MATERIALS
Presented By:
Debra Lei
Alex Douglas
Mengshi Li
Spring, 2012
Materials Stocks in SIM Portfolio

Cliffs Natural Resources Inc. (CLF)
 Purchase
price: $64.73
 Current price: $50.28 (as of May 25, 2012)
 Weight: 3.93%

Recommendation from Sector presentation:
 Buy
SIM
75 and make Materials sector total 4.68% of
Cliffs Natural Resources Inc
(CLF) Business Analysis

The Company is a major global iron ore
producer and a significant producer of highand low-volatile metallurgical coal.
Company Profile
Current Price:
12 Month Price
Target:
Market
Capitalization
Dividend Yield (%)
Trailing P/E (ttm)
Forward P/E
EPS
$50.28
$73.77
6.94B
$0.03
4.42
4.51
11.92
(CLF) Business Analysis
Value Drivers:

Demand for global crude steel
production increases around the
world, especially in emerging
economies, such as China.

Economy of scale from continuing
acquisitions and project
development.

Expected high inflation around the
world.
(CLF) Business Analysis
Risks



Global growth slows,
even in emerging
economies, such as
China.
Increase in energy
costs.
Stricter regulation
regarding to mining.
Real GDP growth
(percent change from previous year)
World
Memo item: World (PPP weights)
High income
OECD Countries
Euro Area
Japan
United States
Non-OECD countries
Developing countries
East Asia and Pacific
China
Indonesia
Thailand
Europe and Central Asia
Russia
Turkey
Romania
Latin America and Caribbean
Brazil
Mexico
Argentina
Memorandum items
Developing countries
excluding transition countries
excluding China and India
2009
-2.3
-0.9
-3.7
-3.7
-4.2
-5.5
-3.5
-1.5
2.0
7.5
9.2
4.6
-2.3
-6.5
-7.8
-4.8
-7.1
-2.0
-0.2
-6.1
0.9
2010
4.1
5.0
3.0
2.8
1.7
4.5
3.0
7.2
7.3
9.7
10.4
6.1
7.8
5.2
4.0
8.9
-1.3
6.0
7.5
5.5
9.2
2011e
2.7
3.7
1.6
1.4
1.6
-0.9
1.7
4.5
6.0
8.2
9.1
6.4
2.0
5.3
4.1
8.2
2.2
4.2
2.9
4.0
7.5
2012f
2.5
3.4
1.4
1.3
-0.3
1.9
2.2
3.2
5.4
7.8
8.4
6.2
4.2
3.2
3.5
2.9
1.5
3.6
3.4
3.2
3.7
2013f
3.1
4.0
2.0
1.9
1.1
1.6
2.4
4.1
6.0
7.8
8.3
6.5
4.9
4.0
4.5
3.9
3.0
4.2
4.4
3.7
4.4
3.3
-1.7
7.8
5.5
6.3
4.4
5.7
3.8
6.2
4.5
CLF: Performance
Data Source: Morningstar.com, May 26, 2012
CLF: Peer Comparison
Profitability
Liquidity
CLF: Peer Comparison (Cont.)
Operating Efficiency
Leverage
Dividend Growth
CLF: Multiple Analysis
Absolute
Valuation
High
Low
Median
Current
A.
P/Forward E
P/S
P/B
P/EBITDA
P/CF
B.
141.4
4.1
8.9
1670.1
44.8
C.
3.0
0.2
0.5
1.7
1.9
D.
9.4
1.3
2.7
6.4
9.0
E.
7.4
1.4
1.7
3.6
4.6
Relative to S&P
500
P/Trailing E
P/Forward E
P/B
P/S
P/CF
My
My
Target E,
Target
S, B
Multiple
/Share
F.
G.
9.4
8.8
1.3
50.1
2
35
6.4
13.7
8.0
10.2
My
Target
Price
(F x G)
H.
82.3
65.1
70
87.9
81.6
High
Low
Median
Current
4.0
10.4
3.7
3.3
4.0
0.24
0.25
0.2
0.2
0.3
0.70
0.60
1.0
0.9
0.9
0.43
0.56
0.8
1.1
0.5
Average price
= $77.38
