Intrinsic value of Celestica - CLS

Previous Close

$12.54

  Intrinsic Value

$22.20

stock screener

  Rating & Target

str. buy

+77%

  Value-price divergence*

+29%

Previous close

$12.54

 
Intrinsic value

$22.20

 
Up/down potential

+77%

 
Rating

str. buy

 
Value-price divergence*

+29%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CLS 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 1.8

 

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, %
  6.70
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  6,017
  6,312
  6,622
  6,947
  7,290
  7,649
  8,027
  8,425
  8,842
  9,280
  9,740
  10,224
  10,732
  11,266
  11,826
  12,415
  13,033
  13,682
  14,364
  15,080
  15,832
  16,622
  17,451
  18,322
  19,236
  20,196
  21,205
  22,264
  23,375
  24,543
  25,769
Variable operating expenses, $m
 
  5,611
  5,886
  6,176
  6,480
  6,800
  7,136
  7,489
  7,859
  8,249
  8,658
  9,085
  9,537
  10,011
  10,509
  11,032
  11,581
  12,158
  12,764
  13,400
  14,068
  14,770
  15,507
  16,281
  17,093
  17,947
  18,843
  19,784
  20,772
  21,809
  22,899
Fixed operating expenses, $m
 
  538
  552
  565
  580
  594
  609
  624
  640
  656
  672
  689
  706
  724
  742
  760
  779
  799
  819
  839
  860
  882
  904
  926
  950
  973
  998
  1,023
  1,048
  1,074
  1,101
Total operating expenses, $m
  5,860
  6,149
  6,438
  6,741
  7,060
  7,394
  7,745
  8,113
  8,499
  8,905
  9,330
  9,774
  10,243
  10,735
  11,251
  11,792
  12,360
  12,957
  13,583
  14,239
  14,928
  15,652
  16,411
  17,207
  18,043
  18,920
  19,841
  20,807
  21,820
  22,883
  24,000
Operating income, $m
  157
  163
  184
  206
  230
  256
  283
  312
  343
  376
  411
  450
  489
  531
  575
  622
  672
  725
  781
  840
  903
  970
  1,040
  1,114
  1,193
  1,276
  1,364
  1,457
  1,555
  1,659
  1,769
EBITDA, $m
  233
  238
  263
  289
  317
  347
  378
  412
  448
  486
  526
  569
  614
  662
  713
  766
  823
  884
  948
  1,015
  1,087
  1,162
  1,242
  1,327
  1,416
  1,510
  1,610
  1,715
  1,827
  1,944
  2,068
Interest expense (income), $m
  10
  7
  10
  13
  16
  19
  23
  27
  30
  34
  39
  43
  48
  53
  58
  63
  69
  75
  81
  88
  95
  102
  109
  117
  126
  135
  144
  154
  164
  174
  186
Earnings before tax, $m
  161
  155
  174
  193
  214
  236
  260
  285
  312
  341
  372
  407
  442
  478
  518
  559
  603
  650
  700
  753
  809
  868
  931
  997
  1,067
  1,142
  1,220
  1,304
  1,392
  1,485
  1,583
Tax expense, $m
  25
  42
  47
  52
  58
  64
  70
  77
  84
  92
  100
  110
  119
  129
  140
  151
  163
  176
  189
  203
  218
  234
  251
  269
  288
  308
  329
  352
  376
  401
  427
Net income, $m
  136
  113
  127
  141
  156
  173
  190
  208
  228
  249
  272
  297
  322
  349
  378
  408
  441
  475
  511
  549
  590
  633
  679
  728
  779
  833
  891
  952
  1,016
  1,084
  1,156

