Intrinsic value of Univar - UNVR

Previous Close

$29.36

  Intrinsic Value

$8.43

stock screener

  Rating & Target

str. sell

-71%

Previous close

$29.36

 
Intrinsic value

$8.43

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of UNVR 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 4.1

 

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, %
  -10.11
  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
  8,074
  8,235
  8,425
  8,641
  8,884
  9,154
  9,449
  9,771
  10,120
  10,495
  10,898
  11,329
  11,788
  12,278
  12,798
  13,350
  13,935
  14,554
  15,209
  15,901
  16,632
  17,403
  18,216
  19,073
  19,976
  20,927
  21,928
  22,982
  24,091
  25,258
  26,485
Variable operating expenses, $m
 
  6,692
  6,842
  7,013
  7,205
  7,418
  7,652
  7,906
  8,182
  8,479
  8,797
  8,960
  9,323
  9,711
  10,122
  10,559
  11,021
  11,511
  12,029
  12,576
  13,154
  13,764
  14,407
  15,085
  15,799
  16,551
  17,343
  18,177
  19,054
  19,976
  20,947
Fixed operating expenses, $m
 
  1,498
  1,535
  1,573
  1,613
  1,653
  1,694
  1,737
  1,780
  1,825
  1,870
  1,917
  1,965
  2,014
  2,064
  2,116
  2,169
  2,223
  2,279
  2,336
  2,394
  2,454
  2,515
  2,578
  2,643
  2,709
  2,776
  2,846
  2,917
  2,990
  3,065
Total operating expenses, $m
  7,987
  8,190
  8,377
  8,586
  8,818
  9,071
  9,346
  9,643
  9,962
  10,304
  10,667
  10,877
  11,288
  11,725
  12,186
  12,675
  13,190
  13,734
  14,308
  14,912
  15,548
  16,218
  16,922
  17,663
  18,442
  19,260
  20,119
  21,023
  21,971
  22,966
  24,012
Operating income, $m
  86
  46
  48
  55
  67
  83
  103
  128
  157
  191
  230
  452
  500
  553
  612
  675
  745
  820
  902
  989
  1,084
  1,185
  1,294
  1,410
  1,534
  1,667
  1,809
  1,960
  2,120
  2,291
  2,473
EBITDA, $m
  324
  335
  340
  350
  365
  384
  409
  438
  472
  511
  555
  604
  659
  718
  784
  855
  932
  1,016
  1,106
  1,203
  1,307
  1,419
  1,539
  1,667
  1,803
  1,949
  2,104
  2,269
  2,445
  2,631
  2,830
Interest expense (income), $m
  149
  139
  144
  149
  155
  161
  169
  177
  185
  195
  205
  216
  227
  240
  253
  267
  282
  298
  314
  332
  351
  370
  391
  413
  436
  461
  486
  513
  542
  572
  603
Earnings before tax, $m
  -80
  -93
  -96
  -94
  -88
  -79
  -65
  -48
  -28
  -3
  25
  236
  273
  314
  359
  409
  463
  523
  587
  657
  733
  815
  903
  997
  1,098
  1,207
  1,323
  1,446
  1,579
  1,720
  1,870
Tax expense, $m
  -12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  7
  64
  74
  85
  97
  110
  125
  141
  159
  177
  198
  220
  244
  269
  296
  326
  357
  391
  426
  464
  505
Net income, $m
  -68
  -93
  -96
  -94
  -88
  -79
  -65
  -48
  -28
  -3
  18
  172
  199
  229
  262
  298
  338
  382
  429
  480
  535
  595
  659
  728
  802
  881
  965
  1,056
  1,152
  1,256
  1,365

