Intrinsic value of Sensient Technologies - SXT

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$80.67

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of SXT 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 3.6

 

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, %
  0.51
  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
  1,383
  1,411
  1,443
  1,480
  1,522
  1,568
  1,619
  1,674
  1,733
  1,798
  1,867
  1,940
  2,019
  2,103
  2,192
  2,287
  2,387
  2,493
  2,605
  2,724
  2,849
  2,981
  3,120
  3,267
  3,422
  3,585
  3,756
  3,937
  4,127
  4,326
  4,537
Variable operating expenses, $m
 
  1,239
  1,267
  1,298
  1,334
  1,373
  1,416
  1,463
  1,514
  1,569
  1,627
  1,652
  1,719
  1,790
  1,866
  1,947
  2,032
  2,122
  2,218
  2,319
  2,425
  2,537
  2,656
  2,781
  2,913
  3,051
  3,197
  3,351
  3,513
  3,683
  3,862
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
  1,198
  1,239
  1,267
  1,298
  1,334
  1,373
  1,416
  1,463
  1,514
  1,569
  1,627
  1,652
  1,719
  1,790
  1,866
  1,947
  2,032
  2,122
  2,218
  2,319
  2,425
  2,537
  2,656
  2,781
  2,913
  3,051
  3,197
  3,351
  3,513
  3,683
  3,862
Operating income, $m
  186
  171
  176
  182
  188
  195
  202
  211
  219
  229
  239
  289
  300
  313
  326
  340
  355
  371
  388
  405
  424
  443
  464
  486
  509
  533
  559
  586
  614
  644
  675
EBITDA, $m
  233
  236
  242
  248
  255
  263
  271
  280
  290
  301
  313
  325
  338
  352
  367
  383
  400
  418
  436
  456
  477
  499
  523
  547
  573
  600
  629
  659
  691
  725
  760
Interest expense (income), $m
  18
  20
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
Earnings before tax, $m
  167
  151
  155
  160
  166
  172
  178
  185
  193
  201
  210
  258
  269
  279
  291
  303
  316
  330
  344
  360
  376
  393
  411
  430
  450
  471
  493
  517
  541
  567
  594
Tax expense, $m
  44
  41
  42
  43
  45
  46
  48
  50
  52
  54
  57
  70
  73
  75
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
Net income, $m
  126
  110
  113
  117
  121
  125
  130
  135
  141
  147
  154
  189
  196
  204
  212
  221
  231
  241
  251
  263
  274
  287
  300
  314
  328
  344
  360
  377
  395
  414
  434