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  557
  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
  2,822
  2,376
  2,492
  2,615
  2,744
  2,879
  3,021
  3,171
  3,328
  3,493
  3,666
  3,848
  4,039
  4,240
  4,451
  4,672
  4,905
  5,149
  5,406
  5,676
  5,959
  6,256
  6,568
  6,896
  7,240
  7,601
  7,981
  8,379
  8,798
  9,237
  9,699
Adjusted assets (=assets-cash), $m
  2,265
  2,376
  2,492
  2,615
  2,744
  2,879
  3,021
  3,171
  3,328
  3,493
  3,666
  3,848
  4,039
  4,240
  4,451
  4,672
  4,905
  5,149
  5,406
  5,676
  5,959
  6,256
  6,568
  6,896
  7,240
  7,601
  7,981
  8,379
  8,798
  9,237
  9,699
Revenue / Adjusted assets
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
Average production assets, $m
  349
  366
  384
  403
  423
  444
  466
  489
  513
  538
  565
  593
  622
  653
  686
  720
  756
  794
  833
  875
  918
  964
  1,012
  1,063
  1,116
  1,171
  1,230
  1,291
  1,356
  1,423
  1,495
Working capital, $m
  1,101
  631
  662
  695
  729
  765
  803
  842
  884
  928
  974
  1,022
  1,073
  1,127
  1,183
  1,241
  1,303
  1,368
  1,436
  1,508
  1,583
  1,662
  1,745
  1,832
  1,924
  2,020
  2,120
  2,226
  2,338
  2,454
  2,577
Total debt, $m
  245
  263
  342
  424
  511
  602
  698
  799
  905
  1,016
  1,133
  1,256
  1,384
  1,520
  1,662
  1,811
  1,968
  2,133
  2,306
  2,487
  2,678
  2,878
  3,089
  3,310
  3,542
  3,785
  4,041
  4,310
  4,592
  4,888
  5,199
Total liabilities, $m
  1,584
  1,601
  1,680
  1,762
  1,849
  1,940
  2,036
  2,137
  2,243
  2,354
  2,471
  2,594
  2,722
  2,858
  3,000
  3,149
  3,306
  3,471
  3,644
  3,825
  4,016
  4,216
  4,427
  4,648
  4,880
  5,123
  5,379
  5,648
  5,930
  6,226
  6,537
Total equity, $m
  1,239
  774
  812
  852
  894
  939
  985
  1,034
  1,085
  1,139
  1,195
  1,254
  1,317
  1,382
  1,451
  1,523
  1,599
  1,679
  1,762
  1,850
  1,942
  2,039
  2,141
  2,248
  2,360
  2,478
  2,602
  2,732
  2,868
  3,011
  3,162
Total liabilities and equity, $m
  2,823
  2,375
  2,492
  2,614
  2,743
  2,879
  3,021
  3,171
  3,328
  3,493
  3,666
  3,848
  4,039
  4,240
  4,451
  4,672
  4,905
  5,150
  5,406
  5,675
  5,958
  6,255
  6,568
  6,896
  7,240
  7,601
  7,981
  8,380
  8,798
  9,237
  9,699
Debt-to-equity ratio
  0.198
  0.340
  0.420
  0.500
  0.570
  0.640
  0.710
  0.770
  0.830
  0.890
  0.950
  1.000
  1.050
  1.100
  1.150
  1.190
  1.230
  1.270
  1.310
  1.340
  1.380
  1.410
  1.440
  1.470
  1.500
  1.530
  1.550
  1.580
  1.600
  1.620
  1.640
Adjusted equity ratio
  0.301
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  136
  113
  127
  141
  156
  173
  190
  208
  228
  249
  272
  297
  322
  349
  378
  408
  441
  475
  511
  549
  590
  633
  679
  728
  779
  833
  891
  952
  1,016
  1,084
  1,156
Depreciation, amort., depletion, $m
  76
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
  119
  124
  131
  137
  144
  151
  159
  167
  175
  184
  193
  202
  213
  223
  234
  246
  258
  271
  285
  299
Funds from operations, $m
  61
  189
  206
  224
  243
  264
  285
  308
  333
  359
  387
  416
  447
  480
  515
  552
  592
  633
  678
  724
  774
  826
  882
  940
  1,002
  1,068
  1,137
  1,210
  1,287
  1,369
  1,455
Change in working capital, $m
  -112
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
Cash from operations, $m
  173
  159
  175
  191
  209
  228
  247
  269
  291
  315
  341
  367
  396
  427
  459
  493
  530
  569
  609
  653
  699
  747
  799
  853
  911
  972
  1,036
  1,104
  1,176
  1,252
  1,332
Maintenance CAPEX, $m
  0
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -202
  -213
  -223
  -234
  -246
  -258
  -271
  -285
New CAPEX, $m
  -64
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -68
  -71
Cash from investing activities, $m
  -64
  -88
  -91
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -135
  -141
  -148
  -155
  -164
  -171
  -180
  -189
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
  -292
  -307
  -322
  -339
  -356
Free cash flow, $m
  109
  72
  84
  96
  108
  122
  137
  153
  169
  187
  206
  226
  248
  271
  296
  322
  350
  380
  411
  445
  480
  518
  558
  600
  645
  693
  743
  797
  853
  913
  976
Issuance/(repayment) of debt, $m
  -40
  74
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
  173
  182
  191
  200
  210
  221
  232
  244
  256
  269
  282
  296
  311
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -97
  74
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
  173
  182
  191
  200
  210
  221
  232
  244
  256
  269
  282
  296
  311
Total cash flow (excl. dividends), $m
  12
  146
  162
  178
  195
  213
  233
  253
  275
  298
  323
  349
  377
  407
  438
  471
  507
  544
  584
  626
  671
  718
  768
  821
  877
  936
  999
  1,065
  1,135
  1,209
  1,287
Retained Cash Flow (-), $m
  -148
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
Prev. year cash balance distribution, $m
 
