Intrinsic value of Huntsman - HUN

Previous Close

$31.79

  Intrinsic Value

$6.66

stock screener

  Rating & Target

str. sell

-79%

Previous close

$31.79

 
Intrinsic value

$6.66

 
Up/down potential

-79%

 
Rating

str. sell

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

We calculate the intrinsic value of HUN 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 7.6

 

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, %
  -6.23
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  9,657
  9,927
  10,227
  10,556
  10,915
  11,303
  11,721
  12,170
  12,651
  13,164
  13,710
  14,290
  14,906
  15,558
  16,249
  16,980
  17,752
  18,567
  19,428
  20,335
  21,291
  22,299
  23,360
  24,477
  25,653
  26,891
  28,193
  29,563
  31,003
  32,518
  34,110
Variable operating expenses, $m
 
  9,570
  9,858
  10,175
  10,520
  10,894
  11,297
  11,729
  12,192
  12,685
  13,211
  13,758
  14,350
  14,979
  15,644
  16,347
  17,091
  17,876
  18,704
  19,577
  20,498
  21,468
  22,490
  23,565
  24,698
  25,889
  27,143
  28,461
  29,848
  31,306
  32,839
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
  9,013
  9,570
  9,858
  10,175
  10,520
  10,894
  11,297
  11,729
  12,192
  12,685
  13,211
  13,758
  14,350
  14,979
  15,644
  16,347
  17,091
  17,876
  18,704
  19,577
  20,498
  21,468
  22,490
  23,565
  24,698
  25,889
  27,143
  28,461
  29,848
  31,306
  32,839
Operating income, $m
  644
  358
  369
  381
  395
  409
  425
  441
  459
  478
  499
  532
  555
  580
  605
  633
  661
  692
  724
  758
  793
  831
  870
  912
  956
  1,002
  1,050
  1,101
  1,155
  1,211
  1,271
EBITDA, $m
  1,076
  801
  825
  852
  881
  912
  946
  982
  1,021
  1,062
  1,106
  1,153
  1,203
  1,255
  1,311
  1,370
  1,432
  1,498
  1,567
  1,641
  1,718
  1,799
  1,885
  1,975
  2,070
  2,170
  2,275
  2,385
  2,501
  2,624
  2,752
Interest expense (income), $m
  205
  190
  200
  212
  224
  237
  252
  267
  284
  302
  321
  342
  363
  386
  411
  436
  464
  493
  523
  555
  589
  625
  662
  702
  744
  788
  834
  883
  934
  988
  1,044
Earnings before tax, $m
  448
  167
  169
  170
  171
  172
  173
  174
  175
  176
  177
  191
  192
  193
  195
  196
  198
  199
  201
  202
  204
  206
  208
  210
  212
  214
  216
  219
  221
  224
  227
Tax expense, $m
  87
  45
  46
  46
  46
  46
  47
  47
  47
  48
  48
  52
  52
  52
  53
  53
  53
  54
  54
  55
  55
  56
  56
  57
  57
  58
  58
  59
  60
  60
  61
Net income, $m
  326
  122
  123
  124
  125
  125
  126
  127
  128
  129
  130
  139
  140
  141
  142
  143
  144
  145
  147
  148
  149
  150
  152
  153
  155
  156
  158
  160
  161
  163
  165

