Intrinsic value of KMG Chemicals - KMG

Previous Close

$65.08

  Intrinsic Value

$116.58

stock screener

  Rating & Target

str. buy

+79%

Previous close

$65.08

 
Intrinsic value

$116.58

 
Up/down potential

+79%

 
Rating

str. buy

We calculate the intrinsic value of KMG 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 2017), $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 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.74
  28.00
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
Revenue, $m
  333
  426
  536
  662
  807
  969
  1,149
  1,346
  1,562
  1,795
  2,044
  2,310
  2,593
  2,891
  3,204
  3,533
  3,877
  4,236
  4,610
  5,000
  5,405
  5,827
  6,265
  6,720
  7,193
  7,685
  8,196
  8,727
  9,280
  9,856
  10,456
Variable operating expenses, $m
 
  323
  400
  489
  591
  705
  832
  971
  1,123
  1,287
  1,463
  1,628
  1,827
  2,037
  2,258
  2,490
  2,732
  2,985
  3,249
  3,524
  3,809
  4,106
  4,415
  4,736
  5,069
  5,416
  5,776
  6,150
  6,540
  6,946
  7,368
Fixed operating expenses, $m
 
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
Total operating expenses, $m
  296
  364
  442
  532
  635
  750
  878
  1,019
  1,172
  1,337
  1,514
  1,680
  1,881
  2,092
  2,315
  2,548
  2,791
  3,046
  3,311
  3,588
  3,875
  4,173
  4,484
  4,807
  5,141
  5,490
  5,852
  6,228
  6,620
  7,028
  7,452
Operating income, $m
  37
  62
  94
  130
  172
  218
  270
  328
  390
  458
  530
  630
  712
  798
  890
  985
  1,085
  1,190
  1,299
  1,412
  1,530
  1,653
  1,781
  1,914
  2,051
  2,195
  2,344
  2,499
  2,660
  2,828
  3,003
EBITDA, $m
  54
  100
  135
  176
  222
  275
  333
  397
  467
  543
  624
  711
  803
  900
  1,002
  1,109
  1,221
  1,338
  1,460
  1,588
  1,720
  1,857
  2,000
  2,149
  2,303
  2,464
  2,631
  2,805
  2,985
  3,173
  3,369
Interest expense (income), $m
  4
  18
  24
  31
  40
  49
  59
  71
  84
  98
  113
  129
  146
  164
  184
  204
  225
  247
  271
  295
  320
  346
  373
  402
  431
  462
  494
  527
  561
  597
  634
Earnings before tax, $m
  32
  44
  69
  99
  132
  169
  211
  257
  306
  360
  417
  501
  566
  634
  706
  781
  860
  942
  1,028
  1,118
  1,210
  1,307
  1,407
  1,512
  1,620
  1,733
  1,850
  1,972
  2,099
  2,232
  2,369
Tax expense, $m
  8
  12
  19
  27
  36
  46
  57
  69
  83
  97
  113
  135
  153
  171
  191
  211
  232
  254
  278
  302
  327
  353
  380
  408
  437
  468
  500
  533
  567
  603
  640
Net income, $m
  24
  32
  51
  72
  96
  124
  154
  187
  224
  263
  305
  366
  413
  463
  515
  570
  628
  688
  751
  816
  884
  954
  1,027
  1,104
  1,183
  1,265
  1,351
  1,440
  1,532
  1,629
  1,730

