Intrinsic value of Kraton - KRA

Previous Close

$43.10

  Intrinsic Value

$39.48

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  Rating & Target

hold

-8%

Previous close

$43.10

 
Intrinsic value

$39.48

 
Up/down potential

-8%

 
Rating

hold

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

We calculate the intrinsic value of KRA 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Kraton (KRA) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  68.50
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  1,744
  1,964
  2,196
  2,441
  2,699
  2,968
  3,250
  3,543
  3,849
  4,168
  4,499
  4,843
  5,201
  5,572
  5,959
  6,360
  6,778
  7,212
  7,664
  8,135
  8,625
  9,136
  9,669
  10,224
  10,805
  11,410
  12,043
  12,704
  13,396
  14,119
  14,875
Variable operating expenses, $m
 
  1,665
  1,853
  2,052
  2,260
  2,478
  2,705
  2,943
  3,191
  3,448
  3,716
  3,917
  4,207
  4,507
  4,820
  5,144
  5,482
  5,833
  6,199
  6,580
  6,976
  7,390
  7,820
  8,270
  8,739
  9,229
  9,741
  10,276
  10,835
  11,420
  12,032
Fixed operating expenses, $m
 
  139
  143
  146
  150
  154
  158
  162
  166
  170
  174
  178
  183
  187
  192
  197
  202
  207
  212
  217
  223
  228
  234
  240
  246
  252
  258
  265
  272
  278
  285
Total operating expenses, $m
  1,621
  1,804
  1,996
  2,198
  2,410
  2,632
  2,863
  3,105
  3,357
  3,618
  3,890
  4,095
  4,390
  4,694
  5,012
  5,341
  5,684
  6,040
  6,411
  6,797
  7,199
  7,618
  8,054
  8,510
  8,985
  9,481
  9,999
  10,541
  11,107
  11,698
  12,317
Operating income, $m
  123
  159
  200
  243
  289
  336
  386
  439
  493
  550
  609
  747
  811
  878
  947
  1,019
  1,094
  1,172
  1,253
  1,338
  1,426
  1,518
  1,614
  1,714
  1,819
  1,929
  2,044
  2,164
  2,289
  2,421
  2,558
EBITDA, $m
  249
  337
  390
  446
  505
  566
  631
  698
  768
  842
  918
  997
  1,079
  1,165
  1,254
  1,346
  1,443
  1,543
  1,648
  1,757
  1,870
  1,988
  2,112
  2,241
  2,376
  2,517
  2,664
  2,818
  2,979
  3,148
  3,324
Interest expense (income), $m
  116
  183
  216
  251
  287
  326
  366
  408
  452
  497
  545
  594
  645
  699
  754
  812
  871
  934
  998
  1,066
  1,136
  1,209
  1,285
  1,365
  1,447
  1,534
  1,624
  1,719
  1,817
  1,920
  2,028
Earnings before tax, $m
  13
  -24
  -16
  -8
  1
  11
  21
  31
  42
  53
  64
  153
  166
  179
  193
  207
  222
  238
  254
  272
  290
  309
  329
  350
  372
  395
  419
  445
  472
  500
  530
Tax expense, $m
  -92
  0
  0
  0
  0
  3
  6
  8
  11
  14
  17
  41
  45
  48
  52
  56
  60
  64
  69
  73
  78
  83
  89
  94
  100
  107
  113
  120
  127
  135
  143
Net income, $m
  107
  -24
  -16
  -8
  1
  8
  15
  23
  30
  38
  47
  112
  121
  131
  141
  151
  162
  174
  186
  198
  212
  225
  240
  255
  271
  288
  306
  325
  345
  365
  387

