Intrinsic value of Neenah Paper - NP

Previous Close

$88.00

  Intrinsic Value

$73.15

stock screener

  Rating & Target

hold

-17%

Previous close

$88.00

 
Intrinsic value

$73.15

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of NP 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 1.5

 

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, %
  6.08
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  942
  999
  1,059
  1,122
  1,187
  1,255
  1,326
  1,400
  1,477
  1,558
  1,642
  1,731
  1,823
  1,920
  2,021
  2,128
  2,239
  2,355
  2,477
  2,605
  2,740
  2,880
  3,028
  3,182
  3,345
  3,515
  3,693
  3,881
  4,077
  4,283
  4,500
Variable operating expenses, $m
 
  758
  803
  850
  899
  950
  1,003
  1,059
  1,117
  1,178
  1,241
  1,301
  1,370
  1,443
  1,519
  1,599
  1,683
  1,770
  1,862
  1,958
  2,059
  2,165
  2,276
  2,392
  2,514
  2,642
  2,776
  2,916
  3,064
  3,219
  3,382
Fixed operating expenses, $m
 
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
  155
  159
  162
  167
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
Total operating expenses, $m
  827
  876
  924
  974
  1,026
  1,080
  1,136
  1,196
  1,257
  1,322
  1,388
  1,452
  1,525
  1,602
  1,681
  1,766
  1,854
  1,945
  2,041
  2,142
  2,247
  2,358
  2,474
  2,595
  2,722
  2,855
  2,995
  3,140
  3,294
  3,454
  3,623
Operating income, $m
  114
  123
  135
  148
  161
  175
  189
  204
  220
  236
  254
  279
  298
  318
  340
  362
  385
  410
  436
  463
  492
  522
  554
  588
  623
  660
  699
  740
  783
  829
  877
EBITDA, $m
  146
  159
  173
  187
  202
  218
  234
  252
  270
  289
  308
  329
  351
  374
  398
  424
  450
  478
  508
  539
  571
  606
  642
  680
  720
  762
  806
  852
  901
  953
  1,007
Interest expense (income), $m
  10
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  46
  48
  51
  54
  58
  61
  65
  68
  72
  76
Earnings before tax, $m
  103
  114
  125
  136
  148
  160
  173
  187
  201
  216
  232
  255
  273
  291
  311
  331
  352
  375
  398
  423
  449
  477
  506
  536
  569
  602
  638
  675
  715
  757
  800
Tax expense, $m
  30
  31
  34
  37
  40
  43
  47
  50
  54
  58
  63
  69
  74
  79
  84
  89
  95
  101
  108
  114
  121
  129
  137
  145
  153
  163
  172
  182
  193
  204
  216
Net income, $m
  73
  83
  91
  99
  108
  117
  126
  136
  147
  158
  169
  186
  199
  213
  227
  241
  257
  273
  291
  309
  328
  348
  369
  392
  415
  440
  466
  493
  522
  552
  584

