Intrinsic value of Tronox Cl A - TROX

Previous Close

$11.68

  Intrinsic Value

$38.11

stock screener

  Rating & Target

str. buy

+226%

Previous close

$11.68

 
Intrinsic value

$38.11

 
Up/down potential

+226%

 
Rating

str. buy

We calculate the intrinsic value of TROX 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 1.1

 

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, %
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  1,985
  2,297
  2,633
  2,993
  3,376
  3,783
  4,211
  4,661
  5,133
  5,626
  6,141
  6,677
  7,236
  7,816
  8,420
  9,047
  9,699
  10,376
  11,081
  11,813
  12,574
  13,367
  14,192
  15,051
  15,946
  16,880
  17,854
  18,870
  19,931
  21,039
Variable operating expenses, $m
  991
  1,144
  1,308
  1,484
  1,672
  1,871
  2,080
  2,301
  2,532
  2,773
  3,005
  3,267
  3,541
  3,825
  4,120
  4,427
  4,746
  5,078
  5,422
  5,780
  6,153
  6,541
  6,945
  7,365
  7,803
  8,260
  8,736
  9,234
  9,753
  10,295
Fixed operating expenses, $m
  741
  757
  774
  791
  808
  826
  844
  863
  882
  901
  921
  941
  962
  983
  1,005
  1,027
  1,050
  1,073
  1,096
  1,120
  1,145
  1,170
  1,196
  1,222
  1,249
  1,277
  1,305
  1,333
  1,363
  1,393
Total operating expenses, $m
  1,732
  1,901
  2,082
  2,275
  2,480
  2,697
  2,924
  3,164
  3,414
  3,674
  3,926
  4,208
  4,503
  4,808
  5,125
  5,454
  5,796
  6,151
  6,518
  6,900
  7,298
  7,711
  8,141
  8,587
  9,052
  9,537
  10,041
  10,567
  11,116
  11,688
Operating income, $m
  253
  396
  551
  718
  896
  1,086
  1,286
  1,498
  1,720
  1,952
  2,215
  2,468
  2,733
  3,008
  3,295
  3,593
  3,903
  4,226
  4,562
  4,912
  5,276
  5,656
  6,051
  6,464
  6,894
  7,343
  7,812
  8,303
  8,815
  9,351
EBITDA, $m
  475
  649
  839
  1,042
  1,259
  1,490
  1,734
  1,992
  2,262
  2,544
  2,840
  3,148
  3,469
  3,803
  4,151
  4,513
  4,890
  5,282
  5,689
  6,114
  6,555
  7,016
  7,495
  7,995
  8,516
  9,061
  9,629
  10,222
  10,843
  11,492
Interest expense (income), $m
  0
  192
  167
  201
  239
  278
  321
  366
  413
  463
  515
  570
  627
  686
  748
  812
  879
  949
  1,021
  1,096
  1,174
  1,255
  1,339
  1,427
  1,518
  1,613
  1,712
  1,816
  1,923
  2,036
  2,153
Earnings before tax, $m
  61
  229
  349
  479
  618
  765
  920
  1,084
  1,256
  1,437
  1,645
  1,842
  2,047
  2,260
  2,483
  2,714
  2,955
  3,205
  3,466
  3,738
  4,021
  4,317
  4,625
  4,946
  5,281
  5,631
  5,997
  6,379
  6,779
  7,198
Tax expense, $m
  16
  62
  94
  129
  167
  206
  249
  293
  339
  388
  444
  497
  553
  610
  670
  733
  798
  865
  936
  1,009
  1,086
  1,166
  1,249
  1,335
  1,426
  1,520
  1,619
  1,722
  1,830
  1,943
Net income, $m
  44
  167
  255
  350
  451
  558
  672
  792
  917
  1,049
  1,201
  1,344
  1,494
  1,650
  1,812
  1,981
  2,157
  2,340
  2,531
  2,729
  2,936
  3,151
  3,376
  3,610
  3,855
  4,111
  4,378
  4,657
  4,949
  5,254