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  414
  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
  9,189
  9,017
  9,289
  9,588
  9,914
  10,266
  10,646
  11,054
  11,490
  11,956
  12,452
  12,979
  13,538
  14,131
  14,759
  15,422
  16,124
  16,864
  17,645
  18,469
  19,338
  20,253
  21,217
  22,232
  23,300
  24,424
  25,607
  26,851
  28,159
  29,535
  30,981
Adjusted assets (=assets-cash), $m
  8,775
  9,017
  9,289
  9,588
  9,914
  10,266
  10,646
  11,054
  11,490
  11,956
  12,452
  12,979
  13,538
  14,131
  14,759
  15,422
  16,124
  16,864
  17,645
  18,469
  19,338
  20,253
  21,217
  22,232
  23,300
  24,424
  25,607
  26,851
  28,159
  29,535
  30,981
Revenue / Adjusted assets
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
  1.101
Average production assets, $m
  4,405
  4,527
  4,664
  4,814
  4,977
  5,154
  5,345
  5,550
  5,769
  6,003
  6,252
  6,516
  6,797
  7,095
  7,410
  7,743
  8,095
  8,467
  8,859
  9,273
  9,709
  10,168
  10,652
  11,162
  11,698
  12,262
  12,856
  13,481
  14,137
  14,828
  15,554
Working capital, $m
  1,777
  1,459
  1,503
  1,552
  1,604
  1,662
  1,723
  1,789
  1,860
  1,935
  2,015
  2,101
  2,191
  2,287
  2,389
  2,496
  2,610
  2,729
  2,856
  2,989
  3,130
  3,278
  3,434
  3,598
  3,771
  3,953
  4,144
  4,346
  4,557
  4,780
  5,014
Total debt, $m
  4,196
  4,355
  4,598
  4,866
  5,157
  5,472
  5,812
  6,176
  6,566
  6,983
  7,426
  7,897
  8,397
  8,927
  9,488
  10,082
  10,708
  11,370
  12,069
  12,806
  13,582
  14,400
  15,262
  16,169
  17,124
  18,129
  19,187
  20,299
  21,468
  22,698
  23,991
Total liabilities, $m
  7,902
  8,061
  8,304
  8,572
  8,863
  9,178
  9,518
  9,882
  10,272
  10,689
  11,132
  11,603
  12,103
  12,633
  13,194
  13,788
  14,414
  15,076
  15,775
  16,512
  17,288
  18,106
  18,968
  19,875
  20,830
  21,835
  22,893
  24,005
  25,174
  26,404
  27,697
Total equity, $m
  1,287
  956
  985
  1,016
  1,051
  1,088
  1,128
  1,172
  1,218
  1,267
  1,320
  1,376
  1,435
  1,498
  1,564
  1,635
  1,709
  1,788
  1,870
  1,958
  2,050
  2,147
  2,249
  2,357
  2,470
  2,589
  2,714
  2,846
  2,985
  3,131
  3,284
Total liabilities and equity, $m
  9,189
  9,017
  9,289
  9,588
  9,914
  10,266
  10,646
  11,054
  11,490
  11,956
  12,452
  12,979
  13,538
  14,131
  14,758
  15,423
  16,123
  16,864
  17,645
  18,470
  19,338
  20,253
  21,217
  22,232
  23,300
  24,424
  25,607
  26,851
  28,159
  29,535
  30,981
Debt-to-equity ratio
  3.260
  4.560
  4.670
  4.790
  4.910
  5.030
  5.150
  5.270
  5.390
  5.510
  5.630
  5.740
  5.850
  5.960
  6.070
  6.170
  6.270
  6.360
  6.450
  6.540
  6.630
  6.710
  6.790
  6.860
  6.930
  7.000
  7.070
  7.130
  7.190
  7.250
  7.310
Adjusted equity ratio
  0.099
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  326
  122
  123
  124
  125
  125
  126
  127
  128
  129
  130
  139
  140
  141
  142
  143
  144
  145
  147
  148
  149
  150
  152
  153
  155
  156
  158
  160
  161
  163
  165
Depreciation, amort., depletion, $m
  432
  443
  456
  471
  486
  503
  521
  541
  562
  584
  607
  621
  647
  676
  706
  737
  771
  806
  844
  883
  925
  968
  1,014
  1,063
  1,114
  1,168
  1,224
  1,284
  1,346
  1,412
  1,481
Funds from operations, $m
  1,443
  565
  579
  594
  611
  628
  647
  668
  689
  712
  737
  760
  787
  817
  848
  881
  915
  952
  990
  1,031
  1,074
  1,119
  1,166
  1,216
  1,269
  1,324
  1,382
  1,444
  1,508
  1,576
  1,647
Change in working capital, $m
  355
  40
  44
  48
  53
  57
  61
  66
  71
  75
  80
  85
  91
  96
  102
  107
  113
  120
  126
  133
  141
  148
  156
  164
  173
  182
  191
  201
  212
  223
  234
Cash from operations, $m
  1,088
  526
  535
  546
  558
  571
  586
  602
  619
  637
  657
  675
  697
  721
  746
  773
  802
  832
  864
  897
  933
  971
  1,010
  1,052
  1,096
  1,142
  1,191
  1,242
  1,296
  1,353
  1,413
Maintenance CAPEX, $m
  0
  -420
  -431
  -444
  -458
  -474
  -491
  -509
  -529
  -549
  -572
  -595
  -621
  -647
  -676
  -706
  -737
  -771
  -806
  -844
  -883
  -925
  -968
  -1,014
  -1,063
  -1,114
  -1,168
  -1,224
  -1,284
  -1,346
  -1,412
New CAPEX, $m
  -421
  -122
  -137
  -150
  -163
  -177
  -191
  -205
  -219
  -234
  -249
  -265
  -281
  -298
  -315
  -333
  -352
  -372
  -392
  -414
  -436
  -459
  -484
  -510
  -536
  -564
  -594
  -625
  -657
  -691
  -726
Cash from investing activities, $m
  -202
  -542
  -568
  -594
  -621
  -651
  -682
  -714
  -748
  -783
  -821
  -860
  -902
  -945
  -991
  -1,039
  -1,089
  -1,143
  -1,198
  -1,258
  -1,319
  -1,384
  -1,452
  -1,524
  -1,599
  -1,678
  -1,762
  -1,849
  -1,941
  -2,037
  -2,138
Free cash flow, $m
  886
  -16
  -33
  -48
  -64
  -80
  -96
  -112
  -129
  -146
  -164
  -185
  -204
  -224
  -244
  -266
  -288
  -311
  -335
  -360
  -386
  -414
  -442
  -472
  -503
  -536
  -571
  -607
  -644
  -684
  -726
Issuance/(repayment) of debt, $m
  -560
  219
  243
  267
  291
  315
  340
  365
  390
  416
  443
  471
  500
  530
  561
  593
  627
  662
  699
  737
  777
  818
  862
  907
  955
  1,005
  1,057
  1,112
  1,170
  1,230
  1,293
Issuance/(repurchase) of shares, $m
  1
  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 from financing (excl. dividends), $m  
  -603
  219
  243
  267
  291
  315
  340
  365
  390
  416
  443
  471
  500
  530
  561
  593
  627
  662
  699
  737
  777
  818
  862
  907
  955
  1,005
  1,057
  1,112
  1,170
  1,230
  1,293
Total cash flow (excl. dividends), $m
  277
  203
  211
  219
  227
  235
  244
  252
  261
  270
  279
  286
  296
  306
  317
  328
  339
  351
  364
  377
  390
  405
  420
  435
  452
  469
  487
  505
  525
  546
  567
Retained Cash Flow (-), $m
  155
  -23
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -139
  -146
  -153
Prev. year cash balance distribution, $m
 
