Intrinsic value of Schweitzer-Mauduit International - SWM

Previous Close

$31.32

  Intrinsic Value

$38.56

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  Rating & Target

buy

+23%

Previous close

$31.32

 
Intrinsic value

$38.56

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of SWM 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 1.0

 

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, %
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  1,040
  1,100
  1,164
  1,229
  1,298
  1,370
  1,445
  1,523
  1,605
  1,691
  1,781
  1,875
  1,974
  2,077
  2,185
  2,298
  2,417
  2,542
  2,672
  2,809
  2,953
  3,103
  3,261
  3,427
  3,600
  3,783
  3,974
  4,175
  4,386
  4,607
Variable operating expenses, $m
  901
  950
  1,000
  1,053
  1,109
  1,167
  1,227
  1,290
  1,356
  1,425
  1,434
  1,510
  1,589
  1,672
  1,759
  1,850
  1,946
  2,046
  2,151
  2,261
  2,377
  2,498
  2,625
  2,758
  2,898
  3,045
  3,199
  3,361
  3,530
  3,708
Fixed operating expenses, $m
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
Total operating expenses, $m
  904
  953
  1,003
  1,056
  1,112
  1,170
  1,230
  1,294
  1,360
  1,429
  1,438
  1,514
  1,593
  1,676
  1,763
  1,854
  1,950
  2,050
  2,156
  2,266
  2,382
  2,503
  2,630
  2,763
  2,903
  3,050
  3,204
  3,367
  3,536
  3,714
Operating income, $m
  136
  148
  160
  173
  186
  200
  214
  230
  246
  262
  344
  362
  381
  401
  422
  444
  467
  491
  517
  543
  571
  600
  631
  663
  697
  732
  770
  809
  850
  893
EBITDA, $m
  244
  258
  273
  288
  305
  321
  339
  358
  377
  397
  419
  441
  464
  489
  514
  541
  569
  598
  629
  662
  696
  731
  768
  808
  849
  892
  937
  985
  1,034
  1,087
Interest expense (income), $m
  13
  37
  40
  43
  47
  50
  54
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  109
  116
  122
  130
  137
  145
  153
  162
  171
  180
  190
  201
  212
  223
Earnings before tax, $m
  99
  107
  116
  126
  135
  146
  156
  167
  179
  191
  268
  281
  295
  310
  325
  341
  358
  376
  394
  414
  434
  455
  478
  501
  526
  552
  579
  608
  638
  669
Tax expense, $m
  27
  29
  31
  34
  37
  39
  42
  45
  48
  52
  72
  76
  80
  84
  88
  92
  97
  101
  106
  112
  117
  123
  129
  135
  142
  149
  156
  164
  172
  181
Net income, $m
  72
  78
  85
  92
  99
  106
  114
  122
  131
  140
  195
  205
  215
  226
  237
  249
  261
  274
  288
  302
  317
  332
  349
  366
  384
  403
  423
  444
  466
  489

