Intrinsic value of Compass Minerals International - CMP

Previous Close

$65.60

  Intrinsic Value

$47.48

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

+185%

Previous close

$65.60

 
Intrinsic value

$47.48

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

+185%

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

We calculate the intrinsic value of CMP 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 2.2

 

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, %
  3.55
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  1,138
  1,276
  1,421
  1,574
  1,734
  1,901
  2,076
  2,258
  2,448
  2,645
  2,850
  3,063
  3,285
  3,515
  3,754
  4,003
  4,261
  4,530
  4,810
  5,102
  5,406
  5,723
  6,054
  6,399
  6,759
  7,135
  7,529
  7,940
  8,369
  8,819
  9,289
Variable operating expenses, $m
 
  1,013
  1,124
  1,240
  1,362
  1,490
  1,623
  1,762
  1,906
  2,056
  2,212
  2,334
  2,502
  2,678
  2,860
  3,049
  3,246
  3,451
  3,665
  3,887
  4,119
  4,360
  4,612
  4,875
  5,149
  5,436
  5,735
  6,048
  6,376
  6,718
  7,077
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
  963
  1,013
  1,124
  1,240
  1,362
  1,490
  1,623
  1,762
  1,906
  2,056
  2,212
  2,334
  2,502
  2,678
  2,860
  3,049
  3,246
  3,451
  3,665
  3,887
  4,119
  4,360
  4,612
  4,875
  5,149
  5,436
  5,735
  6,048
  6,376
  6,718
  7,077
Operating income, $m
  175
  263
  297
  334
  372
  412
  453
  497
  542
  589
  638
  730
  782
  837
  894
  953
  1,015
  1,079
  1,146
  1,215
  1,288
  1,363
  1,442
  1,524
  1,610
  1,700
  1,793
  1,891
  1,994
  2,101
  2,213
EBITDA, $m
  265
  386
  430
  477
  525
  576
  629
  684
  741
  801
  863
  928
  995
  1,065
  1,137
  1,212
  1,291
  1,372
  1,457
  1,545
  1,638
  1,734
  1,834
  1,938
  2,047
  2,161
  2,280
  2,405
  2,535
  2,671
  2,814
Interest expense (income), $m
  27
  44
  51
  58
  66
  74
  83
  92
  101
  111
  121
  132
  143
  154
  166
  178
  191
  204
  218
  233
  248
  263
  280
  297
  314
  333
  352
  373
  394
  416
  439
Earnings before tax, $m
  197
  219
  247
  275
  306
  337
  370
  405
  441
  478
  516
  598
  640
  683
  728
  775
  824
  875
  928
  983
  1,040
  1,100
  1,162
  1,228
  1,296
  1,367
  1,441
  1,519
  1,600
  1,685
  1,774
Tax expense, $m
  34
  59
  67
  74
  83
  91
  100
  109
  119
  129
  139
  161
  173
  184
  197
  209
  222
  236
  250
  265
  281
  297
  314
  331
  350
  369
  389
  410
  432
  455
  479
Net income, $m
  163
  160
  180
  201
  223
  246
  270
  295
  322
  349
  377
  436
  467
  499
  532
  566
  601
  639
  677
  717
  759
  803
  849
  896
  946
  998
  1,052
  1,109
  1,168
  1,230
  1,295

