Intrinsic value of Chemtrade Logistics Income Fund - CHE-UN

Previous Close

$15.13

  Intrinsic Value

$8.76

stock screener

  Rating & Target

sell

-42%

Previous close

$15.13

 
Intrinsic value

$8.76

 
Up/down potential

-42%

 
Rating

sell

We calculate the intrinsic value of CHE-UN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  46.90
  42.71
  38.94
  35.55
  32.49
  29.74
  27.27
  25.04
  23.04
  21.23
  19.61
  18.15
  16.83
  15.65
  14.59
  13.63
  12.76
  11.99
  11.29
  10.66
  10.09
  9.58
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
Revenue, $m
  1,567
  2,237
  3,108
  4,213
  5,581
  7,241
  9,216
  11,523
  14,178
  17,188
  20,559
  24,290
  28,379
  32,821
  37,608
  42,732
  48,187
  53,963
  60,055
  66,457
  73,165
  80,178
  87,495
  95,119
  103,054
  111,307
  119,885
  128,801
  138,065
  147,693
Variable operating expenses, $m
  1,595
  2,242
  3,085
  4,154
  5,478
  7,083
  8,993
  11,226
  13,793
  16,706
  19,887
  23,497
  27,452
  31,749
  36,379
  41,336
  46,613
  52,201
  58,093
  64,286
  70,775
  77,559
  84,637
  92,012
  99,688
  107,671
  115,969
  124,593
  133,555
  142,869
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,595
  2,242
  3,085
  4,154
  5,478
  7,083
  8,993
  11,226
  13,793
  16,706
  19,887
  23,497
  27,452
  31,749
  36,379
  41,336
  46,613
  52,201
  58,093
  64,286
  70,775
  77,559
  84,637
  92,012
  99,688
  107,671
  115,969
  124,593
  133,555
  142,869
Operating income, $m
  -27
  -6
  23
  59
  104
  158
  222
  298
  385
  483
  672
  793
  927
  1,072
  1,228
  1,396
  1,574
  1,763
  1,962
  2,171
  2,390
  2,619
  2,858
  3,107
  3,366
  3,636
  3,916
  4,207
  4,510
  4,824
EBITDA, $m
  180
  256
  356
  483
  640
  830
  1,056
  1,321
  1,625
  1,970
  2,356
  2,784
  3,252
  3,761
  4,310
  4,897
  5,522
  6,184
  6,883
  7,616
  8,385
  9,189
  10,027
  10,901
  11,810
  12,756
  13,739
  14,761
  15,823
  16,926
Interest expense (income), $m
  32
  31
  55
  87
  128
  181
  247
  326
  420
  531
  658
  801
  963
  1,141
  1,336
  1,549
  1,777
  2,022
  2,283
  2,559
  2,850
  3,156
  3,477
  3,812
  4,162
  4,526
  4,905
  5,300
  5,710
  6,136
  6,579
Earnings before tax, $m
  -58
  -60
  -64
  -69
  -78
  -89
  -104
  -123
  -146
  -175
  -130
  -169
  -214
  -264
  -320
  -382
  -448
  -520
  -597
  -679
  -766
  -858
  -954
  -1,055
  -1,160
  -1,270
  -1,384
  -1,503
  -1,626
  -1,754
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -58
  -60
  -64
  -69
  -78
  -89
  -104
  -123
  -146
  -175
  -130
  -169
  -214
  -264
  -320
  -382
  -448
  -520
  -597
  -679
  -766
  -858
  -954
  -1,055
  -1,160
  -1,270
  -1,384
  -1,503
  -1,626
  -1,754

