Intrinsic value of Ardagh Group Cl A - ARD

Previous Close

$12.70

  Intrinsic Value

$731.73

stock screener

  Rating & Target

str. buy

+999%

Previous close

$12.70

 
Intrinsic value

$731.73

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of ARD 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 0001), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  37.40
  34.16
  31.24
  28.62
  26.26
  24.13
  22.22
  20.50
  18.95
  17.55
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.00
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
  6.70
  6.53
Revenue, $m
  12,608
  16,916
  22,201
  28,554
  36,052
  44,752
  54,695
  65,906
  78,394
  92,154
  107,172
  123,427
  140,893
  159,541
  179,343
  200,274
  222,312
  245,440
  269,648
  294,932
  321,297
  348,752
  377,317
  407,018
  437,888
  469,968
  503,304
  537,952
  573,971
  611,429
Variable operating expenses, $m
  11,421
  15,182
  19,797
  25,345
  31,893
  39,490
  48,173
  57,962
  68,867
  80,882
  93,586
  107,781
  123,032
  139,317
  156,609
  174,886
  194,130
  214,326
  235,466
  257,545
  280,567
  304,542
  329,486
  355,422
  382,378
  410,391
  439,502
  469,757
  501,211
  533,920
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
  11,421
  15,182
  19,797
  25,345
  31,893
  39,490
  48,173
  57,962
  68,867
  80,882
  93,586
  107,781
  123,032
  139,317
  156,609
  174,886
  194,130
  214,326
  235,466
  257,545
  280,567
  304,542
  329,486
  355,422
  382,378
  410,391
  439,502
  469,757
  501,211
  533,920
Operating income, $m
  1,188
  1,734
  2,404
  3,209
  4,159
  5,262
  6,523
  7,944
  9,527
  11,271
  13,586
  15,647
  17,861
  20,225
  22,735
  25,388
  28,182
  31,114
  34,183
  37,388
  40,730
  44,210
  47,831
  51,597
  55,510
  59,576
  63,802
  68,195
  72,761
  77,509
EBITDA, $m
  3,048
  4,090
  5,367
  6,904
  8,716
  10,820
  13,224
  15,934
  18,953
  22,280
  25,911
  29,841
  34,063
  38,572
  43,359
  48,420
  53,748
  59,339
  65,192
  71,305
  77,679
  84,317
  91,223
  98,404
  105,867
  113,623
  121,682
  130,059
  138,767
  147,824
Interest expense (income), $m
  587
  657
  757
  1,129
  1,587
  2,136
  2,785
  3,537
  4,397
  5,367
  6,447
  7,637
  8,936
  10,342
  11,853
  13,466
  15,179
  16,989
  18,896
  20,896
  22,990
  25,177
  27,457
  29,832
  32,303
  34,872
  37,542
  40,317
  43,200
  46,197
  49,313
Earnings before tax, $m
  530
  977
  1,274
  1,622
  2,023
  2,478
  2,986
  3,547
  4,160
  4,824
  5,949
  6,710
  7,518
  8,371
  9,269
  10,209
  11,193
  12,218
  13,286
  14,398
  15,553
  16,753
  17,999
  19,294
  20,638
  22,034
  23,486
  24,994
  26,563
  28,196
Tax expense, $m
  143
  264
  344
  438
  546
  669
  806
  958
  1,123
  1,303
  1,606
  1,812
  2,030
  2,260
  2,503
  2,757
  3,022
  3,299
  3,587
  3,887
  4,199
  4,523
  4,860
  5,209
  5,572
  5,949
  6,341
  6,748
  7,172
  7,613
Net income, $m
  387
  713
  930
  1,184
  1,477
  1,809
  2,179
  2,589
  3,037
  3,522
  4,342
  4,898
  5,488
  6,111
  6,766
  7,453
  8,171
  8,919
  9,699
  10,510
  11,354
  12,230
  13,139
  14,084
  15,066
  16,085
  17,144
  18,246
  19,391
  20,583

