Intrinsic value of PolyOne - POL

Previous Close

$44.77

  Intrinsic Value

$36.05

stock screener

  Rating & Target

hold

-19%

Previous close

$44.77

 
Intrinsic value

$36.05

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of POL 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, %
  -1.12
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  3,340
  3,661
  3,995
  4,344
  4,707
  5,084
  5,476
  5,884
  6,308
  6,748
  7,206
  7,682
  8,177
  8,692
  9,228
  9,786
  10,368
  10,975
  11,608
  12,269
  12,958
  13,679
  14,431
  15,218
  16,041
  16,902
  17,803
  18,746
  19,734
  20,768
  21,851
Variable operating expenses, $m
 
  3,403
  3,709
  4,028
  4,360
  4,705
  5,064
  5,437
  5,825
  6,228
  6,647
  7,029
  7,482
  7,953
  8,444
  8,955
  9,487
  10,043
  10,622
  11,226
  11,857
  12,517
  13,205
  13,925
  14,678
  15,466
  16,291
  17,154
  18,057
  19,003
  19,995
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
  3,058
  3,403
  3,709
  4,028
  4,360
  4,705
  5,064
  5,437
  5,825
  6,228
  6,647
  7,029
  7,482
  7,953
  8,444
  8,955
  9,487
  10,043
  10,622
  11,226
  11,857
  12,517
  13,205
  13,925
  14,678
  15,466
  16,291
  17,154
  18,057
  19,003
  19,995
Operating income, $m
  282
  258
  286
  316
  347
  379
  412
  447
  483
  520
  559
  653
  695
  738
  784
  831
  881
  932
  986
  1,042
  1,101
  1,162
  1,226
  1,293
  1,363
  1,436
  1,513
  1,593
  1,677
  1,764
  1,856
EBITDA, $m
  383
  377
  412
  448
  485
  524
  565
  607
  650
  696
  743
  792
  843
  896
  951
  1,009
  1,069
  1,132
  1,197
  1,265
  1,336
  1,410
  1,488
  1,569
  1,654
  1,743
  1,836
  1,933
  2,035
  2,141
  2,253
Interest expense (income), $m
  0
  43
  50
  57
  64
  72
  80
  88
  97
  105
  115
  124
  134
  144
  155
  166
  178
  190
  203
  216
  230
  244
  259
  275
  292
  309
  327
  346
  365
  386
  408
Earnings before tax, $m
  222
  214
  236
  259
  282
  307
  332
  359
  386
  415
  444
  528
  561
  594
  629
  665
  703
  742
  783
  826
  871
  918
  967
  1,018
  1,071
  1,127
  1,186
  1,247
  1,311
  1,378
  1,449
Tax expense, $m
  57
  58
  64
  70
  76
  83
  90
  97
  104
  112
  120
  143
  151
  160
  170
  180
  190
  200
  211
  223
  235
  248
  261
  275
  289
  304
  320
  337
  354
  372
  391
Net income, $m
  165
  156
  172
  189
  206
  224
  242
  262
  282
  303
  324
  386
  409
  434
  459
  485
  513
  542
  572
  603
  636
  670
  706
  743
  782
  823
  866
  910
  957
  1,006
  1,058

