Intrinsic value of Carpenter Technology - CRS

Previous Close

$52.34

  Intrinsic Value

$4.89

stock screener

  Rating & Target

str. sell

-91%

Previous close

$52.34

 
Intrinsic value

$4.89

 
Up/down potential

-91%

 
Rating

str. sell

*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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Carpenter Technology (CRS) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  23.40
  21.56
  19.90
  18.41
  17.07
  15.87
  14.78
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
Revenue, $m
  1,798
  2,219
  2,697
  3,234
  3,829
  4,483
  5,194
  5,962
  6,785
  7,662
  8,591
  9,571
  10,603
  11,684
  12,814
  13,995
  15,224
  16,505
  17,837
  19,221
  20,660
  22,155
  23,709
  25,324
  27,003
  28,749
  30,567
  32,458
  34,428
  36,481
  38,622
Variable operating expenses, $m
 
  2,150
  2,608
  3,122
  3,692
  4,318
  4,999
  5,734
  6,522
  7,361
  8,251
  9,163
  10,151
  11,186
  12,268
  13,398
  14,576
  15,801
  17,076
  18,402
  19,779
  21,210
  22,698
  24,244
  25,852
  27,524
  29,264
  31,075
  32,961
  34,926
  36,975
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
  2,150
  2,608
  3,122
  3,692
  4,318
  4,999
  5,734
  6,522
  7,361
  8,251
  9,163
  10,151
  11,186
  12,268
  13,398
  14,576
  15,801
  17,076
  18,402
  19,779
  21,210
  22,698
  24,244
  25,852
  27,524
  29,264
  31,075
  32,961
  34,926
  36,975
Operating income, $m
  97
  68
  89
  112
  137
  165
  195
  228
  263
  300
  340
  408
  452
  498
  546
  597
  649
  704
  760
  819
  881
  944
  1,011
  1,079
  1,151
  1,226
  1,303
  1,384
  1,468
  1,555
  1,646
EBITDA, $m
  215
  218
  265
  318
  376
  440
  510
  585
  666
  752
  844
  940
  1,041
  1,147
  1,258
  1,374
  1,495
  1,621
  1,752
  1,887
  2,029
  2,176
  2,328
  2,487
  2,652
  2,823
  3,002
  3,187
  3,381
  3,582
  3,793
Interest expense (income), $m
  28
  25
  43
  63
  85
  110
  137
  167
  199
  233
  269
  308
  349
  392
  437
  484
  533
  584
  637
  693
  750
  810
  872
  937
  1,004
  1,074
  1,147
  1,222
  1,301
  1,383
  1,469
Earnings before tax, $m
  70
  43
  46
  49
  52
  55
  58
  61
  64
  67
  71
  100
  103
  106
  110
  113
  116
  119
  123
  127
  130
  134
  138
  142
  147
  151
  156
  161
  166
  172
  178
Tax expense, $m
  23
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  27
  28
  29
  30
  30
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  42
  44
  45
  46
  48
Net income, $m
  47
  31
  33
  36
  38
  40
  42
  45
  47
  49
  51
  73
  75
  78
  80
  82
  85
  87
  90
  92
  95
  98
  101
  104
  107
  110
  114
  118
  122
  126
  130

