Intrinsic value of Quaker Chemical - KWR

Previous Close

$162.68

  Intrinsic Value

$91.61

stock screener

  Rating & Target

sell

-44%

Previous close

$162.68

 
Intrinsic value

$91.61

 
Up/down potential

-44%

 
Rating

sell

We calculate the intrinsic value of KWR 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, %
  1.22
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  747
  900
  984
  1,072
  1,163
  1,258
  1,356
  1,459
  1,565
  1,676
  1,790
  1,910
  2,034
  2,164
  2,298
  2,438
  2,584
  2,736
  2,895
  3,061
  3,234
  3,414
  3,603
  3,800
  4,006
  4,222
  4,447
  4,684
  4,931
  5,190
  5,461
Variable operating expenses, $m
 
  795
  868
  944
  1,023
  1,105
  1,190
  1,279
  1,371
  1,466
  1,566
  1,654
  1,761
  1,873
  1,990
  2,111
  2,237
  2,369
  2,506
  2,650
  2,799
  2,956
  3,119
  3,290
  3,468
  3,655
  3,850
  4,055
  4,269
  4,493
  4,728
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
  664
  795
  868
  944
  1,023
  1,105
  1,190
  1,279
  1,371
  1,466
  1,566
  1,654
  1,761
  1,873
  1,990
  2,111
  2,237
  2,369
  2,506
  2,650
  2,799
  2,956
  3,119
  3,290
  3,468
  3,655
  3,850
  4,055
  4,269
  4,493
  4,728
Operating income, $m
  83
  105
  116
  128
  140
  153
  166
  180
  194
  209
  225
  256
  273
  290
  309
  327
  347
  367
  389
  411
  434
  458
  484
  510
  538
  567
  597
  629
  662
  697
  733
EBITDA, $m
  103
  147
  161
  176
  190
  206
  222
  239
  256
  274
  293
  313
  333
  354
  376
  399
  423
  448
  474
  501
  530
  559
  590
  622
  656
  691
  728
  767
  808
  850
  894
Interest expense (income), $m
  2
  4
  6
  8
  9
  11
  14
  16
  18
  20
  23
  25
  28
  31
  34
  37
  40
  43
  46
  50
  54
  57
  61
  66
  70
  75
  79
  84
  90
  95
  101
Earnings before tax, $m
  84
  101
  111
  121
  131
  142
  153
  164
  176
  189
  202
  231
  245
  260
  275
  291
  307
  324
  342
  361
  381
  401
  422
  445
  468
  492
  518
  544
  572
  602
  632
Tax expense, $m
  23
  27
  30
  33
  35
  38
  41
  44
  48
  51
  54
  62
  66
  70
  74
  78
  83
  88
  92
  97
  103
  108
  114
  120
  126
  133
  140
  147
  155
  162
  171
Net income, $m
  61
  74
  81
  88
  96
  103
  111
  120
  129
  138
  147
  169
  179
  190
  201
  212
  224
  237
  250
  264
  278
  293
  308
  325
  342
  359
  378
  397
  418
  439
  462

