Intrinsic value of Crown Holdings, Inc. - CCK

Previous Close

$61.20

  Intrinsic Value

$230.72

stock screener

  Rating & Target

str. buy

+277%

Previous close

$61.20

 
Intrinsic value

$230.72

 
Up/down potential

+277%

 
Rating

str. buy

We calculate the intrinsic value of CCK 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 8.3

 

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, %
  26.10
  23.99
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.36
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
Revenue, $m
  14,061
  17,435
  21,286
  25,625
  30,453
  35,770
  41,570
  47,844
  54,582
  61,772
  69,406
  77,472
  85,962
  94,871
  104,193
  113,930
  124,081
  134,651
  145,648
  157,082
  168,965
  181,315
  194,148
  207,486
  221,352
  235,773
  250,776
  266,391
  282,653
  299,594
Variable operating expenses, $m
  12,229
  15,004
  18,171
  21,740
  25,711
  30,085
  34,855
  40,015
  45,557
  51,471
  57,086
  63,720
  70,704
  78,031
  85,699
  93,707
  102,056
  110,750
  119,795
  129,199
  138,974
  149,131
  159,686
  170,657
  182,062
  193,923
  206,263
  219,107
  232,481
  246,416
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
  12,229
  15,004
  18,171
  21,740
  25,711
  30,085
  34,855
  40,015
  45,557
  51,471
  57,086
  63,720
  70,704
  78,031
  85,699
  93,707
  102,056
  110,750
  119,795
  129,199
  138,974
  149,131
  159,686
  170,657
  182,062
  193,923
  206,263
  219,107
  232,481
  246,416
Operating income, $m
  1,832
  2,431
  3,115
  3,885
  4,742
  5,686
  6,715
  7,829
  9,025
  10,301
  12,320
  13,751
  15,258
  16,840
  18,494
  20,223
  22,024
  23,901
  25,853
  27,882
  29,992
  32,184
  34,461
  36,829
  39,290
  41,850
  44,513
  47,285
  50,171
  53,178
EBITDA, $m
  2,873
  3,562
  4,348
  5,235
  6,221
  7,307
  8,492
  9,774
  11,150
  12,619
  14,178
  15,826
  17,561
  19,380
  21,285
  23,274
  25,348
  27,507
  29,753
  32,089
  34,517
  37,040
  39,661
  42,386
  45,219
  48,165
  51,229
  54,419
  57,741
  61,202
Interest expense (income), $m
  217
  478
  642
  871
  1,132
  1,425
  1,752
  2,112
  2,505
  2,930
  3,386
  3,873
  4,390
  4,936
  5,511
  6,114
  6,746
  7,405
  8,092
  8,808
  9,553
  10,327
  11,132
  11,968
  12,837
  13,740
  14,679
  15,656
  16,672
  17,729
  18,830
Earnings before tax, $m
  1,354
  1,789
  2,244
  2,753
  3,317
  3,933
  4,603
  5,324
  6,095
  6,915
  8,446
  9,361
  10,322
  11,329
  12,380
  13,477
  14,620
  15,808
  17,045
  18,329
  19,665
  21,052
  22,494
  23,992
  25,550
  27,171
  28,857
  30,613
  32,442
  34,348
Tax expense, $m
  366
  483
  606
  743
  895
  1,062
  1,243
  1,437
  1,646
  1,867
  2,281
  2,528
  2,787
  3,059
  3,343
  3,639
  3,947
  4,268
  4,602
  4,949
  5,309
  5,684
  6,073
  6,478
  6,899
  7,336
  7,791
  8,266
  8,759
  9,274
Net income, $m
  989
  1,306
  1,638
  2,010
  2,421
  2,871
  3,360
  3,886
  4,449
  5,048
  6,166
  6,834
  7,535
  8,270
  9,037
  9,838
  10,672
  11,540
  12,443
  13,380
  14,355
  15,368
  16,420
  17,514
  18,652
  19,835
  21,066
  22,348
  23,683
  25,074

