Intrinsic value of Ashland Global Holdings - ASH

Previous Close

$81.64

  Intrinsic Value

$3.91

stock screener

  Rating & Target

str. sell

-95%

Previous close

$81.64

 
Intrinsic value

$3.91

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of ASH 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 0001), $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 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  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
Revenue, $m
  3,638
  4,036
  4,454
  4,891
  5,347
  5,823
  6,318
  6,834
  7,369
  7,926
  8,505
  9,106
  9,731
  10,381
  11,057
  11,760
  12,492
  13,254
  14,048
  14,876
  15,739
  16,640
  17,580
  18,561
  19,587
  20,659
  21,780
  22,953
  24,180
  25,464
Variable operating expenses, $m
  3,758
  4,128
  4,516
  4,922
  5,345
  5,787
  6,248
  6,726
  7,224
  7,741
  7,900
  8,459
  9,040
  9,643
  10,271
  10,924
  11,604
  12,312
  13,050
  13,818
  14,620
  15,457
  16,330
  17,242
  18,195
  19,191
  20,232
  21,322
  22,461
  23,654
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
  3,758
  4,128
  4,516
  4,922
  5,345
  5,787
  6,248
  6,726
  7,224
  7,741
  7,900
  8,459
  9,040
  9,643
  10,271
  10,924
  11,604
  12,312
  13,050
  13,818
  14,620
  15,457
  16,330
  17,242
  18,195
  19,191
  20,232
  21,322
  22,461
  23,654
Operating income, $m
  -120
  -92
  -62
  -31
  2
  35
  71
  107
  145
  185
  604
  647
  692
  738
  786
  836
  888
  942
  998
  1,057
  1,119
  1,183
  1,249
  1,319
  1,392
  1,468
  1,548
  1,631
  1,719
  1,810
EBITDA, $m
  487
  540
  596
  654
  715
  779
  845
  914
  986
  1,060
  1,138
  1,218
  1,302
  1,389
  1,479
  1,573
  1,671
  1,773
  1,880
  1,990
  2,106
  2,226
  2,352
  2,483
  2,621
  2,764
  2,914
  3,071
  3,235
  3,407
Interest expense (income), $m
  0
  248
  302
  358
  417
  478
  543
  610
  679
  752
  827
  906
  987
  1,072
  1,160
  1,252
  1,347
  1,446
  1,549
  1,656
  1,768
  1,885
  2,006
  2,133
  2,265
  2,404
  2,548
  2,699
  2,857
  3,022
  3,195
Earnings before tax, $m
  -368
  -393
  -420
  -448
  -477
  -507
  -539
  -572
  -607
  -642
  -301
  -340
  -380
  -422
  -466
  -511
  -558
  -607
  -658
  -711
  -766
  -824
  -884
  -946
  -1,012
  -1,080
  -1,151
  -1,226
  -1,304
  -1,385
Tax expense, $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
Net income, $m
  -368
  -393
  -420
  -448
  -477
  -507
  -539
  -572
  -607
  -642
  -301
  -340
  -380
  -422
  -466
  -511
  -558
  -607
  -658
  -711
  -766
  -824
  -884
  -946
  -1,012
  -1,080
  -1,151
  -1,226
  -1,304
  -1,385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  9,625
  10,678
  11,782
  12,938
  14,146
  15,404
  16,715
  18,078
  19,496
  20,969
  22,500
  24,091
  25,745
  27,464
  29,251
  31,112
  33,048
  35,064
  37,164
  39,354
  41,637
  44,020
  46,507
  49,104
  51,818
  54,655
  57,620
  60,722
  63,968
  67,366
Adjusted assets (=assets-cash), $m
  9,625
  10,678
  11,782
  12,938
  14,146
  15,404
  16,715
  18,078
  19,496
  20,969
  22,500
  24,091
  25,745
  27,464
  29,251
  31,112
  33,048
  35,064
  37,164
  39,354
  41,637
  44,020
  46,507
  49,104
  51,818
  54,655
  57,620
  60,722
  63,968
  67,366
Revenue / Adjusted assets
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
Average production assets, $m
  4,107
  4,557
  5,028
  5,522
  6,037
  6,574
  7,133
  7,715
  8,320
  8,949
  9,602
  10,281
  10,987
  11,720
  12,483
  13,277
  14,103
  14,964
  15,860
  16,795
  17,769
  18,786
  19,847
  20,956
  22,114
  23,324
  24,590
  25,914
  27,299
  28,749
Working capital, $m
  673
  747
  824
  905
  989
  1,077
  1,169
  1,264
  1,363
  1,466
  1,573
  1,685
  1,800
  1,921
  2,046
  2,176
  2,311
  2,452
  2,599
  2,752
  2,912
  3,078
  3,252
  3,434
  3,624
  3,822
  4,029
  4,246
  4,473
  4,711
Total debt, $m
  3,430
  4,067
  4,735
  5,435
  6,165
  6,927
  7,719
  8,544
  9,402
  10,293
  11,219
  12,182
  13,182
  14,222
  15,304
  16,429
  17,601
  18,821
  20,091
  21,416
  22,798
  24,239
  25,744
  27,315
  28,957
  30,673
  32,467
  34,344
  36,308
  38,363
Total liabilities, $m
  5,823
  6,460
  7,128
  7,828
  8,558
  9,320
  10,112
  10,937
  11,795
  12,686
  13,612
  14,575
  15,575
  16,615
  17,697
  18,822
  19,994
  21,214
  22,484
  23,809
  25,191
  26,632
  28,137
  29,708
  31,350
  33,066
  34,860
  36,737
  38,701
  40,756
Total equity, $m
  3,802
  4,218
  4,654
  5,111
  5,588
  6,085
  6,602
  7,141
  7,701
  8,283
  8,887
  9,516
  10,169
  10,848
  11,554
  12,289
  13,054
  13,850
  14,680
  15,545
  16,447
  17,388
  18,370
  19,396
  20,468
  21,589
  22,760
  23,985
  25,267
  26,609
Total liabilities and equity, $m
