Intrinsic value of Olin - OLN

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$32.22

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$32.22

 
Intrinsic value

$8.31

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of OLN 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 5.4

 

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, %
  94.50
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  5,551
  6,073
  6,617
  7,184
  7,773
  8,386
  9,023
  9,686
  10,374
  11,089
  11,832
  12,606
  13,410
  14,247
  15,119
  16,027
  16,973
  17,960
  18,990
  20,065
  21,188
  22,360
  23,586
  24,868
  26,208
  27,610
  29,078
  30,615
  32,224
  33,909
  35,675
Variable operating expenses, $m
 
  5,840
  6,345
  6,870
  7,416
  7,985
  8,575
  9,189
  9,827
  10,489
  11,179
  11,683
  12,429
  13,205
  14,013
  14,854
  15,732
  16,646
  17,601
  18,597
  19,638
  20,725
  21,861
  23,048
  24,291
  25,590
  26,951
  28,375
  29,866
  31,428
  33,065
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
  5,398
  5,840
  6,345
  6,870
  7,416
  7,985
  8,575
  9,189
  9,827
  10,489
  11,179
  11,683
  12,429
  13,205
  14,013
  14,854
  15,732
  16,646
  17,601
  18,597
  19,638
  20,725
  21,861
  23,048
  24,291
  25,590
  26,951
  28,375
  29,866
  31,428
  33,065
Operating income, $m
  153
  232
  272
  314
  357
  402
  448
  497
  547
  599
  654
  922
  981
  1,042
  1,106
  1,172
  1,242
  1,314
  1,389
  1,468
  1,550
  1,636
  1,725
  1,819
  1,917
  2,020
  2,127
  2,240
  2,357
  2,481
  2,610
EBITDA, $m
  687
  840
  915
  994
  1,075
  1,160
  1,248
  1,340
  1,435
  1,534
  1,637
  1,744
  1,855
  1,971
  2,091
  2,217
  2,348
  2,484
  2,627
  2,775
  2,931
  3,093
  3,262
  3,440
  3,625
  3,819
  4,022
  4,235
  4,457
  4,690
  4,934
Interest expense (income), $m
  201
  191
  224
  257
  293
  330
  368
  407
  449
  492
  536
  583
  631
  681
  733
  788
  844
  903
  965
  1,029
  1,096
  1,166
  1,239
  1,315
  1,395
  1,479
  1,566
  1,658
  1,754
  1,854
  1,959
Earnings before tax, $m
  -34
  41
  49
  56
  64
  72
  81
  89
  98
  108
  118
  340
  350
  361
  373
  385
  398
  411
  425
  439
  454
  470
  486
  504
  522
  541
  561
  582
  604
  627
  651
Tax expense, $m
  -30
  11
  13
  15
  17
  19
  22
  24
  27
  29
  32
  92
  95
  98
  101
  104
  107
  111
  115
  119
  123
  127
  131
  136
  141
  146
  151
  157
  163
  169
  176
Net income, $m
  -4
  30
  36
  41
  47
  53
  59
  65
  72
  79
  86
  248
  256
  264
  272
  281
  290
  300
  310
  320
  331
  343
  355
  368
  381
  395
  409
  425
  441
  457
  475

