Intrinsic value of Balchem - BCPC

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$79.98

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$79.98

 
Intrinsic value

$32.87

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BCPC 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 2.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   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, %
  0.18
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  553
  565
  579
  595
  613
  632
  653
  676
  701
  727
  756
  786
  819
  853
  890
  929
  970
  1,013
  1,059
  1,108
  1,159
  1,213
  1,270
  1,330
  1,393
  1,459
  1,529
  1,603
  1,681
  1,762
  1,848
Variable operating expenses, $m
 
  469
  480
  492
  505
  520
  535
  553
  571
  591
  613
  592
  616
  642
  669
  699
  730
  762
  797
  833
  872
  912
  955
  1,000
  1,048
  1,098
  1,151
  1,206
  1,265
  1,326
  1,390
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
  462
  469
  480
  492
  505
  520
  535
  553
  571
  591
  613
  592
  616
  642
  669
  699
  730
  762
  797
  833
  872
  912
  955
  1,000
  1,048
  1,098
  1,151
  1,206
  1,265
  1,326
  1,390
Operating income, $m
  91
  96
  99
  103
  108
  112
  118
  123
  130
  136
  143
  195
  203
  211
  220
  230
  240
  251
  262
  274
  287
  300
  314
  329
  345
  361
  379
  397
  416
  436
  457
EBITDA, $m
  137
  160
  164
  168
  173
  179
  185
  191
  198
  206
  214
  222
  231
  241
  252
  263
  274
  286
  299
  313
  328
  343
  359
  376
  394
  413
  432
  453
  475
  498
  523
Interest expense (income), $m
  7
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  37
  39
Earnings before tax, $m
  83
  87
  91
  94
  98
  102
  107
  112
  118
  124
  130
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  277
  289
  303
  317
  332
  347
  364
  381
  400
  419
Tax expense, $m
  27
  24
  24
  25
  26
  28
  29
  30
  32
  33
  35
  49
  51
  53
  55
  57
  60
  63
  65
  68
  71
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
Net income, $m
  56
  64
  66
  69
  72
  75
  78
  82
  86
  90
  95
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  278
  292
  306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  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
  949
  930
  953
  979
  1,008
  1,039
  1,074
  1,112
  1,153
  1,196
  1,243
  1,293
  1,347
  1,403
  1,463
  1,527
  1,595
  1,666
  1,742
  1,822
  1,906
  1,995
  2,088
  2,187
  2,291
  2,400
  2,515
  2,637
  2,764
  2,898
  3,039
Adjusted assets (=assets-cash), $m
  910
  930
  953
  979
  1,008
  1,039
  1,074
  1,112
  1,153
  1,196
  1,243
  1,293
  1,347
  1,403
  1,463
  1,527
  1,595
  1,666
  1,742
  1,822
  1,906
  1,995
  2,088
  2,187
  2,291
  2,400
  2,515
  2,637
  2,764
  2,898
  3,039
Revenue / Adjusted assets
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
Average production assets, $m
  304
  310
  318
  327
  336
  347
  359
  371
  385
  399
  415
  432
  449
  468
  488
  510
  532
  556
  581
  608
  636
  666
  697
  730
  765
  801
  840
  880
  923
  967
  1,015
Working capital, $m
  87
  85
  87
  89
  92
  95
  98
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
  209
  219
  229
  240
  252
  264
  277
Total debt, $m
  280
  254
  264
  275
  287
  301
  316
  332
  350
  369
  389
  411
  434
  458
  484
  512
  541
  572
  604
  639
  675
  714
  754
  797
  842
  889
  939
  991
  1,046
  1,104
  1,165
Total liabilities, $m
  428
  402
  412
  423
  435
  449
  464
  480
  498
  517
  537
  559
  582
  606
  632
  660
  689
  720
  752
  787
  823
  862
  902
  945
  990
  1,037
  1,087
  1,139
  1,194
  1,252
  1,313
Total equity, $m
  521
  528
  541
  556
  572
  590
  610
  632
  655
  680
  706
  735
  765
  797
  831
  867
  906
  946
  989
  1,035
  1,082
  1,133
  1,186
  1,242
  1,301
  1,363
  1,429
  1,498
  1,570
  1,646
  1,726
Total liabilities and equity, $m
  949
  930
  953
  979
  1,007
  1,039
  1,074
  1,112
  1,153
  1,197
  1,243
  1,294
  1,347
  1,403
  1,463
  1,527
  1,595
  1,666
  1,741
  1,822
  1,905
  1,995
  2,088
  2,187
  2,291
  2,400
  2,516
  2,637
  2,764
  2,898
  3,039
Debt-to-equity ratio
  0.537
  0.480
  0.490
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.530
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  64
  66
  69
  72
  75
  78
  82
  86
  90
  95
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  278
  292
  306
Depreciation, amort., depletion, $m
  46
  64
  64
  65
  66
  66
  67
  68
  69
  70
  71
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
Funds from operations, $m
  113
  128
  130
  134
  137
  141
  145
  150
  155
  160
  166
  160
  166
  173
  180
  188
  196
  205
  214
  224
  234
  245
  256
  268
  280
  294
  307
  322
  338
  354
  371
Change in working capital, $m
  5
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  108
  135
  128
  131
  134
  138
  142
  146
  151
  156
  161
  155
  161
  168
  175
  182
  190
  198
  207
  216
  226
  236
  247
  259
  271
  284
  297
  311
  326
  342
  358
Maintenance CAPEX, $m
  0
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
New CAPEX, $m
  -24
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -43
  -45
  -47
Cash from investing activities, $m
  -134
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -89
  -94
  -99
  -104
  -109
Free cash flow, $m
  -26
  109
  101
  102
  104
  106
  108
  111
  114
  117
  120
  112
  116
  120
  125
  130
  135
  140
  146
  153
  159
  166
  173
  181
  189
  198
  207
  217
  227
  238
  249
Issuance/(repayment) of debt, $m
  -17
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
Issuance/(repurchase) of shares, $m
  6
  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 from financing (excl. dividends), $m  
  -8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
Total cash flow (excl. dividends), $m
  -35
  118
  111
  113
  116
  120
  123
  127
  131
  136
  140
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  245
  257
  269
  282
  296
  310
Retained Cash Flow (-), $m
  -57
  -11
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
Prev. year cash balance distribution, $m
 
