Intrinsic value of PolyOne - POL

Previous Close

$43.46

  Intrinsic Value

$32.18

stock screener

  Rating & Target

sell

-26%

Previous close

$43.46

 
Intrinsic value

$32.18

 
Up/down potential

-26%

 
Rating

sell

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

We calculate the intrinsic value of POL 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 3.6

 

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, %
  -1.12
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  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
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  3,340
  3,587
  3,844
  4,111
  4,388
  4,677
  4,977
  5,289
  5,615
  5,953
  6,306
  6,674
  7,058
  7,459
  7,878
  8,315
  8,772
  9,249
  9,749
  10,271
  10,818
  11,391
  11,990
  12,618
  13,276
  13,965
  14,687
  15,444
  16,238
  17,070
  17,943
Variable operating expenses, $m
 
  3,336
  3,571
  3,815
  4,069
  4,333
  4,608
  4,893
  5,191
  5,501
  5,824
  6,107
  6,459
  6,825
  7,208
  7,608
  8,026
  8,463
  8,920
  9,399
  9,899
  10,423
  10,971
  11,546
  12,148
  12,778
  13,439
  14,132
  14,858
  15,620
  16,419
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
  3,058
  3,336
  3,571
  3,815
  4,069
  4,333
  4,608
  4,893
  5,191
  5,501
  5,824
  6,107
  6,459
  6,825
  7,208
  7,608
  8,026
  8,463
  8,920
  9,399
  9,899
  10,423
  10,971
  11,546
  12,148
  12,778
  13,439
  14,132
  14,858
  15,620
  16,419
Operating income, $m
  282
  251
  273
  296
  320
  344
  370
  396
  424
  452
  482
  567
  600
  634
  669
  706
  745
  786
  828
  873
  919
  968
  1,019
  1,072
  1,128
  1,186
  1,248
  1,312
  1,380
  1,450
  1,524
EBITDA, $m
  383
  370
  396
  424
  452
  482
  513
  545
  579
  614
  650
  688
  728
  769
  812
  857
  904
  954
  1,005
  1,059
  1,115
  1,174
  1,236
  1,301
  1,369
  1,440
  1,514
  1,592
  1,674
  1,760
  1,850
Interest expense (income), $m
  0
  43
  49
  54
  59
  65
  71
  78
  84
  91
  98
  105
  113
  121
  129
  138
  147
  157
  167
  177
  188
  200
  212
  224
  237
  251
  265
  280
  296
  313
  330
Earnings before tax, $m
  222
  208
  225
  242
  260
  279
  298
  319
  340
  362
  385
  462
  487
  513
  540
  568
  598
  629
  661
  695
  731
  768
  807
  848
  891
  935
  982
  1,032
  1,083
  1,137
  1,194
Tax expense, $m
  57
  56
  61
  65
  70
  75
  81
  86
  92
  98
  104
  125
  131
  138
  146
  153
  161
  170
  179
  188
  197
  207
  218
  229
  240
  253
  265
  279
  292
  307
  322
Net income, $m
  165
  152
  164
  177
  190
  204
  218
  233
  248
  264
  281
  337
  355
  374
  394
  415
  436
  459
  483
  508
  534
  561
  589
  619
  650
  683
  717
  753
  791
  830
  872

