Intrinsic value of PolyOne - POL

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$35.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$35.99

 
Intrinsic value

$25.90

 
Up/down potential

-28%

 
Rating

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 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

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 3.0

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,340
  3,407
  3,485
  3,575
  3,675
  3,787
  3,909
  4,042
  4,186
  4,341
  4,508
  4,686
  4,876
  5,079
  5,294
  5,523
  5,765
  6,021
  6,292
  6,578
  6,880
  7,199
  7,535
  7,890
  8,263
  8,657
  9,071
  9,507
  9,966
  10,448
  10,956
Variable operating expenses, $m
 
  3,170
  3,242
  3,323
  3,415
  3,516
  3,628
  3,749
  3,880
  4,022
  4,173
  4,268
  4,441
  4,626
  4,822
  5,030
  5,250
  5,483
  5,730
  5,991
  6,266
  6,556
  6,863
  7,186
  7,526
  7,884
  8,261
  8,658
  9,076
  9,516
  9,978
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
  3,170
  3,242
  3,323
  3,415
  3,516
  3,628
  3,749
  3,880
  4,022
  4,173
  4,268
  4,441
  4,626
  4,822
  5,030
  5,250
  5,483
  5,730
  5,991
  6,266
  6,556
  6,863
  7,186
  7,526
  7,884
  8,261
  8,658
  9,076
  9,516
  9,978
Operating income, $m
  282
  236
  243
  251
  260
  270
  281
  293
  306
  320
  335
  418
  435
  453
  473
  493
  515
  537
  562
  587
  614
  643
  673
  704
  738
  773
  810
  849
  890
  933
  978
EBITDA, $m
  383
  366
  374
  384
  395
  407
  420
  434
  449
  466
  484
  503
  524
  545
  568
  593
  619
  646
  675
  706
  739
  773
  809
  847
  887
  929
  974
  1,021
  1,070
  1,122
  1,176
Interest expense (income), $m
  0
  43
  45
  46
  48
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  138
  146
  154
  162
  171
  181
  191
Earnings before tax, $m
  222
  193
  199
  205
  212
  220
  229
  238
  248
  259
  271
  351
  364
  378
  393
  409
  426
  444
  463
  483
  504
  526
  549
  574
  600
  627
  656
  686
  718
  752
  787
Tax expense, $m
  57
  52
  54
  55
  57
  59
  62
  64
  67
  70
  73
  95
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
Net income, $m
  165
  141
  145
  150
  155
  161
  167
  174
  181
  189
  198
  256
  266
  276
  287
  299
  311
  324
  338
  352
  368
  384
  401
  419
  438
  458
  479
  501
  524
  549
  575