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  185
  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
  8,763
  9,386
  10,227
  11,103
  12,014
  12,962
  13,947
  14,970
  16,034
  17,139
  18,288
  19,483
  20,726
  22,020
  23,367
  24,771
  26,234
  27,759
  29,351
  31,013
  32,748
  34,560
  36,454
  38,435
  40,507
  42,674
  44,943
  47,318
  49,805
  52,410
  55,139
Adjusted assets (=assets-cash), $m
  8,578
  9,386
  10,227
  11,103
  12,014
  12,962
  13,947
  14,970
  16,034
  17,139
  18,288
  19,483
  20,726
  22,020
  23,367
  24,771
  26,234
  27,759
  29,351
  31,013
  32,748
  34,560
  36,454
  38,435
  40,507
  42,674
  44,943
  47,318
  49,805
  52,410
  55,139
Revenue / Adjusted assets
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
Average production assets, $m
  4,484
  4,907
  5,346
  5,804
  6,281
  6,776
  7,291
  7,826
  8,382
  8,960
  9,561
  10,185
  10,835
  11,512
  12,216
  12,950
  13,714
  14,512
  15,344
  16,213
  17,120
  18,067
  19,058
  20,093
  21,176
  22,309
  23,495
  24,737
  26,037
  27,398
  28,825
Working capital, $m
  623
  565
  615
  668
  723
  780
  839
  901
  965
  1,031
  1,100
  1,172
  1,247
  1,325
  1,406
  1,490
  1,579
  1,670
  1,766
  1,866
  1,970
  2,080
  2,194
  2,313
  2,437
  2,568
  2,704
  2,847
  2,997
  3,154
  3,318
Total debt, $m
  3,618
  4,139
  4,768
  5,422
  6,103
  6,810
  7,546
  8,311
  9,105
  9,931
  10,789
  11,682
  12,610
  13,577
  14,583
  15,632
  16,725
  17,864
  19,053
  20,294
  21,590
  22,944
  24,359
  25,839
  27,387
  29,006
  30,700
  32,474
  34,332
  36,278
  38,317
Total liabilities, $m
  6,490
  7,011
  7,640
  8,294
  8,975
  9,682
  10,418
  11,183
  11,977
  12,803
  13,661
  14,554
  15,482
  16,449
  17,455
  18,504
  19,597
  20,736
  21,925
  23,166
  24,462
  25,816
  27,231
  28,711
  30,259
  31,878
  33,572
  35,346
  37,204
  39,150
  41,189
Total equity, $m
  2,273
  2,375
  2,587
  2,809
  3,040
  3,279
  3,528
  3,787
  4,056
  4,336
  4,627
  4,929
  5,244
  5,571
  5,912
  6,267
  6,637
  7,023
  7,426
  7,846
  8,285
  8,744
  9,223
  9,724
  10,248
  10,797
  11,371
  11,971
  12,601
  13,260
  13,950
Total liabilities and equity, $m
  8,763
  9,386
  10,227
  11,103
  12,015
  12,961
  13,946
  14,970
  16,033
  17,139
  18,288
  19,483
  20,726
  22,020
  23,367
  24,771
  26,234
  27,759
  29,351
  31,012
  32,747
  34,560
  36,454
  38,435
  40,507
  42,675
  44,943
  47,317
  49,805
  52,410
  55,139
Debt-to-equity ratio
  1.592
  1.740
  1.840
  1.930
  2.010
  2.080
  2.140
  2.190
  2.240
  2.290
  2.330
  2.370
  2.400
  2.440
  2.470
  2.490
  2.520
  2.540
  2.570
  2.590
  2.610
  2.620
  2.640
  2.660
  2.670
  2.690
  2.700
  2.710
  2.720
  2.740
  2.750
Adjusted equity ratio
  0.243
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  30
  36
  41
  47
  53
  59
  65
  72
  79
  86
  248
  256
  264
  272
  281
  290
  300
  310
  320
  331
  343
  355
  368
  381
  395
  409
  425
  441
  457
  475
Depreciation, amort., depletion, $m
  534
  608
  643
  680
  718
  758
  800
  843
  888
  934
  983
  821
  874
  928
  985
  1,044
  1,106
  1,170
  1,237
  1,307
  1,381
  1,457
  1,537
  1,620
  1,708
  1,799
  1,895
  1,995
  2,100
  2,210
  2,325
Funds from operations, $m
  671
  638
  679
  721
  765
  811
  859
  908
  960
  1,013
  1,069
  1,069
  1,129
  1,192
  1,257
  1,325
  1,396
  1,470
  1,547
  1,628
  1,712
  1,800
  1,892
  1,988
  2,089
  2,194
  2,304
  2,420
  2,540
  2,667
  2,800
Change in working capital, $m
  68
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  125
  130
  136
  143
  150
  157
  164
Cash from operations, $m
  603
  441
  628
  668
  710
  754
  799
  847
  896
  947
  999
  997
  1,055
  1,114
  1,176
  1,241
  1,308
  1,378
  1,452
  1,528
  1,608
  1,691
  1,778
  1,869
  1,964
  2,064
  2,168
  2,277
  2,391
  2,510
  2,635
Maintenance CAPEX, $m
  0
  -362
  -396
  -431
  -468
  -507
  -546
  -588
  -631
  -676
  -723
  -771
  -821
  -874
  -928
  -985
  -1,044
  -1,106
  -1,170
  -1,237
  -1,307
  -1,381
  -1,457
  -1,537
  -1,620
  -1,708
  -1,799
  -1,895
  -1,995
  -2,100
  -2,210
New CAPEX, $m
  -278
  -423
  -440
  -458
  -476
  -495
  -515
  -535
  -556
  -578
  -601
  -625
  -650
  -676
  -704
  -734
  -765
  -798
  -832
  -869
  -907
  -948
  -990
  -1,035
  -1,083
  -1,133
  -1,186
  -1,242
  -1,300
  -1,362
  -1,427
Cash from investing activities, $m
  -474
  -785
  -836
  -889
  -944
  -1,002
  -1,061
  -1,123
  -1,187
  -1,254
  -1,324
  -1,396
  -1,471
  -1,550
  -1,632
  -1,719
  -1,809
  -1,904
  -2,002
  -2,106
  -2,214
  -2,329
  -2,447
  -2,572
  -2,703
  -2,841
  -2,985
  -3,137
  -3,295
  -3,462
  -3,637
Free cash flow, $m
  129
  -344
  -207
  -221
  -234
  -248
  -262
  -277
  -292
  -307
  -324
  -398
  -417
  -436
  -456
  -478
  -501
  -525
  -551
  -578
  -607
  -637
  -669
  -703
  -739
  -777
  -817
  -860
  -904
  -951
  -1,001
Issuance/(repayment) of debt, $m
  -205
  601
  628
  654
  681
  708
  736
  765
  794
  826
  858
  893
  929
  967
  1,006
  1,048
  1,093
  1,140
  1,189
  1,241
  1,296
  1,354
  1,415
  1,480
  1,548
  1,619
  1,695
  1,774
  1,858
  1,946
  2,039
Issuance/(repurchase) of shares, $m
  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
  0
  0
Cash from financing (excl. dividends), $m  
  -206
  601
  628
  654
  681
  708
  736
  765
  794
  826
  858
  893
  929
  967
  1,006
  1,048
  1,093
  1,140
  1,189
  1,241
  1,296
  1,354
  1,415
  1,480
  1,548
  1,619
  1,695
  1,774
  1,858
  1,946
  2,039
Total cash flow (excl. dividends), $m
  -76
  257
  421
  433
  446
  460
  474
  488
  503
  518
  535
  494
  512
  531
  550
  570
  592
  614
  638
  663
  689
  717
  746
  776
  808
  842
  877
  914
  954
  995
  1,038
Retained Cash Flow (-), $m
  146
  -207
  -213
  -222
  -231
  -240
  -249
  -259
  -269
  -280
  -291
  -302
  -315
  -327
  -341
  -355
  -370
  -386
  -403
  -420
  -439
  -459
  -479
  -501
  -524
  -548
  -574
  -601
  -629
  -659
  -690
Prev. year cash balance distribution, $m
 