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  226
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,738
  2,697
  2,890
  3,091
  3,300
  3,516
  3,742
  3,977
  4,221
  4,476
  4,742
  5,018
  5,307
  5,608
  5,923
  6,252
  6,595
  6,954
  7,330
  7,723
  8,134
  8,564
  9,015
  9,487
  9,982
  10,500
  11,043
  11,612
  12,209
  12,835
  13,491
Adjusted assets (=assets-cash), $m
  2,512
  2,697
  2,890
  3,091
  3,300
  3,516
  3,742
  3,977
  4,221
  4,476
  4,742
  5,018
  5,307
  5,608
  5,923
  6,252
  6,595
  6,954
  7,330
  7,723
  8,134
  8,564
  9,015
  9,487
  9,982
  10,500
  11,043
  11,612
  12,209
  12,835
  13,491
Revenue / Adjusted assets
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
Average production assets, $m
  849
  911
  976
  1,044
  1,115
  1,188
  1,264
  1,344
  1,426
  1,512
  1,602
  1,695
  1,793
  1,895
  2,001
  2,112
  2,228
  2,349
  2,476
  2,609
  2,748
  2,893
  3,045
  3,205
  3,372
  3,547
  3,731
  3,923
  4,124
  4,336
  4,558
Working capital, $m
  440
  251
  269
  288
  307
  327
  348
  370
  393
  417
  441
  467
  494
  522
  551
  582
  614
  647
  682
  719
  757
  797
  839
  883
  929
  978
  1,028
  1,081
  1,137
  1,195
  1,256
Total debt, $m
  1,258
  1,387
  1,540
  1,699
  1,865
  2,037
  2,216
  2,403
  2,597
  2,799
  3,010
  3,230
  3,459
  3,698
  3,948
  4,209
  4,482
  4,767
  5,065
  5,377
  5,703
  6,045
  6,403
  6,778
  7,170
  7,582
  8,013
  8,465
  8,939
  9,436
  9,957
Total liabilities, $m
  2,014
  2,142
  2,295
  2,454
  2,620
  2,792
  2,971
  3,158
  3,352
  3,554
  3,765
  3,985
  4,214
  4,453
  4,703
  4,964
  5,237
  5,522
  5,820
  6,132
  6,458
  6,800
  7,158
  7,533
  7,925
  8,337
  8,768
  9,220
  9,694
  10,191
  10,712
Total equity, $m
  725
  556
  595
  637
  680
  724
  771
  819
  870
  922
  977
  1,034
  1,093
  1,155
  1,220
  1,288
  1,359
  1,433
  1,510
  1,591
  1,676
  1,764
  1,857
  1,954
  2,056
  2,163
  2,275
  2,392
  2,515
  2,644
  2,779
Total liabilities and equity, $m
  2,739
  2,698
  2,890
  3,091
  3,300
  3,516
  3,742
  3,977
  4,222
  4,476
  4,742
  5,019
  5,307
  5,608
  5,923
  6,252
  6,596
  6,955
  7,330
  7,723
  8,134
  8,564
  9,015
  9,487
  9,981
  10,500
  11,043
  11,612
  12,209
  12,835
  13,491
Debt-to-equity ratio
  1.735
  2.500
  2.590
  2.670
  2.740
  2.810
  2.870
  2.930
  2.990
  3.040
  3.080
  3.120
  3.160
  3.200
  3.240
  3.270
  3.300
  3.330
  3.350
  3.380
  3.400
  3.430
  3.450
  3.470
  3.490
  3.510
  3.520
  3.540
  3.550
  3.570
  3.580
Adjusted equity ratio
  0.199
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  165
  152
  164
  177
  190
  204
  218
  233
  248
  264
  281
  337
  355
  374
  394
  415
  436
  459
  483
  508
  534
  561
  589
  619
  650
  683
  717
  753
  791
  830
  872
Depreciation, amort., depletion, $m
  101
  118
  123
  128
  133
  138
  144
  149
  155
  161
  168
  121
  128
  135
  143
  151
  159
  168
  177
  186
  196
  207
  218
  229
  241
  253
  266
  280
  295
  310
  326
Funds from operations, $m
  152
  270
  287
  305
  323
  342
  361
  382
  403
  425
  448
  458
  483
  510
  537
  566
  596
  627
  660
  694
  730
  767
  807
  848
  891
  936
  984
  1,033
  1,085
  1,140
  1,197
Change in working capital, $m
  -69
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
Cash from operations, $m
  221
  253
  269
  286
  303
  321
  340
  360
  380
  402
  424
  432
  456
  482
  508
  535
  564
  593
  625
  657
  692
  727
  765
  804
  845
  888
  933
  980
  1,030
  1,082
  1,136
Maintenance CAPEX, $m
  0
  -61
  -65
  -70
  -75
  -80
  -85
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -295
  -310
New CAPEX, $m
  -84
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -202
  -211
  -222
Cash from investing activities, $m
  -235
  -123
  -130
  -138
  -145
  -153
  -161
  -169
  -179
  -188
  -198
  -207
  -219
  -230
  -241
  -254
  -267
  -280
  -295
  -310
  -325
  -341
  -359
  -377
  -396
  -416
  -436
  -458
  -482
  -506
  -532
Free cash flow, $m
  -14
  130
  139
  148
  158
  169
  179
  190
  202
  214
  226
  224
  238
  252
  266
  281
  297
  313
  330
  348
  366
  386
  406
  427
  449
  472
  496
  522
  548
  576
  605
Issuance/(repayment) of debt, $m
  93
  148
  153
  159
  166
  172
  179
  186
  194
  202
  211
  220
  229
  239
  250
  261
  273
  285
  298
  312
  326
  342
  358
  375
  393
  411
  431
  452
  474
  497
  521
Issuance/(repurchase) of shares, $m
  -85
  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  
  6
  148
  153
  159
  166
  172
  179
  186
  194
  202
  211
  220
  229
  239
  250
  261
  273
  285
  298
  312
  326
  342
  358
  375
  393
  411
  431
  452
  474
  497
  521
Total cash flow (excl. dividends), $m
  -13
  278
  292
  308
  324
  341
  358
  377
  396
  416
  437
  444
  467
  491
  516
  542
  569
  598
  628
  660
  693
  727
  764
  802
  842
  884
  927
  974
  1,022
  1,073
  1,126
Retained Cash Flow (-), $m
  -21
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
Prev. year cash balance distribution, $m
 
  207
  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
 
  447
  252
  266
  281
  296
  312
  328
  346
  363
  382
  387
  408
  429
  451
  474
  499
  524
  551
  579
  608
  639
  671
  704
  740
  777
  816
  856
  899
  944
  991
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  416
  217
  210
  201
  191
  180
  168
  155
  141
  127
  109
  96
  83
  71
  59
  49
  40
  32
  25
  19
  14
  10
  7
  5
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  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

PolyOne Corporation (PolyOne) provides specialized polymer materials, services and solutions. The Company's segments include Color, Additives and Inks; Specialty Engineered Materials; Performance Products and Solutions, and PolyOne Distribution. The Color, Additives and Inks segment provides custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets. The Specialty Engineered Materials segment provides specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials. The Performance Products and Solutions segment consists of the Geon Performance Materials and Producer Services business units. As of December 31, 2016, the PolyOne Distribution segment distributed more than 4,000 grades of engineering and commodity grade resins.

