Intrinsic value of Constellium Cl A - CSTM

Previous Close

$8.34

  Intrinsic Value

$24.38

stock screener

  Rating & Target

str. buy

+192%

Previous close

$8.34

 
Intrinsic value

$24.38

 
Up/down potential

+192%

 
Rating

str. buy

We calculate the intrinsic value of CSTM 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 1.1

 

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, %
  25.90
  23.81
  21.93
  20.24
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
Revenue, $m
  7,915
  9,800
  11,949
  14,367
  17,055
  20,013
  23,236
  26,721
  30,461
  34,450
  38,684
  43,155
  47,860
  52,795
  57,959
  63,352
  68,973
  74,825
  80,914
  87,244
  93,823
  100,660
  107,764
  115,149
  122,826
  130,810
  139,117
  147,764
  156,768
  166,150
Variable operating expenses, $m
  7,125
  8,808
  10,727
  12,886
  15,287
  17,928
  20,807
  23,918
  27,258
  30,821
  34,545
  38,538
  42,739
  47,147
  51,758
  56,573
  61,593
  66,819
  72,257
  77,909
  83,784
  89,890
  96,234
  102,829
  109,684
  116,814
  124,232
  131,954
  139,995
  148,373
Fixed operating expenses, $m
  239
  244
  250
  255
  261
  267
  273
  278
  285
  291
  297
  304
  311
  317
  324
  331
  339
  346
  354
  362
  370
  378
  386
  394
  403
  412
  421
  430
  440
  450
Total operating expenses, $m
  7,364
  9,052
  10,977
  13,141
  15,548
  18,195
  21,080
  24,196
  27,543
  31,112
  34,842
  38,842
  43,050
  47,464
  52,082
  56,904
  61,932
  67,165
  72,611
  78,271
  84,154
  90,268
  96,620
  103,223
  110,087
  117,226
  124,653
  132,384
  140,435
  148,823
Operating income, $m
  551
  748
  972
  1,225
  1,507
  1,818
  2,157
  2,524
  2,918
  3,339
  3,842
  4,313
  4,810
  5,331
  5,877
  6,447
  7,041
  7,660
  8,303
  8,973
  9,669
  10,392
  11,144
  11,926
  12,738
  13,584
  14,464
  15,379
  16,333
  17,327
EBITDA, $m
  833
  1,083
  1,369
  1,691
  2,049
  2,444
  2,875
  3,341
  3,841
  4,375
  4,942
  5,541
  6,172
  6,834
  7,526
  8,249
  9,003
  9,789
  10,606
  11,455
  12,339
  13,256
  14,211
  15,202
  16,233
  17,306
  18,422
  19,584
  20,794
  22,055
Interest expense (income), $m
  184
  142
  153
  218
  292
  375
  468
  570
  681
  801
  930
  1,067
  1,213
  1,367
  1,529
  1,699
  1,877
  2,062
  2,256
  2,458
  2,667
  2,885
  3,112
  3,347
  3,592
  3,847
  4,111
  4,386
  4,672
  4,970
  5,280
Earnings before tax, $m
  409
  595
  754
  933
  1,132
  1,350
  1,587
  1,843
  2,117
  2,409
  2,775
  3,101
  3,443
  3,803
  4,178
  4,570
  4,978
  5,404
  5,846
  6,306
  6,784
  7,280
  7,797
  8,334
  8,892
  9,473
  10,078
  10,707
  11,363
  12,047
Tax expense, $m
  110
  161
  204
  252
  306
  365
  429
  498
  572
  650
  749
  837
  930
  1,027
  1,128
  1,234
  1,344
  1,459
  1,578
  1,703
  1,832
  1,966
  2,105
  2,250
  2,401
  2,558
  2,721
  2,891
  3,068
  3,253
Net income, $m
  299
  434
  551
  681
  826
  986
  1,159
  1,346
  1,546
  1,759
  2,025
  2,263
  2,514
  2,776
  3,050
  3,336
  3,634
  3,945
  4,267
  4,603
  4,952
  5,315
  5,692
  6,083
  6,491
  6,915
  7,357
  7,816
  8,295
  8,795

