Intrinsic value of Stepan - SCL

Previous Close

$80.94

  Intrinsic Value

$52.57

stock screener

  Rating & Target

sell

-35%

Previous close

$80.94

 
Intrinsic value

$52.57

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of SCL 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 1.8

 

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, %
  -0.56
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  1,766
  1,921
  2,083
  2,251
  2,426
  2,608
  2,797
  2,994
  3,198
  3,410
  3,630
  3,860
  4,099
  4,348
  4,607
  4,878
  5,160
  5,454
  5,762
  6,083
  6,418
  6,768
  7,135
  7,518
  7,920
  8,340
  8,779
  9,240
  9,722
  10,228
  10,757
Variable operating expenses, $m
 
  1,789
  1,939
  2,095
  2,258
  2,427
  2,603
  2,785
  2,975
  3,172
  3,377
  3,588
  3,810
  4,042
  4,283
  4,534
  4,797
  5,070
  5,356
  5,654
  5,966
  6,292
  6,633
  6,989
  7,362
  7,752
  8,161
  8,589
  9,038
  9,508
  10,000
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
  1,640
  1,789
  1,939
  2,095
  2,258
  2,427
  2,603
  2,785
  2,975
  3,172
  3,377
  3,588
  3,810
  4,042
  4,283
  4,534
  4,797
  5,070
  5,356
  5,654
  5,966
  6,292
  6,633
  6,989
  7,362
  7,752
  8,161
  8,589
  9,038
  9,508
  10,000
Operating income, $m
  126
  133
  144
  156
  168
  181
  194
  208
  223
  238
  253
  272
  289
  306
  324
  343
  363
  384
  406
  428
  452
  477
  502
  529
  558
  587
  618
  651
  685
  720
  757
EBITDA, $m
  201
  214
  232
  251
  271
  291
  312
  334
  357
  380
  405
  431
  457
  485
  514
  544
  575
  608
  643
  678
  716
  755
  796
  839
  883
  930
  979
  1,030
  1,084
  1,141
  1,200
Interest expense (income), $m
  15
  13
  16
  19
  22
  25
  28
  32
  35
  39
  43
  47
  51
  55
  60
  64
  69
  74
  80
  85
  91
  97
  103
  110
  117
  124
  132
  140
  148
  157
  166
Earnings before tax, $m
  114
  120
  128
  137
  146
  156
  166
  176
  187
  199
  210
  225
  238
  251
  265
  279
  294
  310
  326
  343
  361
  380
  399
  419
  441
  463
  487
  511
  537
  564
  592
Tax expense, $m
  28
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  84
  88
  93
  97
  102
  108
  113
  119
  125
  131
  138
  145
  152
  160
Net income, $m
  86
  87
  94
  100
  107
  114
  121
  129
  137
  145
  153
  164
  173
  183
  193
  204
  215
  226
  238
  250
  263
  277
  291
  306
  322
  338
  355
  373
  392
  411
  432