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  89
  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
  692
  793
  866
  943
  1,024
  1,107
  1,194
  1,284
  1,378
  1,475
  1,576
  1,681
  1,791
  1,905
  2,023
  2,146
  2,275
  2,409
  2,549
  2,694
  2,847
  3,005
  3,172
  3,345
  3,527
  3,716
  3,915
  4,123
  4,341
  4,569
  4,807
Adjusted assets (=assets-cash), $m
  603
  793
  866
  943
  1,024
  1,107
  1,194
  1,284
  1,378
  1,475
  1,576
  1,681
  1,791
  1,905
  2,023
  2,146
  2,275
  2,409
  2,549
  2,694
  2,847
  3,005
  3,172
  3,345
  3,527
  3,716
  3,915
  4,123
  4,341
  4,569
  4,807
Revenue / Adjusted assets
  1.239
  1.135
  1.136
  1.137
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
  1.136
Average production assets, $m
  160
  266
  290
  316
  343
  371
  400
  430
  462
  494
  528
  563
  600
  638
  678
  719
  762
  807
  854
  903
  954
  1,007
  1,063
  1,121
  1,182
  1,245
  1,312
  1,382
  1,455
  1,531
  1,611
Working capital, $m
  249
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
Total debt, $m
  66
  97
  130
  163
  198
  234
  272
  311
  352
  394
  438
  484
  532
  581
  633
  686
  742
  801
  861
  925
  991
  1,060
  1,132
  1,208
  1,287
  1,369
  1,456
  1,546
  1,641
  1,740
  1,844
Total liabilities, $m
  289
  345
  377
  410
  445
  482
  519
  559
  599
  642
  686
  731
  779
  828
  880
  934
  990
  1,048
  1,109
  1,172
  1,238
  1,307
  1,380
  1,455
  1,534
  1,617
  1,703
  1,793
  1,888
  1,987
  2,091
Total equity, $m
  403
  448
  490
  533
  578
  625
  674
  725
  778
  833
  891
  950
  1,012
  1,076
  1,143
  1,213
  1,285
  1,361
  1,440
  1,522
  1,608
  1,698
  1,792
  1,890
  1,993
  2,100
  2,212
  2,329
  2,452
  2,581
  2,716
Total liabilities and equity, $m
  692
  793
  867
  943
  1,023
  1,107
  1,193
  1,284
  1,377
  1,475
  1,577
  1,681
  1,791
  1,904
  2,023
  2,147
  2,275
  2,409
  2,549
  2,694
  2,846
  3,005
  3,172
  3,345
  3,527
  3,717
  3,915
  4,122
  4,340
  4,568
  4,807
Debt-to-equity ratio
  0.164
  0.220
  0.260
  0.310
  0.340
  0.370
  0.400
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
Adjusted equity ratio
  0.521
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  74
  81
  88
  96
  103
  111
  120
  129
  138
  147
  169
  179
  190
  201
  212
  224
  237
  250
  264
  278
  293
  308
  325
  342
  359
  378
  397
  418
  439
  462
Depreciation, amort., depletion, $m
  20
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  125
  131
  138
  145
  153
  161
Funds from operations, $m
  64
  116
  126
  135
  146
  156
  167
  179
  191
  203
  216
  225
  239
  253
  268
  284
  300
  318
  335
  354
  373
  393
  415
  437
  460
  484
  509
  536
  563
  592
  623
Change in working capital, $m
  -10
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  74
  117
  126
  136
  146
  157
  168
  179
  191
  204
  217
  226
  240
  254
  269
  285
  301
  319
  336
  355
  374
  395
  416
  438
  461
  485
  511
  537
  565
  594
  625
Maintenance CAPEX, $m
  0
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -125
  -131
  -138
  -145
  -153
New CAPEX, $m
  -10
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
Cash from investing activities, $m
  -24
  -48
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -148
  -157
  -164
  -173
  -182
  -192
  -201
  -211
  -221
  -233
Free cash flow, $m
  50
  69
  75
  81
  88
  95
  102
  109
  117
  125
  133
  138
  147
  156
  166
  176
  186
  197
  209
  221
  233
  246
  259
  274
  288
  304
  320
  336
  354
  372
  391
Issuance/(repayment) of debt, $m
  -15
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
Issuance/(repurchase) of shares, $m
  -6
  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  
  -20
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
Total cash flow (excl. dividends), $m
  26
  100
  107
  115
  123
  131
  140
  148
  158
  167
  177
  184
  194
  206
  217
  230
  242
  256
  270
  284
  299
  315
  332
  349
  367
  386
  406
  427
  449
  471
  495
Retained Cash Flow (-), $m
  -30
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -129
  -135
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
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
Cash available for distribution, $m
 
  60
  65
  71
  77
  84
  91
  98
  105
  112
  120
  124
  133
  141
  150
  160
  170
  180
  191
  202
  213
  225
  238
  251
  265
  279
  294
  309
  326
  343
  360
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
 
  57
  60
  62
  64
  65
  66
  66
  65
  65
  63
  59
  57
  54
  51
  47
  43
  39
  35
  31
  27
  23
  20
  16
  13
  11
  9
  7
  5
  4
  3
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

Quaker Chemical Corporation is a provider of process fluids, chemical specialties, and technical expertise to a range of industries, including steel, aluminum, mining, aerospace, tube and pipe, cans and others. The Company's segments include North America, Europe, Middle East and Africa (EMEA), Asia/Pacific and South America. It develops, produces, and markets a range of formulated chemical specialty products and offers chemical management services. Its products and services include rolling lubricants (used by manufacturers of steel in the hot and cold rolling of steel and by manufacturers of aluminum in the hot rolling of aluminum); machining and grinding compounds (used by metalworking customers in cutting, shaping, and grinding metal parts, which require special treatment to enable them to tolerate the manufacturing process, achieve closer tolerance, and improve tool life), and hydraulic fluids (used by steel, metalworking, and other customers to operate hydraulic equipment).