FINANCIAL RATIOS  of  PolyOne (POL)

Valuation Ratios
P/E Ratio 21.8
Price to Sales 1.1
Price to Book 5
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.7%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 12
Current Ratio 0.3
LT Debt to Equity 170.9%
Total Debt to Equity 173.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 23.1%
Return On Equity - 3 Yr. Avg. 17.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 21.5%
Gross Margin - 3 Yr. Avg. 21.5%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 6.6%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 25.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.3%
Payout Ratio 24.2%

POL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POL stock intrinsic value calculation we used $3340 million for the last fiscal year's total revenue generated by PolyOne. The default revenue input number comes from 2016 income statement of PolyOne. 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 POL stock valuation model: a) initial revenue growth rate of 7.4% 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 7.5%, whose default value for POL is calculated based on our internal credit rating of PolyOne, 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 PolyOne.
    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 POL stock the variable cost ratio is equal to 93.1%.

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 POL 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 3.5% for PolyOne.

Corporate tax rate of 27% is the nominal tax rate for PolyOne. 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 POL 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 POL are equal to 25.4%.

Life of production assets of 14 years is the average useful life of capital assets used in PolyOne 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 POL is equal to 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 - $725 million for PolyOne - 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 81.897 million for PolyOne 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 PolyOne at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ PolyOne Launches New Hammerhead Marine Composites   [Dec-13-17 04:32PM  PR Newswire]
▶ ETFs with exposure to PolyOne Corp. : November 14, 2017   [Nov-14-17 02:44PM  Capital Cube]
▶ PolyOne tops Street 3Q forecasts   [Oct-25-17 06:51AM  Associated Press]
▶ PolyOne Delights Investors with 30% Dividend Increase   [Oct-16-17 08:29AM  Market Realist]
▶ PolyOne To Hold Third Quarter 2017 Conference Call   [Oct-09-17 04:35PM  PR Newswire]
▶ Stocks Generating Improved Relative Strength: PolyOne   [Sep-22-17 03:00AM  Investor's Business Daily]
▶ A Look at PolyOnes Stock Performance So Far in 2017   [Sep-19-17 09:09AM  Market Realist]
▶ PolyOnes Valuation Compared to Its Peers   [08:07AM  Market Realist]
▶ Wall Street Talks: Analysts Recommendations for PolyOne   [Sep-18-17 11:06AM  Market Realist]
▶ What PolyOnes Dividend Yield Suggests   [09:37AM  Market Realist]
▶ What Does PolyOne Corporations (POL) Share Price Indicate?   [Sep-10-17 07:08AM  Simply Wall St.]
▶ ETFs with exposure to PolyOne Corp. : August 18, 2017   [Aug-18-17 05:47PM  Capital Cube]
▶ ETFs with exposure to PolyOne Corp. : August 8, 2017   [Aug-08-17 05:03PM  Capital Cube]
▶ PolyOne reports 2Q loss   [Jul-25-17 10:00PM  Associated Press]
▶ Spartech reborn in $115 million deal   [Jul-20-17 09:00AM  American City Business Journals]
▶ PolyOne Corporation Announces Quarterly Dividend   [Jul-13-17 04:30PM  PR Newswire]
▶ ETFs with exposure to PolyOne Corp. : July 11, 2017   [Jul-11-17 02:56PM  Capital Cube]
▶ PolyOne To Hold Second Quarter 2017 Conference Call   [Jul-10-17 04:30PM  PR Newswire]
▶ [$$] Arsenal Capital Carves Out Division of PolyOne in $115 Million Deal   [Jun-29-17 06:43PM  The Wall Street Journal]
▶ PolyOne Corp. Value Analysis (NYSE:POL) : June 19, 2017   [Jun-19-17 05:06PM  Capital Cube]
▶ [$$] Riverside Sells Rutland Group to PolyOne   [Jun-15-17 03:07PM  The Wall Street Journal]
▶ PolyOne Acquired Rutland Holding Company   [Jun-13-17 10:37AM  Market Realist]
▶ ETFs with exposure to PolyOne Corp. : May 1, 2017   [May-01-17 04:18PM  Capital Cube]
▶ PolyOne Announces First Quarter 2017 Results   [Apr-27-17 06:34AM  PR Newswire]
▶ PolyOne tops Street 1Q forecasts   [06:32AM  Associated Press]
▶ PolyOne To Hold First Quarter 2017 Conference Call   [Apr-06-17 04:56PM  PR Newswire]
▶ PolyOne Board Elects Kim Ann Mink as Director   [Mar-08-17 04:30PM  PR Newswire]
▶ PolyOne Corporation Announces Quarterly Dividend   [Feb-15-17 04:46PM  PR Newswire]
Financial statements of POL
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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