Corporate Webpages Silgan Holdings Inc.
Silgan Holdings is a Connecticut-based canning, packaging, and
container manufacturer. It still makes steel cans despite the
conversion of most food and beverage suppliers to aluminum cans
long ago. Steel cans are more durable. Of course, it makes
aluminum cans as well. Silgan is the largest metal food
container manufacturer in North America.
One of the first things that jumps out about this company comes
from a look at a historical stock price chart. Compared to what
happened to most companies in the stock market meltdown of last
year, Silgan held up very well and is considered a "defensive"
as well as a growth stock.
In one of the things that we noticed from a very limited amount
of news and public relations releases from this company was a
recent trend to close its plants in business-unfriendly high-tax
state California. The company is considered labor-intensive.
"Cannery Rowe" got hit pretty hard after having some labor problems.
The company has an impressive list of large-corporation clients
who use its products. It is considered a "mature company" in a
"mature industry," rather safe, but not necessarily about to
show high growth or earnings increases, according to some. But
over and against that notion, it has strong intrinsic value
ratings which are based upon historical growth.
The company issues high-grade corporate bonds with a maturity
date that is not too far out. Corporate governance is
considered poor by who is on the Board of Directors, but good by
Zenith's method of examining executive salaries and perquisites.
For reasons unclear to us, funds have been dumping this stock lately.
The stock pays a 1.3% dividend. It has been involved in recent
refinancing and borrowing activity but is considered to have no
long-term debt by some of the sources we use. We believe the sites
reporting "zero-debt" for the company are inaccurate, including
Zenith's own Index, which is reasonably strong for this stock.
Silgan recently took an uncharacteristic quantum jump within the
last few days and the reason appears that it joined the S&P 400
Index replacing Marvel Entertainment which no longer trades
after Disney bought it. This forces index-tracking funds to buy
into the stock.
12-30-2009: Silgan Holdings Inc. (SLGN): Joins the S&P 400 Index
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
Market Grader
Intrinsic Value (Disc. CashFlow)
Intrinsic Value (Proj. Earnings)
Scout Stock Rating
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Stock Report
Management's Discussion
Moving Average Chart
Right Time Study
Channel Potential
Intraday Chart
Stock Fetcher
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Silgan Holdings Inc. (SLGN ) Sector: Consumer Goods
4 Landmark Square Industry: Packaging & Containers
Suite 400 Exchange: Nasdaq
Stamford, CT
Silgan Holdings, Inc., through its subsidiaries, engages in the
manufacture and sale of metal and plastic consumer goods packaging
products in North America, Europe, Asia, and South America. Its
products include steel and aluminum containers for human and pet
food; and custom designed plastic containers, tubes, and closures
for personal care, health care, pharmaceutical, household and
industrial chemical, food, pet care, agricultural chemical,
automotive, and marine chemical products. The company also offers
metal, composite, and plastic vacuum closures for food and beverage
products. Silgan Holdings markets its products through direct sales
force and a network of distributors primarily to consumer products
companies. The company was founded in 1987 and is based in Stamford,
Connecticut.
Last Trade: 58.54 52-Week Range: 59.01 - 43.18
Trade Date: 12-28 Avg. Volume: 241,006 Shares
Index Membership: N/A Employees: 7,700
Corporate Governance:
Silgan Holdings Inc.'s Corporate Governance Quotient (CGQ-«) as of
1-Dec-09 is better than 12.1% of Russell 3000 companies and 23.2% of
Materials companies.
EPS: 4.14 Dividend Amount: $ 0.76 Yield: 1.30%
Ex-Dividend Date: 27-Nov-09 Mkt Cap: $ 2,240,000K
Payout Ratio: 18.00%
Last Split Factor (new for old): 2:1 Split Date: 16-Sep-05
Key Statistics:
Enterprise Value: $ 3,070,000K Revenue (ttm) : $ 3,100,000K
Gross Profit: $ 437,530K
Earnings before Income Tax, Depreciation and Amortization: $ 445,460K
Enterprise Value/Revenue (ttm): 0.99 Revenue per Share: $ 81.43
Enterprise Value/EBITDA (ttm): 6.90 Qtrly Rev Growth (y to y): 5.40%
P/E Ratio (fwd projected): 13.65 P/E Ratio (current): 14.13
P/E Growth Ratio (5 yr expected): 1.78 Operating Margin: 9.69%
Price/Sales Ratio: 0.71 Profit Margin: 5.13%
Price/Book Value: 3.35 Book Value: $ 17.17/sh.
