Intrinsic value of Stepan - SCL

Previous Close

$82.54

  Intrinsic Value

$75.30

stock screener

  Rating & Target

hold

-9%

Previous close

$82.54

 
Intrinsic value

$75.30

 
Up/down potential

-9%

 
Rating

hold

We calculate the intrinsic value of SCL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  2,098
  2,279
  2,466
  2,662
  2,865
  3,076
  3,295
  3,522
  3,759
  4,005
  4,262
  4,528
  4,806
  5,095
  5,396
  5,711
  6,038
  6,381
  6,738
  7,111
  7,501
  7,909
  8,336
  8,782
  9,249
  9,738
  10,250
  10,787
  11,349
  11,938
Variable operating expenses, $m
  1,836
  1,993
  2,157
  2,327
  2,504
  2,688
  2,880
  3,079
  3,285
  3,500
  3,719
  3,952
  4,194
  4,446
  4,709
  4,984
  5,270
  5,568
  5,880
  6,206
  6,547
  6,903
  7,275
  7,664
  8,072
  8,499
  8,946
  9,414
  9,904
  10,418
Fixed operating expenses, $m
  99
  101
  104
  106
  108
  111
  113
  115
  118
  121
  123
  126
  129
  132
  134
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
  178
  182
  186
Total operating expenses, $m
  1,935
  2,094
  2,261
  2,433
  2,612
  2,799
  2,993
  3,194
  3,403
  3,621
  3,842
  4,078
  4,323
  4,578
  4,843
  5,121
  5,410
  5,712
  6,027
  6,356
  6,700
  7,060
  7,435
  7,828
  8,239
  8,670
  9,121
  9,592
  10,086
  10,604
Operating income, $m
  164
  184
  206
  229
  252
  277
  302
  329
  356
  385
  419
  450
  483
  517
  552
  589
  628
  669
  711
  755
  802
  850
  901
  954
  1,010
  1,069
  1,130
  1,195
  1,262
  1,333
EBITDA, $m
  237
  264
  292
  321
  351
  383
  415
  450
  485
  522
  560
  600
  642
  686
  731
  778
  828
  880
  934
  991
  1,050
  1,112
  1,177
  1,245
  1,316
  1,391
  1,469
  1,552
  1,638
  1,728
Interest expense (income), $m
  15
  16
  19
  23
  27
  31
  35
  39
  44
  48
  53
  58
  64
  69
  75
  81
  87
  93
  100
  107
  114
  122
  130
  138
  147
  156
  166
  176
  186
  197
  209
Earnings before tax, $m
  148
  165
  183
  202
  221
  242
  263
  285
  308
  332
  361
  387
  414
  442
  472
  503
  535
  569
  604
  641
  680
  720
  763
  807
  854
  903
  954
  1,008
  1,065
  1,124
Tax expense, $m
  40
  45
  49
  54
  60
  65
  71
  77
  83
  90
  97
  104
  112
  119
  127
  136
  144
  154
  163
  173
  183
  194
  206
  218
  231
  244
  258
  272
  287
  304
Net income, $m
  108
  121
  134
  147
  162
  176
  192
  208
  225
  242
  263
  282
  302
  323
  344
  367
  390
  415
  441
  468
  496
  526
  557
  589
  623
  659
  697
  736
  777
  821

