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CCL Industries

TSX:CCL.B
Snowflake Description

Average dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CCL.B
TSX
CA$9B
Market Cap
  1. Home
  2. CA
  3. Materials
Company description

CCL Industries Inc. manufactures and sells labels, containers, consumer printable media products, technology driven label solutions, polymer bank note substrates, and specialty films. The last earnings update was 25 days ago. More info.


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CCL.B Share Price and Events
7 Day Returns
-1.9%
TSX:CCL.B
-0.5%
CA Packaging
0.9%
CA Market
1 Year Returns
-17.3%
TSX:CCL.B
-18.4%
CA Packaging
1.2%
CA Market
CCL.B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CCL Industries (CCL.B) -1.9% -9.7% 6.5% -17.3% 17.4% 184.2%
CA Packaging -0.5% -10.1% 0.7% -18.4% 6.6% 113.3%
CA Market 0.9% 2.3% 12.4% 1.2% 16.1% 5.9%
1 Year Return vs Industry and Market
  • CCL.B outperformed the Packaging industry which returned -18.4% over the past year.
  • CCL.B underperformed the Market in Canada which returned 1.2% over the past year.
Price Volatility
CCL.B
Industry
5yr Volatility vs Market

CCL.B Value

 Is CCL Industries undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CCL Industries to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for CCL Industries.

TSX:CCL.B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:CCL.B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Packaging Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.871 (1 + (1- 26.5%) (26.8%))
1.029
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.029 * 5.96%)
8.08%

Discounted Cash Flow Calculation for TSX:CCL.B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CCL Industries is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:CCL.B DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 8.08%)
2019 451.48 Analyst x5 417.74
2020 514.64 Analyst x5 440.59
2021 542.13 Est @ 5.34% 429.44
2022 565.57 Est @ 4.32% 414.52
2023 585.99 Est @ 3.61% 397.39
2024 604.23 Est @ 3.11% 379.13
2025 620.92 Est @ 2.76% 360.48
2026 636.55 Est @ 2.52% 341.94
2027 651.48 Est @ 2.35% 323.81
2028 665.99 Est @ 2.23% 306.28
Present value of next 10 years cash flows CA$3,811.31
TSX:CCL.B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$665.99 × (1 + 1.95%) ÷ (8.08% – 1.95%)
CA$11,075.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$11,075.05 ÷ (1 + 8.08%)10
CA$5,093.22
TSX:CCL.B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$3,811.31 + CA$5,093.22
CA$8,904.53
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$8,904.53 / 176.18
CA$50.54
TSX:CCL.B Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$50.54
Current discount Discount to share price of CA$53.60
= -1 x (CA$53.60 - CA$50.54) / CA$50.54
-6.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of CCL Industries is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CCL Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CCL Industries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CCL.B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$2.64
TSX:CCL.B Share Price ** TSX (2019-03-19) in CAD CA$53.6
Canada Packaging Industry PE Ratio Median Figure of 6 Publicly-Listed Packaging Companies 17.76x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 14.83x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CCL Industries.

TSX:CCL.B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CCL.B Share Price ÷ EPS (both in CAD)

= 53.6 ÷ 2.64

20.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CCL Industries is overvalued based on earnings compared to the CA Packaging industry average.
  • CCL Industries is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does CCL Industries's expected growth come at a high price?
Raw Data
TSX:CCL.B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
10.8%per year
North America Packaging Industry PEG Ratio Median Figure of 18 Publicly-Listed Packaging Companies 1.83x
Canada Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.21x

*Line of best fit is calculated by linear regression .

TSX:CCL.B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.3x ÷ 10.8%

1.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CCL Industries is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CCL Industries's assets?
Raw Data
TSX:CCL.B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$15.09
TSX:CCL.B Share Price * TSX (2019-03-19) in CAD CA$53.6
Canada Packaging Industry PB Ratio Median Figure of 7 Publicly-Listed Packaging Companies 1.94x
Canada Market PB Ratio Median Figure of 2,347 Publicly-Listed Companies 1.56x
TSX:CCL.B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CCL.B Share Price ÷ Book Value per Share (both in CAD)

= 53.6 ÷ 15.09

3.55x

* Primary Listing of CCL Industries.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CCL Industries is overvalued based on assets compared to the CA Packaging industry average.
X
Value checks
We assess CCL Industries's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Packaging industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Packaging industry average (and greater than 0)? (1 check)
  5. CCL Industries has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CCL.B Future Performance