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  766
  809
  858
  908
  961
  1,016
  1,073
  1,133
  1,196
  1,261
  1,330
  1,401
  1,476
  1,555
  1,637
  1,723
  1,813
  1,907
  2,006
  2,110
  2,218
  2,332
  2,452
  2,577
  2,708
  2,846
  2,990
  3,142
  3,301
  3,468
  3,643
Adjusted assets (=assets-cash), $m
  763
  809
  858
  908
  961
  1,016
  1,073
  1,133
  1,196
  1,261
  1,330
  1,401
  1,476
  1,555
  1,637
  1,723
  1,813
  1,907
  2,006
  2,110
  2,218
  2,332
  2,452
  2,577
  2,708
  2,846
  2,990
  3,142
  3,301
  3,468
  3,643
Revenue / Adjusted assets
  1.235
  1.235
  1.234
  1.236
  1.235
  1.235
  1.236
  1.236
  1.235
  1.236
  1.235
  1.236
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
Average production assets, $m
  421
  446
  472
  500
  529
  560
  591
  624
  659
  695
  732
  772
  813
  856
  902
  949
  999
  1,050
  1,105
  1,162
  1,222
  1,285
  1,350
  1,419
  1,492
  1,568
  1,647
  1,731
  1,818
  1,910
  2,007
Working capital, $m
  128
  134
  142
  150
  159
  168
  178
  188
  198
  209
  220
  232
  244
  257
  271
  285
  300
  316
  332
  349
  367
  386
  406
  426
  448
  471
  495
  520
  546
  574
  603
Total debt, $m
  221
  246
  273
  302
  331
  362
  394
  428
  463
  499
  538
  578
  620
  664
  710
  758
  808
  861
  916
  974
  1,035
  1,099
  1,166
  1,236
  1,310
  1,387
  1,468
  1,553
  1,642
  1,735
  1,833
Total liabilities, $m
  427
  453
  480
  509
  538
  569
  601
  635
  670
  706
  745
  785
  827
  871
  917
  965
  1,015
  1,068
  1,123
  1,181
  1,242
  1,306
  1,373
  1,443
  1,517
  1,594
  1,675
  1,760
  1,849
  1,942
  2,040
Total equity, $m
  338
  356
  377
  400
  423
  447
  472
  499
  526
  555
  585
  617
  650
  684
  720
  758
  798
  839
  883
  928
  976
  1,026
  1,079
  1,134
  1,192
  1,252
  1,316
  1,383
  1,453
  1,526
  1,603
Total liabilities and equity, $m
  765
  809
  857
  909
  961
  1,016
  1,073
  1,134
  1,196
  1,261
  1,330
  1,402
  1,477
  1,555
  1,637
  1,723
  1,813
  1,907
  2,006
  2,109
  2,218
  2,332
  2,452
  2,577
  2,709
  2,846
  2,991
  3,143
  3,302
  3,468
  3,643
Debt-to-equity ratio
  0.654
  0.690
  0.720
  0.750
  0.780
  0.810
  0.830
  0.860
  0.880
  0.900
  0.920
  0.940
  0.950
  0.970
  0.990
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.120
  1.130
  1.140
  1.140
Adjusted equity ratio
  0.439
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  83
  91
  99
  108
  117
  126
  136
  147
  158
  169
  186
  199
  213
  227
  241
  257
  273
  291
  309
  328
  348
  369
  392
  415
  440
  466
  493
  522
  552
  584
Depreciation, amort., depletion, $m
  32
  36
  38
  39
  41
  43
  45
  48
  50
  52
  55
  50
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
Funds from operations, $m
  105
  119
  129
  139
  149
  160
  172
  184
  197
  210
  224
  237
  252
  268
  285
  303
  322
  342
  362
  384
  407
  431
  457
  484
  512
  541
  573
  605
  640
  676
  715
Change in working capital, $m
  -11
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
Cash from operations, $m
  116
  111
  121
  130
  140
  151
  162
  174
  186
  199
  212
  225
  240
  255
  272
  289
  307
  326
  346
  367
  389
  413
  437
  463
  490
  519
  549
  580
  614
  649
  686
Maintenance CAPEX, $m
  0
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
New CAPEX, $m
  -69
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
Cash from investing activities, $m
  -68
  -52
  -56
  -59
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -122
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -182
  -191
  -200
  -210
  -221
Free cash flow, $m
  48
  59
  65
  72
  79
  86
  94
  102
  111
  120
  130
  138
  148
  159
  171
  183
  196
  209
  223
  238
  254
  271
  288
  306
  326
  346
  367
  390
  414
  439
  465
Issuance/(repayment) of debt, $m
  -10
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
Issuance/(repurchase) of shares, $m
  -16
  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  
  -26
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
Total cash flow (excl. dividends), $m
  21
  85
  92
  100
  108
  117
  126
  136
  146
  157
  168
  178
  190
  203
  217
  231
  246
  262
  279
  296
  315
  334
  355
  376
  399
  423
  448
  475
  503
  532
  563
Retained Cash Flow (-), $m
  -26
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -40
  -42
  -43
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
Prev. year cash balance distribution, $m
 
  2
  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
 
  67
  71
  78
  85
  93
  101
  110
  119
  128
  138
  146
  157
  169
  181
  193
  207
  221
  235
  251
  267
  284
  302
  321
  341
  362
  385
  408
  433
  459
  486
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  64
  64
  66
  68
  70
  70
  70
  70
  68
  66
  63
  60
  56
  52
  48
  44
  39
  35
  30
  26
  22
  18
  15
  12
  9
  7
  5
  4
  3
  2
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

