Intrinsic value of Valhi - VHI

Previous Close

$2.15

  Intrinsic Value

$28.45

stock screener

  Rating & Target

str. buy

+999%

Previous close

$2.15

 
Intrinsic value

$28.45

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of VHI 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 0.7

 

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, %
  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
  2,076
  2,255
  2,440
  2,634
  2,834
  3,043
  3,260
  3,485
  3,719
  3,963
  4,216
  4,480
  4,755
  5,041
  5,339
  5,650
  5,974
  6,313
  6,666
  7,036
  7,422
  7,825
  8,248
  8,689
  9,151
  9,635
  10,142
  10,672
  11,228
  11,811
Variable operating expenses, $m
  511
  552
  595
  639
  684
  732
  781
  833
  886
  942
  962
  1,022
  1,084
  1,150
  1,218
  1,289
  1,363
  1,440
  1,520
  1,605
  1,693
  1,785
  1,881
  1,982
  2,087
  2,197
  2,313
  2,434
  2,561
  2,694
Fixed operating expenses, $m
  1,122
  1,147
  1,172
  1,198
  1,224
  1,251
  1,279
  1,307
  1,336
  1,365
  1,395
  1,426
  1,457
  1,489
  1,522
  1,555
  1,590
  1,624
  1,660
  1,697
  1,734
  1,772
  1,811
  1,851
  1,892
  1,933
  1,976
  2,019
  2,064
  2,109
Total operating expenses, $m
  1,633
  1,699
  1,767
  1,837
  1,908
  1,983
  2,060
  2,140
  2,222
  2,307
  2,357
  2,448
  2,541
  2,639
  2,740
  2,844
  2,953
  3,064
  3,180
  3,302
  3,427
  3,557
  3,692
  3,833
  3,979
  4,130
  4,289
  4,453
  4,625
  4,803
Operating income, $m
  442
  556
  674
  797
  926
  1,060
  1,200
  1,346
  1,498
  1,656
  1,860
  2,033
  2,213
  2,402
  2,600
  2,806
  3,022
  3,249
  3,486
  3,734
  3,995
  4,268
  4,555
  4,856
  5,172
  5,504
  5,853
  6,219
  6,604
  7,008
EBITDA, $m
  532
  649
  772
  900
  1,034
  1,173
  1,319
  1,470
  1,628
  1,793
  1,964
  2,144
  2,331
  2,527
  2,732
  2,946
  3,171
  3,405
  3,651
  3,909
  4,179
  4,463
  4,760
  5,072
  5,399
  5,743
  6,105
  6,484
  6,882
  7,301
Interest expense (income), $m
  61
  64
  77
  91
  106
  121
  137
  154
  171
  189
  208
  227
  247
  268
  290
  313
  336
  361
  387
  414
  442
  471
  502
  534
  567
  602
  639
  678
  718
  760
  804
Earnings before tax, $m
  379
  478
  582
  691
  804
  922
  1,046
  1,174
  1,309
  1,449
  1,633
  1,786
  1,945
  2,112
  2,287
  2,470
  2,661
  2,862
  3,072
  3,293
  3,524
  3,767
  4,021
  4,289
  4,570
  4,865
  5,175
  5,501
  5,844
  6,204
Tax expense, $m
  102
  129
  157
  187
  217
  249
  282
  317
  353
  391
  441
  482
  525
  570
  617
  667
  719
  773
  829
  889
  951
  1,017
  1,086
  1,158
  1,234
  1,314
  1,397
  1,485
  1,578
  1,675
Net income, $m
  277
  349
  425
  504
  587
  673
  763
  857
  955
  1,057
  1,192
  1,303
  1,420
  1,542
  1,669
  1,803
  1,943
  2,089
  2,243
  2,404
  2,572
  2,750
  2,936
  3,131
  3,336
  3,552
  3,778
  4,016
  4,266
  4,529