 How is CCL Industries expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CCL Industries expected to grow at an attractive rate?
  • CCL Industries's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • CCL Industries's earnings growth is positive but not above the Canada market average.
  • CCL Industries's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CCL.B Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CCL.B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 10.8%
TSX:CCL.B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 4.1%
Canada Packaging Industry Earnings Growth Rate Market Cap Weighted Average 12.4%
Canada Packaging Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Canada Market Earnings Growth Rate Market Cap Weighted Average 17.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:CCL.B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CCL.B Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 5,715 1
2020-12-31 5,646 918 581 10
2019-12-31 5,457 864 531 10
TSX:CCL.B Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 5,162 773 467
2018-09-30 5,063 730 522
2018-06-30 4,933 745 516
2018-03-31 4,921 732 505
2017-12-31 4,756 711 474
2017-09-30 4,580 679 403
2017-06-30 4,462 691 382
2017-03-31 4,169 603 345
2016-12-31 3,975 564 347
2016-09-30 3,715 491 320
2016-06-30 3,439 421 316
2016-03-31 3,200 443 317

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CCL Industries's earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
  • CCL Industries's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:CCL.B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from CCL Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CCL.B Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 3.17 3.35 3.01 3.00
2019-12-31 2.89 3.04 2.70 3.00
TSX:CCL.B Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 2.64
2018-09-30 2.96
2018-06-30 2.93
2018-03-31 2.87
2017-12-31 2.70
2017-09-30 2.30
2017-06-30 2.18
2017-03-31 1.97
2016-12-31 1.98
2016-09-30 1.83
2016-06-30 1.81
2016-03-31 1.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CCL Industries is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CCL Industries's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CCL Industries has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CCL.B Past Performance

  How has CCL Industries performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CCL Industries's growth in the last year to its industry (Packaging).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CCL Industries has delivered over 20% year on year earnings growth in the past 5 years.
  • CCL Industries's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CCL Industries's 1-year earnings growth is negative, it can't be compared to the CA Packaging industry average.
Earnings and Revenue History
CCL Industries's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CCL Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CCL.B Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 5,161.50 466.80 793.90
2018-09-30 5,063.20 521.90 782.70
2018-06-30 4,932.80 516.10 775.60
2018-03-31 4,921.30 505.00 789.40
2017-12-31 4,755.70 474.10 759.80
2017-09-30 4,579.60 403.10 734.60
2017-06-30 4,462.10 382.40 718.80
2017-03-31 4,169.40 344.70 667.30
2016-12-31 3,974.70 346.80 613.40
2016-09-30 3,715.14 320.27 559.92
2016-06-30 3,438.75 315.86 488.04
2016-03-31 3,200.04 316.83 432.86
2015-12-31 3,039.11 295.08 415.15
2015-09-30 2,876.12 268.80 391.46
2015-06-30 2,752.90 250.09 379.74
2015-03-31 2,681.81 232.15 374.83
2014-12-31 2,585.64 216.57 358.96
2014-09-30 2,507.52 190.50 345.25
2014-06-30 2,424.47 150.96 340.43
2014-03-31 2,135.48 122.07 294.06
2013-12-31 1,889.43 103.59 256.74
2013-09-30 1,645.15 103.96 213.72
2013-06-30 1,355.15 101.72 167.64
2013-03-31 1,330.80 101.15 163.97
2012-12-31 1,308.55 97.49 160.39
2012-09-30 1,312.43 96.04 160.70
2012-06-30 1,312.42 91.76 160.17
2012-03-31 1,294.25 87.73 157.27

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CCL Industries has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CCL Industries used its assets more efficiently than the CA Packaging industry average last year based on Return on Assets.
  • CCL Industries's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CCL Industries's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Packaging industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CCL Industries has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CCL.B Health

 How is CCL Industries's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CCL Industries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CCL Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CCL Industries's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CCL Industries's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CCL Industries Company Filings, last reported 2 months ago.

