Corporate Webpages Calgon Carbon Corporation
Calgon Carbon Corporation sells "activated" carbon commonly used
in many air and water purification systems to absorb
contaminants. Industrial uses include water purification as the
main use as well as emission control, wastewater treatment, and
food processing. It is in an industrial group pollution control
which seems out of favor right now but obviously has great
potential for the future.
We particularly like this stock even if it didn't get the
highest ratings in our decision matrix for the following
reasons. It is clearly a channeling stock ("rolling stock")
in the middle of its channel range. That would suggest that now
might not be the optimum time either to buy or sell it, but one
should keep an eye on it for opportunities. The stock lends
itself very well to certain oscillatory indicators, especially
the MACD, which came up as the best system in Wall St. Analyzer
as well as showing strong MACD performance in the "Intraday Chart"
section. Other reactive systems such as stochastics or
Bollinger Bands are also apt to perform well. We think the
key word is "predictable," and that is why we like this stock.
Another unusal feature is the absense of insider selling, very
modest executive salaries and benefits, and the suggestion of
strong corporate governance. Analysts like it very much.
The company was once a subsidiary of Merck Inc., which poured
money into developing the company. In the 1980's it was spun
off through a management's leveraged buyout. It is possible
Merck under-estimated the value of the company. The company's
business has seen its ups and downs, as reflected in some
gyrating free cash flow figures, but future prospects seem to
look bright under current management.
We see this as a very good stock for traders interested in
moderate to short term swings, but some patience is required.
The company on the one hand appears to be hopeful of developing
significant revenues from operations in China, and on the other is protected
from competition by strong tariffs on imported reactivated carbons for its
products in this country. The latter are due to suspicion of dumping practices
in this country by China, and the recission of tariffs may be critical to the company's
future prospects in China, for one cannot have his cake and eat it too.
11-10-2009: Calgon Carbon Corporation (CCC): Selling to China Versus Strong Local Protectionism
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
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Bond Issue |
Zenith Index |
Calgon Carbon Corp. (CCC ) Sector: Basic Materials
PO Box 717 Industry: Synthetics
Pittsburgh, PA 15230-0717 Exchange: NYSE
Calgon Carbon Corporation provides services, products, and solutions
for purifying water and air 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 to remove organic compounds
from water, air, and other liquids and gases. It also offers
leasing, monitoring, and maintenance of carbon adsorption equipment.
In addition, this segment provides carbon reactivation, handling,
and transportation. The Equipment segment offers systems to purify
air and water. Its adsorption systems are used for volatile organic
compound control, air stripper off-gases, and landfill gas
emissions, as well as for process purification, wastewater
treatment, groundwater remediation, and de-chlorination. This
segment employs proprietary ISEP (Ionic Separator) continuous ion
exchange units for the purification of products in the food,
pharmaceutical, and biotechnology industries. Its ISEP units are
also used to remove perchlorate and nitrate contaminants from
drinking water. In addition, this segment offers ultra violet
segment manufactures and sells carbon cloth for the medical and
specialty markets; PreZerve storage products to protect and preserve
jewelry and keepsakes from deterioration; and AllGone, an odor
elimination system that utilizes activated carbon discs to adsorb
odors and impurities from the air. Calgon Carbon Corporation serves
potable water, industrial process, environmental water,
environmental air, food, and specialty markets. The company was
Last Trade: 14.49 52-Week Range: 19.31 - 10.00
Trade Date: 11-08 Avg. Volume: 587,577 Shares
Index Membership: S&P 600 SmallCap Employees: 943
Corporate Governance:
Calgon Carbon Corp.'s Corporate Governance Quotient (CGQ-«) as of
6-Nov-09 is better than 64.2% of S&P 600 companies and 69.5% of
Materials companies.
