Intrinsic value of Olin - OLN

Previous Close

$34.38

  Intrinsic Value

$15.68

stock screener

  Rating & Target

str. sell

-54%

Previous close

$34.38

 
Intrinsic value

$15.68

 
Up/down potential

-54%

 
Rating

str. sell

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

We calculate the intrinsic value of OLN 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 5.7

 

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, %
  94.50
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  5,551
  6,217
  6,920
  7,658
  8,432
  9,240
  10,084
  10,964
  11,879
  12,831
  13,821
  14,849
  15,918
  17,028
  18,182
  19,383
  20,631
  21,930
  23,283
  24,692
  26,160
  27,690
  29,287
  30,953
  32,693
  34,510
  36,409
  38,394
  40,470
  42,642
  44,915
Variable operating expenses, $m
 
  5,974
  6,625
  7,310
  8,027
  8,776
  9,559
  10,374
  11,222
  12,104
  13,021
  13,763
  14,753
  15,782
  16,852
  17,965
  19,122
  20,326
  21,580
  22,885
  24,246
  25,665
  27,145
  28,689
  30,301
  31,986
  33,746
  35,585
  37,510
  39,522
  41,629
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
  5,398
  5,974
  6,625
  7,310
  8,027
  8,776
  9,559
  10,374
  11,222
  12,104
  13,021
  13,763
  14,753
  15,782
  16,852
  17,965
  19,122
  20,326
  21,580
  22,885
  24,246
  25,665
  27,145
  28,689
  30,301
  31,986
  33,746
  35,585
  37,510
  39,522
  41,629
Operating income, $m
  153
  243
  294
  348
  405
  464
  526
  590
  657
  727
  799
  1,086
  1,164
  1,246
  1,330
  1,418
  1,509
  1,604
  1,703
  1,806
  1,914
  2,026
  2,143
  2,264
  2,392
  2,525
  2,664
  2,809
  2,961
  3,119
  3,286
EBITDA, $m
  687
  860
  957
  1,059
  1,166
  1,278
  1,395
  1,516
  1,643
  1,775
  1,912
  2,054
  2,202
  2,355
  2,515
  2,681
  2,854
  3,033
  3,220
  3,415
  3,618
  3,830
  4,051
  4,281
  4,522
  4,773
  5,036
  5,311
  5,598
  5,898
  6,212
Interest expense (income), $m
  201
  191
  233
  276
  322
  371
  421
  474
  528
  586
  645
  707
  771
  837
  907
  979
  1,053
  1,131
  1,212
  1,297
  1,384
  1,476
  1,571
  1,671
  1,775
  1,883
  1,996
  2,115
  2,239
  2,368
  2,503
Earnings before tax, $m
  -34
  52
  62
  72
  83
  94
  105
  117
  129
  141
  154
  380
  394
  408
  424
  439
  456
  473
  491
  510
  529
  550
  571
  594
  617
  641
  667
  694
  722
  751
  782
Tax expense, $m
  -30
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  103
  106
  110
  114
  119
  123
  128
  133
  138
  143
  148
  154
  160
  167
  173
  180
  187
  195
  203
  211
Net income, $m
  -4
  38
  45
  53
  60
  68
  77
  85
  94
  103
  113
  277
  287
  298
  309
  321
  333
  345
  358
  372
  386
  401
  417
  433
  450
  468
  487
  507
  527
  549
  571

