CCC  Calgon Carbon Corporation

Exchange

NYSE

Sector

Basic Industries

Industry

Major Chemicals

Market Cap.

720.69M

Vuru Grade

31.79/100

Current Price

$14.20
+0.15 (+1.07%)

Growth Price

$12.21
Overvalued by 13.98%

Stability Price

$0.42
Overvalued by 97.03%

Company Metrics

  • P/E 78.89
  • P/S 1.33
  • P/B 1.87
  • EPS 0.18
  • Cash ROIC 4.38%
  • Cash Ratio 0.38
  • Dividend 0.2 / 1.41%
  • Avg. Vol. 272,744.00
  • Shares 50.75M
  • Market Cap. 720.69M

Company Description

Calgon Carbon Corporation provides services, products, and solutions for purifying water, air, food, beverage, and industrial process streams in the United States and internationally. The company operates through three segments: Activated Carbon and Service, Equipment, and Consumer. The Activated Carbon and Service segment manufactures granular and powdered activated carbon for use in applications... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

Calgon Carbon Corporation: Benefitting From Government Regulation
Seeking Alpha - Aug 4, 2016
Calgon Carbon Corporation (CCC:NYSE) is a global company that develops, manufactures, and supplies active carbon, other media, and treatment systems to: clean drinking water, improve waste reuse or disposal efforts, remove contaminates from air ...
Calgon Carbon: Post Earnings Sell-Off Provides Investment Opportunity
Seeking Alpha - May 26, 2016
Regulatory headwinds and an earnings miss have pushed Calgon close to its multi-year low. Calgon's recent acquisition of Arkema's filtration business and investments in expanded activated carbon capacity have positioned it well to profit from growing ...
Calgon Carbon Corp. Q1 Income Falls 86%
Nasdaq - May 9, 2017
(RTTNews.com) - Calgon Carbon Corp. ( CCC ) released earnings for first quarter that dropped from last year. The company said its bottom line fell to $0.78 million, or $0.02 per share.
Calgon Carbon Corporation (CCC) Ex-Dividend Date Scheduled for March 02, 2017
Nasdaq - Mar 1, 2017
Calgon Carbon Corporation ( CCC ) will begin trading ex-dividend on March 02, 2017. A cash dividend payment of $0.05 per share is scheduled to be paid on March 15, 2017.
Calgon Carbon Corporation Declares Regular Quarterly Dividend of $0.05 per Share
Business Wire (press release) - May 4, 2017
PITTSBURGH--(BUSINESS WIRE)--The Board of Directors of Calgon Carbon Corporation (NYSE: CCC) has declared a quarterly dividend of $0.05 per share on its common stock payable on June 15, 2017, to stockholders of record on June 5, 2017.
The Calgon Carbon Co. (CCC) Position Increased by Envestnet Asset Management Inc. - Petro Global News 24
Calgon Carbon (CCC) Q1 Earnings Beat Estimates, Sales Trail
Zacks.com - May 10, 2017
Calgon Carbon recorded revenues of $142.7 million in the reported quarter, up around 18.7% year over year. However, sales fell short of the Zacks Consensus Estimate of $143 million.
A Technical Look At 2 Stocks: Calgon Carbon Corporation (CCC), JA Solar ... - Post Analyst
Calgon Carbon Co. (CCC) Posts Quarterly Earnings Results, Beats Estimates By ... - Sports Perspectives
Calgon Carbon awarded contract for removal of 1,2,3-TCP
WaterWorld - Mar 30, 2017
PITTSBURGH, PA, MARCH 29, 2017 -- Calgon Carbon Corporation (NYSE:CCC) (Calgon Carbon or the Company) announced today that the Company and California Water Service (Cal Water) have signed a system supply contract valued at $13.2 million, ...
Calgon Carbon inks deal to buy European company's activated carbon unit
Pittsburgh Business Times (blog) - Aug 5, 2016
Calgon Carbon Corp. announced Friday it had reached a purchase agreement to acquire the carbon and filter business of France's Arkema Group after making a bid for it back in mid-April.
Calgon Carbon income, sales fall - Pittsburgh Post-Gazette
Why Is Calgon Carbon (CCC) Down 15.4% Since the Last Earnings Report?
Yahoo Finance - Mar 29, 2017
It has been about a month since the last earnings report for Calgon Carbon Corporation CCC. Shares have lost about 15.4% in that time frame, underperforming the market.
Calgon Carbon Co. (CCC) Releases Earnings Results, Beats Estimates By $0.01 EPS
The Cerbat Gem - 9 hours ago
Calgon Carbon logo Calgon Carbon Co. (NYSE:CCC) posted its quarterly earnings data on Tuesday. The industrial products company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01.
Calgon Carbon Co. (CCC) Announces Earnings Results, Beats Expectations By $0 ... - Chaffey Breeze
Do Analysts See Any Upside to Calgon Carbon Corporation (NYSE:CCC)? - Rockville Register
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for CCC to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate CCC's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$14.20 Current Price