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,154
  4,501
  6,253
  8,476
  11,230
  14,570
  18,543
  23,186
  28,527
  34,584
  41,366
  48,874
  57,101
  66,037
  75,669
  85,981
  96,955
  108,578
  120,835
  133,716
  147,214
  161,324
  176,046
  191,386
  207,352
  223,957
  241,218
  259,156
  277,797
  297,169
Adjusted assets (=assets-cash), $m
  3,154
  4,501
  6,253
  8,476
  11,230
  14,570
  18,543
  23,186
  28,527
  34,584
  41,366
  48,874
  57,101
  66,037
  75,669
  85,981
  96,955
  108,578
  120,835
  133,716
  147,214
  161,324
  176,046
  191,386
  207,352
  223,957
  241,218
  259,156
  277,797
  297,169
Revenue / Adjusted assets
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
Average production assets, $m
  1,721
  2,456
  3,412
  4,625
  6,128
  7,951
  10,119
  12,653
  15,567
  18,873
  22,574
  26,671
  31,160
  36,037
  41,293
  46,920
  52,909
  59,252
  65,941
  72,970
  80,335
  88,035
  96,070
  104,441
  113,153
  122,215
  131,634
  141,423
  151,595
  162,167
Working capital, $m
  45
  65
  90
  122
  162
  210
  267
  334
  411
  498
  596
  704
  823
  952
  1,091
  1,239
  1,397
  1,565
  1,742
  1,927
  2,122
  2,325
  2,537
  2,758
  2,989
  3,228
  3,477
  3,735
  4,004
  4,283
Total debt, $m
  1,482
  2,346
  3,472
  4,899
  6,667
  8,811
  11,361
  14,342
  17,771
  21,660
  26,014
  30,834
  36,116
  41,853
  48,037
  54,657
  61,702
  69,164
  77,033
  85,303
  93,968
  103,027
  112,479
  122,327
  132,577
  143,237
  154,319
  165,835
  177,802
  190,239
Total liabilities, $m
  2,025
  2,889
  4,015
  5,442
  7,210
  9,354
  11,904
  14,885
  18,314
  22,203
  26,557
  31,377
  36,659
  42,396
  48,580
  55,200
  62,245
  69,707
  77,576
  85,846
  94,511
  103,570
  113,022
  122,870
  133,120
  143,780
  154,862
  166,378
  178,345
  190,782
Total equity, $m
  1,129
  1,611
  2,239
  3,034
  4,020
  5,216
  6,638
  8,301
  10,213
  12,381
  14,809
  17,497
  20,442
  23,641
  27,090
  30,781
  34,710
  38,871
  43,259
  47,870
  52,703
  57,754
  63,025
  68,516
  74,232
  80,177
  86,356
  92,778
  99,451
  106,386
Total liabilities and equity, $m
  3,154
  4,500
  6,254
  8,476
  11,230
  14,570
  18,542
  23,186
  28,527
  34,584
  41,366
  48,874
  57,101
  66,037
  75,670
  85,981
  96,955
  108,578
  120,835
  133,716
  147,214
  161,324
  176,047
  191,386
  207,352
  223,957
  241,218
  259,156
  277,796
  297,168
Debt-to-equity ratio
  1.310
  1.460
  1.550
  1.610
  1.660
  1.690
  1.710
  1.730
  1.740
  1.750
  1.760
  1.760
  1.770
  1.770
  1.770
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
  1.790
  1.790
  1.790
  1.790
  1.790
  1.790
  1.790
Adjusted equity ratio
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -58
  -60
  -64
  -69
  -78
  -89
  -104
  -123
  -146
  -175
  -130
  -169
  -214
  -264
  -320
  -382
  -448
  -520
  -597
  -679
  -766
  -858
  -954
  -1,055
  -1,160
  -1,270
  -1,384
  -1,503
  -1,626
  -1,754
Depreciation, amort., depletion, $m
  207
  262
  333
  424
  536
  672
  834
  1,023
  1,240
  1,487
  1,685
  1,990
  2,325
  2,689
  3,082
  3,501
  3,948
  4,422
  4,921
  5,446
  5,995
  6,570
  7,169
  7,794
  8,444
  9,120
  9,823
  10,554
  11,313
  12,102
Funds from operations, $m
  149
  202
  269
  354
  458
  583
  730
  900
  1,094
  1,312
  1,555
  1,821
  2,112
  2,425
  2,761
  3,120
  3,500
  3,901
  4,324
  4,766
  5,229
  5,712
  6,215
  6,739
  7,284
  7,851
  8,440
  9,051
  9,687
  10,348
Change in working capital, $m
  15
  19
  25
  32
  40
  48
  57
  67
  77
  87
  98
  108
