Intrinsic value of Catalent - CTLT

Previous Close

$41.12

  Intrinsic Value

$33.78

stock screener

  Rating & Target

hold

-18%

Previous close

$41.12

 
Intrinsic value

$33.78

 
Up/down potential

-18%

 
Rating

hold

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

We calculate the intrinsic value of CTLT 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 5.2

 

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, %
  12.28
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  2,075
  2,407
  2,766
  3,150
  3,560
  3,995
  4,455
  4,938
  5,445
  5,975
  6,528
  7,105
  7,705
  8,330
  8,979
  9,654
  10,356
  11,084
  11,842
  12,630
  13,449
  14,301
  15,188
  16,112
  17,075
  18,079
  19,125
  20,217
  21,358
  22,548
  23,793
Variable operating expenses, $m
 
  2,106
  2,405
  2,724
  3,066
  3,427
  3,809
  4,211
  4,633
  5,073
  5,534
  5,909
  6,408
  6,928
  7,468
  8,029
  8,613
  9,219
  9,849
  10,504
  11,185
  11,894
  12,632
  13,400
  14,201
  15,036
  15,906
  16,815
  17,763
  18,753
  19,788
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
  1,846
  2,106
  2,405
  2,724
  3,066
  3,427
  3,809
  4,211
  4,633
  5,073
  5,534
  5,909
  6,408
  6,928
  7,468
  8,029
  8,613
  9,219
  9,849
  10,504
  11,185
  11,894
  12,632
  13,400
  14,201
  15,036
  15,906
  16,815
  17,763
  18,753
  19,788
Operating income, $m
  230
  301
  361
  426
  495
  568
  645
  727
  812
  901
  994
  1,196
  1,297
  1,402
  1,511
  1,625
  1,743
  1,866
  1,993
  2,126
  2,264
  2,407
  2,556
  2,712
  2,874
  3,043
  3,219
  3,403
  3,595
  3,795
  4,005
EBITDA, $m
  377
  499
  573
  653
  738
  828
  923
  1,023
  1,128
  1,238
  1,353
  1,472
  1,597
  1,726
  1,861
  2,000
  2,146
  2,297
  2,454
  2,617
  2,787
  2,963
  3,147
  3,338
  3,538
  3,746
  3,963
  4,189
  4,425
  4,672
  4,930
Interest expense (income), $m
  81
  84
  102
  121
  142
  164
  187
  212
  238
  265
  293
  323
  353
  386
  419
  454
  490
  527
  566
  607
  649
  693
  739
  786
  835
  887
  941
  997
  1,055
  1,116
  1,180
Earnings before tax, $m
  136
  216
  259
  305
  353
  404
  458
  515
  574
  637
  701
  873
  943
  1,016
  1,092
  1,171
  1,253
  1,338
  1,427
  1,519
  1,615
  1,714
  1,818
  1,926
  2,039
  2,156
  2,278
  2,406
  2,540
  2,679
  2,825
Tax expense, $m
  26
  58
  70
  82
  95
  109
  124
  139
  155
  172
  189
  236
  255
  274
  295
  316
  338
  361
  385
  410
  436
  463
  491
  520
  550
  582
  615
  650
  686
  723
  763
Net income, $m
  110
  158
  189
  222
  258
  295
  335
  376
  419
  465
  512
  637
  689
  742
  797
  855
  915
  977
  1,042
  1,109
  1,179
  1,251
  1,327
  1,406
  1,488
  1,574
  1,663
  1,757
  1,854
  1,956
  2,062

