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ATR

Aptargroup Inc. – Metal Can Manufacturing
AptarGroup, Inc., is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing and active material solutions. Aptar’s innovative solutions and services serve a variety of end markets including pharmaceutical, beauty, personal care, home, food and beverage. Using insights, proprietary design, engineering and science to create dispensing, dosing and protective packaging technologies for many of the world’s leading brands, Aptar in turn makes a meaningful difference in the lives, looks, health and homes of millions of patients and consumers around the world.
Analysis Results
Intrinsic Value $131.34
Latest Price $112.07
Relative Value 15% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 7.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 335 315
2023 359 317
2024 384 318
2025 411 320
2026 439 322
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 10100 million. This corresponds to a present value of 6990 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1590 million. Adding in the terminal value gives a total present value of 8580 million.

There are presently 65.3 million outstanding shares, so the intrinsic value per share is 131.34.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,358,208,000
Current Cash 123,665,000
Current Liabilities 982,492,000
Current Debt 289,627,000
Non-Cash Working Capital (NCWC) 541,678,000
Change in NCWC 135,526,000
EBIT 369,896,000
Tax Provision 78,017,000
Depreciation and Amortization 234,853,000
Capital Expenditure -307,935,000
Unlevered Free Cash Flow 342,622,208
Current Assets 1,368,995,000
Current Cash 300,380,000
Current Liabilities 780,329,000
Current Debt 117,866,000
Non-Cash Working Capital (NCWC) 406,152,000
Change in NCWC -70,091,000
EBIT 364,547,000
Tax Provision 87,065,000
Depreciation and Amortization 220,300,000
Capital Expenditure -252,046,000
Unlevered Free Cash Flow 157,318,143
Current Assets 1,291,241,000
Current Cash 241,970,000
Current Liabilities 683,275,000
Current Debt 110,247,000
Non-Cash Working Capital (NCWC) 476,243,000
Change in NCWC -67,543,000
EBIT 392,300,000
Tax Provision 99,842,000
Depreciation and Amortization 194,552,000
Capital Expenditure -242,276,000
Unlevered Free Cash Flow 162,529,737
Current Assets 1,330,808,000
Current Cash 261,823,000
Current Liabilities 689,170,000
Current Debt 163,971,000
Non-Cash Working Capital (NCWC) 543,786,000
Change in NCWC 47,932,000
EBIT 349,869,000
Tax Provision 71,254,000
Depreciation and Amortization 171,747,000
Capital Expenditure -211,252,000
Unlevered Free Cash Flow 264,582,874
Current Assets 1,670,073,000
Current Cash 712,640,000
Current Liabilities 527,748,000
Current Debt 66,169,000
Non-Cash Working Capital (NCWC) 495,854,000
Change in NCWC 61,110,000
EBIT 323,498,000
Tax Provision 74,796,000
Depreciation and Amortization 153,094,000
Capital Expenditure -156,624,000
Unlevered Free Cash Flow 299,007,767
Current Assets 1,270,170,000
Current Cash 466,287,000
Current Liabilities 542,955,000
Current Debt 173,816,000
Non-Cash Working Capital (NCWC) 434,744,000
Change in NCWC 14,395,000
EBIT 310,309,000
Tax Provision 74,893,000
Depreciation and Amortization 154,802,000
Capital Expenditure -128,986,000
Unlevered Free Cash Flow 267,667,164
Current Assets 1,294,994,000
Current Cash 519,717,000
Current Liabilities 411,900,000
Current Debt 56,972,000
Non-Cash Working Capital (NCWC) 420,349,000
Change in NCWC -41,065,000
EBIT 323,427,000
Tax Provision 95,276,000
Depreciation and Amortization 138,893,000
Capital Expenditure -149,323,000
Unlevered Free Cash Flow 167,322,819
Current Assets 1,213,938,000
Current Cash 399,762,000
Current Liabilities 604,738,000
Current Debt 251,976,000
Non-Cash Working Capital (NCWC) 461,414,000
Change in NCWC -24,085,000
EBIT 304,499,000
Tax Provision 94,677,000
Depreciation and Amortization 152,218,000
Capital Expenditure -161,940,000
Unlevered Free Cash Flow 169,997,095
Current Assets 1,198,411,000
Current Cash 309,861,000
Current Liabilities 542,821,000
Current Debt 139,770,000
Non-Cash Working Capital (NCWC) 485,499,000
Change in NCWC 56,990,000
EBIT 295,491,000
Tax Provision 92,457,000
Depreciation and Amortization 149,956,000
Capital Expenditure -152,235,000
Unlevered Free Cash Flow 246,866,265
Current Assets 1,038,933,000
Current Cash 229,755,000
Current Liabilities 455,323,000
Current Debt 74,654,000
Non-Cash Working Capital (NCWC) 428,509,000
Change in NCWC -2,644,000
EBIT 261,558,000
Tax Provision 78,953,000
Depreciation and Amortization 137,022,000
Capital Expenditure -174,053,000
Unlevered Free Cash Flow 136,327,495

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