Intrinsic value of Valhi - VHI

Previous Close

$3.10

  Intrinsic Value

$0.83

stock screener

  Rating & Target

str. sell

-73%

  Value-price divergence*

-64%

Previous close

$3.10

 
Intrinsic value

$0.83

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence*

-64%

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

We calculate the intrinsic value of VHI 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 1.0

 

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, %
  2.22
  25.80
  23.72
  21.85
  20.16
  18.65
  17.28
  16.05
  14.95
  13.95
  13.06
  12.25
  11.53
  10.87
  10.29
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.28
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
Revenue, $m
  1,567
  1,971
  2,439
  2,972
  3,571
  4,237
  4,969
  5,767
  6,629
  7,554
  8,540
  9,586
  10,692
  11,854
  13,074
  14,349
  15,681
  17,070
  18,515
  20,019
  21,583
  23,208
  24,896
  26,651
  28,475
  30,371
  32,343
  34,395
  36,531
  38,755
  41,072
Variable operating expenses, $m
 
  2,023
  2,493
  3,030
  3,633
  4,303
  5,041
  5,844
  6,711
  7,643
  8,636
  9,651
  10,764
  11,934
  13,162
  14,446
  15,787
  17,185
  18,640
  20,154
  21,728
  23,364
  25,064
  26,831
  28,667
  30,576
  32,561
  34,627
  36,777
  39,017
  41,350
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
  1,540
  2,023
  2,493
  3,030
  3,633
  4,303
  5,041
  5,844
  6,711
  7,643
  8,636
  9,651
  10,764
  11,934
  13,162
  14,446
  15,787
  17,185
  18,640
  20,154
  21,728
  23,364
  25,064
  26,831
  28,667
  30,576
  32,561
  34,627
  36,777
  39,017
  41,350
Operating income, $m
  27
  -51
  -54
  -58
  -62
  -67
  -72
  -77
  -83
  -89
  -96
  -65
  -72
  -80
  -88
  -97
  -106
  -115
  -125
  -135
  -146
  -157
  -168
  -180
  -192
  -205
  -218
  -232
  -247
  -262
  -277
EBITDA, $m
  95
  40
  49
  60
  72
  86
  101
  117
  134
  153
  173
  194
  217
  240
  265
  291
  318
  346
  375
  406
  438
  471
  505
  540
  577
  616
  656
  697
  741
  786
  833
Interest expense (income), $m
  61
  60
  82
  121
  164
  214
  269
  329
  395
  466
  542
  623
  710
  801
  896
  997
  1,102
  1,212
  1,326
  1,445
  1,569
  1,698
  1,832
  1,971
  2,116
  2,266
  2,423
  2,585
  2,754
  2,930
  3,113
Earnings before tax, $m
  3
  -112
  -136
  -179
  -227
  -280
  -340
  -406
  -478
  -555
  -638
  -688
  -782
  -881
  -985
  -1,094
  -1,208
  -1,327
  -1,451
  -1,581
  -1,715
  -1,855
  -2,000
  -2,151
  -2,308
  -2,471
  -2,641
  -2,817
  -3,001
  -3,192
  -3,391
Tax expense, $m
  6
  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
Net income, $m
  -16
  -112
  -136
  -179
  -227
  -280
  -340
  -406
  -478
  -555
  -638
  -688
  -782
  -881
  -985
  -1,094
  -1,208
  -1,327
  -1,451
  -1,581
  -1,715
  -1,855
  -2,000
  -2,151
  -2,308
  -2,471
  -2,641
  -2,817
  -3,001
  -3,192
  -3,391

