Intrinsic value of A. Schulman - SHLM

Previous Close

$42.95

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$42.95

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of SHLM 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 1.2

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,510
  2,568
  2,634
  2,708
  2,790
  2,880
  2,978
  3,084
  3,199
  3,322
  3,453
  3,593
  3,742
  3,901
  4,069
  4,248
  4,436
  4,636
  4,847
  5,070
  5,305
  5,552
  5,814
  6,089
  6,379
  6,684
  7,005
  7,343
  7,699
  8,073
Variable operating expenses, $m
  2,820
  2,884
  2,956
  3,038
  3,128
  3,227
  3,335
  3,452
  3,578
  3,713
  3,798
  3,952
  4,116
  4,290
  4,475
  4,671
  4,879
  5,098
  5,330
  5,575
  5,834
  6,106
  6,394
  6,696
  7,015
  7,351
  7,704
  8,076
  8,467
  8,878
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
  2,820
  2,884
  2,956
  3,038
  3,128
  3,227
  3,335
  3,452
  3,578
  3,713
  3,798
  3,952
  4,116
  4,290
  4,475
  4,671
  4,879
  5,098
  5,330
  5,575
  5,834
  6,106
  6,394
  6,696
  7,015
  7,351
  7,704
  8,076
  8,467
  8,878
Operating income, $m
  -310
  -316
  -322
  -330
  -338
  -347
  -357
  -367
  -379
  -391
  -345
  -359
  -373
  -389
  -406
  -424
  -443
  -463
  -484
  -506
  -529
  -554
  -580
  -608
  -636
  -667
  -699
  -733
  -768
  -806
EBITDA, $m
  -157
  -161
  -165
  -169
  -175
  -180
  -186
  -193
  -200
  -208
  -216
  -225
  -234
  -244
  -255
  -266
  -278
  -290
  -303
  -317
  -332
  -347
  -364
  -381
  -399
  -418
  -438
  -460
  -482
  -505
Interest expense (income), $m
  49
  52
  54
  56
  59
  61
  64
  67
  71
  75
  79
  83
  88
  93
  99
  104
  110
  117
  124
  131
  138
  146
  155
  164
  173
  183
  194
  205
  216
  228
  241
Earnings before tax, $m
  -362
  -370
  -379
  -388
  -399
  -411
  -424
  -438
  -454
  -470
  -428
  -447
  -467
  -488
  -510
  -534
  -559
  -586
  -614
  -644
  -676
  -709
  -744
  -781
  -820
  -861
  -904
  -949
  -997
  -1,047
Tax expense, $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
Net income, $m
  -362
  -370
  -379
  -388
  -399
  -411
  -424
  -438
  -454
  -470
  -428
  -447
  -467
  -488
  -510
  -534
  -559
  -586
  -614
  -644
  -676
  -709
  -744
  -781
  -820
  -861
  -904
  -949
  -997
  -1,047

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
  1,789
  1,830
  1,877
  1,930
  1,989
  2,053
  2,123
  2,199
  2,280
  2,368
  2,461
  2,561
  2,667
  2,780
  2,900
  3,027
  3,162
  3,304
  3,455
  3,613
  3,781
  3,957
  4,144
  4,340
  4,546
  4,764
  4,993
  5,234
  5,487
  5,754
Adjusted assets (=assets-cash), $m
  1,789
  1,830
  1,877
  1,930
  1,989
  2,053
  2,123
  2,199
  2,280
  2,368
  2,461
  2,561
  2,667
  2,780
  2,900
  3,027
  3,162
  3,304
  3,455
  3,613
  3,781
  3,957
  4,144
  4,340
  4,546
  4,764
  4,993
  5,234
  5,487
  5,754
Revenue / Adjusted assets
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.402
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
  1.403
Average production assets, $m
  934
  955
  980
  1,007
  1,038
  1,071
  1,108
  1,147
  1,190
  1,236
  1,285
  1,337
  1,392
  1,451
  1,514
  1,580
  1,650
  1,725
  1,803
  1,886
  1,973
  2,065
  2,163
  2,265
  2,373
  2,486
  2,606
  2,732
  2,864
  3,003
Working capital, $m
  -43
  -44
  -45
  -46
  -47
  -49
  -51
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -108
  -114
  -119
  -125
  -131
  -137
Total debt, $m
  949
  986
  1,028
  1,074
  1,126
  1,183
  1,245
  1,313
  1,385
  1,463
  1,546
  1,635
  1,729
  1,829
  1,936
  2,049
  2,168
  2,295
  2,428
  2,569
  2,718
  2,875
  3,040
  3,214
  3,398
  3,591
  3,794
  4,008
  4,233
  4,470
Total liabilities, $m
  1,589
  1,625
  1,667
  1,714
  1,766
  1,823
  1,885
  1,952
  2,025
  2,102
  2,185
  2,274
  2,369
  2,469
  2,576
  2,688
  2,808
  2,934
  3,068
  3,209
  3,357
  3,514
  3,680
  3,854
  4,037
  4,230
  4,434
  4,648
  4,873
  5,109
Total equity, $m
  200
  205
  210
  216
  223
  230
  238
  246
  255
  265
  276
  287
  299
  311
  325
  339
  354
  370
  387
  405
  423
  443
  464
  486
  509
  534
  559
  586
  615
  644
Total liabilities and equity, $m
  1,789
  1,830
  1,877
  1,930
  1,989
  2,053
  2,123
  2,198
  2,280
  2,367
  2,461
  2,561
  2,668
  2,780
  2,901
  3,027
  3,162
  3,304
  3,455
  3,614
  3,780
  3,957
  4,144
  4,340
  4,546
  4,764
  4,993
  5,234
  5,488
  5,753
Debt-to-equity ratio
  4.740
  4.810
  4.890
  4.970
  5.060
  5.150
  5.240
  5.330
  5.420
  5.520
  5.610
  5.700
  5.790
  5.870
  5.960
  6.040
  6.120
  6.200
  6.280
  6.350
  6.420
  6.490
  6.550
  6.610
  6.670
  6.730
  6.780
  6.840
  6.890
  6.940
Adjusted equity ratio
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112
  0.112