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
  1,354
  1,227
  1,330
  1,438
  1,549
  1,666
  1,786
  1,912
  2,042
  2,177
  2,318
  2,465
  2,618
  2,777
  2,942
  3,115
  3,295
  3,483
  3,679
  3,884
  4,098
  4,322
  4,556
  4,801
  5,057
  5,325
  5,606
  5,900
  6,208
  6,531
  6,869
Adjusted assets (=assets-cash), $m
  1,128
  1,227
  1,330
  1,438
  1,549
  1,666
  1,786
  1,912
  2,042
  2,177
  2,318
  2,465
  2,618
  2,777
  2,942
  3,115
  3,295
  3,483
  3,679
  3,884
  4,098
  4,322
  4,556
  4,801
  5,057
  5,325
  5,606
  5,900
  6,208
  6,531
  6,869
Revenue / Adjusted assets
  1.566
  1.566
  1.566
  1.565
  1.566
  1.565
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
  1.566
Average production assets, $m
  589
  640
  694
  750
  808
  869
  931
  997
  1,065
  1,135
  1,209
  1,285
  1,365
  1,448
  1,534
  1,624
  1,718
  1,816
  1,919
  2,025
  2,137
  2,254
  2,376
  2,504
  2,637
  2,777
  2,924
  3,077
  3,238
  3,406
  3,582
Working capital, $m
  389
  208
  225
  243
  262
  282
  302
  323
  345
  368
  392
  417
  443
  470
  498
  527
  557
  589
  622
  657
  693
  731
  771
  812
  855
  901
  948
  998
  1,050
  1,105
  1,162
Total debt, $m
  317
  350
  413
  479
  548
  619
  693
  770
  850
  933
  1,019
  1,109
  1,203
  1,300
  1,402
  1,507
  1,618
  1,733
  1,853
  1,979
  2,110
  2,247
  2,391
  2,541
  2,698
  2,863
  3,035
  3,215
  3,404
  3,602
  3,809
Total liabilities, $m
  719
  752
  815
  881
  950
  1,021
  1,095
  1,172
  1,252
  1,335
  1,421
  1,511
  1,605
  1,702
  1,804
  1,909
  2,020
  2,135
  2,255
  2,381
  2,512
  2,649
  2,793
  2,943
  3,100
  3,265
  3,437
  3,617
  3,806
  4,004
  4,211
Total equity, $m
  635
  475
  515
  556
  600
  645
  691
  740
  790
  843
  897
  954
  1,013
  1,075
  1,139
  1,205
  1,275
  1,348
  1,424
  1,503
  1,586
  1,673
  1,763
  1,858
  1,957
  2,061
  2,170
  2,283
  2,403
  2,528
  2,658
Total liabilities and equity, $m
  1,354
  1,227
  1,330
  1,437
  1,550
  1,666
  1,786
  1,912
  2,042
  2,178
  2,318
  2,465
  2,618
  2,777
  2,943
  3,114
  3,295
  3,483
  3,679
  3,884
  4,098
  4,322
  4,556
  4,801
  5,057
  5,326
  5,607
  5,900
  6,209
  6,532
  6,869
Debt-to-equity ratio
  0.499
  0.740
  0.800
  0.860
  0.910
  0.960
  1.000
  1.040
  1.080
  1.110
  1.140
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
Adjusted equity ratio
  0.363
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  87
  94
  100
  107
  114
  121
  129
  137
  145
  153
  164
  173
  183
  193
  204
  215
  226
  238
  250
  263
  277
  291
  306
  322
  338
  355
  373
  392
  411
  432
Depreciation, amort., depletion, $m
  75
  81
  88
  95
  102
  110
  117
  126
  134
  143
  152
  159
  169
  179
  189
  201
  212
  224
  237
  250
  264
  278
  293
  309
  326
  343
  361
  380
  400
  420
  442
Funds from operations, $m
  235
  169
  182
  195
  209
  224
  239
  254
  271
  288
  305
  323
  342
  362
  383
  404
  427
  450
  475
  500
  527
  555
  585
  615
  647
  681
  716
  753
  792
  832
  874
Change in working capital, $m
  23
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  55
  57
Cash from operations, $m
  212
  152
  164
  177
  190
  204
  218
  233
  249
  265
  281
  298
  316
  335
  355
  375
  396
  418
  442
  466
  491
  517
  545
  574
  604
  636
  669
  703
  739
  777
  817
Maintenance CAPEX, $m
  0
  -73
  -79
  -86
  -93
  -100
  -107
  -115
  -123
  -131
  -140
  -149
  -159
  -169
  -179
  -189
  -201
  -212
  -224
  -237
  -250
  -264
  -278
  -293
  -309
  -326
  -343
  -361
  -380
  -400
  -420
New CAPEX, $m
  -103
  -51
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -161
  -168
  -176
Cash from investing activities, $m
  -131
  -124
  -133
  -142
  -151
  -161
  -170
  -180
  -191
  -202
  -213
  -225
  -239
  -252
  -265
  -279
  -295
  -310
  -326
  -344
  -362
  -381
  -400
  -421
  -443
  -466
  -489
  -514
  -541
  -568
  -596
Free cash flow, $m
  81
  28
  31
  35
  39
  44
  48
  53
  58
  63
  68
  72
  78
  84
  89
  96
  102
  108
  115
  122
  129
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
Issuance/(repayment) of debt, $m
  -14
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  97
  102
  106
  110
  115
  120
  126
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
Issuance/(repurchase) of shares, $m
  2
  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  
  -13
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  97
  102
  106
  110
  115
  120
  126
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
Total cash flow (excl. dividends), $m
  67
  89
  95
  101
  108
  115
  122
  130
  137
  146
  154
  162
  171
  181
  191
  201
  212
  224
  235
  248
  261
  274
  288
  303
  318
  335
  351
  369
  388
  407
  428
Retained Cash Flow (-), $m
  -78
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
Prev. year cash balance distribution, $m
 
