Intrinsic value of Innospec - IOSP

Previous Close

$81.55

  Intrinsic Value

$50.83

stock screener

  Rating & Target

sell

-38%

Previous close

$81.55

 
Intrinsic value

$50.83

 
Up/down potential

-38%

 
Rating

sell

We calculate the intrinsic value of IOSP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -12.75
  47.90
  43.61
  39.75
  36.27
  33.15
  30.33
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
Revenue, $m
  883
  1,933
  2,776
  3,880
  5,287
  7,039
  9,174
  11,725
  14,717
  18,170
  22,099
  26,509
  31,403
  36,778
  42,628
  48,943
  55,713
  62,928
  70,576
  78,649
  87,140
  96,042
  105,352
  115,070
  125,199
  135,743
  146,711
  158,113
  169,963
  182,277
  195,074
Variable operating expenses, $m
 
  1,695
  2,412
  3,349
  4,545
  6,035
  7,849
  10,016
  12,559
  15,494
  18,833
  22,528
  26,688
  31,255
  36,227
  41,593
  47,347
  53,478
  59,978
  66,839
  74,054
  81,619
  89,531
  97,790
  106,398
  115,359
  124,680
  134,369
  144,440
  154,905
  165,780
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
  778
  1,695
  2,412
  3,349
  4,545
  6,035
  7,849
  10,016
  12,559
  15,494
  18,833
  22,528
  26,688
  31,255
  36,227
  41,593
  47,347
  53,478
  59,978
  66,839
  74,054
  81,619
  89,531
  97,790
  106,398
  115,359
  124,680
  134,369
  144,440
  154,905
  165,780
Operating income, $m
  105
  238
  364
  530
  741
  1,005
  1,325
  1,708
  2,157
  2,676
  3,266
  3,981
  4,716
  5,523
  6,401
  7,350
  8,366
  9,450
  10,598
  11,811
  13,086
  14,422
  15,821
  17,280
  18,801
  20,384
  22,031
  23,744
  25,523
  27,372
  29,294
EBITDA, $m
  143
  394
  565
  790
  1,077
  1,434
  1,869
  2,388
  2,997
  3,701
  4,501
  5,399
  6,396
  7,491
  8,682
  9,968
  11,347
  12,816
  14,374
  16,018
  17,748
  19,561
  21,457
  23,436
  25,499
  27,647
  29,880
  32,203
  34,616
  37,124
  39,730
Interest expense (income), $m
  3
  12
  28
  50
  78
  113
  158
  212
  277
  353
  441
  541
  654
  778
  915
  1,064
  1,225
  1,397
  1,581
  1,775
  1,981
  2,197
  2,424
  2,661
  2,908
  3,166
  3,434
  3,714
  4,004
  4,305
  4,619
Earnings before tax, $m
  103
  226
  336
  481
  664
  891
  1,167
  1,496
  1,880
  2,323
  2,825
  3,439
  4,062
  4,745
  5,486
  6,286
  7,142
  8,053
  9,018
  10,035
  11,105
  12,225
  13,397
  14,619
  15,893
  17,218
  18,597
  20,030
  21,519
  23,067
  24,675
Tax expense, $m
  22
  61
  91
  130
  179
  241
  315
  404
  508
  627
  763
  929
  1,097
  1,281
  1,481
  1,697
  1,928
  2,174
  2,435
  2,710
  2,998
  3,301
  3,617
  3,947
  4,291
  4,649
  5,021
  5,408
  5,810
  6,228
  6,662
Net income, $m
  81
  165
  246
  351
  485
  651
  852
  1,092
  1,373
  1,696
  2,062
  2,511
  2,965
  3,464
  4,005
  4,589
  5,213
  5,878
  6,583
  7,326
  8,106
  8,924
  9,780
  10,672
  11,602
  12,569
  13,576
  14,622
  15,709
  16,839
  18,013