CLF: DCF Analysis
Cliffs Natural Resources (CLF)
Analyst:Debra Lei
Date:5/25/2012
Year
2012E
Terminal Discount
Rate =
12.0%
Terminal FCF
Growth =
3.5%
2013E
2014E
2015E
Revenue
% Growth
7,058
8,013
13.5%
8,590
7.2%
9,191
7.0%
9,788
10,376
10,946
11,494
12,011
12,491
12,929
6.5%
6.0%
5.5%
5.0%
4.5%
4.0%
3.5%
Operating Income
Operating Margin
1,927
27.3%
2,291
28.6%
2,611
30.4%
2,390
26.0%
1,958
20.0%
1,556
15.0%
1,642
15.0%
1,724
15.0%
1,802
15.0%
1,874
15.0%
1,939
15.0%
Interest and Other
Interest % of Sales
(282)
-4.0%
(321)
-4.0%
(344)
-4.0%
(368)
-4.0%
(392)
-4.0%
(415)
-4.0%
(438)
-4.0%
(460)
-4.0%
(480)
-4.0%
(500)
-4.0%
(517)
-4.0%
Taxes
Tax Rate
411
25.0%
493
25.0%
567
25.0%
506
25.0%
392
25.0%
285
25.0%
301
25.0%
316
25.0%
330
25.0%
344
25.0%
356
25.0%
1,478
19.9%
1,700
15.0%
1,517
-10.8%
1,175
-22.5%
856
-27.1%
903
5.5%
948
5.0%
991
4.5%
1,031
4.0%
1,067
3.5%
635
9.0%
(102)
-1.5%
1,059
15.0%
721
9.0%
(86)
-1.1%
801
10.0%
773
9.0%
(52)
-0.6%
859
10.0%
827
9.0%
(129)
-1.4%
827
9.0%
881
9.0%
(127)
-1.3%
881
9.0%
623
6.0%
(125)
-1.2%
726
7.0%
657
6.0%
(120)
-1.1%
766
7.0%
690
6.0%
(115)
-1.0%
575
5.0%
360
3.0%
(108)
-0.9%
601
5.0%
375
3.0%
(100)
-0.8%
375
3.0%
388
3.0%
(78)
-0.6%
388
3.0%
891
1,370
53.7%
1,611
17.6%
1,433
-11.1%
1,092
-23.8%
708
-35.2%
754
6.5%
948
25.8%
764
-19.4%
966
26.3%
1,016
5.2%
Terminal
Value
12,373
Free
Cash
Yield
8.21%
Terminal
P/E
11.6
Net Income
% Growth
1,233
Add Depreciation/Amort
% of Sales
Plus/(minus) Changes WC
% of Sales
Subtract Cap Ex
Capex % of sales
Free Cash Flow
% Growth
NPV of Cash Flows
NPV of terminal value
Projected Equity Value
Free Cash Flow Yield
6,418
62%
3,984
10,402
38%
100%
12.57%
Current P/E
Projected P/E
5.7
8.4
Current EV/EBITDA
Projected EV/EBITDA
5.5
6.8
Shares Outstanding
141
Current Price
Implied equity value/share
Upside/(Downside) to DCF
$
$
50.28
73.77
46.7%
4.8
7.0
4.7
5.8
4.2
6.1
4.2
5.1
2016E
2017E
2018E
2019E
2020E
2021E
Terminal
EV/EBITD
A
2022E
8.3
Terminal Discount Rate =
Terminal FCF Growth =
Current Price
Implied equity value/share
Upside/(Downside) to DCF
12.0%
3.5%
$
$
50.28
73.77
46.7%
CLF: Recent Price Performance
$67.11, before
earnings
announcement.
Sensitivity Analysis
Where is
$50.28?
$ 73.77
2.0%
2.5%
Terminal
3.0%
Growth
3.5%
Rate
4.0%
4.5%
5.0%
10%
84.4
87.0
89.9
93.2
97.2
101.8
107.3
Terminal Discount Rates
11%
12%
13%
76.0
69.2
63.6
77.8
70.6
64.7
79.9
72.1
65.8
82.2
73.8
67.1
84.9
75.7
68.5
88.0
77.8
70.0
91.6
80.3
71.8
14%
59.0
59.8
60.6
61.6
62.7
63.8
65.1
15%
55.0
55.6
56.3
57.1
57.9
58.8
59.7
Albemarle Corporation (ALB)
Overview
Ticker
ALB
Current
Stock
Price
61.43
52 Week
Range
38.0271.79
Market
5.48B
Capitalizati
on
Shares
923,859
Outstandin
g
Beta
1.98
Dividend
Yield
0.80(1.3%)
Industry
Chemicals
Business Overview

