Intrinsic value of Orion Engineered Carbons - OEC

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$23.94

  Intrinsic Value

$0.00

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  Rating & Target

str. sell

-100%

Previous close

$23.94

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of OEC 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 1.4

 

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, %
  30.30
  27.77
  25.49
  23.44
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  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
Revenue, $m
  1,841
  2,353
  2,953
  3,645
  4,432
  5,316
  6,296
  7,373
  8,545
  9,809
  11,165
  12,610
  14,141
  15,758
  17,458
  19,240
  21,104
  23,050
  25,078
  27,188
  29,384
  31,667
  34,039
  36,504
  39,066
  41,729
  44,498
  47,377
  50,373
  53,492
Variable operating expenses, $m
  1,624
  2,071
  2,596
  3,202
  3,890
  4,663
  5,521
  6,463
  7,488
  8,595
  9,768
  11,032
  12,372
  13,786
  15,273
  16,833
  18,463
  20,166
  21,940
  23,786
  25,707
  27,704
  29,780
  31,937
  34,178
  36,508
  38,930
  41,449
  44,070
  46,799
Fixed operating expenses, $m
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
Total operating expenses, $m
  1,639
  2,087
  2,612
  3,218
  3,907
  4,680
  5,538
  6,481
  7,506
  8,614
  9,787
  11,051
  12,392
  13,806
  15,294
  16,854
  18,485
  20,188
  21,963
  23,809
  25,731
  27,728
  29,805
  31,962
  34,204
  36,534
  38,957
  41,477
  44,098
  46,828
Operating income, $m
  202
  266
  341
  427
  525
  635
  757
  892
  1,038
  1,196
  1,378
  1,558
  1,750
  1,951
  2,164
  2,386
  2,619
  2,862
  3,115
  3,379
  3,653
  3,938
  4,235
  4,543
  4,863
  5,195
  5,541
  5,901
  6,275
  6,665
EBITDA, $m
  334
  430
  543
  674
  823
  990
  1,176
  1,379
  1,601
  1,840
  2,097
  2,370
  2,660
  2,966
  3,287
  3,625
  3,977
  4,346
  4,729
  5,129
  5,544
  5,976
  6,425
  6,892
  7,377
  7,881
  8,405
  8,950
  9,517
  10,108
Interest expense (income), $m
  45
  102
  3,120
  6,718
  10,937
  15,807
  21,345
  27,562
  34,460
  42,034
  50,277
  59,174
  68,712
  78,876
  89,650
  101,022
  112,981
  125,519
  138,632
  152,320
  166,585
  181,435
  196,882
  212,940
  229,629
  246,972
  264,995
  283,728
  303,205
  323,462
  344,540
Earnings before tax, $m
  100
  -2,854
  -6,377
  -10,510
  -15,282
  -20,710
  -26,804
  -33,568
  -40,996
  -49,081
  -57,796
  -67,154
  -77,126
  -87,698
  -98,858
  -110,594
  -122,900
  -135,770
  -149,204
  -163,206
  -177,782
  -192,944
  -208,706
  -225,087
  -242,110
  -259,800
  -278,187
  -297,304
  -317,187
  -337,876
Tax expense, $m
  27
  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
  73
  -2,854
  -6,377
  -10,510
  -15,282
  -20,710
  -26,804
  -33,568
  -40,996
  -49,081
  -57,796
  -67,154
  -77,126
  -87,698
  -98,858
  -110,594
  -122,900
  -135,770
  -149,204
  -163,206
  -177,782
  -192,944
  -208,706
  -225,087
  -242,110
  -259,800
  -278,187
  -297,304
  -317,187
  -337,876

