Intrinsic value of Orion Engineered Carbons - OEC

Previous Close

$23.35

  Intrinsic Value

$45.94

stock screener

  Rating & Target

str. buy

+97%

  Value-price divergence*

+928%

Previous close

$23.35

 
Intrinsic value

$45.94

 
Up/down potential

+97%

 
Rating

str. buy

 
Value-price divergence*

+928%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of OEC 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 1.4

 

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, %
  -7.33
  23.50
  21.65
  19.99
  18.49
  17.14
  15.92
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.22
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
Revenue, $m
  1,087
  1,342
  1,633
  1,959
  2,322
  2,720
  3,153
  3,620
  4,122
  4,656
  5,222
  5,820
  6,449
  7,109
  7,798
  8,518
  9,269
  10,050
  10,863
  11,707
  12,585
  13,498
  14,446
  15,431
  16,456
  17,521
  18,630
  19,784
  20,986
  22,239
  23,545
Variable operating expenses, $m
 
  1,045
  1,270
  1,522
  1,803
  2,111
  2,446
  2,808
  3,196
  3,610
  4,049
  4,507
  4,994
  5,504
  6,038
  6,596
  7,177
  7,782
  8,411
  9,065
  9,745
  10,451
  11,185
  11,948
  12,742
  13,567
  14,425
  15,319
  16,250
  17,220
  18,231
Fixed operating expenses, $m
 
  136
  140
  143
  147
  150
  154
  158
  162
  166
  170
  175
  179
  183
  188
  193
  197
  202
  207
  213
  218
  223
  229
  235
  241
  247
  253
  259
  266
  272
  279
Total operating expenses, $m
  977
  1,181
  1,410
  1,665
  1,950
  2,261
  2,600
  2,966
  3,358
  3,776
  4,219
  4,682
  5,173
  5,687
  6,226
  6,789
  7,374
  7,984
  8,618
  9,278
  9,963
  10,674
  11,414
  12,183
  12,983
  13,814
  14,678
  15,578
  16,516
  17,492
  18,510
Operating income, $m
  111
  162
  224
  294
  372
  458
  552
  654
  763
  880
  1,003
  1,139
  1,277
  1,421
  1,572
  1,730
  1,894
  2,066
  2,244
  2,430
  2,622
  2,823
  3,031
  3,248
  3,473
  3,708
  3,952
  4,206
  4,471
  4,747
  5,035
EBITDA, $m
  205
  228
  304
  389
  484
  588
  702
  825
  958
  1,099
  1,249
  1,407
  1,573
  1,748
  1,931
  2,122
  2,321
  2,528
  2,744
  2,968
  3,201
  3,444
  3,696
  3,958
  4,230
  4,514
  4,809
  5,116
  5,436
  5,770
  6,118
Interest expense (income), $m
  45
  44
  55
  72
  91
  113
  136
  161
  189
  218
  249
  282
  317
  354
  393
  433
  475
  519
  565
  612
  662
  713
  766
  822
  879
  939
  1,002
  1,067
  1,134
  1,204
  1,278
Earnings before tax, $m
  72
  118
  168
  222
  281
  346
  416
  493
  574
  662
  754
  857
  959
  1,067
  1,179
  1,297
  1,419
  1,547
  1,679
  1,817
  1,961
  2,110
  2,265
  2,426
  2,594
  2,769
  2,950
  3,140
  3,337
  3,543
  3,757
Tax expense, $m
  25
  32
  45
  60
  76
  93
  112
  133
  155
  179
  204
  231
  259
  288
  318
  350
  383
  418
  453
  491
  529
  570
  612
  655
  700
  748
  797
  848
  901
  957
  1,014
Net income, $m
  47
  86
  123
  162
  205
  252
  304
  360
  419
  483
  550
  625
  700
  779
  861
  947
  1,036
  1,129
  1,226
  1,327
  1,431
  1,540
  1,653
  1,771
  1,894
  2,021
  2,154
  2,292
  2,436
  2,586
  2,743

