Intrinsic value of Chemours - CC

Previous Close

$47.51

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$47.51

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of CC 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 8.8

 

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, %
  -5.54
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  5,400
  6,199
  7,056
  7,969
  8,937
  9,958
  11,032
  12,158
  13,336
  14,566
  15,847
  17,181
  18,568
  20,010
  21,509
  23,067
  24,686
  26,368
  28,118
  29,937
  31,831
  33,801
  35,854
  37,993
  40,222
  42,548
  44,974
  47,508
  50,154
  52,919
  55,809
Variable operating expenses, $m
 
  6,340
  7,214
  8,145
  9,132
  10,174
  11,270
  12,419
  13,620
  14,875
  16,182
  17,527
  18,943
  20,414
  21,943
  23,532
  25,184
  26,900
  28,685
  30,541
  32,472
  34,483
  36,577
  38,759
  41,033
  43,406
  45,881
  48,466
  51,165
  53,986
  56,935
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
  5,474
  6,340
  7,214
  8,145
  9,132
  10,174
  11,270
  12,419
  13,620
  14,875
  16,182
  17,527
  18,943
  20,414
  21,943
  23,532
  25,184
  26,900
  28,685
  30,541
  32,472
  34,483
  36,577
  38,759
  41,033
  43,406
  45,881
  48,466
  51,165
  53,986
  56,935
Operating income, $m
  -74
  -140
  -158
  -176
  -196
  -216
  -238
  -260
  -284
  -309
  -335
  -346
  -374
  -404
  -434
  -465
  -498
  -532
  -567
  -604
  -642
  -682
  -723
  -766
  -811
  -858
  -907
  -958
  -1,011
  -1,067
  -1,125
EBITDA, $m
  210
  184
  210
  237
  266
  296
  328
  362
  397
  433
  471
  511
  552
  595
  640
  686
  734
  784
  836
  890
  947
  1,005
  1,066
  1,130
  1,196
  1,266
  1,338
  1,413
  1,492
  1,574
  1,660
Interest expense (income), $m
  208
  194
  160
  201
  244
  290
  338
  389
  442
  498
  556
  616
  679
  745
  813
  884
  958
  1,034
  1,114
  1,196
  1,282
  1,372
  1,465
  1,562
  1,663
  1,769
  1,879
  1,993
  2,113
  2,238
  2,369
Earnings before tax, $m
  -11
  -334
  -318
  -377
  -439
  -506
  -576
  -649
  -726
  -807
  -891
  -963
  -1,054
  -1,149
  -1,247
  -1,349
  -1,456
  -1,566
  -1,681
  -1,800
  -1,924
  -2,054
  -2,188
  -2,328
  -2,474
  -2,627
  -2,786
  -2,951
  -3,125
  -3,305
  -3,495
Tax expense, $m
  -18
  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
  7
  -334
  -318
  -377
  -439
  -506
  -576
  -649
  -726
  -807
  -891
  -963
  -1,054
  -1,149
  -1,247
  -1,349
  -1,456
  -1,566
  -1,681
  -1,800
  -1,924
  -2,054
  -2,188
  -2,328
  -2,474
  -2,627
  -2,786
  -2,951
  -3,125
  -3,305
  -3,495