Albemarle is a company that develops,
manufactures and markets complex chemicals
and services in over 100 countries. Its
products are highly engineered specialty
chemicals for a wide range of markets
including petroleum refining, consumer
electronics, plastics, crop protection,
construction, automotive, pharmaceuticals,
food safety and custom chemistry services.
Business Overview

Business Segments
 Polymer
Solutions
 Comprised
of the flame retardants and stabilizers and
curatives catalysts product areas
 Catalysts
 Comprised
of the refinery catalysts and performance
catalyst solutions product areas
 Fine
Chemistry
 Comprised
of performance chemicals and fine
chemistry services and intermediates product areas
Sales and Earnings
Business
Segment
Polymer
Solutions
Catalysts
Net Sales
% of Net Sales
Income
% of Income
$237,811,000
23.7%
38.9%
Business
Segment
Polymer
Solutions
Catalysts
$1,001,922,000
34.9%
$1,116,863,000
$323,601,000
29.0%
Fine Chemistry
$750,220,000
26.2%
Fine Chemistry
$139,578,000
18.6%
% of Net Sales by Segments
% of Earnings by
Segments
26.20%
34.90%
Polymer Solutions
38.90%
18.60%
Catalysts
Fine Chemistry
29.00%
23.70%
Polymer
Solutions
Catalysts
Fine Chemistry
Sales and Earnings
Sales
Polymer
Solutions
2012Q1
Catalysts
293,522.00 1,116,900,000.00 890,000,000.00 808,100,000.00 923,800,000.00 894,200,000.00
Earnings
Fine Chemistry
Polymer
Solutions
2012Q1
2011
2010
2009
2008
2007
190,051.00 750,200,000.00
569,000,000.00
500,100,000.00
627,800,000.00
537,500,000.00
53,555.00 239,900,000.0
195,700,000.0
63,800,000.0
92,600,000.0
134,400,000.0
Catalysts
82,156.00 287,300,000.0
219,100,000.0
129,700,000.0
142,700,000.0
135,400,000.0
Fine Chemistry
38,552.00 157,900,000.0
79,500,000.0
52,600,000.0
99,900,000.0
95,900,000.0
2011
2010
2009
2008
228,131.00 1,001,900,000.00 903,700,000.00 697,200,000.00 915,500,000.00 904,500,000.00
Earnings Growth
Sales Growth
30.00%
40.00%
25.00%
30.00%
20.00%
Polymer Solutions
10.00%
Catalysts
Fine Chemistry
0.00%
-10.00%
-20.00%
-30.00%
2007
2011
2010
2009
2008
2007
Total
20.00%
Polymer Solutions
15.00%
Catalysts
Fine Chemistry
10.00%
Total
5.00%
0.00%
2011
2010
2009
2008
2007
Business Overview

Risks





Regulations on the industry
Need for constant improvement
of products
Operate in multiple countries,
different country has different
policies and regulations
Rising trend in the price of raw
materials
China’s GDP growing at a lower
rate

Value drivers

Growth company

Albemarle's Vision 2015 plan
outlines the company's strategy
to grow revenue to $5+ billion,
with earnings potential in excess
of $9 per share by 2015
Leading positions in the market
Expansions in Asia (Mainly
China)