  4
  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
 
  111
  98
  99
  100
  102
  103
  106
  108
  111
  114
  105
  109
  113
  117
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  192
  200
  210
  219
  230
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  105
  88
  83
  79
  75
  70
  66
  61
  57
  52
  43
  39
  35
  31
  28
  24
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Balchem Corporation develops, manufactures, and markets specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, and medical sterilization industries in the United States and internationally. The company’s SensoryEffects segment offers creamer systems, dairy replacers, powdered fats, nutritional beverage bases, beverages, juice and dairy bases, chocolate systems, ice cream bases and variegates, cereals, grain based snacks, and cereal based ingredients; and microencapsulation solutions for various applications, including food, pharmaceutical, and nutritional ingredients. It also provides human grade choline nutrient products for use in wellness applications. Its Animal Nutrition & Health segment offers microencapsulated products that enhance health and milk production in ruminant animals; chelation technology, which provides enhanced nutrient absorption for species; and choline chloride, an essential nutrient for monogastric animal health. The company’s Specialty Products segment offers ethylene oxide primarily for use in the health care industry; and single use canisters with ethylene oxide for sterilizing re-usable devices. It also sells propylene oxide, a fumigant to aid in the control of insects and microbiological spoilage; to reduce bacterial and mold contamination in shell and processed nut meats, processed spices, cacao beans, cocoa powder, raisins, figs, and prunes; and to customers seeking smaller quantities and whose requirements include utilization in various chemical synthesis applications. Its Industrial Products segment provides derivatives of choline chloride for use in industrial applications; and methylamines, which acts as a building block for the manufacture of choline products, as well as used in industrial applications. The company sells its products through its sales force, independent distributors, and sales agents. Balchem Corporation was founded in 1967 and is headquartered in New Hampton, New York.

FINANCIAL RATIOS  of  Balchem (BCPC)

Valuation Ratios
P/E Ratio 45.4
Price to Sales 4.6
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow 30.2
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.9%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 47%
Total Debt to Equity 53.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 23.2%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 19.6%

BCPC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCPC stock intrinsic value calculation we used $553 million for the last fiscal year's total revenue generated by Balchem. The default revenue input number comes from 2016 income statement of Balchem. 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 BCPC stock valuation model: a) initial revenue growth rate of 2.2% 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 5.2%, whose default value for BCPC is calculated based on our internal credit rating of Balchem, 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 Balchem.
    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 BCPC stock the variable cost ratio is equal to 83.2%.

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 BCPC 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 3.5% for Balchem.

Corporate tax rate of 27% is the nominal tax rate for Balchem. 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 BCPC 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 BCPC are equal to 54.9%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Balchem 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 BCPC is equal to 15%. 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 - $521 million for Balchem - 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 31.87 million for Balchem 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 Balchem at the current share price and the inputted number of shares is $2.5 billion.


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COMPANY NEWS

▶ Balchem Reports Record Earnings in First Quarter   [May-09-17 02:13PM  Motley Fool]
▶ Blachem posts 1Q profit   [10:11AM  Associated Press]
▶ Balchem Corp. Value Analysis (NASDAQ:BCPC) : May 3, 2017   [May-03-17 04:35PM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : April 19, 2017   [Apr-19-17 02:12PM  Capital Cube]
▶ Health Products Drive Balchem Corporation's Growth   [Mar-01-17 03:43PM  Motley Fool]
▶ Blachem posts 4Q profit   [08:23AM  Associated Press]
▶ 3 Stocks That Turned $10,000 Into at Least $3.68 Million   [Feb-13-17 12:03PM  Motley Fool]
▶ [$$] LBO Focus: Private Equity Whets Appetite for Ingredients Deals   [Feb-01-17 09:24AM  at The Wall Street Journal]
▶ Balchem Corporation Announces Dividend   [11:29AM  GlobeNewswire]
▶ Is Finisar Corporation (FNSR) A Good Stock To Buy?   [Nov-30-16 03:40PM  at Insider Monkey]
▶ Do Hedge Funds Love KBR, Inc. (KBR)?   [Nov-28-16 08:38AM  at Insider Monkey]
▶ Balchem Corporation Sees Steady Health and Nutrition Growth   [Nov-08-16 11:06AM  at Motley Fool]
▶ ETFs with exposure to Balchem Corp. : May 3, 2016   [May-03-16 01:39PM  at Capital Cube]
▶ Why Balchem Corp.'s Shares Plunged 10.7% Today   [Mar-08-16 03:54PM  at Motley Fool]
▶ Why Balchem Corporation's Shares Popped 14% Today   [Feb-02-16 11:43AM  at Motley Fool]
Stock chart of BCPC Financial statements of BCPC Annual reports of BCPC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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