Intrinsic value of Innospec - IOSP

Previous Close

$73.10

  Intrinsic Value

$2,791

stock screener

  Rating & Target

str. buy

+999%

Previous close

$73.10

 
Intrinsic value

$2,791

 
Up/down potential

+999%

 
Rating

str. buy

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  883
  1,413
  2,183
  3,264
  4,736
  6,682
  9,187
  12,331
  16,192
  20,835
  26,316
  32,679
  39,953
  48,156
  57,297
  67,371
  78,368
  90,274
  103,068
  116,730
  131,239
  146,576
  162,726
  179,676
  197,418
  215,950
  235,274
  255,399
  276,337
  298,108
  320,736
Variable operating expenses, $m
 
  832
  1,265
  1,874
  2,702
  3,797
  5,205
  6,974
  9,146
  11,758
  14,841
  18,383
  22,475
  27,089
  32,231
  37,898
  44,085
  50,782
  57,979
  65,664
  73,826
  82,454
  91,538
  101,073
  111,054
  121,479
  132,349
  143,670
  155,448
  167,695
  180,424
Fixed operating expenses, $m
 
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  380
  390
  400
  410
  420
  430
  441
  452
  463
  475
  487
  499
  512
  524
Total operating expenses, $m
  778
  1,088
  1,528
  2,143
  2,978
  4,080
  5,495
  7,271
  9,451
  12,070
  15,161
  18,711
  22,811
  27,434
  32,584
  38,260
  44,456
  51,162
  58,369
  66,064
  74,236
  82,874
  91,968
  101,514
  111,506
  121,942
  132,824
  144,157
  155,947
  168,207
  180,948
Operating income, $m
  105
  324
  655
  1,121
  1,759
  2,603
  3,691
  5,060
  6,741
  8,765
  11,155
  13,968
  17,142
  20,722
  24,712
  29,111
  33,913
  39,112
  44,699
  50,666
  57,003
  63,703
  70,757
  78,161
  85,912
  94,008
  102,450
  111,242
  120,390
  129,901
  139,788
EBITDA, $m
  143
  390
  736
  1,224
  1,890
  2,773
  3,912
  5,342
  7,101
  9,216
  11,715
  14,617
  17,936
  21,679
  25,851
  30,449
  35,470
  40,905
  46,747
  52,985
  59,611
  66,615
  73,991
  81,732
  89,835
  98,299
  107,125
  116,317
  125,881
  135,825
  146,161
Interest expense (income), $m
  3
  9
  20
  36
  58
  88
  127
  179
  243
  322
  416
  528
  658
  807
  974
  1,161
  1,366
  1,591
  1,834
  2,095
  2,374
  2,670
  2,983
  3,312
  3,658
  4,020
  4,399
  4,793
  5,204
  5,631
  6,075
Earnings before tax, $m
  103
  315
  635
  1,086
  1,701
  2,515
  3,564
  4,881
  6,498
  8,443
  10,739
  13,440
  16,484
  19,916
  23,738
  27,950
  32,546
  37,521
  42,865
  48,571
  54,630
  61,033
  67,774
  74,849
  82,254
  89,988
  98,052
  106,449
  115,186
  124,270
  133,712
Tax expense, $m
  22
  85
  171
  293
  459
  679
  962
  1,318
  1,755
  2,280
  2,899
  3,629
  4,451
  5,377
  6,409
  7,546
  8,788
  10,131
  11,574
  13,114
  14,750
  16,479
  18,299
  20,209
  22,209
  24,297
  26,474
  28,741
  31,100
  33,553
  36,102
Net income, $m
  81
  230
  463
  793
  1,242
  1,836
  2,602
  3,563
  4,744
  6,164
  7,839
  9,811
  12,033
  14,539
  17,329
  20,403
  23,759
  27,390
  31,292
  35,457
  39,880
  44,554
  49,475
  54,640
  60,045
  65,691
  71,578
  77,708
  84,086
  90,717
  97,610