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  122
  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
  2,907
  3,137
  3,508
  3,900
  4,311
  4,741
  5,191
  5,660
  6,149
  6,658
  7,187
  7,737
  8,308
  8,902
  9,519
  10,160
  10,827
  11,521
  12,243
  12,995
  13,778
  14,594
  15,445
  16,333
  17,260
  18,227
  19,238
  20,294
  21,399
  22,554
  23,762
Adjusted assets (=assets-cash), $m
  2,785
  3,137
  3,508
  3,900
  4,311
  4,741
  5,191
  5,660
  6,149
  6,658
  7,187
  7,737
  8,308
  8,902
  9,519
  10,160
  10,827
  11,521
  12,243
  12,995
  13,778
  14,594
  15,445
  16,333
  17,260
  18,227
  19,238
  20,294
  21,399
  22,554
  23,762
Revenue / Adjusted assets
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
Average production assets, $m
  953
  1,072
  1,199
  1,333
  1,473
  1,621
  1,774
  1,935
  2,102
  2,276
  2,456
  2,644
  2,840
  3,043
  3,253
  3,473
  3,701
  3,938
  4,185
  4,442
  4,709
  4,988
  5,279
  5,583
  5,899
  6,230
  6,576
  6,937
  7,314
  7,709
  8,122
Working capital, $m
  410
  371
  415
  461
  510
  561
  614
  670
  728
  788
  850
  915
  983
  1,053
  1,126
  1,202
  1,281
  1,363
  1,449
  1,537
  1,630
  1,727
  1,827
  1,932
  2,042
  2,157
  2,276
  2,401
  2,532
  2,668
  2,811
Total debt, $m
  1,740
  2,001
  2,322
  2,660
  3,016
  3,388
  3,776
  4,182
  4,604
  5,043
  5,500
  5,975
  6,469
  6,982
  7,515
  8,069
  8,646
  9,245
  9,869
  10,518
  11,195
  11,900
  12,636
  13,403
  14,203
  15,039
  15,913
  16,825
  17,780
  18,778
  19,822
Total liabilities, $m
  2,449
  2,710
  3,031
  3,369
  3,725
  4,097
  4,485
  4,891
  5,313
  5,752
  6,209
  6,684
  7,178
  7,691
  8,224
  8,778
  9,355
  9,954
  10,578
  11,227
  11,904
  12,609
  13,345
  14,112
  14,912
  15,748
  16,622
  17,534
  18,489
  19,487
  20,531
Total equity, $m
  458
  427
  477
  530
  586
  645
  706
  770
  836
  905
  977
  1,052
  1,130
  1,211
  1,295
  1,382
  1,472
  1,567
  1,665
  1,767
  1,874
  1,985
  2,101
  2,221
  2,347
  2,479
  2,616
  2,760
  2,910
  3,067
  3,232
Total liabilities and equity, $m
  2,907
  3,137
  3,508
  3,899
  4,311
  4,742
  5,191
  5,661
  6,149
  6,657
  7,186
  7,736
  8,308
  8,902
  9,519
  10,160
  10,827
  11,521
  12,243
  12,994
  13,778
  14,594
  15,446
  16,333
  17,259
  18,227
  19,238
  20,294
  21,399
  22,554
  23,763
Debt-to-equity ratio
  3.799
  4.690
  4.870
  5.020
  5.140
  5.250
  5.350
  5.430
  5.510
  5.570
  5.630
  5.680
  5.730
  5.770
  5.810
  5.840
  5.870
  5.900
  5.930
  5.950
  5.970
  6.000
  6.020
  6.030
  6.050
  6.070
  6.080
  6.100
  6.110
  6.120
  6.130
Adjusted equity ratio
  0.121
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  107
  -24
  -16
  -8
  1
  8
  15
  23
  30
  38
  47
  112
  121
  131
  141
  151
  162
  174
  186
  198
  212
  225
  240
  255
  271
  288
  306
  325
  345
  365
  387
Depreciation, amort., depletion, $m
  126
  178
  190
  203
  216
  230
  244
  260
  275
  292
  309
  249
  268
  287
  307
  328
  349
  371
  395
  419
  444
  471
  498
  527
  557
  588
  620
  654
  690
  727
  766
Funds from operations, $m
  134
  154
  174
  195
  217
  238
  259
  282
  306
  330
  356
  361
  389
  418
  448
  479
  511
  545
  580
  617
  656
  696
  738
  782
  828
  876
  926
  979
  1,035
  1,092
  1,153
Change in working capital, $m
  -4
  42
  44
  46
  49
  51
  53
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  114
  120
  125
  131
  137
  143
Cash from operations, $m
  138
  112
  130
  149
  168
  187
  206
  227
  248
  270
  293
  296
  321
  347
  375
  403
  432
  463
  495
  528
  563
  599
  637
  677
  718
  762
  807
  854
  904
  956
  1,010
Maintenance CAPEX, $m
  0
  -90
  -101
  -113
  -126
  -139
  -153
  -167
  -183
  -198
  -215
  -232
  -249
  -268
  -287
  -307
  -328
  -349
  -371
  -395
  -419
  -444
  -471
  -498
  -527
  -557
  -588
  -620
  -654
  -690
  -727
New CAPEX, $m
  -125
  -119
  -127
  -134
  -140
  -147
  -154
  -160
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
  -279
  -291
  -303
  -317
  -331
  -345
  -361
  -377
  -395
  -413
Cash from investing activities, $m
  -1,365
  -209
  -228
  -247
  -266
  -286
  -307
  -327
  -350
  -372
  -396
  -420
  -444
  -471
  -498
  -526
  -556
  -586
  -618
  -652
  -687
  -723
  -762
  -801
  -844
  -888
  -933
  -981
  -1,031
  -1,085
  -1,140
Free cash flow, $m
  -1,227
  -97
  -98
  -98
  -98
  -99
  -100
  -101
  -102
  -102
  -102
  -123
  -123
  -123
  -123
  -123
  -123
  -123
  -123
  -123
  -124
  -124
  -124
  -125
  -125
  -126
  -126
  -127
  -128
  -129
  -130
Issuance/(repayment) of debt, $m
  1,339
  303
  321
  338
  355
  372
  389
  405
  422
  439
  457
  475
  494
  513
  533
  554
  576
  599
  624
  650
  677
  705
  735
  767
  801
  836
  873
  913
  954
  998
  1,044
Issuance/(repurchase) of shares, $m
  3
  73
  67
  61
  55
  51
  46
  41
  36
  31
  25
  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  
  1,280
  376
  388
  399
  410
  423
  435
  446
  458
  470
  482
  475
  494
  513
  533
  554
  576
  599
  624
  650
  677
  705
  735
  767
  801
  836
  873
  913
  954
  998
  1,044
Total cash flow (excl. dividends), $m
  52
  279
  290
  301
  312
  323
  334
  345
  357
  368
  380
  352
  370
  390
  410
  431
  453
  476
  501
  526
  553
  581
  611
  643
  676
  710
  747
  786
  826
  869
  914
Retained Cash Flow (-), $m
  -99
  -73
  -67
  -61
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -137
  -144
  -150
  -157
  -164
Prev. year cash balance distribution, $m
 