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  102
  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
  1,181
  2,085
  2,995
  4,185
  5,703
  7,593
  9,897
  12,648
  15,876
  19,601
  23,839
  28,597
  33,876
  39,675
  45,985
  52,797
  60,100
  67,883
  76,134
  84,843
  94,002
  103,605
  113,648
  124,132
  135,058
  146,433
  158,264
  170,564
  183,347
  196,631
  210,436
Adjusted assets (=assets-cash), $m
  1,079
  2,085
  2,995
  4,185
  5,703
  7,593
  9,897
  12,648
  15,876
  19,601
  23,839
  28,597
  33,876
  39,675
  45,985
  52,797
  60,100
  67,883
  76,134
  84,843
  94,002
  103,605
  113,648
  124,132
  135,058
  146,433
  158,264
  170,564
  183,347
  196,631
  210,436
Revenue / Adjusted assets
  0.818
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
  0.927
Average production assets, $m
  274
  1,034
  1,485
  2,076
  2,828
  3,766
  4,908
  6,273
  7,873
  9,721
  11,823
  14,182
  16,801
  19,676
  22,806
  26,184
  29,806
  33,666
  37,758
  42,077
  46,620
  51,382
  56,363
  61,563
  66,981
  72,623
  78,490
  84,590
  90,930
  97,518
  104,365
Working capital, $m
  258
  135
  194
  272
  370
  493
  642
  821
  1,030
  1,272
  1,547
  1,856
  2,198
  2,574
  2,984
  3,426
  3,900
  4,405
  4,940
  5,505
  6,100
  6,723
  7,375
  8,055
  8,764
  9,502
  10,270
  11,068
  11,897
  12,759
  13,655
Total debt, $m
  273
  519
  917
  1,437
  2,100
  2,926
  3,933
  5,135
  6,546
  8,174
  10,026
  12,105
  14,412
  16,946
  19,703
  22,680
  25,872
  29,273
  32,879
  36,684
  40,687
  44,883
  49,272
  53,854
  58,629
  63,599
  68,770
  74,145
  79,731
  85,536
  91,569
Total liabilities, $m
  528
  911
  1,309
  1,829
  2,492
  3,318
  4,325
  5,527
  6,938
  8,566
  10,418
  12,497
  14,804
  17,338
  20,095
  23,072
  26,264
  29,665
  33,271
  37,076
  41,079
  45,275
  49,664
  54,246
  59,020
  63,991
  69,161
  74,537
  80,123
  85,928
  91,960
Total equity, $m
  654
  1,174
  1,686
  2,356
  3,211
  4,275
  5,572
  7,121
  8,938
  11,035
  13,421
  16,100
  19,072
  22,337
  25,889
  29,725
  33,836
  38,218
  42,863
  47,767
  52,923
  58,329
  63,984
  69,886
  76,038
  82,442
  89,103
  96,028
  103,225
  110,703
  118,475
Total liabilities and equity, $m
  1,182
  2,085
  2,995
  4,185
  5,703
  7,593
  9,897
  12,648
  15,876
  19,601
  23,839
  28,597
  33,876
  39,675
  45,984
  52,797
  60,100
  67,883
  76,134
  84,843
  94,002
  103,604
  113,648
  124,132
  135,058
  146,433
  158,264
  170,565
  183,348
  196,631
  210,435
Debt-to-equity ratio
  0.417
  0.440
  0.540
  0.610
  0.650
  0.680
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Adjusted equity ratio
  0.512
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  81
  165
  246
  351
  485
  651
  852
  1,092
  1,373
  1,696
  2,062
  2,511
  2,965
  3,464
  4,005
  4,589
  5,213
  5,878
  6,583
  7,326
  8,106
  8,924
  9,780
  10,672
  11,602
  12,569
  13,576
  14,622
  15,709
  16,839
  18,013
Depreciation, amort., depletion, $m
  38
  156
  201
  260
  335
  429
  543
  680
  840
  1,025
  1,235
  1,418
  1,680
  1,968
  2,281
  2,618
  2,981
  3,367
  3,776
  4,208
  4,662
  5,138
  5,636
  6,156
  6,698
  7,262
  7,849