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
  1,633
  1,728
  1,827
  1,930
  2,038
  2,150
  2,268
  2,391
  2,520
  2,655
  2,796
  2,944
  3,099
  3,261
  3,430
  3,608
  3,795
  3,990
  4,195
  4,410
  4,635
  4,871
  5,119
  5,379
  5,652
  5,938
  6,239
  6,554
  6,885
  7,232
Adjusted assets (=assets-cash), $m
  1,633
  1,728
  1,827
  1,930
  2,038
  2,150
  2,268
  2,391
  2,520
  2,655
  2,796
  2,944
  3,099
  3,261
  3,430
  3,608
  3,795
  3,990
  4,195
  4,410
  4,635
  4,871
  5,119
  5,379
  5,652
  5,938
  6,239
  6,554
  6,885
  7,232
Revenue / Adjusted assets
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
Average production assets, $m
  631
  668
  706
  746
  788
  832
  877
  925
  974
  1,027
  1,081
  1,138
  1,198
  1,261
  1,326
  1,395
  1,467
  1,543
  1,622
  1,705
  1,792
  1,884
  1,979
  2,080
  2,185
  2,296
  2,412
  2,534
  2,662
  2,796
Working capital, $m
  196
  207
  219
  231
  244
  258
  272
  286
  302
  318
  335
  353
  371
  390
  411
  432
  454
  478
  502
  528
  555
  583
  613
  644
  677
  711
  747
  785
  825
  866
Total debt, $m
  743
  804
  868
  935
  1,005
  1,078
  1,154
  1,233
  1,317
  1,404
  1,495
  1,590
  1,690
  1,795
  1,904
  2,019
  2,140
  2,266
  2,398
  2,537
  2,683
  2,835
  2,995
  3,163
  3,340
  3,525
  3,719
  3,922
  4,136
  4,360
Total liabilities, $m
  1,055
  1,116
  1,180
  1,247
  1,316
  1,389
  1,465
  1,545
  1,628
  1,715
  1,806
  1,902
  2,002
  2,106
  2,216
  2,331
  2,451
  2,578
  2,710
  2,849
  2,994
  3,147
  3,307
  3,475
  3,651
  3,836
  4,030
  4,234
  4,448
  4,672
Total equity, $m
  578
  612
  647
  683
  721
  761
  803
  847
  892
  940
  990
  1,042
  1,097
  1,154
  1,214
  1,277
  1,343
  1,412
  1,485
  1,561
  1,641
  1,724
  1,812
  1,904
  2,001
  2,102
  2,209
  2,320
  2,437
  2,560
Total liabilities and equity, $m
  1,633
  1,728
  1,827
  1,930
  2,037
  2,150
  2,268
  2,392
  2,520
  2,655
  2,796
  2,944
  3,099
  3,260
  3,430
  3,608
  3,794
  3,990
  4,195
  4,410
  4,635
  4,871
  5,119
  5,379
  5,652
  5,938
  6,239
  6,554
  6,885
  7,232
Debt-to-equity ratio
  1.290
  1.320
  1.340
  1.370
  1.390
  1.420
  1.440
  1.460
  1.480
  1.490
  1.510
  1.530
  1.540
  1.550
  1.570
  1.580
  1.590
  1.600
  1.620
  1.630
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.700
  1.700
Adjusted equity ratio
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354
  0.354

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  78
  85
  92
  99
  106
  114
  122
  131
  140
  195
  205
  215
  226
  237
  249
  261
  274
  288
  302
  317
  332
  349
  366
  384
  403
  423
  444
  466
  489
Depreciation, amort., depletion, $m
  108
  110
  113
  116
  119
  122
  125
  128
  132
  135
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  124
  131
  137
  144
  152
  159
  168
  176
  185
  194
Funds from operations, $m
  180
  189
  198
  207
  217
  228
  239
  250
  262
  275
  271
  284
  299
  314
  329
  346
  363
  381
  400
  420
  441
  463
  486
  510
  536
  562
  590
  620
  650
  683
Change in working capital, $m
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
Cash from operations, $m
  169
  177
  186
  195
  205
  214
  225
  235
  247
  259
  254
  267
  280
  294
  309
  325
  341
  358
  376
  395
  414
  435
  457
  479
  503
  528
  554
  582
  611
  641
Maintenance CAPEX, $m
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
  -152
  -159
  -168
  -176
  -185
New CAPEX, $m
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
Cash from investing activities, $m
  -76
  -81
  -84
  -89
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -161
  -169
  -178
  -186
  -196
  -205
  -215
  -227
  -238
  -249
  -263
  -275
  -290
  -304
  -319
Free cash flow, $m
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  128
  134
  141
  148
  156
  164
  172
  181
  190
  199
  209
  219
  230
  241
  253
  266
  279
  293
  307
  322
Issuance/(repayment) of debt, $m
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  139
  146
  153
  160
  168
  176
  185
  194
  204
  214
  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  
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  139
  146
  153
  160
  168
  176
  185
  194
  204
  214
  224
Total cash flow (excl. dividends), $m
  151
  158
  165
  173
  181
  189
  198
  207
  216
  226
  219
  230
  241
  253
  266
  279
  292
  307
  322
  338
  354
  372
  390
  409
  429
  451
  473
  496
  521
  546
Retained Cash Flow (-), $m
  -31
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
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
  120
  125
  130
  136
  142
  149
  156
  163
  170
  178
  169
  177
  186
  196
  205
  216
  226
  238
  249
  262
  275
  288
  302
  317
  333
  349
  367
  385
  404
  423
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  112
  108
  104
  99
  94
  88
  82
  75
  69
  62
  50
  44
  38
  33
  28
  23
  19
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
  0
  0
  0
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

Schweitzer-Mauduit International, Inc. (SWM) is a diversified producer of engineered solutions and materials for a variety of industries. The Company has two operating product line segments: Engineered Papers, and Advanced Materials and Structures. As of December 31, 2016, the Company conducted business in over 90 countries and operate 18 production locations across the world, with facilities in the United States, Canada, the United Kingdom, France, Luxembourg, Russia, Brazil, China and Poland. Through its Engineered Papers (EP) segment, the Company primarily serves the tobacco industry via the manufacture and sale of paper and reconstituted tobacco products. Through Advanced Materials & Structures (AMS) segment, the Company is a specialty producer of resin-based plastic netting through an extrusion process, as well as certain meltblown products, machined plastic core tubes, urethane films, and resin-based rolled products.

