Intrinsic value of KapStone Paper&Packaging - KS

Previous Close

$34.14

  Intrinsic Value

$15.18

stock screener

  Rating & Target

str. sell

-56%

Previous close

$34.14

 
Intrinsic value

$15.18

 
Up/down potential

-56%

 
Rating

str. sell

We calculate the intrinsic value of KS 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 3.3

 

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, %
  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
  3,677
  4,056
  4,453
  4,867
  5,299
  5,748
  6,216
  6,702
  7,207
  7,733
  8,278
  8,845
  9,435
  10,048
  10,686
  11,351
  12,042
  12,763
  13,514
  14,297
  15,115
  15,968
  16,859
  17,790
  18,764
  19,781
  20,846
  21,960
  23,125
  24,346
Variable operating expenses, $m
  3,320
  3,652
  3,999
  4,362
  4,740
  5,133
  5,543
  5,968
  6,410
  6,870
  7,246
  7,742
  8,259
  8,795
  9,354
  9,935
  10,540
  11,171
  11,829
  12,514
  13,230
  13,977
  14,757
  15,572
  16,424
  17,314
  18,246
  19,221
  20,242
  21,310
Fixed operating expenses, $m
  117
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
  196
  201
  205
  210
  214
  219
Total operating expenses, $m
  3,437
  3,771
  4,121
  4,486
  4,867
  5,263
  5,676
  6,104
  6,549
  7,012
  7,391
  7,890
  8,410
  8,950
  9,512
  10,096
  10,705
  11,340
  12,001
  12,690
  13,410
  14,161
  14,945
  15,764
  16,620
  17,515
  18,451
  19,431
  20,456
  21,529
Operating income, $m
  240
  285
  332
  381
  432
  485
  541
  598
  658
  721
  888
  955
  1,025
  1,098
  1,175
  1,254
  1,337
  1,423
  1,513
  1,607
  1,705
  1,807
  1,914
  2,026
  2,144
  2,266
  2,394
  2,529
  2,670
  2,817
EBITDA, $m
  506
  568
  633
  700
  771
  844
  920
  1,000
  1,082
  1,168
  1,258
  1,350
  1,447
  1,548
  1,652
  1,761
  1,875
  1,993
  2,117
  2,246
  2,380
  2,521
  2,668
  2,822
  2,982
  3,150
  3,326
  3,510
  3,703
  3,905
Interest expense (income), $m
  0
  79
  92
  105
  119
  134
  149
  165
  182
  199
  217
  236
  256
  276
  297
  319
  341
  365
  390
  415
  442
  470
  499
  529
  561
  594
  629
  665
  703
  743
  784
Earnings before tax, $m
  161
  193
  227
  261
  298
  336
  375
  416
  459
  503
  651
  700
  750
  802
  856
  913
  972
  1,033
  1,098
  1,165
  1,235
  1,308
  1,385
  1,465
  1,549
  1,637
  1,729
  1,826
  1,927
  2,033
Tax expense, $m
  44
  52
  61
  71
  80
  91
  101
  112
  124
  136
  176
  189
  202
  216
  231
  246
  262
  279
  296
  315
  333
  353
  374
  396
  418
  442
  467
  493
  520
  549
Net income, $m
  118
  141
  165
  191
  217
  245
  274
  304
  335
  367
  476
  511
  547
  585
  625
  666
  709
  754
  801
  850
  902
  955
  1,011
  1,070
  1,131
  1,195
  1,262
  1,333
  1,407
  1,484