EPS: 0.69 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: 10-Aug-05 Mkt Cap: $ 810,980K
Payout Ratio: 0.00%
Last Split Factor (new for old): 2:1 Split Date: 04-Jun-91
Key Statistics:
Enterprise Value: $ 795,460K Revenue (ttm) : $ 403,610K
Gross Profit: $ 133,390K
Earnings before Income Tax, Depreciation and Amortization: $ 61,900K
Enterprise Value/Revenue (ttm): 1.97 Revenue per Share: $ 7.45
Enterprise Value/EBITDA (ttm): 12.85 Qtrly Rev Growth (y to y): 8.50%
P/E Ratio (fwd projected): 18.82 P/E Ratio (current): 20.91
P/E Growth Ratio (5 yr expected): 1.39 Operating Margin: 11.14%
Price/Sales Ratio: 1.94 Profit Margin: 9.65%
Price/Book Value: 2.67 Book Value: $ 5.25/sh.
Return on Assets: 7.14% Net Income Avl to Common: $ 39,400K
Return on Equity: 14.51% Diluted Earnings/Share: $ 0.69
Qrtly Earnings Growth (yoy): 523.40%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 15,530K Operating Cash Flow:$ 50,800K
Total Debt: $ 0K Lvgd Free Cash Flow:$ -11,730K
Total Debt/Equity: 0.00
Total Cash/Share: $ 0.28
Current Ratio: 3.57
Share Statistics: Stock Price History:
Shares Outstanding: 55,970K Stk 52-Week Change: -3.53%
Float: 55,270K S&P 500 52-Wk Chng: 14.86%
Sh. Short % of Float: 6.20% 50-Day Moving Avg: 15.36
Short Ratio: 10.50 200-Day Moving Avg: 14.12
% Held by Institutions: 87.50% Beta: 0.89
% Held by Insiders: 1.13%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec-09 Mar-10 Dec-09 Dec-10
Average Earnings Estimate 0.16 0.16 0.50 0.77
Average Revenue Estimate 107M 111M 408M 477M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.036 EPS Growth (Qrtly YoY): 0.000
PEG Ratio (ttm, 5 yr expected): 0.010 P/E Ratio (ttm): 0.778
Revenue Growth (Qrtly YoY): 0.000
Annual Income Statements: All numbers in thousands)
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Total Revenue 400,270 351,124 316,122
Cost of Revenue 266,885 242,273 236,673
Gross Profit 133,385 108,851 79,449
Operating Expenses:
Research & Development 4,129 3,699 4,248
Selling, General & Administrative 64,149 61,348 62,003
Non-Recurring Expenses -9,250 0 -1,125
Other Operating Expenses 16,674 17,248 18,933
Total Operating Expenses 75,702 0 84,059
Operating Income or Loss 57,683 26,556 -4,610
Income from Continuing Operations:
Total Other Income/Expenses Net -1,199 254 -1,387
Earnings Before Interest & Taxes 56,484 26,810 -5,997
Interest Expense 3,673 5,508 5,977
Income Before Taxes 52,811 21,302 -11,974
Income Tax Expense 18,101 7,826 -2,676
Minority Interest 0 0 0
Net Income from Continuing Op.s 35,564 15,453 -9,012
Non-recurring Events:
Discontinued Operations 2,793 -166 1,214
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 38,357 15,287 -7,798
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 38,357 15,287 -7,798
Quarterly Income Statements: All numbers in thousands)
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Total Revenue 107,495 103,090 90,633 102,394
Cost of Revenue 71,089 70,319 61,214 68,638
Gross Profit 36,406 32,771 29,419 33,756
Operating Expenses:
Research & Development 1,295 1,246 962 1,010
Selling, General & Adminis. 16,301 17,380 15,745 16,512
Non-Recurring Expenses 0 0 0 0
Other Operating Expenses 4,690 3,972 3,776 4,513
Total Operating Expenses 0 0 0 0
Operating Income or Loss 14,120 10,173 8,936 11,721