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  336
  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
  5,390
  5,154
  5,272
  5,408
  5,560
  5,728
  5,913
  6,115
  6,333
  6,567
  6,820
  7,089
  7,377
  7,683
  8,009
  8,354
  8,720
  9,108
  9,518
  9,951
  10,408
  10,890
  11,399
  11,936
  12,501
  13,096
  13,722
  14,382
  15,076
  15,806
  16,574
Adjusted assets (=assets-cash), $m
  5,054
  5,154
  5,272
  5,408
  5,560
  5,728
  5,913
  6,115
  6,333
  6,567
  6,820
  7,089
  7,377
  7,683
  8,009
  8,354
  8,720
  9,108
  9,518
  9,951
  10,408
  10,890
  11,399
  11,936
  12,501
  13,096
  13,722
  14,382
  15,076
  15,806
  16,574
Revenue / Adjusted assets
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
  1.598
Average production assets, $m
  1,480
  1,507
  1,542
  1,581
  1,626
  1,675
  1,729
  1,788
  1,852
  1,921
  1,994
  2,073
  2,157
  2,247
  2,342
  2,443
  2,550
  2,663
  2,783
  2,910
  3,044
  3,185
  3,334
  3,490
  3,656
  3,830
  4,013
  4,206
  4,409
  4,622
  4,847
Working capital, $m
  838
  651
  666
  683
  702
  723
  747
  772
  799
  829
  861
  895
  931
  970
  1,011
  1,055
  1,101
  1,150
  1,202
  1,256
  1,314
  1,375
  1,439
  1,507
  1,578
  1,653
  1,732
  1,816
  1,903
  1,995
  2,092
Total debt, $m
  2,979
  2,934
  3,038
  3,158
  3,292
  3,440
  3,603
  3,780
  3,972
  4,178
  4,400
  4,637
  4,891
  5,160
  5,447
  5,751
  6,073
  6,414
  6,775
  7,156
  7,558
  7,983
  8,430
  8,902
  9,399
  9,923
  10,475
  11,055
  11,666
  12,308
  12,984
Total liabilities, $m
  4,580
  4,535
  4,639
  4,759
  4,893
  5,041
  5,204
  5,381
  5,573
  5,779
  6,001
  6,238
  6,492
  6,761
  7,048
  7,352
  7,674
  8,015
  8,376
  8,757
  9,159
  9,584
  10,031
  10,503
  11,000
  11,524
  12,076
  12,656
  13,267
  13,909
  14,585
Total equity, $m
  810
  618
  633
  649
  667
  687
  710
  734
  760
  788
  818
  851
  885
  922
  961
  1,003
  1,046
  1,093
  1,142
  1,194
  1,249
  1,307
  1,368
  1,432
  1,500
  1,571
  1,647
  1,726
  1,809
  1,897
  1,989
Total liabilities and equity, $m
  5,390
  5,153
  5,272
  5,408
  5,560
  5,728
  5,914
  6,115
  6,333
  6,567
  6,819
  7,089
  7,377
  7,683
  8,009
  8,355
  8,720
  9,108
  9,518
  9,951
  10,408
  10,891
  11,399
  11,935
  12,500
  13,095
  13,723
  14,382
  15,076
  15,806
  16,574
Debt-to-equity ratio
  3.678
  4.740
  4.800
  4.870
  4.930
  5.000
  5.080
  5.150
  5.230
  5.300
  5.380
  5.450
  5.520
  5.600
  5.670
  5.740
  5.800
  5.870
  5.930
  5.990
  6.050
  6.110
  6.160
  6.220
  6.270
  6.310
  6.360
  6.410
  6.450
  6.490
  6.530
Adjusted equity ratio
  0.099
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -68
  -93
  -96
  -94
  -88
  -79
  -65
  -48
  -28
  -3
  18
  172
  199
  229
  262
  298
  338
  382
  429
  480
  535
  595
  659
  728
  802
  881
  965
  1,056
  1,152
  1,256
  1,365
Depreciation, amort., depletion, $m
  238
  289
  292
  295
  298
  302
  306
  310
  315
  320
  325
  152
  159
  165
  172
  180
  188
  196
  205
  214
  224
  234
  245
  257
  269
  282
  295
  309
  324
  340
  356
Funds from operations, $m
  615
  196
  196
  201
  210
  223
  240
  261
  287
  316
  344
  325
  358
  394
  434
  478
  526
  577
  633
  694
  759
  829
  904
  984
  1,070
  1,162
  1,260
  1,365
  1,477
  1,595
  1,722
Change in working capital, $m
  165
  13
  15
  17
  19
  21
  23
  25
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
Cash from operations, $m
  450
  183
  181
  184
  191
  202
  217
  236
  259
  287
  312
  291
  321
  355
  393
  434
  479
  528
  582
  639
  701
  768
  840
  917
  999
  1,087
  1,181
  1,282
  1,389
  1,503
  1,625
Maintenance CAPEX, $m
  0
  -109
  -111
  -113
  -116
  -120
  -123
  -127
  -131
  -136
  -141
  -147
  -152
  -159
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
New CAPEX, $m
  -90
  -28
  -35
  -40
  -44
  -49
  -54
  -59
  -64
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
Cash from investing activities, $m
  -136
  -137
  -146
  -153
  -160
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -236
  -249
  -260
  -273
  -287
  -301
  -316
  -332
  -348
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -512
  -538
  -565
Free cash flow, $m
  314
  47
  36
  31
  30
  33
  40
  50
  64
  82
  97
  65
  85
  107
  133
  161
  193
  228
  266
  308
  354
  403
  457
  515
  577
  644
  717
  794
  877
  966
  1,060
Issuance/(repayment) of debt, $m
  -183
  89
  104
  119
  134
  148
  163
  177
  192
  207
  222
  237
  253
  270
  287
  304
  322
  341
  361
  381
  402
  425
  448
  472
  497
  524
  551
  580
  611
  643
  676
Issuance/(repurchase) of shares, $m
  17
  104
  110
  110
  106
  99
  88
  73
  54
  31
  12
  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  
  -166
  193
  214
  229
  240
  247
  251
  250
  246
  238
  234
  237
  253
  270
  287
  304
  322
  341
  361
  381
  402
  425
  448
  472
  497
  524
  551
  580
  611
  643
  676
Total cash flow (excl. dividends), $m
  148
  240
  250
  260
  270
  280
  290
  300
  310
  320
  330
  303
  338
  377
  419
  465
  515
  569
  627
  689
  756
  828
  904
  987
  1,074
  1,168
  1,268
  1,374
  1,488
  1,608
  1,736
Retained Cash Flow (-), $m
  7
  -104
  -110
  -110
  -106
  -99
  -88
  -73
  -54
  -31
  -30
  -32
  -35
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
Prev. year cash balance distribution, $m
 