  80
  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
 
  286
  223
  240
  256
  265
  273
  282
  290
  299
  308
  277
  293
  309
  326
  344
  362
  382
  402
  424
  447
  470
  495
  522
  550
  579
  610
  642
  676
  712
  750
Discount rate, %
 
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
 
  257
  178
  168
  156
  138
  121
  104
  88
  74
  60
  43
  35
  27
  21
  16
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.0
  89.3
  85.7
  82.8
  80.5
  78.7
  77.2
  76.0
  75.1
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4
  74.4

Kraton Corporation, formerly Kraton Performance Polymers, Inc., is a specialty chemicals company. The Company manufactures styrenic block copolymers (SBCs) and other engineered polymers. The Company also produces specialty products primarily derived from pine wood pulping co-products. The Company operates through two segments: Polymer Segment, which comprises SBCs and other engineered polymers business, and Chemical Segment, which comprises pine-based specialty products business. Its SBCs are used in a range of applications, including adhesives, coatings, consumer and personal care products, sealants, lubricants, medical, packaging, automotive, paving, roofing and footwear products. The Company also sells isoprene rubber (IR) and isoprene rubber latex (IRL), which are non-SBC products primarily used in applications, such as medical products, personal care, adhesives, tackifiers, paints and coatings. It offers crude tall oil (CTO) and crude sulfate turpentine (CST).