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  902
  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
  6,060
  5,921
  6,739
  7,611
  8,535
  9,511
  10,537
  11,613
  12,737
  13,912
  15,135
  16,409
  17,735
  19,112
  20,544
  22,032
  23,578
  25,185
  26,856
  28,593
  30,402
  32,284
  34,244
  36,287
  38,417
  40,638
  42,955
  45,375
  47,903
  50,543
  53,304
Adjusted assets (=assets-cash), $m
  5,158
  5,921
  6,739
  7,611
  8,535
  9,511
  10,537
  11,613
  12,737
  13,912
  15,135
  16,409
  17,735
  19,112
  20,544
  22,032
  23,578
  25,185
  26,856
  28,593
  30,402
  32,284
  34,244
  36,287
  38,417
  40,638
  42,955
  45,375
  47,903
  50,543
  53,304
Revenue / Adjusted assets
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
  1.047
Average production assets, $m
  2,994
  3,434
  3,909
  4,415
  4,951
  5,517
  6,112
  6,736
  7,388
  8,069
  8,779
  9,518
  10,287
  11,086
  11,916
  12,779
  13,676
  14,608
  15,577
  16,585
  17,634
  18,726
  19,863
  21,048
  22,283
  23,571
  24,916
  26,319
  27,785
  29,317
  30,918
Working capital, $m
  782
  -118
  -134
  -151
  -170
  -189
  -210
  -231
  -253
  -277
  -301
  -326
  -353
  -380
  -409
  -438
  -469
  -501
  -534
  -569
  -605
  -642
  -681
  -722
  -764
  -808
  -855
  -903
  -953
  -1,005
  -1,060
Total debt, $m
  3,544
  2,913
  3,649
  4,434
  5,266
  6,144
  7,067
  8,035
  9,048
  10,105
  11,206
  12,352
  13,545
  14,785
  16,073
  17,412
  18,804
  20,250
  21,754
  23,318
  24,945
  26,640
  28,404
  30,242
  32,159
  34,158
  36,244
  38,422
  40,696
  43,073
  45,557
Total liabilities, $m
  5,960
  5,329
  6,065
  6,850
  7,682
  8,560
  9,483
  10,451
  11,464
  12,521
  13,622
  14,768
  15,961
  17,201
  18,489
  19,828
  21,220
  22,666
  24,170
  25,734
  27,361
  29,056
  30,820
  32,658
  34,575
  36,574
  38,660
  40,838
  43,112
  45,489
  47,973
Total equity, $m
  100
  592
  674
  761
  854
  951
  1,054
  1,161
  1,274
  1,391
  1,514
  1,641
  1,773
  1,911
  2,054
  2,203
  2,358
  2,518
  2,686
  2,859
  3,040
  3,228
  3,424
  3,629
  3,842
  4,064
  4,296
  4,538
  4,790
  5,054
  5,330
Total liabilities and equity, $m
  6,060
  5,921
  6,739
  7,611
  8,536
  9,511
  10,537
  11,612
  12,738
  13,912
  15,136
  16,409
  17,734
  19,112
  20,543
  22,031
  23,578
  25,184
  26,856
  28,593
  30,401
  32,284
  34,244
  36,287
  38,417
  40,638
  42,956
  45,376
  47,902
  50,543
  53,303
Debt-to-equity ratio
  35.440
  4.920
  5.410
  5.830
  6.170
  6.460
  6.710
  6.920
  7.100
  7.260
  7.400
  7.530
  7.640
  7.740
  7.820
  7.900
  7.980
  8.040
  8.100
  8.160
  8.210
  8.250
  8.290
  8.330
  8.370
  8.410
  8.440
  8.470
  8.500
  8.520
  8.550
Adjusted equity ratio
  -0.155
  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
  7
  -334
  -318
  -377
  -439
  -506
  -576
  -649
  -726
  -807
  -891
  -963
  -1,054
  -1,149
  -1,247
  -1,349
  -1,456
  -1,566
  -1,681
  -1,800
  -1,924
  -2,054
  -2,188
  -2,328
  -2,474
  -2,627
  -2,786
  -2,951
  -3,125
  -3,305
  -3,495
Depreciation, amort., depletion, $m
  284
  325
  367
  413
  461
  512
  566
  622
  681
  742
  806
  857
  927
  999
  1,074
  1,151
  1,232
  1,316
  1,403
  1,494
  1,589
  1,687
  1,789
  1,896
  2,007
  2,124
  2,245
  2,371
  2,503
  2,641
  2,785
Funds from operations, $m
  1,078
  -10
  50
  36
  22
  7
  -10
  -27
  -45
  -64
  -84
  -105
  -127
  -150
  -173
  -198
  -223
  -250
  -277
  -306
  -336
  -367
  -399
  -432
  -467
  -503
  -541
  -580
  -621
  -664
  -709
Change in working capital, $m
  484
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
Cash from operations, $m
  594
  5
  66
  54
  40
  26
  11
  -6
  -23
  -41
  -60
  -80
  -101
  -122
  -145
  -168
  -193
  -218
  -244
  -271
  -300
  -329
  -360
  -392
  -425
  -459
  -495
  -532
  -571
  -612
  -654
Maintenance CAPEX, $m
  0
  -270
  -309
  -352
  -398
  -446
  -497
  -551
  -607
  -666
  -727
  -791
  -857
  -927
  -999
  -1,074
  -1,151
  -1,232
  -1,316
  -1,403
  -1,494
  -1,589
  -1,687
  -1,789
  -1,896
  -2,007
  -2,124
  -2,245
  -2,371
  -2,503
  -2,641
New CAPEX, $m
  -338
  -440
  -475
  -506
  -536
  -566
  -595
  -624
  -653
  -681
  -710
  -739
  -769
  -799
  -830
  -863
  -897
  -932
  -969
  -1,008
  -1,049
  -1,092
  -1,137
  -1,185
  -1,235
  -1,288
  -1,344
  -1,404
  -1,466
  -1,532
  -1,601
Cash from investing activities, $m
  357
  -710
  -784
  -858
  -934
  -1,012
  -1,092
  -1,175
  -1,260
  -1,347
  -1,437
  -1,530
  -1,626
  -1,726
  -1,829
  -1,937
  -2,048
  -2,164
  -2,285
  -2,411
  -2,543
  -2,681
  -2,824
  -2,974
  -3,131
  -3,295
  -3,468
  -3,649
  -3,837
  -4,035
  -4,242
Free cash flow, $m
  951
  -705
  -718
  -804
  -894
  -986
  -1,081
  -1,180
  -1,282
  -1,388
  -1,497
  -1,610
  -1,727
  -1,848
  -1,974
  -2,105
  -2,241
  -2,382
  -2,529
  -2,683
  -2,843
  -3,010
  -3,184
  -3,366
  -3,556
  -3,755
  -3,963
  -4,180
  -4,408
  -4,647
  -4,897
Issuance/(repayment) of debt, $m
  -381
  -616
  736
  785
  832
  878
  923
  968
  1,012
  1,057
  1,101
  1,147
  1,193
  1,240
  1,289
  1,339
  1,392
  1,446
  1,504
  1,564
  1,627
  1,694
  1,764
  1,838
  1,917
  1,999
  2,086
  2,178
  2,275
  2,377
  2,484
Issuance/(repurchase) of shares, $m
  11
  1,714
  400
  464
  532
  603
  678
  757
  839
  924
  1,013
  1,090
  1,186
  1,286
  1,390
  1,498
  1,610
  1,727
  1,848
  1,974
  2,105
  2,242
  2,384
  2,533
  2,687
  2,849
  3,017
  3,193
  3,377
  3,570
  3,771
Cash from financing (excl. dividends), $m  
  -374
  1,098
  1,136
  1,249
  1,364
  1,481
  1,601
  1,725
  1,851
  1,981
  2,114
  2,237
  2,379
  2,526
  2,679
  2,837
  3,002
  3,173
  3,352
  3,538
  3,732
  3,936
  4,148
  4,371
  4,604
  4,848
  5,103
  5,371
  5,652
  5,947
  6,255
Total cash flow (excl. dividends), $m
  558
  393
  418
  444
  470
  495
  520
  545
  569
  593
  618
  627
  652
  678
  705
  732
  761
  791
  822
  855
  890
  926
  965
  1,005
  1,048
  1,093
  1,141
  1,191
  1,244
  1,300
  1,358
Retained Cash Flow (-), $m
  26
  -1,714
  -400
  -464
  -532
  -603
  -678
  -757
  -839
  -924
  -1,013
  -1,090
  -1,186
  -1,286
  -1,390
  -1,498
  -1,610
  -1,727
  -1,848
  -1,974
  -2,105
  -2,242
  -2,384
  -2,533
  -2,687
  -2,849
  -3,017
  -3,193
  -3,377
  -3,570
  -3,771
Prev. year cash balance distribution, $m
 