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  185
  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
  8,763
  9,609
  10,695
  11,836
  13,032
  14,282
  15,587
  16,946
  18,360
  19,832
  21,361
  22,950
  24,602
  26,319
  28,103
  29,958
  31,888
  33,896
  35,986
  38,163
  40,432
  42,798
  45,266
  47,841
  50,530
  53,339
  56,274
  59,342
  62,551
  65,907
  69,420
Adjusted assets (=assets-cash), $m
  8,578
  9,609
  10,695
  11,836
  13,032
  14,282
  15,587
  16,946
  18,360
  19,832
  21,361
  22,950
  24,602
  26,319
  28,103
  29,958
  31,888
  33,896
  35,986
  38,163
  40,432
  42,798
  45,266
  47,841
  50,530
  53,339
  56,274
  59,342
  62,551
  65,907
  69,420
Revenue / Adjusted assets
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
Average production assets, $m
  4,484
  5,023
  5,591
  6,188
  6,813
  7,466
  8,148
  8,859
  9,598
  10,367
  11,167
  11,998
  12,861
  13,759
  14,691
  15,661
  16,670
  17,720
  18,813
  19,951
  21,137
  22,374
  23,664
  25,010
  26,416
  27,884
  29,419
  31,023
  32,700
  34,455
  36,291
Working capital, $m
  623
  578
  644
  712
  784
  859
  938
  1,020
  1,105
  1,193
  1,285
  1,381
  1,480
  1,584
  1,691
  1,803
  1,919
  2,040
  2,165
  2,296
  2,433
  2,575
  2,724
  2,879
  3,040
  3,209
  3,386
  3,571
  3,764
  3,966
  4,177
Total debt, $m
  3,618
  4,306
  5,117
  5,970
  6,863
  7,797
  8,771
  9,786
  10,843
  11,942
  13,085
  14,272
  15,506
  16,788
  18,121
  19,507
  20,948
  22,448
  24,010
  25,636
  27,331
  29,098
  30,942
  32,865
  34,874
  36,972
  39,164
  41,456
  43,853
  46,361
  48,985
Total liabilities, $m
  6,490
  7,178
  7,989
  8,842
  9,735
  10,669
  11,643
  12,658
  13,715
  14,814
  15,957
  17,144
  18,378
  19,660
  20,993
  22,379
  23,820
  25,320
  26,882
  28,508
  30,203
  31,970
  33,814
  35,737
  37,746
  39,844
  42,036
  44,328
  46,725
  49,233
  51,857
Total equity, $m
  2,273
  2,431
  2,706
  2,995
  3,297
  3,613
  3,943
  4,287
  4,645
  5,017
  5,404
  5,806
  6,224
  6,659
  7,110
  7,579
  8,068
  8,576
  9,104
  9,655
  10,229
  10,828
  11,452
  12,104
  12,784
  13,495
  14,237
  15,014
  15,825
  16,675
  17,563
Total liabilities and equity, $m
  8,763
  9,609
  10,695
  11,837
  13,032
  14,282
  15,586
  16,945
  18,360
  19,831
  21,361
  22,950
  24,602
  26,319
  28,103
  29,958
  31,888
  33,896
  35,986
  38,163
  40,432
  42,798
  45,266
  47,841
  50,530
  53,339
  56,273
  59,342
  62,550
  65,908
  69,420
Debt-to-equity ratio
  1.592
  1.770
  1.890
  1.990
  2.080
  2.160
  2.220
  2.280
  2.330
  2.380
  2.420
  2.460
  2.490
  2.520
  2.550
  2.570
  2.600
  2.620
  2.640
  2.660
  2.670
  2.690
  2.700
  2.720
  2.730
  2.740
  2.750
  2.760
  2.770
  2.780
  2.790
Adjusted equity ratio
  0.243
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  38
  45
  53
  60
  68
  77
  85
  94
  103
  113
  277
  287
  298
  309
  321
  333
  345
  358
  372
  386
  401
  417
  433
  450
  468
  487
  507
  527
  549
  571
Depreciation, amort., depletion, $m
  534
  617
  663
  711
  761
  814
  869
  926
  986
  1,048
  1,112
  968
  1,037
  1,110
  1,185
  1,263
  1,344
  1,429
  1,517
  1,609
  1,705
  1,804
  1,908
  2,017
  2,130
  2,249
  2,372
  2,502
  2,637
  2,779
  2,927
Funds from operations, $m
  671
  655
  708
  763
  822
  882
  946
  1,011
  1,080
  1,151
  1,225
  1,245
  1,325
  1,408
  1,494
  1,584
  1,677
  1,774
  1,876
  1,981
  2,091
  2,206
  2,325
  2,450
  2,581
  2,717
  2,859
  3,008
  3,164
  3,327
  3,498
Change in working capital, $m
  68
  62
  65
  69
  72
  75
  78
  82
  85
  89
  92
  96
  99
  103
  107
  112
  116
  121
  126
  131
  137
  142
  148
  155
  162
  169
  177
  185
  193
  202
  211
Cash from operations, $m
  603
  593
  643
  695
  750
  807
  867
  930
  995
  1,063
  1,133
  1,149
  1,225
  1,304
  1,387
  1,472
  1,561
  1,654
  1,750
  1,850
  1,955
  2,063
  2,177
  2,295
  2,419
  2,548
  2,683
  2,824
  2,971
  3,125
  3,286
Maintenance CAPEX, $m
  0
  -362
  -405
  -451
  -499
  -549
  -602
  -657
  -714
  -774
  -836
  -901
  -968
  -1,037
  -1,110
  -1,185
  -1,263
  -1,344
  -1,429
  -1,517
  -1,609
  -1,705
  -1,804
  -1,908
  -2,017
  -2,130
  -2,249
  -2,372
  -2,502
  -2,637
  -2,779
New CAPEX, $m
  -278
  -540
  -568
  -597
  -625
  -654
  -682
  -711
  -740
  -769
  -800
  -831
  -863
  -897
  -933
  -970
  -1,009
  -1,050
  -1,093
  -1,138
  -1,186
  -1,237
  -1,290
  -1,346
  -1,406
  -1,468
  -1,534
  -1,604
  -1,677
  -1,755
  -1,836
Cash from investing activities, $m
  -474
  -902
  -973
  -1,048
  -1,124
  -1,203
  -1,284
  -1,368
  -1,454
  -1,543
  -1,636
  -1,732
  -1,831
  -1,934
  -2,043
  -2,155
  -2,272
  -2,394
  -2,522
  -2,655
  -2,795
  -2,942
  -3,094
  -3,254
  -3,423
  -3,598
  -3,783
  -3,976
  -4,179
  -4,392
  -4,615
Free cash flow, $m
  129
  -309
  -330
  -353
  -375
  -396
  -417
  -438
  -459
  -481
  -503
  -582
  -606
  -630
  -656
  -682
  -711
  -741
  -772
  -805
  -841
  -878
  -918
  -959
  -1,004
  -1,051
  -1,100
  -1,153
  -1,208
  -1,267
  -1,329
Issuance/(repayment) of debt, $m
  -205
  768
  811
  852
  893
  934
  974
  1,015
  1,057
  1,099
  1,142
  1,187
  1,234
  1,282
  1,333
  1,386
  1,441
  1,500
  1,562
  1,627
  1,695
  1,767
  1,843
  1,924
  2,009
  2,098
  2,192
  2,292
  2,397
  2,507
  2,624
Issuance/(repurchase) of shares, $m
  1
  225
  230
  236
  242
  248
  253
  259
  264
  269
  274
  125
  130
  136
  142
  149
  155
  163
  170
  179
  188
  197
  207
  218
  230
  242
  256
  270
  285
  301
  318
Cash from financing (excl. dividends), $m  
  -206
  993
  1,041
  1,088
  1,135
  1,182
  1,227
  1,274
  1,321
  1,368
  1,416
  1,312
  1,364
  1,418
  1,475
  1,535
  1,596
  1,663
  1,732
  1,806
  1,883
  1,964
  2,050
  2,142
  2,239
  2,340
  2,448
  2,562
  2,682
  2,808
  2,942
Total cash flow (excl. dividends), $m
  -76
  685
  710
  736
  761
  786
  811
  836
  861
  887
  914
  730
  758
  788
  819
  852
  886
  922
  960
  1,000
  1,042
  1,086
  1,133
  1,183
  1,235
  1,290
  1,348
  1,409
  1,473
  1,541
  1,613
Retained Cash Flow (-), $m
  146
  -263
  -275
  -289
  -303
  -316
  -330
  -344
  -358
  -372
  -387
  -402
  -418
  -434
  -451
  -469
  -488
  -508
  -529
  -551
  -574
  -599
  -624
  -652
  -680
  -711
  -743
  -776
  -812
  -849
  -889
Prev. year cash balance distribution, $m
 