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  15,339
  20,578
  27,008
  34,738
  43,859
  54,443
  66,539
  80,178
  95,369
  112,109
  130,379
  150,155
  171,403
  194,089
  218,179
  243,643
  270,453
  298,589
  328,039
  358,799
  390,872
  424,273
  459,023
  495,156
  532,711
  571,737
  612,292
  654,443
  698,262
  743,831
Adjusted assets (=assets-cash), $m
  15,339
  20,578
  27,008
  34,738
  43,859
  54,443
  66,539
  80,178
  95,369
  112,109
  130,379
  150,155
  171,403
  194,089
  218,179
  243,643
  270,453
  298,589
  328,039
  358,799
  390,872
  424,273
  459,023
  495,156
  532,711
  571,737
  612,292
  654,443
  698,262
  743,831
Revenue / Adjusted assets
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
  0.822
Average production assets, $m
  7,250
  9,726
  12,765
  16,419
  20,730
  25,732
  31,450
  37,896
  45,076
  52,988
  61,624
  70,971
  81,013
  91,736
  103,123
  115,158
  127,830
  141,128
  155,048
  169,586
  184,746
  200,532
  216,957
  234,035
  251,786
  270,231
  289,400
  309,322
  330,034
  351,572
Working capital, $m
  479
  643
  844
  1,085
  1,370
  1,701
  2,078
  2,504
  2,979
  3,502
  4,073
  4,690
  5,354
  6,063
  6,815
  7,610
  8,448
  9,327
  10,247
  11,207
  12,209
  13,253
  14,338
  15,467
  16,640
  17,859
  19,126
  20,442
  21,811
  23,234
Total debt, $m
  9,582
  14,297
  20,084
  27,041
  35,250
  44,775
  55,662
  67,937
  81,609
  96,675
  113,118
  130,916
  150,039
  170,457
  192,138
  215,055
  239,184
  264,507
  291,012
  318,695
  347,561
  377,622
  408,898
  441,417
  475,216
  510,340
  546,840
  584,775
  624,213
  665,225
Total liabilities, $m
  13,805
  18,521
  24,307
  31,264
  39,473
  48,999
  59,885
  72,160
  85,832
  100,898
  117,342
  135,139
  154,262
  174,680
  196,361
  219,279
  243,408
  268,730
  295,235
  322,919
  351,785
  381,845
  413,121
  445,640
  479,439
  514,563
  551,063
  588,999
  628,436
  669,448
Total equity, $m
  1,534
  2,058
  2,701
  3,474
  4,386
  5,444
  6,654
  8,018
  9,537
  11,211
  13,038
  15,015
  17,140
  19,409
  21,818
  24,364
  27,045
  29,859
  32,804
  35,880
  39,087
  42,427
  45,902
  49,516
  53,271
  57,174
  61,229
  65,444
  69,826
  74,383
Total liabilities and equity, $m
  15,339
  20,579
  27,008
  34,738
  43,859
  54,443
  66,539
  80,178
  95,369
  112,109
  130,380
  150,154
  171,402
  194,089
  218,179
  243,643
  270,453
  298,589
  328,039
  358,799
  390,872
  424,272
  459,023
  495,156
  532,710
  571,737
  612,292
  654,443
  698,262
  743,831
Debt-to-equity ratio
  6.250
  6.950
  7.440
  7.780
  8.040
  8.220
  8.370
  8.470
  8.560
  8.620
  8.680
  8.720
  8.750
  8.780
  8.810
  8.830
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.930
  8.930
  8.940
  8.940
  8.940
Adjusted equity ratio
  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
  387
  713
  930
  1,184
  1,477
  1,809
  2,179
  2,589
  3,037
  3,522
  4,342
  4,898
  5,488
  6,111
  6,766
  7,453
  8,171
  8,919
  9,699
  10,510
  11,354
  12,230
  13,139
  14,084
  15,066
  16,085
  17,144
  18,246
  19,391
  20,583
Depreciation, amort., depletion, $m
  1,861
  2,356
  2,964
  3,695
  4,557
  5,557
  6,701
  7,990
  9,426
  11,008
  12,325
  14,194
  16,203
  18,347
  20,625
  23,032
  25,566
  28,226
  31,010
  33,917
  36,949
  40,106
  43,391
  46,807
  50,357
  54,046
  57,880
  61,864
  66,007
  70,314
Funds from operations, $m
  2,248
  3,069
  3,894
  4,879
  6,034
  7,366
  8,880
  10,579
  12,463
  14,530
  16,667
  19,093
  21,691
  24,458
  27,391
  30,484
  33,736
  37,145
  40,709
  44,428
  48,303
  52,336
  56,531
  60,891
  65,423
  70,131
  75,024