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  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
  1,668
  1,675
  1,714
  1,758
  1,807
  1,862
  1,922
  1,988
  2,059
  2,135
  2,217
  2,305
  2,398
  2,498
  2,604
  2,716
  2,835
  2,961
  3,094
  3,235
  3,383
  3,540
  3,706
  3,880
  4,064
  4,257
  4,461
  4,675
  4,901
  5,138
  5,388
Adjusted assets (=assets-cash), $m
  1,642
  1,675
  1,714
  1,758
  1,807
  1,862
  1,922
  1,988
  2,059
  2,135
  2,217
  2,305
  2,398
  2,498
  2,604
  2,716
  2,835
  2,961
  3,094
  3,235
  3,383
  3,540
  3,706
  3,880
  4,064
  4,257
  4,461
  4,675
  4,901
  5,138
  5,388
Revenue / Adjusted assets
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
Average production assets, $m
  482
  491
  502
  515
  530
  546
  563
  582
  603
  626
  650
  675
  703
  732
  763
  796
  831
  868
  907
  948
  991
  1,037
  1,086
  1,137
  1,191
  1,247
  1,307
  1,370
  1,436
  1,506
  1,579
Working capital, $m
  503
  508
  520
  533
  548
  564
  583
  603
  624
  647
  672
  699
  727
  757
  789
  823
  859
  897
  938
  981
  1,026
  1,073
  1,123
  1,176
  1,232
  1,290
  1,352
  1,417
  1,486
  1,558
  1,633
Total debt, $m
  603
  599
  618
  639
  664
  691
  721
  753
  788
  826
  866
  909
  956
  1,005
  1,057
  1,113
  1,171
  1,234
  1,299
  1,369
  1,442
  1,520
  1,602
  1,688
  1,778
  1,874
  1,975
  2,081
  2,192
  2,309
  2,433
Total liabilities, $m
  832
  828
  847
  868
  893
  920
  950
  982
  1,017
  1,055
  1,095
  1,138
  1,185
  1,234
  1,286
  1,342
  1,400
  1,463
  1,528
  1,598
  1,671
  1,749
  1,831
  1,917
  2,007
  2,103
  2,204
  2,310
  2,421
  2,538
  2,662
Total equity, $m
  836
  848
  867
  890
  915
  942
  973
  1,006
  1,042
  1,080
  1,122
  1,166
  1,213
  1,264
  1,317
  1,374
  1,434
  1,498
  1,566
  1,637
  1,712
  1,791
  1,875
  1,963
  2,056
  2,154
  2,257
  2,366
  2,480
  2,600
  2,726
Total liabilities and equity, $m
  1,668
  1,676
  1,714
  1,758
  1,808
  1,862
  1,923
  1,988
  2,059
  2,135
  2,217
  2,304
  2,398
  2,498
  2,603
  2,716
  2,834
  2,961
  3,094
  3,235
  3,383
  3,540
  3,706
  3,880
  4,063
  4,257
  4,461
  4,676
  4,901
  5,138
  5,388
Debt-to-equity ratio
  0.721
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
Adjusted equity ratio
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  110
  113
  117
  121
  125
  130
  135
  141
  147
  154
  189
  196
  204
  212
  221
  231
  241
  251
  263
  274
  287
  300
  314
  328
  344
  360
  377
  395
  414
  434
Depreciation, amort., depletion, $m
  47
  65
  65
  66
  67
  68
  69
  70
  71
  72
  73
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
Funds from operations, $m
  247
  175
  179
  183
  188
  193
  199
  205
  212
  219
  227
  225
  234
  243
  253
  264
  275
  287
  300
  314
  328
  343
  358
  375
  392
  411
  430
  451
  472
  495
  519
Change in working capital, $m
  25
  10
  12
  13
  15
  17
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  76
Cash from operations, $m
  222
  168
  167
  170
  173
  176
  181
  185
  190
  196
  202
  198
  205
  213
  221
  230
  239
  249
  260
  271
  283
  295
  308
  322
  337
  352
  369
  386
  404
  423
  443
Maintenance CAPEX, $m
  0
  -26
  -26
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
New CAPEX, $m
  -81
  -9
  -11
  -13
  -14
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
Cash from investing activities, $m
  -75
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -58
  -61
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -147
  -154
Free cash flow, $m
  147
  132
  129
  130
  131
  132
  134
  136
  138
  141
  144
  138
  142
  146
  151
  156
  162
  168
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
Issuance/(repayment) of debt, $m
  -25
  17
  19
  22
  24
  27
  30
  32
  35
  38
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  73
  77
  82
  86
  91
  96
  101
  106
  111
  117
  123
Issuance/(repurchase) of shares, $m
  -54
  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  
  -78
  17
  19
  22
  24
  27
  30
  32
  35
  38
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  73
  77
  82
  86
  91
  96
  101
  106
  111
  117
  123
Total cash flow (excl. dividends), $m
  64
  149
  148
  152
  155
  159
  163
  168
  173
  179
  185
  181
  188
  195
  203
  212
  221
  230
  240
  250
  262
  273
  286
  299
  313
  327
  342
  359
  375
  393
  412
Retained Cash Flow (-), $m
  9
  -17
  -19
  -22
  -25
  -28
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
Prev. year cash balance distribution, $m
 
  5
  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
 
  137
  129
  129
  130
  131
  133
  135
  137
  140
  143
  137
  141
  145
  150
  155
  160
  166
  172
  179
  186
  194
  202
  211
  220
  229
  239
  250
  261
  273
  286
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  129
  114
  106
  99
  91
  84
  77
  70
  64
  57
  47
  42
  37
  32
  27
  23
  19
  16
  13
  10
  8
  6
  5
  3
  2
  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