TSX:CCL.B Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,673.10 2,532.20 589.10
2018-09-30 2,430.70 2,525.60 438.20
2018-06-30 2,408.00 2,720.60 822.40
2018-03-31 2,405.70 2,442.30 516.50
2017-12-31 2,157.90 2,382.10 557.50
2017-09-30 1,989.10 2,469.40 512.90
2017-06-30 1,941.40 2,620.80 477.20
2017-03-31 1,851.40 2,754.10 519.00
2016-12-31 1,775.20 1,601.30 585.10
2016-09-30 1,744.50 1,645.88 458.30
2016-06-30 1,643.08 1,693.90 421.68
2016-03-31 1,641.92 1,030.60 320.14
2015-12-31 1,621.88 1,005.52 405.69
2015-09-30 1,496.15 706.55 298.76
2015-06-30 1,380.76 695.79 234.72
2015-03-31 1,319.21 741.52 205.99
2014-12-31 1,216.22 659.07 221.87
2014-09-30 1,191.36 706.84 216.03
2014-06-30 1,135.54 774.60 208.30
2014-03-31 1,115.73 836.04 193.84
2013-12-31 1,018.14 712.05 209.10
2013-09-30 970.32 805.48 260.05
2013-06-30 965.29 823.85 683.91
2013-03-31 930.23 333.50 189.65
2012-12-31 887.19 329.03 188.97
2012-09-30 858.26 328.36 159.55
2012-06-30 855.44 351.07 162.33
2012-03-31 854.15 346.35 141.92
  • CCL Industries's level of debt (94.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (70% vs 94.7% today).
  • Debt is well covered by operating cash flow (30.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.1x coverage).
X
Financial health checks
We assess CCL Industries's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CCL Industries has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CCL.B Dividends

 What is CCL Industries's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.27%
Current annual income from CCL Industries dividends. Estimated to be 1.3% next year.
If you bought CA$2,000 of CCL Industries shares you are expected to receive CA$25 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CCL Industries's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.09%).
  • CCL Industries's dividend is below the markets top 25% of dividend payers in Canada (5.67%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:CCL.B Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
North America Packaging Industry Average Dividend Yield Market Cap Weighted Average of 17 Stocks 2.5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 330 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:CCL.B Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.68 1.00
2020-12-31 0.73 2.00
2019-12-31 0.68 3.00
TSX:CCL.B Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-02-22 0.680 1.250
2018-11-06 0.520 0.973
2018-08-09 0.520 0.875
2018-02-22 0.520 0.806
2017-08-08 0.460 0.780
2017-02-23 0.460 0.753
2016-11-09 0.400 0.802
2016-08-04 0.400 0.821
2016-02-25 0.400 0.873
2015-11-05 0.300 0.713
2015-05-07 0.300 0.892
2015-02-26 0.300 1.054
2014-11-06 0.240 0.963
2014-07-31 0.240 1.062
2014-05-01 0.200 0.946
2014-02-20 0.200 1.046
2013-11-11 0.172 1.067
2013-08-01 0.172 1.205
2013-05-02 0.172 1.304
2013-02-21 0.172 1.422
2012-11-06 0.156 1.796
2012-08-02 0.156 2.111
2012-05-03 0.156 2.111
2012-02-23 0.156 2.133
2011-11-03 0.140 2.233
2011-08-04 0.140 2.401
2011-05-05 0.140 2.144
2011-02-24 0.140 2.217
2010-11-04 0.140 2.292
2010-08-05 0.128 2.136
2010-05-06 0.128 2.261
2010-02-25 0.128 2.221
2009-11-05 0.120 2.221
2009-08-06 0.120 2.762
2009-05-07 0.120 2.656
2009-03-20 0.120 2.627

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CCL Industries's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5x coverage).
X
Income/ dividend checks
We assess CCL Industries's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CCL Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CCL Industries has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CCL.B Management

 What is the CEO of CCL Industries's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Geoffrey Martin
COMPENSATION CA$7,054,770
AGE 63
TENURE AS CEO 10.8 years
CEO Bio

Mr. Geoffrey T. Martin has been the Principal Executive Officer of Checkpoint Systems Inc. since May 13, 2016. Mr. Martin has been the President of CCL Industries Inc. since May 17, 2005 and has been its Chief Executive Officer since May 8, 2008. He is responsible for all CCL's operating units including Label, Aluminum Container and Plastic Tube businesses. Mr. Martin served as the Chief Operating Officer of CCL Industries Inc. from May 17, 2005 to May 2008. He served as a Vice President of CCL Industries Inc. until May 2005. He served as President of CCL Label at CCL Industries Inc. from April 2001 to May 2005. Prior to joining CCL, he served as Senior Group Vice President of Worldwide Converting Graphic & Specialty Tapes of Avery Dennison. He served as Vice President of Coverting and Office Products Europe at Avery Dennison Corporation. Mr. Martin is an international business leader, with a proven track record in turnarounds, mergers and acquisitions. He has been Director of Checkpoint Systems Inc. since May 13, 2016. Mr. Martin has been a Director of CCL Industries Inc. since October 27, 2005. He has been Director of Innovia Films (Asia Pacific) Pty. Ltd. since March 1, 2017.