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
  3,472
  4,221
  5,061
  5,993
  7,016
  8,129
  9,330
  10,618
  11,990
  13,444
  14,979
  16,593
  18,285
  20,054
  21,901
  23,826
  25,829
  27,913
  30,080
  32,331
  34,671
  37,103
  39,630
  42,258
  44,991
  47,835
  50,795
  53,879
  57,091
  60,441
Adjusted assets (=assets-cash), $m
  2,812
  3,472
  4,221
  5,061
  5,993
  7,016
  8,129
  9,330
  10,618
  11,990
  13,444
  14,979
  16,593
  18,285
  20,054
  21,901
  23,826
  25,829
  27,913
  30,080
  32,331
  34,671
  37,103
  39,630
  42,258
  44,991
  47,835
  50,795
  53,879
  57,091
  60,441
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
  1,726
  2,098
  2,516
  2,979
  3,488
  4,041
  4,638
  5,279
  5,961
  6,684
  7,447
  8,249
  9,090
  9,970
  10,888
  11,845
  12,841
  13,877
  14,954
  16,073
  17,237
  18,445
  19,702
  21,008
  22,367
  23,781
  25,253
  26,785
  28,383
  30,048
Working capital, $m
  698
  848
  1,030
  1,235
  1,463
  1,713
  1,984
  2,278
  2,592
  2,927
  3,282
  3,656
  4,050
  4,463
  4,895
  5,346
  5,816
  6,305
  6,814
  7,342
  7,892
  8,463
  9,057
  9,674
  10,315
  10,982
  11,676
  12,399
  13,152
  13,936
  14,753
Total debt, $m
  605
  933
  1,366
  1,851
  2,390
  2,981
  3,625
  4,319
  5,063
  5,856
  6,697
  7,584
  8,517
  9,494
  10,517
  11,585
  12,697
  13,855
  15,060
  16,312
  17,614
  18,966
  20,371
  21,832
  23,351
  24,931
  26,575
  28,286
  30,068
  31,925
  33,861
Total liabilities, $m
  1,680
  2,007
  2,440
  2,925
  3,464
  4,055
  4,699
  5,393
  6,137
  6,930
  7,771
  8,658
  9,591
  10,568
  11,591
  12,659
  13,771
  14,929
  16,134
  17,386
  18,688
  20,040
  21,445
  22,906
  24,425
  26,005
  27,649
  29,360
  31,142
  32,999
  34,935
Total equity, $m
  1,199
  1,465
  1,781
  2,136
  2,529
  2,961
  3,430
  3,937
  4,481
  5,060
  5,673
  6,321
  7,002
  7,716
  8,463
  9,242
  10,054
  10,900
  11,779
  12,694
  13,644
  14,631
  15,657
  16,724
  17,833
  18,986
  20,186
  21,436
  22,737
  24,093
  25,506
Total liabilities and equity, $m
  2,879
  3,472
  4,221
  5,061
  5,993
  7,016
  8,129
  9,330
  10,618
  11,990
  13,444
  14,979
  16,593
  18,284
  20,054
  21,901
  23,825
  25,829
  27,913
  30,080
  32,332
  34,671
  37,102
  39,630
  42,258
  44,991
  47,835
  50,796
  53,879
  57,092
  60,441
Debt-to-equity ratio
  0.505
  0.640
  0.770
  0.870
  0.940
  1.010
  1.060
  1.100
  1.130
  1.160
  1.180
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.310
  1.320
  1.320
  1.320
  1.330
  1.330
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
  31
  33
  36
  38
  40
  42
  45
  47
  49
  51
  73
  75
  78
  80
  82
  85
  87
  90
  92
  95
  98
  101
  104
  107
  110
  114
  118
  122
  126
  130
Depreciation, amort., depletion, $m
  118
  150
  176
  206
  239
  275
  315
  358
  403
  452
  504
  532
  589
  649
  712
  778
  846
  917
  991
  1,068
  1,148
  1,231
  1,318
  1,407
  1,501
  1,598
  1,699
  1,804
  1,913
  2,027
  2,146
Funds from operations, $m
  -15
  181
  210
  242
  277
  315
  357
  402
  450
  501
  555
  605
  664
  727
  792
  860
  931
  1,004
  1,081
  1,161
  1,243
  1,329
  1,418
  1,511
  1,608
  1,708
  1,813
  1,921
  2,035
  2,153
  2,276
Change in working capital, $m
  -144
  161
  183
  205
  227
  250
  272
  293
  314
  335
  355
  375
  394
  413
  432
  451
  470
  489
  509
  529
  550
  571
  594
  617
  641
  667
  694
  723
  753
  784
  818
Cash from operations, $m
  129
  20
  27
  37
  49
  66
  86
  109
  136
  166
  200
  230
  271
  314
  360
  409
  461
  515
  572
  632
  694
  758
  825
  894
  966
  1,041
  1,118
  1,199
  1,282
  1,369
  1,458
Maintenance CAPEX, $m
  0
  -100
  -123
  -150
  -180
  -213
  -249
  -289
  -331
  -377
  -426
  -477
  -532
  -589
  -649
  -712
  -778
  -846
  -917
  -991
  -1,068
  -1,148
  -1,231
  -1,318
  -1,407
  -1,501
  -1,598
  -1,699
  -1,804
  -1,913
  -2,027
New CAPEX, $m
  -99
  -328
  -372
  -418
  -463
  -509
  -553
  -597
  -640
  -682
  -723
  -763
  -802
  -841
  -880
  -918
  -957
  -996
  -1,036
  -1,077
  -1,119
  -1,163
  -1,209
  -1,256
  -1,306
  -1,359
  -1,414
  -1,472
  -1,533
  -1,597
  -1,665
Cash from investing activities, $m
  -112
  -428
  -495
  -568
  -643
  -722
  -802
  -886
  -971
  -1,059
  -1,149
  -1,240
  -1,334
  -1,430
  -1,529
  -1,630
  -1,735
  -1,842
  -1,953
  -2,068
  -2,187
  -2,311
  -2,440
  -2,574
  -2,713
  -2,860
  -3,012
  -3,171
  -3,337
  -3,510
  -3,692
Free cash flow, $m
  17
  -407
  -469
  -531
  -594
  -656
  -717
  -777
  -836
  -893
  -948
  -1,010
  -1,064
  -1,116
  -1,169
  -1,221
  -1,274
  -1,327
  -1,381
  -1,437
  -1,494
  -1,553
  -1,615
  -1,680
  -1,747
  -1,818
  -1,893
  -1,972
  -2,054
  -2,142
  -2,234
Issuance/(repayment) of debt, $m
  0
  383
  433
  486
  539
  591
  643
  694
  744
  793
  841
  887
  933
  978
  1,023
  1,067
  1,112
  1,158
  1,205
  1,252
  1,301
  1,352
  1,405
  1,461
  1,519
  1,580
  1,644
  1,711
  1,782
  1,857
  1,936
Issuance/(repurchase) of shares, $m
  2
  246
  283
  319
  355
  392
  427
  462
  496
  530
  562
  575
  606
  636
  667
  697
  727
  758
  790
  822
  855
  889
  925
  963
  1,002
  1,043
  1,086
  1,132
  1,180
  1,230
  1,284
Cash from financing (excl. dividends), $m  
  1
  629
  716
  805
  894
  983
  1,070
  1,156
  1,240
  1,323
  1,403
  1,462
  1,539
  1,614
  1,690
  1,764
  1,839
  1,916
  1,995
  2,074
  2,156
  2,241
  2,330
  2,424
  2,521
  2,623
  2,730
  2,843
  2,962
  3,087
  3,220
Total cash flow (excl. dividends), $m
  18
  222
  247
  274
  301
  327
  354
  380
  405
  430
  454
  452
  475
  498
  521
  543
  566
  590
  613
  638
  663
  689
  716
  744
  773
  804
  837
  871
  907
  945
  986
Retained Cash Flow (-), $m
  -94
  -277
  -316
  -355
  -393
  -432
  -470
  -507
  -543
  -579
  -614
  -648
  -681
  -714
  -747
  -779
  -812
  -846
  -879
  -914
  -950
  -987
  -1,026
  -1,067
  -1,109
  -1,153
  -1,200
  -1,249
  -1,301
  -1,356
  -1,413
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
 
