Intrinsic value of Carpenter Technology - CRS

Previous Close

$49.92

  Intrinsic Value

$4.99

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

+3%

Previous close

$49.92

 
Intrinsic value

$4.99

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

+3%

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

We calculate the intrinsic value of CRS 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 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  -0.83
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  1,798
  1,994
  2,200
  2,415
  2,639
  2,873
  3,117
  3,371
  3,634
  3,908
  4,193
  4,489
  4,797
  5,116
  5,449
  5,795
  6,155
  6,530
  6,921
  7,328
  7,753
  8,196
  8,659
  9,142
  9,647
  10,175
  10,727
  11,304
  11,908
  12,540
  13,202
Variable operating expenses, $m
 
  1,935
  2,132
  2,338
  2,553
  2,777
  3,011
  3,253
  3,506
  3,768
  4,041
  4,298
  4,592
  4,898
  5,217
  5,548
  5,893
  6,252
  6,626
  7,016
  7,423
  7,847
  8,290
  8,753
  9,236
  9,741
  10,270
  10,822
  11,401
  12,006
  12,639
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
  1,700
  1,935
  2,132
  2,338
  2,553
  2,777
  3,011
  3,253
  3,506
  3,768
  4,041
  4,298
  4,592
  4,898
  5,217
  5,548
  5,893
  6,252
  6,626
  7,016
  7,423
  7,847
  8,290
  8,753
  9,236
  9,741
  10,270
  10,822
  11,401
  12,006
  12,639
Operating income, $m
  97
  59
  67
  77
  86
  96
  107
  117
  129
  140
  152
  191
  204
  218
  232
  247
  262
  278
  295
  312
  330
  349
  369
  390
  411
  434
  457
  482
  508
  535
  563
EBITDA, $m
  215
  196
  216
  237
  259
  282
  306
  331
  357
  384
  412
  441
  471
  502
  535
  569
  604
  641
  680
  720
  761
  805
  850
  898
  947
  999
  1,053
  1,110
  1,169
  1,231
  1,296
Interest expense (income), $m
  28
  25
  34
  42
  51
  60
  70
  80
  91
  102
  113
  125
  137
  150
  163
  177
  192
  207
  222
  239
  256
  273
  292
  311
  331
  352
  374
  397
  421
  446
  472
Earnings before tax, $m
  70
  33
  34
  35
  35
  36
  36
  37
  38
  38
  39
  66
  67
  68
  69
  70
  71
  72
  73
  74
  75
  76
  77
  79
  80
  82
  83
  85
  87
  88
  90
Tax expense, $m
  23
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  18
  18
  18
  19
  19
  19
  19
  20
  20
  20
  21
  21
  21
  22
  22
  22
  23
  23
  24
  24
Net income, $m
  47
  24
  25
  25
  26
  26
  27
  27
  28
  28
  29
  48
  49
  50
  50
  51
  52
  52
  53
  54
  55
  56
  57
  58
  59
  60
  61
  62
  63
  65
  66