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  226
  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
  2,738
  2,752
  3,004
  3,266
  3,539
  3,823
  4,118
  4,424
  4,743
  5,074
  5,418
  5,776
  6,148
  6,535
  6,938
  7,358
  7,796
  8,252
  8,728
  9,224
  9,743
  10,285
  10,851
  11,442
  12,061
  12,708
  13,386
  14,095
  14,837
  15,615
  16,430
Adjusted assets (=assets-cash), $m
  2,512
  2,752
  3,004
  3,266
  3,539
  3,823
  4,118
  4,424
  4,743
  5,074
  5,418
  5,776
  6,148
  6,535
  6,938
  7,358
  7,796
  8,252
  8,728
  9,224
  9,743
  10,285
  10,851
  11,442
  12,061
  12,708
  13,386
  14,095
  14,837
  15,615
  16,430
Revenue / Adjusted assets
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
Average production assets, $m
  849
  930
  1,015
  1,103
  1,196
  1,291
  1,391
  1,495
  1,602
  1,714
  1,830
  1,951
  2,077
  2,208
  2,344
  2,486
  2,634
  2,788
  2,948
  3,116
  3,291
  3,474
  3,666
  3,865
  4,074
  4,293
  4,522
  4,762
  5,012
  5,275
  5,550
Working capital, $m
  440
  256
  280
  304
  329
  356
  383
  412
  442
  472
  504
  538
  572
  608
  646
  685
  726
  768
  813
  859
  907
  958
  1,010
  1,065
  1,123
  1,183
  1,246
  1,312
  1,381
  1,454
  1,530
Total debt, $m
  1,258
  1,430
  1,630
  1,838
  2,055
  2,280
  2,514
  2,758
  3,011
  3,274
  3,547
  3,831
  4,126
  4,434
  4,754
  5,087
  5,435
  5,797
  6,175
  6,569
  6,981
  7,411
  7,860
  8,330
  8,822
  9,336
  9,873
  10,436
  11,026
  11,643
  12,290
Total liabilities, $m
  2,014
  2,185
  2,385
  2,593
  2,810
  3,035
  3,269
  3,513
  3,766
  4,029
  4,302
  4,586
  4,881
  5,189
  5,509
  5,842
  6,190
  6,552
  6,930
  7,324
  7,736
  8,166
  8,615
  9,085
  9,577
  10,091
  10,628
  11,191
  11,781
  12,398
  13,045
Total equity, $m
  725
  567
  619
  673
  729
  787
  848
  911
  977
  1,045
  1,116
  1,190
  1,266
  1,346
  1,429
  1,516
  1,606
  1,700
  1,798
  1,900
  2,007
  2,119
  2,235
  2,357
  2,485
  2,618
  2,757
  2,904
  3,056
  3,217
  3,384
Total liabilities and equity, $m
  2,739
  2,752
  3,004
  3,266
  3,539
  3,822
  4,117
  4,424
  4,743
  5,074
  5,418
  5,776
  6,147
  6,535
  6,938
  7,358
  7,796
  8,252
  8,728
  9,224
  9,743
  10,285
  10,850
  11,442
  12,062
  12,709
  13,385
  14,095
  14,837
  15,615
  16,429
Debt-to-equity ratio
  1.735
  2.520
  2.630
  2.730
  2.820
  2.900
  2.960
  3.030
  3.080
  3.130
  3.180
  3.220
  3.260
  3.290
  3.330
  3.360
  3.380
  3.410
  3.430
  3.460
  3.480
  3.500
  3.520
  3.530
  3.550
  3.570
  3.580
  3.590
  3.610
  3.620
  3.630
Adjusted equity ratio
  0.199
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  156
  172
  189
  206
  224
  242
  262
  282
  303
  324
  386
  409
  434
  459
  485
  513
  542
  572
  603
  636
  670
  706
  743
  782
  823
  866
  910
  957
  1,006
  1,058
Depreciation, amort., depletion, $m
  101
  120
  126
  132
  139
  146
  153
  160
  168
  176
  184
  139
  148
  158
  167
  178
  188
  199
  211
  223
  235
  248
  262
  276
  291
  307
  323
  340
  358
  377
  396
Funds from operations, $m
  152
  276
  298
  321
  345
  369
  395
  422
  450
  478
  508
  525
  558
  591
  626
  663
  701
  741
  782
  826
  871
  918
  968
  1,019
  1,073
  1,130
  1,189
  1,250
  1,315
  1,383
  1,454
Change in working capital, $m
  -69
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
Cash from operations, $m
  221
  254
  275
  297
  319
  343
  368
  393
  420
  448
  476
  492
  523
  555
  589
  624
  660
  698
  738
  779
  823
  868
  915
  964
  1,015
  1,069
  1,126
  1,184
  1,246
  1,311
  1,378
Maintenance CAPEX, $m
  0
  -61
  -66
  -72
  -79
  -85
  -92
  -99
  -107
  -114
  -122
  -131
  -139
  -148
  -158
  -167
  -178
  -188
  -199
  -211
  -223
  -235
  -248
  -262
  -276
  -291
  -307
  -323
  -340
  -358
  -377
New CAPEX, $m
  -84
  -81
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -275
Cash from investing activities, $m
  -235
  -142
  -151
  -161
  -171
  -181
  -192
  -203
  -215
  -226
  -238
  -252
  -265
  -279
  -294
  -309
  -326
  -342
  -360
  -379
  -398
  -418
  -439
  -462
  -485
  -510
  -536
  -563
  -591
  -621
  -652
Free cash flow, $m
  -14
  112
  123
  136
  148
  162
  176
  190
  206
  221
  238
  240
  258
  276
  295
  315
  335
  356
  378
  401
  425
  450
  475
  502
  530
  560
  590
  622
  655
  690
  726
Issuance/(repayment) of debt, $m
  93
  191
  200
  208
  217
  225
  234
  243
  253
  263
  273
  284
  295
  307
  320
  333
  347
  362
  378
  394
  412
  430
  449
  470
  491
  514
  538
  563
  590
  617
  647
Issuance/(repurchase) of shares, $m
  -85
  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  
  6
  191
  200
  208
  217
  225
  234
  243
  253
  263
  273
  284
  295
  307
  320
  333
  347
  362
  378
  394
  412
  430
  449
  470
  491
  514
  538
  563
  590
  617
  647
Total cash flow (excl. dividends), $m
  -13
  304
  323
  344
  365
  387
  410
  434
  458
  484
  511
  524
  553
  584
  615
  648
  682
  718
  756
  795
  837
  880
  925
  972
  1,022
  1,074
  1,128
  1,185
  1,245
  1,307
  1,373
Retained Cash Flow (-), $m
  -21
  -49
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -127
  -133
  -140
  -146
  -153
  -160
  -168
Prev. year cash balance distribution, $m
 