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  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
  1,054
  1,302
  1,584
  1,901
  2,252
  2,638
  3,058
  3,511
  3,998
  4,516
  5,065
  5,645
  6,255
  6,895
  7,564
  8,262
  8,990
  9,748
  10,536
  11,355
  12,207
  13,092
  14,011
  14,967
  15,961
  16,995
  18,070
  19,189
  20,355
  21,570
  22,837
Adjusted assets (=assets-cash), $m
  970
  1,302
  1,584
  1,901
  2,252
  2,638
  3,058
  3,511
  3,998
  4,516
  5,065
  5,645
  6,255
  6,895
  7,564
  8,262
  8,990
  9,748
  10,536
  11,355
  12,207
  13,092
  14,011
  14,967
  15,961
  16,995
  18,070
  19,189
  20,355
  21,570
  22,837
Revenue / Adjusted assets
  1.121
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
  1.031
Average production assets, $m
  500
  618
  751
  901
  1,068
  1,251
  1,450
  1,665
  1,896
  2,142
  2,402
  2,677
  2,967
  3,270
  3,587
  3,918
  4,264
  4,623
  4,997
  5,385
  5,789
  6,209
  6,645
  7,098
  7,570
  8,060
  8,570
  9,101
  9,654
  10,230
  10,831
Working capital, $m
  206
  158
  193
  231
  274
  321
  372
  427
  486
  549
  616
  687
  761
  839
  920
  1,005
  1,094
  1,186
  1,282
  1,381
  1,485
  1,593
  1,705
  1,821
  1,942
  2,068
  2,198
  2,335
  2,476
  2,624
  2,778
Total debt, $m
  653
  827
  1,081
  1,365
  1,682
  2,029
  2,407
  2,815
  3,253
  3,719
  4,214
  4,736
  5,285
  5,860
  6,463
  7,091
  7,746
  8,428
  9,137
  9,875
  10,641
  11,438
  12,265
  13,125
  14,020
  14,950
  15,918
  16,926
  17,975
  19,068
  20,208
Total liabilities, $m
  998
  1,172
  1,426
  1,710
  2,027
  2,374
  2,752
  3,160
  3,598
  4,064
  4,559
  5,081
  5,630
  6,205
  6,808
  7,436
  8,091
  8,773
  9,482
  10,220
  10,986
  11,783
  12,610
  13,470
  14,365
  15,295
  16,263
  17,271
  18,320
  19,413
  20,553
Total equity, $m
  56
  130
  158
  190
  225
  264
  306
  351
  400
  452
  507
  565
  626
  689
  756
  826
  899
  975
  1,054
  1,136
  1,221
  1,309
  1,401
  1,497
  1,596
  1,699
  1,807
  1,919
  2,036
  2,157
  2,284
Total liabilities and equity, $m
  1,054
  1,302
  1,584
  1,900
  2,252
  2,638
  3,058
  3,511
  3,998
  4,516
  5,066
  5,646
  6,256
  6,894
  7,564
  8,262
  8,990
  9,748
  10,536
  11,356
  12,207
  13,092
  14,011
  14,967
  15,961
  16,994
  18,070
  19,190
  20,356
  21,570
  22,837
Debt-to-equity ratio
  11.661
  6.350
  6.820
  7.180
  7.470
  7.690
  7.870
  8.020
  8.140
  8.240
  8.320
  8.390
  8.450
  8.500
  8.540
  8.580
  8.620
  8.650
  8.670
  8.700
  8.720
  8.740
  8.750
  8.770
  8.780
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
Adjusted equity ratio
  -0.029
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  86
  123
  162
  205
  252
  304
  360
  419
  483
  550
  625
  700
  779
  861
  947
  1,036
  1,129
  1,226
  1,327
  1,431
  1,540
  1,653
  1,771
  1,894
  2,021
  2,154
  2,292
  2,436
  2,586
  2,743
Depreciation, amort., depletion, $m
  94
  67
  80
  95
  112
  130
  150
  172
  195
  219
  245
  268
  297
  327
  359
  392
  426
  462
  500
  539
  579
  621
  665
  710
  757
  806
  857
  910
  965
  1,023
  1,083
Funds from operations, $m
  212
  153
  203
  257
  317
  382
  454
  531
  614
  702
  796
  893
  997
  1,106
  1,220
  1,339
  1,462
  1,591
  1,726
  1,865
  2,010
  2,161
  2,318
  2,481
  2,651
  2,827
  3,011
  3,202
  3,401
  3,609
  3,826
Change in working capital, $m
  2
  30
  34
  39
  43
  47
  51
  55
  59
  63
  67
  71
  74
  78
  81
  85
  89
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
Cash from operations, $m
  210
  123
  169
  218
  274
  335
  403
  476
  555
  639
  729
  823
  923
  1,028
  1,138
  1,254
  1,374
  1,499
  1,630
  1,766
  1,907
  2,054
  2,206
  2,365
  2,530
  2,701
  2,880
  3,066
  3,259
  3,461
  3,672
Maintenance CAPEX, $m
  0
  -50
  -62
  -75
  -90
  -107
  -125
  -145
  -167
  -190
  -214
  -240
  -268
  -297
  -327
  -359
  -392
  -426
  -462
  -500
  -539
  -579
  -621
  -665
  -710
  -757
  -806
  -857
  -910
  -965
  -1,023
New CAPEX, $m
  -68
  -118
  -134
  -150
  -167
  -183
  -199
  -215
  -231
  -246
  -261
  -275
  -289
  -303
  -317
  -331
  -345
  -359
  -374
  -389
  -404
  -420
  -436
  -453
  -471
  -490
  -510
  -531
  -553
  -576
  -601
Cash from investing activities, $m
  -66
  -168
  -196
  -225
  -257
  -290
  -324
  -360
  -398
  -436
  -475
  -515
  -557
  -600
  -644
  -690
  -737
  -785
  -836
  -889
  -943
  -999
  -1,057
  -1,118
  -1,181
  -1,247
  -1,316
  -1,388
  -1,463
  -1,541
  -1,624
Free cash flow, $m
  144
  -45
  -27
  -7
  17
  46
  79
  116
  158
  204
  254
  307
  366
  428
  494
  564
  637
  714
  794
  877
  964
  1,055
  1,149
  1,247
  1,349
  1,454
  1,564
  1,678
  1,796
  1,920
  2,048
Issuance/(repayment) of debt, $m
  0
  174
  254
  285
  316
  347
  378
  408
  438
  466
  495
  522
  549
  576
  602
  628
  655
  682
  709
  737
  766
  796
  828
  860
  894
  930
  968
  1,008
  1,049
  1,093
  1,140
Issuance/(repurchase) of shares, $m
  -4
  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  
  -96
  174
  254
  285
  316
  347
  378
  408
  438
  466
  495
  522
  549
  576
  602
  628
  655
  682
  709
  737
  766
  796
  828
  860
  894
  930
  968
  1,008
  1,049
  1,093
  1,140
Total cash flow (excl. dividends), $m
  51
  129
  227
  278
  333
  393
  457
  524
  595
  670
  749
  829
  915
  1,004
  1,096
  1,192
  1,292
  1,396
  1,503
  1,615
  1,731
  1,851
  1,977
  2,107
  2,243
  2,384
  2,532
  2,685
  2,846
  3,013
  3,188
Retained Cash Flow (-), $m
  -4
  -74
  -28
  -32
  -35
  -39
  -42
  -45
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -121
  -127
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
 
