Intrinsic value of Avery Dennison - AVY

Previous Close

$107.82

  Intrinsic Value

$132.42

stock screener

  Rating & Target

buy

+23%

Previous close

$107.82

 
Intrinsic value

$132.42

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of AVY 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 2017), $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 9.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  7,189
  7,788
  8,411
  9,059
  9,731
  10,431
  11,157
  11,913
  12,698
  13,515
  14,365
  15,250
  16,172
  17,132
  18,134
  19,179
  20,269
  21,408
  22,597
  23,840
  25,139
  26,498
  27,919
  29,407
  30,964
  32,595
  34,302
  36,091
  37,966
  39,930
Variable operating expenses, $m
  6,000
  6,491
  7,000
  7,530
  8,081
  8,654
  9,248
  9,867
  10,510
  11,178
  11,759
  12,484
  13,238
  14,025
  14,845
  15,700
  16,592
  17,524
  18,498
  19,515
  20,579
  21,691
  22,855
  24,072
  25,347
  26,682
  28,080
  29,544
  31,079
  32,687
Fixed operating expenses, $m
  415
  424
  433
  443
  453
  463
  473
  483
  494
  505
  516
  527
  539
  551
  563
  575
  588
  601
  614
  627
  641
  655
  670
  684
  700
  715
  731
  747
  763
  780
Total operating expenses, $m
  6,415
  6,915
  7,433
  7,973
  8,534
  9,117
  9,721
  10,350
  11,004
  11,683
  12,275
  13,011
  13,777
  14,576
  15,408
  16,275
  17,180
  18,125
  19,112
  20,142
  21,220
  22,346
  23,525
  24,756
  26,047
  27,397
  28,811
  30,291
  31,842
  33,467
Operating income, $m
  774
  874
  977
  1,085
  1,198
  1,314
  1,436
  1,563
  1,694
  1,832
  2,090
  2,239
  2,395
  2,557
  2,727
  2,904
  3,089
  3,283
  3,485
  3,697
  3,919
  4,151
  4,395
  4,650
  4,917
  5,198
  5,492
  5,800
  6,124
  6,463
EBITDA, $m
  1,108
  1,226
  1,348
  1,476
  1,608
  1,747
  1,890
  2,040
  2,196
  2,358
  2,527
  2,703
  2,886
  3,078
  3,278
  3,487
  3,705
  3,934
  4,172
  4,422
  4,683
  4,957
  5,244
  5,544
  5,859
  6,189
  6,535
  6,897
  7,278
  7,677
Interest expense (income), $m
  59
  85
  104
  124
  145
  167
  189
  213
  237
  262
  288
  316
  344
  373
  404
  436
  470
  505
  541
  579
  619
  660
  703
  749
  796
  846
  898
  952
  1,009
  1,069
  1,132
Earnings before tax, $m
  689
  769
  853
  940
  1,031
  1,125
  1,223
  1,326
  1,432
  1,544
  1,774
  1,895
  2,021
  2,153
  2,291
  2,434
  2,585
  2,742
  2,906
  3,079
  3,259
  3,448
  3,646
  3,854
  4,072
  4,300
  4,540
  4,791
  5,055
  5,332
Tax expense, $m
  186
  208
  230
  254
  278
  304
  330
  358
  387
  417
  479
  512
  546
  581
  618
  657
  698
  740
  785
  831
  880
  931
  984
  1,041
  1,099
  1,161
  1,226
  1,294
  1,365
  1,440
Net income, $m
  503
  562
  623
  686
  752
  821
  893
  968
  1,046
  1,127
  1,295
  1,384
  1,476
  1,572
  1,672
  1,777
  1,887
  2,002
  2,122
  2,247
  2,379
  2,517
  2,662
  2,813
  2,972
  3,139
  3,314
  3,497
  3,690
  3,892

