Intrinsic value of Sonoco Products - SON

Previous Close

$51.52

  Intrinsic Value

$45.76

stock screener

  Rating & Target

hold

-11%

  Value-price divergence*

+27%

Previous close

$51.52

 
Intrinsic value

$45.76

 
Up/down potential

-11%

 
Rating

hold

 
Value-price divergence*

+27%

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

We calculate the intrinsic value of SON 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 2016), $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
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, %
  -3.65
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  4,783
  4,922
  5,075
  5,242
  5,424
  5,621
  5,832
  6,058
  6,300
  6,558
  6,833
  7,125
  7,434
  7,762
  8,108
  8,475
  8,862
  9,270
  9,701
  10,156
  10,635
  11,139
  11,671
  12,230
  12,819
  13,438
  14,090
  14,776
  15,496
  16,254
  17,051
Variable operating expenses, $m
 
  4,540
  4,677
  4,828
  4,992
  5,169
  5,359
  5,563
  5,781
  6,013
  6,260
  6,413
  6,692
  6,987
  7,299
  7,629
  7,977
  8,345
  8,733
  9,142
  9,573
  10,027
  10,506
  11,009
  11,539
  12,097
  12,684
  13,300
  13,949
  14,631
  15,349
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
  4,290
  4,540
  4,677
  4,828
  4,992
  5,169
  5,359
  5,563
  5,781
  6,013
  6,260
  6,413
  6,692
  6,987
  7,299
  7,629
  7,977
  8,345
  8,733
  9,142
  9,573
  10,027
  10,506
  11,009
  11,539
  12,097
  12,684
  13,300
  13,949
  14,631
  15,349
Operating income, $m
  493
  382
  397
  414
  432
  452
  473
  496
  520
  546
  573
  711
  742
  775
  809
  846
  885
  925
  968
  1,014
  1,062
  1,112
  1,165
  1,221
  1,280
  1,342
  1,407
  1,475
  1,547
  1,623
  1,702
EBITDA, $m
  698
  577
  595
  615
  636
  659
  684
  710
  739
  769
  801
  835
  871
  910
  950
  993
  1,039
  1,087
  1,137
  1,190
  1,247
  1,306
  1,368
  1,434
  1,503
  1,575
  1,652
  1,732
  1,817
  1,905
  1,999
Interest expense (income), $m
  53
  50
  53
  57
  61
  65
  70
  75
  81
  87
  93
  99
  106
  114
  122
  130
  139
  148
  158
  169
  180
  191
  203
  216
  230
  244
  259
  275
  291
  309
  327
Earnings before tax, $m
  441
  332
  344
  357
  371
  387
  403
  420
  439
  459
  480
  612
  636
  661
  688
  716
  746
  777
  810
  845
  882
  921
  962
  1,005
  1,050
  1,098
  1,148
  1,200
  1,256
  1,314
  1,375
Tax expense, $m
  164
  90
  93
  96
  100
  104
  109
  114
  119
  124
  130
  165
  172
  178
  186
  193
  201
  210
  219
  228
  238
  249
  260
  271
  284
  296
  310
  324
  339
  355
  371
Net income, $m
  286
  242
  251
  261
  271
  282
  294
  307
  321
  335
  351
  447
  464
  482
  502
  523
  544
  567
  591
  617
  644
  672
  702
  733
  767
  801
  838
  876
  917
  959
  1,004

