Intrinsic value of Cabot - CBT

Previous Close

$57.54

  Intrinsic Value

$4.51

stock screener

  Rating & Target

str. sell

-92%

Previous close

$57.54

 
Intrinsic value

$4.51

 
Up/down potential

-92%

 
Rating

str. sell

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

We calculate the intrinsic value of CBT 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, %
  -16.02
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  2,411
  2,736
  3,083
  3,449
  3,835
  4,241
  4,666
  5,110
  5,573
  6,056
  6,558
  7,080
  7,623
  8,187
  8,773
  9,383
  10,016
  10,674
  11,359
  12,072
  12,815
  13,588
  14,393
  15,234
  16,110
  17,025
  17,980
  18,978
  20,020
  21,110
  22,250
Variable operating expenses, $m
 
  3,035
  3,418
  3,822
  4,248
  4,696
  5,165
  5,655
  6,166
  6,699
  7,253
  7,814
  8,413
  9,036
  9,683
  10,355
  11,054
  11,781
  12,537
  13,324
  14,143
  14,997
  15,886
  16,813
  17,781
  18,790
  19,844
  20,946
  22,096
  23,299
  24,558
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
  2,161
  3,035
  3,418
  3,822
  4,248
  4,696
  5,165
  5,655
  6,166
  6,699
  7,253
  7,814
  8,413
  9,036
  9,683
  10,355
  11,054
  11,781
  12,537
  13,324
  14,143
  14,997
  15,886
  16,813
  17,781
  18,790
  19,844
  20,946
  22,096
  23,299
  24,558
Operating income, $m
  250
  -299
  -335
  -373
  -413
  -455
  -499
  -545
  -593
  -643
  -695
  -734
  -790
  -849
  -910
  -973
  -1,039
  -1,107
  -1,178
  -1,252
  -1,329
  -1,409
  -1,493
  -1,580
  -1,671
  -1,765
  -1,864
  -1,968
  -2,076
  -2,189
  -2,307
EBITDA, $m
  411
  -130
  -147
  -164
  -182
  -202
  -222
  -243
  -265
  -288
  -312
  -337
  -363
  -389
  -417
  -446
  -476
  -508
  -540
  -574
  -610
  -646
  -685
  -725
  -766
  -810
  -855
  -903
  -952
  -1,004
  -1,058
Interest expense (income), $m
  51
  49
  61
  74
  88
  103
  118
  134
  151
  168
  187
  206
  225
  246
  267
  289
  312
  336
  361
  387
  414
  442
  471
  502
  534
  567
  601
  637
  675
  715
  756
Earnings before tax, $m
  194
  -348
  -396
  -447
  -501
  -558
  -617
  -679
  -744
  -812
  -882
  -940
  -1,016
  -1,095
  -1,177
  -1,262
  -1,351
  -1,443
  -1,539
  -1,639
  -1,743
  -1,851
  -1,964
  -2,082
  -2,204
  -2,332
  -2,466
  -2,605
  -2,751
  -2,904
  -3,063
Tax expense, $m
  34
  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
  149
  -348
  -396
  -447
  -501
  -558
  -617
  -679
  -744
  -812
  -882
  -940
  -1,016
  -1,095
  -1,177
  -1,262
  -1,351
  -1,443
  -1,539
  -1,639
  -1,743
  -1,851
  -1,964
  -2,082
  -2,204
  -2,332
  -2,466
  -2,605
  -2,751
  -2,904
  -3,063