  105
  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
 
  156
  208
  212
  216
  220
  225
  229
  234
  239
  244
  192
  197
  203
  209
  215
  222
  228
  235
  243
  250
  258
  266
  275
  284
  293
  303
  314
  324
  336
  347
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  143
  173
  159
  145
  130
  116
  102
  89
  77
  65
  42
  35
  28
  23
  18
  14
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  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

Olin Corporation manufactures and distributes chemical products in the United States and internationally. It operates through three segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide. The Epoxy segment provides allyl chloride and epichlorohydrin for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid epoxy resins used in adhesives, paints and coatings, composites, and flooring; and converted epoxy resins and additives for use in electrical laminates, paints and coatings, wind blades, electronics, and construction. The Winchester segment offers sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges. The company markets its products through its sales force, as well as directly to various industrial customers, mass merchants, retailers, wholesalers, other distributors, and the U.S. Government and its prime contractors. Olin Corporation was founded in 1892 and is headquartered in Clayton, Missouri.

FINANCIAL RATIOS  of  Olin (OLN)

Valuation Ratios
P/E Ratio -1332.3
Price to Sales 1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 16.4
Growth Rates
Sales Growth Rate 94.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 112.2%
Cap. Spend. - 3 Yr. Gr. Rate 25%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 155.7%
Total Debt to Equity 159.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.2%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 11.3%
Gross Margin - 3 Yr. Avg. 13.9%
EBITDA Margin 12.6%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin -0.6%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 88.2%
Eff/ Tax Rate - 3 Yr. Avg. 79.4%
Payout Ratio -3300%

OLN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OLN stock intrinsic value calculation we used $5551 million for the last fiscal year's total revenue generated by Olin. The default revenue input number comes from 2016 income statement of Olin. 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 OLN stock valuation model: a) initial revenue growth rate of 9.4% 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 9.1%, whose default value for OLN is calculated based on our internal credit rating of Olin, 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 Olin.
    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 OLN stock the variable cost ratio is equal to 96.5%.

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 OLN 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 5.4% for Olin.

Corporate tax rate of 27% is the nominal tax rate for Olin. 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 OLN 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 OLN are equal to 80.8%.

Life of production assets of 12.4 years is the average useful life of capital assets used in Olin 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 OLN is equal to 9.3%. 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 - $2273 million for Olin - 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 167.934 million for Olin 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 Olin at the current share price and the inputted number of shares is $5.4 billion.


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COMPANY NEWS

▶ Olin Corp. Value Analysis (NYSE:OLN) : April 12, 2017   [Apr-12-17 01:28PM  Capital Cube]
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▶ Olins New $500 Million Debt to Clear Term Loans   [Mar-13-17 03:28PM  Market Realist]
▶ Olin Announces Pricing Terms Of Debt Offering   [Mar-06-17 05:39PM  PR Newswire]
▶ Olin To Pursue Registered Debt Offering   [09:05AM  PR Newswire]
▶ Olin Chairman Rupp to retire, successor named   [Feb-28-17 08:50AM  at bizjournals.com]
▶ Olin Chairman Rupp to retire, successor named   [08:50AM  American City Business Journals]
▶ Why Olin Corporation Stock Just Jumped 12%   [01:41PM  at Motley Fool]
▶ Olin Stock's Fantastic Run in 2016 Was Way Too Much   [Jan-05-17 01:22PM  at Motley Fool]
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Stock chart of OLN Financial statements of OLN
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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