  9,625
  10,678
  11,782
  12,939
  14,146
  15,405
  16,714
  18,078
  19,496
  20,969
  22,499
  24,091
  25,744
  27,463
  29,251
  31,111
  33,048
  35,064
  37,164
  39,354
  41,638
  44,020
  46,507
  49,104
  51,818
  54,655
  57,620
  60,722
  63,968
  67,365
Debt-to-equity ratio
  0.900
  0.960
  1.020
  1.060
  1.100
  1.140
  1.170
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.390
  1.400
  1.410
  1.410
  1.420
  1.430
  1.430
  1.440
  1.440
Adjusted equity ratio
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -368
  -393
  -420
  -448
  -477
  -507
  -539
  -572
  -607
  -642
  -301
  -340
  -380
  -422
  -466
  -511
  -558
  -607
  -658
  -711
  -766
  -824
  -884
  -946
  -1,012
  -1,080
  -1,151
  -1,226
  -1,304
  -1,385
Depreciation, amort., depletion, $m
  607
  632
  658
  685
  714
  744
  775
  807
  841
  876
  533
  571
  610
  651
  694
  738
  784
  831
  881
  933
  987
  1,044
  1,103
  1,164
  1,229
  1,296
  1,366
  1,440
  1,517
  1,597
Funds from operations, $m
  239
  238
  238
  238
  237
  237
  236
  235
  234
  233
  232
  231
  230
  229
  228
  227
  226
  224
  223
  222
  221
  220
  219
  218
  217
  216
  215
  214
  213
  212
Change in working capital, $m
  70
  74
  77
  81
  84
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  198
  207
  217
  227
  238
Cash from operations, $m
  169
  165
  161
  157
  153
  149
  144
  140
  135
  130
  125
  120
  114
  109
  103
  97
  90
  83
  76
  69
  62
  53
  45
  36
  27
  18
  8
  -3
  -14
  -26
Maintenance CAPEX, $m
  -204
  -228
  -253
  -279
  -307
  -335
  -365
  -396
  -429
  -462
  -497
  -533
  -571
  -610
  -651
  -694
  -738
  -784
  -831
  -881
  -933
  -987
  -1,044
  -1,103
  -1,164
  -1,229
  -1,296
  -1,366
  -1,440
  -1,517
New CAPEX, $m
  -427
  -449
  -471
  -493
  -515
  -537
  -559
  -582
  -605
  -629
  -653
  -679
  -706
  -734
  -763
  -794
  -826
  -860
  -896
  -934
  -974
  -1,017
  -1,061
  -1,108
  -1,158
  -1,210
  -1,266
  -1,324
  -1,385
  -1,450
Cash from investing activities, $m
  -631
  -677
  -724
  -772
  -822
  -872
  -924
  -978
  -1,034
  -1,091
  -1,150
  -1,212
  -1,277
  -1,344
  -1,414
  -1,488
  -1,564
  -1,644
  -1,727
  -1,815
  -1,907
  -2,004
  -2,105
  -2,211
  -2,322
  -2,439
  -2,562
  -2,690
  -2,825
  -2,967
Free cash flow, $m
  -462
  -513
  -564
  -616
  -669
  -724
  -780
  -838
  -899
  -961
  -1,025
  -1,093
  -1,162
  -1,235
  -1,311
  -1,391
  -1,474
  -1,560
  -1,651
  -1,746
  -1,846
  -1,950
  -2,060
  -2,175
  -2,295
  -2,421
  -2,554
  -2,693
  -2,839
  -2,992
Issuance/(repayment) of debt, $m
  611
  637
  668
  699
  730
  761
  793
  825
  858
  891
  926
  963
  1,000
  1,040
  1,082
  1,125
  1,171
  1,220
  1,271
  1,325
  1,381
  1,441
  1,505
  1,571
  1,642
  1,716
  1,794
  1,877
  1,964
  2,055
Issuance/(repurchase) of shares, $m
  764
  809
  856
  904
  953
  1,004
  1,057
  1,111
  1,166
  1,224
  906
  969
  1,034
  1,101
  1,172
  1,246
  1,323
  1,403
  1,487
  1,576
  1,668
  1,765
  1,866
  1,972
  2,084
  2,200
  2,323
  2,451
  2,586
  2,727
Cash from financing (excl. dividends), $m  
  1,375
  1,446
  1,524
  1,603
  1,683
  1,765
  1,850
  1,936
  2,024
  2,115
  1,832
  1,932
  2,034
  2,141
  2,254
  2,371
  2,494
  2,623
  2,758
  2,901
  3,049
  3,206
  3,371
  3,543
  3,726
  3,916
  4,117
  4,328
  4,550
  4,782
Total cash flow (excl. dividends), $m
  912
  933
  961
  988
  1,015
  1,042
  1,069
  1,097
  1,125
  1,155
  807
  838
  871
  906
  942
  980
  1,020
  1,063
  1,107
  1,154
  1,203
  1,256
  1,311
  1,369
  1,430
  1,495
  1,563
  1,635
  1,711
  1,790
Retained Cash Flow (-), $m
  -764
  -809
  -856
  -904
  -953
  -1,004
  -1,057
  -1,111
  -1,166
  -1,224
  -906
  -969
  -1,034
  -1,101
  -1,172
  -1,246
  -1,323
  -1,403
  -1,487
  -1,576
  -1,668
  -1,765
  -1,866
  -1,972
  -2,084
  -2,200
  -2,323
  -2,451
  -2,586
  -2,727
Prev. year cash balance distribution, $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 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
  149
  124
  104
  84
  61
  37
  13
  -14
  -41
  -70
  -99
  -130
  -162
  -195
  -230
  -265
  -302
  -341
  -380
  -422
  -465
  -509
  -555
  -603
  -653
  -705
  -760
  -816
  -875
  -937
Discount rate, %
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
  139
  108
  84
  61
  41
  23
  7
  -6
  -17
  -25
  -31
  -34
  -35
  -35
  -34
  -31
  -28
  -24
  -21
  -17
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  87.0
  76.1
  67.0
  59.3
  52.8
  47.1
  42.2
  37.9
  34.2
  30.9
  28.8
  26.9
  25.0
  23.4
  21.8
  20.3
  19.0
  17.7
  16.5
  15.4
  14.4
  13.4
  12.5
  11.7
  10.9
  10.2
  9.5
  8.8
  8.2
  7.7