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
  1,024
  1,308
  1,641
  2,026
  2,464
  2,955
  3,500
  4,098
  4,750
  5,453
  6,206
  7,009
  7,861
  8,759
  9,704
  10,695
  11,731
  12,813
  13,940
  15,113
  16,334
  17,602
  18,921
  20,291
  21,716
  23,196
  24,735
  26,335
  28,001
  29,734
Adjusted assets (=assets-cash), $m
  1,024
  1,308
  1,641
  2,026
  2,464
  2,955
  3,500
  4,098
  4,750
  5,453
  6,206
  7,009
  7,861
  8,759
  9,704
  10,695
  11,731
  12,813
  13,940
  15,113
  16,334
  17,602
  18,921
  20,291
  21,716
  23,196
  24,735
  26,335
  28,001
  29,734
Revenue / Adjusted assets
  1.798
  1.799
  1.800
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
  1.799
Average production assets, $m
  652
  833
  1,045
  1,290
  1,569
  1,882
  2,229
  2,610
  3,025
  3,473
  3,952
  4,464
  5,006
  5,578
  6,180
  6,811
  7,471
  8,160
  8,877
  9,625
  10,402
  11,210
  12,050
  12,923
  13,829
  14,772
  15,752
  16,772
  17,832
  18,936
Working capital, $m
  219
  280
  351
  434
  527
  633
  749
  877
  1,017
  1,167
  1,329
  1,501
  1,683
  1,875
  2,077
  2,290
  2,511
  2,743
  2,984
  3,235
  3,497
  3,768
  4,051
  4,344
  4,649
  4,966
  5,295
  5,638
  5,994
  6,366
Total debt, $m
  215
  463
  754
  1,090
  1,472
  1,901
  2,377
  2,900
  3,468
  4,082
  4,740
  5,441
  6,184
  6,968
  7,793
  8,658
  9,563
  10,507
  11,491
  12,515
  13,581
  14,689
  15,840
  17,036
  18,279
  19,572
  20,915
  22,312
  23,766
  25,280
Total liabilities, $m
  894
  1,142
  1,433
  1,769
  2,151
  2,580
  3,055
  3,578
  4,146
  4,760
  5,418
  6,119
  6,862
  7,647
  8,472
  9,337
  10,241
  11,185
  12,169
  13,194
  14,259
  15,367
  16,518
  17,714
  18,958
  20,250
  21,593
  22,991
  24,445
  25,958
Total equity, $m
  130
  166
  208
  257
  313
  375
  444
  520
  603
  692
  788
  890
  998
  1,112
  1,232
  1,358
  1,490
  1,627
  1,770
  1,919
  2,074
  2,236
  2,403
  2,577
  2,758
  2,946
  3,141
  3,345
  3,556
  3,776
Total liabilities and equity, $m
  1,024
  1,308
  1,641
  2,026
  2,464
  2,955
  3,499
  4,098
  4,749
  5,452
  6,206
  7,009
  7,860
  8,759
  9,704
  10,695
  11,731
  12,812
  13,939
  15,113
  16,333
  17,603
  18,921
  20,291
  21,716
  23,196
  24,734
  26,336
  28,001
  29,734
Debt-to-equity ratio
  1.660
  2.790
  3.620
  4.240
  4.710
  5.070
  5.350
  5.570
  5.750
  5.890
  6.010
  6.110
  6.190
  6.260
  6.320
  6.370
  6.420
  6.460
  6.490
  6.520
  6.550
  6.570
  6.590
  6.610
  6.630
  6.640
  6.660
  6.670
  6.680
  6.690
Adjusted equity ratio
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127
  0.127