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
  5,610
  6,945
  8,468
  10,182
  12,087
  14,183
  16,468
  18,938
  21,588
  24,416
  27,416
  30,585
  33,919
  37,417
  41,077
  44,898
  48,882
  53,030
  57,345
  61,831
  66,494
  71,339
  76,374
  81,608
  87,049
  92,707
  98,595
  104,723
  111,104
  117,753
Adjusted assets (=assets-cash), $m
  5,610
  6,945
  8,468
  10,182
  12,087
  14,183
  16,468
  18,938
  21,588
  24,416
  27,416
  30,585
  33,919
  37,417
  41,077
  44,898
  48,882
  53,030
  57,345
  61,831
  66,494
  71,339
  76,374
  81,608
  87,049
  92,707
  98,595
  104,723
  111,104
  117,753
Revenue / Adjusted assets
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
  1.411
Average production assets, $m
  2,477
  3,067
  3,740
  4,497
  5,338
  6,264
  7,273
  8,364
  9,534
  10,783
  12,108
  13,507
  14,980
  16,525
  18,141
  19,829
  21,588
  23,420
  25,326
  27,307
  29,367
  31,506
  33,730
  36,042
  38,445
  40,944
  43,544
  46,250
  49,068
  52,005
Working capital, $m
  119
  147
  179
  216
  256
  300
  349
  401
  457
  517
  580
  647
  718
  792
  869
  950
  1,035
  1,122
  1,214
  1,309
  1,407
  1,510
  1,616
  1,727
  1,842
  1,962
  2,087
  2,216
  2,352
  2,492
Total debt, $m
  2,834
  4,036
  5,407
  6,949
  8,664
  10,550
  12,606
  14,829
  17,215
  19,759
  22,459
  25,311
  28,312
  31,460
  34,754
  38,194
  41,779
  45,512
  49,396
  53,433
  57,630
  61,990
  66,522
  71,232
  76,129
  81,222
  86,520
  92,035
  97,779
  103,763
Total liabilities, $m
  5,049
  6,251
  7,622
  9,164
  10,879
  12,765
  14,821
  17,044
  19,429
  21,974
  24,674
  27,526
  30,527
  33,675
  36,969
  40,408
  43,994
  47,727
  51,611
  55,648
  59,845
  64,205
  68,737
  73,447
  78,344
  83,437
  88,735
  94,250
  99,994
  105,978
Total equity, $m
  561
  695
  847
  1,018
  1,209
  1,418
  1,647
  1,894
  2,159
  2,442
  2,742
  3,058
  3,392
  3,742
  4,108
  4,490
  4,888
  5,303
  5,735
  6,183
  6,649
  7,134
  7,637
  8,161
  8,705
  9,271
  9,859
  10,472
  11,110
  11,775
Total liabilities and equity, $m
  5,610
  6,946
  8,469
  10,182
  12,088
  14,183
  16,468
  18,938
  21,588
  24,416
  27,416
  30,584
  33,919
  37,417
  41,077
  44,898
  48,882
  53,030
  57,346
  61,831
  66,494
  71,339
  76,374
  81,608
  87,049
  92,708
  98,594
  104,722
  111,104
  117,753
Debt-to-equity ratio
  5.050
  5.810
  6.380
  6.820
  7.170
  7.440
  7.660
  7.830
  7.970
  8.090
  8.190
  8.280
  8.350
  8.410
  8.460
  8.510
  8.550
  8.580
  8.610
  8.640
  8.670
  8.690
  8.710
  8.730
  8.750
  8.760
  8.780
  8.790
  8.800
  8.810
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
  299
  434
  551
  681
  826
  986
  1,159
  1,346
  1,546
  1,759
  2,025
  2,263
  2,514
  2,776
  3,050
  3,336
  3,634
  3,945
  4,267
  4,603
  4,952
  5,315
  5,692
  6,083
  6,491
  6,915
  7,357
  7,816
  8,295
  8,795
Depreciation, amort., depletion, $m
  282
  335
  397
  465
  542
  626
  718
  817
  923
  1,037
  1,101
  1,228
  1,362
  1,502
  1,649
  1,803
  1,963
  2,129
  2,302
  2,482
  2,670
  2,864
  3,066
  3,277
  3,495
  3,722
  3,959
  4,205
  4,461
  4,728
Funds from operations, $m
  580
  769
  947
  1,147
  1,368
  1,612
  1,877
  2,162
  2,469
  2,795
  3,126
  3,491
  3,876
  4,278
  4,699
  5,139
  5,597
  6,074
  6,570
  7,086
  7,622
  8,179
  8,758
  9,360
  9,986
  10,637
  11,315
  12,021
  12,756
  13,522
Change in working capital, $m
  24
  28
  32
  36
  40
  44
  48
  52
  56
  60
  63
  67
  71
  74
  77
  81
  84
  88
  91
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
Cash from operations, $m
  556
  741
  915
  1,110
  1,328
  1,567
  1,828
  2,110
  2,413
  2,736
  3,063
  3,424
  3,805
  4,204
  4,622
  5,058
  5,513
  5,986
  6,478
  6,991
  7,523
  8,076
  8,651
  9,249
  9,871
  10,518
  11,191
  11,891
  12,621
  13,382