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
  3,031
  3,291
  3,563
  3,845
  4,138
  4,442
  4,759
  5,088
  5,430
  5,785
  6,155
  6,540
  6,941
  7,359
  7,794
  8,248
  8,722
  9,216
  9,732
  10,271
  10,835
  11,424
  12,040
  12,685
  13,360
  14,066
  14,806
  15,580
  16,392
  17,242
Adjusted assets (=assets-cash), $m
  3,031
  3,291
  3,563
  3,845
  4,138
  4,442
  4,759
  5,088
  5,430
  5,785
  6,155
  6,540
  6,941
  7,359
  7,794
  8,248
  8,722
  9,216
  9,732
  10,271
  10,835
  11,424
  12,040
  12,685
  13,360
  14,066
  14,806
  15,580
  16,392
  17,242
Revenue / Adjusted assets
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
  0.685
Average production assets, $m
  824
  895
  969
  1,046
  1,125
  1,208
  1,294
  1,384
  1,477
  1,573
  1,674
  1,779
  1,888
  2,001
  2,120
  2,243
  2,372
  2,506
  2,647
  2,793
  2,946
  3,107
  3,274
  3,450
  3,633
  3,825
  4,026
  4,237
  4,458
  4,689
Working capital, $m
  521
  566
  613
  661
  711
  764
  818
  875
  934
  995
  1,058
  1,125
  1,193
  1,265
  1,340
  1,418
  1,500
  1,585
  1,673
  1,766
  1,863
  1,964
  2,070
  2,181
  2,297
  2,418
  2,546
  2,679
  2,818
  2,965
Total debt, $m
  1,265
  1,497
  1,739
  1,991
  2,252
  2,524
  2,806
  3,100
  3,405
  3,722
  4,052
  4,396
  4,753
  5,126
  5,514
  5,919
  6,341
  6,782
  7,243
  7,724
  8,226
  8,752
  9,301
  9,876
  10,478
  11,108
  11,768
  12,459
  13,183
  13,942
Total liabilities, $m
  2,703
  2,936
  3,178
  3,429
  3,691
  3,962
  4,245
  4,538
  4,843
  5,161
  5,491
  5,834
  6,192
  6,564
  6,952
  7,357
  7,780
  8,221
  8,681
  9,162
  9,665
  10,190
  10,740
  11,315
  11,917
  12,547
  13,207
  13,898
  14,622
  15,380
Total equity, $m
  327
  355
  385
  415
  447
  480
  514
  549
  586
  625
  665
  706
  750
  795
  842
  891
  942
  995
  1,051
  1,109
  1,170
  1,234
  1,300
  1,370
  1,443
  1,519
  1,599
  1,683
  1,770
  1,862
Total liabilities and equity, $m
  3,030
  3,291
  3,563
  3,844
  4,138
  4,442
  4,759
  5,087
  5,429
  5,786
  6,156
  6,540
  6,942
  7,359
  7,794
  8,248
  8,722
  9,216
  9,732
  10,271
  10,835
  11,424
  12,040
  12,685
  13,360
  14,066
  14,806
  15,581
  16,392
  17,242
Debt-to-equity ratio
  3.860
  4.210
  4.520
  4.790
  5.040
  5.260
  5.460
  5.640
  5.810
  5.960
  6.100
  6.220
  6.340
  6.450
  6.550
  6.640
  6.730
  6.810
  6.890
  6.960
  7.030
  7.090
  7.150
  7.210
  7.260
  7.310
  7.360
  7.400
  7.450
  7.490
Adjusted equity ratio
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  277
  349
  425
  504
  587
  673
  763
  857
  955
  1,057
  1,192
  1,303
  1,420
  1,542
  1,669
  1,803
  1,943
  2,089
  2,243
  2,404
  2,572
  2,750
  2,936
  3,131
  3,336
  3,552
  3,778
  4,016
  4,266
  4,529
Depreciation, amort., depletion, $m
  89
  94
  99
  103
  108
  113
  119
  124
  130
  136
  105
  111
  118
  125
  132
  140
  148
  157
  165
  175
  184
  194
  205
  216
  227
  239
  252
  265
  279
  293
Funds from operations, $m
  366
  443
  524
  608
  695
  787
  882
  982
  1,085
  1,194
  1,297
  1,415
  1,538
  1,667
  1,802
  1,943
  2,091
  2,246
  2,408
  2,578
  2,757
  2,944
  3,140
  3,347
  3,563
  3,791
  4,030
  4,281
  4,545
  4,822
Change in working capital, $m
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
Cash from operations, $m
  323
  398
  477
  559
  645
  734
  828
  925
  1,027
  1,133
  1,233
  1,348
  1,469
  1,595
  1,727
  1,865
  2,010
  2,161
  2,319
  2,486
  2,660
  2,843
  3,034
  3,236
  3,447
  3,669
  3,902
  4,147
  4,405
  4,676
Maintenance CAPEX, $m
  -47
  -52
  -56
  -61
  -65
  -70
  -76
  -81
  -86
  -92
  -98
  -105
  -111
  -118
  -125
  -132
  -140
  -148
  -157
  -165
  -175
  -184
  -194
  -205
  -216
  -227
  -239
  -252
  -265
  -279
New CAPEX, $m
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -134
  -140
  -147
  -153
  -160
  -168
  -175
  -183
  -192
  -201
  -211
  -221
  -231
Cash from investing activities, $m
  -115
  -123
  -130
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -199
  -210
  -220
  -232
  -243
  -255
  -269
  -282
  -297
  -312
  -328
  -344
  -362
  -380
  -399
  -419
  -440
  -463
  -486
  -510
Free cash flow, $m
  207
  276
  347
  422
  500
  581
  666
  755
  847
  944
  1,034
  1,139
  1,249
  1,364
  1,484
  1,609
  1,741
  1,878
  2,022
  2,173
  2,332
  2,498
  2,673
  2,856
  3,048
  3,250
  3,462
  3,685
  3,919
  4,166
Issuance/(repayment) of debt, $m
  222
  232
  242
  252
  261
  272
  282
  293
  305
  317
  330
  343
  358
  373
  388
  405
  422
  441
  460
  481
  503
  526
  550
  575
  602
  630
  660
  691
  724
  759
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  
  222
  232
  242
  252
  261
  272
  282
  293
  305
  317
  330
  343
  358
  373
  388
  405
  422
  441
  460
  481
  503
  526
  550
  575
  602
  630
  660
  691
  724
  759
Total cash flow (excl. dividends), $m
  429
  508
  589
  674
  761
  853
  949
  1,048
  1,152
  1,261
  1,364
  1,483
  1,607
  1,736
  1,872
  2,014
  2,163
  2,319
  2,483
  2,654
  2,835
  3,024
  3,222
  3,431
  3,650
  3,880
  4,122
  4,376
  4,643
  4,924
Retained Cash Flow (-), $m
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
Prev. year cash balance distribution, $m
  124
  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
  526
  480
  560
  643
  730
  820
  914
  1,013
  1,115
  1,222
  1,324
  1,441
  1,563
  1,691
  1,825
  1,965
  2,112
  2,266
  2,427
  2,596
  2,774
  2,960
  3,156
  3,361
  3,577
  3,804
  4,042
  4,293
  4,556
  4,833
Discount rate, %
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
  499
  430
  471
  505
  531
  550
  561
  564
  559
  547
  524
  499
  469
  435
  398
  358
  318
  277
  238
  201
  167
  136
  108
  85
  65
  48
  35
  25
  17
  12
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