Terminal Discount
Rate =
Analyst:Mengshi Li
Date:5/25/2012
Year
Revenue
2012E
2013E
3,104,921
3,322,962
565,378
609,276
% Growth
3,506,947
7.0%
Operating Income
Operating Margin
18.2%
Interest and Other
(38,812)
Interest % of Sales
124,270
Tax Rate
41,250
Net income attributable to noncontolling interests
23.6%
39,570
(25,350)
418,196.48
% of Sales
% of Sales
Subtract Cap Ex
Capex % of sales
Free Cash Flow
48,908
(25,540)
(26,740)
634,178
663,984
4.0%
5.7%
5.2%
5.2%
5.1%
4.9%
4.8%
4.7%
4.5%
110,322
113,976
129,371
139,987
155,448
171,974
189,421
212,693
237,536
253,396
3.3%
3.3%
3.3%
3.5%
3.6%
3.8%
4.0%
4.2%
4.5%
4.8%
4.9%
(75,863)
(49,197)
(39,608)
(49,900)
(50,551)
(53,180)
(54,817)
(55,248)
(56,718)
(58,147)
(58,178)
-2.4%
-1.5%
-1.1%
-1.4%
-1.3%
-1.3%
-1.3%
-1.2%
-1.2%
-1.2%
-1.1%
208,651
227,623
242,681
247,654
248,866
253,626
249,363
248,052
245,779
252,382
253,396
6.7%
6.9%
6.9%
6.7%
6.4%
6.2%
5.8%
5.5%
5.2%
5.1%
4.9%
323,451
364,197
381,205
407,824
438,200
469,561
507,589
545,459
587,120
625,736
663,378
12.6%
4.7%
7.0%
7.4%
7.2%
8.1%
7.5%
7.6%
6.6%
6.0%
Terminal Value
10,665,080
Free Cash Yield
6.22%
Terminal P/E
15.4
42%
12.5
12.0
14.5
13.9
10.0
9.3
8.9
11.3
10.5
10.1
91,522
$
61.43
$
71.31
Upside/(Downside) to DCF
16.1%
Debt
1,524,997
Cash
469,416
693,864
7.9%
15.6
Implied equity value/share
(27,944)
(24,370)
605,132
13.4
Current Price
56,079
(23,232)
5.75%
Shares Outstanding
53,664
576,865
58%
Projected EV/EBITDA
23.6%
51,255
(22,105)
100%
Current EV/EBITDA
-1.3%
205,644
23.6%
548,873
6,526,207
Projected P/E
23.6%
(21,012)
3,756,076
Current P/E
-1.3%
521,742
Projected Equity Value
Debt/Assets
46,623
23.6%
18.1%
(64,642)
196,788
(19,973)
NPV of terminal value
Working Capital % of Growth
23.6%
18.1%
-1.3%
187,954
4.5%
936,014
(61,858)
495,953
2,770,131
Total Assets
-1.3%
179,346
4.7%
18.1%
(59,081)
2022E
5,171,348
895,707
(18,950)
NPV of Cash Flows
Cash/share
23.6%
44,361
18.1%
-1.3%
170,968
4.8%
855,499
(56,375)
2021E
4,948,658
469,403
% Growth
Free Cash Flow Yield
23.6%
42,168
18.1%
-1.3%
162,672
4.9%
816,316
(53,742)
2020E
4,726,512
(21,880)
103,704
Plus/(minus) Changes WC
23.6%
40,084
18.1%
-1.3%
154,631
5.1%
778,185
(51,134)
2019E
4,510,031
451,443
% Growth
Add Depreciation/Amort
23.6%
5.2%
18.1%
-1.3%
2018E
4,299,362
740,423
(48,607)
146,988
38,030
5.2%
18.1%
-1.3%
4,090,735
703,824
(46,204)
139,105
2017E
5.4%
18.1%
-1.3%
4.5%
2016E
3,888,531
669,034
(43,837)
133,986
23.6%
Equity in net income of unconsolidated investments (net of tax)
5.5%
18.3%
Terminal FCF
Growth =
2015E
3,696,322
633,264
(41,537)
-1.3%
Taxes
Net Income
2014E
11.0%
5.13
3,203,824
47.6%
25%
Current Price
Implied equity
value/share
Upside/(Downside) to
DCF
$61.43
$ 71.31
16.1%
Terminal
EV/EBITDA
9.9
Valuation
Relative to Industry
High
Low
Median
Current
P/Trailing E
1.2
0.44
0.83
0.63
-
P/Forward E
1.0
0.38
0.81
0.67
-
P/B
1.0
0.3
0.6
0.8
+
P/S
1.5
0.6
0.9
1.1
+
P/CF
1.1
0.5
0.8
0.7
-
Relative to S&P
500
High
Low
Median
Current
P/Trailing E
1.3
1.65
1.1
1.0
-
P/Forward E
1.2
0.68
0.97
0.96
-
P/B
0.8
0.6
1.1
1.6
+
P/S
2.1
0.6
1.1
1.6
+
P/CF
1.5
0.7
0.9
1.2
+
Valuation
Absolute
Valuation
A.
P/Forward E
P/S
P/B
P/EBITDA
P/CF
High
Low
B.
20.1
2.7
4.4
16.65
14.9
Median
C.
7.5
0.7
1.5
4.48
5.4
Current
D.
15.3
1.4
2.4
8.18
9.6
#Your Target
Multiple
E.
12.8
2.0
3.4
8.27
10.7
F.
15.3
1.4
2.4
8.18
5.4
*Your
Target E,
S, B,
etc/Share
Your Target
Price
(F x G)
G.
4.67
34.42
35.52
5.84
10.5
H.
71.45
48.19
85.25
47.77
56.7
Final Target Price: 0.1*71.45+0.1*48.19+0.3*85.25+0.1*56.7+0.4*71.31=71.73
Current Price: 61.43
Upside: 16.8%
Recommendation: Buy
Sensitivity Analysis
9%
9.50%
10%
10.50%
11%
11.50%
12%
12.50%
3%
85.88
78.86
72.86
67.67
63.13
59.14
55.6
52.44
3.50%
90.94
82.97
76.24
70.48
65.5
61.14
57.31
53.91
4%
97
87.82
80.18
73.72
68.19
63.41
59.23
55.55
4.50%
104.42
93.64
84.84
77.5
71.31
66
61.41
57.4
5%
113.69
100.76
90.42
81.98
74.94
68.99
63.9
59.49
5.50%
125.61
109.66
97.26
87.34
79.23
72.48
66.77
61.88
6%
141.5
121.09
105.79
93.9
84.39
76.61
70.12
64.64
Recommendation: Buy
CCK – Crown Holdings, Inc.
Company Overview – CCK