  80,110
  85,398
  90,898
Change in working capital, $m
  130
  164
  201
  241
  285
  331
  378
  426
  475
  523
  571
  618
  664
  709
  752
  795
  837
  879
  920
  961
  1,002
  1,043
  1,085
  1,129
  1,173
  1,219
  1,267
  1,317
  1,369
  1,423
Cash from operations, $m
  2,118
  2,905
  3,693
  4,637
  5,749
  7,035
  8,502
  10,153
  11,988
  14,007
  16,097
  18,475
  21,027
  23,750
  26,638
  29,689
  32,899
  36,266
  39,789
  43,467
  47,301
  51,293
  55,445
  59,763
  64,250
  68,912
  73,758
  78,794
  84,029
  89,474
Maintenance CAPEX, $m
  -1,054
  -1,450
  -1,945
  -2,553
  -3,284
  -4,146
  -5,146
  -6,290
  -7,579
  -9,015
  -10,598
  -12,325
  -14,194
  -16,203
  -18,347
  -20,625
  -23,032
  -25,566
  -28,226
  -31,010
  -33,917
  -36,949
  -40,106
  -43,391
  -46,807
  -50,357
  -54,046
  -57,880
  -61,864
  -66,007
New CAPEX, $m
  -1,978
  -2,477
  -3,039
  -3,653
  -4,311
  -5,003
  -5,717
  -6,446
  -7,180
  -7,912
  -8,636
  -9,347
  -10,043
  -10,723
  -11,386
  -12,035
  -12,672
  -13,299
  -13,920
  -14,538
  -15,159
  -15,787
  -16,425
  -17,078
  -17,750
  -18,446
  -19,169
  -19,922
  -20,711
  -21,538
Cash from investing activities, $m
  -3,032
  -3,927
  -4,984
  -6,206
  -7,595
  -9,149
  -10,863
  -12,736
  -14,759
  -16,927
  -19,234
  -21,672
  -24,237
  -26,926
  -29,733
  -32,660
  -35,704
  -38,865
  -42,146
  -45,548
  -49,076
  -52,736
  -56,531
  -60,469
  -64,557
  -68,803
  -73,215
  -77,802
  -82,575
  -87,545
Free cash flow, $m
  -915
  -1,021
  -1,291
  -1,569
  -1,846
  -2,113
  -2,362
  -2,583
  -2,771
  -2,920
  -3,137
  -3,197
  -3,210
  -3,176
  -3,095
  -2,971
  -2,804
  -2,598
  -2,356
  -2,081
  -1,776
  -1,443
  -1,086
  -707
  -308
  109
  543
  991
  1,454
  1,929
Issuance/(repayment) of debt, $m
  1,265
  4,716
  5,787
  6,957
  8,209
  9,526
  10,887
  12,275
  13,672
  15,066
  16,444
  17,798
  19,123
  20,418
  21,681
  22,917
  24,129
  25,323
  26,505
  27,683
  28,866
  30,061
  31,276
  32,519
  33,799
  35,124
  36,500
  37,935
  39,437
  41,012
Issuance/(repurchase) of shares, $m
  2,525
  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  
  3,790
  4,716
  5,787
  6,957
  8,209
  9,526
  10,887
  12,275
  13,672
  15,066
  16,444
  17,798
  19,123
  20,418
  21,681
  22,917
  24,129
  25,323
  26,505
  27,683
  28,866
  30,061
  31,276
  32,519
  33,799
  35,124
  36,500
  37,935
  39,437
  41,012
Total cash flow (excl. dividends), $m
  2,875
  3,695
  4,495
  5,388
  6,363
  7,412
  8,525
  9,691
  10,901
  12,146
  13,307
  14,601
  15,914
  17,242
  18,586
  19,946
  21,325
  22,724
  24,149
  25,602
  27,090
  28,618
  30,190
  31,812
  33,492
  35,233
  37,043
  38,927
  40,891
  42,942
Retained Cash Flow (-), $m
  -2,912
  -524
  -643
  -773
  -912
  -1,058
  -1,210
  -1,364
  -1,519
  -1,674
  -1,827
  -1,978
  -2,125
  -2,269
  -2,409
  -2,546
  -2,681
  -2,814
  -2,945
  -3,076
  -3,207
  -3,340
  -3,475
  -3,613
  -3,755
  -3,903
  -4,056
  -4,215
  -4,382
  -4,557
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
  -37
  3,171
  3,852
  4,615
  5,451
  6,354
  7,316
  8,328
  9,382
  10,472
  11,480
  12,624
  13,789
  14,973
  16,177
  17,400
  18,644
  19,911
  21,204
  22,526
  23,883
  25,277
  26,715
  28,199
  29,736
  31,330
  32,987
  34,712
  36,509
  38,385
Discount rate, %
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
  -33
  2,464
  2,593
  2,655
  2,645
  2,563
  2,415
  2,214
  1,974
  1,712
  1,430
  1,173
  936
  726
  546
  399
  283
  194
  129
  83
  51
  31
  18
  10
  5
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  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