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  792
  987
  1,240
  1,533
  1,867
  2,242
  2,659
  3,117
  3,615
  4,154
  4,732
  5,348
  6,002
  6,691
  7,417
  8,178
  8,975
  9,806
  10,672
  11,574
  12,512
  13,488
  14,502
  15,555
  16,650
  17,788
  18,971
  20,202
  21,482
  22,815
  24,203
Adjusted assets (=assets-cash), $m
  771
  987
  1,240
  1,533
  1,867
  2,242
  2,659
  3,117
  3,615
  4,154
  4,732
  5,348
  6,002
  6,691
  7,417
  8,178
  8,975
  9,806
  10,672
  11,574
  12,512
  13,488
  14,502
  15,555
  16,650
  17,788
  18,971
  20,202
  21,482
  22,815
  24,203
Revenue / Adjusted assets
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
Average production assets, $m
  270
  345
  433
  536
  653
  784
  929
  1,089
  1,264
  1,452
  1,654
  1,869
  2,097
  2,339
  2,592
  2,858
  3,136
  3,427
  3,730
  4,045
  4,373
  4,714
  5,068
  5,436
  5,819
  6,217
  6,630
  7,060
  7,508
  7,974
  8,459
Working capital, $m
  80
  79
  100
  123
  150
  180
  214
  250
  291
  334
  380
  430
  482
  538
  596
  657
  721
  788
  858
  930
  1,005
  1,084
  1,165
  1,250
  1,338
  1,429
  1,524
  1,623
  1,726
  1,833
  1,945
Total debt, $m
  526
  695
  898
  1,132
  1,398
  1,697
  2,030
  2,395
  2,793
  3,223
  3,684
  4,176
  4,697
  5,248
  5,827
  6,434
  7,070
  7,733
  8,424
  9,144
  9,893
  10,671
  11,480
  12,321
  13,195
  14,103
  15,047
  16,029
  17,051
  18,114
  19,222
Total liabilities, $m
  619
  787
  990
  1,224
  1,490
  1,789
  2,122
  2,487
  2,885
  3,315
  3,776
  4,268
  4,789
  5,340
  5,919
  6,526
  7,162
  7,825
  8,516
  9,236
  9,985
  10,763
  11,572
  12,413
  13,287
  14,195
  15,139
  16,121
  17,143
  18,206
  19,314
Total equity, $m
  174
  199
  251
  310
  377
  453
  537
  630
  730
  839
  956
  1,080
  1,212
  1,352
  1,498
  1,652
  1,813
  1,981
  2,156
  2,338
  2,528
  2,725
  2,929
  3,142
  3,363
  3,593
  3,832
  4,081
  4,339
  4,609
  4,889
Total liabilities and equity, $m
  793
  986
  1,241
  1,534
  1,867
  2,242
  2,659
  3,117
  3,615
  4,154
  4,732
  5,348
  6,001
  6,692
  7,417
  8,178
  8,975
  9,806
  10,672
  11,574
  12,513
  13,488
  14,501
  15,555
  16,650
  17,788
  18,971
  20,202
  21,482
  22,815
  24,203
Debt-to-equity ratio
  3.023
  3.490
  3.580
  3.650
  3.710
  3.750
  3.780
  3.800
  3.820
  3.840
  3.850
  3.870
  3.870
  3.880
  3.890
  3.890
  3.900
  3.900
  3.910
  3.910
  3.910
  3.920
  3.920
  3.920
  3.920
  3.920
  3.930
  3.930
  3.930
  3.930
  3.930
Adjusted equity ratio
  0.198
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  32
  51
  72
  96
  124
  154
  187
  224
  263
  305
  366
  413
  463
  515
  570
  628
  688
  751
  816
  884
  954
  1,027
  1,104
  1,183
  1,265
  1,351
  1,440
  1,532
  1,629
  1,730
Depreciation, amort., depletion, $m
  17
  37
  41
  46
  51
  56
  63
  70
  77
  85
  94
  81
  91
  101
  112
  124
  136
  148
  161
  175
  189
  204
  219
  235
  252
  269
  287
  306
  325
  345
  366
Funds from operations, $m
  44
  70
  92
  118
  147
  180
  217
  257
  301
  348
  399
  446
  504
  564
  628
  694
  764
  836
  912
  991
  1,073
  1,158
  1,247
  1,339
  1,435
  1,534
  1,638
  1,745
  1,857
  1,974
  2,096
Change in working capital, $m
  -1
  17
  20
  24
  27
  30
  33
  37
  40
  43
  46
  50
  53
  55
  58
  61
  64
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  112
Cash from operations, $m
  45
  52
  71
  94
  120
  150
  183
  220
  261
  305
  352
  397
  451
  509
  569
  633
  700
  770
  842
  918
  998
  1,080
  1,165
  1,254
  1,347
  1,443
  1,543
  1,647
  1,755
  1,867
  1,984
Maintenance CAPEX, $m
  0
  -12
  -15
  -19
  -23
  -28
  -34
  -40
  -47
  -55
  -63
  -72
  -81
  -91
  -101
  -112
  -124
  -136
  -148
  -161
  -175
  -189
  -204
  -219
  -235
  -252
  -269
  -287
  -306
  -325
  -345
New CAPEX, $m
  -14
  -75
  -89
  -102
  -117
  -131
  -146
  -160
  -174
  -188
  -202
  -215
  -228
  -241
  -254
  -266
  -278
  -290
  -303
  -315
  -328
  -341
  -354
  -368
  -383
  -398
  -413
  -430
  -447
  -466
  -485
Cash from investing activities, $m
  -524
  -87
  -104
  -121
  -140
  -159
  -180
  -200
  -221
  -243
  -265
  -287
  -309
  -332
  -355
  -378
  -402
  -426
  -451
  -476
  -503
  -530
  -558
  -587
  -618
  -650
  -682
  -717
  -753
  -791
  -830
Free cash flow, $m
  -479
  -35
  -32
  -27
  -20
  -9
  4
  20
  39
  62
  87
  110
  142
  177
  214
  255
  298
  343
  391
  442
  494
  550
  607
  667
  729
  793
  860
  929
  1,002
  1,076
  1,154
Issuance/(repayment) of debt, $m
  504
  172
  202
  234
  266
  299
  332
  365
  398
  430
  461
  492
  521
  551
  579
  607
  635
  663
  691
  720
  749
  778
  809
  841
  874
  908
  944
  982
  1,022
  1,063
  1,108
Issuance/(repurchase) of shares, $m
  0
  11
  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
Cash from financing (excl. dividends), $m  
  488
  183
  203
  234
  266
  299
  332
  365
  398
  430
  461
  492
  521
  551
  579
  607
  635
  663
  691
  720
  749
  778
  809
  841
  874
  908
  944
  982
  1,022
  1,063
  1,108
Total cash flow (excl. dividends), $m
  8
  149
  171
  207
  247
  290
  336
  385
  437
  492
  548
  602
  663
  727
  793
  862
  933
  1,007
  1,083
  1,162
  1,243
  1,328
  1,416
  1,507
  1,602
  1,701
  1,804
  1,911
  2,023
  2,140
  2,262
Retained Cash Flow (-), $m
  -31
  -43
  -51
  -59
  -67
  -76
  -84
  -93
  -101
  -109
  -117
  -124
  -132
  -139
  -147
  -154
  -161
  -168
  -175
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -269
  -280
Prev. year cash balance distribution, $m
 