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
  1,727
  2,668
  3,991
  5,790
  8,169
  11,231
  15,075
  19,794
  25,470
  32,171
  39,949
  48,842
  58,871
  70,045
  82,360
  95,805
  110,359
  126,000
  142,701
  160,438
  179,188
  198,931
  219,653
  241,343
  263,998
  287,621
  312,223
  337,820
  364,435
  392,098
Adjusted assets (=assets-cash), $m
  1,079
  1,727
  2,668
  3,991
  5,790
  8,169
  11,231
  15,075
  19,794
  25,470
  32,171
  39,949
  48,842
  58,871
  70,045
  82,360
  95,805
  110,359
  126,000
  142,701
  160,438
  179,188
  198,931
  219,653
  241,343
  263,998
  287,621
  312,223
  337,820
  364,435
  392,098
Revenue / Adjusted assets
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
  0.818
Average production assets, $m
  274
  438
  677
  1,012
  1,468
  2,072
  2,848
  3,823
  5,019
  6,459
  8,158
  10,130
  12,385
  14,928
  17,762
  20,885
  24,294
  27,985
  31,951
  36,186
  40,684
  45,439
  50,445
  55,700
  61,200
  66,945
  72,935
  79,174
  85,664
  92,413
  99,428
Working capital, $m
  258
  268
  415
  620
  900
  1,270
  1,745
  2,343
  3,076
  3,959
  5,000
  6,209
  7,591
  9,150
  10,886
  12,800
  14,890
  17,152
  19,583
  22,179
  24,935
  27,849
  30,918
  34,138
  37,509
  41,031
  44,702
  48,526
  52,504
  56,640
  60,940
Total debt, $m
  273
  570
  1,019
  1,650
  2,508
  3,643
  5,103
  6,937
  9,188
  11,895
  15,092
  18,802
  23,044
  27,827
  33,157
  39,032
  45,445
  52,387
  59,848
  67,814
  76,275
  85,219
  94,636
  104,520
  114,866
  125,673
  136,941
  148,677
  160,886
  173,581
  186,777
Total liabilities, $m
  528
  824
  1,273
  1,904
  2,762
  3,897
  5,357
  7,191
  9,442
  12,149
  15,346
  19,056
  23,298
  28,081
  33,411
  39,286
  45,699
  52,641
  60,102
  68,068
  76,529
  85,473
  94,890
  104,774
  115,120
  125,927
  137,195
  148,931
  161,140
  173,835
  187,031
Total equity, $m
  654
  903
  1,396
  2,087
  3,028
  4,272
  5,874
  7,884
  10,352
  13,321
  16,826
  20,894
  25,544
  30,790
  36,633
  43,074
  50,106
  57,718
  65,898
  74,633
  83,909
  93,716
  104,041
  114,878
  126,222
  138,071
  150,426
  163,293
  176,680
  190,600
  205,067
Total liabilities and equity, $m
  1,182
  1,727
  2,669
  3,991
  5,790
  8,169
  11,231
  15,075
  19,794
  25,470
  32,172
  39,950
  48,842
  58,871
  70,044
  82,360
  95,805
  110,359
  126,000
  142,701
  160,438
  179,189
  198,931
  219,652
  241,342
  263,998
  287,621
  312,224
  337,820
  364,435
  392,098
Debt-to-equity ratio
  0.417
  0.630
  0.730
  0.790
  0.830
  0.850
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Adjusted equity ratio
  0.512
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  81
  230
  463
  793
  1,242
  1,836
  2,602
  3,563
  4,744
  6,164
  7,839
  9,811
  12,033
  14,539
  17,329
  20,403
  23,759
  27,390
  31,292
  35,457
  39,880
  44,554
  49,475
  54,640
  60,045
  65,691
  71,578
  77,708
  84,086
  90,717
  97,610
Depreciation, amort., depletion, $m
  38
  66
  81
  102
  132
  170
  220
  283
  359
  452
  560
  649
  794
  957
  1,139
  1,339
  1,557
  1,794
  2,048
  2,320
  2,608
  2,913
  3,234
  3,570
  3,923
  4,291
  4,675
  5,075
  5,491
  5,924
  6,374
Funds from operations, $m
  93
  296
  544
  895
  1,373
  2,006
  2,822
  3,846
  5,103
  6,615
  8,400
  10,460
  12,827
  15,495
  18,468
  21,742
  25,316
  29,184
  33,340
  37,777
  42,488
  47,467
  52,709
  58,210
  63,968
  69,982
  76,253
  82,783
  89,577
  96,641
  103,984
Change in working capital, $m
  -12
  101
  146
  205
  280
  370
  476
  597
  733
  882
  1,041
  1,209
  1,382
  1,559
  1,737
  1,914
  2,090
  2,262
  2,431
  2,596
  2,757
  2,914
  3,068
  3,220
  3,371
  3,521
  3,672
  3,824
  3,978
  4,136
  4,299
Cash from operations, $m
  105
  195
  398
  689
  1,094
  1,637
  2,346
  3,248
  4,370
  5,733
  7,358
  9,251
  11,445
  13,937
  16,731
  19,828
  23,227
  26,922
  30,909
  35,181
  39,731
  44,553
  49,641
  54,990
  60,597
  66,461
  72,581
  78,959
  85,599
  92,505
  99,684
Maintenance CAPEX, $m
  0
  -18
  -28
  -43
  -65
  -94
  -133
  -183
  -245
  -322
  -414
  -523
  -649
  -794
  -957
  -1,139
  -1,339
  -1,557
  -1,794
  -2,048
  -2,320
  -2,608
  -2,913
  -3,234
  -3,570
  -3,923
  -4,291
  -4,675
  -5,075
  -5,491
  -5,924
New CAPEX, $m
  -17
  -164
  -239
  -335
  -456
  -603
  -776
  -975
  -1,197
  -1,439
  -1,699
  -1,972
  -2,255
  -2,543
  -2,833
  -3,123
  -3,409
  -3,691
  -3,966
  -4,235
  -4,498
  -4,755
  -5,006
  -5,254
  -5,500
  -5,745
  -5,990
  -6,239
  -6,491
  -6,749
  -7,015
Cash from investing activities, $m
  -209
  -182
  -267
  -378
  -521
  -697
  -909
  -1,158
  -1,442
  -1,761
  -2,113
  -2,495
  -2,904
  -3,337
  -3,790
  -4,262
  -4,748
  -5,248
  -5,760
  -6,283
  -6,818
  -7,363
  -7,919
  -8,488
  -9,070
  -9,668
  -10,281
  -10,914
  -11,566
  -12,240
  -12,939
Free cash flow, $m
  -104
  13
  131
  311
  572
  939
  1,437
  2,091
  2,928
  3,972
  5,245
  6,756
  8,541
  10,600
  12,940
  15,567
  18,479
  21,674
  25,149
  28,898
  32,913
  37,190
  41,721
  46,502
  51,527
  56,793
  62,300
  68,046
  74,033
  80,264
  86,746
Issuance/(repayment) of debt, $m
  137
  309
  449
  631
  858
  1,135
  1,460
  1,834
  2,251
  2,708
  3,196
  3,710
  4,242
  4,784
  5,330
  5,874
  6,413
  6,942
  7,461
  7,967
  8,461
  8,944
  9,417
  9,884
  10,346
  10,807
  11,268
  11,735
  12,210
  12,695
  13,195
Issuance/(repurchase) of shares, $m
  -6
  109
  29
  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  
  87
  418
  478
  631
  858
  1,135
  1,460
  1,834
  2,251
  2,708
  3,196
  3,710
  4,242
  4,784
  5,330
  5,874
  6,413
  6,942
  7,461
  7,967
  8,461
  8,944
  9,417
  9,884
  10,346
  10,807
  11,268
  11,735
  12,210
  12,695
  13,195
Total cash flow (excl. dividends), $m
  -19
  431
  609
  941
  1,431
  2,074
  2,897
  3,925
  5,179
  6,679
  8,441
  10,466
  12,782
  15,384
  18,270
  21,441
  24,892
  28,617
  32,610
  36,864
  41,374
  46,134
  51,139
  56,386
  61,873
  67,600
  73,568
  79,781
  86,242
  92,960
  99,941
Retained Cash Flow (-), $m
  -49
  -339
  -492
  -692
  -941
  -1,244
  -1,601
  -2,011
  -2,468
  -2,969
  -3,505
  -4,068
  -4,651
  -5,245
  -5,844
  -6,441
  -7,031
  -7,612
  -8,180
  -8,735
  -9,277
  -9,806
  -10,326
  -10,837
  -11,344
  -11,849
  -12,355
  -12,867
  -13,387
  -13,920
  -14,468
Prev. year cash balance distribution, $m
 