Ashland Global Holdings Inc. provides specialty chemical solutions worldwide. It operates through Specialty Ingredients, Performance Materials, and Valvoline segments. The company provides products, technologies, and resources for solving formulation and product-performance challenges. It offers solutions using natural, synthetic, and semisynthetic polymers derived from plant and seed extract, cellulose ethers, vinyl pyrrolidones, and acrylic polymers, as well as polyester and polyurethane-based adhesives. The company offers these solutions for pharmaceutical companies; makers of personal care products, food, and beverages; manufacturers of paint, coatings, and construction materials; packaging and converting markets; and oilfield service companies. It also provides performance materials that include composites, such as polyester and vinyl ester resins, gelcoats, molten maleic anhydride, and low-profile additives; and intermediates and solvents comprising 1,4 butanediol, tetrahydrofuran, and n-methylpyrrolidone. The company markets its performance materials to manufacturers of residential and commercial building products; industrial product specifiers and manufacturers; wind blade and pipe manufacturers; automotive and truck OEM suppliers; boatbuilders; chemical producers; and electronics makers. In addition, it produces and distributes automotive, commercial, and industrial lubricants, and automotive chemicals. The company offers lubricants and automotive chemicals under the Valvoline brand; lubricants for cars with higher mileage engines under the MaxLife brand; synthetic motor oil under the SynPower brand; and antifreeze products under the Zerex brand, as well as operates and franchises 1,068 Valvoline Instant Oil Change centers in the United States. The company was formerly known as Ashland Inc. and changed its name to Ashland Global Holdings Inc. in September 2016. Ashland Global Holdings Inc. was founded in 1924 and is headquartered in Covington, Kentucky.

