Intrinsic value of PolyOne - POL

Previous Close

$36.47

  Intrinsic Value

$31.46

stock screener

  Rating & Target

hold

-14%

  Value-price divergence*

+14%

Previous close

$36.47

 
Intrinsic value

$31.46

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence*

+14%

*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
  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
  3,340
  3,544
  3,756
  3,977
  4,208
  4,449
  4,700
  4,963
  5,237
  5,524
  5,823
  6,137
  6,465
  6,808
  7,167
  7,544
  7,938
  8,351
  8,784
  9,238
  9,713
  10,212
  10,735
  11,283
  11,859
  12,462
  13,095
  13,759
  14,456
  15,187
  15,954
Variable operating expenses, $m
 
  3,295
  3,488
  3,690
  3,900
  4,119
  4,348
  4,587
  4,837
  5,098
  5,371
  5,589
  5,888
  6,200
  6,528
  6,870
  7,230
  7,606
  8,000
  8,413
  8,846
  9,301
  9,777
  10,276
  10,800
  11,349
  11,926
  12,531
  13,165
  13,831
  14,530
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
  3,295
  3,488
  3,690
  3,900
  4,119
  4,348
  4,587
  4,837
  5,098
  5,371
  5,589
  5,888
  6,200
  6,528
  6,870
  7,230
  7,606
  8,000
  8,413
  8,846
  9,301
  9,777
  10,276
  10,800
  11,349
  11,926
  12,531
  13,165
  13,831
  14,530
Operating income, $m
  282
  249
  268
  287
  308
  329
  352
  375
  400
  425
  452
  548
  577
  608
  640
  673
  709
  746
  784
  825
  867
  912
  958
  1,007
  1,059
  1,112
  1,169
  1,228
  1,290
  1,356
  1,424
EBITDA, $m
  383
  380
  403
  427
  452
  478
  505
  533
  562
  593
  625
  659
  694
  731
  769
  810
  852
  897
  943
  992
  1,043
  1,096
  1,153
  1,211
  1,273
  1,338
  1,406
  1,477
  1,552
  1,630
  1,713
Interest expense (income), $m
  0
  43
  48
  52
  57
  61
  66
  72
  77
  83
  89
  95
  101
  108
  115
  123
  131
  139
  147
  156
  166
  176
  186
  197
  208
  220
  233
  246
  260
  274
  289
Earnings before tax, $m
  222
  205
  220
  235
  251
  268
  285
  304
  323
  343
  363
  453
  476
  500
  525
  551
  578
  607
  637
  668
  701
  736
  772
  810
  850
  892
  936
  983
  1,031
  1,082
  1,135
Tax expense, $m
  57
  55
  59
  64
  68
  72
  77
  82
  87
  93
  98
  122
  128
  135
  142
  149
  156
  164
  172
  180
  189
  199
  209
  219
  230
  241
  253
  265
  278
  292
  306
Net income, $m
  165
  150
  161
  172
  183
  196
  208
  222
  236
  250
  265
  331
  347
  365
  383
  402
  422
  443
  465
  488
  512
  537
  564
  592
  621
  651
  684
  717
  753
  790
  829