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  257
  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
  3,923
  3,771
  3,889
  4,017
  4,156
  4,307
  4,469
  4,642
  4,828
  5,026
  5,236
  5,460
  5,697
  5,948
  6,213
  6,494
  6,791
  7,104
  7,434
  7,782
  8,149
  8,536
  8,943
  9,372
  9,823
  10,298
  10,797
  11,322
  11,875
  12,455
  13,066
Adjusted assets (=assets-cash), $m
  3,666
  3,771
  3,889
  4,017
  4,156
  4,307
  4,469
  4,642
  4,828
  5,026
  5,236
  5,460
  5,697
  5,948
  6,213
  6,494
  6,791
  7,104
  7,434
  7,782
  8,149
  8,536
  8,943
  9,372
  9,823
  10,298
  10,797
  11,322
  11,875
  12,455
  13,066
Revenue / Adjusted assets
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
Average production assets, $m
  765
  787
  812
  839
  868
  899
  933
  969
  1,008
  1,049
  1,093
  1,140
  1,189
  1,242
  1,297
  1,356
  1,418
  1,483
  1,552
  1,625
  1,702
  1,782
  1,867
  1,957
  2,051
  2,150
  2,254
  2,364
  2,479
  2,601
  2,728
Working capital, $m
  546
  330
  340
  351
  363
  377
  391
  406
  422
  439
  458
  477
  498
  520
  543
  568
  594
  621
  650
  680
  713
  746
  782
  819
  859
  900
  944
  990
  1,038
  1,089
  1,142
Total debt, $m
  1,053
  1,087
  1,162
  1,245
  1,335
  1,431
  1,535
  1,647
  1,766
  1,893
  2,029
  2,172
  2,325
  2,486
  2,657
  2,838
  3,028
  3,230
  3,442
  3,666
  3,902
  4,151
  4,412
  4,688
  4,978
  5,283
  5,605
  5,942
  6,297
  6,671
  7,063
Total liabilities, $m
  2,391
  2,425
  2,500
  2,583
  2,673
  2,769
  2,873
  2,985
  3,104
  3,231
  3,367
  3,510
  3,663
  3,824
  3,995
  4,176
  4,366
  4,568
  4,780
  5,004
  5,240
  5,489
  5,750
  6,026
  6,316
  6,621
  6,943
  7,280
  7,635
  8,009
  8,401
Total equity, $m
  1,532
  1,346
  1,388
  1,434
  1,484
  1,538
  1,595
  1,657
  1,724
  1,794
  1,869
  1,949
  2,034
  2,123
  2,218
  2,318
  2,424
  2,536
  2,654
  2,778
  2,909
  3,047
  3,193
  3,346
  3,507
  3,676
  3,855
  4,042
  4,239
  4,447
  4,664
Total liabilities and equity, $m
  3,923
  3,771
  3,888
  4,017
  4,157
  4,307
  4,468
  4,642
  4,828
  5,025
  5,236
  5,459
  5,697
  5,947
  6,213
  6,494
  6,790
  7,104
  7,434
  7,782
  8,149
  8,536
  8,943
  9,372
  9,823
  10,297
  10,798
  11,322
  11,874
  12,456
  13,065
Debt-to-equity ratio
  0.687
  0.810
  0.840
  0.870
  0.900
  0.930
  0.960
  0.990
  1.020
  1.060
  1.090
  1.110
  1.140
  1.170
  1.200
  1.220
  1.250
  1.270
  1.300
  1.320
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.490
  1.500
  1.510
Adjusted equity ratio
  0.348
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  286
  242
  251
  261
  271
  282
  294
  307
  321
  335
  351
  447
  464
  482
  502
  523
  544
  567
  591
  617
  644
  672
  702
  733
  767
  801
  838
  876
  917
  959
  1,004
Depreciation, amort., depletion, $m
  205
  195
  197
  200
  204
  207
  211
  215
  219
  223
  228
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  270
  283
  297
Funds from operations, $m
  372
  437
  449
  461
  475
  489
  505
  521
  539
  558
  579
  571
  593
  617
  643
  670
  698
  728
  760
  794
  829
  866
  905
  946
  989
  1,035
  1,083
  1,133
  1,186
  1,242
  1,301
Change in working capital, $m
  -27
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
  42
  44
  46
  48
  51
  53
Cash from operations, $m
  399
  428
  438
  450
  462
  476
  491
  506
  523
  541
  560
  551
  573
  596
  620
  645
  672
  701
  731
  763
  797
  832
  869
  909
  950
  993
  1,039
  1,087
  1,138
  1,191
  1,247
Maintenance CAPEX, $m
  0
  -83
  -86
  -88
  -91
  -94
  -98
  -101
  -105
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -270
  -283
New CAPEX, $m
  -187
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
Cash from investing activities, $m
  -3
  -105
  -110
  -115
  -120
  -125
  -132
  -137
  -144
  -151
  -158
  -166
  -173
  -181
  -190
  -200
  -209
  -219
  -230
  -242
  -254
  -266
  -279
  -293
  -307
  -322
  -338
  -355
  -372
  -391
  -410
Free cash flow, $m
  396
  322
  328
  335
  342
  350
  359
  369
  379
  390
  402
  386
  399
  414
  429
  446
  463
  482
  501
  522
  544
  566
  591
  616
  643
  671
  701
  733
  766
  800
  837
Issuance/(repayment) of debt, $m
  -65
  66
  75
  82
  90
  97
  104
  112
  119
  127
  135
  144
  152
  161
  171
  181
  191
  201
  212
  224
  236
  249
  262
  276
  290
  305
  321
  338
  355
  373
  393
Issuance/(repurchase) of shares, $m
  -107
  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  
  -170
  66
  75
  82
  90
  97
  104
  112
  119
  127
  135
  144
  152
  161
  171
  181
  191
  201
  212
  224
  236
  249
  262
  276
  290
  305
  321
  338
  355
  373
  393
Total cash flow (excl. dividends), $m
  221
  388
  404
  417
  432
  447
  463
  480
  498
  517
  537
  529
  552
  575
  600
  626
  654
  683
  714
  746
  780
  815
  853
  892
  933
  977
  1,022
  1,070
  1,121
  1,174
  1,230
Retained Cash Flow (-), $m
  -19
  -39
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
Prev. year cash balance distribution, $m
 