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
  19,236
  23,851
  29,119
  35,054
  41,660
  48,934
  56,867
  65,450
  74,667
  84,504
  94,946
  105,980
  117,595
  129,782
  142,536
  155,855
  169,741
  184,201
  199,245
  214,886
  231,143
  248,036
  265,592
  283,838
  302,807
  322,535
  343,058
  364,421
  386,666
  409,842
Adjusted assets (=assets-cash), $m
  19,236
  23,851
  29,119
  35,054
  41,660
  48,934
  56,867
  65,450
  74,667
  84,504
  94,946
  105,980
  117,595
  129,782
  142,536
  155,855
  169,741
  184,201
  199,245
  214,886
  231,143
  248,036
  265,592
  283,838
  302,807
  322,535
  343,058
  364,421
  386,666
  409,842
Revenue / Adjusted assets
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
Average production assets, $m
  7,607
  9,432
  11,516
  13,863
  16,475
  19,352
  22,489
  25,884
  29,529
  33,419
  37,549
  41,912
  46,505
  51,325
  56,369
  61,636
  67,128
  72,846
  78,795
  84,981
  91,410
  98,091
  105,034
  112,250
  119,752
  127,553
  135,670
  144,118
  152,915
  162,081
Working capital, $m
  -337
  -418
  -511
  -615
  -731
  -858
  -998
  -1,148
  -1,310
  -1,483
  -1,666
  -1,859
  -2,063
  -2,277
  -2,501
  -2,734
  -2,978
  -3,232
  -3,496
  -3,770
  -4,055
  -4,352
  -4,660
  -4,980
  -5,312
  -5,659
  -6,019
  -6,393
  -6,784
  -7,190
Total debt, $m
  11,679
  15,832
  20,574
  25,916
  31,861
  38,407
  45,548
  53,272
  61,567
  70,421
  79,819
  89,749
  100,203
  111,171
  122,649
  134,636
  147,134
  160,148
  173,687
  187,764
  202,395
  217,600
  233,400
  249,822
  266,894
  284,648
  303,120
  322,346
  342,366
  363,225
Total liabilities, $m
  17,312
  21,465
  26,207
  31,549
  37,494
  44,040
  51,181
  58,905
  67,200
  76,054
  85,452
  95,382
  105,836
  116,804
  128,282
  140,269
  152,767
  165,781
  179,320
  193,397
  208,028
  223,233
  239,033
  255,455
  272,527
  290,281
  308,753
  327,979
  347,999
  368,858
Total equity, $m
  1,924
  2,385
  2,912
  3,505
  4,166
  4,893
  5,687
  6,545
  7,467
  8,450
  9,495
  10,598
  11,760
  12,978
  14,254
  15,585
  16,974
  18,420
  19,924
  21,489
  23,114
  24,804
  26,559
  28,384
  30,281
  32,253
  34,306
  36,442
  38,667
  40,984
Total liabilities and equity, $m
  19,236
  23,850
  29,119
  35,054
  41,660
  48,933
  56,868
  65,450
  74,667
  84,504
  94,947
  105,980
  117,596
  129,782
  142,536
  155,854
  169,741
  184,201
  199,244
  214,886
  231,142
  248,037
  265,592
  283,839
  302,808
  322,534
  343,059
  364,421
  386,666
  409,842
Debt-to-equity ratio
  6.070
  6.640
  7.070
  7.390
  7.650
  7.850
  8.010
  8.140
  8.250
  8.330
  8.410
  8.470
  8.520
  8.570
  8.600
  8.640
  8.670
  8.690
  8.720
  8.740
  8.760
  8.770
  8.790
  8.800
  8.810
  8.830
  8.840
  8.850
  8.850
  8.860
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
  989
  1,306
  1,638
  2,010
  2,421
  2,871
  3,360
  3,886
  4,449
  5,048
  6,166
  6,834
  7,535
  8,270
  9,037
  9,838
  10,672
  11,540
  12,443
  13,380
  14,355
  15,368
  16,420
  17,514
  18,652
  19,835
  21,066
  22,348
  23,683
  25,074
Depreciation, amort., depletion, $m
  1,040
  1,130
  1,234
  1,350
  1,479
  1,622
  1,777
  1,945
  2,125
  2,318
  1,859
  2,075
  2,302
  2,541
  2,791
  3,051
  3,323
  3,606
  3,901
  4,207
  4,525
  4,856
  5,200
  5,557
  5,928
  6,315
  6,716
  7,135
  7,570
  8,024
Funds from operations, $m
  2,029
  2,436
  2,872
  3,360
  3,900
  4,493
  5,137
  5,831
  6,575
  7,366
  8,025
  8,909
  9,837
  10,811
  11,828
  12,889
  13,995
