Intrinsic value of Stepan - SCL

Previous Close

$89.36

  Intrinsic Value

$55.11

stock screener

  Rating & Target

sell

-38%

Previous close

$89.36

 
Intrinsic value

$55.11

 
Up/down potential

-38%

 
Rating

sell

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 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 2.0

 

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, %
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  2,021
  2,122
  2,228
  2,340
  2,457
  2,580
  2,709
  2,844
  2,986
  3,136
  3,292
  3,457
  3,630
  3,811
  4,002
  4,202
  4,412
  4,633
  4,864
  5,108
  5,363
  5,631
  5,913
  6,208
  6,519
  6,845
  7,187
  7,546
  7,924
  8,320
Variable operating expenses, $m
  1,766
  1,854
  1,947
  2,044
  2,146
  2,253
  2,366
  2,484
  2,608
  2,738
  2,870
  3,014
  3,164
  3,323
  3,489
  3,663
  3,846
  4,039
  4,240
  4,452
  4,675
  4,909
  5,154
  5,412
  5,683
  5,967
  6,265
  6,578
  6,907
  7,253
Fixed operating expenses, $m
  100
  102
  105
  107
  109
  112
  114
  117
  119
  122
  125
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  162
  165
  169
  173
  176
  180
  184
  188
Total operating expenses, $m
  1,866
  1,956
  2,052
  2,151
  2,255
  2,365
  2,480
  2,601
  2,727
  2,860
  2,995
  3,141
  3,294
  3,456
  3,625
  3,802
  3,988
  4,184
  4,388
  4,603
  4,830
  5,067
  5,316
  5,577
  5,852
  6,140
  6,441
  6,758
  7,091
  7,441
Operating income, $m
  155
  166
  177
  189
  202
  215
  229
  244
  259
  276
  298
  316
  336
  356
  377
  400
  424
  449
  476
  504
  533
  564
  597
  631
  667
  705
  745
  788
  832
  879
EBITDA, $m
  239
  253
  269
  285
  303
  321
  340
  360
  381
  404
  427
  452
  479
  506
  535
  566
  598
  632
  667
  705
  744
  786
  830
  876
  924
  975
  1,029
  1,085
  1,144
  1,207
Interest expense (income), $m
  15
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  44
  47
  51
  54
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  110
  116
  123
  131
  138
Earnings before tax, $m
  139
  148
  157
  167
  177
  188
  200
  212
  225
  239
  257
  273
  289
  305
  323
  342
  362
  383
  405
  428
  452
  478
  505
  534
  564
  596
  629
  664
  702
  741
Tax expense, $m
  38
  40
  42
  45
  48
  51
  54
  57
  61
  64
  69
  74
  78
  82
  87
  92
  98
  103
  109
  116
  122
  129
  136
  144
  152
  161
  170
  179
  189
  200
Net income, $m
  101
  108
  115
  122
  129
  137
  146
  155
  164
  174
  188
  199
  211
  223
  236
  250
  264
  279
  295
  312
  330
  349
  369
  390
  412
  435
  459
  485
  512
  541