  8,459
  9,093
  9,752
  10,436
Funds from operations, $m
  93
  321
  447
  611
  820
  1,080
  1,395
  1,772
  2,212
  2,720
  3,297
  3,929
  4,645
  5,431
  6,286
  7,207
  8,194
  9,245
  10,359
  11,533
  12,768
  14,063
  15,416
  16,828
  18,300
  19,832
  21,425
  23,081
  24,802
  26,591
  28,449
Change in working capital, $m
  -12
  44
  59
  77
  99
  123
  149
  179
  209
  242
  275
  309
  343
  376
  409
  442
  474
  505
  535
  565
  594
  623
  652
  680
  709
  738
  768
  798
  829
  862
  896
Cash from operations, $m
  105
  277
  388
  534
  721
  957
  1,246
  1,593
  2,003
  2,478
  3,022
  3,620
  4,303
  5,055
  5,876
  6,765
  7,720
  8,740
  9,823
  10,968
  12,174
  13,440
  14,764
  16,148
  17,591
  19,094
  20,657
  22,283
  23,973
  25,729
  27,553
Maintenance CAPEX, $m
  0
  -70
  -103
  -149
  -208
  -283
  -377
  -491
  -627
  -787
  -972
  -1,182
  -1,418
  -1,680
  -1,968
  -2,281
  -2,618
  -2,981
  -3,367
  -3,776
  -4,208
  -4,662
  -5,138
  -5,636
  -6,156
  -6,698
  -7,262
  -7,849
  -8,459
  -9,093
  -9,752
New CAPEX, $m
  -17
  -335
  -451
  -590
  -753
  -938
  -1,142
  -1,364
  -1,601
  -1,848
  -2,102
  -2,360
  -2,618
  -2,876
  -3,129
  -3,379
  -3,622
  -3,860
  -4,092
  -4,319
  -4,542
  -4,763
  -4,981
  -5,199
  -5,419
  -5,641
  -5,868
  -6,100
  -6,340
  -6,588
  -6,846
Cash from investing activities, $m
  -209
  -405
  -554
  -739
  -961
  -1,221
  -1,519
  -1,855
  -2,228
  -2,635
  -3,074
  -3,542
  -4,036
  -4,556
  -5,097
  -5,660
  -6,240
  -6,841
  -7,459
  -8,095
  -8,750
  -9,425
  -10,119
  -10,835
  -11,575
  -12,339
  -13,130
  -13,949
  -14,799
  -15,681
  -16,598
Free cash flow, $m
  -104
  -128
  -167
  -205
  -239
  -263
  -273
  -262
  -225
  -157
  -52
  78
  266
  499
  779
  1,106
  1,480
  1,900
  2,365
  2,873
  3,424
  4,015
  4,645
  5,312
  6,016
  6,754
  7,527
  8,334
  9,174
  10,048
  10,955
Issuance/(repayment) of debt, $m
  137
  295
  397
  520
  663
  826
  1,007
  1,202
  1,410
  1,628
  1,852
  2,079
  2,307
  2,534
  2,758
  2,977
  3,192
  3,401
  3,606
  3,806
  4,002
  4,196
  4,389
  4,581
  4,775
  4,971
  5,170
  5,375
  5,586
  5,805
  6,033
Issuance/(repurchase) of shares, $m
  -6
  215
  266
  319
  370
  414
  445
  457
  445
  402
  324
  168
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  87
  510
  663
  839
  1,033
  1,240
  1,452
  1,659
  1,855
  2,030
  2,176
  2,247
  2,314
  2,534
  2,758
  2,977
  3,192
  3,401
  3,606
  3,806
  4,002
  4,196
  4,389
  4,581
  4,775
  4,971
  5,170
  5,375
  5,586
  5,805
  6,033
Total cash flow (excl. dividends), $m
  -19
  382
  497
  634
  794
  976
  1,178
  1,397
  1,630
  1,873
  2,124
  2,325
  2,580
  3,033
  3,537
  4,083
  4,671
  5,301
  5,970
  6,679
  7,426
  8,212
  9,034
  9,894
  10,791
  11,725
  12,697
  13,709
  14,760
  15,853
  16,988
Retained Cash Flow (-), $m
  -49
  -380
  -512
  -670
  -855
  -1,064
  -1,297
  -1,549
  -1,817
  -2,097
  -2,386
  -2,679
  -2,972
  -3,264
  -3,553
  -3,835
  -4,112
  -4,382
  -4,645
  -4,903
  -5,156
  -5,406
  -5,654
  -5,902
  -6,152
  -6,404
  -6,661
  -6,925
  -7,197
  -7,479
  -7,772
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
 