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  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
  3,454
  3,653
  4,197
  4,780
  5,403
  6,063
  6,760
  7,493
  8,262
  9,066
  9,906
  10,781
  11,692
  12,640
  13,626
  14,650
  15,714
  16,820
  17,970
  19,165
  20,408
  21,701
  23,048
  24,450
  25,910
  27,433
  29,022
  30,679
  32,409
  34,216
  36,104
Adjusted assets (=assets-cash), $m
  3,147
  3,653
  4,197
  4,780
  5,403
  6,063
  6,760
  7,493
  8,262
  9,066
  9,906
  10,781
  11,692
  12,640
  13,626
  14,650
  15,714
  16,820
  17,970
  19,165
  20,408
  21,701
  23,048
  24,450
  25,910
  27,433
  29,022
  30,679
  32,409
  34,216
  36,104
Revenue / Adjusted assets
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
Average production assets, $m
  1,235
  1,432
  1,646
  1,874
  2,118
  2,377
  2,651
  2,938
  3,240
  3,555
  3,884
  4,227
  4,585
  4,956
  5,343
  5,744
  6,162
  6,595
  7,046
  7,515
  8,002
  8,509
  9,037
  9,587
  10,160
  10,757
  11,380
  12,029
  12,708
  13,416
  14,157
Working capital, $m
  591
  359
  412
  469
  531
  595
  664
  736
  811
  890
  973
  1,059
  1,148
  1,241
  1,338
  1,438
  1,543
  1,652
  1,764
  1,882
  2,004
  2,131
  2,263
  2,401
  2,544
  2,694
  2,850
  3,012
  3,182
  3,360
  3,545
Total debt, $m
  2,080
  2,491
  2,959
  3,461
  3,996
  4,564
  5,164
  5,794
  6,455
  7,147
  7,869
  8,622
  9,405
  10,221
  11,068
  11,949
  12,864
  13,815
  14,804
  15,832
  16,901
  18,013
  19,171
  20,377
  21,633
  22,943
  24,309
  25,734
  27,222
  28,776
  30,400
Total liabilities, $m
  2,731
  3,141
  3,609
  4,111
  4,646
  5,214
  5,814
  6,444
  7,105
  7,797
  8,519
  9,272
  10,055
  10,871
  11,718
  12,599
  13,514
  14,465
  15,454
  16,482
  17,551
  18,663
  19,821
  21,027
  22,283
  23,593
  24,959
  26,384
  27,872
  29,426
  31,050
Total equity, $m
  724
  511
  588
  669
  756
  849
  946
  1,049
  1,157
  1,269
  1,387
  1,509
  1,637
  1,770
  1,908
  2,051
  2,200
  2,355
  2,516
  2,683
  2,857
  3,038
  3,227
  3,423
  3,627
  3,841
  4,063
  4,295
  4,537
  4,790
  5,055
Total liabilities and equity, $m
  3,455
  3,652
  4,197
  4,780
  5,402
  6,063
  6,760
  7,493
  8,262
  9,066
  9,906
  10,781
  11,692
  12,641
  13,626
  14,650
  15,714
  16,820
  17,970
  19,165
  20,408
  21,701
  23,048
  24,450
  25,910
  27,434
  29,022
  30,679
  32,409
  34,216
  36,105
Debt-to-equity ratio
  2.873
  4.870
  5.040
  5.170
  5.280
  5.380
  5.460
  5.520
  5.580
  5.630
  5.670
  5.710
  5.750
  5.780
  5.800
  5.830
  5.850
  5.870
  5.880
  5.900
  5.920
  5.930
  5.940
  5.950
  5.960
  5.970
  5.980
  5.990
  6.000
  6.010
  6.010
Adjusted equity ratio
  0.133
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  158
  189
  222
  258
  295
  335
  376
  419
  465
  512
  637
  689
  742
  797
  855
  915
  977
  1,042
  1,109
  1,179
  1,251
  1,327
  1,406
  1,488
  1,574
  1,663
  1,757
  1,854
  1,956
  2,062
Depreciation, amort., depletion, $m
  147
  198
  212
  227
  243
  260
  278
  296
  316
  337
  358
  276
  300
  324
  349
  375
  403
  431
  461
  491
  523
  556
  591
  627
  664
  703
  744
  786
  831
  877
  925
Funds from operations, $m
  288
  356
  401
  449
  501
  555
  612
  672
  735
  801
  870
  914
  988
  1,066
  1,147
  1,230
  1,317
  1,408
  1,502
  1,600
  1,702
  1,807
  1,918
  2,032
  2,152
  2,277
  2,407
  2,543
  2,685
  2,833
  2,987
Change in working capital, $m
  -12
  49
  53
  57
  61
  65
  68
  72
  75
  79
  82
  86
  89
  93
  97
  101
  105
  109
  113
  117
  122
  127
  132
  138
  143
  150
  156
  163
  170
  177
  185
Cash from operations, $m
  300
  307
  348
  392
  439
  490
  544
  600
  660
  722
  788
  828
  899
  973
  1,050
  1,130
  1,213
  1,299
  1,389
  1,483
  1,580
  1,680
  1,786
  1,895
  2,009
  2,127
  2,251
  2,380
  2,515
  2,655
  2,802
Maintenance CAPEX, $m
  0
  -81
  -94
  -108
  -123
  -138
  -155
  -173
  -192
  -212
  -232
  -254
  -276
  -300
  -324
  -349
  -375
  -403
  -431
  -461
  -491
  -523
  -556
  -591
  -627
  -664
  -703
  -744
  -786
  -831
  -877
New CAPEX, $m
  -140
  -198
  -213
  -229
  -244
  -259
  -273
  -287
  -301
  -315
  -329
  -343
  -357
  -372
  -386
  -402
  -417
  -434
  -451
  -469
  -487
  -507
  -528
  -550
  -573
  -597
  -623
  -650
  -678
  -709
  -740
Cash from investing activities, $m
  -309
  -279
  -307
  -337
  -367
  -397
  -428
  -460
  -493
  -527
  -561
  -597
  -633
  -672
  -710
  -751
  -792
  -837
  -882
  -930
  -978
  -1,030
  -1,084
  -1,141
  -1,200
  -1,261
  -1,326
  -1,394
  -1,464
  -1,540
  -1,617
Free cash flow, $m
  -9
  28
  41
  55
  73
  93
  115
  140
  166
  195
  226
  231
  265
  302
  339
  379
  420
  463
  507
  553
  601
  650
  701
  754
  809
  866
  925
  986
  1,050
  1,116
  1,185
Issuance/(repayment) of debt, $m
  173
  436
  468
  502
  535
  568
  599
  631
  661
  692
  722
  753
  784
  815
  847
  881
  915
  951
  989
  1,028
  1,069
  1,112
  1,158
  1,206
  1,256
  1,310
  1,366
  1,425
  1,488
  1,554
  1,624
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
  0
Cash from financing (excl. dividends), $m  
  161
  436
  468
  502
  535
  568
  599
  631
  661
  692
  722
  753
  784
  815
  847
  881
  915
  951
  989
  1,028
  1,069
  1,112
  1,158
  1,206
  1,256
  1,310
  1,366
  1,425
  1,488
  1,554
  1,624
Total cash flow (excl. dividends), $m
  157
  464
  509
  557
  608
  660
  714
  770
  828
  887
  948
  983
  1,049
  1,117
  1,187
  1,260
  1,335
  1,414
  1,496
  1,581
  1,670
  1,763
  1,859
  1,960
  2,066
  2,176
  2,291
  2,412
  2,538
  2,670
  2,809
Retained Cash Flow (-), $m
  -88
  -69
  -76
  -82
  -87
  -92
  -98
  -103
  -108
  -113
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -205
  -213
  -222
  -232
  -242
  -253
  -264
Prev. year cash balance distribution, $m
 