  225
  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
 
  574
  362
  372
  382
  393
  405
  418
  432
  447
  462
  449
  467
  486
  505
  526
  548
  571
  596
  621
  648
  677
  707
  739
  772
  807
  844
  883
  924
  967
  1,012
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  548
  328
  318
  308
  296
  284
  270
  256
  241
  225
  196
  181
  166
  150
  135
  120
  105
  91
  78
  66
  55
  45
  36
  28
  22
  17
  13
  9
  7
  5
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

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment's products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management. The Display and Packaging segment's products and services include point-of-purchase displays; fulfilment; supply chain management, and paperboard specialties. Its Paper and Industrial Converted Products segment provides the raw material for its fiber-based packaging. The Protective Solutions segment's products and services include custom-engineered and expanded foam protective packaging and components, and temperature-assured packaging.

FINANCIAL RATIOS  of  Sonoco Products (SON)

Valuation Ratios
P/E Ratio 17.9
Price to Sales 1.1
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 24.1
Growth Rates
Sales Growth Rate -3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 66.6%
Total Debt to Equity 68.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 19.6%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 10.3%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 7.4%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio 51%

SON stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SON stock intrinsic value calculation we used $4783 million for the last fiscal year's total revenue generated by Sonoco Products. The default revenue input number comes from 2016 income statement of Sonoco Products. 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 SON stock valuation model: a) initial revenue growth rate of 2.9% 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 4.8%, whose default value for SON is calculated based on our internal credit rating of Sonoco Products, 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 Sonoco Products.
    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 SON stock the variable cost ratio is equal to 92.3%.

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 SON 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 4.9% for Sonoco Products.

Corporate tax rate of 27% is the nominal tax rate for Sonoco Products. 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 SON 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 SON are equal to 16%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Sonoco Products 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 SON is equal to 6.7%. 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 - $1532 million for Sonoco Products - 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 100.649 million for Sonoco Products 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 Sonoco Products at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Sonoco Declares Regular Quarterly Common Stock Dividend   [Oct-16-17 12:30PM  GlobeNewswire]
▶ 3 Warren Buffett Stocks for Retirees   [09:33AM  Motley Fool]
▶ 3 Stocks That Could Help Retirees Reach Their Goals   [Sep-21-17 06:15AM  Motley Fool]
▶ Sonoco Completes Acquisition of Clear Lam Packaging, Inc.   [Jul-24-17 04:58PM  GlobeNewswire]
▶ Sonoco tops Street 2Q forecasts   [12:23AM  Associated Press]
▶ Sonoco Reports Second Quarter 2017 Results   [Jul-20-17 06:50AM  GlobeNewswire]
▶ Sonoco Declares Regular Quarterly Common Stock Dividend   [Jul-19-17 11:22AM  GlobeNewswire]
▶ Sonoco Releases Cost of Damage Calculator   [06:50AM  GlobeNewswire]
▶ Sonoco-Alcore to Increase Paperboard Prices in Europe   [Jul-05-17 10:20AM  GlobeNewswire]
▶ Sonoco to Acquire Clear Lam Packaging, Inc.   [Jun-26-17 08:00AM  GlobeNewswire]
▶ Sonoco IML design wins IMDA Best of Show   [Jun-21-17 06:55AM  GlobeNewswire]
▶ ETFs with exposure to Sonoco Products Co. : May 19, 2017   [May-19-17 02:09PM  Capital Cube]
▶ Sonoco tops 1Q profit forecasts   [Apr-20-17 07:06AM  Associated Press]
▶ Sonoco Reports First Quarter 2017 Results   [06:55AM  GlobeNewswire]
▶ Sonoco Increases Common Stock Dividend by 5.4 Percent   [Apr-19-17 11:44AM  GlobeNewswire]
▶ Sonoco Launches PromoPeel Integrated Label Technology   [Apr-11-17 06:55AM  GlobeNewswire]
▶ Sonoco Issues 2016 Annual Report to Shareholders   [Mar-17-17 08:00AM  GlobeNewswire]
Financial statements of SON
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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