  105
  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
 
  526
  436
  447
  458
  470
  481
  492
  504
  515
  527
  328
  341
  354
  368
  383
  398
  414
  431
  449
  468
  488
  509
  531
  554
  579
  605
  633
  662
  692
  724
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  483
  363
  336
  307
  278
  249
  220
  192
  166
  141
  72
  60
  49
  40
  32
  25
  19
  14
  10
  7
  5
  4
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.0
  92.6
  89.5
  86.7
  84.1
  81.9
  79.8
  77.9
  76.1
  74.5
  73.8
  73.2
  72.5
  71.9
  71.3
  70.8
  70.2
  69.6
  69.1
  68.6
  68.1
  67.5
  67.0
  66.5
  66.0
  65.5
  65.0
  64.6
  64.1
  63.6

Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins and downstream products, such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

FINANCIAL RATIOS  of  Olin (OLN)

Valuation Ratios
P/E Ratio -1421.6
Price to Sales 1
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate 94.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 112.2%
Cap. Spend. - 3 Yr. Gr. Rate 25%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 155.7%
Total Debt to Equity 159.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.2%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 11.3%
Gross Margin - 3 Yr. Avg. 13.9%
EBITDA Margin 12.6%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin -0.6%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 88.2%
Eff/ Tax Rate - 3 Yr. Avg. 79.4%
Payout Ratio -3300%

OLN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OLN stock intrinsic value calculation we used $5551 million for the last fiscal year's total revenue generated by Olin. The default revenue input number comes from 2016 income statement of Olin. 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 OLN stock valuation model: a) initial revenue growth rate of 12% 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 9.1%, whose default value for OLN is calculated based on our internal credit rating of Olin, 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 Olin.
    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 OLN stock the variable cost ratio is equal to 96.5%.

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 OLN 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 Olin.