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  164
  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
  2,443
  2,865
  3,545
  4,319
  5,190
  6,158
  7,222
  8,382
  9,635
  10,979
  12,413
  13,934
  15,540
  17,230
  19,002
  20,857
  22,793
  24,811
  26,912
  29,098
  31,370
  33,732
  36,186
  38,737
  41,388
  44,144
  47,010
  49,993
  53,097
  56,330
  59,698
Adjusted assets (=assets-cash), $m
  2,279
  2,865
  3,545
  4,319
  5,190
  6,158
  7,222
  8,382
  9,635
  10,979
  12,413
  13,934
  15,540
  17,230
  19,002
  20,857
  22,793
  24,811
  26,912
  29,098
  31,370
  33,732
  36,186
  38,737
  41,388
  44,144
  47,010
  49,993
  53,097
  56,330
  59,698
Revenue / Adjusted assets
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
Average production assets, $m
  627
  789
  976
  1,189
  1,428
  1,695
  1,988
  2,307
  2,651
  3,021
  3,416
  3,835
  4,277
  4,742
  5,229
  5,740
  6,273
  6,828
  7,406
  8,008
  8,633
  9,283
  9,959
  10,660
  11,390
  12,148
  12,937
  13,758
  14,612
  15,502
  16,429
Working capital, $m
  543
  487
  602
  734
  882
  1,046
  1,227
  1,424
  1,637
  1,866
  2,109
  2,368
  2,641
  2,928
  3,229
  3,544
  3,873
  4,216
  4,573
  4,945
  5,331
  5,732
  6,149
  6,583
  7,033
  7,502
  7,989
  8,496
  9,023
  9,572
  10,145
Total debt, $m
  965
  1,302
  1,913
  2,610
  3,394
  4,265
  5,223
  6,267
  7,394
  8,604
  9,895
  11,263
  12,709
  14,230
  15,825
  17,494
  19,236
  21,053
  22,944
  24,911
  26,956
  29,082
  31,291
  33,586
  35,972
  38,453
  41,032
  43,716
  46,510
  49,420
  52,451
Total liabilities, $m
  2,242
  2,579
  3,190
  3,887
  4,671
  5,542
  6,500
  7,544
  8,671
  9,881
  11,172
  12,540
  13,986
  15,507
  17,102
  18,771
  20,513
  22,330
  24,221
  26,188
  28,233
  30,359
  32,568
  34,863
  37,249
  39,730
  42,309
  44,993
  47,787
  50,697
  53,728
Total equity, $m
  201
  287
  354
  432
  519
  616
  722
  838
  963
  1,098
  1,241
  1,393
  1,554
  1,723
  1,900
  2,086
  2,279
  2,481
  2,691
  2,910
  3,137
  3,373
  3,619
  3,874
  4,139
  4,414
  4,701
  4,999
  5,310
  5,633
  5,970
Total liabilities and equity, $m
  2,443
  2,866
  3,544
  4,319
  5,190
  6,158
  7,222
  8,382
  9,634
  10,979
  12,413
  13,933
  15,540
  17,230
  19,002
  20,857
  22,792
  24,811
  26,912
  29,098
  31,370
  33,732
  36,187
  38,737
  41,388
  44,144
  47,010
  49,992
  53,097
  56,330
  59,698
Debt-to-equity ratio
  4.801
  4.540
  5.400
  6.040
  6.540
  6.930
  7.230
  7.480
  7.670
  7.840
  7.970
  8.080
  8.180
  8.260
  8.330
  8.390
  8.440
  8.490
  8.530
  8.560
  8.590
  8.620
  8.650
  8.670
  8.690
  8.710
  8.730
  8.740
  8.760
  8.770
  8.790
Adjusted equity ratio
  0.016
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -112
  -136
  -179
  -227
  -280
  -340
  -406
  -478
  -555
  -638
  -688
  -782
  -881
  -985
  -1,094
  -1,208
  -1,327
  -1,451
  -1,581
  -1,715
  -1,855
  -2,000
  -2,151
  -2,308
  -2,471
  -2,641
  -2,817
  -3,001
  -3,192
  -3,391
Depreciation, amort., depletion, $m
  68
  91
  104
  118
  135
  153
  172
  194
  217
  242
  269
  259
  289
  320
  353
  388
  424
  461
  500
  541
  583
  627
  673
  720
  770
  821
  874
  930
  987
  1,047
  1,110
Funds from operations, $m
  120
  -20
  -33
  -60
  -92
  -128
  -168
  -212
  -260
  -313
  -369
  -429
  -493
  -560
  -631
  -706
  -784
  -866
  -951
  -1,040
  -1,132
  -1,228
  -1,327
  -1,431
  -1,539
  -1,650
  -1,767
  -1,888
  -2,013
  -2,144
  -2,281
Change in working capital, $m
  40
  100
  115
  132
  148
  164
  181
  197
  213
  228
  244
  258
  273
  287
  301
  315
  329
  343
  357
  371
  386
  401
  417
  433
  450
  468
  487
  507
  528
  549
  572
Cash from operations, $m
  80
  -120
  -148
  -192
  -240
  -292
  -349
  -409
  -473
  -541
  -613
  -687
  -766
  -847
  -933
  -1,021
  -1,113
  -1,209
  -1,308
  -1,411
  -1,518
  -1,629
  -1,744
  -1,864
  -1,989
  -2,119
  -2,254
  -2,394
  -2,541
  -2,694
  -2,853
Maintenance CAPEX, $m
  0
  -42
  -53
  -66
  -80
  -97
  -115
  -134
  -156
  -179
  -204
  -231
  -259
  -289
  -320
  -353
  -388
  -424
  -461
  -500
  -541
  -583
  -627
  -673
  -720
  -770
  -821
  -874
  -930
  -987
  -1,047
New CAPEX, $m
  -59
  -162
  -187
  -213
  -240
  -266
  -293
  -319
  -345
  -370
  -395
  -419
  -442
  -465
  -488
  -510
  -533
  -555
  -578
  -602
  -625
  -650
  -675
  -702
  -730
  -758
  -789
  -821
  -854
  -890
  -927
Cash from investing activities, $m
  -62
  -204
  -240
  -279
  -320
  -363
  -408
  -453
  -501
  -549
  -599
  -650
  -701
  -754
  -808
  -863
  -921
  -979
  -1,039
  -1,102
  -1,166
  -1,233
  -1,302
  -1,375
  -1,450
  -1,528
  -1,610
  -1,695
  -1,784
  -1,877
  -1,974
Free cash flow, $m
  18
  -324
  -388
  -471
  -560
  -655
  -756
  -863
  -974
  -1,090
  -1,211
  -1,337
  -1,467
  -1,601
  -1,741
  -1,885
  -2,034
  -2,188
  -2,348
  -2,513
  -2,684
  -2,862
  -3,047
  -3,239
  -3,439
  -3,647
  -3,863
  -4,089
  -4,325
  -4,571
  -4,827
Issuance/(repayment) of debt, $m
  3
  345
  612
  697
  784
  871
  958
  1,044
  1,128
  1,210
  1,290
  1,369
  1,446
  1,521
  1,595
  1,669
  1,742
  1,816
  1,891
  1,967
  2,045
  2,126
  2,209
  2,295
  2,386
  2,480
  2,580
  2,684
  2,794
  2,910
  3,032
Issuance/(repurchase) of shares, $m
  0
  353
  204
  256
  314
  377
  447
  522
  603
  689
  781
  840
  942
  1,050
  1,162
  1,279
  1,402
  1,529
  1,661
  1,799
  1,942
  2,091
  2,246
  2,406
  2,573
  2,747
  2,927
  3,115
  3,311
  3,515
  3,728
Cash from financing (excl. dividends), $m  
  -19
  698
  816
  953
  1,098
  1,248
  1,405
  1,566
  1,731
  1,899
  2,071
  2,209
  2,388
  2,571
  2,757
  2,948
  3,144
  3,345
  3,552
  3,766
  3,987
  4,217
  4,455
  4,701
  4,959
  5,227
  5,507
  5,799
  6,105
  6,425
  6,760
Total cash flow (excl. dividends), $m
  -6
  374
  428
  482
  537
  593
  648
  703
  757
  809
  860
  872
  921
  969
  1,016
  1,063
  1,110
  1,157
  1,205
  1,253
  1,303
  1,354
  1,407
  1,463
  1,520
  1,580
  1,644
  1,710
  1,780
  1,854
  1,932
Retained Cash Flow (-), $m
  68
  -353
  -204
  -256
  -314
  -377
  -447
  -522
  -603
  -689
  -781
  -840
  -942
  -1,050
  -1,162
  -1,279
  -1,402
  -1,529
  -1,661
  -1,799
  -1,942
  -2,091
  -2,246
  -2,406
  -2,573
  -2,747
  -2,927
  -3,115
  -3,311
  -3,515
  -3,728
Prev. year cash balance distribution, $m
 
