Intrinsic value of Packaging of America - PKG

Previous Close

$119.37

  Intrinsic Value

$212.63

stock screener

  Rating & Target

str. buy

+78%

Previous close

$119.37

 
Intrinsic value

$212.63

 
Up/down potential

+78%

 
Rating

str. buy

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

We calculate the intrinsic value of PKG 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 Packaging of America (PKG) 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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.64
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  5,779
  6,386
  7,021
  7,685
  8,377
  9,099
  9,849
  10,629
  11,440
  12,283
  13,159
  14,070
  15,016
  16,000
  17,024
  18,089
  19,198
  20,354
  21,558
  22,814
  24,124
  25,492
  26,920
  28,412
  29,971
  31,601
  33,305
  35,089
  36,956
  38,910
  40,956
Variable operating expenses, $m
 
  1,199
  1,311
  1,428
  1,550
  1,677
  1,809
  1,947
  2,090
  2,238
  2,393
  2,479
  2,646
  2,820
  3,000
  3,188
  3,383
  3,587
  3,799
  4,021
  4,251
  4,492
  4,744
  5,007
  5,282
  5,569
  5,869
  6,184
  6,513
  6,857
  7,218
Fixed operating expenses, $m
 
  4,104
  4,207
  4,312
  4,420
  4,530
  4,643
  4,759
  4,878
  5,000
  5,125
  5,254
  5,385
  5,520
  5,658
  5,799
  5,944
  6,093
  6,245
  6,401
  6,561
  6,725
  6,893
  7,066
  7,242
  7,423
  7,609
  7,799
  7,994
  8,194
  8,399
Total operating expenses, $m
  4,999
  5,303
  5,518
  5,740
  5,970
  6,207
  6,452
  6,706
  6,968
  7,238
  7,518
  7,733
  8,031
  8,340
  8,658
  8,987
  9,327
  9,680
  10,044
  10,422
  10,812
  11,217
  11,637
  12,073
  12,524
  12,992
  13,478
  13,983
  14,507
  15,051
  15,617
Operating income, $m
  780
  1,083
  1,503
  1,945
  2,408
  2,891
  3,396
  3,923
  4,472
  5,044
  5,641
  6,336
  6,985
  7,661
  8,366
  9,102
  9,871
  10,674
  11,514
  12,393
  13,312
  14,274
  15,283
  16,339
  17,447
  18,609
  19,827
  21,106
  22,449
  23,859
  25,340
EBITDA, $m
  1,138
  1,485
  1,939
  2,415
  2,913
  3,434
  3,977
  4,544
  5,135
  5,751
  6,392
  7,061
  7,758
  8,485
  9,243
  10,034
  10,860
  11,722
  12,624
  13,567
  14,554
  15,587
  16,669
  17,802
  18,990
  20,236
  21,542
  22,913
  24,352
  25,863
  27,449
Interest expense (income), $m
  88
  92
  107
  122
  138
  155
  172
  190
  209
  229
  249
  270
  292
  315
  339
  364
  389
  416
  444
  473
  503
  535
  568
  603
  639
  676
  716
  757
  800
  845
  892
Earnings before tax, $m
  689
  990
  1,396
  1,823
  2,269
  2,736
  3,224
  3,732
  4,263
  4,815
  5,392
  6,066
  6,692
  7,345
  8,027
  8,738
  9,482
  10,258
  11,070
  11,919
  12,808
  13,739
  14,714
  15,737
  16,808
  17,932
  19,112
  20,350
  21,649
  23,014
  24,448
Tax expense, $m
  239
  267
  377
  492
  613
  739
  870
  1,008
  1,151
  1,300
  1,456
  1,638
  1,807
  1,983
  2,167
  2,359
  2,560
  2,770
  2,989
  3,218
  3,458
  3,710
  3,973
  4,249
  4,538
  4,842
  5,160
  5,494
  5,845
  6,214
  6,601
Net income, $m
  450
  723
  1,019
  1,331
  1,657
  1,997
  2,353
  2,725
  3,112
  3,515
  3,936
  4,428
  4,885
  5,362
  5,860
  6,379
  6,922
  7,488
  8,081
  8,701
  9,350
  10,030
  10,742
  11,488
  12,270
  13,091
  13,952
  14,855
  15,804
  16,800
  17,847