  282
  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
 
  677
  432
  476
  521
  568
  617
  668
  720
  774
  831
  861
  921
  984
  1,049
  1,116
  1,186
  1,259
  1,335
  1,414
  1,496
  1,582
  1,671
  1,764
  1,861
  1,963
  2,069
  2,180
  2,296
  2,417
  2,544
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  619
  358
  354
  345
  331
  313
  291
  267
  240
  213
  180
  154
  130
  107
  86
  68
  53
  40
  29
  21
  15
  10
  7
  4
  3
  2
  1
  1
  0
  0
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

Catalent, Inc. provides delivery technologies and development solutions for drugs, biologics, and consumer and animal health products. Its segments include Softgel Technologies, Drug Delivery Solutions and Clinical Supply Services. The Softgel Technologies segment is engaged in the formulation, development and manufacturing of prescription and consumer health soft capsules or softgels. The Drug Delivery Solutions segment is engaged in the formulation, development and manufacturing of prescription and consumer and animal health products; blow-fill seal unit dose manufacturing; biologic cell line development; analytical and bioanalytical development, and testing services. The Clinical Supply Services segment is engaged in manufacturing, packaging, labeling, storage, distribution and inventory management for clinical trials of drugs and biologics for patient kits; FastChain clinical supply service; clinical e-solutions and informatics, and global comparator sourcing services.