  156
  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
 
  177
  223
  226
  224
  216
  202
  181
  154
  120
  79
  32
  -21
  -81
  -146
  -216
  -291
  -372
  -456
  -546
  -639
  -737
  -838
  -944
  -1,053
  -1,166
  -1,284
  -1,405
  -1,531
  -1,661
  -1,796
Discount rate, %
 
  11.30
  11.87
  12.46
  13.08
  13.74
  14.42
  15.14
  15.90
  16.70
  17.53
  18.41
  19.33
  20.29
  21.31
  22.37
  23.49
  24.67
  25.90
  27.19
  28.55
  29.98
  31.48
  33.06
  34.71
  36.44
  38.27
  40.18
  42.19
  44.30
  46.51
PV of cash for distribution, $m
 
  159
  178
  159
  137
  113
  90
  67
  47
  30
  16
  5
  -3
  -7
  -10
  -10
  -10
  -9
  -7
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  39.7
  34.9
  30.6
  26.8
  23.5
  20.6
  18.1
  15.9
  13.9
  12.2
  10.8
  9.6
  8.5
  7.5
  6.6
  5.9
  5.2
  4.6
  4.1
  3.6
  3.2
  2.8
  2.5
  2.2
  2.0
  1.7
  1.5
  1.4
  1.2
  1.1

Valhi, Inc. is a holding company. The Company operates through four segments: Chemicals, Component Products, Waste Management, and Real Estate Management and Development. The Company operates through its subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc. (Kronos), CompX International Inc. (CompX) and Waste Control Specialists LLC (WCS). The Chemicals segment operates through Kronos. Kronos is a producer and marketer of titanium dioxide pigments (TiO2). The Component Products segment operates through CompX. CompX is a manufacturer of security products used in the recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and a range of other industries. The Waste Management segment operates through WCS. The Real Estate Management and Development segment operates through Basic Management, Inc. (BMI) and The LandWell Company (LandWell).

