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Crown Holdings, Inc. – Metal Can Manufacturing
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania.
Analysis Results
Intrinsic Value $476.46
Latest Price $101.77
Relative Value 79% undervalued
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Cash Flow (Billions)
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 20.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 20.9%, 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 (billion) Present value (billion)
2022 1.58 1.47
2023 1.9 1.67
2024 2.3 1.89
2025 2.78 2.14
2026 3.36 2.42
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 71.4 billion. This corresponds to a present value of 48.1 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 9.59 billion. Adding in the terminal value gives a total present value of 57.7 billion.

There are presently 121.0 million outstanding shares, so the intrinsic value per share is 476.46.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 4,495,000,000
Current Cash 531,000,000
Current Liabilities 4,133,000,000
Current Debt 210,000,000
Non-Cash Working Capital (NCWC) 41,000,000
Change in NCWC 404,000,000
EBIT 1,338,000,000
Tax Provision -57,000,000
Depreciation and Amortization 463,000,000
Capital Expenditure -816,000,000
Unlevered Free Cash Flow 1,389,000,000
Current Assets 4,883,000,000
Current Cash 1,173,000,000
Current Liabilities 4,261,000,000
Current Debt 188,000,000
Non-Cash Working Capital (NCWC) -363,000,000
Change in NCWC 4,000,000
EBIT 1,304,000,000
Tax Provision 244,000,000
Depreciation and Amortization 481,000,000
Capital Expenditure -587,000,000
Unlevered Free Cash Flow 860,609,442
Current Assets 4,002,000,000
Current Cash 607,000,000
Current Liabilities 3,899,000,000
Current Debt 137,000,000
Non-Cash Working Capital (NCWC) -367,000,000
Change in NCWC -101,000,000
EBIT 1,200,000,000
Tax Provision 166,000,000
Depreciation and Amortization 490,000,000
Capital Expenditure -432,000,000
Unlevered Free Cash Flow 905,166,877
Current Assets 4,079,000,000
Current Cash 607,000,000
Current Liabilities 3,913,000,000
Current Debt 175,000,000
Non-Cash Working Capital (NCWC) -266,000,000
Change in NCWC 208,000,000
EBIT 1,144,000,000
Tax Provision 216,000,000
Depreciation and Amortization 425,000,000
Capital Expenditure -462,000,000
Unlevered Free Cash Flow 982,870,967
Current Assets 3,074,000,000
Current Cash 424,000,000
Current Liabilities 3,250,000,000
Current Debt 126,000,000
Non-Cash Working Capital (NCWC) -474,000,000
Change in NCWC -54,000,000
EBIT 1,125,000,000
Tax Provision 401,000,000
Depreciation and Amortization 247,000,000
Capital Expenditure -498,000,000
Unlevered Free Cash Flow 275,820,265
Current Assets 2,841,000,000
Current Cash 559,000,000
Current Liabilities 2,896,000,000
Current Debt 194,000,000
Non-Cash Working Capital (NCWC) -420,000,000
Change in NCWC -107,000,000
EBIT 1,065,000,000
Tax Provision 186,000,000
Depreciation and Amortization 247,000,000
Capital Expenditure -473,000,000
Unlevered Free Cash Flow 474,405,721
Current Assets 3,049,000,000
Current Cash 717,000,000
Current Liabilities 2,908,000,000
Current Debt 263,000,000
Non-Cash Working Capital (NCWC) -313,000,000
Change in NCWC -298,000,000
EBIT 993,000,000
Tax Provision 178,000,000
Depreciation and Amortization 237,000,000
Capital Expenditure -354,000,000
Unlevered Free Cash Flow 301,389,671
Current Assets 3,624,000,000
Current Cash 965,000,000
Current Liabilities 2,926,000,000
Current Debt 252,000,000
Non-Cash Working Capital (NCWC) -15,000,000
Change in NCWC 41,000,000
EBIT 939,000,000
Tax Provision 41,000,000
Depreciation and Amortization 190,000,000
Capital Expenditure -328,000,000
Unlevered Free Cash Flow 767,389,534
Current Assets 3,180,000,000
Current Cash 689,000,000
Current Liabilities 2,920,000,000
Current Debt 373,000,000
Non-Cash Working Capital (NCWC) -56,000,000
Change in NCWC -314,000,000
EBIT 885,000,000
Tax Provision 148,000,000
Depreciation and Amortization 134,000,000
Capital Expenditure -275,000,000
Unlevered Free Cash Flow 202,604,166
Current Assets 2,750,000,000
Current Cash 350,000,000
Current Liabilities 2,518,000,000
Current Debt 376,000,000
Non-Cash Working Capital (NCWC) 258,000,000
Change in NCWC 87,000,000
EBIT 865,000,000
Tax Provision -17,000,000
Depreciation and Amortization 180,000,000
Capital Expenditure -324,000,000
Unlevered Free Cash Flow 808,000,000

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