Ardagh Group SA, formerly Ardagh Finance Holdings SA, is a Luxembourg-based company engaged in the packing industry. The Company focuses on the design and manufacture of rigid packaging solutions mainly for food and beverage markets. Its activities are divided into two business segments: Metal packing, which supplies aluminum and steel beverage cans, two-piece aluminum, two-piece tinplate and three-piece tinplate food and specialty cans, as well as a range of can ends, among others, and Glass packing, which delivers glass containers, bottles and jars, among others. Its products are distributed in customized sizes and shapes, as well as are decorated with printed graphics. The Company operates in Europe, the Americas, Asia and Africa.

FINANCIAL RATIOS  of  Ardagh Group Cl A (ARD)

Valuation Ratios
P/E Ratio -51.2
Price to Sales 0.4
Price to Book -1.4
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 19.2
Growth Rates
Sales Growth Rate 22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 98
Current Ratio 0
LT Debt to Equity -425.8%
Total Debt to Equity -426.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 378.1%
Ret/ On Assets - 3 Yr. Avg. 126.3%
Return On Total Capital -1%
Ret/ On T. Cap. - 3 Yr. Avg. -9.3%
Return On Equity 2.7%
Return On Equity - 3 Yr. Avg. 22.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 17.2%
EBITDA Margin 16.5%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin -0%
Pre-Tax Margin - 3 Yr. Avg. -4.2%
Net Profit Margin -0.9%
Net Profit Margin - 3 Yr. Avg. -4.8%
Effective Tax Rate -5700%
Eff/ Tax Rate - 3 Yr. Avg. -1926.7%
Payout Ratio -491.4%

ARD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARD stock intrinsic value calculation we used $9176.47058824 million for the last fiscal year's total revenue generated by Ardagh Group Cl A. The default revenue input number comes from 0001 income statement of Ardagh Group Cl A. 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 ARD stock valuation model: a) initial revenue growth rate of 37.4% 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 12.8%, whose default value for ARD is calculated based on our internal credit rating of Ardagh Group Cl A, 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 Ardagh Group Cl A.
    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 ARD stock the variable cost ratio is equal to 91.8%.

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 ARD 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 7.9% for Ardagh Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Ardagh Group Cl A. 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 ARD 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 ARD are equal to 57.5%.

Life of production assets of 0 years is the average useful life of capital assets used in Ardagh Group Cl A 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 ARD is equal to 3.8%. 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 - $-1378.1512605 million for Ardagh Group Cl A - 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 18.6 million for Ardagh Group Cl A 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 Ardagh Group Cl A at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Ardagh Group (ARD) Lags Q3 Earnings Estimates   [Oct-25-18 09:55AM  Zacks]
▶ Ardagh Group: 3Q Earnings Snapshot   [08:47AM  Associated Press]
▶ Ardagh Group (ARD) Q2 Earnings Lag Estimates   [Jul-26-18 10:28AM  Zacks]
▶ Ardagh Group: 2Q Earnings Snapshot   [09:09AM  Associated Press]
▶ Estimating The Intrinsic Value Of Ardagh Group SA. (NYSE:ARD)   [May-12-18 10:27AM  Simply Wall St.]
▶ Ardagh Group: 1Q Earnings Snapshot   [08:20AM  Associated Press]
▶ Ardagh Group S.A. Announces 20-F Filing   [Mar-02-18 04:56PM  PR Newswire]
▶ Ardagh Group posts 4Q profit   [Feb-22-18 07:55AM  Associated Press]
▶ Ardagh Group S.A. Declares Quarterly Dividend   [Feb-08-18 11:00AM  PR Newswire]

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