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
  2,649
  2,807
  2,973
  3,145
  3,325
  3,513
  3,709
  3,914
  4,128
  4,352
  4,586
  4,832
  5,088
  5,357
  5,638
  5,933
  6,242
  6,565
  6,904
  7,260
  7,632
  8,023
  8,433
  8,863
  9,314
  9,787
  10,283
  10,804
  11,350
  11,924
Adjusted assets (=assets-cash), $m
  2,496
  2,649
  2,807
  2,973
  3,145
  3,325
  3,513
  3,709
  3,914
  4,128
  4,352
  4,586
  4,832
  5,088
  5,357
  5,638
  5,933
  6,242
  6,565
  6,904
  7,260
  7,632
  8,023
  8,433
  8,863
  9,314
  9,787
  10,283
  10,804
  11,350
  11,924
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
  1,006
  1,067
  1,130
  1,195
  1,263
  1,335
  1,409
  1,487
  1,569
  1,654
  1,743
  1,836
  1,933
  2,036
  2,142
  2,254
  2,372
  2,495
  2,624
  2,759
  2,900
  3,049
  3,204
  3,368
  3,539
  3,719
  3,908
  4,105
  4,313
  4,531
Working capital, $m
  440
  245
  259
  274
  290
  307
  324
  342
  361
  381
  402
  423
  446
  470
  495
  521
  548
  576
  606
  637
  670
  705
  741
  779
  818
  860
  904
  949
  997
  1,048
  1,101
Total debt, $m
  1,258
  1,360
  1,486
  1,617
  1,754
  1,897
  2,046
  2,201
  2,364
  2,534
  2,711
  2,897
  3,091
  3,295
  3,508
  3,731
  3,965
  4,210
  4,466
  4,735
  5,017
  5,312
  5,622
  5,947
  6,288
  6,646
  7,021
  7,415
  7,828
  8,261
  8,716
Total liabilities, $m
  1,999
  2,100
  2,226
  2,357
  2,494
  2,637
  2,786
  2,941
  3,104
  3,274
  3,451
  3,637
  3,831
  4,035
  4,248
  4,471
  4,705
  4,950
  5,206
  5,475
  5,757
  6,052
  6,362
  6,687
  7,028
  7,386
  7,761
  8,155
  8,568
  9,001
  9,456
Total equity, $m
  725
  548
  581
  615
  651
  688
  727
  768
  810
  855
  901
  949
  1,000
  1,053
  1,109
  1,167
  1,228
  1,292
  1,359
  1,429
  1,503
  1,580
  1,661
  1,746
  1,835
  1,928
  2,026
  2,129
  2,236
  2,350
  2,468
Total liabilities and equity, $m
  2,724
  2,648
  2,807
  2,972
  3,145
  3,325
  3,513
  3,709
  3,914
  4,129
  4,352
  4,586
  4,831
  5,088
  5,357
  5,638
  5,933
  6,242
  6,565
  6,904
  7,260
  7,632
  8,023
  8,433
  8,863
  9,314
  9,787
  10,284
  10,804
  11,351
  11,924
Debt-to-equity ratio
  1.735
  2.480
  2.560
  2.630
  2.690
  2.760
  2.810
  2.870
  2.920
  2.960
  3.010
  3.050
  3.090
  3.130
  3.160
  3.200
  3.230
  3.260
  3.290
  3.310
  3.340
  3.360
  3.390
  3.410
  3.430
  3.450
  3.470
  3.480
  3.500
  3.520
  3.530
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
  150
  161
  172
  183
  196
  208
  222
  236
  250
  265
  331
  347
  365
  383
  402
  422
  443
  465
  488
  512
  537
  564
  592
  621
  651
  684
  717
  753
  790
  829
Depreciation, amort., depletion, $m
  101
  132
  136
  140
  144
  148
  153
  157
  162
  168
  173
  111
  117
  123
  130
  136
  144
  151
  159
  167
  176
  185
  194
  204
  215
  225
  237
  249
  261
  275
  289
Funds from operations, $m
  152
  282
  296
  311
  327
  344
  361
  379
  398
  418
  438
  442
  464
  488
  513
  538
  566
  594
  624
  655
  688
  722
  758
  796
  835
  877
  920
  966
  1,014
  1,064
  1,117
Change in working capital, $m
  -69
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
Cash from operations, $m
  221
  268
  282
  296
  311
  327
  344
  361
  379
  398
  418
  420
  442
  464
  488
  512
  538
  565
  594
  624
  655
  688
  722
  758
  796
  835
  877
  920
  966
  1,014
  1,064
Maintenance CAPEX, $m
  0
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -261
  -275
New CAPEX, $m
  -84
  -56
  -60
  -63
  -66
  -68
  -71
  -75
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -218
Cash from investing activities, $m
  -235
  -117
  -124
  -131
  -138
  -144
  -151
  -160
  -168
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -248
  -261
  -274
  -288
  -302
  -318
  -334
  -350
  -367
  -386
  -405
  -426
  -447
  -469
  -493
Free cash flow, $m
  -14
  151
  157
  165
  174
  183
  192
  202
  211
  222
  233
  226
  237
  250
  263
  276
  290
  305
  320
  336
  353
  370
  389
  408
  428
  449
  472
  495
  519
  545
  572
Issuance/(repayment) of debt, $m
  93
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
  325
  341
  358
  375
  394
  413
  433
  455
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
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
  325
  341
  358
  375
  394
  413
  433
  455
Total cash flow (excl. dividends), $m
  -13
  272
  283
  297
  311
  325
  341
  357
  374
  392
  410
  411
  432
  453
  476
  499
  524
  549
  576
  605
  635
  666
  699
  733
  769
  807
  847
  888
  932
  978
  1,026
Retained Cash Flow (-), $m
  -21
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
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
 
  449
  250
  262
  275
  288
  302
  316
  332
  347
  364
  363
  381
  400
  420
  441
  463
  485
  509
  535
  561
  589
  618
  648
  680
  714
  749
  786
  824
  865
  908
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
 
  417
  215
  207
  197
  186
  175
  162
  149
  135
  121
  102
  90
  77
  66
  55
  46
  37
  29
  23
  17
  13
  10
  7
  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

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 18.3
Price to Sales 0.9
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 22
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 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 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 81.01 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

▶ 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]
▶ 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]
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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