CEO Compensation
  • Geoffrey's compensation has been consistent with company performance over the past year.
  • Geoffrey's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the CCL Industries management team in years:

6
Average Tenure
54.5
Average Age
  • The average tenure for the CCL Industries management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Donald Lang

TITLE
Executive Chairman
COMPENSATION
CA$2M
AGE
63

Geoffrey Martin

TITLE
President
COMPENSATION
CA$7M
AGE
63
TENURE
10.8 yrs

Sean Washchuk

TITLE
Senior VP & CFO
COMPENSATION
CA$5M
AGE
45
TENURE
7.4 yrs

Lalitha Vaidyanathan

TITLE
Senior Vice President of Finance
COMPENSATION
CA$6M

Ben Rubino

TITLE
President of Home & Personal Care Worldwide
COMPENSATION
CA$7M
AGE
55
TENURE
7.3 yrs

Günther Birkner

TITLE
President of Food & Beverage
COMPENSATION
CA$7M
AGE
45
TENURE
3 yrs

John Dargan

TITLE
President of Checkpoint Worldwide
COMPENSATION
CA$4M
AGE
54
TENURE
2.2 yrs

Nick Vecchiarelli

TITLE
Vice President of Corporate Accounting

Mark McClendon

TITLE
VP & General Counsel
TENURE
4.7 yrs

Jim Sellors

TITLE
Senior Vice President of Asia Pacific
Board of Directors Tenure

Average tenure and age of the CCL Industries board of directors in years:

10.3
Average Tenure
63
Average Age
  • The average tenure for the CCL Industries board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Geoffrey Martin

TITLE
President
COMPENSATION
CA$7M
AGE
63
TENURE
13.4 yrs

Ned Guillet

TITLE
Independent Director
COMPENSATION
CA$216K
AGE
66
TENURE
10.3 yrs

Donald Lang

TITLE
Executive Chairman
COMPENSATION
CA$2M
AGE
63
TENURE
10.8 yrs

Mandy Shapansky

TITLE
Independent Director
COMPENSATION
CA$148K
AGE
56
TENURE
4.8 yrs

Kathleen Keller-Hobson

TITLE
Non-Executive Lead Director
COMPENSATION
CA$143K
AGE
61

Stuart Lang

TITLE
Non-Independent Director
COMPENSATION
CA$136K
AGE
67
TENURE
27.8 yrs

Tom Peddie

TITLE
Independent Director
COMPENSATION
CA$230K
AGE
70
TENURE
15.8 yrs

Doug Muzyka

TITLE
Independent Director
COMPENSATION
CA$157K
AGE
63
TENURE
2.3 yrs

Vincent Galifi

TITLE
Independent Director
COMPENSATION
CA$140K
AGE
58
TENURE
2.3 yrs

Erin Lang

TITLE
Non-Independent Director
COMPENSATION
CA$137K
AGE
33
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
30. Nov 18 Sell Sebastian Rubino Individual 27. Nov 18 28. Nov 18 -23,470 CA$53.21 CA$-1,233,716
26. Jun 18 Sell Kamal Kotecha Individual 26. Jun 18 26. Jun 18 -25 CA$64.75 CA$-1,619
23. May 18 Sell Kamal Kotecha Individual 23. May 18 23. May 18 -3,750 CA$64.90 CA$-242,727
X
Management checks
We assess CCL Industries's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CCL Industries has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CCL.B News

Simply Wall St News

Do Institutions Own Shares In CCL Industries Inc. (TSE:CCL.B)?

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Companies of this size are usually well known to retail investors, too.

Simply Wall St -

CCL Industries Shareholders Have Enjoyed An Impressive 184% Share Price Gain

(TSE:CCL.B) which saw its share price drive 184% higher over five years. … During five years of share price growth, CCL Industries achieved compound earnings per share (EPS) growth of 34% per year. … This EPS growth is higher than the 23% average annual increase in the share price.