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  -2,854
  -6,377
  -10,510
  -15,282
  -20,710
  -26,804
  -33,568
  -40,996
  -49,081
  -57,796
  -67,154
  -77,126
  -87,698
  -98,858
  -110,594
  -122,900
  -135,770
  -149,204
  -163,206
  -177,782
  -192,944
  -208,706
  -225,087
  -242,110
  -259,800
  -278,187
  -297,304
  -317,187
  -337,876
Depreciation, amort., depletion, $m
  131
  164
  203
  247
  298
  355
  418
  487
  563
  644
  719
  812
  910
  1,014
  1,124
  1,238
  1,358
  1,484
  1,614
  1,750
  1,891
  2,038
  2,191
  2,350
  2,514
  2,686
  2,864
  3,049
  3,242
  3,443
Funds from operations, $m
  205
  -2,690
  -6,174
  -10,263
  -14,984
  -20,355
  -26,386
  -33,080
  -40,433
  -48,437
  -57,077
  -66,342
  -76,216
  -86,684
  -97,734
  -109,356
  -121,541
  -134,286
  -147,590
  -161,456
  -175,891
  -190,906
  -206,515
  -222,737
  -239,595
  -257,114
  -275,323
  -294,255
  -313,945
  -334,433
Change in working capital, $m
  51
  61
  71
  82
  94
  105
  117
  128
  139
  151
  161
  172
  182
  192
  202
  212
  222
  232
  241
  251
  261
  272
  282
  293
  305
  317
  329
  343
  357
  371
Cash from operations, $m
  154
  -2,751
  -6,245
  -10,345
  -15,077
  -20,460
  -26,503
  -33,209
  -40,573
  -48,587
  -57,239
  -66,514
  -76,398
  -86,876
  -97,937
  -109,568
  -121,763
  -134,518
  -147,832
  -161,707
  -176,152
  -191,177
  -206,797
  -223,031
  -239,900
  -257,431
  -275,653
  -294,598
  -314,302
  -334,804
Maintenance CAPEX, $m
  -91
  -119
  -151
  -190
  -235
  -285
  -342
  -405
  -475
  -550
  -631
  -719
  -812
  -910
  -1,014
  -1,124
  -1,238
  -1,358
  -1,484
  -1,614
  -1,750
  -1,891
  -2,038
  -2,191
  -2,350
  -2,514
  -2,686
  -2,864
  -3,049
  -3,242
New CAPEX, $m
  -151
  -181
  -212
  -245
  -279
  -313
  -347
  -381
  -415
  -448
  -480
  -511
  -542
  -572
  -602
  -631
  -660
  -689
  -718
  -747
  -777
  -808
  -840
  -873
  -907
  -943
  -980
  -1,019
  -1,061
  -1,104
Cash from investing activities, $m
  -242
  -300
  -363
  -435
  -514
  -598
  -689
  -786
  -890
  -998
  -1,111
  -1,230
  -1,354
  -1,482
  -1,616
  -1,755
  -1,898
  -2,047
  -2,202
  -2,361
  -2,527
  -2,699
  -2,878
  -3,064
  -3,257
  -3,457
  -3,666
  -3,883
  -4,110
  -4,346
Free cash flow, $m
  -88
  -3,050
  -6,609
  -10,780
  -15,591
  -21,058
  -27,192
  -33,995
  -41,462
  -49,585
  -58,350
  -67,744
  -77,752
  -88,359
  -99,553
  -111,323
  -123,662
  -136,565
  -150,033
  -164,069
  -178,679
  -193,877
  -209,675
  -226,094
  -243,157
  -260,888
  -279,319
  -298,481
  -318,412
  -339,150
Issuance/(repayment) of debt, $m
  208
  248
  291
  336
  382
  429
  476
  522
  569
  614
  658
  701
  743
  784
  825
  865
  905
  944
  984
  1,024
  1,066
  1,108
  1,151
  1,196
  1,243
  1,292
  1,344
  1,397
  1,454
  1,514
Issuance/(repurchase) of shares, $m
  0
  2,890
  6,419
  10,559
  15,337
  20,772
  26,874
  33,644
  41,079
  49,170
  57,892
  67,256
  77,234
  87,812
  98,978
  110,720
  123,031
  135,907
  149,348
  163,355
  177,937
  193,105
  208,873
  225,261
  242,290
  259,988
  278,383
  297,508
  317,399
  338,096
Cash from financing (excl. dividends), $m  
  208
  3,138
  6,710
  10,895
  15,719
  21,201
  27,350
  34,166
  41,648
  49,784
  58,550
  67,957
  77,977
  88,596
  99,803
  111,585
  123,936
  136,851
  150,332
  164,379
  179,003
  194,213
  210,024
  226,457
  243,533
  261,280
  279,727
  298,905
  318,853
  339,610
Total cash flow (excl. dividends), $m
  120
  88
  101
  115
  129
  143
  157
  171
  185
  199
  200
  213
  225
  238
  250
  262
  274
  286
  299
  311
  323
  336
  349
  363
  377
  392
  408
  424
  441
  459
Retained Cash Flow (-), $m
  -30
  -2,890
  -6,419
  -10,559
  -15,337
  -20,772
  -26,874
  -33,644
  -41,079
  -49,170
  -57,892
  -67,256
  -77,234
  -87,812
  -98,978
  -110,720
  -123,031
  -135,907
  -149,348
  -163,355
  -177,937
  -193,105
  -208,873
  -225,261
  -242,290
  -259,988
  -278,383
  -297,508
  -317,399
  -338,096
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
  90
  -2,802
  -6,318
  -10,444
  -15,208
  -20,629
  -26,716
  -33,472
  -40,894
  -48,971
  -57,692
  -67,043
  -77,009
  -87,574
  -98,728
  -110,458
  -122,757
  -135,621
  -149,049
  -163,044
  -177,614
  -192,769
  -208,524
  -224,898
  -241,913
  -259,596
  -277,975
  -297,084
  -316,958
  -337,637
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  86
  -2,565
  -5,499
  -8,600
  -11,788
  -14,971
  -18,049
  -20,921
  -23,491
  -25,674
  -27,397
  -28,610
  -29,280
  -29,400
  -28,985
  -28,070
  -26,710
  -24,976
  -22,949
  -20,718
  -18,371
  -15,995
  -13,667
  -11,454
  -9,411
  -7,574
  -5,966
  -4,596
  -3,460
  -2,542
Current shareholders' claim on cash, %
  100.0
  31.0
  6.4
  1.1
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Orion Engineered Carbons S.A. is a producer of carbon black. The Company operates through two segments: Specialty Carbon Black and Rubber Carbon Black. The Specialty Carbon Black segment is engaged in the production of specialty carbon black. The Rubber Carbon Black segment is involved in the production of rubber carbon black. As of December 31, 2016, it operated a diversified carbon black business with over 280 specialty carbon black grades and approximately 80 rubber carbon black grades. Carbon black is used as a pigment and as a performance additive in coatings, polymers, printing and special applications (specialty carbon black), and in the reinforcement of rubber in tires and mechanical rubber goods (rubber carbon black). As of December 31, 2016, it operated a global platform of 13 production facilities in Europe, North and South America, Asia and South Africa and three sales companies, as well as one jointly-owned production plant in Germany.