FINANCIAL RATIOS  of  Kraton (KRA)

Valuation Ratios
P/E Ratio 12.5
Price to Sales 0.8
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 102.6
Growth Rates
Sales Growth Rate 68.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.1%
Cap. Spend. - 3 Yr. Gr. Rate 7.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 370.7%
Total Debt to Equity 379.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 52.4%
Ret/ On Assets - 3 Yr. Avg. 18.7%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 26.2%
Return On Equity - 3 Yr. Avg. 7.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 23.1%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate -707.7%
Eff/ Tax Rate - 3 Yr. Avg. -247%
Payout Ratio 0%

KRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KRA stock intrinsic value calculation we used $1744 million for the last fiscal year's total revenue generated by Kraton. The default revenue input number comes from 2016 income statement of Kraton. 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 KRA stock valuation model: a) initial revenue growth rate of 12.6% 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 11.4%, whose default value for KRA is calculated based on our internal credit rating of Kraton, 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 Kraton.
    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 KRA stock the variable cost ratio is equal to 85.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $136 million in the base year in the intrinsic value calculation for KRA 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 10.8% for Kraton.

Corporate tax rate of 27% is the nominal tax rate for Kraton. 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 KRA 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 KRA are equal to 54.6%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Kraton 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 KRA is equal to 18.9%. 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 - $458 million for Kraton - 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 31.97 million for Kraton 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 Kraton at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Kraton posts 4Q profit   [Feb-20-18 05:33PM  Associated Press]
▶ Kraton Announces Global Price Increase   [Feb-06-18 05:00PM  PR Newswire]
▶ Merger Helps This Chemical Maker Discover The Right Formula   [Jan-12-18 08:00AM  Investor's Business Daily]
▶ Kraton Launches New Website   [Jan-08-18 03:30PM  PR Newswire]
▶ 5 Strong Buy Stocks Bursting To New Highs   [Nov-07-17 04:26PM  Zacks]
▶ ETFs with exposure to Kraton Corp. : November 6, 2017   [Nov-06-17 11:55AM  Capital Cube]
▶ New Strong Buy Stocks for October 30th   [Oct-30-17 11:28AM  Zacks]
▶ Kraton Corp.: Strong price momentum but will it sustain?   [Oct-26-17 10:00AM  Capital Cube]
▶ Kraton Joins Elite Club Of Stocks With RS Ratings Over 90   [03:00AM  Investor's Business Daily]
▶ Kraton reports 3Q loss   [Oct-24-17 04:43PM  Associated Press]
▶ Stock Indexes Up; Trucks And Superregional Banks Rise   [Sep-29-17 12:07PM  Investor's Business Daily]
▶ Kraton Announces Hurricane Harvey Relief Efforts   [Aug-30-17 03:00PM  PR Newswire]
▶ Kraton Corp. Value Analysis (NYSE:KRA) : August 30, 2017   [Aug-29-17 10:25PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for August 21st   [Aug-21-17 11:28AM  Zacks]
▶ ETFs with exposure to Kraton Corp. : August 11, 2017   [Aug-11-17 05:48PM  Capital Cube]
▶ Kraton posts 2Q profit   [Jul-26-17 10:35PM  Associated Press]
▶ Kraton Corp. Value Analysis (NYSE:KRA) : June 30, 2017   [Jun-30-17 03:59PM  Capital Cube]
▶ Huntsman and Clariant announce merger to create $20B chemical co.   [May-22-17 08:02AM  American City Business Journals]
▶ Kraton Announces Opening of HSBC Plant in Taiwan   [May-09-17 10:00AM  PR Newswire]
Financial statements of KRA
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