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  2,878
  3,120
  3,442
  3,779
  4,130
  4,497
  4,878
  5,275
  5,688
  6,116
  6,562
  7,025
  7,507
  8,007
  8,527
  9,069
  9,632
  10,219
  10,831
  11,468
  12,133
  12,827
  13,551
  14,307
  15,097
  15,923
  16,787
  17,690
  18,636
  19,625
  20,661
Adjusted assets (=assets-cash), $m
  2,812
  3,120
  3,442
  3,779
  4,130
  4,497
  4,878
  5,275
  5,688
  6,116
  6,562
  7,025
  7,507
  8,007
  8,527
  9,069
  9,632
  10,219
  10,831
  11,468
  12,133
  12,827
  13,551
  14,307
  15,097
  15,923
  16,787
  17,690
  18,636
  19,625
  20,661
Revenue / Adjusted assets
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
Average production assets, $m
  1,399
  1,551
  1,711
  1,879
  2,053
  2,235
  2,425
  2,622
  2,828
  3,041
  3,262
  3,493
  3,732
  3,981
  4,239
  4,509
  4,789
  5,080
  5,384
  5,701
  6,032
  6,377
  6,737
  7,113
  7,506
  7,916
  8,346
  8,795
  9,265
  9,756
  10,271
Working capital, $m
  698
  762
  840
  922
  1,008
  1,098
  1,191
  1,288
  1,388
  1,493
  1,602
  1,715
  1,832
  1,954
  2,082
  2,214
  2,351
  2,495
  2,644
  2,799
  2,962
  3,131
  3,308
  3,492
  3,685
  3,887
  4,098
  4,318
  4,549
  4,790
  5,043
Total debt, $m
  605
  730
  916
  1,110
  1,313
  1,525
  1,746
  1,975
  2,213
  2,461
  2,719
  2,987
  3,265
  3,554
  3,855
  4,168
  4,494
  4,833
  5,186
  5,555
  5,939
  6,340
  6,758
  7,196
  7,652
  8,130
  8,629
  9,151
  9,697
  10,269
  10,868
Total liabilities, $m
  1,680
  1,804
  1,990
  2,184
  2,387
  2,599
  2,820
  3,049
  3,287
  3,535
  3,793
  4,061
  4,339
  4,628
  4,929
  5,242
  5,568
  5,907
  6,260
  6,629
  7,013
  7,414
  7,832
  8,270
  8,726
  9,204
  9,703
  10,225
  10,771
  11,343
  11,942
Total equity, $m
  1,199
  1,317
  1,453
  1,595
  1,743
  1,898
  2,059
  2,226
  2,400
  2,581
  2,769
  2,965
  3,168
  3,379
  3,599
  3,827
  4,065
  4,313
  4,571
  4,840
  5,120
  5,413
  5,719
  6,038
  6,371
  6,720
  7,084
  7,465
  7,864
  8,282
  8,719
Total liabilities and equity, $m
  2,879
  3,121
  3,443
  3,779
  4,130
  4,497
  4,879
  5,275
  5,687
  6,116
  6,562
  7,026
  7,507
  8,007
  8,528
  9,069
  9,633
  10,220
  10,831
  11,469
  12,133
  12,827
  13,551
  14,308
  15,097
  15,924
  16,787
  17,690
  18,635
  19,625
  20,661
Debt-to-equity ratio
  0.505
  0.550
  0.630
  0.700
  0.750
  0.800
  0.850
  0.890
  0.920
  0.950
  0.980
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.230
  1.240
  1.250
Adjusted equity ratio
  0.403
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  24
  25
  25
  26
  26
  27
  27
  28
  28
  29
  48
  49
  50
  50
  51
  52
  52
  53
  54
  55
  56
  57
  58
  59
  60
  61
  62
  63
  65
  66
Depreciation, amort., depletion, $m
  118
  137
  149
  160
  173
  186
  200
  214
  228
  243
  259
  249
  267
  284
  303
  322
  342
  363
  385
  407
  431
  455
  481
  508
  536
  565
  596
  628
  662
  697
  734
Funds from operations, $m
  -15
  161
  173
  186
  199
  212
  226
  241
  256
  272
  288
  298
  316
  334
  353
  373
  394
  415
  438
  461
  486
  511
  538
  566
  595
  625
  657
  690
  725
  761
  800
Change in working capital, $m
  -144
  75
  79
  82
  86
  89
  93
  97
  101
  105
  109
  113
  117
  122
  127
  132
  138
  143
  149
  156
  162
  169
  177
  185
  193
  202
  211
  221
  231
  241
  253
Cash from operations, $m
  129
  87
  95
  104
  113
  123
  133
  144
  155
  167
  179
  185
  198
  212
  226
  241
  256
  272
  288
  306
  323
  342
  361
  381
  402
  423
  446
  470
  494
  520
  547
Maintenance CAPEX, $m
  0
  -100
  -111
  -122
  -134
  -147
  -160
  -173
  -187
  -202
  -217
  -233
  -249
  -267
  -284
  -303
  -322
  -342
  -363
  -385
  -407
  -431
  -455
  -481
  -508
  -536
  -565
  -596
  -628
  -662
  -697
New CAPEX, $m
  -99
  -153
  -160
  -167
  -175
  -182
  -190
  -197
  -205
  -213
  -222
  -230
  -239
  -249
  -259
  -269
  -280
  -292
  -304
  -317
  -331
  -345
  -360
  -376
  -393
  -411
  -429
  -449
  -470
  -492
  -515
Cash from investing activities, $m
  -112
  -253
  -271
  -289
  -309
  -329
  -350
  -370
  -392
  -415
  -439
  -463
  -488
  -516
  -543
  -572
  -602
  -634
  -667
  -702
  -738
  -776
  -815
  -857
  -901
  -947
  -994
  -1,045
  -1,098
  -1,154
  -1,212
Free cash flow, $m
  17
  -166
  -176
  -186
  -196
  -206
  -216
  -227
  -237
  -248
  -260
  -278
  -291
  -304
  -317
  -331
  -346
  -362
  -378
  -396
  -414
  -434
  -454
  -476
  -499
  -523
  -549
  -576
  -604
  -634
  -665
Issuance/(repayment) of debt, $m
  0
  180
  186
  195
  203
  212
  221
  229
  238
  248
  258
  268
  278
  289
  301
  313
  326
  339
  353
  368
  384
  401
  419
  437
  457
  477
  499
  522
  546
  572
  599
Issuance/(repurchase) of shares, $m
  2
  104
  111
  117
  123
  129
  134
  140
  147
  153
  159
  147
  154
  162
  169
  178
  186
  195
  205
  215
  226
  237
  249
  262
  275
  289
  304
  319
  336
  353
  371
Cash from financing (excl. dividends), $m  
  1
  284
  297
  312
  326
  341
  355
  369
  385
  401
  417
  415
  432
  451
  470
  491
  512
  534
  558
  583
  610
  638
  668
  699
  732
  766
  803
  841
  882
  925
  970
Total cash flow (excl. dividends), $m
  18
  118
  121
  125
  130
  134
  139
  143
  148
  152
  157
  136
  142
  147
  153
  159
  166
  173
  180
  188
  196
  204
  213
  223
  233
  243
  254
  266
  278
  291
  305
Retained Cash Flow (-), $m
  -94
  -129
  -136
  -142
  -148
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -220
  -228
  -238
  -248
  -258
  -269
  -281
  -293
  -306
  -319
  -333
  -349
  -364
  -381
  -399
  -417
  -437
Prev. year cash balance distribution, $m
 