  -45
  -69
  -81
  -93
  -104
  -116
  -127
  -138
  -149
  -159
  -196
  -206
  -216
  -226
  -236
  -246
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -349
  -363
  -378
  -394
  -410
  -428
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
 
  -43
  -63
  -69
  -74
  -78
  -81
  -81
  -81
  -79
  -77
  -84
  -78
  -72
  -66
  -59
  -52
  -45
  -39
  -33
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  91.0
  83.3
  76.7
  71.1
  66.2
  61.9
  58.1
  54.8
  51.9
  49.3
  47.0
  44.9
  43.0
  41.3
  39.8
  38.3
  37.0
  35.8
  34.6
  33.5
  32.5
  31.5
  30.6
  29.8
  29.0
  28.2
  27.5
  26.8
  26.1
  25.4

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 52.1
Price to Sales 1.4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 81.6
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 23.4% 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 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 47.853 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 $2.5 billion.

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COMPANY NEWS

▶ Carpenter beats Street 2Q forecasts   [08:19AM  Associated Press]
▶ Carpenter Technology Announces Conference Call and Webcast   [Jan-25-18 08:30AM  GlobeNewswire]
▶ Carpenter Declares Quarterly Cash Dividend   [Jan-24-18 04:15PM  GlobeNewswire]
▶ Kathleen Ligocki Named to Carpenter Board of Directors   [Nov-20-17 04:15PM  GlobeNewswire]
▶ A Well-Defined Niche: Steel-Alloy Stocks Rebound In New Era   [Oct-27-17 12:38PM  Investor's Business Daily]
▶ Carpenter beats Street 1Q forecasts   [08:21AM  Associated Press]
▶ Carpenter Technology Announces Conference Call and Webcast   [Oct-18-17 09:00AM  GlobeNewswire]
▶ 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]
Financial statements of CRS
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