FINANCIAL RATIOS  of  Schweitzer-Mauduit International (SWM)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 1.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 36
Current Ratio 0.2
LT Debt to Equity 86%
Total Debt to Equity 86.6%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 17%
Return On Equity - 3 Yr. Avg. 17.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 30.6%
Gross Margin - 3 Yr. Avg. 29.2%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 19.4%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 13.2%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 9.9%
Net Profit Margin - 3 Yr. Avg. 11%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 18.5%
Payout Ratio 59%

SWM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SWM stock intrinsic value calculation we used $982.1 million for the last fiscal year's total revenue generated by Schweitzer-Mauduit International. The default revenue input number comes from 0001 income statement of Schweitzer-Mauduit International. 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 SWM stock valuation model: a) initial revenue growth rate of 5.9% 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 7.2%, whose default value for SWM is calculated based on our internal credit rating of Schweitzer-Mauduit International, 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 Schweitzer-Mauduit International.
    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 SWM stock the variable cost ratio is equal to 87%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for SWM 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 Schweitzer-Mauduit International.

Corporate tax rate of 27% is the nominal tax rate for Schweitzer-Mauduit International. 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 SWM 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 SWM are equal to 60.7%.

Life of production assets of 14.4 years is the average useful life of capital assets used in Schweitzer-Mauduit International 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 SWM is equal to 18.8%. 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 - $546.7 million for Schweitzer-Mauduit International - 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 30.757 million for Schweitzer-Mauduit International 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 Schweitzer-Mauduit International at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Schweitzer-Mauduit: 3Q Earnings Snapshot   [05:14AM  Associated Press]
▶ Schweitzer-Mauduit: 2Q Earnings Snapshot   [05:15AM  Associated Press]
▶ SWM ANNOUNCES SECOND QUARTER 2018 RESULTS   [Aug-01-18 04:41PM  GlobeNewswire]
▶ 5 Stocks Near 52-Week High With Scope to Perform Better   [May-14-18 01:00PM  InvestorPlace]
▶ Top NasdaqGS Materials Dividend Picks For The Day   [May-06-18 02:02PM  Simply Wall St.]
▶ Schweitzer-Mauduit: 1Q Earnings Snapshot   [May-03-18 05:08AM  Associated Press]
▶ SWM ANNOUNCES FIRST QUARTER 2018 RESULTS   [01:00AM  GlobeNewswire]
▶ Best NYSE Dividend Payers   [Apr-19-18 09:02AM  Simply Wall St.]
▶ March Top Materials Dividend Stock   [Mar-18-18 02:02PM  Simply Wall St.]
▶ Top Dividend Paying Companies   [Mar-17-18 09:02AM  Simply Wall St.]
▶ Schweitzer-Mauduit reports 4Q loss   [05:03AM  Associated Press]
▶ SWM ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 RESULTS   [Feb-21-18 04:38PM  GlobeNewswire]
▶ Best Materials Dividend Paying Stock in February   [Feb-04-18 01:02PM  Simply Wall St.]
▶ December Top Dividend Stocks To Look Out For   [08:02AM  Simply Wall St.]
▶ Schweitzer-Mauduit posts 3Q profit   [05:50AM  Associated Press]
▶ Schweitzer-Mauduit posts 2Q profit   [Aug-03-17 10:25AM  Associated Press]
▶ SWM ANNOUNCES SECOND QUARTER 2017 RESULTS   [Aug-02-17 04:25PM  GlobeNewswire]
▶ SWM INTL Organizes First China Alkaline Forum   [Jul-17-17 01:31PM  GlobeNewswire]
▶ Schweitzer-Mauduit posts 1Q profit   [May-04-17 05:03AM  Associated Press]
▶ SWM ANNOUNCES FIRST QUARTER 2017 RESULTS   [May-03-17 04:49PM  GlobeNewswire]

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