  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
 
  55
  199
  246
  298
  354
  415
  479
  547
  618
  694
  771
  854
  940
  1,029
  1,122
  1,219
  1,320
  1,424
  1,533
  1,646
  1,763
  1,885
  2,012
  2,144
  2,281
  2,424
  2,573
  2,729
  2,892
  3,061
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  50
  165
  184
  199
  209
  213
  212
  206
  196
  183
  166
  148
  129
  110
  91
  74
  59
  45
  34
  25
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
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

Orion Engineered Carbons S.A., together with its subsidiaries, produces and sells carbon black products in Germany, the United States, South Korea, Brazil, South Africa, the rest of Europe, and internationally. It operates through two segments, Specialty Carbon Black and Rubber Carbon Black. The company offers post-treated specialty carbon black grades for coatings and printing applications; various conductive carbon black grades for use in polymer and printing applications, as well as in silicon, non-woven textile, building material, battery electrodes metallurgical, agrochemical, and carbon brush applications. It also provides rubber carbon black products for applications in mechanical rubber goods under the PUREX brand, as well as in tires under the ECORAX brand name. The company was formerly known as Orion Engineered Carbons S.à r.l. and changed its name to Orion Engineered Carbons, S.A. in July 2014. Orion Engineered Carbons S.A. was incorporated in 2011 and is headquartered in Luxembourg. Orion Engineered Carbons S.A. is a subsidiary of Kinove Luxembourg Holdings 1 S.à r.l.

FINANCIAL RATIOS  of  Orion Engineered Carbons (OEC)

Valuation Ratios
P/E Ratio 29.5
Price to Sales 1.3
Price to Book 24.7
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate -7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.4%
Financial Strength
Quick Ratio 14
Current Ratio 0.1
LT Debt to Equity 1155.4%
Total Debt to Equity 1166.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 87%
Return On Equity - 3 Yr. Avg. 253%
Asset Turnover 1
Profitability Ratios
Gross Margin 32.8%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 15.9%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 3.2%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 8.8%
Payout Ratio 89.4%

OEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OEC stock intrinsic value calculation we used $1087 million for the last fiscal year's total revenue generated by Orion Engineered Carbons. The default revenue input number comes from 2016 income statement of Orion Engineered Carbons. 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 OEC stock valuation model: a) initial revenue growth rate of 23.5% 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 9.2%, whose default value for OEC is calculated based on our internal credit rating of Orion Engineered Carbons, 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 Orion Engineered Carbons.
    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 OEC stock the variable cost ratio is equal to 77.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $133 million in the base year in the intrinsic value calculation for OEC 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 6.7% for Orion Engineered Carbons.

Corporate tax rate of 27% is the nominal tax rate for Orion Engineered Carbons. 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 OEC 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 OEC are equal to 46%.

Life of production assets of 10 years is the average useful life of capital assets used in Orion Engineered Carbons 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 OEC is equal to 11.8%. 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 - $56 million for Orion Engineered Carbons - 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 59.906 million for Orion Engineered Carbons 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 Orion Engineered Carbons at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ [$$] Global Leader of the Carbon-Black Industry   [Jul-15-17 12:01AM  Barrons.com]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Jun-29-17 04:30PM  Business Wire]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [May-24-17 04:30PM  Business Wire]
▶ Orion Engineered Carbons posts 1Q profit   [May-05-17 05:03AM  Associated Press]
▶ [$$] Salesforce Rocks Fourth Quarter   [Mar-04-17 01:40AM  at Barrons.com]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Dec-15-16 04:30PM  Business Wire]
▶ Orion: Stock Is Up 50% this Year and Yields 4%   [Sep-23-16 03:42PM  at Barrons.com]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Sep-12-16 04:30PM  Business Wire]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [May-26-16 07:00AM  Business Wire]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Feb-25-16 04:30PM  Business Wire]
Stock chart of OEC Financial statements of OEC Annual reports of OEC
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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