  207
  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
 
  462
  271
  290
  309
  329
  349
  371
  393
  416
  440
  451
  477
  504
  532
  562
  592
  624
  658
  693
  730
  768
  808
  850
  894
  940
  988
  1,039
  1,092
  1,147
  1,205
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  429
  233
  228
  221
  212
  202
  190
  176
  162
  146
  127
  112
  97
  84
  70
  58
  47
  38
  30
  23
  17
  12
  9
  6
  4
  3
  2
  1
  1
  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

PolyOne Corporation (PolyOne) provides specialized polymer materials, services and solutions. The Company's segments include Color, Additives and Inks; Specialty Engineered Materials; Performance Products and Solutions, and PolyOne Distribution. The Color, Additives and Inks segment provides custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets. The Specialty Engineered Materials segment provides specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials. The Performance Products and Solutions segment consists of the Geon Performance Materials and Producer Services business units. As of December 31, 2016, the PolyOne Distribution segment distributed more than 4,000 grades of engineering and commodity grade resins.

FINANCIAL RATIOS  of  PolyOne (POL)

Valuation Ratios
P/E Ratio 22.4
Price to Sales 1.1
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 27
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.7%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 12
Current Ratio 0.3
LT Debt to Equity 170.9%
Total Debt to Equity 173.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 23.1%
Return On Equity - 3 Yr. Avg. 17.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 21.5%
Gross Margin - 3 Yr. Avg. 21.5%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 25.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.3%
Payout Ratio 24.2%

POL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POL stock intrinsic value calculation we used $3340 million for the last fiscal year's total revenue generated by PolyOne. The default revenue input number comes from 2016 income statement of PolyOne. 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 POL stock valuation model: a) initial revenue growth rate of 9.6% 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 7.5%, whose default value for POL is calculated based on our internal credit rating of PolyOne, 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 PolyOne.
    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 POL stock the variable cost ratio is equal to 93.1%.