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  2,467
  2,680
  2,985
  3,306
  3,643
  3,995
  4,362
  4,744
  5,143
  5,557
  5,988
  6,435
  6,900
  7,384
  7,886
  8,409
  8,952
  9,517
  10,106
  10,719
  11,358
  12,024
  12,718
  13,443
  14,200
  14,990
  15,816
  16,680
  17,582
  18,527
  19,515
Adjusted assets (=assets-cash), $m
  2,390
  2,680
  2,985
  3,306
  3,643
  3,995
  4,362
  4,744
  5,143
  5,557
  5,988
  6,435
  6,900
  7,384
  7,886
  8,409
  8,952
  9,517
  10,106
  10,719
  11,358
  12,024
  12,718
  13,443
  14,200
  14,990
  15,816
  16,680
  17,582
  18,527
  19,515
Revenue / Adjusted assets
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
Average production assets, $m
  1,068
  1,197
  1,333
  1,476
  1,626
  1,783
  1,947
  2,118
  2,296
  2,481
  2,673
  2,873
  3,081
  3,297
  3,521
  3,754
  3,997
  4,249
  4,512
  4,786
  5,071
  5,368
  5,679
  6,002
  6,340
  6,693
  7,062
  7,447
  7,850
  8,272
  8,713
Working capital, $m
  343
  444
  495
  548
  603
  662
  723
  786
  852
  921
  992
  1,066
  1,143
  1,223
  1,306
  1,393
  1,483
  1,577
  1,674
  1,776
  1,881
  1,992
  2,107
  2,227
  2,352
  2,483
  2,620
  2,763
  2,913
  3,069
  3,233
Total debt, $m
  1,325
  1,451
  1,665
  1,889
  2,125
  2,371
  2,628
  2,896
  3,175
  3,465
  3,766
  4,080
  4,405
  4,744
  5,095
  5,461
  5,841
  6,237
  6,649
  7,078
  7,525
  7,992
  8,478
  8,985
  9,515
  10,068
  10,646
  11,251
  11,883
  12,544
  13,236
Total liabilities, $m
  1,749
  1,876
  2,090
  2,314
  2,550
  2,796
  3,053
  3,321
  3,600
  3,890
  4,191
  4,505
  4,830
  5,169
  5,520
  5,886
  6,266
  6,662
  7,074
  7,503
  7,950
  8,417
  8,903
  9,410
  9,940
  10,493
  11,071
  11,676
  12,308
  12,969
  13,661
Total equity, $m
  717
  804
  896
  992
  1,093
  1,198
  1,309
  1,423
  1,543
  1,667
  1,796
  1,931
  2,070
  2,215
  2,366
  2,523
  2,686
  2,855
  3,032
  3,216
  3,407
  3,607
  3,815
  4,033
  4,260
  4,497
  4,745
  5,004
  5,275
  5,558
  5,855
Total liabilities and equity, $m
  2,466
  2,680
  2,986
  3,306
  3,643
  3,994
  4,362
  4,744
  5,143
  5,557
  5,987
  6,436
  6,900
  7,384
  7,886
  8,409
  8,952
  9,517
  10,106
  10,719
  11,357
  12,024
  12,718
  13,443
  14,200
  14,990
  15,816
  16,680
  17,583
  18,527
  19,516
Debt-to-equity ratio
  1.848
  1.800
  1.860
  1.900
  1.940
  1.980
  2.010
  2.030
  2.060
  2.080
  2.100
  2.110
  2.130
  2.140
  2.150
  2.160
  2.180
  2.180
  2.190
  2.200
  2.210
  2.220
  2.220
  2.230
  2.230
  2.240
  2.240
  2.250
  2.250
  2.260
  2.260
Adjusted equity ratio
  0.268
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  163
  160
  180
  201
  223
  246
  270
  295
  322
  349
  377
  436
  467
  499
  532
  566
  601
  639
  677
  717
  759
  803
  849
  896
  946
  998
  1,052
  1,109
  1,168
  1,230
  1,295
Depreciation, amort., depletion, $m
  90
  124
  133
  143
  153
  164
  176
  187
  200
  212
  226
  198
  212
  227
  243
  259
  276
  293
  311
  330
  350
  370
  392
  414
  437
  462
  487
  514
  541
  570
  601
Funds from operations, $m
  135
  284
  313
  344
  377
  410
  446
  483
  521
  561
  603
  635
  679
  726
  774
  825
  877
  932
  988
  1,047
  1,109
  1,173
  1,240
  1,310
  1,383
  1,459
  1,539
  1,622
  1,709
  1,800
  1,896
Change in working capital, $m
  -32
  48
  51
  53
  56
  58
  61
  63
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  97
  102
  106
  110
  115
  120
  125
  131
  137
  143
  150
  156
  164
Cash from operations, $m
  167
  236
  263
  291
  321
  352
  385
  419
  455
  492
  531
  560
  602
  646
  691
  738
  787
  838
  891
  946
  1,003
  1,063
  1,125
  1,190
  1,258
  1,328
  1,402
  1,479
  1,560
  1,644
  1,732
Maintenance CAPEX, $m
  0
  -74
  -83
  -92
  -102
  -112
  -123
  -134
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -243
  -259
  -276
  -293
  -311
  -330
  -350
  -370
  -392
  -414
  -437
  -462
  -487
  -514
  -541
  -570
New CAPEX, $m
  -182
  -129
  -136
  -143
  -150
  -157
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -224
  -233
  -243
  -252
  -263
  -274
  -285
  -297
  -310
  -324
  -338
  -353
  -369
  -385
  -403
  -422
  -441
Cash from investing activities, $m
  -468
  -203
  -219
  -235
  -252
  -269
  -287
  -305
  -324
  -343
  -363
  -384
  -406
  -428
  -451
  -476
  -502
  -528
  -556
  -585
  -615
  -647
  -680
  -716
  -752
  -790
  -831
  -872
  -917
  -963
  -1,011
Free cash flow, $m
  -301
  33
  44
  56
  69
  83
  98
  114
  131
  149
  168
  176
  197
  218
  239
  262
  286
  310
  335
  361
  388
  416
  445
  475
  506
  538
  572
  607
  643
  681
  720
Issuance/(repayment) of debt, $m
  417
  203
  214
  225
  236
  246
  257
  268
  279
  290
  301
  313
  326
  338
  352
  366
  380
  396
  412
  429
  447
  466
  486
  507
  530
  553
  578
  604
  632
  661
  692
Issuance/(repurchase) of shares, $m
  1
  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  
  409
  203
  214
  225
  236
  246
  257
  268
  279
  290
  301
  313
  326
  338
  352
  366
  380
  396
  412
  429
  447
  466
  486
  507
  530
  553
  578
  604
  632
  661
  692
Total cash flow (excl. dividends), $m
  113
  236
  257
  280
  304
  329
  355
  382
  410
  439
  469
  490
  522
  556
  591
  628
  666
  706
  747
  790
  835
  882
  931
  982
  1,036
  1,091
  1,150
  1,211
  1,275
  1,342
  1,412
Retained Cash Flow (-), $m
  -77
  -87
  -92
  -96
  -101
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -283
  -296
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
 
