Intrinsic value of NewMarket - NEU

Previous Close

$405.27

  Intrinsic Value

$358.44

stock screener

  Rating & Target

hold

-12%

Previous close

$405.27

 
Intrinsic value

$358.44

 
Up/down potential

-12%

 
Rating

hold

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 0001), $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 4.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  2,407
  2,625
  2,852
  3,088
  3,334
  3,589
  3,854
  4,130
  4,417
  4,714
  5,024
  5,346
  5,681
  6,031
  6,394
  6,773
  7,168
  7,580
  8,011
  8,460
  8,929
  9,420
  9,932
  10,469
  11,030
  11,617
  12,231
  12,875
  13,549
  14,255
Variable operating expenses, $m
  1,980
  2,158
  2,343
  2,536
  2,736
  2,945
  3,161
  3,386
  3,620
  3,863
  4,102
  4,365
  4,639
  4,924
  5,220
  5,530
  5,852
  6,189
  6,540
  6,907
  7,290
  7,690
  8,109
  8,547
  9,005
  9,484
  9,986
  10,511
  11,062
  11,638
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
  1,980
  2,158
  2,343
  2,536
  2,736
  2,945
  3,161
  3,386
  3,620
  3,863
  4,102
  4,365
  4,639
  4,924
  5,220
  5,530
  5,852
  6,189
  6,540
  6,907
  7,290
  7,690
  8,109
  8,547
  9,005
  9,484
  9,986
  10,511
  11,062
  11,638
Operating income, $m
  427
  467
  509
  552
  598
  644
  693
  744
  796
  851
  922
  981
  1,043
  1,107
  1,174
  1,243
  1,316
  1,392
  1,470
  1,553
  1,639
  1,729
  1,823
  1,922
  2,025
  2,132
  2,245
  2,363
  2,487
  2,617
EBITDA, $m
  499
  544
  591
  640
  691
  744
  799
  856
  916
  978
  1,042
  1,109
  1,178
  1,251
  1,326
  1,405
  1,487
  1,572
  1,661
  1,754
  1,852
  1,953
  2,060
  2,171
  2,287
  2,409
  2,537
  2,670
  2,810
  2,956
Interest expense (income), $m
  19
  33
  38
  44
  50
  57
  64
  71
  78
  85
  93
  101
  110
  119
  128
  137
  147
  157
  168
  179
  191
  203
  216
  230
  244
  258
  274
  290
  306
  324
  342
Earnings before tax, $m
  395
  429
  465
  502
  541
  581
  623
  666
  711
  758
  821
  872
  924
  979
  1,037
  1,096
  1,158
  1,223
  1,291
  1,362
  1,436
  1,513
  1,594
  1,678
  1,766
  1,859
  1,956
  2,057
  2,163
  2,274
Tax expense, $m
  107
  116
  126
  136
  146
  157
  168
  180
  192
  205
  222
  235
  250
  264
  280
  296
  313
  330
  349
  368
  388
  408
  430
  453
  477
  502
  528
  555
  584
  614
Net income, $m
  288
  313
  339
  366
  395
  424
  454
  486
  519
  553
  599
  636
  675
  715
  757
  800
  846
  893
  942
  994
  1,048
  1,104
  1,163
  1,225
  1,289
  1,357
  1,428
  1,502
  1,579
  1,660