Corporate tax rate of 27% is the nominal tax rate for Olin. 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 OLN 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 OLN are equal to 80.8%.

Life of production assets of 12.4 years is the average useful life of capital assets used in Olin 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 OLN is equal to 9.3%. 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 - $2273 million for Olin - 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 166.24 million for Olin 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 Olin at the current share price and the inputted number of shares is $5.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Olin Corp. : December 8, 2017   [Dec-08-17 01:17PM  Capital Cube]
▶ ETFs with exposure to Olin Corp. : November 27, 2017   [Nov-27-17 03:10PM  Capital Cube]
▶ [$$] Compliance Officers Want To Use Data to Measure Programs   [Nov-20-17 01:11PM  The Wall Street Journal]
▶ ETFs with exposure to Olin Corp. : November 17, 2017   [Nov-17-17 12:38PM  Capital Cube]
▶ Compliance Officers Want To Use Data to Measure Programs   [Nov-15-17 05:25PM  The Wall Street Journal]
▶ Olin meets 3Q profit forecasts   [Oct-30-17 06:37PM  Associated Press]
▶ Stocks pause after rally following surprising jobs report   [Oct-06-17 11:41AM  Yahoo Finance]
▶ NRA supports regulation on bump stocks   [10:24AM  Yahoo Finance Video]
▶ September jobs disappoint after hurricanes   [09:09AM  Yahoo Finance]
▶ "Fast Money" final trades: JUNO, JD and more   [Sep-29-17 05:25PM  CNBC Videos]
▶ Trade of the Day: Olin Corp. (OLN)   [Sep-25-17 08:39AM  InvestorPlace]
▶ Olin on the Street: Analysts Recommendations   [Sep-01-17 01:06PM  Market Realist]
▶ Is Olins Dividend Yield Attracting Investors?   [11:35AM  Market Realist]
▶ Olin Shows Rising Price Performance With Jump To 82 RS Rating   [Aug-30-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Olin Corp. : August 18, 2017   [Aug-18-17 05:44PM  Capital Cube]
▶ Olin reports 2Q loss   [Jul-31-17 10:47PM  Associated Press]
▶ Olin Declares 363rd Consecutive Quarterly Dividend   [Jul-27-17 05:15PM  PR Newswire]
▶ ETFs with exposure to Olin Corp. : July 24, 2017   [Jul-24-17 05:48PM  Capital Cube]
▶ ETFs with exposure to Olin Corp. : July 14, 2017   [Jul-14-17 04:02PM  Capital Cube]
▶ Olin Corp. Value Analysis (NYSE:OLN) : July 7, 2017   [Jul-07-17 04:07PM  Capital Cube]
▶ Olin Provides Update on 2Q17 Earnings   [Jun-26-17 11:05AM  Market Realist]
▶ Olin Updates Second Quarter 2017 Outlook   [Jun-19-17 05:30PM  PR Newswire]
▶ ETFs with exposure to Olin Corp. : June 13, 2017   [Jun-13-17 12:47PM  Capital Cube]
▶ Five Stocks You Might Want to Sell   [Jun-09-17 03:12PM  GuruFocus.com]
▶ These Stocks Have Changed Direction   [Jun-05-17 12:00PM  TheStreet.com]
▶ ETFs with exposure to Olin Corp. : May 25, 2017   [May-25-17 12:45PM  Capital Cube]
▶ "Fast Money' final trades: OLN, TGT & more   [May-18-17 05:59PM  CNBC Videos]
▶ ETFs with exposure to Olin Corp. : May 8, 2017   [May-08-17 05:01PM  Capital Cube]
▶ Olin misses 1Q profit forecasts   [May-02-17 07:23PM  Associated Press]
▶ Olin Declares 362nd Consecutive Quarterly Dividend   [Apr-27-17 04:30PM  PR Newswire]
▶ Olin Corp. Value Analysis (NYSE:OLN) : April 12, 2017   [Apr-12-17 01:28PM  Capital Cube]
▶ 3 Top Gun Companies to Buy in 2017   [Mar-27-17 02:00PM  Motley Fool]
▶ 3 Top Gun Companies to Buy in 2017   [02:00PM  at Motley Fool]
▶ Olins New $500 Million Debt to Clear Term Loans   [Mar-13-17 03:28PM  Market Realist]
▶ Olin Announces Pricing Terms Of Debt Offering   [Mar-06-17 05:39PM  PR Newswire]
▶ Olin To Pursue Registered Debt Offering   [09:05AM  PR Newswire]
▶ Olin Chairman Rupp to retire, successor named   [Feb-28-17 08:50AM  at bizjournals.com]
▶ Olin Chairman Rupp to retire, successor named   [08:50AM  American City Business Journals]
Financial statements of OLN
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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