Intrinsic value of Huntsman - HUN

Previous Close

$25.64

  Intrinsic Value

$6.48

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

-124%

Previous close

$25.64

 
Intrinsic value

$6.48

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

-124%

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

We calculate the intrinsic value of HUN 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 6.2

 

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, %
  -6.23
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  9,657
  10,121
  10,608
  11,122
  11,661
  12,229
  12,826
  13,454
  14,114
  14,807
  15,536
  16,302
  17,107
  17,953
  18,841
  19,775
  20,755
  21,785
  22,867
  24,004
  25,198
  26,451
  27,768
  29,151
  30,603
  32,129
  33,730
  35,413
  37,179
  39,034
  40,982
Variable operating expenses, $m
 
  9,756
  10,225
  10,719
  11,239
  11,786
  12,361
  12,965
  13,600
  14,268
  14,969
  15,695
  16,470
  17,284
  18,139
  19,038
  19,982
  20,974
  22,015
  23,110
  24,259
  25,466
  26,734
  28,065
  29,463
  30,932
  32,474
  34,093
  35,794
  37,580
  39,456
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
  9,013
  9,756
  10,225
  10,719
  11,239
  11,786
  12,361
  12,965
  13,600
  14,268
  14,969
  15,695
  16,470
  17,284
  18,139
  19,038
  19,982
  20,974
  22,015
  23,110
  24,259
  25,466
  26,734
  28,065
  29,463
  30,932
  32,474
  34,093
  35,794
  37,580
  39,456
Operating income, $m
  644
  365
  383
  402
  422
  443
  466
  489
  514
  540
  567
  607
  637
  669
  702
  737
  773
  812
  852
  894
  939
  985
  1,034
  1,086
  1,140
  1,197
  1,257
  1,319
  1,385
  1,454
  1,527
EBITDA, $m
  1,076
  817
  856
  897
  941
  987
  1,035
  1,085
  1,139
  1,195
  1,253
  1,315
  1,380
  1,448
  1,520
  1,595
  1,675
  1,758
  1,845
  1,937
  2,033
  2,134
  2,240
  2,352
  2,469
  2,592
  2,721
  2,857
  3,000
  3,149
  3,307
Interest expense (income), $m
  205
  190
  207
  226
  245
  265
  286
  309
  332
  357
  383
  410
  438
  468
  500
  533
  568
  605
  643
  684
  726
  771
  817
  867
  918
  972
  1,029
  1,089
  1,152
  1,218
  1,287
Earnings before tax, $m
  448
  175
  176
  177
  177
  178
  179
  181
  182
  183
  184
  198
  199
  200
  202
  204
  205
  207
  209
  211
  213
  215
  217
  219
  222
  224
  227
  230
  233
  236
  239
Tax expense, $m
  87
  47
  47
  48
  48
  48
  48
  49
  49
  49
  50
  53
  54
  54
  55
  55
  55
  56
  56
  57
  57
  58
  59
  59
  60
  61
  61
  62
  63
  64
  65
Net income, $m
  326
  128
  128
  129
  130
  130
  131
  132
  133
  134
  134
  144
  145
  146
  147
  149
  150
  151
  152
  154
  155
  157
  158
  160
  162
  164
  166
  168
  170
  172
  175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  414
  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
  9,189
  9,380
  9,832
  10,307
  10,808
  11,334
  11,887
  12,469
  13,080
  13,723
  14,399
  15,109
  15,855
  16,638
  17,462
  18,327
  19,236
  20,190
  21,193
  22,246
  23,353
  24,515
  25,735
  27,017
  28,363
  29,776
  31,261
  32,820
  34,457
  36,176
  37,982
Adjusted assets (=assets-cash), $m
  8,775
  9,380
  9,832
  10,307
  10,808
  11,334
  11,887
  12,469
  13,080
  13,723
  14,399
  15,109
  15,855
  16,638
  17,462
  18,327
  19,236
  20,190
  21,193
  22,246
  23,353
  24,515
  25,735
  27,017
  28,363
  29,776
  31,261
  32,820
  34,457
  36,176
  37,982
Revenue / Adjusted assets
  1.101
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
Average production assets, $m
  4,405
  4,615
  4,837
  5,071
  5,318
  5,577
  5,849
  6,135
  6,436
  6,752
  7,084
  7,434
  7,801
  8,186
  8,592
  9,017
  9,464
  9,934
  10,427
  10,946
  11,490
  12,062
  12,662
  13,293
  13,955
  14,651
  15,381
  16,148
  16,954
  17,800
  18,688
Working capital, $m
  1,777
  1,488
  1,559
  1,635
  1,714
  1,798
  1,885
  1,978
  2,075
  2,177
  2,284
  2,396
  2,515
  2,639
  2,770
  2,907
  3,051
  3,202
  3,361
  3,529
  3,704
  3,888
  4,082
  4,285
  4,499
  4,723
  4,958
  5,206
  5,465
  5,738
  6,024
Total debt, $m
  4,196
  4,510
  4,907
  5,323
  5,761
  6,222
  6,707
  7,217
  7,752
  8,315
  8,907
  9,529
  10,183
  10,869
  11,590
  12,348
  13,144
  13,981
  14,859
  15,782
  16,751
  17,769
  18,838
  19,961
  21,140
  22,378
  23,678