  18
  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
 
  123
  120
  148
  179
  214
  252
  293
  336
  383
  432
  477
  531
  588
  647
  708
  772
  839
  908
  979
  1,054
  1,131
  1,211
  1,295
  1,381
  1,471
  1,565
  1,663
  1,765
  1,871
  1,981
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  111
  96
  104
  110
  113
  113
  110
  104
  96
  87
  76
  65
  54
  44
  35
  27
  20
  15
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4

KMG Chemicals, Inc. manufactures, formulates and globally distributes specialty chemicals. The Company operates businesses selling electronic chemicals, industrial wood treating chemicals, and industrial valve lubricants and sealants. The Company operates through two segments: Electronic chemicals and Other chemicals. The Company operates through its subsidiaries, KMG Electronic Chemicals, Inc. (KMG EC), KMG-Bernuth, Inc. (KMG Bernuth) and KMG Val-Tex, LLC (Val-Tex). The Company's Electronic chemicals business sells high purity and ultra-purity wet process chemicals primarily to the semiconductor industry. The Company's Other chemicals segment includes its industrial lubricants business and wood treating chemicals business. The Company's products sulfuric, phosphoric, nitric and hydrofluoric acids, ammonium hydroxide, hydrogen peroxide, isopropyl alcohol, other specialty organic solvents and various blends of chemicals.