Founded in 1892

William Painter, founder, created the “crown cork”

Today, Crown operates 134 plants in 41 countries,
specializing in the design and manufacture of
steel and aluminum cans for consumer foods and
beverages

Truly a global company: revenue well diversified
across the Americas, Europe, and the Asia-Pacific
region
Key Business Drivers – CCK

Operates in a oligarchic business environment

Two key competitors: Ball Corp. & Rexam Plc.


60% of total worldwide sales supplied by these three
Steel & Aluminum key inputs
Combined equal 65% of CoGS in 2011
 Steel price increased 20%, Aluminum 11%


Expansion into Emerging Markets
Latin America: specifically Brazil
 China & Asia main expansion targets

Economic Threats – CCK

Economic downturn in China
Major area of growth has been China & Asia-Pacific
 If the massive growth in China were to slow
significantly, could see a hit to the bottom line


Euro Debt Crisis
European sales accounted for more than 50% of total
sales for 2011
 Major economic disruptions could affect ability to
operate efficiently & profitably

Segment Trends - Sales

Non-Reportable Segments = Asia-Pacific Region


Increase from 14.8% to 16.0% over three years
Developed regions becoming less important to sales
14.0%
16.2%
16.0%
15.8%
15.6%
15.4%
15.2%
15.0%
14.8%
14.6%
14.4%
14.2%
25.0%
12.0%
24.5%
10.0%
8.0%
24.0%
6.0%
23.5%
4.0%
23.0%
2.0%
22.5%
0.0%
22.0%
North America Food
European Food
Non-Reportable Segments
Peer Comparison
Market Cap
Operating Margin
7.0
11.0%
10.8%
10.6%
10.4%
10.2%
10.0%
9.8%
9.6%
9.4%
9.2%
6.0
5.0
4.0
3.0
2.0
1.0
0.0
CCK
BLL
REXMY.PK
SLGN
CCK
Quarterly Rev. Growth
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
BLL
REXMY.PK
SLGN
P/S (ttm)
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
CCK
BLL
REXMY.PK
SLGN
CCK
BLL
REXMY.PK
SLGN
Financials – CCK
Beta: 0.87
Market Cap: 5.12B
Div Yield: 0.00%
DCF – CCK
Year
2012E
2013E
Revenue
9,161
9,728
% Grow th
6.2%
Gross Profit
1,505
Gross Margin
16.4%
1,614
2014E
10,352
6.4%
1,727
2015E
10,984
6.1%
1,816
2016E
11,621
5.8%
1,903
2017E
12,260
5.5%
1,990
2018E
12,897
5.2%
2,074
2019E
13,529
4.9%
2,155
2020E
14,152
4.6%
2,233
2021E
14,760
4.3%
2,307
2022E
15,351
4.0%
2,376
16.6%
16.7%
16.5%
16.4%
16.2%
16.1%
15.9%
15.8%
15.6%
15.5%
Net income attributable to noncontrolling
(89)
interests
(97)
(111)
(121)
(128)
(135)
(142)
(149)
(156)
(162)
(169)
% of Sales
-1.0%
-1.0%
-1.1%
-1.1%
-1.1%
-1.1%
-1.1%
-1.1%