  25,044
  26,478
  27,984
  29,566
Total liabilities, $m
  7,902
  8,216
  8,613
  9,029
  9,467
  9,928
  10,413
  10,923
  11,458
  12,021
  12,613
  13,235
  13,889
  14,575
  15,296
  16,054
  16,850
  17,687
  18,565
  19,488
  20,457
  21,475
  22,544
  23,667
  24,846
  26,084
  27,384
  28,750
  30,184
  31,690
  33,272
Total equity, $m
  1,287
  1,163
  1,219
  1,278
  1,340
  1,405
  1,474
  1,546
  1,622
  1,702
  1,785
  1,873
  1,966
  2,063
  2,165
  2,273
  2,385
  2,504
  2,628
  2,759
  2,896
  3,040
  3,191
  3,350
  3,517
  3,692
  3,876
  4,070
  4,273
  4,486
  4,710
Total liabilities and equity, $m
  9,189
  9,379
  9,832
  10,307
  10,807
  11,333
  11,887
  12,469
  13,080
  13,723
  14,398
  15,108
  15,855
  16,638
  17,461
  18,327
  19,235
  20,191
  21,193
  22,247
  23,353
  24,515
  25,735
  27,017
  28,363
  29,776
  31,260
  32,820
  34,457
  36,176
  37,982
Debt-to-equity ratio
  3.260
  3.880
  4.020
  4.160
  4.300
  4.430
  4.550
  4.670
  4.780
  4.890
  4.990
  5.090
  5.180
  5.270
  5.350
  5.430
  5.510
  5.580
  5.650
  5.720
  5.780
  5.850
  5.900
  5.960
  6.010
  6.060
  6.110
  6.150
  6.200
  6.240
  6.280
Adjusted equity ratio
  0.099
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  326
  128
  128
  129
  130
  130
  131
  132
  133
  134
  134
  144
  145
  146
  147
  149
  150
  151
  152
  154
  155
  157
  158
  160
  162
  164
  166
  168
  170
  172
  175
Depreciation, amort., depletion, $m
  432
  452
  473
  495
  519
  543
  569
  596
  625
  655
  687
  708
  743
  780
  818
  859
  901
  946
  993
  1,042
  1,094
  1,149
  1,206
  1,266
  1,329
  1,395
  1,465
  1,538
  1,615
  1,695
  1,780
Funds from operations, $m
  1,443
  579
  601
  624
  648
  673
  700
  728
  758
  789
  821
  852
  888
  926
  966
  1,007
  1,051
  1,097
  1,145
  1,196
  1,250
  1,306
  1,364
  1,426
  1,491
  1,559
  1,631
  1,706
  1,785
  1,868
  1,955
Change in working capital, $m
  355
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  124
  131
  137
  144
  151
  159
  167
  175
  184
  194
  203
  213
  224
  235
  247
  260
  273
  286
Cash from operations, $m
  1,088
  511
  529
  549
  569
  590
  612
  636
  661
  687
  714
  740
  770
  802
  835
  870
  907
  946
  986
  1,029
  1,074
  1,121
  1,171
  1,223
  1,278
  1,335
  1,395
  1,459
  1,525
  1,595
  1,668
Maintenance CAPEX, $m
  0
  -420
  -440
  -461
  -483
  -506
  -531
  -557
  -584
  -613
  -643
  -675
  -708
  -743
  -780
  -818
  -859
  -901
  -946
  -993
  -1,042
  -1,094
  -1,149
  -1,206
  -1,266
  -1,329
  -1,395
  -1,465
  -1,538
  -1,615
  -1,695
New CAPEX, $m
  -421
  -210
  -222
  -234
  -246
  -259
  -272
  -286
  -301
  -316
  -332
  -349
  -367
  -386
  -405
  -426
  -447
  -470
  -493
  -518
  -544
  -572
  -600
  -631
  -662
  -696
  -730
  -767
  -806
  -846
  -888
Cash from investing activities, $m
  -202
  -630
  -662
  -695
  -729
  -765
  -803
  -843
  -885
  -929
  -975
  -1,024
  -1,075
  -1,129
  -1,185
  -1,244
  -1,306
  -1,371
  -1,439
  -1,511
  -1,586
  -1,666
  -1,749
  -1,837
  -1,928
  -2,025
  -2,125
  -2,232
  -2,344
  -2,461
  -2,583
Free cash flow, $m
  886
  -119
  -133
  -146
  -160
  -175
  -191
  -207
  -224
  -242
  -261
  -284
  -305
  -327
  -350
  -374
  -399
  -425
  -453
  -482
  -513
  -545
  -578
  -614
  -651
  -690
  -730
  -773
  -818
  -866
  -915
Issuance/(repayment) of debt, $m
  -560
  374
  396
  417
  438
  461
  485
  510
  536
  563
  592
  622
  653
  687
  721
  758
  796
  836
  878
  923
  969
  1,018
  1,069
  1,123
  1,179
  1,238
  1,300
  1,366
  1,434
  1,506
  1,582
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
  5
  11
  18
  25
  33
  41
  49
Cash from financing (excl. dividends), $m  
  -603
  374
  396
  417
  438
  461
  485
  510
  536
  563
  592
  622
  653
  687
  721
  758
  796
  836
  878
  923
  969
  1,018
  1,069
  1,123
  1,184
  1,249
  1,318
  1,391
  1,467
  1,547
  1,631
Total cash flow (excl. dividends), $m
  277
  256
  263
  270
  278
  286
  294
  302
  311
  321
  330
  337
  348
  360
  372
  384
  397
  411
  425
  441
  456
  473
  491
  509
  533
  560
  588
  618
  649
  681
  715
Retained Cash Flow (-), $m
  155
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
Prev. year cash balance distribution, $m
 