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
  5,582
  6,047
  6,530
  7,033
  7,555
  8,098
  8,662
  9,249
  9,859
  10,493
  11,153
  11,840
  12,556
  13,302
  14,079
  14,890
  15,737
  16,621
  17,544
  18,509
  19,518
  20,573
  21,677
  22,831
  24,040
  25,306
  26,632
  28,021
  29,476
  31,002
Adjusted assets (=assets-cash), $m
  5,582
  6,047
  6,530
  7,033
  7,555
  8,098
  8,662
  9,249
  9,859
  10,493
  11,153
  11,840
  12,556
  13,302
  14,079
  14,890
  15,737
  16,621
  17,544
  18,509
  19,518
  20,573
  21,677
  22,831
  24,040
  25,306
  26,632
  28,021
  29,476
  31,002
Revenue / Adjusted assets
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
  1.288
Average production assets, $m
  2,186
  2,368
  2,557
  2,754
  2,958
  3,171
  3,392
  3,621
  3,860
  4,108
  4,367
  4,636
  4,916
  5,208
  5,513
  5,830
  6,162
  6,508
  6,870
  7,247
  7,642
  8,055
  8,488
  8,940
  9,413
  9,909
  10,428
  10,972
  11,542
  12,139
Working capital, $m
  -431
  -467
  -505
  -544
  -584
  -626
  -669
  -715
  -762
  -811
  -862
  -915
  -970
  -1,028
  -1,088
  -1,151
  -1,216
  -1,284
  -1,356
  -1,430
  -1,508
  -1,590
  -1,675
  -1,764
  -1,858
  -1,956
  -2,058
  -2,165
  -2,278
  -2,396
Total debt, $m
  1,934
  2,304
  2,689
  3,089
  3,505
  3,937
  4,386
  4,853
  5,338
  5,843
  6,368
  6,915
  7,485
  8,079
  8,698
  9,344
  10,018
  10,721
  11,456
  12,224
  13,027
  13,867
  14,745
  15,665
  16,627
  17,635
  18,690
  19,796
  20,954
  22,168
Total liabilities, $m
  4,443
  4,813
  5,198
  5,598
  6,014
  6,446
  6,895
  7,362
  7,847
  8,352
  8,878
  9,425
  9,994
  10,588
  11,207
  11,853
  12,527
  13,230
  13,965
  14,733
  15,536
  16,376
  17,255
  18,174
  19,136
  20,144
  21,199
  22,305
  23,463
  24,677
Total equity, $m
  1,139
  1,234
  1,332
  1,435
  1,541
  1,652
  1,767
  1,887
  2,011
  2,141
  2,275
  2,415
  2,561
  2,714
  2,872
  3,038
  3,210
  3,391
  3,579
  3,776
  3,982
  4,197
  4,422
  4,658
  4,904
  5,162
  5,433
  5,716
  6,013
  6,324
Total liabilities and equity, $m
  5,582
  6,047
  6,530
  7,033
  7,555
  8,098
  8,662
  9,249
  9,858
  10,493
  11,153
  11,840
  12,555
  13,302
  14,079
  14,891
  15,737
  16,621
  17,544
  18,509
  19,518
  20,573
  21,677
  22,832
  24,040
  25,306
  26,632
  28,021
  29,476
  31,001
Debt-to-equity ratio
  1.700
  1.870
  2.020
  2.150
  2.270
  2.380
  2.480
  2.570
  2.650
  2.730
  2.800
  2.860
  2.920
  2.980
  3.030
  3.080
  3.120
  3.160
  3.200
  3.240
  3.270
  3.300
  3.330
  3.360
  3.390
  3.420
  3.440
  3.460
  3.480
  3.510
Adjusted equity ratio
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  503
  562
  623
  686
  752
  821
  893
  968
  1,046
  1,127
  1,295
  1,384
  1,476
  1,572
  1,672
  1,777
  1,887
  2,002
  2,122
  2,247
  2,379
  2,517
  2,662
  2,813
  2,972
  3,139
  3,314
  3,497
  3,690
  3,892
Depreciation, amort., depletion, $m
  334
  352
  371
  390
  411
  432
  454
  477
  501
  526
  437
  464
  492
  521
  551
  583
  616
  651
  687
  725
  764
  806
  849
  894
  941
  991
  1,043
  1,097
  1,154
  1,214
Funds from operations, $m
  836
  913
  993
  1,077
  1,163
  1,254
  1,347
  1,445
  1,547
  1,653
