Valuation Ratios
P/E Ratio -40
Price to Sales 1.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 17.8
Growth Rates
Sales Growth Rate 27.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 56.5%
Total Debt to Equity 59.5%
Interest Coverage 2
Management Effectiveness
Return On Assets -1%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital -2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity -3.7%
Return On Equity - 3 Yr. Avg. 4.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 19.5%
Gross Margin - 3 Yr. Avg. 19.4%
EBITDA Margin 11.4%
EBITDA Margin - 3 Yr. Avg. 13.5%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 1.7%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio -96.2%

WRK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WRK stock intrinsic value calculation we used $14172 million for the last fiscal year's total revenue generated by WestRock. The default revenue input number comes from 2016 income statement of WestRock. 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 WRK stock valuation model: a) initial revenue growth rate of 2.8% 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 6.1%, whose default value for WRK is calculated based on our internal credit rating of WestRock, 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 WestRock.
    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 WRK stock the variable cost ratio is equal to 92.4%.

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 WRK 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% for WestRock.

Corporate tax rate of 27% is the nominal tax rate for WestRock. 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 WRK 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 WRK are equal to 84.1%.

Life of production assets of 14.5 years is the average useful life of capital assets used in WestRock 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 WRK is equal to 11.9%. 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 - $9729 million for WestRock - 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 253.924 million for WestRock 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 WestRock at the current share price and the inputted number of shares is $16.0 billion.

RELATED COMPANIES Price Int.Val. Rating
GPK Graphic Packag 15.32 10.44  sell
IP International 56.25 78.05  buy
PKG Packaging of A 115.27 243.36  str.buy

COMPANY NEWS

▶ Let's Look to Rock WestRock as a Long   [Dec-13-17 10:52AM  TheStreet.com]
▶ WestRock Announces Agreements to Acquire Plymouth Packaging   [Dec-12-17 07:00AM  GlobeNewswire]
▶ WestRock Announces Highlights of 2017 Investor Day   [Dec-08-17 12:15PM  GlobeNewswire]
▶ Westrock Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ WestRock Announces Webcast of 2017 Investor Day   [Nov-29-17 05:27PM  GlobeNewswire]
▶ ETFs with exposure to WestRock Co. : November 27, 2017   [Nov-27-17 04:30PM  Capital Cube]
▶ WestRock to Upgrade Florence, SC Mill   [Nov-16-17 10:06AM  GlobeNewswire]
▶ WestRock tops Street 4Q forecasts   [06:41AM  Associated Press]
▶ WestRock Co. to Host Earnings Call   [06:40AM  ACCESSWIRE]
▶ Westrock Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to WestRock Co. : October 23, 2017   [Oct-23-17 11:16AM  Capital Cube]
▶ ETFs with exposure to WestRock Co. : October 11, 2017   [Oct-11-17 12:11PM  Capital Cube]
▶ ETFs with exposure to WestRock Co. : September 27, 2017   [Sep-27-17 10:44AM  Capital Cube]
▶ Stocks Showing Improved Relative Strength: Westrock   [03:00AM  Investor's Business Daily]
▶ WestRock Prices $1.0 Billion of Senior Notes   [Aug-21-17 05:17PM  GlobeNewswire]
▶ WestRock Co. Value Analysis (NYSE:WRK) : August 17, 2017   [Aug-16-17 11:22PM  Capital Cube]
▶ WestRock beats Street 3Q forecasts   [06:55AM  Associated Press]
▶ WestRock Acquires Hannapak   [Aug-01-17 06:26AM  GlobeNewswire]
▶ WestRock Announces Quarterly Dividend of $0.40 Per Share   [Jul-28-17 09:45AM  GlobeNewswire]
▶ WestRock Completes Acquisition of Multi Packaging Solutions   [Jun-06-17 10:31AM  GlobeNewswire]
▶ Intuit Was the S&P 500s Top Gainer on May 24   [May-26-17 09:07AM  Market Realist]
▶ Washington County box plant to be acquired   [May-24-17 04:55PM  American City Business Journals]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-23-17 11:15AM  Investor's Business Daily]
▶ 2015 IPO With Triple-Digit EPS Growth Trying To Package New Run   [May-22-17 11:59AM  Investor's Business Daily]
▶ ETFs with exposure to WestRock Co. : May 19, 2017   [May-19-17 02:15PM  Capital Cube]
▶ Which Direction Does WestRock Go From Here?   [May-09-17 01:09PM  TheStreet.com]
Financial statements of WRK
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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