  501
  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
 
  611
  124
  138
  153
  169
  186
  205
  224
  245
  267
  290
  315
  341
  369
  399
  431
  465
  500
  538
  579
  621
  666
  714
  765
  819
  875
  935
  999
  1,066
  1,137
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  586
  114
  120
  126
  131
  135
  138
  140
  141
  140
  138
  134
  130
  124
  117
  110
  101
  92
  83
  74
  64
  55
  47
  39
  32
  26
  20
  15
  12
  9
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

Celestica Inc. is a provider of supply chain solutions. The Company operates in electronics manufacturing services business segment. The Company offers a range of services to its customers, including design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics and after-market repair and return services. Its products and services serve a range of applications, including servers; storage systems; optical equipment; aerospace and defense electronics; healthcare products and applications; semiconductor equipment, and a range of industrial and alternative energy products, including solar panels and inverters. It designs, manufactures and tests solar panels for the residential, commercial and utility scale markets. It uses technologies in the assembly and testing of its products.

FINANCIAL RATIOS  of  Celestica (CLS)

Valuation Ratios
P/E Ratio 13
Price to Sales 0.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow 16.2
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 15.3%
Total Debt to Equity 19.8%
Interest Coverage 17
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 7.1%
Gross Margin - 3 Yr. Avg. 7.1%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.7%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 15.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.6%
Payout Ratio 0%

CLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLS stock intrinsic value calculation we used $6017 million for the last fiscal year's total revenue generated by Celestica. The default revenue input number comes from 2016 income statement of Celestica. 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 CLS stock valuation model: a) initial revenue growth rate of 4.9% 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 4.3%, whose default value for CLS is calculated based on our internal credit rating of Celestica, 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 Celestica.
    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 CLS stock the variable cost ratio is equal to 88.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $525 million in the base year in the intrinsic value calculation for CLS 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 3.8% for Celestica.

Corporate tax rate of 27% is the nominal tax rate for Celestica. 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 CLS 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 CLS are equal to 5.8%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Celestica 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 CLS is equal to 10%. 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 - $1239 million for Celestica - 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 144.61 million for Celestica 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 Celestica at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Should You Buy Celestica Inc (TSX:CLS)?   [Sep-22-17 01:10PM  Simply Wall St.]
▶ Celestica Launches Renewed Brand   [Sep-19-17 08:28AM  Marketwired]
▶ ETFs with exposure to Celestica, Inc. : August 17, 2017   [Aug-17-17 03:19PM  Capital Cube]
▶ Celestica Releases its 2016 Sustainability Report   [Aug-10-17 05:00PM  Marketwired]
▶ Celestica meets 2Q profit forecasts   [Jul-25-17 11:06PM  Associated Press]
▶ Celestica, Inc. Value Analysis (NYSE:CLS) : June 30, 2017   [Jun-30-17 03:44PM  Capital Cube]
▶ Celestica Announces Executive Leadership Change   [May-23-17 08:30AM  Marketwired]
▶ Ciscos Top 10 Suppliers: The Impact of Mays Earnings   [May-17-17 11:03AM  Market Realist]
▶ View From the Top: How to Be Successful   [May-03-17 10:49PM  Bloomberg]
▶ ETFs with exposure to Celestica, Inc. : April 26, 2017   [Apr-26-17 03:12PM  Capital Cube]
▶ Celestica Announces Election of Directors   [Apr-20-17 03:59PM  Marketwired]
▶ Celestica posts 1Q profit   [07:12AM  Associated Press]
▶ Celestica Files Form 20-F   [Mar-13-17 04:20PM  Marketwired]
▶ ETFs with exposure to Celestica, Inc. : February 2, 2017   [Feb-02-17 12:42PM  Capital Cube]
▶ Why Shares of Celestica Surged Today   [12:07PM  Motley Fool]
▶ Celestica tops Street 4Q forecasts   [Jan-26-17 05:08PM  Associated Press]
▶ Should You Follow Hedge Funds Into Evertec Inc (EVTC)?   [Nov-28-16 03:56PM  at Insider Monkey]
▶ [$$] AOSI Conference: 21 Cheap Stocks   [Oct-22-16 12:01AM  at Barrons.com]
▶ Celestica beats 3Q profit forecasts   [Oct-20-16 04:29PM  AP]
▶ Celestica Awarded Excellence in Sustainability by Cisco   [Sep-26-16 06:22PM  Marketwired]
▶ Wasatch International Gains 8 in 2nd Quarter   [Aug-30-16 02:14PM  Gurufocus]
▶ Celestica beats Street 2Q forecasts   [Jul-21-16 04:51PM  AP]
▶ Celestica Completes a Program Share Repurchase   [May-10-16 05:59PM  Marketwired]
Financial statements of CLS
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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