Sensient Technologies Corporation manufactures and markets colors, flavors, and fragrances in the United States and internationally. The company operates through two segments: Flavors & Fragrances Group, and Color Group. The Flavors & Fragrances Group segment develops, manufactures, and supplies systems products, including flavor-delivery systems, and compounded and blended products; ingredient products, such as essential oils, natural and synthetic flavors, and aroma chemicals; chili powder; paprika; chili pepper; and dehydrated vegetables comprising parsley, celery, and spinach. This segment sells its products to the food, beverage, personal care, and household-products industries. The Color Group segment develops, manufactures, and supplies natural and synthetic color systems for use in foods, beverages, and pharmaceuticals; colors and other ingredients for cosmetics, such as active ingredients, solubilizers, and surface treated pigments; pharmaceutical excipients comprising colors, flavors, and coatings; specialty inks; and technical colors for industrial applications. This segment sells its products under the Sensient Food Colors, Sensient Pharmaceutical Coating Systems, Sensient Cosmetic Technologies, Sensient Inks, and Sensient Industrial Colors trade names. The company was founded in 1882 and is headquartered in Milwaukee, Wisconsin.

FINANCIAL RATIOS  of  Sensient Technologies (SXT)

Valuation Ratios
P/E Ratio 28.3
Price to Sales 2.6
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 25.3
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 69.6%
Total Debt to Equity 72.1%
Interest Coverage 10
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 15%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 34.5%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 16.8%
EBITDA Margin - 3 Yr. Avg. 15%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin 12.1%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 39.7%

SXT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SXT stock intrinsic value calculation we used $1383 million for the last fiscal year's total revenue generated by Sensient Technologies. The default revenue input number comes from 2016 income statement of Sensient Technologies. 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 SXT 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 6.2%, whose default value for SXT is calculated based on our internal credit rating of Sensient Technologies, 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 Sensient Technologies.
    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 SXT stock the variable cost ratio is equal to 87.9%.

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 SXT 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 Sensient Technologies.

Corporate tax rate of 27% is the nominal tax rate for Sensient Technologies. 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 SXT 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 SXT are equal to 34.8%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Sensient Technologies 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 SXT is equal to 36%. 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 - $836 million for Sensient Technologies - 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 44.261 million for Sensient Technologies 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 Sensient Technologies at the current share price and the inputted number of shares is $3.6 billion.


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COMPANY NEWS

▶ What Are IFFs Valuations ahead of Its 1Q17 Earnings?   [May-05-17 10:36AM  Market Realist]
▶ Sensient Declares Dividend   [Apr-28-17 12:32PM  Business Wire]
▶ Sensient posts 1Q profit   [Apr-25-17 05:56PM  Associated Press]
▶ Sensient Announces Conference Call   [Apr-13-17 05:41PM  Business Wire]
▶ Hows IFF Valued before Its 4Q16 Results?   [09:06AM  Market Realist]
▶ Sensient posts 4Q profit   [Feb-09-17 07:55PM  Associated Press]
▶ Sensient Announces Conference Call   [Jan-31-17 06:11PM  Business Wire]
▶ Sensient Declares Dividend   [Jan-24-17 06:50PM  Business Wire]
▶ 8 Best Dividend Stocks in the Russell 2000 Index   [Jan-19-17 02:30PM  Kiplinger]
▶ Sensient Declares Dividend   [05:15PM  Business Wire]
▶ Sensient Announces Conference Call   [Oct-07-16 04:42PM  Business Wire]
▶ Sensient Declares Dividend   [05:32PM  Business Wire]
▶ Sensient Announces Conference Call   [Jul-11-16 05:58PM  Business Wire]
▶ Sensient Declares Dividend   [Apr-22-16 04:00PM  Business Wire]
▶ Sensient Announces Conference Call   [Apr-11-16 08:36PM  Business Wire]
▶ [$$] 4 Small-Cap Picks by an Index-Crushing Manager   [Mar-22-16 05:40PM  at Barrons.com]
Stock chart of SXT Financial statements of SXT Annual reports of SXT
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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