  11
  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
 
  0
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -31
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -97
  -101
  -105
  -110
  -115
  -121
  -126
  -132
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  0
  -13
  -14
  -15
  -15
  -16
  -16
  -15
  -15
  -15
  -25
  -23
  -21
  -19
  -17
  -15
  -13
  -11
  -10
  -8
  -7
  -6
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  95.7
  91.7
  88.1
  84.8
  81.7
  78.8
  76.2
  73.7
  71.4
  69.2
  67.3
  65.6
  63.9
  62.3
  60.8
  59.3
  57.9
  56.5
  55.2
  53.9
  52.6
  51.4
  50.2
  49.1
  48.0
  46.9
  45.8
  44.8
  43.8
  42.8

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company's segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations. Its PEP segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business and the Latrobe and Mexico distribution businesses. It develops, manufactures and distributes cast/wrought and powder metal stainless steels, and special alloys, including high temperature (iron-nickel-cobalt base), stainless, corrosion resistant, controlled expansion alloys, ultra-high strength and implantable alloys, tool and die steels and other specialty metals, as well as cast/wrought titanium alloys. The Company manufactures and rents down-hole drilling tools and components used in the oil and gas industry.

FINANCIAL RATIOS  of  Carpenter Technology (CRS)

Valuation Ratios
P/E Ratio 49.7
Price to Sales 1.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 77.8
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.2%
Cap. Spend. - 3 Yr. Gr. Rate -22.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 45.9%
Total Debt to Equity 50.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 3.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 15.8%
Gross Margin - 3 Yr. Avg. 15.1%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 32.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.9%
Payout Ratio 72.3%

CRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRS stock intrinsic value calculation we used $1798 million for the last fiscal year's total revenue generated by Carpenter Technology. The default revenue input number comes from 2017 income statement of Carpenter Technology. 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 CRS stock valuation model: a) initial revenue growth rate of 10.9% 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 4.9%, whose default value for CRS is calculated based on our internal credit rating of Carpenter Technology, 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 Carpenter Technology.
    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 CRS stock the variable cost ratio is equal to 97.2%.

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 CRS 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 4.6% for Carpenter Technology.

Corporate tax rate of 27% is the nominal tax rate for Carpenter Technology. 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 CRS 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 CRS are equal to 77.8%.

Life of production assets of 14 years is the average useful life of capital assets used in Carpenter Technology 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 CRS is equal to 38.2%. 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 - $1199 million for Carpenter Technology - 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 46.906 million for Carpenter Technology 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 Carpenter Technology at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Carpenter Declares Quarterly Cash Dividend   [Oct-10-17 05:24PM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [Aug-09-17 08:00AM  GlobeNewswire]
▶ Carpenter beats 4Q profit forecasts   [Jul-28-17 01:32AM  Associated Press]
▶ Carpenter Technology Announces Conference Call and Webcast   [Jul-17-17 04:20PM  GlobeNewswire]
▶ Stocks Finish Flat, Small Caps Rise; Netflix Surges Late   [04:19PM  Investor's Business Daily]
▶ Carpenter Broadens Reach in 3D Printing Market   [Jun-19-17 04:00AM  GlobeNewswire]
▶ New Strong Buy Stocks for May 16th   [May-16-17 09:50AM  Zacks]
▶ Carpenter tops 3Q profit forecasts   [08:32AM  Associated Press]
▶ Carpenter Technology Announces Conference Call and Webcast   [Apr-20-17 08:30AM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [08:15AM  GlobeNewswire]
▶ Carpenter Technology Completes Syndicated Credit Facility   [Mar-31-17 04:20PM  GlobeNewswire]
▶ Carpenter Technology Completes Acquisition of Puris LLC   [Mar-01-17 08:00AM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [Jan-25-17 04:15PM  GlobeNewswire]
▶ Carpenter Technology Announces Conference Call and Webcast   [Jan-19-17 04:15PM  GlobeNewswire]
▶ Is Carpenter Technology Corporation (CRS) A Good Stock To Buy?   [Dec-14-16 07:29PM  at Insider Monkey]
Financial statements of CRS
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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