$12.21 Growth Price (DCF)

Overvalued by 13.98%


Growth Rate Assumed by Market: 8.85%


Future Free Cash Flow Growth Rate: 0.0%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$0.42 Stability Price (EPV)

Overvalued by 97.03%


Discount Rate: 15.0%

$20.84 Book Price

Undervalued by 46.75%


Poor Cash Return on Invested Capital over the past 5 years

CCC has been unable to consistently generate sufficient returns from its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

CCC has only created $4.38 of cash for every $100 invested.
Figures in USD. Fiscal year ends in December
20122013201420152016
Free Cash Flow 12.00M 36.51M 20.89M 7.62M 37.10M
divided by
Invested Capital 443.96M 474.94M 493.11M 522.25M 636.58M
Cash ROIC 2.70% 7.69% 4.24% 1.46% 5.83%

Poor Return on Equity over the past 5 years

CCC has shown an inability to deliver strong results for shareholders. This could be due to poor management, CCC operating in a highly competitive industry, or having a weak business in general.

CCC has only generated $8.89 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in December
20122013201420152016
Net Income 23.27M 45.71M 49.37M 43.46M 13.80M
divided by
Stockholders' Equity 351.30M 416.51M 405.47M 393.99M 381.14M
Return on Equity 6.62% 10.98% 12.18% 11.03% 3.62%

Good Business Performance over the past 10 years

It's likely CCC has been unable to maintain profitability in tough economic times, making it a somewhat cyclical business. The other possibility is CCC has expended significant capital on items such as property, plant and equipment in specific years. Look for correlations.

CCC has created positive free cash flow for 7 or 8 of the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Free Cash Flow 17.62M -7.44M 30.78M -13.38M -19.08M 12.00M 36.51M 20.89M 7.62M 37.10M

Weak Balance Sheet

CCC's financial position is not ideal. The key is to check whether CCC is using debt to fuel its growth and the sustainability of that tendency. Highly capital intensive businesses (see Economic Moat) follow this route, which can deeply impact the future prospects of the business.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Cash 30.30M 16.75M 38.03M 33.99M 13.57M 18.16M 32.94M 53.13M 53.63M 37.98M
Current Assets 189.68M 200.92M 221.85M 272.05M 277.94M 273.21M 281.45M 292.96M 307.73M 291.59M
Total Assets 348.14M 387.60M 425.72M 501.56M 552.99M 577.77M 590.08M 621.66M 656.52M 775.22M
Current Liabilities 119.76M 66.42M 62.02M 105.17M 115.99M 115.65M 82.20M 75.42M 80.64M 100.66M
Total Liabilities 175.89M 134.86M 118.63M 158.60M 175.87M 226.47M 173.57M 216.19M 262.53M 394.08M
Stockholder' Equity 172.25M 252.74M 307.09M 342.96M 377.12M 351.30M 416.51M 405.47M 393.99M 381.14M
Current Ratio 1.58 3.03 3.58 2.59 2.40 2.36 3.42 3.88 3.82 2.90
TL-to-TA 0.51 0.35 0.28 0.32 0.32 0.39 0.29 0.35 0.40 0.51