Return on Assets: 7.73% Net Income Avl to Common: $ 159,220K
Return on Equity: 25.50% Diluted Earnings/Share: $ 4.14
Qrtly Earnings Growth (yoy): 39.20%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 66,730K Operating Cash Flow:$ 286,130K
Total Debt: $ 941,160K Lvgd Free Cash Flow:$ 186,100K
Total Debt/Equity: 0.00
Total Cash/Share: $ 1.75
Current Ratio: 2.25
Share Statistics: Stock Price History:
Shares Outstanding: 38,230K Stk 52-Week Change: 26.27%
Float: 26,620K S&P 500 52-Wk Chng: 29.72%
Sh. Short % of Float: 3.60% 50-Day Moving Avg: 54.99
Short Ratio: 4.50 200-Day Moving Avg: 51.83
% Held by Institutions: 75.70% Beta: 0.38
% Held by Insiders: 30.36%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Dec-09 Mar-10 Dec-09 Dec-10
Average Earnings Estimate 0.54 0.71 4.09 4.29
Average Revenue Estimate 737M 673M 3,100M 3,130M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.000 EPS Growth (Qrtly YoY): 0.070
PEG Ratio (ttm, 5 yr expected): 0.180 P/E Ratio (ttm): 0.224
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 3,120,992 2,922,996 2,667,519
Cost of Revenue 2,683,466 2,509,336 2,305,148
Gross Profit 437,526 413,660 362,371
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 160,637 148,718 147,726
Non-Recurring Expenses 12,180 5,738 0
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 264,709 259,204 214,645
Income from Continuing Operations:
Total Other Income/Expenses Net 0 0 -229
Earnings Before Interest & Taxes 264,709 259,204 214,416
Interest Expense 60,160 66,003 59,168
Income Before Taxes 204,549 193,201 155,248
Income Tax Expense 72,922 70,422 51,232
Minority Interest 0 0 0
Net Income from Continuing Op.s 131,627 122,779 104,016
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 131,627 122,779 104,016
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 131,627 122,779 104,016
Quarterly Income Statements: All numbers in thousands)
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Total Revenue 1,016,537 689,542 655,396 741,579
Cost of Revenue 849,941 584,515 559,083 643,461
Gross Profit 166,596 105,027 96,313 98,118
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 40,104 40,088 41,251 35,651
Non-Recurring Expenses -1,378 -77 1,455 12,180
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 127,870 65,016 53,607 50,287
Income from Continuing Operations:
Total Other Income/Expenses Net 0 -661 0 0
Earnings Before Int. & Taxes 127,870 64,355 53,607 50,287
Interest Expense 13,724 12,209 10,456 13,945
Income Before Taxes 114,146 52,146 43,151 36,342
Income Tax Expense 40,642 18,461 15,475 11,988
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 72,843 33,685 27,676 24,354
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 73,504 33,685 27,676 24,354
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 73,504 33,685 27,676 24,354
Annual Balance Sheets: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 163,006 95,941 16,737
Short Term Investments 0 0 0
Net Receivables 266,880 219,775 232,429
Inventory 392,335 427,807 426,591
Other Current Assets 31,093 27,670 41,995
Total Current Assets 853,314 771,193 717,752
Long-Term Investments 0 0 0
Property, Plant & Equipt 902,230 939,627 894,647
Goodwill 300,448 310,692 304,393
Intangible Assets 57,112 63,526 47,833
Accumulated Amortization 0 0 0
Other Assets 50,475 54,975 43,754
Deferred Long Term Asset Charges 0 0 0
Total Assets 2,163,579 2,140,013 2,008,379
Current Liabilities:
Accounts Payable 411,994 378,023 406,547
Short/Current Long Term Debt 158,877 112,921 26,417
Other Current Liabilities 0 0 0
Total Current Liabilities 570,871 490,944 432,964
Long Term Debt 726,036 879,581 929,221
Other Liabilities 342,094 269,405 279,654
Deferred LT Liability Charges 0 0 0
Minority Interest 0 0 0
Negative Goodwill 0 0 0
Total Liabilities 1,639,001 1,639,930 1,641,839
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 433 430 429
Retained Earnings 497,732 392,108 295,433
Treasury Stock -60,294 -60,148 -60,090
Capital Surplus 162,568 152,629 146,332
Other Stockholder Equity -75,861 15,064 -15,564
Total Stockholder Equity 524,578 500,083 366,540
Net Tangible Assets 167,018 125,865 14,314
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 66,727 79,638 201,010 163,006
Short Term Investments 0 0 0 0
Net Receivables 517,124 289,309 256,438 266,880
Inventory 372,995 555,704 469,193 392,335
Other Current Assets 23,963 28,531 29,051 31,093
Total Current Assets 980,809 953,182 955,692 853,314
Long-Term Investments 0 0 0 0
Property, Plant & Equipt 889,610 877,004 879,456 902,230
Goodwill 304,585 300,315 294,459 300,448
Intangible Assets 56,530 56,242 55,702 57,112
Accumulated Amortization 0 0 0 0
Other Assets 57,765 52,400 50,343 50,475
Deferred LT Asset Charges 0 0 0 0
Total Assets 2,289,299 2,239,143 2,235,652 2,163,579
Current Liabilities:
Accounts Payable 379,960 351,136 344,697 411,994
Current Portion LT Debt 56,529 127,938 309,428 158,877
Other Current Liabilities 0 0 0 0
Total Current Liabilities 436,489 479,074 654,125 570,871
Long Term Debt 868,328 856,669 710,170 726,036
Other Liabilities 328,449 326,754 333,980 342,094
Deferred LT Liab. Charges 0 0 0 0
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 1,633,266 1,662,497 1,698,275 1,639,001
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 434 434 434 433
Retained Earnings 610,594 544,451 518,090 497,732
Treasury Stock -60,448 -60,377 -60,377 -60,294
Capital Surplus 169,839 166,878 165,431 162,568
Other Stockholder Equity -64,386 -74,740 -86,201 -75,861
Total Stockholder Equity 656,033 576,646 537,377 524,578
Net Tangible Assets 294,918 220,089 187,216 167,018
Annual Cash Flow: All Numbers in Thousands
Period Ending 31-Dec-08 31-Dec-07 31-Dec-06
Net Income 131,627 33,685 104,016
Operating Activites:
Depreciation 145,324 139,331 127,411
Adjustments to Net Income 28,459 -7,854 36,210
Changes in Accounts Recv'bls -49,538 24,340 -18,663
Changes in Liabilities 63,006 -38,721 24,730
Changes in Inventories 37,923 11,451 -37,511
Changes in Other Op'ing Actv's -11,395 28,383 -14,779
Total Cash Flow fr Operations 345,406 279,709 221,414
Investing Activities:
Capital Expenditures -122,902 -154,946 -121,672
Investments 0 0 0
Other Cash Flows fr Investing -12,810 -3,929 -316,774
Total Cash Flows fr Investing -135,712 -158,875 -438,446
Financing Acitivies:
Dividends Paid -26,003 -24,289 -18,042
Sale or Purchase of Stock 2,073 991 3,232
Net Borrowings -80,232 -12,867 229,258
Other Cash Flows fr Financing -38,467 -5,465 -1,140
Total Cash Flows fr Financing -142,629 -41,630 213,308
Effect of Exchange Rate Change 0 0 0
Change in Cash & Cash Equiv.s 67,065 79,204 -3,724
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
Net Income 73,504 33,685 27,676 24,354
Operating Activites:
Depreciation 36,391 36,358 36,828 36,994
Adjustments to Net Income -684 505 361 21,395
Changes in Accounts Recv'bls -224,010 -28,169 4,972 219,855