Valhi, Inc. is a holding company. The Company operates through four segments: Chemicals, Component Products, Waste Management, and Real Estate Management and Development. The Company operates through its subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc. (Kronos), CompX International Inc. (CompX) and Waste Control Specialists LLC (WCS). The Chemicals segment operates through Kronos. Kronos is a producer and marketer of titanium dioxide pigments (TiO2). The Component Products segment operates through CompX. CompX is a manufacturer of security products used in the recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and a range of other industries. The Waste Management segment operates through WCS. The Real Estate Management and Development segment operates through Basic Management, Inc. (BMI) and The LandWell Company (LandWell).

FINANCIAL RATIOS  of  Valhi (VHI)

Valuation Ratios
P/E Ratio -47.7
Price to Sales 0.5
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 36.4
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
Financial Strength
Quick Ratio 21
Current Ratio 0.1
LT Debt to Equity 476.1%
Total Debt to Equity 480.1%
Interest Coverage 1
Management Effectiveness
Return On Assets -3.1%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -1.3%
Ret/ On T. Cap. - 3 Yr. Avg. -2.5%
Return On Equity -6.8%
Return On Equity - 3 Yr. Avg. -10.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 18.6%
Gross Margin - 3 Yr. Avg. 18.3%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 8.3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin 0.2%
Pre-Tax Margin - 3 Yr. Avg. 0.5%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate 200%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio -168.8%

VHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VHI stock intrinsic value calculation we used $1904.6 million for the last fiscal year's total revenue generated by Valhi. The default revenue input number comes from 0001 income statement of Valhi. 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 VHI 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 5.4%, whose default value for VHI is calculated based on our internal credit rating of Valhi, 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 Valhi.
    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 VHI stock the variable cost ratio is equal to 24.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1098 million in the base year in the intrinsic value calculation for VHI 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 Valhi.

Corporate tax rate of 27% is the nominal tax rate for Valhi. 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 VHI 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 VHI are equal to 39.7%.