  15,146
  16,343
  17,587
  18,880
  20,224
  21,620
  23,071
  24,580
  26,149
  27,782
  29,482
  31,253
  33,098
Change in working capital, $m
  -70
  -81
  -92
  -104
  -116
  -128
  -139
  -151
  -162
  -173
  -183
  -194
  -204
  -214
  -224
  -234
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -375
  -390
  -407
Cash from operations, $m
  2,099
  2,517
  2,964
  3,464
  4,016
  4,621
  5,276
  5,982
  6,736
  7,538
  8,208
  9,102
  10,041
  11,024
  12,052
  13,123
  14,239
  15,400
  16,607
  17,862
  19,166
  20,520
  21,928
  23,391
  24,913
  26,495
  28,142
  29,857
  31,643
  33,505
Maintenance CAPEX, $m
  -299
  -377
  -467
  -570
  -686
  -816
  -958
  -1,113
  -1,281
  -1,462
  -1,654
  -1,859
  -2,075
  -2,302
  -2,541
  -2,791
  -3,051
  -3,323
  -3,606
  -3,901
  -4,207
  -4,525
  -4,856
  -5,200
  -5,557
  -5,928
  -6,315
  -6,716
  -7,135
  -7,570
New CAPEX, $m
  -1,577
  -1,825
  -2,084
  -2,347
  -2,612
  -2,876
  -3,138
  -3,394
  -3,645
  -3,890
  -4,130
  -4,364
  -4,593
  -4,820
  -5,044
  -5,267
  -5,492
  -5,719
  -5,949
  -6,186
  -6,429
  -6,681
  -6,943
  -7,216
  -7,502
  -7,802
  -8,117
  -8,448
  -8,797
  -9,165
Cash from investing activities, $m
  -1,876
  -2,202
  -2,551
  -2,917
  -3,298
  -3,692
  -4,096
  -4,507
  -4,926
  -5,352
  -5,784
  -6,223
  -6,668
  -7,122
  -7,585
  -8,058
  -8,543
  -9,042
  -9,555
  -10,087
  -10,636
  -11,206
  -11,799
  -12,416
  -13,059
  -13,730
  -14,432
  -15,164
  -15,932
  -16,735
Free cash flow, $m
  223
  316
  414
  547
  718
  928
  1,181
  1,474
  1,810
  2,186
  2,424
  2,880
  3,373
  3,903
  4,467
  5,065
  5,696
  6,358
  7,052
  7,775
  8,530
  9,314
  10,129
  10,976
  11,854
  12,765
  13,711
  14,693
  15,711
  16,769
Issuance/(repayment) of debt, $m
  2,987
  4,153
  4,742
  5,342
  5,945
  6,546
  7,140
  7,724
  8,295
  8,853
  9,398
  9,931
  10,453
  10,968
  11,478
  11,987
  12,498
  13,014
  13,539
  14,077
  14,631
  15,204
  15,800
  16,422
  17,072
  17,754
  18,471
  19,226
  20,021
  20,859
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  
  2,987
  4,153
  4,742
  5,342
  5,945
  6,546
  7,140
  7,724
  8,295
  8,853
  9,398
  9,931
  10,453
  10,968
  11,478
  11,987
  12,498
  13,014
  13,539
  14,077
  14,631
  15,204
  15,800
  16,422
  17,072
  17,754
  18,471
  19,226
  20,021
  20,859
Total cash flow (excl. dividends), $m
  3,210
  4,469
  5,156
  5,888
  6,663
  7,475
  8,321
  9,199
  10,105
  11,040
  11,822
  12,810
  13,826
  14,871
  15,946
  17,052
  18,194
  19,372
  20,591
  21,853
  23,161
  24,518
  25,929
  27,397
  28,926
  30,520
  32,183
  33,918
  35,732
  37,628
Retained Cash Flow (-), $m
  -987
  -461
  -527
  -594
  -661
  -727
  -793
  -858
  -922
  -984
  -1,044
  -1,103
  -1,161
  -1,219
  -1,275
  -1,332
  -1,389
  -1,446
  -1,504
  -1,564
  -1,626
  -1,689
  -1,756
  -1,825
  -1,897
  -1,973
  -2,052
  -2,136
  -2,225
  -2,318
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
  2,224
  4,007
  4,629
  5,295
  6,002
  6,747
  7,528
  8,340
  9,184
  10,056
  10,778
  11,707
  12,665
  13,652
  14,670
  15,721
  16,805
  17,926
  19,087
  20,288
  21,535
  22,829
  24,174
  25,573
  27,029
  28,547
  30,130
  31,782
  33,507
  35,310
Discount rate, %
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
  1,975
  3,126
  3,133
  3,071
  2,943
  2,758
  2,525
  2,260
  1,976
  1,687
  1,383
  1,126
  893
  690
  519
  380
  270
  186
  125
  81
  50
  30
  18
  10
  5
  3
  1
  1
  0
  0
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