Income from Continuing Operations:
Total Other Income/Expenses Net -1,426 -1,423 -301 -728
Earnings Before Int. & Taxes 12,694 8,750 8,635 10,993
Interest Expense 92 186 21 217
Income Before Taxes 12,602 8,564 8,614 10,776
Income Tax Expense -787 2,893 3,081 2,956
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 13,859 6,098 5,974 8,337
Non-recurring Events:
Discontinued Operations 0 0 0 -443
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 13,859 6,098 5,974 7,894
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 13,859 6,098 5,974 7,894
Annual Balance Sheets: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 16,750 30,304 5,631
Short Term Investments 0 0 0
Net Receivables 82,626 74,492 68,373
Inventory 93,725 81,280 70,339
Other Current Assets 7,821 3,602 4,369
Total Current Assets 200,922 189,678 148,712
Long-Term Investments 11,747 8,593 6,971
Property, Plant & Equipt 122,960 105,512 106,101
Goodwill 26,340 27,845 27,497
Intangible Assets 5,930 7,760 8,521
Accumulated Amortization 0 0 0
Other Assets 6,568 2,333 4,337
Deferred Long Term Asset Charges 13,129 6,419 20,225
Total Assets 387,596 348,140 322,364
Current Liabilities:
Accounts Payable 56,036 55,750 55,526
Short/Current Long Term Debt 10,381 64,011 0
Other Current Liabilities 0 0 0
Total Current Liabilities 66,417 119,761 55,526
Long Term Debt 0 12,925 74,836
Other Liabilities 68,199 41,844 42,450
Deferred LT Liability Charges 242 1,361 1,679
Minority Interest 0 0 0
Negative Goodwill 0 0 0
Total Liabilities 134,858 175,891 174,491
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 570 430 425
Retained Earnings 143,193 104,936 94,035
Treasury Stock -28,615 -27,424 -27,237
Capital Surplus 144,040 77,299 70,851
Other Stockholder Equity -6,450 17,008 9,799
Total Stockholder Equity 252,738 172,249 147,873
Net Tangible Assets 220,468 136,644 111,855
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Current Assets:
Cash & Cash Equivalents 20,795 18,520 13,874 16,750
Short Term Investments 0 0 0 0
Net Receivables 84,140 82,876 79,724 82,626
Inventory 88,186 94,441 98,731 93,725
Other Current Assets 4,727 5,964 5,717 7,821
Total Current Assets 197,848 201,801 198,046 200,922
Long-Term Investments 12,500 11,036 11,087 11,747
Property, Plant & Equipt 151,073 143,774 130,575 122,960
Goodwill 26,844 26,813 26,220 26,340
Intangible Assets 5,027 5,373 5,594 5,930
Accumulated Amortization 0 0 0 0
Other Assets 6,125 6,203 6,033 6,568
Deferred LT Asset Charges 0 0 0 0
Total Assets 406,605 405,356 391,401 387,596
Current Liabilities:
Accounts Payable 55,446 54,577 57,364 56,036
Current Portion LT Debt 0 5,163 9,602 10,381
Other Current Liabilities 0 0 0 0
Total Current Liabilities 55,446 59,740 66,966 66,417
Long Term Debt 0 7,600 0 0
Other Liabilities 60,052 69,639 68,146 68,199
Deferred LT Liab. Charges 20 44 167 242
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 115,518 137,023 135,279 134,858
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 585 572 572 570
Retained Earnings 159,937 146,078 139,980 143,193
Treasury Stock -29,511 -29,494 -29,182 -28,615
Capital Surplus 162,859 156,137 154,833 144,040
Other Stockholder Equity -2,783 -4,960 -10,081 -6,450
Total Stockholder Equity 291,087 268,333 256,122 252,738
Net Tangible Assets 259,216 236,147 224,308 220,468