  119
  129
  139
  149
  158
  168
  177
  186
  195
  203
  212
  221
  230
  239
  249
  259
  269
  279
Cash from operations, $m
  134
  182
  244
  322
  419
  535
  673
  833
  1,017
  1,225
  1,457
  1,713
  1,993
  2,296
  2,623
  2,971
  3,342
  3,734
  4,147
  4,580
  5,034
  5,509
  6,003
  6,518
  7,054
  7,612
  8,191
  8,793
  9,418
  10,068
Maintenance CAPEX, $m
  -87
  -128
  -183
  -255
  -345
  -457
  -593
  -755
  -944
  -1,162
  -1,408
  -1,685
  -1,990
  -2,325
  -2,689
  -3,082
  -3,501
  -3,948
  -4,422
  -4,921
  -5,446
  -5,995
  -6,570
  -7,169
  -7,794
  -8,444
  -9,120
  -9,823
  -10,554
  -11,313
New CAPEX, $m
  -550
  -735
  -956
  -1,213
  -1,503
  -1,823
  -2,168
  -2,534
  -2,915
  -3,305
  -3,701
  -4,097
  -4,490
  -4,877
  -5,256
  -5,627
  -5,989
  -6,343
  -6,689
  -7,029
  -7,366
  -7,700
  -8,034
  -8,371
  -8,713
  -9,061
  -9,419
  -9,789
  -10,172
  -10,572
Cash from investing activities, $m
  -637
  -863
  -1,139
  -1,468
  -1,848
  -2,280
  -2,761
  -3,289
  -3,859
  -4,467
  -5,109
  -5,782
  -6,480
  -7,202
  -7,945
  -8,709
  -9,490
  -10,291
  -11,111
  -11,950
  -12,812
  -13,695
  -14,604
  -15,540
  -16,507
  -17,505
  -18,539
  -19,612
  -20,726
  -21,885
Free cash flow, $m
  -503
  -681
  -896
  -1,145
  -1,429
  -1,745
  -2,088
  -2,456
  -2,842
  -3,242
  -3,652
  -4,068
  -4,487
  -4,906
  -5,323
  -5,737
  -6,148
  -6,557
  -6,964
  -7,370
  -7,777
  -8,186
  -8,601
  -9,022
  -9,452
  -9,894
  -10,349
  -10,820
  -11,308
  -11,816
Issuance/(repayment) of debt, $m
  647
  865
  1,125
  1,427
  1,768
  2,144
  2,551
  2,981
  3,429
  3,889
  4,354
  4,820
  5,282
  5,737
  6,184
  6,620
  7,046
  7,462
  7,869
  8,270
  8,665
  9,059
  9,452
  9,848
  10,250
  10,660
  11,081
  11,516
  11,967
  12,437
Issuance/(repurchase) of shares, $m
  418
  543
  691
  865
  1,063
  1,284
  1,526
  1,785
  2,058
  2,343
  2,558
  2,857
  3,159
  3,463
  3,768
  4,073
  4,377
  4,681
  4,986
  5,291
  5,598
  5,909
  6,225
  6,546
  6,876
  7,214
  7,563
  7,924
  8,299
  8,690
Cash from financing (excl. dividends), $m  
  1,065
  1,408
  1,816
  2,292
  2,831
  3,428
  4,077
  4,766
  5,487
  6,232
  6,912
  7,677
  8,441
  9,200
  9,952
  10,693
  11,423
  12,143
  12,855
  13,561
  14,263
  14,968
  15,677
  16,394
  17,126
  17,874
  18,644
  19,440
  20,266
  21,127
Total cash flow (excl. dividends), $m
  562
  726
  921
  1,147
  1,402
  1,684
  1,988
  2,310
  2,646
  2,990
  3,259
  3,608
  3,954
  4,295
  4,629
  4,956
  5,274
  5,586
  5,891
  6,191
  6,487
  6,781
  7,076
  7,372
  7,673
  7,980
  8,296
  8,621
  8,959
  9,310
Retained Cash Flow (-), $m
  -418
  -543
  -691
  -865
  -1,063
  -1,284
  -1,526
  -1,785
  -2,058
  -2,343
  -2,558
  -2,857
  -3,159
  -3,463
  -3,768
  -4,073
  -4,377
  -4,681
  -4,986
  -5,291
  -5,598
  -5,909
  -6,225
  -6,546
  -6,876
  -7,214
  -7,563
  -7,924
  -8,299
  -8,690
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  144
  183
  230
  282
  339
  399
  462
  525
  587
  647
  702
  751
  795
  831
  861
  883
  897
  905
  905
  900
  889
  872
  851
  826
  798
  766
  732
  697
  659
  621
Discount rate, %
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
  134
  157
  179
  199
  215
  226
  230
  228
  220
  206
  188
  167
  145
  122
  100
  80
  62
  47
  34
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  77.0
  61.0
  49.4
  40.8
  34.2
  29.1
  25.1
  21.9
  19.2
  17.1
  15.4
  13.9
  12.6
  11.6
  10.6
  9.8
  9.1
  8.5
  7.9
  7.4
  7.0
  6.6
  6.2
  5.9
  5.6
  5.3
  5.0
  4.8
  4.6
  4.4