  178
  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
 
  380
  207
  211
  216
  220
  225
  230
  235
  241
  247
  249
  256
  262
  269
  277
  284
  293
  301
  310
  319
  329
  339
  350
  366
  385
  404
  424
  446
  468
  491
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  346
  170
  155
  140
  126
  111
  97
  84
  71
  60
  49
  40
  32
  25
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  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
  99.9
  99.8
  99.7
  99.5
  99.3
  99.1

Huntsman Corporation, through its subsidiary, Huntsman International LLC, manufactures and sells differentiated organic and inorganic chemical products worldwide. The company operates in five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives. The Polyurethanes segment offers polyurethane chemicals, including methyl diphenyl diisocyanate, propylene oxide, polyols, propylene glycol, thermoplastic polyurethane, aniline, and methyl tertiary-butyl ether products. The Performance Products segment provides amines, carbonates, surfactants, linear alkyl benzene, maleic anhydride, other performance chemicals, ethylene glycol, olefins, and technology licenses. The Advanced Materials segment offers basic liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, and curing agents; and epoxy, acrylic, and polyurethane-based formulations. The Textile Effects segment provides textile chemicals, dyes, and inks. The Pigments and Additives segment offers titanium dioxide, functional additives, color pigments, timber treatment, and water treatment chemicals. The company’s products are used in various applications, including adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals, and dye industries. Huntsman Corporation was founded in 1970 and is headquartered in The Woodlands, Texas.