FINANCIAL RATIOS  of  Catalent (CTLT)

Valuation Ratios
P/E Ratio 46.7
Price to Sales 2.5
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 32.1
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 12
Current Ratio 0.1
LT Debt to Equity 283.8%
Total Debt to Equity 287.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.8%
Return On Equity 16.2%
Return On Equity - 3 Yr. Avg. 65%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 31.6%
Gross Margin - 3 Yr. Avg. 32.3%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 19.1%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 19.1%
Eff/ Tax Rate - 3 Yr. Avg. -14.4%
Payout Ratio 0%

CTLT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTLT stock intrinsic value calculation we used $2075 million for the last fiscal year's total revenue generated by Catalent. The default revenue input number comes from 2017 income statement of Catalent. 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 CTLT stock valuation model: a) initial revenue growth rate of 16% 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 9.4%, whose default value for CTLT is calculated based on our internal credit rating of Catalent, 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 Catalent.
    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 CTLT 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 CTLT 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 4.1% for Catalent.

Corporate tax rate of 27% is the nominal tax rate for Catalent. 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 CTLT 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 CTLT are equal to 59.5%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Catalent 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 CTLT is equal to 14.9%. 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 - $724 million for Catalent - 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 125.466 million for Catalent 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 Catalent at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Stocks Showing Rising Market Leadership: Catalent Earns 83 RS Rating   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Catalent, Inc. : November 8, 2017   [Nov-08-17 05:51PM  Capital Cube]
▶ Catalent beats Street 1Q forecasts   [Nov-06-17 07:43AM  Associated Press]
▶ Catalent Completes Acquisition of Cook Pharmica   [Oct-24-17 02:00AM  Business Wire]
▶ This No. 1-Ranked Medical Stock Is Breaking Out With Q3 Earnings Due   [Oct-13-17 11:40AM  Investor's Business Daily]
▶ ETFs with exposure to Catalent, Inc. : October 9, 2017   [Oct-09-17 11:26AM  Capital Cube]
▶ Cook Medical parent company sells subsidiary for $950M   [Sep-20-17 11:00AM  American City Business Journals]
▶ Catalent Dips On $950 Million Acquisition Of Cook Pharmica   [Sep-19-17 04:20PM  Investor's Business Daily]
▶ ETFs with exposure to Catalent, Inc. : September 1, 2017   [Sep-01-17 07:24PM  Capital Cube]
▶ Stocks With Rising Relative Price Strength: Catalent   [03:00AM  Investor's Business Daily]
▶ Why Movado Group, Catalent, and ImmunoGen Jumped Today   [Aug-29-17 04:21PM  Motley Fool]
▶ Catalent tops Street 4Q forecasts   [Aug-28-17 09:37PM  Associated Press]
▶ Catalent, Inc. Value Analysis (NYSE:CTLT) : July 31, 2017   [Jul-31-17 05:51PM  Capital Cube]
▶ ETFs with exposure to Catalent, Inc. : July 3, 2017   [Jul-03-17 03:03PM  Capital Cube]
▶ ETFs with exposure to Catalent, Inc. : June 19, 2017   [Jun-19-17 03:09PM  Capital Cube]
▶ Medical Stock Bolts Higher On 81% Spike In Earnings   [May-12-17 11:21AM  Investor's Business Daily]
▶ Here's Why Catalent Inc. Rose as Much as 20.3% Today   [May-05-17 02:57PM  Motley Fool]
▶ Catalent beats Street 3Q forecasts   [May-04-17 07:39PM  Associated Press]
▶ ETFs with exposure to Catalent, Inc. : February 14, 2017   [Feb-14-17 03:35PM  Capital Cube]
▶ Catalent beats Street 2Q forecasts   [Feb-06-17 04:32PM  Associated Press]
Financial statements of CTLT
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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