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
  4,002
  4,631
  5,309
  6,034
  6,807
  7,626
  8,490
  9,397
  10,349
  11,343
  12,381
  13,462
  14,588
  15,759
  16,975
  18,240
  19,554
  20,920
  22,340
  23,816
  25,351
  26,949
  28,612
  30,345
  32,150
  34,032
  35,995
  38,044
  40,183
  42,418
Adjusted assets (=assets-cash), $m
  4,002
  4,631
  5,309
  6,034
  6,807
  7,626
  8,490
  9,397
  10,349
  11,343
  12,381
  13,462
  14,588
  15,759
  16,975
  18,240
  19,554
  20,920
  22,340
  23,816
  25,351
  26,949
  28,612
  30,345
  32,150
  34,032
  35,995
  38,044
  40,183
  42,418
Revenue / Adjusted assets
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
Average production assets, $m
  2,443
  2,827
  3,241
  3,685
  4,156
  4,656
  5,184
  5,738
  6,319
  6,926
  7,559
  8,220
  8,907
  9,622
  10,365
  11,137
  11,939
  12,773
  13,640
  14,541
  15,479
  16,454
  17,470
  18,528
  19,630
  20,779
  21,978
  23,229
  24,535
  25,899
Working capital, $m
  629
  728
  835
  949
  1,070
  1,199
  1,335
  1,478
  1,627
  1,783
  1,947
  2,117
  2,294
  2,478
  2,669
  2,868
  3,075
  3,289
  3,513
  3,745
  3,986
  4,237
  4,499
  4,771
  5,055
  5,351
  5,660
  5,982
  6,318
  6,669
Total debt, $m
  2,736
  3,302
  3,912
  4,565
  5,261
  5,997
  6,775
  7,592
  8,448
  9,343
  10,277
  11,250
  12,263
  13,317
  14,412
  15,550
  16,733
  17,962
  19,240
  20,568
  21,950
  23,388
  24,885
  26,444
  28,069
  29,763
  31,530
  33,374
  35,299
  37,310
Total liabilities, $m
  3,602
  4,168
  4,778
  5,431
  6,127
  6,863
  7,641
  8,458
  9,314
  10,209
  11,143
  12,116
  13,129
  14,183
  15,278
  16,416
  17,599
  18,828
  20,106
  21,434
  22,816
  24,254
  25,751
  27,310
  28,935
  30,629
  32,396
  34,240
  36,165
  38,176
Total equity, $m
  400
  463
  531
  603
  681
  763
  849
  940
  1,035
  1,134
  1,238
  1,346
  1,459
  1,576
  1,698
  1,824
  1,955
  2,092
  2,234
  2,382
  2,535
  2,695
  2,861
  3,034
  3,215
  3,403
  3,600
  3,804
  4,018
  4,242
Total liabilities and equity, $m
  4,002
  4,631
  5,309
  6,034
  6,808
  7,626
  8,490
  9,398
  10,349
  11,343
  12,381
  13,462
  14,588
  15,759
  16,976
  18,240
  19,554
  20,920
  22,340
  23,816
  25,351
  26,949
  28,612
  30,344
  32,150
  34,032
  35,996
  38,044
  40,183
  42,418
Debt-to-equity ratio
  6.840
  7.130
  7.370
  7.560
  7.730
  7.860
  7.980
  8.080
  8.160
  8.240
  8.300
  8.360
  8.410
  8.450
  8.490
  8.530
  8.560
  8.590
  8.610
  8.640
  8.660
  8.680
  8.700
  8.710
  8.730
  8.750
  8.760
  8.770
  8.780
  8.800
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  167
  255
  350
  451
  558
  672
  792
  917
  1,049
  1,201
  1,344
  1,494
  1,650
  1,812
  1,981
  2,157
  2,340
  2,531
  2,729
  2,936
  3,151
  3,376
  3,610
  3,855
  4,111
  4,378
  4,657
  4,949
  5,254
Depreciation, amort., depletion, $m
  222
  253
  288
  324
  363
  405
  448
  494
  542
  592
  625
  679
  736
  795
  857
  920
  987
  1,056
  1,127
  1,202
  1,279
  1,360
  1,444
  1,531
  1,622
  1,717
  1,816
  1,920
  2,028
  2,140
Funds from operations, $m
  266
  421
  543
  674
  814
  963
  1,120
  1,286
  1,459
  1,641
  1,826
  2,024
  2,230
  2,445
  2,669
  2,902
  3,144
  3,396
  3,658
  3,931
  4,215
  4,511
  4,820
  5,142
  5,477
  5,828
  6,194
  6,577
  6,977
  7,395
Change in working capital, $m
  91
  99
  107
  114
  122
  129
  136
  143
  150
  156
  163
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
  262
  272
  284
  296
  309
  322
  336
  351
Cash from operations, $m
  175
  322
  436
  560
  693
  834
  984
  1,143
  1,310
  1,485
  1,662
  1,854
  2,053
  2,261
  2,477
  2,703
  2,937
  3,181
  3,435
  3,699
  3,974
  4,260
  4,558
  4,869
  5,194
  5,532
  5,885
  6,255
  6,640
  7,044
Maintenance CAPEX, $m
  -173
  -202
  -234
  -268
  -305
  -344
  -385
  -428
  -474
  -522
  -572
  -625
  -679
  -736
  -795
  -857
  -920
  -987
  -1,056
  -1,127
  -1,202
  -1,279
  -1,360
  -1,444
  -1,531
  -1,622
  -1,717