Consistent Reinvestment of Profits over the past 10 years

CCC has consistently retained profits. This may put CCC in a strong position to invest for the future, by buying new machinery, investing in R&D or a number of other options. By effectively using these earnings, CCC can greatly improve their long-term economic picture.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Retained Earnings 104.94M 143.19M 173.17M 208.02M 247.24M 270.51M 316.22M 365.59M 398.63M 402.29M
Retained Earnings Growth - 36.46% 20.93% 20.13% 18.86% 9.41% 16.90% 15.61% 9.04% 0.92%

Competitive Industry over the past 10 years

CCC is likely operating in an industry with medium to low barriers to entry. This may mean that CCC doesn't have a characteristic that's hard to replicate, such as exclusive distribution, branding or the ability to keep costs low. If Gross Margins are at least satisfactory, it's likely that CCC invests heavily in R&D and Sales, General & Administrative expenses.

Only $7.01 of every $100 of Revenue have been profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Net Income 15.29M 38.36M 39.16M 34.85M 39.22M 23.27M 45.71M 49.37M 43.46M 13.80M
divided by
Revenue 351.12M 400.27M 411.91M 482.34M 541.47M 562.26M 547.94M 555.10M 535.00M 514.25M
Net Profit Margin 4.35% 9.58% 9.51% 7.23% 7.24% 4.14% 8.34% 8.89% 8.12% 2.68%

Satisfactory Pricing Power over the past 10 years

Consistency is vital. CCC has been able to maintain gross margins fairly consistently, which is a strong indication of their ability to raise prices with inflation. This potentially leaves flexibility in inflationary environments to raise prices on consumers and maintain profitability.

$33.29 of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Gross Profit 108.85M 133.39M 145.31M 165.46M 177.09M 169.87M 180.98M 192.09M 191.48M 167.85M
divided by
Revenue 351.12M 400.27M 411.91M 482.34M 541.47M 562.26M 547.94M 555.10M 535.00M 514.25M
Gross Margin 31.00% 33.32% 35.28% 34.30% 32.70% 30.21% 33.03% 34.60% 35.79% 32.64%

High Capital Intensity over the past 10 years

CCC spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

143.54% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Capital Expenditure 11.79M 33.01M 48.28M 47.19M 72.10M 60.68M 30.27M 63.46M 62.26M 31.87M
divided by
Net Income 15.29M 38.36M 39.16M 34.85M 39.22M 23.27M 45.71M 49.37M 43.46M 13.80M
Capital Expenditure Ratio 77.12% 86.05% 123.29% 135.41% 183.82% 260.74% 66.22% 128.54% 143.26% 230.99%

Inconsistent Dividend History over the past 10 years

CCC has started distributing dividends in the past couple years or has recently suspended their dividend distribution. The reliability of future distributions is unclear.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Dividend Paid - - - - - - - - 10.43M 10.14M
divided by
Shares Outstanding 50.56M 53.39M 56.53M 56.74M 56.99M 56.84M 54.67M 53.94M 52.71M 51.02M
Dividend Paid Per Share - - - - - - - - 0.20 0.20
Price at Year End 16.50 14.46 14.15 15.55 15.71 14.01 20.71 20.76 17.32 17.00
Dividend Yield - - - - - - - - 1.14% 1.17%

History of Stock Buybacks over the past 10 years

CCC has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Shares Outstanding 50.56M 53.39M 56.53M 56.74M 56.99M 56.84M 54.67M 53.94M 52.71M 51.02M
Stock Bought Back - -5.30% -5.56% -0.38% -0.44% 0.28% 3.96% 1.35% 2.34% 3.30%
Share your thoughts about CCC

Sign Up or Log In to start contributing!


Discussion

Nothing here yet. Be the first to post!