FINANCIAL RATIOS  of  Valhi (VHI)

Valuation Ratios
P/E Ratio -68.8
Price to Sales 0.7
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 52.4
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
Financial Strength
Quick Ratio 21
Current Ratio 0.1
LT Debt to Equity 476.1%
Total Debt to Equity 480.1%
Interest Coverage 1
Management Effectiveness
Return On Assets -3.1%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -1.3%
Ret/ On T. Cap. - 3 Yr. Avg. -2.5%
Return On Equity -6.8%
Return On Equity - 3 Yr. Avg. -10.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 18.6%
Gross Margin - 3 Yr. Avg. 18.3%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 8.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin 0.2%
Pre-Tax Margin - 3 Yr. Avg. 0.5%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate 200%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio -168.8%

VHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VHI stock intrinsic value calculation we used $1567 million for the last fiscal year's total revenue generated by Valhi. The default revenue input number comes from 2016 income statement of Valhi. 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 VHI stock valuation model: a) initial revenue growth rate of 25.8% 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 11.3%, whose default value for VHI is calculated based on our internal credit rating of Valhi, 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 Valhi.
    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 VHI stock the variable cost ratio is equal to 103.1%.

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 VHI 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 6.3% for Valhi.

Corporate tax rate of 27% is the nominal tax rate for Valhi. 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 VHI 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 VHI are equal to 40%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Valhi 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 VHI is equal to 24.7%. 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 - $201 million for Valhi - 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 334.649 million for Valhi 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 Valhi at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
KRO Kronos Worldwi 25.71 0.85  str.sell
CIX CompX Internat 14.25 9.23  sell
NL NL Industries 11.95 5.65  sell
ECOL US Ecology 53.70 18.30  str.sell
PESI Perma-Fix Envi 3.70 0.70  str.sell
HUN Huntsman 28.86 6.58  str.sell
TORM TOR Minerals I 7.28 1.98  str.sell
AIMC Altra Industri 49.90 128.13  str.buy

COMPANY NEWS

▶ ETFs with exposure to Valhi, Inc. : October 17, 2017   [Oct-17-17 10:02AM  Capital Cube]
▶ ETFs with exposure to Valhi, Inc. : October 3, 2017   [Oct-03-17 11:42AM  Capital Cube]
▶ Valhi posts 2Q profit   [Aug-09-17 03:26PM  Associated Press]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [Aug-08-17 04:21PM  GlobeNewswire]
▶ VALHI REPORTS SECOND QUARTER 2017 RESULTS   [04:16PM  GlobeNewswire]
▶ Valhi, Inc. Value Analysis (NYSE:VHI) : August 7, 2017   [Aug-07-17 06:57PM  Capital Cube]
▶ VALHI REPORTS FIRST QUARTER 2017 RESULTS   [May-09-17 04:16PM  GlobeNewswire]
▶ Valhi, Inc. Value Analysis (NYSE:VHI) : April 24, 2017   [Apr-24-17 03:56PM  Capital Cube]
▶ Penny Stocks to Watch for April 2017 (ATRS, WRN)   [Mar-31-17 12:00PM  Investopedia]
▶ Valhi posts 4Q profit   [Mar-10-17 06:56PM  Associated Press]
▶ VALHI REPORTS FOURTH QUARTER 2016 RESULTS   [06:14PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [04:16PM  GlobeNewswire]
▶ IIROC Trading Resumption - SLL, VHI   [Dec-01-16 04:18PM  PR Newswire]
▶ VALHI REPORTS THIRD QUARTER 2016 RESULTS   [04:16PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [04:16PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [04:17PM  GlobeNewswire]
▶ VALHI REPORTS SECOND QUARTER 2016 RESULTS   [04:16PM  GlobeNewswire]
▶ VALHI ANNOUNCES QUARTERLY CASH DIVIDEND   [04:17PM  GlobeNewswire]
▶ VALHI REPORTS FIRST QUARTER 2016 RESULTS   [04:16PM  GlobeNewswire]
▶ VALHI REPORTS FOURTH QUARTER 2015 RESULTS   [04:16PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [04:17PM  GlobeNewswire]
Financial statements of VHI
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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