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  227
  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
  2,723
  2,546
  2,605
  2,672
  2,747
  2,830
  2,921
  3,021
  3,129
  3,245
  3,369
  3,502
  3,645
  3,796
  3,957
  4,128
  4,308
  4,500
  4,702
  4,916
  5,142
  5,381
  5,632
  5,897
  6,176
  6,470
  6,780
  7,105
  7,448
  7,809
  8,188
Adjusted assets (=assets-cash), $m
  2,496
  2,546
  2,605
  2,672
  2,747
  2,830
  2,921
  3,021
  3,129
  3,245
  3,369
  3,502
  3,645
  3,796
  3,957
  4,128
  4,308
  4,500
  4,702
  4,916
  5,142
  5,381
  5,632
  5,897
  6,176
  6,470
  6,780
  7,105
  7,448
  7,809
  8,188
Revenue / Adjusted assets
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
Average production assets, $m
  950
  968
  990
  1,015
  1,044
  1,075
  1,110
  1,148
  1,189
  1,233
  1,280
  1,331
  1,385
  1,442
  1,504
  1,568
  1,637
  1,710
  1,787
  1,868
  1,954
  2,045
  2,140
  2,241
  2,347
  2,459
  2,576
  2,700
  2,830
  2,967
  3,112
Working capital, $m
  440
  235
  240
  247
  254
  261
  270
  279
  289
  300
  311
  323
  336
  350
  365
  381
  398
  415
  434
  454
  475
  497
  520
  544
  570
  597
  626
  656
  688
  721
  756
Total debt, $m
  1,258
  1,279
  1,326
  1,379
  1,438
  1,504
  1,577
  1,656
  1,741
  1,833
  1,932
  2,037
  2,150
  2,270
  2,398
  2,533
  2,677
  2,828
  2,989
  3,159
  3,338
  3,527
  3,726
  3,936
  4,158
  4,391
  4,636
  4,895
  5,167
  5,453
  5,753
Total liabilities, $m
  1,999
  2,019
  2,066
  2,119
  2,178
  2,244
  2,317
  2,396
  2,481
  2,573
  2,672
  2,777
  2,890
  3,010
  3,138
  3,273
  3,417
  3,568
  3,729
  3,899
  4,078
  4,267
  4,466
  4,676
  4,898
  5,131
  5,376
  5,635
  5,907
  6,193
  6,493
Total equity, $m
  725
  527
  539
  553
  569
  586
  605
  625
  648
  672
  697
  725
  754
  786
  819
  854
  892
  931
  973
  1,018
  1,064
  1,114
  1,166
  1,221
  1,278
  1,339
  1,403
  1,471
  1,542
  1,616
  1,695
Total liabilities and equity, $m
  2,724
  2,546
  2,605
  2,672
  2,747
  2,830
  2,922
  3,021
  3,129
  3,245
  3,369
  3,502
  3,644
  3,796
  3,957
  4,127
  4,309
  4,499
  4,702
  4,917
  5,142
  5,381
  5,632
  5,897
  6,176
  6,470
  6,779
  7,106
  7,449
  7,809
  8,188
Debt-to-equity ratio
  1.735
  2.430
  2.460
  2.490
  2.530
  2.570
  2.610
  2.650
  2.690
  2.730
  2.770
  2.810
  2.850
  2.890
  2.930
  2.960
  3.000
  3.040
  3.070
  3.100
  3.140
  3.170
  3.200
  3.220
  3.250
  3.280
  3.300
  3.330
  3.350
  3.370
  3.390
Adjusted equity ratio
  0.200
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  141
  145
  150
  155
  161
  167
  174
  181
  189
  198
  256
  266
  276
  287
  299
  311
  324
  338
  352
  368
  384
  401
  419
  438
  458
  479
  501
  524
  549
  575
Depreciation, amort., depletion, $m
  101
  129
  131
  132
  134
  136
  138
  141
  143
  146
  149
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
  189
  198
Funds from operations, $m
  152
  270
  276
  282
  289
  297
  305
  315
  325
  335
  347
  341
  354
  368
  383
  399
  415
  433
  452
  471
  492
  514
  537
  562
  587
  615
  643
  673
  705
  738
  773
Change in working capital, $m
  -69
  5
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
Cash from operations, $m
  221
  287
  270
  276
  282
  289
  297
  305
  315
  325
  335
  329
  341
  354
  368
  383
  399
  415
  433
  452
  471
  492
  514
  537
  562
  587
  614
  643
  673
  705
  738
Maintenance CAPEX, $m
  0
  -61
  -62
  -63
  -65
  -66
  -68
  -71
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
  -189
New CAPEX, $m
  -84
  -18
  -22
  -25
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
Cash from investing activities, $m
  -235
  -79
  -84
  -88
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -275
  -288
  -302
  -317
  -333
Free cash flow, $m
  -14
  209
  186
  187
  189
  191
  194
  197
  201
  205
  209
  196
  202
  208
  215
  222
  230
  238
  247
  256
  266
  277
  288
  300
  313
  326
  340
  355
  371
  387
  405
Issuance/(repayment) of debt, $m
  93
  40
  46
  53
  60
  66
  72
  79
  85
  92
  99
  106
  113
  120
  128
  135
  143
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
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
  40
  46
  53
  60
  66
  72
  79
  85
  92
  99
  106
  113
  120
  128
  135
  143
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
Total cash flow (excl. dividends), $m
  -13
  249
  233
  240
  248
  257
  266
  276
  286
  297
  308
  302
  315
  328
  342
  357
  373
  390
  408
  426
  446
  466
  488
  510
  534
  559
  586
  613
  643
  673
  706
Retained Cash Flow (-), $m
  -21
  -10
  -12
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
Prev. year cash balance distribution, $m
 