  -1,816
  -1,920
  -2,028
New CAPEX, $m
  -354
  -384
  -414
  -443
  -472
  -500
  -527
  -554
  -581
  -607
  -634
  -660
  -687
  -715
  -743
  -772
  -802
  -834
  -867
  -901
  -937
  -975
  -1,016
  -1,058
  -1,102
  -1,149
  -1,199
  -1,251
  -1,306
  -1,364
Cash from investing activities, $m
  -527
  -586
  -648
  -711
  -777
  -844
  -912
  -982
  -1,055
  -1,129
  -1,206
  -1,285
  -1,366
  -1,451
  -1,538
  -1,629
  -1,722
  -1,821
  -1,923
  -2,028
  -2,139
  -2,254
  -2,376
  -2,502
  -2,633
  -2,771
  -2,916
  -3,067
  -3,226
  -3,392
Free cash flow, $m
  -351
  -264
  -211
  -151
  -84
  -9
  72
  160
  255
  355
  456
  569
  687
  810
  939
  1,074
  1,214
  1,360
  1,512
  1,670
  1,834
  2,005
  2,183
  2,368
  2,560
  2,761
  2,969
  3,187
  3,414
  3,652
Issuance/(repayment) of debt, $m
  -411
  566
  610
  653
  696
  737
  777
  817
  856
  895
  934
  973
  1,013
  1,054
  1,095
  1,138
  1,183
  1,229
  1,278
  1,328
  1,382
  1,438
  1,497
  1,559
  1,625
  1,694
  1,767
  1,844
  1,925
  2,011
Issuance/(repurchase) of shares, $m
  943
  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  
  532
  566
  610
  653
  696
  737
  777
  817
  856
  895
  934
  973
  1,013
  1,054
  1,095
  1,138
  1,183
  1,229
  1,278
  1,328
  1,382
  1,438
  1,497
  1,559
  1,625
  1,694
  1,767
  1,844
  1,925
  2,011
Total cash flow (excl. dividends), $m
  180
  302
  399
  502
  612
  728
  849
  977
  1,111
  1,250
  1,390
  1,542
  1,700
  1,864
  2,035
  2,212
  2,397
  2,589
  2,790
  2,999
  3,216
  3,443
  3,680
  3,927
  4,185
  4,454
  4,736
  5,031
  5,340
  5,663
Retained Cash Flow (-), $m
  -987
  -63
  -68
  -73
  -77
  -82
  -86
  -91
  -95
  -99
  -104
  -108
  -113
  -117
  -122
  -126
  -131
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -181
  -188
  -196
  -205
  -214
  -223
Prev. year cash balance distribution, $m
  1,416
  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
  609
  239
  331
  430
  535
  646
  763
  886
  1,016
  1,151
  1,287
  1,434
  1,587
  1,747
  1,913
  2,086
  2,266
  2,453
  2,648
  2,851
  3,063
  3,283
  3,513
  3,754
  4,004
  4,266
  4,540
  4,826
  5,126
  5,439
Discount rate, %
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
  572
  209
  269
  321
  365
  400
  425
  440
  445
  440
  425
  405
  378
  346
  311
  274
  237
  201
  167
  136
  108
  84
  64
  48
  34
  24
  17
  11
  7
  4
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Tronox Limited produces and markets titanium bearing mineral sands and titanium dioxide (TiO2) pigment in North America, Europe, South Africa, and the Asia-Pacific region. It primarily operates in two segments, TiO2 and Alkali. The TiO2 segment engages in the exploration, mining, and beneficiation of mineral sands deposits. This segment produces titanium feedstock, including chloride slag, ilmenite, leucoxene, titanium slag, slag fines, synthetic rutile, and leucoxene, as well as pig iron and zircon; and produces and markets TiO2 under the TRONOX brand name, which is used in the manufacture of paint and other coatings, and plastics and paper, as well as in various other applications comprising inks, fibers, rubber, food, cosmetics, and pharmaceuticals. It also manufactures and markets electrolytic manganese dioxide primarily for battery materials; and specialty boron products for semiconductors, pharmaceuticals, high-performance fibers, specialty ceramics, and epoxies, as well as igniter formulations. The Alkali segment produces natural soda ash for various industries comprising flat glass, container glass, detergent, and chemical manufacturing. This segment is involved in dry mining of trona ore underground at Westvaco facility; secondary recovery of trona from previously dry mined areas underground at Westvaco and Granger facilities; refining of raw trona ore into soda ash and specialty sodium alkali products; and marketing, sale, and distribution of alkali products. Tronox Limited was founded in 2005 and is based in Stamford, Connecticut.