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
  1,543
  1,620
  1,701
  1,786
  1,875
  1,969
  2,068
  2,171
  2,280
  2,394
  2,513
  2,639
  2,771
  2,909
  3,055
  3,208
  3,368
  3,536
  3,713
  3,899
  4,094
  4,299
  4,514
  4,739
  4,976
  5,225
  5,486
  5,761
  6,049
  6,351
Adjusted assets (=assets-cash), $m
  1,543
  1,620
  1,701
  1,786
  1,875
  1,969
  2,068
  2,171
  2,280
  2,394
  2,513
  2,639
  2,771
  2,909
  3,055
  3,208
  3,368
  3,536
  3,713
  3,899
  4,094
  4,299
  4,514
  4,739
  4,976
  5,225
  5,486
  5,761
  6,049
  6,351
Revenue / Adjusted assets
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
Average production assets, $m
  645
  677
  711
  746
  784
  823
  864
  907
  953
  1,000
  1,050
  1,103
  1,158
  1,216
  1,277
  1,340
  1,407
  1,478
  1,552
  1,629
  1,711
  1,796
  1,886
  1,980
  2,079
  2,183
  2,293
  2,407
  2,528
  2,654
Working capital, $m
  202
  212
  223
  234
  246
  258
  271
  284
  299
  314
  329
  346
  363
  381
  400
  420
  441
  463
  486
  511
  536
  563
  591
  621
  652
  684
  719
  755
  792
  832
Total debt, $m
  326
  365
  405
  447
  491
  538
  587
  638
  692
  748
  808
  870
  936
  1,004
  1,076
  1,152
  1,232
  1,315
  1,403
  1,495
  1,592
  1,693
  1,800
  1,912
  2,029
  2,153
  2,282
  2,418
  2,561
  2,711
Total liabilities, $m
  765
  804
  844
  886
  930
  977
  1,026
  1,077
  1,131
  1,187
  1,247
  1,309
  1,374
  1,443
  1,515
  1,591
  1,671
  1,754
  1,842
  1,934
  2,031
  2,132
  2,239
  2,351
  2,468
  2,592
  2,721
  2,857
  3,000
  3,150
Total equity, $m
  778
  817
  857
  900
  945
  992
  1,042
  1,094
  1,149
  1,206
  1,267
  1,330
  1,397
  1,466
  1,540
  1,617
  1,697
  1,782
  1,871
  1,965
  2,063
  2,166
  2,275
  2,389
  2,508
  2,633
  2,765
  2,903
  3,048
  3,201
Total liabilities and equity, $m
  1,543
  1,621
  1,701
  1,786
  1,875
  1,969
  2,068
  2,171
  2,280
  2,393
  2,514
  2,639
  2,771
  2,909
  3,055
  3,208
  3,368
  3,536
  3,713
  3,899
  4,094
  4,298
  4,514
  4,740
  4,976
  5,225
  5,486
  5,760
  6,048
  6,351
Debt-to-equity ratio
  0.420
  0.450
  0.470
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.640
  0.650
  0.670
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  101
  108
  115
  122
  129
  137
  146
  155
  164
  174
  188
  199
  211
  223
  236
  250
  264
  279
  295
  312
  330
  349
  369
  390
  412
  435
  459
  485
  512
  541
Depreciation, amort., depletion, $m
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
  130
  136
  143
  150
  158
  165
  174
  182
  192
  201
  211
  222
  233
  245
  257
  270
  283
  297
  312
  328
Funds from operations, $m
  185
  196
  207
  218
  231
  243
  257
  271
  286
  302
  318
  335
  354
  373
  394
  415
  438
  462
  487
  514
  541
  571
  602
  634
  668
  705
  742
  782
  824
  868
Change in working capital, $m
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
Cash from operations, $m
  176
  186
  196
  207
  219
  231
  244
  258
  272
  287
  302
  319
  336
  355
  375
  395
  417
  440
  464
  489
  516
  544
  574
  605
  637
  672
  708
  746
  786
  829
Maintenance CAPEX, $m
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -123
  -130
  -136
  -143
  -150
  -158
  -165
  -174
  -182
  -192
  -201
  -211
  -222
  -233
  -245
  -257
  -270
  -283
  -297
  -312
New CAPEX, $m
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -86
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -126
Cash from investing activities, $m
  -107
  -112
  -118
  -124
  -129
  -136
  -143
  -150
  -157
  -166
  -173
  -183
  -191
  -201
  -211
  -222
  -232
  -244
  -256
  -270
  -282
  -297
  -312
  -327
  -344
  -361
  -379
  -398
  -417
  -438
Free cash flow, $m
  69
  74
  79
  84
  89
  95
  101
  108
  115
  122
  128
  136
  145
  154
  164
  174
  184
  196
  208
  220
  233
  247
  262
  278
  294
  311
  329
  349
  369
  390
Issuance/(repayment) of debt, $m
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
  112
  118
  123
  130
  136
  143
  150
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  
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
  112
  118
  123
  130
  136
  143
  150
Total cash flow (excl. dividends), $m
  104
  112
  119
  126
  134
  142
  150
  159
  168
  178
  188
  199
  210
  223
  236
  249
  264
  279
  295
  312
  330
  349
  369
  389
  411
  435
  459
  485
  512
  540
Retained Cash Flow (-), $m
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -132
  -138
  -145
  -152
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
  67
  73
  78
  83
  89
  94
  101
  107
  114
  121
  127
  135
  144
  153
  162
  173
  183
  194
  206
  219
  232
  246
  260
  276
  292
  309
  327
  346
  367
  388
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
  64
  67
  68
  69
  69
  69
  68
  67
  65
  63
  61
  58
  55
  51
  48
  44
  40
  36
  32
  28
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
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 23.3
Price to Sales 1.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 18.4
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 $1925.007 million for the last fiscal year's total revenue generated by Stepan. The default revenue input number comes from 0001 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 5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 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 87.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $98 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%.

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 31.9%.

Life of production assets of 8.1 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 10%. 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 - $740.096 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 22.523 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 $2.0 billion.

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COMPANY NEWS

▶ Is It Time To Buy Stepan Company (NYSE:SCL)?   [Aug-24-18 08:25AM  Simply Wall St.]
▶ Stepan Company to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Stepan Co.: 2Q Earnings Snapshot   [07:34AM  Associated Press]
▶ Stepan Declares Quarterly Dividend   [06:59AM  PR Newswire]
▶ 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]

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