Life of production assets of 16 years is the average useful life of capital assets used in Valhi 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 VHI is equal to 25.1%. 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 - $424.4 million for Valhi - 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 339.185 million for Valhi 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 Valhi at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
KRO Kronos Worldwi 13.23 64.08  str.buy
CIX CompX Internat 13.72 7.60  sell
NL NL Industries 4.88 6.03  sell
ECOL US Ecology 70.35 42.49  sell
PESI Perma-Fix Envi 3.00 0.39  str.sell
HUN Huntsman 21.72 115.42  str.buy
CC Chemours 31.11 7.16  str.sell
AIMC Altra Industri 33.66 41.21  hold

COMPANY NEWS

▶ Valhi: 3Q Earnings Snapshot   [Nov-09-18 05:08AM  Associated Press]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [Nov-01-18 04:16PM  GlobeNewswire]
▶ Valhi: 2Q Earnings Snapshot   [Aug-09-18 05:07AM  Associated Press]
▶ Why I'm Interested In Directly Owning NL Industries   [Jul-06-18 10:05AM  TheStreet.com]
▶ Valhi: 1Q Earnings Snapshot   [May-10-18 05:14AM  Associated Press]
▶ VALHI REPORTS FIRST QUARTER 2018 RESULTS   [May-09-18 04:16PM  GlobeNewswire]
▶ Valhi posts 4Q profit   [Mar-15-18 07:05PM  Associated Press]
▶ VALHI REPORTS FOURTH QUARTER 2017 RESULTS   [04:16PM  GlobeNewswire]
▶ Did Valhi Inc (NYSE:VHI) Create Value For Shareholders?   [Mar-09-18 05:22AM  Simply Wall St.]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [Mar-01-18 04:16PM  GlobeNewswire]
▶ 3 Cheap Value Plays Pay Off in a Rich Way   [Jan-29-18 10:00AM  TheStreet.com]
▶ J.F. Lehman & Company Acquires Waste Control Specialists   [Jan-26-18 04:34PM  PR Newswire]
▶ ETFs with exposure to Valhi, Inc. : December 26, 2017   [Dec-26-17 12:18PM  Capital Cube]
▶ This Wild Roller Coaster Stock Is Not for Widows or Orphans   [Dec-07-17 12:00PM  TheStreet.com]
▶ ETFs with exposure to Valhi, Inc. : November 28, 2017   [Nov-28-17 01:18PM  Capital Cube]
▶ Should You Sell Valhi Inc (VHI) At This PE Ratio?   [Nov-27-17 06:48PM  Simply Wall St.]
▶ Valhi posts 3Q profit   [Nov-09-17 07:37PM  Associated Press]
▶ VALHI REPORTS THIRD QUARTER 2017 RESULTS   [04:17PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [Nov-02-17 04:16PM  GlobeNewswire]
▶ ETFs with exposure to Valhi, Inc. : October 27, 2017   [Oct-27-17 11:20AM  Capital Cube]
▶ ETFs with exposure to Valhi, Inc. : October 17, 2017   [Oct-17-17 10:02AM  Capital Cube]
▶ ETFs with exposure to Valhi, Inc. : October 3, 2017   [Oct-03-17 11:42AM  Capital Cube]
▶ Valhi posts 2Q profit   [Aug-09-17 03:26PM  Associated Press]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [Aug-08-17 04:21PM  GlobeNewswire]
▶ VALHI REPORTS SECOND QUARTER 2017 RESULTS   [04:16PM  GlobeNewswire]
▶ Valhi, Inc. Value Analysis (NYSE:VHI) : August 7, 2017   [Aug-07-17 06:57PM  Capital Cube]
▶ VALHI REPORTS FIRST QUARTER 2017 RESULTS   [May-09-17 04:16PM  GlobeNewswire]
▶ Valhi, Inc. Value Analysis (NYSE:VHI) : April 24, 2017   [Apr-24-17 03:56PM  Capital Cube]
▶ Penny Stocks to Watch for April 2017 (ATRS, WRN)   [Mar-31-17 12:00PM  Investopedia]
▶ Valhi posts 4Q profit   [Mar-10-17 06:56PM  Associated Press]
▶ VALHI REPORTS FOURTH QUARTER 2016 RESULTS   [06:14PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [04:16PM  GlobeNewswire]
▶ IIROC Trading Resumption - SLL, VHI   [Dec-01-16 04:18PM  PR Newswire]
▶ VALHI REPORTS THIRD QUARTER 2016 RESULTS   [04:16PM  GlobeNewswire]
▶ VALHI DECLARES QUARTERLY DIVIDEND   [04:16PM  GlobeNewswire]

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