FINANCIAL RATIOS  of  Ashland Global Holdings (ASH)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ASH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASH stock intrinsic value calculation we used $3260 million for the last fiscal year's total revenue generated by Ashland Global Holdings. The default revenue input number comes from 0001 income statement of Ashland Global Holdings. 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 ASH stock valuation model: a) initial revenue growth rate of 11.6% 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 6.9%, whose default value for ASH is calculated based on our internal credit rating of Ashland Global Holdings, 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 Ashland Global Holdings.
    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 ASH stock the variable cost ratio is equal to 104.5%.

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 ASH 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 8.8% for Ashland Global Holdings.

Corporate tax rate of 27% is the nominal tax rate for Ashland Global Holdings. 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 ASH 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 ASH are equal to 112.9%.

Life of production assets of 18 years is the average useful life of capital assets used in Ashland Global Holdings 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 ASH is equal to 18.5%. 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 - $3406 million for Ashland Global Holdings - 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 62.426 million for Ashland Global Holdings 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 Ashland Global Holdings at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Ashland (ASH) Q4 Earnings Lag Estimates   [Nov-06-18 08:10PM  Zacks]
▶ Ashland: Fiscal 4Q Earnings Snapshot   [07:12PM  Associated Press]
▶ Ashland Global Holdings, Inc. to Host Earnings Call   [Aug-01-18 08:30AM  ACCESSWIRE]
▶ One of Cincinnatis largest public companies moving HQ out of the region   [Jul-31-18 07:13PM  American City Business Journals]
▶ Ashland board declares quarterly dividend   [Jul-19-18 10:25AM  GlobeNewswire]
▶ Is It Too Late To Buy Ashland Global Holdings Inc (NYSE:ASH)?   [May-31-18 11:54AM  Simply Wall St.]
▶ Gabelli & Companys 9th Specialty Chemicals Conference   [Feb-15-18 07:30AM  Business Wire]
▶ Ashland Global Holdings, Inc. to Host Earnings Call   [Jan-30-18 07:10AM  ACCESSWIRE]
▶ Ashland board declares quarterly dividend   [Jan-25-18 08:01AM  GlobeNewswire]
▶ Ashland Launches New Gelcoat   [07:54AM  Market Realist]
▶ Who Really Owns Ashland Global Holdings Inc (NYSE:ASH)?   [Dec-22-17 01:45PM  Simply Wall St.]
▶ Ashland Increases Product Prices in EMEA   [Dec-11-17 05:20PM  Market Realist]
▶ Stocks To Watch: Ashland Global Sees Relative Strength Rating Rise To 83   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Is Ashland Global Holdings Inc (ASH) A Basic Materials Leader?   [Nov-26-17 11:55AM  Simply Wall St.]
▶ Why Ashland Global Holdings Inc (ASH) Could Be A Buy   [Nov-20-17 09:55AM  Simply Wall St.]
▶ Stocks With Rising Relative Strength: Ashland Global   [Nov-13-17 03:00AM  Investor's Business Daily]
▶ Ashland Global Holdings, Inc. to Host Earnings Call   [Nov-07-17 07:00AM  ACCESSWIRE]
▶ Ashland Global Earns Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Ashland Global Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ Ashland Hikes Prices of Maleic AnhydrideAgain   [Oct-09-17 11:48AM  Market Realist]

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