Intrinsic value of NewMarket - NEU

Previous Close

$392.72

  Intrinsic Value

$298.20

stock screener

  Rating & Target

sell

-24%

Previous close

$392.72

 
Intrinsic value

$298.20

 
Up/down potential

-24%

 
Rating

sell

We calculate the intrinsic value of NEU 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 2017), $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 4.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  2,358
  2,525
  2,699
  2,879
  3,066
  3,261
  3,464
  3,675
  3,895
  4,125
  4,364
  4,614
  4,875
  5,147
  5,431
  5,728
  6,039
  6,364
  6,705
  7,061
  7,433
  7,824
  8,233
  8,661
  9,110
  9,581
  10,074
  10,591
  11,133
  11,702
Variable operating expenses, $m
  1,940
  2,076
  2,218
  2,365
  2,518
  2,677
  2,842
  3,015
  3,195
  3,382
  3,563
  3,767
  3,980
  4,202
  4,434
  4,677
  4,931
  5,196
  5,474
  5,765
  6,069
  6,388
  6,722
  7,071
  7,438
  7,822
  8,225
  8,647
  9,090
  9,554
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
  1,940
  2,076
  2,218
  2,365
  2,518
  2,677
  2,842
  3,015
  3,195
  3,382
  3,563
  3,767
  3,980
  4,202
  4,434
  4,677
  4,931
  5,196
  5,474
  5,765
  6,069
  6,388
  6,722
  7,071
  7,438
  7,822
  8,225
  8,647
  9,090
  9,554
Operating income, $m
  418
  449
  481
  514
  548
  584
  621
  660
  701
  743
  801
  847
  895
  945
  997
  1,051
  1,109
  1,168
  1,231
  1,296
  1,364
  1,436
  1,511
  1,590
  1,672
  1,759
  1,849
  1,944
  2,044
  2,148
EBITDA, $m
  503
  539
  576
  614
  654
  696
  739
  784
  831
  880
  931
  984
  1,040
  1,098
  1,159
  1,222
  1,288
  1,358
  1,430
  1,506
  1,586
  1,669
  1,756
  1,848
  1,944
  2,044
  2,149
  2,260
  2,375
  2,497
Interest expense (income), $m
  19
  33
  37
  42
  46
  51
  56
  62
  67
  73
  79
  85
  92
  99
  106
  113
  121
  129
  137
  146
  156
  165
  175
  186
  197
  209
  221
  234
  248
  262
  276
Earnings before tax, $m
  386
  412
  439
  468
  497
  528
  560
  593
  628
  664
  716
  755
  796
  839
  884
  931
  980
  1,031
  1,084
  1,140
  1,199
  1,261
  1,325
  1,392
  1,463
  1,537
  1,615
  1,696
  1,782
  1,871
Tax expense, $m
  104
  111
  119
  126
  134
  143
  151
  160
  169
  179
  193
  204
  215
  227
  239
  251
  264
  278
  293
  308
  324
  340
  358
  376
  395
  415
  436
  458
  481
  505
Net income, $m
  282
  301
  321
  341
  363
  385
  409
  433
  458
  485
  523
  551
  581
  612
  645
  679
  715
  752
  792
  832
  875
  920
  967
  1,016
  1,068
  1,122
  1,179
  1,238
  1,301
  1,366