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
  3,684
  4,064
  4,462
  4,877
  5,309
  5,760
  6,228
  6,716
  7,222
  7,748
  8,295
  8,863
  9,454
  10,069
  10,708
  11,373
  12,066
  12,788
  13,541
  14,326
  15,145
  16,000
  16,893
  17,826
  18,801
  19,821
  20,888
  22,004
  23,172
  24,395
Adjusted assets (=assets-cash), $m
  3,684
  4,064
  4,462
  4,877
  5,309
  5,760
  6,228
  6,716
  7,222
  7,748
  8,295
  8,863
  9,454
  10,069
  10,708
  11,373
  12,066
  12,788
  13,541
  14,326
  15,145
  16,000
  16,893
  17,826
  18,801
  19,821
  20,888
  22,004
  23,172
  24,395
Revenue / Adjusted assets
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
  0.998
Average production assets, $m
  2,169
  2,393
  2,627
  2,872
  3,126
  3,391
  3,667
  3,954
  4,252
  4,562
  4,884
  5,219
  5,567
  5,929
  6,305
  6,697
  7,105
  7,530
  7,973
  8,435
  8,918
  9,421
  9,947
  10,496
  11,071
  11,671
  12,299
  12,956
  13,644
  14,364
Working capital, $m
  419
  462
  508
  555
  604
  655
  709
  764
  822
  882
  944
  1,008
  1,076
  1,146
  1,218
  1,294
  1,373
  1,455
  1,541
  1,630
  1,723
  1,820
  1,922
  2,028
  2,139
  2,255
  2,376
  2,503
  2,636
  2,775
Total debt, $m
  1,699
  1,949
  2,210
  2,483
  2,768
  3,064
  3,373
  3,693
  4,026
  4,373
  4,732
  5,106
  5,495
  5,899
  6,320
  6,758
  7,214
  7,689
  8,184
  8,701
  9,240
  9,802
  10,390
  11,004
  11,646
  12,317
  13,018
  13,753
  14,521
  15,326
Total liabilities, $m
  2,424
  2,674
  2,936
  3,209
  3,494
  3,790
  4,098
  4,419
  4,752
  5,098
  5,458
  5,832
  6,221
  6,625
  7,046
  7,484
  7,940
  8,415
  8,910
  9,427
  9,965
  10,528
  11,116
  11,730
  12,371
  13,042
  13,744
  14,478
  15,247
  16,052
Total equity, $m
  1,260
  1,390
  1,526
  1,668
  1,816
  1,970
  2,130
  2,297
  2,470
  2,650
  2,837
  3,031
  3,233
  3,443
  3,662
  3,890
  4,127
  4,374
  4,631
  4,899
  5,180
  5,472
  5,777
  6,097
  6,430
  6,779
  7,144
  7,525
  7,925
  8,343
Total liabilities and equity, $m
  3,684
  4,064
  4,462
  4,877
  5,310
  5,760
  6,228
  6,716
  7,222
  7,748
  8,295
  8,863
  9,454
  10,068
  10,708
  11,374
  12,067
  12,789
  13,541
  14,326
  15,145
  16,000
  16,893
  17,827
  18,801
  19,821
  20,888
  22,003
  23,172
  24,395
Debt-to-equity ratio
  1.350
  1.400
  1.450
  1.490
  1.520
  1.560
  1.580
  1.610
  1.630
  1.650
  1.670
  1.680
  1.700
  1.710
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.780
  1.790
  1.800
  1.800
  1.810
  1.820
  1.820
  1.830
  1.830
  1.840
Adjusted equity ratio
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  118
  141
  165
  191
  217
  245
  274
  304
  335
  367
  476
  511
  547
  585
  625
  666
  709
  754
  801
  850
  902
  955
  1,011
  1,070
  1,131
  1,195
  1,262
  1,333
  1,407
  1,484
Depreciation, amort., depletion, $m
  266
  283
  301
  319
  339
  359
  380
  401
  424
  447
  370
  395
  422
  449
  478
  507
  538
  570
  604
  639
  676
  714
  754
  795
  839
  884
  932
  982
  1,034
  1,088
Funds from operations, $m
  384
  424
  466
  510
  556
  604
  653
  705
  759
  815
  846
  906
  969
  1,034
  1,103
  1,174
  1,248
  1,325
  1,405
  1,489
  1,577
  1,669
  1,765
  1,865
  1,970
  2,079
  2,194
  2,314
  2,440
  2,572
Change in working capital, $m
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  121
  127
  133
  139
Cash from operations, $m
  343
  381
  421
  463
  507
  553
  600
  650
  701
  755
  783
  841
  902
  964
  1,030
  1,098
  1,169
  1,243
  1,320
  1,400
  1,484
  1,572
  1,663
  1,759
  1,859
  1,963
  2,073
  2,187
  2,307
  2,433
Maintenance CAPEX, $m
  -148
  -164
  -181
  -199
  -218
  -237
  -257
  -278
  -300
  -322
  -346
  -370
  -395
  -422
  -449
  -478
  -507
  -538
  -570
  -604
  -639
  -676
  -714
  -754
  -795
  -839
  -884
  -932
  -982
  -1,034
New CAPEX, $m
  -212
  -224
  -234
  -244
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -348
  -362
  -376
  -392
  -408
  -425
  -443
  -462
  -482
  -503
  -526
  -549
  -574
  -600
  -628
  -657
  -688
  -720
Cash from investing activities, $m
  -360
  -388
  -415
  -443
  -473
  -502
  -533
  -565
  -598
  -632
  -668
  -705
  -743
  -784
  -825
  -870
  -915
  -963
  -1,013
  -1,066
  -1,121
  -1,179
  -1,240
  -1,303
  -1,369
  -1,439
  -1,512
  -1,589
  -1,670
  -1,754
Free cash flow, $m
  -18
  -7
  6
  20
  35
  50
  67
  85
  104
  123
  116
  137
  158
  181
  204
  228
  253
  279
  306
  334
  363
  393
  424
  456
  489
  524
  561
  599
  638
  679
Issuance/(repayment) of debt, $m
  237
  250
  262
  273
  285
  296
  308
  321
  333
  346
  360
  374
  389
  404
  421
  438
  456
  475
  495
  517
  539
  563
  588
  614
  642
  671
  702
  734
  769
  805
Issuance/(repurchase) of shares, $m
  5
  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  
  242
  250
  262
  273
  285
  296
  308
  321
  333
  346
  360
  374
  389
  404
  421
  438
  456
  475
  495
  517
  539
  563
  588
  614
  642
  671
  702
  734
  769
  805
Total cash flow (excl. dividends), $m
  225
  243
  267
  293
  319
  347
  376
  406
  437
  469
  476
  511
  547
  585
  625
  666
  709
  754
  801
  850
  902
  955
  1,011
  1,070
  1,131
  1,195
  1,262
  1,333
  1,407
  1,484
Retained Cash Flow (-), $m
  -123
  -130
  -136
  -142
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -194
  -202
  -210
  -219
  -228
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -349
  -365
  -382
  -399
  -418
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
  102
  113
  131
  151
  171
  193
  215
  239
  264
  289
  289
  316
  345
  375
  406
  439
  472
  507
  544
  582
  621
  663
  706
  751
  797
  846
  898
  951
  1,007
  1,066
Discount rate, %
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  94
  96
  102
  106
  108
  108
  106
  103
  98
  91
  76
  69
  62
  54
  46
  39
  32
  25
  20
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8