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -362
  -370
  -379
  -388
  -399
  -411
  -424
  -438
  -454
  -470
  -428
  -447
  -467
  -488
  -510
  -534
  -559
  -586
  -614
  -644
  -676
  -709
  -744
  -781
  -820
  -861
  -904
  -949
  -997
  -1,047
Depreciation, amort., depletion, $m
  153
  155
  158
  160
  163
  167
  170
  174
  179
  183
  128
  134
  139
  145
  151
  158
  165
  172
  180
  189
  197
  207
  216
  227
  237
  249
  261
  273
  286
  300
Funds from operations, $m
  -209
  -215
  -221
  -228
  -236
  -244
  -254
  -264
  -275
  -287
  -299
  -313
  -327
  -343
  -359
  -376
  -394
  -414
  -434
  -456
  -478
  -502
  -528
  -554
  -582
  -612
  -643
  -676
  -710
  -747
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  -209
  -214
  -220
  -227
  -234
  -243
  -252
  -262
  -273
  -285
  -297
  -311
  -325
  -340
  -356
  -373
  -391
  -410
  -431
  -452
  -474
  -498
  -523
  -550
  -577
  -607
  -638
  -670
  -704
  -740
Maintenance CAPEX, $m
  -91
  -93
  -96
  -98
  -101
  -104
  -107
  -111
  -115
  -119
  -124
  -128
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -189
  -197
  -207
  -216
  -227
  -237
  -249
  -261
  -273
  -286
New CAPEX, $m
  -19
  -21
  -25
  -28
  -31
  -34
  -36
  -39
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -119
  -126
  -132
  -139
Cash from investing activities, $m
  -110
  -114
  -121
  -126
  -132
  -138
  -143
  -150
  -158
  -165
  -173
  -180
  -190
  -198
  -208
  -217
  -228
  -239
  -250
  -263
  -276
  -289
  -304
  -318
  -335
  -351
  -368
  -387
  -405
  -425
Free cash flow, $m
  -319
  -329
  -340
  -352
  -366
  -380
  -396
  -413
  -430
  -449
  -470
  -491
  -514
  -538
  -564
  -591
  -619
  -650
  -681
  -715
  -750
  -788
  -827
  -868
  -912
  -958
  -1,006
  -1,056
  -1,110
  -1,166
Issuance/(repayment) of debt, $m
  32
  37
  42
  47
  52
  57
  62
  67
  72
  78
  83
  89
  94
  100
  107
  113
  119
  126
  133
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
  237
Issuance/(repurchase) of shares, $m
  366
  375
  384
  394
  406
  418
  432
  447
  463
  480
  438
  458
  479
  500
  524
  548
  575
  602
  631
  662
  694
  729
  765
  803
  843
  885
  929
  976
  1,025
  1,077
Cash from financing (excl. dividends), $m  
  398
  412
  426
  441
  458
  475
  494
  514
  535
  558
  521
  547
  573
  600
  631
  661
  694
  728
  764
  803
  843
  886
  930
  977
  1,026
  1,078
  1,132
  1,190
  1,250
  1,314
Total cash flow (excl. dividends), $m
  79
  82
  86
  89
  92
  95
  98
  102
  105
  108
  52
  55
  59
  63
  66
  70
  75
  79
  83
  88
  93
  98
  103
  109
  114
  121
  127
  134
  140
  148
Retained Cash Flow (-), $m
  -366
  -375
  -384
  -394
  -406
  -418
  -432
  -447
  -463
  -480
  -438
  -458
  -479
  -500
  -524
  -548
  -575
  -602
  -631
  -662
  -694
  -729
  -765
  -803
  -843
  -885
  -929
  -976
  -1,025
  -1,077
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
  -287
  -292
  -298
  -305
  -314
  -323
  -334
  -345
  -358
  -372
  -387
  -402
  -420
  -438
  -457
  -478
  -500
  -523
  -548
  -574
  -602
  -631
  -662
  -694
  -728
  -764
  -802
  -842
  -885
  -929
Discount rate, %
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
  -259
  -236
  -213
  -191
  -169
  -149
  -130
  -111
  -94
  -79
  -65
  -53
  -42
  -33
  -25
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  77.3
  59.7
  46.0
  35.5
  27.4
  21.1
  16.3
  12.5
  9.7
  7.5
  5.9
  4.7
  3.7
  2.9
  2.3
  1.8
  1.4
  1.1
  0.9
  0.7
  0.6
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1