  208
  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
 
  447
  221
  227
  233
  240
  247
  255
  264
  273
  282
  274
  285
  297
  309
  322
  336
  350
  366
  382
  399
  417
  436
  455
  476
  498
  522
  546
  572
  599
  627
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
 
  416
  190
  179
  167
  155
  143
  130
  118
  106
  94
  77
  67
  57
  49
  40
  33
  27
  21
  16
  12
  9
  7
  5
  3
  2
  1
  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

PolyOne Corporation provides specialized polymer materials, services and solutions in the United States and internationally. It’s Color, Additives, and Inks segment offers specialized color and additive concentrates in solid and liquid form for thermoplastics; dispersions for thermosets; and specialty inks, plastisols, and vinyl slush molding solutions. The company’s Specialty Engineered Materials segment provides specialty polymer formulations, services, and solutions for designers, assemblers, and processors of thermoplastic materials; and long glass and carbon fiber technology, and thermoset and thermoplastic composites. Its Designed Structures and Solutions segment produce sheet, custom rollstock and specialty film, laminate, and acrylic solutions. This segment also provides stock and custom packaging solutions for various industry processes that are used in the food, medical, and consumer markets. The company’s Performance Products and Solutions segment offers vinyl molding and extrusion processors to manufacturers of durable plastic parts and consumer-oriented products. This segment also provides materials testing, component analysis, custom formulation development, colorant and additive services, part design assistance, structural analysis, process simulations, mold design and flow analysis, and extruder screw design services, as well as contract manufacturing and outsourced polymer manufacturing services to resin producers and polymer marketers. The PolyOne Distribution segment distributes approximately 4,000 grades of engineering and commodity grade resins to custom injection molders and extruders. The company also provides thermoplastic elastomers, profiles and laminates, and reinforced thermoplastic composites. It sells its products through direct sales personnel, distributors, and commissioned sales agents. The company was founded in 1927 and is headquartered in Avon Lake, Ohio.

FINANCIAL RATIOS  of  PolyOne (POL)

Valuation Ratios
P/E Ratio 18
Price to Sales 0.9
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 21.7
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 0.1
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 2% 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 28.4%.

Life of production assets of 15.7 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 6.9%. 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 82.136 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 $3.0 billion.


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COMPANY NEWS

▶ PolyOne To Hold First Quarter 2017 Conference Call   [Apr-06-17 04:56PM  PR Newswire]
▶ PolyOne Board Elects Kim Ann Mink as Director   [Mar-08-17 04:30PM  PR Newswire]
▶ PolyOne Corporation Announces Quarterly Dividend   [Feb-15-17 04:46PM  PR Newswire]
▶ PolyOne To Hold Fourth Quarter 2016 Conference Call   [Jan-10-17 04:04PM  PR Newswire]
▶ PolyOne Announces Increase in Quarterly Dividend   [Oct-13-16 04:39PM  PR Newswire]
▶ PolyOne To Hold Third Quarter 2016 Conference Call   [Oct-10-16 04:56PM  PR Newswire]
▶ PolyOne Acquires Gordon Composites and Polystrand   [Jul-26-16 05:00PM  PR Newswire]
▶ PolyOne Corporation Announces Quarterly Dividend   [Jul-14-16 04:30PM  PR Newswire]
▶ PolyOne To Hold Second Quarter 2016 Conference Call   [Jul-11-16 04:30PM  PR Newswire]
▶ PolyOne Stock Trades Ex-Dividend Wednesday (POL)   [Jun-15-16 11:26AM  at Investopedia]
Stock chart of POL 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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