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  239
  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
  5,777
  6,117
  6,725
  7,361
  8,024
  8,715
  9,434
  10,181
  10,958
  11,766
  12,605
  13,477
  14,383
  15,326
  16,306
  17,327
  18,389
  19,496
  20,650
  21,853
  23,108
  24,417
  25,785
  27,214
  28,708
  30,269
  31,902
  33,610
  35,398
  37,270
  39,230
Adjusted assets (=assets-cash), $m
  5,538
  6,117
  6,725
  7,361
  8,024
  8,715
  9,434
  10,181
  10,958
  11,766
  12,605
  13,477
  14,383
  15,326
  16,306
  17,327
  18,389
  19,496
  20,650
  21,853
  23,108
  24,417
  25,785
  27,214
  28,708
  30,269
  31,902
  33,610
  35,398
  37,270
  39,230
Revenue / Adjusted assets
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
  1.044
Average production assets, $m
  3,183
  3,519
  3,869
  4,234
  4,616
  5,013
  5,427
  5,857
  6,304
  6,768
  7,251
  7,752
  8,274
  8,816
  9,380
  9,967
  10,578
  11,215
  11,879
  12,571
  13,292
  14,046
  14,833
  15,655
  16,514
  17,412
  18,351
  19,334
  20,363
  21,439
  22,567
Working capital, $m
  1,071
  951
  1,046
  1,145
  1,248
  1,356
  1,468
  1,584
  1,705
  1,830
  1,961
  2,096
  2,237
  2,384
  2,537
  2,695
  2,861
  3,033
  3,212
  3,399
  3,595
  3,798
  4,011
  4,233
  4,466
  4,708
  4,963
  5,228
  5,506
  5,798
  6,102
Total debt, $m
  2,667
  3,054
  3,492
  3,950
  4,428
  4,925
  5,442
  5,981
  6,540
  7,121
  7,725
  8,353
  9,006
  9,684
  10,390
  11,125
  11,890
  12,687
  13,518
  14,384
  15,287
  16,231
  17,215
  18,244
  19,319
  20,444
  21,619
  22,849
  24,137
  25,484
  26,896
Total liabilities, $m
  4,017
  4,404
  4,842
  5,300
  5,778
  6,275
  6,792
  7,331
  7,890
  8,471
  9,075
  9,703
  10,356
  11,034
  11,740
  12,475
  13,240
  14,037
  14,868
  15,734
  16,637
  17,581
  18,565
  19,594
  20,669
  21,794
  22,969
  24,199
  25,487
  26,834
  28,246
Total equity, $m
  1,760
  1,713
  1,883
  2,061
  2,247
  2,440
  2,641
  2,851
  3,068
  3,294
  3,529
  3,773
  4,027
  4,291
  4,566
  4,851
  5,149
  5,459
  5,782
  6,119
  6,470
  6,837
  7,220
  7,620
  8,038
  8,475
  8,933
  9,411
  9,912
  10,436
  10,984
Total liabilities and equity, $m
  5,777
  6,117
  6,725
  7,361
  8,025
  8,715
  9,433
  10,182
  10,958
  11,765
  12,604
  13,476
  14,383
  15,325
  16,306
  17,326
  18,389
  19,496
  20,650
  21,853
  23,107
  24,418
  25,785
  27,214
  28,707
  30,269
  31,902
  33,610
  35,399
  37,270
  39,230
Debt-to-equity ratio
  1.515
  1.780
  1.850
  1.920
  1.970
  2.020
  2.060
  2.100
  2.130
  2.160
  2.190
  2.210
  2.240
  2.260
  2.280
  2.290
  2.310
  2.320
  2.340
  2.350
  2.360
  2.370
  2.380
  2.390
  2.400
  2.410
  2.420
  2.430
  2.440
  2.440
  2.450
Adjusted equity ratio
  0.275
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  450
  723
  1,019
  1,331
  1,657
  1,997
  2,353
  2,725
  3,112
  3,515
  3,936
  4,428
  4,885
  5,362
  5,860
  6,379
  6,922
  7,488
  8,081
  8,701
  9,350
  10,030
  10,742
  11,488
  12,270
  13,091
  13,952
  14,855
  15,804
  16,800
  17,847
Depreciation, amort., depletion, $m
  358
  403
  435
  470
  505
  542
  581
  621
  663
  706
  751
  725
  773
  824
  877
  931
  989
  1,048
  1,110
  1,175
  1,242
  1,313
  1,386
  1,463
  1,543
  1,627
  1,715
  1,807
  1,903
  2,004
  2,109
Funds from operations, $m
  800
  1,125
  1,455
  1,800
  2,162
  2,540
  2,934
  3,346
  3,775
  4,222
  4,687
  5,153
  5,659
  6,186
  6,736
  7,311
  7,910
  8,537
  9,191
  9,876
  10,592
  11,342
  12,128
  12,951
  13,813
  14,718
  15,667
  16,662
  17,707
  18,804
  19,956
Change in working capital, $m
  -1
  90
  95
  99
  103
  107
  112
  116
  121
  126
  131
  136
  141
  147
  153
  159
  165
  172
  179
  187
  195
  204
  213
  222
  232
  243
  254
  266
  278
  291
  305
Cash from operations, $m
  801
  1,035
  1,360
  1,701
  2,059
  2,432
  2,822
  3,230
  3,654
  4,096
  4,557
  5,017
  5,518
  6,039
  6,584
  7,152
  7,745
  8,364
  9,012
  9,689
  10,397
  11,139
  11,915
  12,728
  13,581
  14,475
  15,413
  16,396
  17,429
  18,513
  19,651
Maintenance CAPEX, $m
  0
  -297
  -329
  -362
  -396
  -431
  -469
  -507
  -547
  -589
  -633
  -678
  -725
  -773
  -824
  -877
  -931
  -989
  -1,048
  -1,110
  -1,175
  -1,242
  -1,313
  -1,386
  -1,463
  -1,543
  -1,627
  -1,715
  -1,807
  -1,903
  -2,004
New CAPEX, $m
  -285
  -336
  -350
  -366
  -382
  -397
  -413
  -430
  -447
  -464
  -483
  -502
  -521
  -542
  -564
  -587
  -611
  -637
  -664
  -692
  -722
  -754
  -787
  -822
  -859
  -898
  -939
  -983
  -1,029
  -1,077
  -1,128
Cash from investing activities, $m
  -770
  -633
  -679
  -728
  -778
  -828
  -882
  -937
  -994
  -1,053
  -1,116
  -1,180
  -1,246
  -1,315
  -1,388
  -1,464
  -1,542
  -1,626
  -1,712
  -1,802
  -1,897
  -1,996
  -2,100
  -2,208
  -2,322
  -2,441
  -2,566
  -2,698
  -2,836
  -2,980
  -3,132
Free cash flow, $m
  31
  402
  681
  974
  1,281
  1,604
  1,940
  2,292
  2,660
  3,042
  3,442
  3,838
  4,272
  4,724
  5,196
  5,688
  6,202
  6,739
  7,300
  7,887
  8,500
  9,143
  9,816
  10,520
  11,259
  12,034
  12,846
  13,699
  14,594
  15,533
  16,520
Issuance/(repayment) of debt, $m
  348
  414
  438
  458
  478
  497
  518
  538
  559
  581
  604
  628
  653
  679
  706
  735
  765
  797
  831
  866
  904
  943
  985
  1,029
  1,075
  1,124
  1,176
  1,230
  1,287
  1,348
  1,411
Issuance/(repurchase) of shares, $m
  -100
  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  
  240
  414
  438
  458
  478
  497
  518
  538
  559
  581
  604
  628
  653
  679
  706
  735
  765
  797
  831
  866
  904
  943
  985
  1,029
  1,075
  1,124
  1,176
  1,230
  1,287
  1,348
  1,411
Total cash flow (excl. dividends), $m
  271
  816
  1,119
  1,432
  1,759
  2,101
  2,458
  2,831
  3,219
  3,624
  4,046
  4,466
  4,924
  5,403
  5,902
  6,423
  6,967
  7,536
  8,131
  8,753
  9,404
  10,086
  10,800
  11,549
  12,334
  13,158
  14,022
  14,929
  15,881
  16,881
  17,931
Retained Cash Flow (-), $m
  -127
  -165
  -170
  -178
  -186
  -193
  -201
  -209
  -218
  -226
  -235
  -244
  -254
  -264
  -275
  -286
  -298
  -310
  -323
  -337
  -351
  -367
  -383
  -400
  -418
  -437
  -457
  -478
  -501
  -524
  -549
Prev. year cash balance distribution, $m
 