Maintenance CAPEX, $m
  -179
  -225
  -279
  -340
  -409
  -485
  -569
  -661
  -760
  -867
  -980
  -1,101
  -1,228
  -1,362
  -1,502
  -1,649
  -1,803
  -1,963
  -2,129
  -2,302
  -2,482
  -2,670
  -2,864
  -3,066
  -3,277
  -3,495
  -3,722
  -3,959
  -4,205
  -4,461
New CAPEX, $m
  -507
  -590
  -673
  -757
  -841
  -926
  -1,009
  -1,091
  -1,171
  -1,249
  -1,325
  -1,400
  -1,473
  -1,545
  -1,616
  -1,688
  -1,759
  -1,832
  -1,906
  -1,981
  -2,059
  -2,140
  -2,224
  -2,311
  -2,403
  -2,499
  -2,600
  -2,706
  -2,818
  -2,936
Cash from investing activities, $m
  -686
  -815
  -952
  -1,097
  -1,250
  -1,411
  -1,578
  -1,752
  -1,931
  -2,116
  -2,305
  -2,501
  -2,701
  -2,907
  -3,118
  -3,337
  -3,562
  -3,795
  -4,035
  -4,283
  -4,541
  -4,810
  -5,088
  -5,377
  -5,680
  -5,994
  -6,322
  -6,665
  -7,023
  -7,397
Free cash flow, $m
  -130
  -74
  -37
  14
  78
  156
  250
  358
  482
  620
  757
  924
  1,104
  1,297
  1,503
  1,721
  1,950
  2,191
  2,444
  2,707
  2,981
  3,267
  3,563
  3,871
  4,191
  4,524
  4,868
  5,226
  5,598
  5,984
Issuance/(repayment) of debt, $m
  201
  1,202
  1,371
  1,542
  1,715
  1,886
  2,056
  2,223
  2,386
  2,545
  2,700
  2,852
  3,001
  3,148
  3,294
  3,439
  3,585
  3,733
  3,884
  4,038
  4,196
  4,361
  4,532
  4,710
  4,897
  5,093
  5,299
  5,515
  5,743
  5,984
Issuance/(repurchase) of shares, $m
  655
  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  
  856
  1,202
  1,371
  1,542
  1,715
  1,886
  2,056
  2,223
  2,386
  2,545
  2,700
  2,852
  3,001
  3,148
  3,294
  3,439
  3,585
  3,733
  3,884
  4,038
  4,196
  4,361
  4,532
  4,710
  4,897
  5,093
  5,299
  5,515
  5,743
  5,984
Total cash flow (excl. dividends), $m
  726
  1,128
  1,334
  1,556
  1,792
  2,043
  2,306
  2,581
  2,867
  3,165
  3,458
  3,776
  4,105
  4,446
  4,797
  5,160
  5,536
  5,925
  6,327
  6,745
  7,178
  7,627
  8,095
  8,582
  9,088
  9,616
  10,167
  10,741
  11,342
  11,968
Retained Cash Flow (-), $m
  -954
  -134
  -152
  -171
  -191
  -210
  -228
  -247
  -265
  -283
  -300
  -317
  -333
  -350
  -366
  -382
  -398
  -415
  -432
  -449
  -466
  -485
  -504
  -523
  -544
  -566
  -589
  -613
  -638
  -665
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
  -228
  995
  1,182
  1,385
  1,602
  1,833
  2,077
  2,334
  2,602
  2,882
  3,158
  3,459
  3,772
  4,096
  4,431
  4,778
  5,137
  5,510
  5,896
  6,296
  6,711
  7,143
  7,592
  8,058
  8,544
  9,050
  9,578
  10,129
  10,703
  11,304
Discount rate, %
  14.50
  15.23
  15.99
  16.79
  17.62
  18.51
  19.43
  20.40
  21.42
  22.49
  23.62
  24.80
  26.04
  27.34
  28.71
  30.14
  31.65
  33.23
  34.90
  36.64
  38.47
  40.40
  42.42
  44.54
  46.76
  49.10
  51.56
  54.14
  56.84
  59.68
PV of cash for distribution, $m
  -199
  749
  757
  744
  711
  662
  599
  528
  454
  379
  306
  242
  186
  139
  101
  71
  48
  31
  20
  12
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Constellium N.V. is a Netherlands-based company engaged in developing aluminum products for a range of markets and applications, including aerospace, automotive and packaging. The Company's manufacturing facilities are located in the United States, Europe and China. It operates through three segments: Packaging & Automotive Rolled Product; Aerospace & Transportation, and Automotive Structures & Industry. Its products include can body stock, can end stock, auto body sheet, heat exchangers, specialty reflective sheet, aerospace plates and sheets, aerospace wingskins, plates for general engineering, sheets for transportation applications, soft alloys, hard alloys, large profiles and automotive structures. It offers services, such as pre-machining services, which includes surface machining, boring and drilling; aluminum recycling services to recycle aluminum from end-of-life aircraft, and advanced welding services.