  4
  6
  8
  12
  16
  21
  28
  35
  44
  55
  66
  80
  94
  110
  128
  147
  167
  189
  212
  236
  261
  288
  316
  345
  376
  407
  440
  474
  510
  547
Cash available for distribution, $m
 
  2
  -15
  -36
  -60
  -88
  -118
  -152
  -187
  -224
  -262
  -353
  -392
  -231
  -16
  248
  559
  919
  1,325
  1,776
  2,270
  2,805
  3,380
  3,991
  4,639
  5,321
  6,036
  6,784
  7,563
  8,374
  9,216
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2
  -14
  -31
  -50
  -68
  -86
  -103
  -117
  -129
  -137
  -168
  -167
  -88
  -5
  73
  142
  200
  244
  273
  288
  290
  280
  262
  236
  207
  176
  146
  117
  91
  69
Current shareholders' claim on cash, %
  100
  90.1
  82.5
  76.6
  72.0
  68.4
  65.7
  63.6
  62.0
  60.9
  60.2
  59.9
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8

Innospec Inc. is a specialty chemicals company engaged in developing, manufacturing, blending, marketing and supplying of specialty chemicals for use as fuel additives and ingredients for personal care, home care, agrochemical, mining and other applications and oilfield chemicals. The Company operates through four business segments: Fuel Specialties, Performance Chemicals, Oilfield Services and Octane Additives. Its Fuel Specialties develops, manufactures, blends, markets and supplies various specialty chemical products that are used as additives for a range of fuels. Its Performance Chemicals provides technology-based solutions. Its Oilfield Services business supplies drilling, completion and production chemicals. Its Octane Additives business manufactures a fuel additive for use in automotive gasoline and provides services in respect of environmental remediation. Its customers include oil and gas exploration and production companies, fuel users, and oil refiners among others.

FINANCIAL RATIOS  of  Innospec (IOSP)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 2.2
Price to Book 3
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate -12.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.6%
Cap. Spend. - 3 Yr. Gr. Rate -4.1%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 39.9%
Total Debt to Equity 41.7%
Interest Coverage 35
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 12.9%
Return On Equity - 3 Yr. Avg. 17.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 37.6%
Gross Margin - 3 Yr. Avg. 34.4%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 11.7%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 19.8%

IOSP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IOSP stock intrinsic value calculation we used $1307 million for the last fiscal year's total revenue generated by Innospec. The default revenue input number comes from 2016 income statement of Innospec. 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 IOSP stock valuation model: a) initial revenue growth rate of 47.9% 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 4.3%, whose default value for IOSP is calculated based on our internal credit rating of Innospec, 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 Innospec.
    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 IOSP stock the variable cost ratio is equal to 89%.

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 IOSP 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 5.4% for Innospec.

Corporate tax rate of 27% is the nominal tax rate for Innospec. 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 IOSP stock is equal to 0.3%.

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 IOSP are equal to 53.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Innospec 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 IOSP is equal to 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 - $794 million for Innospec - 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 24 million for Innospec 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 Innospec at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Why Innospec (IOSP) Stock Might be a Great Pick   [Jun-06-18 08:40AM  Zacks]
▶ Innospec: 1Q Earnings Snapshot   [05:18AM  Associated Press]
▶ Innospec Reports First Quarter 2018 Financial Results   [May-08-18 04:45PM  GlobeNewswire]
▶ New Strong Sell Stocks for March 2nd   [Mar-02-18 06:00AM  Zacks]
▶ Innospec Inc. to Host Earnings Call   [07:45AM  ACCESSWIRE]
▶ Innospec reports 4Q loss   [Feb-13-18 07:07PM  Associated Press]
▶ Innospec posts 3Q profit   [Nov-07-17 06:07PM  Associated Press]
▶ ETFs with exposure to Innospec, Inc. : November 2, 2017   [Nov-02-17 12:16PM  Capital Cube]
▶ Innospec Publishes 2016 Responsible Business Report   [Oct-23-17 09:00AM  GlobeNewswire]
▶ ETFs with exposure to Innospec, Inc. : September 22, 2017   [Sep-22-17 11:13AM  Capital Cube]
▶ Innospec ECOCLEAN® Additive Approved for TOP TIER Diesel   [Aug-30-17 01:15PM  GlobeNewswire]
▶ Innospec posts 2Q profit   [Aug-08-17 10:51PM  Associated Press]
▶ ETFs with exposure to Innospec, Inc. : July 13, 2017   [Jul-13-17 04:06PM  Capital Cube]
▶ ETFs with exposure to Innospec, Inc. : June 19, 2017   [Jun-19-17 03:33PM  Capital Cube]
▶ Innospec Invests in Dried Surfactants   [Jun-01-17 04:45PM  GlobeNewswire]
▶ Innospec posts 1Q profit   [May-09-17 07:44PM  Associated Press]
Financial statements of IOSP
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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