Ball Corp

BALL

Metal Cans

Mkt Cap

$21.25B

PE

5.04

Debt

$5.803B

Cash

$1.725B

EV

$25.33B

FCF

$35M

Market Cap

$21.25B

P/E Ratio

5.04

Debt

$5.803B

Cash

$1.725B

EV

$25.33B

FCF

$35M

Charts data: {"Earnings":[{"time":"2014-12-30","value":470000000},{"time":"2015-12-30","value":280900000},{"time":"2016-12-30","value":263000000},{"time":"2017-12-30","value":374000000},{"time":"2018-12-30","value":453000000},{"time":"2019-12-30","value":536000000},{"time":"2020-12-30","value":582000000},{"time":"2021-12-30","value":878000000},{"time":"2022-12-30","value":719000000},{"time":"2023-12-30","value":707000000}],"Sales":[{"time":"2014-12-30","value":8570000000},{"time":"2015-12-30","value":7997000000},{"time":"2016-12-30","value":9061000000},{"time":"2017-12-30","value":10983000000},{"time":"2018-12-30","value":11635000000},{"time":"2019-12-30","value":11474000000},{"time":"2020-12-30","value":11781000000},{"time":"2021-12-30","value":13811000000},{"time":"2022-12-30","value":15349000000},{"time":"2023-12-30","value":14029000000}],"Net Margins":[{"time":"2014-12-30","value":0.05484247374562427},{"time":"2015-12-30","value":0.03512567212704764},{"time":"2016-12-30","value":0.029025493874848252},{"time":"2017-12-30","value":0.034052626786852405},{"time":"2018-12-30","value":0.03893425010743447},{"time":"2019-12-30","value":0.046714310615304164},{"time":"2020-12-30","value":0.04940157881334352},{"time":"2021-12-30","value":0.06357251466222576},{"time":"2022-12-30","value":0.046843442569548505},{"time":"2023-12-30","value":0.05039560909544515}],"Assets":[{"time":"2014-12-30","value":7571000000},{"time":"2015-12-30","value":9777000000},{"time":"2016-12-30","value":16173000000},{"time":"2017-12-30","value":17169000000},{"time":"2018-12-30","value":16554000000},{"time":"2019-12-30","value":17360000000},{"time":"2020-12-30","value":18252000000},{"time":"2021-12-30","value":19714000000},{"time":"2022-12-30","value":19909000000},{"time":"2023-12-30","value":19303000000}],"Stockholders Equity":[{"time":"2014-12-30","value":1239600000},{"time":"2015-12-30","value":1261300000},{"time":"2016-12-30","value":3541000000},{"time":"2017-12-30","value":4046000000},{"time":"2018-12-30","value":3562000000},{"time":"2019-12-30","value":3019000000},{"time":"2020-12-30","value":3337000000},{"time":"2021-12-30","value":3685000000},{"time":"2022-12-30","value":3527000000},{"time":"2023-12-30","value":3837000000}],"ROE":[{"time":"2014-12-30","value":0.3791545659890287},{"time":"2015-12-30","value":0.22270673115040038},{"time":"2016-12-30","value":0.07427280429257271},{"time":"2017-12-30","value":0.09243697478991597},{"time":"2018-12-30","value":0.12717574396406514},{"time":"2019-12-30","value":0.17754223252732693},{"time":"2020-12-30","value":0.17440815103386276},{"time":"2021-12-30","value":0.23826322930800542},{"time":"2022-12-30","value":0.2038559682449674},{"time":"2023-12-30","value":0.18425853531404743}],"ROA":[{"time":"2014-12-30","value":0.11076476026944922},{"time":"2015-12-30","value":0.06193106269816917},{"time":"2016-12-30","value":0.028627960180547828},{"time":"2017-12-30","value":0.04671209738482148},{"time":"2018-12-30","value":0.056481817083484355},{"time":"2019-12-30","value":0.05368663594470046},{"time":"2020-12-30","value":0.0549528818759588},{"time":"2021-12-30","value":0.065486456325454},{"time":"2022-12-30","value":0.060977447385604504},{"time":"2023-12-30","value":0.06594829819199088}]}

Ball Corporation supplies aluminum packaging products for the beverage, personal care, and household products industries in the United States, Brazil, and internationally. It operates through four segments: Beverage Packaging, North and Central America; Beverage Packaging, Europe, Middle East and Africa; Beverage Packaging, South America; and Aerospace. The company manufactures and sells aluminum beverage containers to fillers of carbonated soft drinks, beer, energy drinks, and other beverages. It also develops spacecraft, sensors and instruments, radio frequency systems, and other technologies for the civil, commercial, and national security aerospace markets, as well as offers defense hardware, antenna and video tactical solutions, civil and operational space hardware, and systems engineering services. In addition, the company designs, manufactures, and tests satellites, remote sensors, and ground station control hardware and software; and provides launch vehicle integration and satellite operational services. Further, it offers target identification, warning, and attitude control systems and components; cryogenic systems and associated sensor cooling devices; star trackers; and fast-steering mirrors to the government agencies or their prime contractors. Additionally, the company manufactures and sells extruded aluminum aerosol containers, recloseable aluminum bottles, aluminum cups, and aluminum slugs. Ball Corporation was founded in 1880 and is headquartered in Westminster, Colorado.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Ball Corp

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$35M	$30.75M	$27.01M	$23.73M	$20.84M	$18.31M	$16.08M	$14.13M	$12.41M	$10.9M	$9.576M	$95.76M
DCF		$26.74M	$20.42M	$15.6M	$11.92M	$9.102M	$6.953M	$5.311M	$4.057M	$3.099M	$2.367M	$23.67M
Value	$129.2M

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 19%

Earnings Stability 61%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	3.5%	2.9%	3.4%	3.9%	4.7%	4.9%	6.4%	4.7%	5%	31%
ROA	6.2%	2.9%	4.7%	5.6%	5.4%	5.5%	6.5%	6.1%	6.6%	5.7%
ROE	22%	7.4%	9.2%	13%	18%	17%	24%	20%	18%	57%

What is the average Net Margin?

The average Net Margin over the past 5 years is +4.93%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.21%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +5.96%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.23%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +18.43%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.22%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate reliability of earnings, and consideration about the future are more dependable.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	10.83	-18.50	7.68	8.98	9.77	24.50	227.65	-7.37	11.52	165.80
Debt Equity	4.11	2.15	1.75	1.89	3.07	2.34	2.10	2.82	2.46	0.79
MIN
Graham Stability	-	-	100%	100%	100%	100%	100%	100%	97%	97%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 165.80.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 4.70.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.97.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has been increasing in past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	6.4%	3.8%	6%	-8.6%	-0.42%
Net Income	15%	9.3%	6.7%	-1.7%	2.1%
Stockholders Equity	1.2%	1.5%	4.8%	8.8%	-8.5%
FCF	-	1.8%	37%	-	-9.6%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +3.81%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -0.42%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +9.31%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +2.06%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +1.5%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -8.54%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +1.75%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -9.57%.