  202
  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
 
  338
  140
  150
  164
  181
  202
  227
  256
  289
  300
  270
  304
  340
  380
  424
  471
  522
  577
  637
  701
  770
  843
  922
  1,007
  1,097
  1,193
  1,295
  1,404
  1,520
  1,644
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  305
  113
  107
  102
  98
  93
  88
  83
  76
  64
  45
  40
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.8
  93.5
  90.4
  87.6
  85.1
  83.1
  81.4
  80.3
  79.6
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4

Univar Inc. is a distributor of commodity and specialty chemicals. The Company operates through four segments: Univar USA (USA); Univar Canada (Canada); Univar Europe and the Middle East and Africa (EMEA), and Rest of World. The Company's USA segment supplies a range of commodity and specialty chemicals, as well as services to a range of end markets, including manufacturing and industrial production sectors in the United States. In the United States, it services these multiple end markets with one-to-three day order times from nearby facilities. It repackages and blends bulk chemicals for shipment by its transportation fleet, as well as common carriers. Its Canadian operations are regionally focused, supplying a range of commodity and specialty chemicals to the local customer base. In Eastern Canada, it primarily focuses on industrial markets, such as food ingredients and products, pharmaceutical ingredients and finished products, coatings and adhesives, and chemical manufacturing.

FINANCIAL RATIOS  of  Univar (UNVR)

Valuation Ratios
P/E Ratio -59.9
Price to Sales 0.5
Price to Book 5
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 11.3
Growth Rates
Sales Growth Rate -10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.9%
Cap. Spend. - 3 Yr. Gr. Rate -8.6%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 351.2%
Total Debt to Equity 367.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -1.8%
Ret/ On T. Cap. - 3 Yr. Avg. -0.6%
Return On Equity -8.4%
Return On Equity - 3 Yr. Avg. -3.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 21.4%
Gross Margin - 3 Yr. Avg. 20%
EBITDA Margin 3.8%
EBITDA Margin - 3 Yr. Avg. 4.2%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 2%
Pre-Tax Margin -1%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin -0.8%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 15%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 0%

UNVR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UNVR stock intrinsic value calculation we used $8074 million for the last fiscal year's total revenue generated by Univar. The default revenue input number comes from 2016 income statement of Univar. 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 UNVR 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 10.8%, whose default value for UNVR is calculated based on our internal credit rating of Univar, 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 Univar.
    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 UNVR stock the variable cost ratio is equal to 81.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1461 million in the base year in the intrinsic value calculation for UNVR 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 4.9% for Univar.

Corporate tax rate of 27% is the nominal tax rate for Univar. 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 UNVR 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 UNVR are equal to 18.3%.

Life of production assets of 13.6 years is the average useful life of capital assets used in Univar 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 UNVR is equal to 7.9%. 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 - $810 million for Univar - 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 140.668 million for Univar 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 Univar at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Univar Inc. -- Moody's upgrades Univar to B1   [Oct-11-17 12:58PM  Moody's]
▶ Univar, Inc. Value Analysis (NYSE:UNVR) : October 2, 2017   [Oct-02-17 11:25AM  Capital Cube]
▶ Univar Acquires Tagma Brasil   [Sep-21-17 04:15PM  PR Newswire]
▶ Univar Statement Regarding Hurricane Harvey Impact   [Aug-29-17 04:01PM  PR Newswire]
▶ ETFs with exposure to Univar, Inc. : August 25, 2017   [Aug-25-17 05:50PM  Capital Cube]
▶ Univar tops 2Q profit forecasts   [Aug-04-17 09:15PM  Associated Press]
▶ Univar, Inc. Value Analysis (NYSE:UNVR) : August 4, 2017   [Aug-03-17 11:46PM  Capital Cube]
▶ ETFs with exposure to Univar, Inc. : May 22, 2017   [May-22-17 02:17PM  Capital Cube]
▶ ETFs with exposure to Univar, Inc. : May 11, 2017   [May-11-17 05:41PM  Capital Cube]
▶ Univar misses 1Q profit forecasts   [06:11AM  Associated Press]
▶ Univar, Inc. Value Analysis (NYSE:UNVR) : May 4, 2017   [May-04-17 05:09PM  Capital Cube]
▶ Momentum Stocks Breaking Higher With Volume   [May-03-17 01:00PM  Investopedia]
▶ Brokers Love These 5 Stocks Right Now   [Apr-25-17 08:45AM  Zacks]
▶ Dow Wraps Up Construction of Freeport Ethylene Plant   [Mar-30-17 07:51AM  Investopedia]
▶ Univar Names Ian Gresham as Chief Marketing Officer   [Mar-17-17 05:20PM  PR Newswire]
Financial statements of UNVR
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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