Chemtrade Logistics Income Fund (Chemtrade) provides industrial chemicals and services. Chemtrade operates in four business segments: Sulphur Products & Performance Chemicals (SPPC), Water Solutions & Specialty Chemicals (WSSC), International (Intl) and Corporate (Corp). Its SPPC segment markets, removes and produces merchant, regenerated sulfuric acid, liquid sulfur dioxide, sodium hydrosulfite, elemental sulfur, hydrogen sulfide, and sodium bisulfite and other processing services. Its WSSC segment manufactures and markets a range of inorganic coagulants used in water treatment, including aluminum sulfate, aluminum chlorohydrate, polyaluminum chloride and ferric sulfate, and various specialty chemicals. The Company's Intl segment provides removal and marketing services for elemental sulfur and sulfuric acid. Its Corp segment provides centralized services, such as treasury, finance, information technology, human resources, legal and risk management.

FINANCIAL RATIOS  of  Chemtrade Logistics Income Fund (CHE-UN)

Valuation Ratios
P/E Ratio -80.5
Price to Sales 1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 10.9
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 105.9%
Total Debt to Equity 110.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital -0.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.6%
Return On Equity -1.6%
Return On Equity - 3 Yr. Avg. -1.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 7.8%
Gross Margin - 3 Yr. Avg. 8%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 10.5%
Operating Margin -1.6%
Oper. Margin - 3 Yr. Avg. -1.4%
Pre-Tax Margin -7.4%
Pre-Tax Margin - 3 Yr. Avg. -6.4%
Net Profit Margin -1.2%
Net Profit Margin - 3 Yr. Avg. -1.2%
Effective Tax Rate 98.7%
Eff/ Tax Rate - 3 Yr. Avg. 62.7%
Payout Ratio -638.5%

CHE-UN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHE-UN stock intrinsic value calculation we used $1067 million for the last fiscal year's total revenue generated by Chemtrade Logistics Income Fund. The default revenue input number comes from 2016 income statement of Chemtrade Logistics Income Fund. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CHE-UN stock valuation model: a) initial revenue growth rate of 46.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.8%, whose default value for CHE-UN is calculated based on our internal credit rating of Chemtrade Logistics Income Fund, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Chemtrade Logistics Income Fund.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CHE-UN stock the variable cost ratio is equal to 104.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CHE-UN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.7% for Chemtrade Logistics Income Fund.

Corporate tax rate of 27% is the nominal tax rate for Chemtrade Logistics Income Fund. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CHE-UN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CHE-UN are equal to 109.8%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Chemtrade Logistics Income Fund operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CHE-UN is equal to 2.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $769 million for Chemtrade Logistics Income Fund - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 92.784 million for Chemtrade Logistics Income Fund is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Chemtrade Logistics Income Fund at the current share price and the inputted number of shares is $1.4 billion.

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