FINANCIAL RATIOS  of  Tronox Cl A (TROX)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TROX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TROX stock intrinsic value calculation we used $1698 million for the last fiscal year's total revenue generated by Tronox Cl A. The default revenue input number comes from 0001 income statement of Tronox Cl A. 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 TROX stock valuation model: a) initial revenue growth rate of 16.9% 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 6.5%, whose default value for TROX is calculated based on our internal credit rating of Tronox Cl A, 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 Tronox Cl A.
    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 TROX stock the variable cost ratio is equal to 50.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $725 million in the base year in the intrinsic value calculation for TROX 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 6.1% for Tronox Cl A.

Corporate tax rate of 27% is the nominal tax rate for Tronox Cl A. 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 TROX 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 TROX are equal to 123.1%.

Life of production assets of 12.1 years is the average useful life of capital assets used in Tronox Cl A 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 TROX is equal to 31.7%. 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 - $829 million for Tronox Cl A - 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 94.17 million for Tronox Cl A 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 Tronox Cl A at the current share price and the inputted number of shares is $1.1 billion.

COMPANY NEWS

▶ Tronox Limited Declares Quarterly Dividend   [Nov-15-18 04:15PM  PR Newswire]
▶ Tronox: 3Q Earnings Snapshot   [Nov-05-18 06:47PM  Associated Press]
▶ 5 Top Chemical Stocks to Buy   [Sep-06-18 03:14PM  InvestorPlace]
▶ Near an All-Time Low, Is Venator Materials Stock a Buy?   [Aug-29-18 08:02AM  Motley Fool]
▶ Tronox Limited Declares Quarterly Dividend   [Aug-15-18 09:27AM  PR Newswire]
▶ Tronox Ltd. Class A to Host Earnings Call   [Aug-02-18 06:30AM  ACCESSWIRE]
▶ Tronox (TROX) Q2 Earnings Surpass Estimates   [Aug-01-18 08:40PM  Zacks]
▶ Tronox: 2Q Earnings Snapshot   [07:36PM  Associated Press]
▶ Tronox says FTC blocks Cristal deal   [Jul-10-18 01:55PM  Reuters]
▶ Jason Industries Announces Board of Directors Changes   [Jun-28-18 09:00AM  GlobeNewswire]
▶ Tronox: 1Q Earnings Snapshot   [May-10-18 05:13AM  Associated Press]
▶ Tronox Reports First Quarter 2018 Financial Results   [May-09-18 11:15PM  PR Newswire]
▶ Tronox Appoints Ginger Jones to Board of Directors   [Apr-09-18 09:07AM  PR Newswire]
▶ Tronox Completes Senior Notes Offering   [Apr-06-18 01:36PM  PR Newswire]
▶ 3 Stocks I'd Hate to Buy Now   [Mar-06-18 06:31AM  Motley Fool]
▶ Tronox Q4 Earnings Preview   [Feb-20-18 12:11PM  Benzinga]
▶ 3 Stocks I Never Plan to Buy   [08:06AM  Motley Fool]
▶ Tronox (TROX) Soars: Stock Adds 7.1% in Session   [Dec-08-17 08:43AM  Zacks]
▶ Here's Why Titanium Stocks Were Crushed Today   [Dec-06-17 11:20PM  Motley Fool]
▶ Tronox To Vigorously Fight FTC Lawsuit   [Dec-05-17 11:43PM  PR Newswire]
▶ Tronox Limited's Acquisition of Cristal TiO2 Progresses   [Dec-03-17 10:00PM  PR Newswire]
▶ Tronox Ltd. Value Analysis (NYSE:TROX) : December 1, 2017   [Dec-01-17 11:00AM  Capital Cube]
▶ Tronox Appoints Quinn as New Chief Executive Officer   [Nov-20-17 11:35AM  Market Realist]

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