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
  1,875
  2,044
  2,221
  2,405
  2,596
  2,795
  3,002
  3,217
  3,440
  3,672
  3,913
  4,164
  4,425
  4,697
  4,980
  5,275
  5,583
  5,904
  6,239
  6,589
  6,954
  7,336
  7,735
  8,153
  8,590
  9,047
  9,526
  10,027
  10,552
  11,102
Adjusted assets (=assets-cash), $m
  1,875
  2,044
  2,221
  2,405
  2,596
  2,795
  3,002
  3,217
  3,440
  3,672
  3,913
  4,164
  4,425
  4,697
  4,980
  5,275
  5,583
  5,904
  6,239
  6,589
  6,954
  7,336
  7,735
  8,153
  8,590
  9,047
  9,526
  10,027
  10,552
  11,102
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
  676
  738
  801
  868
  937
  1,009
  1,083
  1,161
  1,241
  1,325
  1,412
  1,502
  1,596
  1,695
  1,797
  1,903
  2,014
  2,130
  2,251
  2,377
  2,509
  2,647
  2,791
  2,942
  3,099
  3,264
  3,437
  3,618
  3,807
  4,006
Working capital, $m
  474
  517
  562
  608
  657
  707
  759
  814
  870
  929
  990
  1,053
  1,119
  1,188
  1,260
  1,334
  1,412
  1,493
  1,578
  1,667
  1,759
  1,856
  1,957
  2,062
  2,173
  2,288
  2,410
  2,536
  2,669
  2,808
Total debt, $m
  709
  819
  934
  1,053
  1,177
  1,307
  1,441
  1,580
  1,725
  1,875
  2,032
  2,195
  2,364
  2,541
  2,724
  2,916
  3,116
  3,324
  3,541
  3,768
  4,006
  4,254
  4,513
  4,784
  5,067
  5,364
  5,675
  6,000
  6,341
  6,698
Total liabilities, $m
  1,217
  1,327
  1,442
  1,561
  1,685
  1,814
  1,948
  2,088
  2,232
  2,383
  2,539
  2,702
  2,872
  3,048
  3,232
  3,423
  3,623
  3,832
  4,049
  4,276
  4,513
  4,761
  5,020
  5,291
  5,575
  5,872
  6,182
  6,508
  6,848
  7,205
Total equity, $m
  658
  718
  780
  844
  911
  981
  1,054
  1,129
  1,207
  1,289
  1,373
  1,461
  1,553
  1,649
  1,748
  1,852
  1,960
  2,072
  2,190
  2,313
  2,441
  2,575
  2,715
  2,862
  3,015
  3,176
  3,344
  3,520
  3,704
  3,897
Total liabilities and equity, $m
  1,875
  2,045
  2,222
  2,405
  2,596
  2,795
  3,002
  3,217
  3,439
  3,672
  3,912
  4,163
  4,425
  4,697
  4,980
  5,275
  5,583
  5,904
  6,239
  6,589
  6,954
  7,336
  7,735
  8,153
  8,590
  9,048
  9,526
  10,028
  10,552
  11,102
Debt-to-equity ratio
  1.080
  1.140
  1.200
  1.250
  1.290
  1.330
  1.370
  1.400
  1.430
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.700
  1.710
  1.720
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
  288
  313
  339
  366
  395
  424
  454
  486
  519
  553
  599
  636
  675
  715
  757
  800
  846
  893
  942
  994
  1,048
  1,104
  1,163
  1,225
  1,289
  1,357
  1,428
  1,502
  1,579
  1,660
Depreciation, amort., depletion, $m
  72
  77
  82
  88
  94
  100
  106
  113
  120
  127
  120
  127
  135
  144
  152
  161
  171
  181
  191
  201
  213
  224
  237
  249
  263
  277
  291
  307
  323
  339
Funds from operations, $m
  360
  390
  422
  454
  489
  524
  561
  599
  639
  680
  719
  764
  810
  859
  909
  962
  1,016
  1,073
  1,133
  1,196
  1,261
  1,329
  1,400
  1,474
  1,552
  1,634
  1,719
  1,808
  1,902
  2,000
Change in working capital, $m
  41
  43
  45
  47
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  72
  75
  78
  81
  85
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
Cash from operations, $m
  319
  347
  377
  408
  440
  474
  508
  545
  582
  621
  658
  700
  744
  790
  837
  887
  938
  992
  1,048
  1,107
  1,168
  1,232
  1,299
  1,369
  1,442
  1,518
  1,598
  1,681
  1,769
  1,861
Maintenance CAPEX, $m
  -52
  -57
  -63
  -68
  -74
  -79
  -85
  -92
  -98
  -105
  -112
  -120
  -127
  -135
  -144
  -152
  -161
  -171
  -181
  -191
  -201
  -213
  -224
  -237
  -249
  -263
  -277
  -291
  -307
  -323
New CAPEX, $m
  -60
  -61
  -64
  -66
  -69
  -72
  -75
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
Cash from investing activities, $m
  -112
  -118
  -127
  -134
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -211
  -221
  -233
  -246
  -258
  -272
  -287
  -302
  -317
  -333
  -351
  -368
  -388
  -407
  -428
  -450
  -472
  -496
  -521
Free cash flow, $m
  207
  229
  251
  274
  298
  322
  348
  375
  403
  432
  459
  490
  523
  556
  592
  628
  666
  706
  747
  790
  835
  882
  930
  981
  1,035
  1,090
  1,148
  1,209
  1,273
  1,340
Issuance/(repayment) of debt, $m
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  163
  169
  176
  184
  192
  200
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  325
  341
  357
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  
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  163
  169
  176
  184
  192
  200
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  325
  341
  357
Total cash flow (excl. dividends), $m
  313
  339
  365
  393
  422
  452
  482
  515
  548
  583
  615
  653
  692
  733
  775
  820
  866
  914
  964
  1,017
  1,072
  1,129
  1,190
  1,252
  1,318
  1,387
  1,459
  1,535
  1,614
  1,696
Retained Cash Flow (-), $m
  -56
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -153
  -160
  -168
  -176
  -184
  -193
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
  257
  279
  303
  328
  355
  382
  410
  439
  470
  502
  531
  565
  600
  637
  676
  716
  758
  801
  847
  894
  944
  995
  1,049
  1,106
  1,165
  1,227
  1,291
  1,359
  1,429
  1,503
Discount rate, %
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
  244
  250
  255
  258
  258
  256
  251
  245
  235
  224
  210
  196
  180
  164
  147
  131
  114
  98
  83
  69
  57
  46
  36
  28
  21
  16
  11
  8
  5
  4
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 19.8
Price to Sales 2.3
Price to Book 9.9
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 22.9
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 $2198.404 million for the last fiscal year's total revenue generated by NewMarket. The default revenue input number comes from 0001 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 9.5% 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 5.4%, 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 28.1%.

Life of production assets of 11.8 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 19.7%. 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 - $601.649 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 11.453 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 $4.6 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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