FINANCIAL RATIOS  of  Orion Engineered Carbons (OEC)

Valuation Ratios
P/E Ratio 30.2
Price to Sales 1.3
Price to Book 25.4
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 10
Growth Rates
Sales Growth Rate -7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 1157.1%
Total Debt to Equity 1157.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1%
Return On Equity 87%
Return On Equity - 3 Yr. Avg. 253%
Asset Turnover 1
Profitability Ratios
Gross Margin 32.8%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 15.9%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 3.2%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 8.8%
Payout Ratio 89.4%

OEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OEC stock intrinsic value calculation we used $1413.21728691 million for the last fiscal year's total revenue generated by Orion Engineered Carbons. The default revenue input number comes from 0001 income statement of Orion Engineered Carbons. 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 OEC stock valuation model: a) initial revenue growth rate of 30.3% 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 4.3%, whose default value for OEC is calculated based on our internal credit rating of Orion Engineered Carbons, 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 Orion Engineered Carbons.
    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 OEC stock the variable cost ratio is equal to 88.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for OEC 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 1449.7% for Orion Engineered Carbons.

Corporate tax rate of 27% is the nominal tax rate for Orion Engineered Carbons. 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 OEC 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 OEC are equal to 35.4%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Orion Engineered Carbons 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 OEC is equal to 11.9%. 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 - $99.9543817527 million for Orion Engineered Carbons - 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 59.32 million for Orion Engineered Carbons 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 Orion Engineered Carbons at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Orion Engineered Carbons: 3Q Earnings Snapshot   [07:37PM  Associated Press]
▶ Stock Indexes Seek Direction As These Issues Hit Sell Signals   [Oct-09-18 03:37PM  Investor's Business Daily]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Sep-27-18 04:30PM  Business Wire]
▶ Orion Engineered Carbons Announces Executive Transition   [Sep-04-18 09:00AM  Business Wire]
▶ Orion Engineered Carbons: 2Q Earnings Snapshot   [05:03AM  Associated Press]
▶ [$$] Carbon Is the New Black   [Jul-07-18 12:01AM  Barrons.com]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Jun-28-18 04:30PM  Business Wire]
▶ Orion Engineered Carbons SA to Host Earnings Call   [May-18-18 07:00AM  ACCESSWIRE]
▶ Orion Engineered Carbons: 1Q Earnings Snapshot   [May-17-18 05:41PM  Associated Press]
▶ Orion Engineered Carbons Announces Interim Cash Dividends   [Mar-01-18 04:30PM  Business Wire]
▶ Orion Engineered Carbons SA to Host Earnings Call   [Feb-23-18 06:30AM  ACCESSWIRE]
▶ Orion Engineered Carbons posts 4Q profit   [05:02AM  Associated Press]
▶ First Pacific Advisors' Top 5 Buys of the 4th Quarter   [Feb-12-18 05:53PM  GuruFocus.com]
▶ Stocks Generating Improved Relative Strength: Orion Engineered Carbns   [Dec-14-17 03:00AM  Investor's Business Daily]
▶ Orion Engineered Carbons Announces Interim Cash Dividend   [Dec-12-17 04:30PM  Business Wire]
▶ Orion Engineered Carbons posts 3Q profit   [Nov-06-17 05:39AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for October 5th   [Oct-05-17 09:19AM  Zacks]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-17 11:31AM  Zacks]
▶ New Strong Buy Stocks for August 21st   [Aug-21-17 09:47AM  Zacks]
▶ Top Ranked Income Stocks to Buy for August 15th   [Aug-15-17 10:41AM  Zacks]
▶ Orion Engineered Carbons posts 2Q profit   [Aug-05-17 01:12AM  Associated Press]

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