  198
  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
 
  249
  55
  60
  65
  70
  75
  81
  87
  93
  100
  106
  112
  119
  127
  135
  143
  151
  159
  168
  178
  187
  198
  208
  219
  231
  243
  255
  269
  282
  297
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  239
  50
  52
  53
  54
  55
  55
  54
  54
  52
  50
  48
  45
  43
  40
  36
  33
  29
  26
  23
  19
  16
  14
  11
  9
  7
  5
  4
  3
  2
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

Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a range of end products. The Company operates through three segments: Surfactants, Polymers and Specialty Products. The Company's principal markets include manufacturers of cleaning and washing compounds (including detergents, shampoos, fabric softeners, toothpastes and household cleaners), paints, cosmetics, food, beverages, nutritional supplements, agricultural products and plastics. Its Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. Its Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. Its Specialty Products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications.

FINANCIAL RATIOS  of  Stepan (SCL)

Valuation Ratios
P/E Ratio 21.1
Price to Sales 1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 16.6
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 45.5%
Total Debt to Equity 49.9%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 16.5%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 19.8%

SCL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCL stock intrinsic value calculation we used $1766 million for the last fiscal year's total revenue generated by Stepan. The default revenue input number comes from 2016 income statement of Stepan. 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 SCL stock valuation model: a) initial revenue growth rate of 8.8% 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 4.3%, whose default value for SCL is calculated based on our internal credit rating of Stepan, 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 Stepan.
    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 SCL 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 SCL 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 4.6% for Stepan.

Corporate tax rate of 27% is the nominal tax rate for Stepan. 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 SCL 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 SCL are equal to 33.3%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Stepan 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 SCL is equal to 10.8%. 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 - $635 million for Stepan - 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 22.573 million for Stepan 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 Stepan at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for November 2nd   [Nov-02-17 08:44AM  Zacks]
▶ New Strong Sell Stocks for October 30th   [Oct-30-17 09:23AM  Zacks]
▶ ETFs with exposure to Stepan Co. : October 26, 2017   [Oct-26-17 10:46AM  Capital Cube]
▶ Stepan Co. posts 3Q profit   [07:13AM  Associated Press]
▶ Stepan Reports Third Quarter Results   [06:59AM  PR Newswire]
▶ Stepan Company to Host Earnings Call   [06:55AM  ACCESSWIRE]
▶ ETFs with exposure to Stepan Co. : October 16, 2017   [Oct-16-17 09:59AM  Capital Cube]
▶ ETFs with exposure to Stepan Co. : October 3, 2017   [Oct-03-17 11:35AM  Capital Cube]
▶ Stepan Co. posts 2Q profit   [Jul-26-17 09:28PM  Associated Press]
▶ Stepan Declares Quarterly Dividend   [07:00AM  PR Newswire]
▶ Stepan Company Announces Dividend Record Date Correction   [May-19-17 08:00PM  PR Newswire]
▶ ETFs with exposure to Stepan Co. : May 2, 2017   [May-02-17 04:36PM  Capital Cube]
▶ Stepan Co. posts 1Q profit   [07:32AM  Associated Press]
▶ Stepan Reports Record Quarterly Earnings   [06:59AM  PR Newswire]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ Stepan Co. posts 4Q profit   [07:27AM  Associated Press]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ Is Stepan Company (SCL) A Good Stock To Buy?   [Dec-12-16 10:28AM  at Insider Monkey]
▶ Six Dividend Machines Boosting Dividends   [Oct-24-16 10:56AM  at Insider Monkey]
Financial statements of SCL
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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