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  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
  3,035
  3,219
  3,627
  4,058
  4,512
  4,989
  5,489
  6,012
  6,556
  7,124
  7,715
  8,329
  8,968
  9,632
  10,321
  11,038
  11,783
  12,558
  13,364
  14,203
  15,076
  15,986
  16,933
  17,922
  18,953
  20,029
  21,153
  22,327
  23,553
  24,836
  26,177
Adjusted assets (=assets-cash), $m
  2,835
  3,219
  3,627
  4,058
  4,512
  4,989
  5,489
  6,012
  6,556
  7,124
  7,715
  8,329
  8,968
  9,632
  10,321
  11,038
  11,783
  12,558
  13,364
  14,203
  15,076
  15,986
  16,933
  17,922
  18,953
  20,029
  21,153
  22,327
  23,553
  24,836
  26,177
Revenue / Adjusted assets
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
Average production assets, $m
  838
  952
  1,073
  1,200
  1,335
  1,476
  1,624
  1,778
  1,939
  2,107
  2,282
  2,464
  2,653
  2,849
  3,053
  3,265
  3,486
  3,715
  3,953
  4,201
  4,459
  4,729
  5,009
  5,301
  5,606
  5,925
  6,257
  6,604
  6,967
  7,346
  7,743
Working capital, $m
  650
  520
  586
  655
  729
  806
  886
  971
  1,059
  1,151
  1,246
  1,345
  1,448
  1,556
  1,667
  1,783
  1,903
  2,028
  2,158
  2,294
  2,435
  2,582
  2,735
  2,894
  3,061
  3,235
  3,416
  3,606
  3,804
  4,011
  4,228
Total debt, $m
  948
  1,177
  1,428
  1,695
  1,975
  2,270
  2,579
  2,902
  3,239
  3,590
  3,955
  4,335
  4,729
  5,139
  5,566
  6,009
  6,469
  6,948
  7,446
  7,964
  8,504
  9,066
  9,652
  10,263
  10,900
  11,565
  12,259
  12,985
  13,743
  14,536
  15,364
Total liabilities, $m
  1,761
  1,990
  2,241
  2,508
  2,788
  3,083
  3,392
  3,715
  4,052
  4,403
  4,768
  5,148
  5,542
  5,952
  6,379
  6,822
  7,282
  7,761
  8,259
  8,777
  9,317
  9,879
  10,465
  11,076
  11,713
  12,378
  13,072
  13,798
  14,556
  15,349
  16,177
Total equity, $m
  1,274
  1,230
  1,385
  1,550
  1,724
  1,906
  2,097
  2,296
  2,505
  2,721
  2,947
  3,182
  3,426
  3,679
  3,943
  4,217
  4,501
  4,797
  5,105
  5,425
  5,759
  6,106
  6,469
  6,846
  7,240
  7,651
  8,080
  8,529
  8,997
  9,487
  10,000
Total liabilities and equity, $m
  3,035
  3,220
  3,626
  4,058
  4,512
  4,989
  5,489
  6,011
  6,557
  7,124
  7,715
  8,330
  8,968
  9,631
  10,322
  11,039
  11,783
  12,558
  13,364
  14,202
  15,076
  15,985
  16,934
  17,922
  18,953
  20,029
  21,152
  22,327
  23,553
  24,836
  26,177
Debt-to-equity ratio
  0.744
  0.960
  1.030
  1.090
  1.150
  1.190
  1.230
  1.260
  1.290
  1.320
  1.340
  1.360
  1.380
  1.400
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.500
  1.510
  1.510
  1.520
  1.520
  1.530
  1.530
  1.540
Adjusted equity ratio
  0.381
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  149
  -348
  -396
  -447
  -501
  -558
  -617
  -679
  -744
  -812
  -882
  -940
  -1,016
  -1,095
  -1,177
  -1,262
  -1,351
  -1,443
  -1,539
  -1,639
  -1,743
  -1,851
  -1,964
  -2,082
  -2,204
  -2,332
  -2,466
  -2,605
  -2,751
  -2,904
  -3,063
Depreciation, amort., depletion, $m
  161
  169
  188
  209
  230
  253
  277
  302
  328
  355
  383
  397
  428
  460
  492
  527
  562
  599
  638
  678
  719
  763
  808
  855
  904
  956
  1,009
  1,065
  1,124
  1,185
  1,249
Funds from operations, $m
  452
  -179
  -208
  -238
  -271
  -304
  -340
  -377
  -416
  -456
  -499
  -542
  -588
  -635
  -685
  -736
  -789
  -844
  -902
  -961
  -1,024
  -1,089
  -1,156
  -1,227
  -1,300
  -1,377
  -1,457
  -1,540
  -1,628
  -1,719
  -1,814
Change in working capital, $m
  60
  62
  66
  70
  73
  77
  81
  84
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  181
  190
  198
  207
  217
Cash from operations, $m
  392
  -241
  -274
  -308
  -344
  -382
  -421
  -462
  -504
  -548
  -594
  -642
  -691
  -743
  -796
  -851
  -909
  -969
  -1,032
  -1,097
  -1,165
  -1,235
  -1,309
  -1,386
  -1,466
  -1,550
  -1,638
  -1,730
  -1,826
  -1,926
  -2,031
Maintenance CAPEX, $m
  0
  -135
  -154
  -173
  -194
  -215
  -238
  -262
  -287
  -313
  -340
  -368
  -397
  -428
  -460
  -492
  -527
  -562
  -599
  -638
  -678
  -719
  -763
  -808
  -855
  -904
  -956
  -1,009
  -1,065
  -1,124
  -1,185
New CAPEX, $m
  -112
  -114
  -120
  -127
  -134
  -141
  -148
  -155
  -161
  -168
  -175
  -182
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -258
  -269
  -280
  -292
  -305
  -318
  -332
  -347
  -363
  -379
  -397
Cash from investing activities, $m
  -104
  -249
  -274
  -300
  -328
  -356
  -386
  -417
  -448
  -481
  -515
  -550
  -586
  -624
  -664
  -704
  -747
  -791
  -837
  -886
  -936
  -988
  -1,043
  -1,100
  -1,160
  -1,222
  -1,288
  -1,356
  -1,428
  -1,503
  -1,582
Free cash flow, $m
  288
  -490
  -548
  -608
  -672
  -738
  -807
  -878
  -952
  -1,029
  -1,109
  -1,191
  -1,277
  -1,367
  -1,459
  -1,556
  -1,656
  -1,761
  -1,869
  -1,983
  -2,101
  -2,224
  -2,352
  -2,486
  -2,627
  -2,773
  -2,926
  -3,086
  -3,254
  -3,429
  -3,612
Issuance/(repayment) of debt, $m
  -68
  237
  252
  266
  281
  295
  309
  323
  337
  351
  365
  380
  395
  410
  426
  443
  460
  479
  498
  518
  540
  562
  586
  611
  637
  665
  694
  725
  758
  793
  829
Issuance/(repurchase) of shares, $m
  -35
  496
  552
  612
  675
  740
  808
  879
  952
  1,028
  1,108
  1,175
  1,260
  1,348
  1,440
  1,536
  1,636
  1,739
  1,847
  1,959
  2,077
  2,199
  2,326
  2,459
  2,598
  2,743
  2,895
  3,054
  3,220
  3,394
  3,575
Cash from financing (excl. dividends), $m  
  -119
  733
  804
  878
  956
  1,035
  1,117
  1,202
  1,289
  1,379
  1,473
  1,555
  1,655
  1,758
  1,866
  1,979
  2,096
  2,218
  2,345
  2,477
  2,617
  2,761
  2,912
  3,070
  3,235
  3,408
  3,589
  3,779
  3,978
  4,187
  4,404
Total cash flow (excl. dividends), $m
  188
  242
  256
  270
  283
  297
  310
  324
  337
  350
  364
  363
  377
  392
  407
  423
  440
  457
  476
  495
  516
  537
  560
  584
  609
  635
  663
  693
  724
  757
  792
Retained Cash Flow (-), $m
  -40
  -496
  -552
  -612
  -675
  -740
  -808
  -879
  -952
  -1,028
  -1,108
  -1,175
  -1,260
  -1,348
  -1,440
  -1,536
  -1,636
  -1,739
  -1,847
  -1,959
  -2,077
  -2,199
  -2,326
  -2,459
  -2,598
  -2,743
  -2,895
  -3,054
  -3,220
  -3,394
  -3,575
Prev. year cash balance distribution, $m
 