  212
  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
 
  863
  949
  1,254
  1,573
  1,908
  2,257
  2,621
  3,001
  3,398
  3,811
  4,222
  4,671
  5,139
  5,627
  6,137
  6,670
  7,226
  7,808
  8,416
  9,053
  9,719
  10,417
  11,149
  11,916
  12,721
  13,565
  14,450
  15,380
  16,357
  17,382
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  804
  819
  994
  1,137
  1,247
  1,322
  1,364
  1,373
  1,352
  1,303
  1,227
  1,138
  1,036
  925
  810
  696
  585
  482
  389
  306
  236
  177
  130
  93
  64
  43
  28
  18
  11
  7
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

Packaging Corporation of America (PCA) is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers. The Company's containerboard mills produces linerboard and semi-chemical corrugating medium, which are papers primarily used in the production of corrugated products. The Company's corrugated products manufacturing plants produce a range of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays. The Company also produces packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.

FINANCIAL RATIOS  of  Packaging of America (PKG)

Valuation Ratios
P/E Ratio 25
Price to Sales 1.9
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 21.8
Growth Rates
Sales Growth Rate 0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 150%
Total Debt to Equity 151.5%
Interest Coverage 9
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 10.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.6%
Return On Equity 26.5%
Return On Equity - 3 Yr. Avg. 27.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 22.1%
Gross Margin - 3 Yr. Avg. 21.4%
EBITDA Margin 19.6%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 12.9%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 48%

PKG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PKG stock intrinsic value calculation we used $5779 million for the last fiscal year's total revenue generated by Packaging of America. The default revenue input number comes from 2016 income statement of Packaging of America. 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 PKG stock valuation model: a) initial revenue growth rate of 10.5% 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 7.3%, whose default value for PKG is calculated based on our internal credit rating of Packaging of America, 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 Packaging of America.
    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 PKG stock the variable cost ratio is equal to 18.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4004 million in the base year in the intrinsic value calculation for PKG 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 3.5% for Packaging of America.

Corporate tax rate of 27% is the nominal tax rate for Packaging of America. 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 PKG 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 PKG are equal to 55.1%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Packaging of America 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 PKG 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 - $1760 million for Packaging of America - 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 94.65 million for Packaging of America 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 Packaging of America at the current share price and the inputted number of shares is $11.3 billion.

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Financial statements of PKG
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