  887
  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
 
  -434
  18
  -20
  -62
  -108
  -158
  -212
  -270
  -331
  -395
  -463
  -534
  -608
  -686
  -766
  -849
  -936
  -1,026
  -1,119
  -1,215
  -1,316
  -1,420
  -1,527
  -1,639
  -1,756
  -1,877
  -2,003
  -2,134
  -2,270
  -2,412
Discount rate, %
 
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
 
  -388
  15
  -14
  -37
  -55
  -68
  -76
  -79
  -78
  -74
  -67
  -59
  -50
  -41
  -33
  -25
  -19
  -14
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  46.8
  43.8
  41.0
  38.3
  35.7
  33.3
  31.1
  29.0
  27.0
  25.2
  23.5
  21.9
  20.4
  19.0
  17.7
  16.5
  15.4
  14.3
  13.4
  12.4
  11.6
  10.8
  10.0
  9.3
  8.7
  8.1
  7.5
  7.0
  6.5

The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins. The Chemical Solutions segment is a North American provider of industrial chemicals used in gold production, oil and gas, water treatment and other industries. It delivers customized solutions with a range of industrial and specialty chemical products for markets, including plastics and coatings, refrigeration and air conditioning, industrial, mining and oil refining. Its products include titanium dioxide, refrigerants, industrial fluoropolymer resins and a portfolio of mining and industrial chemicals, including sodium cyanide. As of December 31, 2016, the Company operates 26 production facilities located in 10 countries.

FINANCIAL RATIOS  of  Chemours (CC)

Valuation Ratios
P/E Ratio 1239.3
Price to Sales 1.6
Price to Book 86.8
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 33.9
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.9%
Cap. Spend. - 3 Yr. Gr. Rate -5.1%
Financial Strength
Quick Ratio 60
Current Ratio 0
LT Debt to Equity 3529%
Total Debt to Equity 3544%
Interest Coverage 1
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 6.2%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 20.6%
Gross Margin - 3 Yr. Avg. 19.5%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin -1.4%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin -0.2%
Pre-Tax Margin - 3 Yr. Avg. 1.7%
Net Profit Margin 0.1%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 163.6%
Eff/ Tax Rate - 3 Yr. Avg. 81%
Payout Ratio 314.3%

CC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CC stock intrinsic value calculation we used $5400 million for the last fiscal year's total revenue generated by Chemours. The default revenue input number comes from 2016 income statement of Chemours. 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 CC stock valuation model: a) initial revenue growth rate of 14.8% 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 11.8%, whose default value for CC is calculated based on our internal credit rating of Chemours, 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 Chemours.
    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 CC stock the variable cost ratio is equal to 102.3%.

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 CC 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 5.5% for Chemours.

Corporate tax rate of 27% is the nominal tax rate for Chemours. 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 CC 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 CC are equal to 55.4%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Chemours 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 CC is equal to -1.9%. 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 - $100 million for Chemours - 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 184.827 million for Chemours 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 Chemours at the current share price and the inputted number of shares is $8.8 billion.

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Financial statements of CC
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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