Crown Holdings, Inc. is engaged in the design, manufacture and sale of packaging products for consumer goods. The Company's business is organized within three divisions: Americas, Europe and Asia Pacific. Within each division, the Company is organized along product lines. The Company's segments within the Americas Division are Americas Beverage and North America Food. The Company's segments within the European Division are European Beverage and European Food. The Company's Asia Pacific Division segment consists of its beverage and non-beverage can operations. The Company is also engaged in European aerosol and specialty packaging business, its North American aerosol can business, and its tooling and equipment operations in the Unites States and the United Kingdom. As of December 31, 2016, the Company operated 146 plants along with sales and service facilities throughout 36 countries. It also has three canmaking and spare part operations in the United States and the United Kingdom.

FINANCIAL RATIOS  of  Crown Holdings, Inc. (CCK)

Valuation Ratios
P/E Ratio 17.3
Price to Sales 1
Price to Book 43
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 18.7
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.6%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 2659.8%
Total Debt to Equity 2813.6%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 338.6%
Return On Equity - 3 Yr. Avg. 445.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 20.5%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 0%

CCK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCK stock intrinsic value calculation we used $11151 million for the last fiscal year's total revenue generated by Crown Holdings, Inc.. The default revenue input number comes from 0001 income statement of Crown Holdings, Inc.. 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 CCK stock valuation model: a) initial revenue growth rate of 26.1% 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 12.6%, whose default value for CCK is calculated based on our internal credit rating of Crown Holdings, Inc., 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 Crown Holdings, Inc..
    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 CCK stock the variable cost ratio is equal to 88.2%.

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 CCK 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 5.5% for Crown Holdings, Inc..

Corporate tax rate of 27% is the nominal tax rate for Crown Holdings, Inc.. 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 CCK 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 CCK are equal to 54.1%.

Life of production assets of 20.2 years is the average useful life of capital assets used in Crown Holdings, Inc. 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 CCK is equal to -2.4%. 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 - $937 million for Crown Holdings, Inc. - 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 135.344 million for Crown Holdings, Inc. 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 Crown Holdings, Inc. at the current share price and the inputted number of shares is $8.3 billion.

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