KapStone Paper and Packaging Corporation is a producer of containerboard and the kraft paper in North America. The Company operates through two segments: Paper and Packaging, and Distribution. The Paper and Packaging segment manufactures and sells a range of containerboard, corrugated products and specialty paper for industrial and consumer markets. The Distribution segment, which operates under the Victory and Golden State Container trade names, provides its customers packaging solutions and services and distributes corrugated packaging materials and other specialty packaging products, which include stretch film, void fill, carton sealing tape and other specialty tapes. The Company produces a range of products ranging from basic corrugated shipping containers to specialized packaging. The Company also produces packaging for fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.

FINANCIAL RATIOS  of  KapStone Paper&Packaging (KS)

Valuation Ratios
P/E Ratio 38.4
Price to Sales 1.1
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 21.6
Growth Rates
Sales Growth Rate 10.3%
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 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 164.3%
Total Debt to Equity 164.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 15.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 45.3%

KS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KS stock intrinsic value calculation we used $3315.66 million for the last fiscal year's total revenue generated by KapStone Paper&Packaging. The default revenue input number comes from 0001 income statement of KapStone Paper&Packaging. 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 KS 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 7.9%, whose default value for KS is calculated based on our internal credit rating of KapStone Paper&Packaging, 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 KapStone Paper&Packaging.
    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 KS stock the variable cost ratio is equal to 90.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $114 million in the base year in the intrinsic value calculation for KS 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 KapStone Paper&Packaging.

Corporate tax rate of 27% is the nominal tax rate for KapStone Paper&Packaging. 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 KS 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 KS are equal to 59%.

Life of production assets of 13.2 years is the average useful life of capital assets used in KapStone Paper&Packaging 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 KS is equal to 11.4%. 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 - $1137.014 million for KapStone Paper&Packaging - 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 97.84 million for KapStone Paper&Packaging 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 KapStone Paper&Packaging at the current share price and the inputted number of shares is $3.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ KapStone: 2Q Earnings Snapshot   [Jul-25-18 05:42PM  Associated Press]
▶ KapStone Reports Second Quarter Results   [04:15PM  PR Newswire]
▶ 5 Great Basic Materials Stocks to Buy Ahead of Q2 Earnings   [Jul-23-18 11:00AM  InvestorPlace]
▶ 5 Top-Ranked High-Beta Stocks to Play the Roaring Market   [Jun-07-18 11:05AM  InvestorPlace]
▶ KapStone: 1Q Earnings Snapshot   [Apr-18-18 04:39PM  Associated Press]
▶ KapStone Reports First Quarter Results   [04:15PM  PR Newswire]
▶ New Strong Buy Stocks for April 17th   [Apr-17-18 10:46AM  Zacks]
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▶ 4 Safe Dividend Growth ETFs & Stocks for a Faltering Market   [Feb-28-18 03:15PM  InvestorPlace]
▶ These 3 Stocks Are Up 50% Already in 2018   [Feb-08-18 08:05PM  Motley Fool]
▶ KapStone tops Street 4Q forecasts   [Feb-07-18 07:23PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:55PM  Motley Fool]
▶ Stocks With Rising Relative Strength: Kapstone Paper & Packaging   [Jan-11-18 03:00AM  Investor's Business Daily]
▶ Quants, Technicians Agree on KapStone Paper and Packaging   [Jan-09-18 03:53PM  TheStreet.com]

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