  192
  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
 
  -62
  -296
  -342
  -391
  -443
  -498
  -555
  -615
  -678
  -744
  -812
  -883
  -957
  -1,033
  -1,113
  -1,196
  -1,282
  -1,371
  -1,464
  -1,561
  -1,662
  -1,766
  -1,876
  -1,989
  -2,108
  -2,232
  -2,361
  -2,496
  -2,636
  -2,784
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  -59
  -266
  -289
  -308
  -324
  -336
  -343
  -346
  -344
  -337
  -326
  -312
  -293
  -272
  -249
  -225
  -199
  -174
  -150
  -126
  -105
  -85
  -68
  -53
  -41
  -31
  -22
  -16
  -11
  -7
Current shareholders' claim on cash, %
  100
  86.0
  74.1
  64.0
  55.5
  48.1
  41.8
  36.4
  31.7
  27.6
  24.1
  21.1
  18.5
  16.2
  14.3
  12.5
  11.0
  9.7
  8.5
  7.5
  6.6
  5.8
  5.1
  4.5
  4.0
  3.5
  3.1
  2.7
  2.4
  2.1
  1.9

Cabot Corporation is a global specialty chemicals and performance materials company. The Company operates through four business segments: reinforcement materials, performance chemicals, purification solutions and specialty fluids. Reinforcement materials' rubber grade carbon blacks are used to enhance the physical properties of the systems and applications in which they are incorporated. Its rubber blacks products are used in tires and industrial products. Performance Chemicals consists of two businesses: specialty carbons and formulations business, and metal oxides business. Purification Solutions' activated carbon products are used for the purification of water, air and pharmaceuticals, among others, as either a colorant or a decolorizing agent in the production of food and beverage applications. Its specialty fluids segment produces and markets cesium formate as a drilling and completion fluid for use in high pressure and high temperature oil and gas well construction.