FINANCIAL RATIOS  of  Huntsman (HUN)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 0.6
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 9.1
Growth Rates
Sales Growth Rate -6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio 7
Current Ratio 0.2
LT Debt to Equity 321.4%
Total Debt to Equity 326%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 23.9%
Return On Equity - 3 Yr. Avg. 15.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 17.4%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 2.4%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 36.8%

HUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUN stock intrinsic value calculation we used $9657 million for the last fiscal year's total revenue generated by Huntsman. The default revenue input number comes from 2016 income statement of Huntsman. 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 HUN stock valuation model: a) initial revenue growth rate of 4.8% 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 9.8%, whose default value for HUN is calculated based on our internal credit rating of Huntsman, 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 Huntsman.
    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 HUN stock the variable cost ratio is equal to 96.4%.

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 HUN 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 4.6% for Huntsman.

Corporate tax rate of 27% is the nominal tax rate for Huntsman. 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 HUN 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 HUN are equal to 45.6%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Huntsman 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 HUN is equal to 14.7%. 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 - $1287 million for Huntsman - 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 243.161 million for Huntsman 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 Huntsman at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ Vantiv-Worldpay Deal an Inversion That Wasn't   [Aug-10-17 03:39PM  TheStreet.com]
▶ Huntsman Announces that Venator Closes its IPO   [Aug-08-17 12:05PM  PR Newswire]
▶ Huntsman subsidiary debuts on NYSE after $454M IPO (Video)   [Aug-04-17 10:30AM  American City Business Journals]
▶ Why This Niche Chemical Market Was Red-Hot in July   [Aug-03-17 02:16PM  Motley Fool]
▶ Venator Prices IPO   [Aug-02-17 11:01PM  PR Newswire]
▶ Huntsman beats 2Q profit forecasts   [Jul-27-17 10:29PM  Associated Press]
▶ HuntsmanClariant merger on track   [01:02AM  GlobeNewswire]
▶ Huntsmans pigments and additives business launches IPO to raise around $500M   [Jul-24-17 09:35AM  American City Business Journals]
▶ Venator Launches IPO   [06:30AM  PR Newswire]
▶ A Strong World Economy Lifts Chemical Firms   [Jun-28-17 05:34PM  Zacks]
▶ 3 Top-Ranked Growth Stocks for Your Portfolio   [Jun-26-17 03:48PM  Zacks]
▶ Strong World Economy Lifts Chemical Firms   [Jun-21-17 05:06PM  Zacks]
▶ 5 Best Titanium Stocks to Buy   [Jun-13-17 01:45PM  Motley Fool]
▶ Top Ranked Value Stocks to Buy for June 12th   [Jun-12-17 10:33AM  Zacks]
▶ As industry consolidates, PPG retreats from AkzoNobel bid   [Jun-01-17 07:48AM  Associated Press]
▶ Instant Analysis: Huntsman to Merge With Clariant   [May-30-17 09:32AM  Motley Fool]
▶ Huntsman-Clariant Deal May Be a Sign of Inversions to Come   [May-28-17 01:00PM  TheStreet.com]
▶ Praxair, Linde Agree To $70 Billion Deal As Chemical Romances Bloom   [May-24-17 04:18PM  Investor's Business Daily]
▶ Huntsman vs. the Saboteurs   [07:00AM  Bloomberg]
▶ Business Highlights   [06:01PM  Associated Press]
Stock chart of HUN Financial statements of HUN
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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