Neenah Paper, Inc. is a producer of technical products and premium fine papers and packaging. The Company has two primary businesses: technical products business, and fine paper and packaging business. Its segments consist of Technical Products, Fine Paper and Packaging, and Other. The technical products business is an international producer of transportation, water and other filter media and durable, saturated and coated substrates. The fine paper and packaging business is a supplier of printing and other specialty papers in North America. Its technical products manufacturing facilities are located near Munich, Germany, in Bolton, England, in Munising, Michigan and in Pittsfield, Massachusetts. In addition, certain technical products are manufactured along with fine paper and packaging products in shared facilities located in upstate New York and Quakertown, Pennsylvania. JET-PRO SofStretch, KIMDURA, GESSNER, PREVAIL, NEENAH and GESSNER are brands of its technical products business.

FINANCIAL RATIOS  of  Neenah Paper (NP)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 1.6
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 31.4
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.8%
Cap. Spend. - 3 Yr. Gr. Rate 15.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 65.1%
Total Debt to Equity 65.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 22.5%
Return On Equity - 3 Yr. Avg. 21.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 22.8%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 29.1%
Eff/ Tax Rate - 3 Yr. Avg. 24%
Payout Ratio 30.1%

NP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NP stock intrinsic value calculation we used $942 million for the last fiscal year's total revenue generated by Neenah Paper. The default revenue input number comes from 2016 income statement of Neenah Paper. 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 NP stock valuation model: a) initial revenue growth rate of 6.1% 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 4.9%, whose default value for NP is calculated based on our internal credit rating of Neenah Paper, 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 Neenah Paper.
    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 NP stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $115 million in the base year in the intrinsic value calculation for NP 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 4.4% for Neenah Paper.

Corporate tax rate of 27% is the nominal tax rate for Neenah Paper. 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 NP 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 NP are equal to 44.6%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Neenah Paper 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 NP is equal to 13.4%. 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 - $338 million for Neenah Paper - 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 16.822 million for Neenah Paper 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 Neenah Paper at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Neenah posts 3Q profit   [Nov-07-17 07:52PM  Associated Press]
▶ Neenah Reports Third Quarter 2017 Results   [04:35PM  PR Newswire]
▶ Neenah Declares Quarterly Dividend   [Nov-01-17 04:45PM  PR Newswire]
▶ Neenah Completes Purchase of Coldenhove   [04:15PM  PR Newswire]
▶ Neenah posts 2Q profit   [Aug-03-17 03:40PM  Associated Press]
▶ Neenah Reports Second Quarter 2017 Results   [Aug-02-17 04:30PM  PR Newswire]
▶ Neenah Declares Quarterly Dividend   [Aug-01-17 04:30PM  PR Newswire]
▶ ETFs with exposure to Neenah Paper, Inc. : July 24, 2017   [Jul-24-17 05:39PM  Capital Cube]
▶ ETFs with exposure to Neenah Paper, Inc. : July 14, 2017   [Jul-14-17 03:54PM  Capital Cube]
▶ ETFs with exposure to Neenah Paper, Inc. : June 26, 2017   [Jun-26-17 04:31PM  Capital Cube]
▶ New Strong Sell Stocks for June 12th   [Jun-12-17 10:25AM  Zacks]
▶ New Strong Sell Stocks for June 8th   [Jun-08-17 10:48AM  Zacks]
▶ Neenah posts 1Q profit   [May-10-17 06:10PM  Associated Press]
▶ Neenah Reports First Quarter 2017 Results   [05:00PM  PR Newswire]
▶ Neenah to Report First Quarter Earnings on May 10, 2017   [Apr-27-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Neenah Paper, Inc. : April 25, 2017   [Apr-25-17 03:42PM  Capital Cube]
▶ Neenah posts 4Q profit   [Feb-15-17 07:50PM  Associated Press]
▶ Neenah Paper Declares Quarterly Dividend   [04:30PM  PR Newswire]
▶ Hedge Funds Are Betting On Neenah Paper, Inc. (NP)   [Dec-10-16 08:32AM  at Insider Monkey]
▶ Neenah Reports Third Quarter 2016 Results   [04:30PM  PR Newswire]
▶ Neenah Paper Declares Quarterly Dividend   [Oct-28-16 04:30PM  PR Newswire]
Financial statements of NP
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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