FINANCIAL RATIOS  of  Quaker Chemical (KWR)

Valuation Ratios
P/E Ratio 35.4
Price to Sales 2.9
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 29.2
Price to Free Cash Flow 33.8
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.1%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio 89
Current Ratio 0
LT Debt to Equity 16.1%
Total Debt to Equity 16.4%
Interest Coverage 43
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 13.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 37.5%
Gross Margin - 3 Yr. Avg. 36.9%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 8.2%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 27.4%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio 29.5%

KWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KWR stock intrinsic value calculation we used $820 million for the last fiscal year's total revenue generated by Quaker Chemical. The default revenue input number comes from 2016 income statement of Quaker Chemical. 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 KWR stock valuation model: a) initial revenue growth rate of 9.8% 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 4.3%, whose default value for KWR is calculated based on our internal credit rating of Quaker Chemical, 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 Quaker Chemical.
    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 KWR stock the variable cost ratio is equal to 88.5%.

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 KWR 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 5.8% for Quaker Chemical.

Corporate tax rate of 27% is the nominal tax rate for Quaker Chemical. 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 KWR stock is equal to 0.5%.

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 KWR are equal to 29.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Quaker Chemical 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 KWR is equal to -0.7%. 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 - $408 million for Quaker Chemical - 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 13 million for Quaker Chemical 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 Quaker Chemical at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for July 18th   [Jul-18-18 07:30AM  Zacks]
▶ Quaker Chemical Updates Timing on Houghton Combination   [Jul-09-18 09:00AM  PR Newswire]
▶ Top Growth Stocks This Week   [May-25-18 12:02PM  Simply Wall St.]
▶ Quaker Chemical Announces 4.2% Increase In Cash Dividend   [May-09-18 02:00PM  PR Newswire]
▶ Quaker Chemical: 1Q Earnings Snapshot   [Apr-30-18 05:51PM  Associated Press]
▶ Top Growth Stocks To Buy Today   [Apr-23-18 12:02PM  Simply Wall St.]
▶ Product Solutions to Suppress Dust and Reduce Downtime   [Apr-12-18 01:03PM  PR Newswire]
▶ Top Growth Stocks To Buy Now   [Mar-17-18 12:02PM  Simply Wall St.]
▶ Quaker Chemical Corporation to Host Earnings Call   [Mar-01-18 06:45AM  ACCESSWIRE]
▶ Quaker Chemical reports 4Q loss   [05:01AM  Associated Press]
▶ Quaker Chemical Announces Quarterly Dividend   [Feb-27-18 02:00PM  PR Newswire]
▶ Quaker Acquires Remaining Stake of India Joint Venture   [Dec-26-17 08:28AM  Market Realist]
▶ Quaker Chemical Announces Quarterly Dividend   [Nov-15-17 01:00PM  PR Newswire]
▶ Quaker Chemical Corporation to Host Earnings Call   [Oct-27-17 06:30AM  ACCESSWIRE]
▶ Quaker Chemical beats 3Q profit forecasts   [Oct-26-17 07:28PM  Associated Press]
▶ Quaker Chemical Announces Quarterly Dividend   [Sep-20-17 01:00PM  PR Newswire]
▶ Product Solutions to Suppress Dust and Reduce Downtime   [Aug-22-17 10:00AM  PR Newswire]
▶ Quaker Chemical meets 2Q profit forecasts   [01:09AM  Associated Press]
▶ Quaker Chemical Announces Second Quarter 2017 Results   [Jul-27-17 04:20PM  PR Newswire]
▶ Quaker Chemical Announces 3% Increase In Cash Dividend   [May-10-17 02:00PM  PR Newswire]
▶ Quaker Chemical Sees Composite Rating Improve To 96   [May-03-17 11:24AM  Investor's Business Daily]
▶ Quaker Chemical beats 1Q profit forecasts   [May-01-17 05:08PM  Associated Press]
Financial statements of KWR
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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