-1.1%
-1.1%
-1.1%
Net Income
443
489
572
594
617
640
661
681
699
715
730
10.3%
17.0%
3.8%
4.0%
3.6%
3.3%
3.0%
2.7%
2.3%
2.0%
323
390
390
428
468
510
553
598
644
682
12.7%
20.7%
0.0%
9.8%
9.4%
8.9%
8.5%
8.1%
7.6%
6.0%
% Grow th
Free Cash Flow
287
% Grow th
NPV of Cash Flows
NPV of terminal value
Projected Equity Value
Free Cash Flow Yield
2,742
3,570
6,311
5.40%
43%
57%
100%
Current P/E
Projected P/E
Current EV/EBITDA
Projected EV/EBITDA
12.0
14.2
4.9
5.5
10.9
12.9
4.6
5.2
Current Price
Implied equity value/share
Upside/(Downside) to DCF
$
$
34.41
40.90
18.9%
Terminal Value
Free Cash Yield
9.3
11.0
4.3
4.8
10,135
6.73%
Terminal P/E
13.9
Terminal EV/EBITDA
4.5
Sensitivity Analysis
$ 40.90
3.25%
3.50%
Terminal
3.75%
Growth
4.00%
Rate
4.25%
4.50%
4.75%

10.25%
43.00
43.97
45.02
46.15
47.38
48.71
50.16
10.50%
41.40
42.29
43.24
44.26
45.37
46.57
47.88
Terminal Discount Rates
10.75% 11.00% 11.25%
39.91
38.51
37.21
40.72
39.26
37.89
41.59
40.05
38.62
42.52
40.90
39.40
43.53
41.82
40.23
44.61
42.80
41.13
45.79
43.87
42.09
11.50%
35.98
36.61
37.28
37.99
38.76
39.58
40.45
Upside ranges from 1.2% to 45.8%
11.75%
34.83
35.41
36.03
36.68
37.38
38.13
38.93
Relative Valuation – CCK
Absolute
Valuation
P/Forward E
P/S
P/B
P/EBITDA
P/CF


Low
Median
Current
36.2
0.8
43.0
11.80
11.7
8.5
0.1
0.5
0.86
0.8
14.0
0.4
10.0
4.82
7.3
11.9
0.6
NM
5.32
9.4
Target
Multiple
12.5
0.5
NM
5.00
9
Target
/Share
3.04
62.83
NM
7.949
3.649
Target
Price
38.00
31.42
NM
39.75
32.84
Current multiples mixed compared to median


High
Targets trending towards their respective medians
CCK has negative book equity
Target prices between $31.42 and $39.75
Price Target – CCK
Input
P/Forward E
P/S
P/EBITDA
P/CF
DCF
Total:


Weight Value Added
16.67%
6.33
16.67%
5.24
16.67%
6.63
16.67%
5.47
33.33%
13.63
100%
$ 37.30
Target of $37.30 gives 8.40% margin of safety
Recommendation: Keep following?
Recommendaion
Other Companies Considered

Commodity Firms
 Silver
& Gold Companies
 Silver
Wheaton Corp. (SLW)
 Natural
 Airgas
Resources Companies
Inc. (ARG)
Summary
Materials Company
(As of 5/25/12)
Symbol
Purchas
e Price
Current
Price
Target
Price
Upside
Current
Weight
(bps)
Recommendation
Cliffs Natural Resources
-Steel
CLF
$64.73
$50.28
$73.77
46.7%
393
Hold current weight: 393
bps
Albermarle
-Chemicals
ALB
N/A
$61.43
$71.73
16.8%
N/A
Buy 75 bps
Crown Holding
-Containers & Packaging
CCK
N/A
$34.41
$37.30
8.4%
N/A
Keep following next quarter
THANK YOU
Spring, 2012