  149
  166
  184
  203
  224
  245
  267
  291
  315
  340
  355
  383
  411
  440
  471
  503
  536
  570
  606
  643
  682
  723
  765
  809
  854
  902
  952
  1,004
  1,059
  1,116
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  137
  138
  137
  135
  131
  125
  117
  109
  99
  88
  75
  65
  55
  46
  37
  30
  23
  18
  13
  9
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
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

Compass Minerals International, Inc. produces and markets salt, sulfate of potash specialty fertilizer (SOP), plant micronutrients, and magnesium chloride primarily in North America and the United Kingdom. Its Salt segment mines, produces, processes, distributes, and markets sodium chloride and magnesium chloride for use in highway and consumer deicing, dust control, water conditioning, consumer and industrial food preparation, and agricultural and industrial applications; and purchases potassium chloride and calcium chloride to sell as finished products or to blend with sodium chloride to produce specialty products. This segment offers rock salt, mechanically evaporated and solar evaporated salt, and brine and flake magnesium chloride products to producers of intermediate chemical products used in the production of vinyls and other chemicals, and pulp and paper, as well as water treatment and other industrial uses. The company’s Plant Nutrition segment provides SOP, which is used as an ingredient in specialty fertilizer blends for chloride-sensitive crops and turfs under the Protassium+ brand name; and develops and distributes micronutrient products under the Wolf Trax brand. This segment serves growers and fertilizer distributors worldwide. The company also produces and markets consumer deicing and water conditioning products, ingredients used in consumer and commercial food preparation, and other mineral-based products for consumer, agricultural, and industrial applications; and offers records management services to businesses located in the United Kingdom. It operates rock salt mines in Goderich, Ontario, Canada; Cote Blanche, Louisiana, the United States; and Winsford, Cheshire, the United Kingdom. The company was formerly known as Salt Holdings Corporation and changed its name to Compass Minerals International, Inc. in December 2003. Compass Minerals International, Inc. was founded in 1993 and is headquartered in Overland Park, Kansas.