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
  1,603
  1,741
  1,884
  2,033
  2,188
  2,350
  2,517
  2,691
  2,872
  3,060
  3,256
  3,459
  3,671
  3,892
  4,122
  4,362
  4,613
  4,874
  5,147
  5,433
  5,731
  6,042
  6,368
  6,709
  7,066
  7,440
  7,831
  8,240
  8,670
  9,120
Adjusted assets (=assets-cash), $m
  1,603
  1,741
  1,884
  2,033
  2,188
  2,350
  2,517
  2,691
  2,872
  3,060
  3,256
  3,459
  3,671
  3,892
  4,122
  4,362
  4,613
  4,874
  5,147
  5,433
  5,731
  6,042
  6,368
  6,709
  7,066
  7,440
  7,831
  8,240
  8,670
  9,120
Revenue / Adjusted assets
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
  1.309
Average production assets, $m
  695
  754
  816
  881
  948
  1,018
  1,091
  1,166
  1,244
  1,326
  1,411
  1,499
  1,591
  1,686
  1,786
  1,890
  1,999
  2,112
  2,230
  2,354
  2,483
  2,618
  2,759
  2,907
  3,062
  3,223
  3,393
  3,570
  3,756
  3,951
Working capital, $m
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -166
  -174
  -183
  -193
  -203
Total debt, $m
  357
  425
  496
  571
  648
  728
  811
  897
  987
  1,081
  1,178
  1,279
  1,385
  1,494
  1,609
  1,728
  1,853
  1,983
  2,118
  2,260
  2,408
  2,563
  2,725
  2,894
  3,072
  3,257
  3,452
  3,655
  3,869
  4,092
Total liabilities, $m
  797
  865
  936
  1,011
  1,088
  1,168
  1,251
  1,337
  1,427
  1,521
  1,618
  1,719
  1,825
  1,934
  2,049
  2,168
  2,293
  2,423
  2,558
  2,700
  2,848
  3,003
  3,165
  3,334
  3,512
  3,697
  3,892
  4,096
  4,309
  4,532
Total equity, $m
  806
  876
  948
  1,023
  1,101
  1,182
  1,266
  1,354
  1,445
  1,539
  1,638
  1,740
  1,847
  1,958
  2,074
  2,194
  2,320
  2,452
  2,589
  2,733
  2,882
  3,039
  3,203
  3,375
  3,554
  3,742
  3,939
  4,145
  4,361
  4,587
Total liabilities and equity, $m
  1,603
  1,741
  1,884
  2,034
  2,189
  2,350
  2,517
  2,691
  2,872
  3,060
  3,256
  3,459
  3,672
  3,892
  4,123
  4,362
  4,613
  4,875
  5,147
  5,433
  5,730
  6,042
  6,368
  6,709
  7,066
  7,439
  7,831
  8,241
  8,670
  9,119
Debt-to-equity ratio
  0.440
  0.490
  0.520
  0.560
  0.590
  0.620
  0.640
  0.660
  0.680
  0.700
  0.720
  0.740
  0.750
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
Adjusted equity ratio
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503
  0.503

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  121
  134
  147
  162
  176
  192
  208
  225
  242
  263
  282
  302
  323
  344
  367
  390
  415
  441
  468
  496
  526
  557
  589
  623
  659
  697
  736
  777
  821
Depreciation, amort., depletion, $m
  74
  80
  86
  93
  99
  106
  113
  121
  129
  137
  141
  150
  159
  169
  179
  189
  200
  211
  223
  235
  248
  262
  276
  291
  306
  322
  339
  357
  376
  395
Funds from operations, $m
  182
  200
  220
  240
  261
  283
  305
  329
  353
  379
  404
  432
  461
  491
  523
  556
  590
  626
  664
  703
  744
  787
  833
  880
  929
  981
  1,036
  1,093
  1,153
  1,216
Change in working capital, $m
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  185
  203
  223
  243
  264
  286
  309
  333
  357
  383
  409
  437
  466
  496
  528
  561
  596
  632
  670
  710
  751
  794
  840
  888
  937
  990
  1,045
  1,102
  1,163
  1,226
Maintenance CAPEX, $m
  -64
  -69
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -133
  -141
  -150
  -159
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -262
  -276
  -291
  -306
  -322
  -339
  -357
  -376
New CAPEX, $m
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -186
  -195
Cash from investing activities, $m
  -122
  -129
  -137
  -147
  -155
  -165
  -175
  -184
  -195
  -205
  -218
  -229
  -242
  -255
  -269
  -283
  -298
  -313
  -329
  -347
  -364
  -383
  -403
  -424
  -446
  -468
  -492
  -517
  -543
  -571
Free cash flow, $m
  63
  74
  85
  97
  109
  122
  135
  148
  162
  177
  191
  207
  224
  242
  260
  279
  298
  319
  340
  363
  387
  411
  437
  464
  492
  522
  553
  585
  619
  655
Issuance/(repayment) of debt, $m
  66
  69
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  110
  114
  119
  124
  130
  136
  142
  148
  155
  162
  169
  177
  186
  194
  204
  213
  224
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  
  66
  69
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  110
  114
  119
  124
  130
  136
  142
  148
  155
  162
  169
  177
  186
  194
  204
  213
  224
Total cash flow (excl. dividends), $m
  129
  143
  157
  171
  186
  202
  218
  235
  252
  271
  289
  309
  330
  351
  374
  398
  423
  449
  476
  505
  535
  566
  599
  633
  669
  707
  747
  789
  833
  879
Retained Cash Flow (-), $m
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -226
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
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
Cash available for distribution, $m
  62
  73
  84
  96
  108
  121
  134
  147
  161
  176
  190
  206
  223
  240
  258
  277
  297
  317
  339
  361
  385
  409
  435
  462
  490
  519
  550
  583
  617
  653
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
  60
  67
  73
  79
  84
  87
  90
  92
  93
  92
  90
  88
  85
  81
  76
  70
  65
  58
  52
  46
  40
  34
  29
  24
  19
  15
  12
  9
  7
  5
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

Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a range of end products. The Company operates through three segments: Surfactants, Polymers and Specialty Products. The Company's principal markets include manufacturers of cleaning and washing compounds (including detergents, shampoos, fabric softeners, toothpastes and household cleaners), paints, cosmetics, food, beverages, nutritional supplements, agricultural products and plastics. Its Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. Its Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. Its Specialty Products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications.

FINANCIAL RATIOS  of  Stepan (SCL)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 17
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 45.5%
Total Debt to Equity 49.9%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 16.5%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 19.8%

SCL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCL stock intrinsic value calculation we used $1925 million for the last fiscal year's total revenue generated by Stepan. The default revenue input number comes from 2017 income statement of Stepan. 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 SCL stock valuation model: a) initial revenue growth rate of 9% 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 SCL is calculated based on our internal credit rating of Stepan, 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 Stepan.
    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 SCL stock the variable cost ratio is equal to 87.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $97 million in the base year in the intrinsic value calculation for SCL 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 Stepan.

Corporate tax rate of 27% is the nominal tax rate for Stepan. 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 SCL stock is equal to 0.4%.

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 SCL are equal to 33.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Stepan 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 SCL is equal to -1.7%. 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 - $740 million for Stepan - 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 23 million for Stepan 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 Stepan at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for May 31st   [May-31-18 09:32AM  Zacks]
▶ Moving Average Crossover Alert: Stepan (SCL)   [May-24-18 07:40AM  Zacks]
▶ Stepan (SCL) is Oversold: Can It Recover?   [Apr-27-18 08:42AM  Zacks]
▶ Stepan Co.: 1Q Earnings Snapshot   [07:09AM  Associated Press]
▶ Stepan Reports First Quarter Earnings   [06:59AM  PR Newswire]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ Stepan Company to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ P&G executive hired as CFO of chemical maker   [Apr-12-18 01:17PM  American City Business Journals]
▶ New Strong Buy Stocks for March 19th   [Mar-19-18 10:11AM  Zacks]
▶ New Strong Buy Stocks for March 9th   [Mar-09-18 09:10AM  Zacks]
▶ Stepan Co. posts 4Q profit   [Feb-22-18 10:01AM  Associated Press]
▶ Stepan Company to Host Earnings Call   [08:50AM  ACCESSWIRE]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ New Strong Sell Stocks for February 16th   [Feb-16-18 06:35AM  Zacks]
▶ New Strong Sell Stocks for February 9th   [Feb-09-18 05:43AM  Zacks]
▶ New Strong Sell Stocks for November 2nd   [Nov-02-17 08:44AM  Zacks]
▶ New Strong Sell Stocks for October 30th   [Oct-30-17 09:23AM  Zacks]
▶ ETFs with exposure to Stepan Co. : October 26, 2017   [Oct-26-17 10:46AM  Capital Cube]
▶ Stepan Co. posts 3Q profit   [07:13AM  Associated Press]
▶ Stepan Reports Third Quarter Results   [06:59AM  PR Newswire]
▶ Stepan Company to Host Earnings Call   [06:55AM  ACCESSWIRE]
▶ ETFs with exposure to Stepan Co. : October 16, 2017   [Oct-16-17 09:59AM  Capital Cube]
▶ ETFs with exposure to Stepan Co. : October 3, 2017   [Oct-03-17 11:35AM  Capital Cube]
▶ Stepan Co. posts 2Q profit   [Jul-26-17 09:28PM  Associated Press]
▶ Stepan Declares Quarterly Dividend   [07:00AM  PR Newswire]
▶ Stepan Company Announces Dividend Record Date Correction   [May-19-17 08:00PM  PR Newswire]
▶ ETFs with exposure to Stepan Co. : May 2, 2017   [May-02-17 04:36PM  Capital Cube]
▶ Stepan Co. posts 1Q profit   [07:32AM  Associated Press]
▶ Stepan Reports Record Quarterly Earnings   [06:59AM  PR Newswire]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
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