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
  1,837
  1,967
  2,102
  2,242
  2,388
  2,540
  2,698
  2,862
  3,034
  3,212
  3,399
  3,593
  3,796
  4,008
  4,230
  4,461
  4,703
  4,957
  5,222
  5,499
  5,789
  6,093
  6,412
  6,745
  7,095
  7,462
  7,846
  8,248
  8,671
  9,114
Adjusted assets (=assets-cash), $m
  1,837
  1,967
  2,102
  2,242
  2,388
  2,540
  2,698
  2,862
  3,034
  3,212
  3,399
  3,593
  3,796
  4,008
  4,230
  4,461
  4,703
  4,957
  5,222
  5,499
  5,789
  6,093
  6,412
  6,745
  7,095
  7,462
  7,846
  8,248
  8,671
  9,114
Revenue / Adjusted assets
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
  1.284
Average production assets, $m
  703
  753
  804
  858
  914
  972
  1,032
  1,095
  1,161
  1,229
  1,301
  1,375
  1,453
  1,534
  1,618
  1,707
  1,800
  1,897
  1,998
  2,104
  2,215
  2,331
  2,453
  2,581
  2,715
  2,855
  3,002
  3,156
  3,318
  3,487
Working capital, $m
  241
  258
  275
  294
  313
  333
  353
  375
  397
  421
  445
  471
  497
  525
  554
  584
  616
  649
  684
  720
  758
  798
  840
  883
  929
  977
  1,028
  1,080
  1,136
  1,194
Total debt, $m
  685
  769
  857
  948
  1,042
  1,141
  1,244
  1,350
  1,462
  1,578
  1,699
  1,825
  1,957
  2,094
  2,238
  2,388
  2,545
  2,710
  2,882
  3,062
  3,250
  3,447
  3,654
  3,871
  4,097
  4,335
  4,585
  4,846
  5,120
  5,408
Total liabilities, $m
  1,192
  1,276
  1,364
  1,455
  1,550
  1,648
  1,751
  1,858
  1,969
  2,085
  2,206
  2,332
  2,464
  2,601
  2,745
  2,895
  3,053
  3,217
  3,389
  3,569
  3,757
  3,955
  4,161
  4,378
  4,605
  4,843
  5,092
  5,353
  5,627
  5,915
Total equity, $m
  645
  690
  738
  787
  838
  891
  947
  1,005
  1,065
  1,128
  1,193
  1,261
  1,333
  1,407
  1,485
  1,566
  1,651
  1,740
  1,833
  1,930
  2,032
  2,139
  2,251
  2,368
  2,490
  2,619
  2,754
  2,895
  3,043
  3,199
Total liabilities and equity, $m
  1,837
  1,966
  2,102
  2,242
  2,388
  2,539
  2,698
  2,863
  3,034
  3,213
  3,399
  3,593
  3,797
  4,008
  4,230
  4,461
  4,704
  4,957
  5,222
  5,499
  5,789
  6,094
  6,412
  6,746
  7,095
  7,462
  7,846
  8,248
  8,670
  9,114
Debt-to-equity ratio
  1.060
  1.110
  1.160
  1.200
  1.240
  1.280
  1.310
  1.340
  1.370
  1.400
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.540
  1.560
  1.570
  1.590
  1.600
  1.610
  1.620
  1.630
  1.650
  1.660
  1.660
  1.670
  1.680
  1.690
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  282
  301
  321
  341
  363
  385
  409
  433
  458
  485
  523
  551
  581
  612
  645
  679
  715
  752
  792
  832
  875
  920
  967
  1,016
  1,068
  1,122
  1,179
  1,238
  1,301
  1,366
Depreciation, amort., depletion, $m
  85
  90
  95
  100
  106
  112
  118
  124
  130
  137
  130
  137
  145
  153
  162
  171
  180
  190
  200
  210
  222
  233
  245
  258
  271
  286
  300
  316
  332
  349
Funds from operations, $m
  366
  391
  416
  442
  469
  497
  526
  557
  589
  622
  653
  689
  726
  766
  807
  850
  895
  942
  991
  1,043
  1,097
  1,153
  1,213
  1,275
  1,340
  1,408
  1,479
  1,554
  1,633
  1,715
Change in working capital, $m
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
Cash from operations, $m
  350
  373
  398
  423
  450
  477
  506
  535
  566
  598
  628
  663
  700
  738
  778
  820
  863
  909
  957
  1,007
  1,059
  1,114
  1,171
  1,231
  1,294
  1,360
  1,429
  1,501
  1,577
  1,657
Maintenance CAPEX, $m
  -66
  -70
  -75
  -80
  -86
  -91
  -97
  -103
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -210
  -222
  -233
  -245
  -258
  -271
  -286
  -300
  -316
  -332
New CAPEX, $m
  -47
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -169
Cash from investing activities, $m
  -113
  -120
  -127
  -134
  -142
  -149
  -157
  -166
  -176
  -184
  -194
  -204
  -215
  -226
  -238
  -251
  -264
  -277
  -291
  -306
  -321
  -338
  -355
  -373
  -392
  -411
  -433
  -454
  -478
  -501
Free cash flow, $m
  237
  254
  271
  289
  308
  328
  348
  369
  391
  414
  434
  459
  485
  512
  540
  569
  600
  632
  666
  701
  737
  776
  816
  858
  902
  948
  996
  1,047
  1,100
  1,156
Issuance/(repayment) of debt, $m
  82
  84
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  207
  217
  227
  238
  249
  261
  274
  287
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  82
  84
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  207
  217
  227
  238
  249
  261
  274
  287
Total cash flow (excl. dividends), $m
  319
  338
  359
  380
  403
  426
  450
  476
  502
  530
  555
  585
  616
  649
  684
  720
  757
  796
  838
  881
  926
  973
  1,023
  1,074
  1,129
  1,186
  1,246
  1,308
  1,374
  1,443
Retained Cash Flow (-), $m
  -43
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
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
  276
  292
  311
  331
  351
  373
  395
  418
  442
  467
  490
  517
  545
  575
  606
  638
  672
  708
  745
  783
  824
  866
  911
  957
  1,006
  1,057
  1,111
  1,167
  1,226
  1,288
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  261
  259
  257
  253
  247
  239
  230
  219
  206
  192
  176
  160
  144
  128
  112
  97
  83
  70
  57
  47
  37
  29
  22
  17
  12
  9
  6
  4
  3
  2
Current shareholders' claim on cash, %
  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

NewMarket Corporation is a holding company. The Company is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), NewMarket Services Corporation (NewMarket Services), and NewMarket Development Corporation (NewMarket Development). The Company operates through petroleum additives segment, which is primarily represented by Afton. The Company manufactures chemical components that are selected to perform one or more specific functions and combine those chemicals with other chemicals or components to form additive packages for use in specified end user applications. The petroleum additives product applications include lubricant additives and fuel additives. The Company's All other category includes the operations of the TEL business, as well as contract manufacturing and services performed by Ethyl. The Ethyl plant facility is located in Houston, Texas. It is involved in terminal operations related to TEL and other fuel additives.