Annual Cash Flow: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Net Income 38,357 6,098 -7,798
Operating Activites:
Depreciation 16,674 17,248 18,935
Adjustments to Net Income 1,035 7,921 -4,064
Changes in Accounts Recv'bls -12,049 -811 6,032
Changes in Liabilities -3,605 5,390 -18,026
Changes in Inventories -14,931 -9,559 -1,508
Changes in Other Op'ing Actv's 0 -6,063 644
Total Cash Flow fr Operations 25,570 29,413 -5,785
Investing Activities:
Capital Expenditures 0 -11,789 -12,855
Investments 0 0 0
Other Cash Flows fr Investing 0 513 27,065
Total Cash Flows fr Investing -32,096 -11,276 14,210
Financing Acitivies:
Dividends Paid 0 0 0
Sale or Purchase of Stock 3,929 2,903 356
Net Borrowings -11,000 1,504 -9,089
Other Cash Flows fr Financing 2,122 942 0
Total Cash Flows fr Financing -4,949 5,349 0
Effect of Exchange Rate Change -2,079 1,187 493
Change in Cash & Cash Equiv.s -13,554 24,673 185
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Net Income 13,859 6,098 5,974 7,894
Operating Activites:
Depreciation 4,723 4,157 3,776 4,513
Adjustments to Net Income -9,024 4,016 1,452 1,116
Changes in Accounts Recv'bls 4,460 5,599 -1,223 -184
Changes in Liabilities -6 -1,050 -1,067 -7,009
Changes in Inventories 6,686 6,710 -6,004 -6,852
Changes in Other Oper'g Acts -1,167 -4,629 5,796 2,188
Total Cash Flow f Operations 19,531 20,901 8,704 1,666
Investing Activities:
Capital Expenditures -9,872 -17,064 -11,132 20,641
Investments 0 0 0 0
Other Cash Flows fr Investing 5,753 -11,019 0 -32,676
Total Cash Flows fr Investing -4,119 -28,083 -11,132 -12,035
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock 245 -294 -137 -369
Net Borrowings -7,600 3,070 0 -11,000
Other Cash Flows fr Financing -72 -1,156 490 620
Total Cash Flows fr Financing -7,427 1,620 353 -10,749
Effect of Exchange Rate Chg 43 -811 -801 605
Change in Cash & Cash Equiv. 8,028 0 -6,373 0
CCC Calgon Carbon Corp. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 1.3391 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 2.1700 Forward P/E Ratio < 28? 1.4878
Sales Tests:
Price/Sales Ratio < 2.3? 1.1856 Inventory/Sales < 5%? 0.2135
Sales < $1 billion? 2.4983 Operating Margin < 7.5%? 0.6732
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 3.0000
LTD Being Reduced? 1.8000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 1.7840 Working Capital >= 1.5? 0.5605
Leverage Ratio < 20%? 3.0000 Debt / Assets < 1? 1.0000
Quick Ratio > 1? 1.8926 Inventory Turnover > 1? 3.0000
Shares Out Decreasing? 0.6000 Market Cap.> 1.5 Billion? 1.8496
Profit Margin > 7.5%? 1.2866
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 1.3133 EPS 5-yr Growth > 20%? 0.0000
Enterprise Value/EBITDA: 1.8357 EPS Growth Consistent? 2.4000
EPS Qrtly Growth > 10%? 3.0000 Collection < 45 days? 0.5972
Rev. Qtrly Growth > 15%? 1.2750 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 1.0000
Stock Performance Tests:
Volatility > 25%? 2.5411 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 0.7120 % Held by Institut. < 50? 0.5714
50 Da MA > 200 Da MA? 0.2567 % Held by Institut. > 30? 2.9167
52-Wk Change vs. S&P 500: 0.9907 Short Ratio > 5? 2.1000
Price/Book Value < 3? 1.3300 Short % of Float > 20? 0.3100