  354
  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
 
  534
  182
  187
  193
  198
  204
  209
  215
  221
  227
  230
  236
  243
  250
  257
  265
  273
  281
  289
  298
  308
  317
  328
  338
  350
  361
  374
  386
  400
  414
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  487
  150
  138
  125
  113
  100
  88
  76
  65
  55
  45
  37
  30
  23
  18
  14
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Huntsman Corporation is a manufacturer of differentiated organic chemical products and of inorganic chemical products. The Company operates all of its businesses through its subsidiary, Huntsman International LLC (Huntsman International). The Company operates through five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives. Its Polyurethanes, Performance Products, Advanced Materials and Textile Effects segments produce differentiated organic chemical products and its Pigments and Additives segment produces inorganic chemical products. The Company's products are used in a range of applications, including those in the adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, digital inks, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals and dye industries.

FINANCIAL RATIOS  of  Huntsman (HUN)

Valuation Ratios
P/E Ratio 23
Price to Sales 0.8
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 11.3
Growth Rates
Sales Growth Rate -6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio 7
Current Ratio 0.2
LT Debt to Equity 321.4%
Total Debt to Equity 326%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 23.9%
Return On Equity - 3 Yr. Avg. 15.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 17.4%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 3.4%
Net Profit Margin - 3 Yr. Avg. 2.4%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 36.8%

HUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUN stock intrinsic value calculation we used $9657 million for the last fiscal year's total revenue generated by Huntsman. The default revenue input number comes from 2016 income statement of Huntsman. 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 HUN stock valuation model: a) initial revenue growth rate of 2.8% 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 9.8%, whose default value for HUN is calculated based on our internal credit rating of Huntsman, 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 Huntsman.
    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 HUN stock the variable cost ratio is equal to 96.4%.

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 HUN 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 4.6% for Huntsman.

Corporate tax rate of 27% is the nominal tax rate for Huntsman. 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 HUN 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 HUN are equal to 45.6%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Huntsman 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 HUN is equal to 14.7%. 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 - $1287 million for Huntsman - 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 239.903 million for Huntsman 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 Huntsman at the current share price and the inputted number of shares is $7.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Huntsman Corp. : December 5, 2017   [Dec-05-17 01:00PM  Capital Cube]
▶ [$$] Clariant Dismisses Demands of Activist Investor   [Nov-27-17 10:37AM  The Wall Street Journal]
▶ [$$] Clariant Dismisses Demands of Activist Investor That Scuttled Merger   [Nov-24-17 10:06PM  The Wall Street Journal]
▶ 3 Underfollowed Stocks with Solid Potential   [Nov-21-17 05:09PM  Zacks]
▶ Huntsman Announces Fourth Quarter 2017 Common Dividend   [Nov-06-17 05:01PM  PR Newswire]
▶ [$$] Activist investors demand board seats at Clariant   [Oct-30-17 10:40AM  Financial Times]
▶ [$$] Clariant and Huntsman Terminate Planned Merger Amid Activist Pressure   [Oct-28-17 12:30AM  The Wall Street Journal]
▶ Huntsman, Clariant abandon megamerger plans in light of shareholder opposition   [Oct-27-17 10:20AM  American City Business Journals]
▶ Huntsman beats 3Q profit forecasts   [05:01AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for October 17th   [Oct-17-17 10:07AM  Zacks]
▶ H-E-B chief Charles Butt is latest to donate to Houston's recovery   [Sep-07-17 08:20AM  American City Business Journals]
▶ H-E-B CEO, Huntsman chairman latest to give millions to aid Houston's recovery process   [Sep-06-17 02:15PM  American City Business Journals]
▶ Analyzing Westlake Chemicals Stock Performance   [Sep-01-17 09:06AM  Market Realist]
▶ Westlake Chemical Has a Low Dividend Yield   [Aug-31-17 09:07AM  Market Realist]
Financial statements of HUN
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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