FINANCIAL RATIOS  of  Cabot (CBT)

Valuation Ratios
P/E Ratio 24
Price to Sales 1.5
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate -16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.6%
Cap. Spend. - 3 Yr. Gr. Rate -15.8%
Financial Strength
Quick Ratio 25
Current Ratio 0
LT Debt to Equity 73.8%
Total Debt to Equity 74.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 0.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 25.3%
Gross Margin - 3 Yr. Avg. 22.1%
EBITDA Margin 16.8%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 17.5%
Eff/ Tax Rate - 3 Yr. Avg. 19.8%
Payout Ratio 43.6%

CBT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBT stock intrinsic value calculation we used $2411 million for the last fiscal year's total revenue generated by Cabot. The default revenue input number comes from 2016 income statement of Cabot. 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 CBT stock valuation model: a) initial revenue growth rate of 13.5% 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 5.3%, whose default value for CBT is calculated based on our internal credit rating of Cabot, 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 Cabot.
    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 CBT stock the variable cost ratio is equal to 111%.

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 CBT 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 5.2% for Cabot.

Corporate tax rate of 27% is the nominal tax rate for Cabot. 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 CBT 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 CBT are equal to 34.8%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Cabot 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 CBT is equal to 19%. 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 - $1274 million for Cabot - 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 62.148 million for Cabot 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 Cabot at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Cabot Corp. : December 8, 2017   [Dec-08-17 12:29PM  Capital Cube]
▶ ETFs with exposure to Cabot Corp. : November 28, 2017   [Nov-28-17 11:58AM  Capital Cube]
▶ Cabot Corporation Board Declares Dividend   [Nov-10-17 04:15PM  Business Wire]
▶ Cabot misses 4Q profit forecasts   [Oct-31-17 05:18PM  Associated Press]
▶ Cabot Corporation to Acquire Tech Blend   [04:11PM  Business Wire]
▶ Is It The Right Time To Buy Cabot Corporation (CBT)?   [Oct-26-17 06:20PM  Simply Wall St.]
▶ ETFs with exposure to Cabot Corp. : October 6, 2017   [Oct-06-17 10:41AM  Capital Cube]
▶ ETFs with exposure to Cabot Corp. : September 22, 2017   [Sep-22-17 11:06AM  Capital Cube]
▶ Cabot Corporation Opens Asia Technology Center in Shanghai   [Sep-14-17 08:00PM  Business Wire]
▶ Cabot Corp. Value Analysis (NYSE:CBT) : August 17, 2017   [Aug-16-17 08:07PM  Capital Cube]
▶ Cabot misses 3Q profit forecasts   [Aug-01-17 11:54PM  Associated Press]
▶ ETFs with exposure to Cabot Corp. : July 13, 2017   [Jul-13-17 03:43PM  Capital Cube]
▶ Is Cabot a Great Stock for Value Investors?   [Jun-28-17 09:30AM  Zacks]
▶ ETFs with exposure to Cabot Corp. : June 26, 2017   [Jun-26-17 03:33PM  Capital Cube]
▶ ETFs with exposure to Cabot Corp. : June 9, 2017   [Jun-09-17 01:21PM  Capital Cube]
▶ Jim Cramer on Trading Natural Gas Stocks Cabot, Chesapeake   [May-19-17 11:53AM  TheStreet.com]
▶ Cabot Corporation Board Increases Dividend   [May-10-17 04:47PM  Business Wire]
▶ Cabot tops Street 2Q forecasts   [May-01-17 04:58PM  Associated Press]
▶ Cabot Corp. Value Analysis (NYSE:CBT) : April 17, 2017   [Apr-17-17 01:24PM  Capital Cube]
▶ Cabot Corporation to Webcast Annual Meeting of Stockholders   [Feb-23-17 08:41AM  Business Wire]
▶ Cabot beats 1Q profit forecasts   [Feb-01-17 05:54PM  Associated Press]
Financial statements of CBT
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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