FINANCIAL RATIOS  of  Constellium Cl A (CSTM)

Valuation Ratios
P/E Ratio -220.1
Price to Sales 0.2
Price to Book -1.4
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow -3.1
Growth Rates
Sales Growth Rate -8%
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 19.8%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity -407.9%
Total Debt to Equity -426.4%
Interest Coverage 1
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. -3.3%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -10.7%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. -264.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 10.9%
Gross Margin - 3 Yr. Avg. 10.9%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 2.5%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. -2.5%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 105.8%
Eff/ Tax Rate - 3 Yr. Avg. 50.6%
Payout Ratio 0%

CSTM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSTM stock intrinsic value calculation we used $6286.91476591 million for the last fiscal year's total revenue generated by Constellium Cl A. The default revenue input number comes from 0001 income statement of Constellium Cl A. 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 CSTM stock valuation model: a) initial revenue growth rate of 25.9% 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 14.5%, whose default value for CSTM is calculated based on our internal credit rating of Constellium Cl A, 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 Constellium Cl A.
    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 CSTM stock the variable cost ratio is equal to 90.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $234 million in the base year in the intrinsic value calculation for CSTM 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 Constellium Cl A.

Corporate tax rate of 27% is the nominal tax rate for Constellium Cl A. 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 CSTM 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 CSTM are equal to 31.3%.

Life of production assets of 11 years is the average useful life of capital assets used in Constellium Cl A 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 CSTM is equal to 1.5%. 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 - $-392.557022809 million for Constellium Cl A - 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 134.511 million for Constellium Cl A 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 Constellium Cl A at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Constellium: 3Q Earnings Snapshot   [08:38AM  Associated Press]
▶ Why Constellium N.V. Stock Popped 10%   [12:39PM  Motley Fool]
▶ Constellium: 2Q Earnings Snapshot   [06:27AM  Associated Press]
▶ Constellium's Q2 Earnings Preview   [Jul-23-18 03:35PM  Benzinga]
▶ How Much Is Alcoa Hurt By Trump Tariffs?   [Jul-20-18 10:27PM  InvestorPlace]
▶ [$$] Why U.S. Metals Tariffs Are Unlikely to Change Trade Patterns   [Jul-17-18 08:11PM  The Wall Street Journal]
▶ 2 Aluminum Stocks To Buy, According To Jefferies   [Jul-16-18 04:35PM  Benzinga]
▶ 4 Stocks That Can Win the Electric Car Race   [Jul-03-18 06:00AM  Investopedia]
▶ Constellium posts Annual General Meeting Materials   [Apr-27-18 10:16AM  GlobeNewswire]
▶ Hedge Funds Like These European Companies; Should You?   [Apr-20-18 10:36PM  Insider Monkey]
▶ Constellium Q4 Earnings Preview   [Feb-22-18 11:37AM  Benzinga]
▶ Constellium N.V. Announces Delisting From Euronext Paris   [Jan-31-18 02:02AM  GlobeNewswire]
▶ ETFs with exposure to Constellium NV : December 21, 2017   [Dec-21-17 11:22AM  Capital Cube]
▶ ETFs with exposure to Constellium NV : December 7, 2017   [Dec-07-17 01:25PM  Capital Cube]
▶ ETFs with exposure to Constellium NV : November 15, 2017   [Nov-15-17 11:44AM  Capital Cube]
▶ ETFs with exposure to Constellium NV : November 3, 2017   [Nov-03-17 12:05PM  Capital Cube]
▶ Constellium Prices Notes Offering   [Nov-02-17 01:37PM  GlobeNewswire]
▶ Constellium prices offering of ordinary shares   [Oct-31-17 06:49PM  GlobeNewswire]
▶ A Well-Defined Niche: Steel-Alloy Stocks Rebound In New Era   [Oct-27-17 12:38PM  Investor's Business Daily]
▶ Constellium tops 3Q profit forecasts   [05:03AM  Associated Press]
▶ ETFs with exposure to Constellium NV : August 15, 2017   [Aug-15-17 03:52PM  Capital Cube]

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