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 POL 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 PolyOne.

Corporate tax rate of 27% is the nominal tax rate for PolyOne. 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 POL 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 POL are equal to 25.4%.

Life of production assets of 14 years is the average useful life of capital assets used in PolyOne 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 POL is equal to 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 - $725 million for PolyOne - 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 81.609 million for PolyOne 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 PolyOne at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ What You Must Know About PolyOne Corporations (NYSE:POL) ROE   [Jan-16-18 08:04AM  Simply Wall St.]
▶ PolyOne Corporation To Host Investor Day   [Jan-11-18 04:33PM  PR Newswire]
▶ PolyOne To Hold Fourth Quarter 2017 Conference Call   [Jan-09-18 04:31PM  PR Newswire]
▶ PolyOne Launches New Hammerhead Marine Composites   [Dec-13-17 04:32PM  PR Newswire]
▶ ETFs with exposure to PolyOne Corp. : November 14, 2017   [Nov-14-17 02:44PM  Capital Cube]
▶ PolyOne tops Street 3Q forecasts   [Oct-25-17 06:51AM  Associated Press]
▶ PolyOne Delights Investors with 30% Dividend Increase   [Oct-16-17 08:29AM  Market Realist]
▶ PolyOne To Hold Third Quarter 2017 Conference Call   [Oct-09-17 04:35PM  PR Newswire]
▶ Stocks Generating Improved Relative Strength: PolyOne   [Sep-22-17 03:00AM  Investor's Business Daily]
▶ A Look at PolyOnes Stock Performance So Far in 2017   [Sep-19-17 09:09AM  Market Realist]
▶ PolyOnes Valuation Compared to Its Peers   [08:07AM  Market Realist]
▶ Wall Street Talks: Analysts Recommendations for PolyOne   [Sep-18-17 11:06AM  Market Realist]
▶ What PolyOnes Dividend Yield Suggests   [09:37AM  Market Realist]
▶ What Does PolyOne Corporations (POL) Share Price Indicate?   [Sep-10-17 07:08AM  Simply Wall St.]
▶ ETFs with exposure to PolyOne Corp. : August 18, 2017   [Aug-18-17 05:47PM  Capital Cube]
▶ ETFs with exposure to PolyOne Corp. : August 8, 2017   [Aug-08-17 05:03PM  Capital Cube]
▶ PolyOne reports 2Q loss   [Jul-25-17 10:00PM  Associated Press]
▶ Spartech reborn in $115 million deal   [Jul-20-17 09:00AM  American City Business Journals]
▶ PolyOne Corporation Announces Quarterly Dividend   [Jul-13-17 04:30PM  PR Newswire]
▶ ETFs with exposure to PolyOne Corp. : July 11, 2017   [Jul-11-17 02:56PM  Capital Cube]
▶ PolyOne To Hold Second Quarter 2017 Conference Call   [Jul-10-17 04:30PM  PR Newswire]
▶ [$$] Arsenal Capital Carves Out Division of PolyOne in $115 Million Deal   [Jun-29-17 06:43PM  The Wall Street Journal]
▶ PolyOne Corp. Value Analysis (NYSE:POL) : June 19, 2017   [Jun-19-17 05:06PM  Capital Cube]
▶ [$$] Riverside Sells Rutland Group to PolyOne   [Jun-15-17 03:07PM  The Wall Street Journal]
▶ PolyOne Acquired Rutland Holding Company   [Jun-13-17 10:37AM  Market Realist]
▶ ETFs with exposure to PolyOne Corp. : May 1, 2017   [May-01-17 04:18PM  Capital Cube]
▶ PolyOne Announces First Quarter 2017 Results   [Apr-27-17 06:34AM  PR Newswire]
▶ PolyOne tops Street 1Q forecasts   [06:32AM  Associated Press]
▶ PolyOne To Hold First Quarter 2017 Conference Call   [Apr-06-17 04:56PM  PR Newswire]
Financial statements of POL
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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