Simply Wall St -

Is CCL Industries Inc.’s (TSE:CCL.B) Cash Outlook Optimistic?

What is left after investment, determines the value of the stock since this cash flow technically belongs to investors of the company. … Today we will examine CCL Industries’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … CCL Industries’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure

Simply Wall St -

Is CCL Industries Inc. (TSE:CCL.B) A High Quality Stock To Own?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every CA$1 worth of shareholders' equity, it generated CA$0.21 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Should Investors Feel About CCL Industries Inc.'s (TSE:CCL.B) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … Participate in a short research study and receive a 6-month subscription to the award winning Simply Wall St research tool (valued at $60) … How Does Geoffrey Martin's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Why We’re Not Keen On CCL Industries Inc.’s (TSE:CCL.B) 13% Return On Capital

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Does CCL Industries Inc. (TSE:CCL.B) Have A Place In Your Dividend Stock Portfolio?

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Does CCL Industries tick all the boxes of a great dividend stock? … 5 checks you should do on a dividend stock

Simply Wall St -

Is CCL Industries Inc.'s (TSE:CCL.B) Balance Sheet A Threat To Its Future?

This article will examine CCL.B’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis. … Does CCL.B produce enough cash relative to debt?

Simply Wall St -

Should You Be Worried About Insider Transactions At CCL Industries Inc. (TSE:CCL.B)?

So we'll take a look at whether insiders have been buying or selling shares in CCL Industries Inc. … That means that even when the share price was below the current price of CA$53.60, an insider wanted to cash in some shares. … Over the last year we saw more insider selling of CCL Industries shares, than buying.

Simply Wall St -

Should We Worry About CCL Industries Inc's (TSE:CCL.B) P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at CCL Industries Inc's (TSE:CCL.B) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

CCL.B Company Info

Description

CCL Industries Inc. manufactures and sells labels, containers, consumer printable media products, technology driven label solutions, polymer bank note substrates, and specialty films. The company operates through four segments: CCL, Avery, Checkpoint, and Innovia. The CCL segment offers pressure sensitive and specialty extruded film materials for decorative, instructional, functional, and security applications in the consumer packaging, healthcare, chemicals, consumer electronic device, and automotive markets. This segment also provides extruded and laminated plastic tubes, aluminum aerosols and specialty bottles, folded instructional leaflets, precision decorated and die cut components, electronic displays, and other complementary products and services. The Avery segment offers printable media products, including address labels, shipping labels, marketing and product identification labels, business cards, and name badges supported by customized software solutions; and organizational products, such as binders, sheet protectors, indexes and dividers, and writing instruments. This segment also provides direct to consumer digitally imaged media products, such as labels, business cards, name badges, and family oriented identification labels supported by unique Web-enabled e-commerce URLs. The Checkpoint segment provides technology-driven, loss-prevention, inventory management, and labelling solutions, including radio frequency and radio-frequency identification solutions to retail and apparel industries. The Innovia segment offers specialty, high-performance, multi-layer, and surface engineered biaxially oriented polypropylene films for pressure sensitive label materials, flexible packaging, and consumer packaged goods industries. The company operates in Canada, the United States, Puerto Rico, Mexico, Brazil, Chile, Argentina, Europe, Asia, Australia, Africa, and New Zealand. CCL Industries Inc. was founded in 1951 and is headquartered in Toronto, Canada.

Details
Name: CCL Industries Inc.
CCL.B
Exchange: TSX
Founded: 1951
CA$9,448,694,912
176,182,250
Website: http://www.cclind.com
Address: CCL Industries Inc.
111 Gordon Baker Road,
Suite 801,
Toronto,
Ontario, M2H 3R1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CCL.B Class B Non-Voting Shares The Toronto Stock Exchange CA CAD 08. Jul 1983
OTCPK CCDB.F Class B Non-Voting Shares Pink Sheets LLC US USD 08. Jul 1983
DB 1C9 Class B Non-Voting Shares Deutsche Boerse AG DE EUR 08. Jul 1983
TSX CCL.A Class A Voting Shares The Toronto Stock Exchange CA CAD 08. Jul 1983
Number of employees
Current staff
Staff numbers
21,000
CCL Industries employees.
Industry
Metal and Glass Containers
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/19 23:33
End of day share price update: 2019/03/19 00:00
Last estimates confirmation: 2019/03/01
Last earnings filing: 2019/02/22
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.