FINANCIAL RATIOS  of  Compass Minerals International (CMP)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 1.9
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow -147.8
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 166.7%
Total Debt to Equity 184.8%
Interest Coverage 8
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity 24%
Return On Equity - 3 Yr. Avg. 28.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 26.4%
Gross Margin - 3 Yr. Avg. 29.7%
EBITDA Margin 27.6%
EBITDA Margin - 3 Yr. Avg. 28.7%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 19.9%
Net Profit Margin 14.3%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 17.3%
Eff/ Tax Rate - 3 Yr. Avg. 22.9%
Payout Ratio 57.7%

CMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMP stock intrinsic value calculation we used $1138 million for the last fiscal year's total revenue generated by Compass Minerals International. The default revenue input number comes from 2016 income statement of Compass Minerals International. 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 CMP stock valuation model: a) initial revenue growth rate of 12.1% 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 9.3%, whose default value for CMP is calculated based on our internal credit rating of Compass Minerals International, 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 Compass Minerals International.
    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 CMP stock the variable cost ratio is equal to 79.8%.

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 CMP 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 Compass Minerals International.

Corporate tax rate of 27% is the nominal tax rate for Compass Minerals International. 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 CMP 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 CMP are equal to 93.8%.

Life of production assets of 14.5 years is the average useful life of capital assets used in Compass Minerals International 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 CMP is equal to 34.8%. 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 - $717 million for Compass Minerals International - 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 33.84 million for Compass Minerals International 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 Compass Minerals International at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
IPI Intrepid Potas 3.31 1.29  str.sell
CINR Ciner Resource 23.62 72.96  str.buy
SQM Sociedad Quimi 44.30 73.89  str.buy
POT Potash of Sask 17.17 2.48  str.sell

COMPANY NEWS

▶ Whats Compass Minerals Doing to Gain a Cost Advantage?   [Aug-18-17 12:06PM  Market Realist]
▶ Compass reports 2Q loss   [Aug-07-17 11:55PM  Associated Press]
▶ Compass Minerals Declares Dividend   [Aug-04-17 08:45AM  Business Wire]
▶ The Best Stock in Kansas: Compass Minerals   [Jul-18-17 04:30PM  Kiplinger]
▶ 3 Stocks on the Motley Fool Money Radar This Week   [Jun-22-17 02:23PM  Motley Fool]
▶ Weitz Funds Comments on Compass Minerals   [May-18-17 01:15PM  GuruFocus.com]
▶ Compass Minerals Declares Dividend   [May-04-17 07:30AM  Business Wire]
▶ Compass Minerals Survives a Mild Winter   [May-03-17 07:19PM  Motley Fool]
▶ Compass beats 1Q profit forecasts   [04:36PM  Associated Press]
▶ 9 Small-Cap Stocks With Wide Moats   [Apr-12-17 06:00AM  Morningstar]
▶ Compass Minerals Reports First-Quarter Snow-Event Data   [Apr-10-17 09:00AM  Business Wire]
▶ Snow Scarcity Dings Compass Minerals   [Apr-05-17 10:40AM  Morningstar]
▶ Stocks Reach Their 3-Year Lows   [Apr-02-17 11:01AM  GuruFocus.com]
▶ Basic Materials: The Most Expensive Sector We Cover   [Mar-30-17 07:00AM  Morningstar]
▶ Could It Be Time to Buy US Domestic Moats?   [Mar-27-17 04:05PM  Market Realist]
▶ Which KC-area stocks had the best, worst February? Take a look   [04:00PM  American City Business Journals]
▶ Compass Minerals to Host Investor Meetings   [04:15PM  Business Wire]
▶ Compass Minerals Posts a Double Win   [Feb-08-17 07:05PM  at Motley Fool]
▶ Eight Dividend Stocks Rewarding Shareholders With A Raise   [Feb-07-17 12:55PM  at Insider Monkey]
▶ Utilities Awake From Their Long Slumber   [Feb-01-17 11:15AM  at Investopedia]
▶ Compass Minerals Declares Fourth-Quarter Dividend   [Nov-09-16 04:28PM  Business Wire]
▶ CFO steps down from Compass Minerals   [Nov-03-16 09:35AM  at bizjournals.com]
▶ [$$] TreeHouse Shuffles Executives, Shutters Plant   [08:59AM  at The Wall Street Journal]
▶ Compass Minerals Misses Q3 Earnings (CMP)   [12:10PM  at Investopedia]
▶ Compass Minerals Earnings Preview (CMP)   [10:48AM  at Investopedia]
Financial statements of CMP
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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