  90
  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
 
  182
  117
  250
  490
  830
  1,296
  1,914
  2,711
  3,711
  4,937
  6,398
  8,132
  10,138
  12,426
  15,000
  17,860
  21,005
  24,430
  28,129
  32,097
  36,328
  40,813
  45,549
  50,529
  55,751
  61,213
  66,914
  72,855
  79,040
  85,473
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
 
  174
  107
  218
  403
  643
  941
  1,293
  1,694
  2,132
  2,588
  3,038
  3,470
  3,855
  4,172
  4,404
  4,539
  4,570
  4,499
  4,331
  4,079
  3,757
  3,386
  2,985
  2,574
  2,169
  1,786
  1,436
  1,127
  863
  644
Current shareholders' claim on cash, %
  100
  93.3
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2

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 21.7
Price to Sales 2
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 20
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 $883 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 60% 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 60.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $250 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 3.5% 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%.

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 31%.

Life of production assets of 15.6 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 19%. 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 - $654 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 24.221 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 $1.8 billion.

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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to Innospec, Inc. : April 7, 2017   [Apr-07-17 04:54PM  Capital Cube]
▶ Innospec posts 4Q profit   [Feb-14-17 05:29PM  Associated Press]
▶ Innospec Inc. (IOSP): Hedge Funds Remain Overweight   [Dec-02-16 12:43PM  at Insider Monkey]
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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