FINANCIAL RATIOS  of  NewMarket (NEU)

Valuation Ratios
P/E Ratio 19.2
Price to Sales 2.3
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.6%
Cap. Spend. - 3 Yr. Gr. Rate 19.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 105%
Total Debt to Equity 105%
Interest Coverage 19
Management Effectiveness
Return On Assets 19%
Ret/ On Assets - 3 Yr. Avg. 19.3%
Return On Total Capital 26%
Ret/ On T. Cap. - 3 Yr. Avg. 27.3%
Return On Equity 55.8%
Return On Equity - 3 Yr. Avg. 53.9%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 31.1%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 15.7%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 11%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 31.3%

NEU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEU stock intrinsic value calculation we used $2198 million for the last fiscal year's total revenue generated by NewMarket. The default revenue input number comes from 2017 income statement of NewMarket. 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 NEU stock valuation model: a) initial revenue growth rate of 7.3% 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%, whose default value for NEU is calculated based on our internal credit rating of NewMarket, 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 NewMarket.
    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 NEU stock the variable cost ratio is equal to 82.3%.

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 NEU 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 5.4% for NewMarket.

Corporate tax rate of 27% is the nominal tax rate for NewMarket. 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 NEU 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 NEU are equal to 29.8%.

Life of production assets of 10 years is the average useful life of capital assets used in NewMarket 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 NEU is equal to 10.2%. 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 - $602 million for NewMarket - 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 12 million for NewMarket 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 NewMarket at the current share price and the inputted number of shares is $4.7 billion.

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COMPANY NEWS

▶ NewMarket Corporation Declares Quarterly Dividend   [Aug-09-18 05:01PM  Business Wire]
▶ NewMarket: 2Q Earnings Snapshot   [Aug-08-18 05:44PM  Associated Press]
▶ Should You Buy NEUCA SA (WSE:NEU) For Its Dividend?   [Jun-23-18 04:13AM  Simply Wall St.]
▶ Promotion of Gina Harm to President, Afton Chemical   [May-17-18 05:00PM  Business Wire]
▶ NewMarket Corporation Declares Quarterly Dividend   [Apr-26-18 05:01PM  Business Wire]
▶ NewMarket: 1Q Earnings Snapshot   [Apr-25-18 06:50PM  Associated Press]
▶ Estimating The Fair Value Of NEUCA SA (WSE:NEU)   [Mar-15-18 04:18AM  Simply Wall St.]
▶ NewMarket posts 4Q profit   [Feb-06-18 06:23PM  Associated Press]
▶ Is It Time To Buy NewMarket Corporation (NYSE:NEU)?   [Jan-30-18 06:01AM  Simply Wall St.]
▶ ETFs with exposure to NewMarket Corp. : December 14, 2017   [Dec-14-17 01:57PM  Capital Cube]
▶ ETFs with exposure to NewMarket Corp. : November 20, 2017   [Nov-20-17 12:56PM  Capital Cube]
▶ ETFs with exposure to NewMarket Corp. : November 10, 2017   [Nov-10-17 12:43PM  Capital Cube]
▶ ETFs with exposure to NewMarket Corp. : October 30, 2017   [Oct-30-17 12:06PM  Capital Cube]
▶ NewMarket Corporation Declares Quarterly Dividend   [Oct-26-17 05:01PM  Business Wire]
▶ NewMarket posts 3Q profit   [Oct-25-17 06:07PM  Associated Press]
▶ NewMarket posts 2Q profit   [03:18PM  Associated Press]
▶ ETFs with exposure to NewMarket Corp. : May 3, 2017   [May-03-17 04:09PM  Capital Cube]
▶ NewMarket Corporation Declares Quarterly Dividend   [Apr-27-17 05:01PM  Business Wire]
▶ NewMarket posts 1Q profit   [Apr-26-17 07:01PM  Associated Press]
▶ These 4 Commodity Stocks Are Showing Bullish Chart Patterns   [Mar-14-17 05:30AM  TheStreet.com]
▶ 14 Dividend Stocks Rewarding Shareholders With A Raise   [Feb-27-17 11:49AM  Insider Monkey]
▶ NewMarket posts 4Q profit   [Jan-31-17 05:47PM  Associated Press]
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