Changes in Liabilities 28,075 -5,788 -10,532 -32,289
Changes in Inventories 170,183 -81,697 -81,882 22,113
Changes in Other Oper'g Acts 6,822 9,872 -13,752 0
Total Cash Flow f Operations 90,281 0 -35,234 0
Investing Activities:
Capital Expenditures -23,329 -24,860 -23,916 -35,247
Investments 0 0 0 0
Other Cash Flows fr Investing 421 2,335 121 644
Total Cash Flows fr Investing -22,908 -22,525 -23,795 -34,603
Financing Acitivies:
Dividends Paid -7,361 -7,324 -7,318 -6,511
Sale or Purchase of Stock 496 162 286 615
Net Borrowings -118,867 -57,804 155,336 -404,638
Other Cash Flows fr Financing 0 1,353 -50,176 50,353
Total Cash Flows fr Financing 0 0 0 0
Effect of Exchange Rate Chg 0 0 0 0
Change in Cash & Cash Equiv. -12,911 -121,372 38,004 -127,371
SLGN Silgan Holdings Inc. [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 1.9816 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 3.0000 Forward P/E Ratio < 28? 2.0513
Sales Tests:
Price/Sales Ratio < 2.3? 3.0000 Inventory/Sales < 5%? 0.3977
Sales < $1 billion? 0.3204 Operating Margin < 7.5%? 0.7740
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 0.7225
LTD Being Reduced? 1.8000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 1.1235 Working Capital >= 1.5? 0.8901
Leverage Ratio < 20%? 0.5455 Debt / Assets < 1? 2.9800
Quick Ratio > 1? 1.3376 Inventory Turnover > 1? 3.0000
Shares Out Decreasing? 1.8000 Market Cap.> 1.5 Billion? 0.6696
Profit Margin > 7.5%? 0.6840
Income Tests:
Dividend Yield > 2.0%? 3.0000 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 0.6600 EPS 5-yr Growth > 20%? 1.9200
Enterprise Value/EBITDA: 0.9851 EPS Growth Consistent? 3.0000
EPS Qrtly Growth > 10%? 3.0000 Collection < 45 days? 1.4418
Rev. Qtrly Growth > 15%? 0.8100 Gross Pft/Cur. LTD < 1? 2.0312
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 1.2948
Stock Performance Tests:
Volatility > 25%? 1.2393 % Held by Insiders < 5%? 0.1647
Beta > 1.25? 0.3040 % Held by Institut. < 50? 0.6605
50 Da MA > 200 Da MA? 0.1619 % Held by Institut. > 30? 2.5233
52-Wk Change vs. S&P 500: 1.9814 Short Ratio > 5? 0.9000
Price/Book Value < 3? 0.6500 Short % of Float > 20? 0.1800
Return on Assets > 17%? 0.4547 Average Volume > 100,000? 2.4101
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 1.5375 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 0.8598
Cash Flow / Assets >.10? 0.8129
SLGN Silgan Holdings Inc. Overall Zenith Index: 1.3723
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
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 |
Right Time Study |
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 Silgan Holdings:
Symbol? SLGN
Total Months Available: 120
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
54.37 44.15 52.21 43.18 57.88 47.71
RANGE = 57.88 TO 43.18 Close = 58.54
CHANNEL = 52.21 TO 47.71 Degree = 3
Volatility = 7.69% Index = 2
Intraday Chart |
20 Days:
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 "ultimate systems" are inconclusive, giving no clear confirmed signals.
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 | 0 |
| 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 |
| Right Time Study | + 1 |
| Stock Fetcher | - 1 |
| Point & Figure | + 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | + 1 |
| Neural Network | + 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | 0 |
| Total | + 16 |
Place 515 shares of Silgan Holdings Inc. (SLGN) on the Active List.