Return on Assets > 17%? 0.4200 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 3.0000 Positive Free Cash Flow? 0.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: -3.0000
Cash Flow / Assets >.10? -0.2885
CCC Calgon Carbon Corp. Overall Zenith Index: 1.3874
Financial Statements |
Financial Ratios |
Market Grader |
Intrinsic Value |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Calgon Carbon Corp.:
Symbol? CCC
Total Months Available: 118
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
16.79 10.00 19.31 11.14 16.77 10.93
RANGE = 19.31 TO 10.00 Close = 14.49
CHANNEL = 16.77 TO 11.14 Degree = 6
Volatility = 38.85% Index = 23
Intraday Chart |
20 Days:
1 Day:
The following table details which MACD signals on the preceding chart are best taken. Originally, this was set up for a two-day span, but ten days gives a better sample. Unfortunately, with the 10-day span, the colored lines on the histogram are much harder to read. Both spans are shown above. Red turning into green on the histogram is a buy and green turning into red is a sell, but with the following conditions. The share price must have moved at least 0.2% away from the previous signal price in order to avoid whipsawing. More importantly, the +/- magnitude of the MACD (the blue line, which crosses the red line at signal time) must be greater than the minimum required magnitude indicated below. Otherwise, the signal is ignored. This system appears to work well for Calgon Carbon. CCC Minimum Magnitude MACD for Action = ± 0.0650 Ticker Day Time Hist. MACD Sig Line Act Price Profit CCC 29 06:46 -0.0070 0.0796 0.0866 S 14.76 0.00 CCC 29 06:58 0.0005 0.0656 0.0651 B 14.93 -1.15 CCC 30 05:34 0.0513 0.0613 0.0101 15.65 -7.18 CCC 30 06:47 -0.0036 0.1439 0.1475 S 15.58 -7.18 CCC 02 06:07 -0.0005 -0.0146 -0.0141 15.86 0.27 CCC 02 09:57 0.0078 -0.0784 -0.0862 B 15.78 0.27 CCC 02 11:46 -0.0031 0.0882 0.0913 S 16.02 1.79 CCC 03 06:32 -0.0002 -0.0242 -0.0240 15.80 1.92 CCC 04 11:50 0.0011 -0.0656 -0.0667 B 15.25 1.92 CCC 05 06:13 -0.0005 0.0087 0.0092 15.20 5.59 CCC 05 07:20 -0.0001 -0.0752 -0.0750 S 14.53 5.59 CCC 05 07:33 0.0004 -0.0725 -0.0729 B 14.42 6.35 CCC 05 07:35 -0.0000 -0.0727 -0.0727 S 14.38 6.07 CCC 05 07:53 0.0009 -0.1378 -0.1388 B 13.94 9.13 CCC 06 06:09 -0.0294 0.0014 0.0308 13.79 13.24 CCC 06 06:55 -0.0091 0.2543 0.2634 S 15.00 13.24 CCC 06 07:45 0.0004 -0.1611 -0.1615 B 14.32 17.77 CCC 06 13:01 0.0015 -0.0038 -0.0053 14.49 18.96
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | + 1 |
| Industry | - 1 |
| Bond Issue | + 1 |
| Zenith Index | + 1 |
| GAAP vs. non-GAAP Earnings < 1% | - 1 |
| Cash Flow | + 1 |
| Ratios | - 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | + 1 |
| Stock Scout | + 1 |
| Projected Earnings | + 1 |
| Research Reports | - 1 |
| Analysts | + 1 |
| Executive Perquisites | + 1 |
| Insider Activity | + 1 |
| Institutional Activity | + 1 |
| Management Reporting | + 1 |
| Short Interest | - 1 |
| Sentiment | - 1 |
| Standard & Poor's | - 1 |
| Moving Average | - 1 |
| Stock Fetcher | + 1 |
| Point & Figure | - 1 |
| Wall Street Analyzer | + 1 |
| Marketspace Chart | - 1 |
| Time Series Chart | - 1 |
| Neural Network | 0 |
| Stock Options | + 1 |
| Ultimate Trading Systems | - 1 |
| Total | + 6 |
Place 2,160 shares of Calgon Carbon Corporation (CCC) on the Active List.