  1,732
  1,847
  1,967
  2,093
  2,223
  2,360
  2,503
  2,652
  2,809
  2,972
  3,143
  3,323
  3,510
  3,707
  3,914
  4,130
  4,357
  4,595
  4,844
  5,106
Change in working capital, $m
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
Cash from operations, $m
  871
  949
  1,031
  1,116
  1,204
  1,295
  1,391
  1,490
  1,594
  1,702
  1,783
  1,900
  2,023
  2,150
  2,284
  2,423
  2,568
  2,721
  2,880
  3,047
  3,221
  3,404
  3,596
  3,796
  4,007
  4,228
  4,459
  4,702
  4,957
  5,224
Maintenance CAPEX, $m
  -201
  -219
  -237
  -256
  -275
  -296
  -317
  -339
  -362
  -386
  -411
  -437
  -464
  -492
  -521
  -551
  -583
  -616
  -651
  -687
  -725
  -764
  -806
  -849
  -894
  -941
  -991
  -1,043
  -1,097
  -1,154
New CAPEX, $m
  -173
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -248
  -258
  -269
  -280
  -292
  -304
  -318
  -331
  -346
  -362
  -378
  -395
  -413
  -432
  -452
  -473
  -496
  -519
  -544
  -570
  -597
Cash from investing activities, $m
  -374
  -401
  -426
  -453
  -480
  -509
  -538
  -569
  -601
  -634
  -669
  -706
  -744
  -784
  -825
  -869
  -914
  -962
  -1,013
  -1,065
  -1,120
  -1,177
  -1,238
  -1,301
  -1,367
  -1,437
  -1,510
  -1,587
  -1,667
  -1,751
Free cash flow, $m
  497
  549
  605
  663
  724
  787
  853
  922
  993
  1,067
  1,114
  1,195
  1,279
  1,367
  1,458
  1,554
  1,654
  1,758
  1,868
  1,982
  2,102
  2,227
  2,358
  2,496
  2,640
  2,791
  2,949
  3,115
  3,290
  3,473
Issuance/(repayment) of debt, $m
  352
  370
  385
  400
  416
  432
  449
  467
  485
  505
  525
  547
  570
  594
  619
  646
  674
  704
  735
  768
  803
  840
  878
  919
  962
  1,008
  1,055
  1,106
  1,158
  1,214
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  352
  370
  385
  400
  416
  432
  449
  467
  485
  505
  525
  547
  570
  594
  619
  646
  674
  704
  735
  768
  803
  840
  878
  919
  962
  1,008
  1,055
  1,106
  1,158
  1,214
Total cash flow (excl. dividends), $m
  849
  919
  990
  1,063
  1,140
  1,219
  1,302
  1,388
  1,478
  1,572
  1,639
  1,742
  1,848
  1,960
  2,077
  2,200
  2,328
  2,462
  2,603
  2,750
  2,905
  3,067
  3,237
  3,415
  3,602
  3,798
  4,005
  4,221
  4,448
  4,687
Retained Cash Flow (-), $m
  -93
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -159
  -165
  -173
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -258
  -270
  -283
  -297
  -311
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
  33
  36
  39
  42
  45
  49
  52
  56
  60
  63
  68
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
  126
  132
  140
  147
  155
  163
  172
  180
  190
Cash available for distribution, $m
  756
  824
  891
  961
  1,033
  1,108
  1,187
  1,269
  1,354
  1,443
  1,505
  1,601
  1,702
  1,808
  1,919
  2,034
  2,155
  2,282
  2,414
  2,553
  2,699
  2,851
  3,011
  3,179
  3,355
  3,540
  3,734
  3,938
  4,151
  4,376
Discount rate, %
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
  717
  736
  747
  750
  747
  738
  722
  699
  670
  636
  585
  544
  500
  454
  407
  360
  314
  269
  228
  189
  154
  124
  97
  75
  57
  42
  30
  21
  14
  10
Current shareholders' claim on cash, %
  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

Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company's segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM). The Company's LGM segment manufactures and sells Fasson-, JAC-, and Avery Dennison-brand pressure-sensitive label and packaging materials, Avery Dennison- and Mactac-brand graphics, and Avery Dennison-brand reflective products. The Company's RBIS segment designs, manufactures and sells a range of branding and information solutions to retailers, brand owners, apparel manufacturers, distributors and industrial customers on a global basis. The Company's IHM segment manufactures and sells Fasson-brand and Avery Dennison-brand tapes and fasteners, Vancive-brand medical pressure-sensitive adhesive (PSA) based materials and products, and performance polymers.

FINANCIAL RATIOS  of  Avery Dennison (AVY)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 1.6
Price to Book 10.3
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.2%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 77.1%
Total Debt to Equity 139.6%
Interest Coverage 9
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 7.4%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 12.8%
Return On Equity 33.9%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 27.9%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 7.9%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 7.8%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 44.5%

AVY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVY stock intrinsic value calculation we used $6614 million for the last fiscal year's total revenue generated by Avery Dennison. The default revenue input number comes from 2017 income statement of Avery Dennison. 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 AVY stock valuation model: a) initial revenue growth rate of 8.7% 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 5.5%, whose default value for AVY is calculated based on our internal credit rating of Avery Dennison, 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 Avery Dennison.
    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 AVY stock the variable cost ratio is equal to 83.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $406 million in the base year in the intrinsic value calculation for AVY 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 Avery Dennison.

Corporate tax rate of 27% is the nominal tax rate for Avery Dennison. 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 AVY stock is equal to 0.5%.

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 AVY are equal to 30.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Avery Dennison 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 AVY is equal to -6%. 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 - $1046 million for Avery Dennison - 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 88 million for Avery Dennison 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 Avery Dennison at the current share price and the inputted number of shares is $9.5 billion.

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COMPANY NEWS

▶ Avery Dennison Declares Quarterly Dividend   [Jul-26-18 06:45AM  Business Wire]
▶ Avery Dennison: 2Q Earnings Snapshot   [06:53AM  Associated Press]
▶ Avery Dennison Upcoming Investor Events   [Jul-13-18 06:00PM  Business Wire]
▶ 5 Top Stocks to Buy With Solid Earnings Acceleration   [Jun-07-18 12:35PM  InvestorPlace]
▶ Avery Dennison Increases Quarterly Dividend   [Apr-26-18 04:15PM  Business Wire]
▶ Avery Dennison: 1Q Earnings Snapshot   [07:01AM  Associated Press]
▶ Avery Dennison Upcoming Investor Events   [Apr-12-18 05:00PM  Business Wire]
▶ Stocks That Could Be Hit by a Trade War With China   [Apr-09-18 09:13AM  Investopedia]
▶ Company News For Feb 1, 2018   [Feb-01-18 10:10AM  Zacks]
▶ Avery Dennison reports 4Q loss   [07:03AM  Associated Press]
▶ Avery Dennison Declares Quarterly Dividend   [06:55AM  Business Wire]
▶ Five Companies Hit 52-Week Highs   [Jan-30-18 11:46AM  GuruFocus.com]
▶ Avery Dennison Upcoming Investor Events   [07:00AM  Business Wire]
▶ Avery Dennison Declares Quarterly Dividend   [Oct-27-17 03:45AM  Business Wire]
▶ Avery Dennison beats Street 3Q forecasts   [06:57AM  Associated Press]
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