FINANCIAL RATIOS  of  KMG Chemicals (KMG)

Valuation Ratios
P/E Ratio 32.2
Price to Sales 2.3
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 25
Growth Rates
Sales Growth Rate 11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 300.6%
Total Debt to Equity 302.3%
Interest Coverage 9
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 39%
Gross Margin - 3 Yr. Avg. 37.3%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 13.8%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 31.3%
Payout Ratio 4.2%

KMG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KMG stock intrinsic value calculation we used $333 million for the last fiscal year's total revenue generated by KMG Chemicals. The default revenue input number comes from 2017 income statement of KMG Chemicals. 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 KMG stock valuation model: a) initial revenue growth rate of 28% 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 11.2%, whose default value for KMG is calculated based on our internal credit rating of KMG Chemicals, 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 KMG Chemicals.
    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 KMG stock the variable cost ratio is equal to 77.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 million in the base year in the intrinsic value calculation for KMG 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 KMG Chemicals.

Corporate tax rate of 27% is the nominal tax rate for KMG Chemicals. 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 KMG 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 KMG are equal to 80.9%.

Life of production assets of 23.1 years is the average useful life of capital assets used in KMG Chemicals 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 KMG is equal to 18.6%. 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 - $174 million for KMG Chemicals - 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 11.907 million for KMG Chemicals 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 KMG Chemicals at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Company News For Dec 13, 2017   [09:16AM  Zacks]
▶ Stocks Flashing Renewed Technical Strength: KMG Chemicals   [03:00AM  Investor's Business Daily]
▶ Stocks Mixed As Nasdaq Struggles, But These 2 Sectors Outperform   [Dec-12-17 01:38PM  Investor's Business Daily]
▶ Company News For Dec 12, 2017   [10:47AM  Zacks]
▶ KMG posts 1Q profit   [Dec-11-17 04:23PM  Associated Press]
▶ KMG Declares Quarterly Dividend   [Dec-06-17 04:30PM  GlobeNewswire]
▶ Stocks To Watch Ahead Of Earnings: KMG Chemicals   [03:00AM  Investor's Business Daily]
▶ KMG Schedules Fiscal First Quarter 2018 Results Call   [Nov-28-17 05:03PM  GlobeNewswire]
▶ KMG Announces Common Stock Offering   [Oct-16-17 04:41PM  GlobeNewswire]
▶ KMG posts 4Q profit   [04:20PM  Associated Press]
▶ KMG Declares Quarterly Dividend   [Sep-29-17 02:00PM  GlobeNewswire]
▶ KMG Provides Update on Houston-Area Operations   [Sep-01-17 10:55AM  GlobeNewswire]
▶ KMG Nominates Margaret Montana to Board of Directors   [Aug-24-17 05:00PM  GlobeNewswire]
▶ ETFs with exposure to KMG Chemicals, Inc. : July 5, 2017   [Jul-05-17 12:52PM  Capital Cube]
▶ KMG Completes Acquisition of Flowchem LLC   [02:00PM  GlobeNewswire]
▶ KMG posts 3Q profit   [Jun-09-17 07:46AM  Associated Press]
▶ Bet On 4 Profitable Stocks for Impressive Gains   [Jun-07-17 06:32AM  Zacks]
▶ 4 Profitable Stocks to Buy for Stunning Returns   [May-05-17 09:53AM  Zacks]
▶ Fort Worth co. buys Houston-area pipeline products co. for $495M   [Apr-25-17 01:15PM  American City Business Journals]
▶ KMG Chemicals to buy Flowchem for $495 million   [Apr-24-17 06:21PM  MarketWatch]
▶ KMG to Acquire Flowchem LLC   [05:45PM  GlobeNewswire]
Financial statements of KMG
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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