A. Schulman, Inc. is an international supplier of plastic formulations, resins and services, and provides solutions to its customers' requirements through custom-formulated products. The Company's customers span a range of markets, such as packaging, mobility, building and construction, electronics and electrical, agriculture, personal care and hygiene, custom services, and sports, home and leisure. The Company's segments include Europe, Middle East and Africa (EMEA), the United States and Canada (USCAN), Latin America (LATAM), Asia Pacific (APAC) and Engineered Composites (EC). As of August 31, 2016, the Company operated in six product families, including custom performance colors (CPC), engineered composites, Masterbatch solutions, engineered plastics, specialty powders and distribution services. The CPC product family offers powdered, pelletized and liquid color concentrates that are custom-designed for thermoplastic resins.

FINANCIAL RATIOS  of  A. Schulman (SHLM)

Valuation Ratios
P/E Ratio 38.4
Price to Sales 0.5
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 18.6
Growth Rates
Sales Growth Rate -1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -27.5%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 449.2%
Total Debt to Equity 465.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. -2.7%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. -6.9%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. -24.2%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 15.4%
Gross Margin - 3 Yr. Avg. 15.5%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 0.5%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. -2%
Pre-Tax Margin 1.3%
Pre-Tax Margin - 3 Yr. Avg. -4.1%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. -3.9%
Effective Tax Rate -6.3%
Eff/ Tax Rate - 3 Yr. Avg. -1.3%
Payout Ratio 97%

SHLM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHLM stock intrinsic value calculation we used $2461 million for the last fiscal year's total revenue generated by A. Schulman. The default revenue input number comes from 2017 income statement of A. Schulman. 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 SHLM stock valuation model: a) initial revenue growth rate of 2% 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 10.8%, whose default value for SHLM is calculated based on our internal credit rating of A. Schulman, 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 A. Schulman.
    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 SHLM stock the variable cost ratio is equal to 112.4%.

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 SHLM 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 5.7% for A. Schulman.

Corporate tax rate of 27% is the nominal tax rate for A. Schulman. 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 SHLM 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 SHLM are equal to 37.2%.

Life of production assets of 10 years is the average useful life of capital assets used in A. Schulman 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 SHLM 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 - $197 million for A. Schulman - 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 29 million for A. Schulman 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 A. Schulman at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ A. Schulman Supports Customer Success at Chinaplas 2018   [Apr-11-18 09:27AM  GlobeNewswire]
▶ A. Schulman misses 2Q profit forecasts   [Mar-28-18 06:16PM  Associated Press]
▶ LyondellBasell gets U.S. antitrust clearance for $2.25B acquisition   [Mar-23-18 09:14AM  American City Business Journals]
▶ A. Schulman Showcases Their New LYTEX SF at JEC 2018   [Feb-19-18 04:05PM  GlobeNewswire]
▶ [$$] LyondellBasell to Buy A. Schulman for $2.25 Billion   [Feb-15-18 08:26PM  The Wall Street Journal]
▶ Why A. Schulman's Stock Is Rising Today   [11:49AM  Motley Fool]
▶ LyondellBasell to acquire Ohio plastics company in $2.25B deal   [09:05AM  American City Business Journals]
▶ [$$] LyondellBasell to Buy A. Schulman for $2.25 Billion   [09:00AM  The Wall Street Journal]
▶ A. Schulman posts 1Q profit   [Jan-08-18 04:32PM  Associated Press]
▶ A. Schulman beats 4Q profit forecasts   [Oct-26-17 06:36AM  Associated Press]
▶ Is There Now An Opportunity In A Schulman Inc (SHLM)?   [Oct-14-17 11:57AM  Simply Wall St.]
▶ A. Schulman Declares Regular Cash Dividend on Common Shares   [Oct-13-17 04:44PM  GlobeNewswire]
▶ A. Schulman Announces Amendment to Credit Agreement   [Oct-10-17 04:44PM  GlobeNewswire]
▶ Plastics company A Schulman exploring sale - WSJ   [Oct-04-17 11:32AM  Reuters]
▶ [$$] Plastics Company A. Schulman Weighs Sale   [10:30AM  The Wall Street Journal]
▶ A. Schulman Receives Bosch Global Supplier Award   [Sep-20-17 09:15AM  PR Newswire]
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