Intrinsic value of Venator Materials - VNTR

Previous Close

$6.11

  Intrinsic Value

$2.53

stock screener

  Rating & Target

str. sell

-59%

Previous close

$6.11

 
Intrinsic value

$2.53

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of VNTR 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, %
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  2,461
  2,726
  3,003
  3,293
  3,596
  3,912
  4,241
  4,583
  4,938
  5,307
  5,691
  6,090
  6,505
  6,936
  7,384
  7,851
  8,336
  8,842
  9,369
  9,918
  10,492
  11,090
  11,714
  12,366
  13,048
  13,760
  14,505
  15,284
  16,099
  16,953
Variable operating expenses, $m
  2,532
  2,804
  3,090
  3,388
  3,699
  4,024
  4,362
  4,713
  5,079
  5,459
  5,851
  6,261
  6,687
  7,131
  7,592
  8,071
  8,570
  9,090
  9,632
  10,197
  10,786
  11,401
  12,043
  12,714
  13,414
  14,146
  14,912
  15,713
  16,552
  17,429
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
  2,532
  2,804
  3,090
  3,388
  3,699
  4,024
  4,362
  4,713
  5,079
  5,459
  5,851
  6,261
  6,687
  7,131
  7,592
  8,071
  8,570
  9,090
  9,632
  10,197
  10,786
  11,401
  12,043
  12,714
  13,414
  14,146
  14,912
  15,713
  16,552
  17,429
Operating income, $m
  -71
  -79
  -86
  -95
  -103
  -112
  -121
  -131
  -141
  -151
  -160
  -171
  -183
  -195
  -207
  -221
  -234
  -248
  -263
  -279
  -295
  -312
  -329
  -347
  -367
  -387
  -408
  -429
  -452
  -476
EBITDA, $m
  71
  79
  87
  95
  104
  113
  122
  132
  143
  153
  164
  176
  188
  200
  213
  227
  241
  255
  270
  286
  303
  320
  338
  357
  377
  397
  419
  441
  465
  489
Interest expense (income), $m
  5
  91
  115
  140
  166
  194
  223
  253
  284
  316
  350
  385
  422
  460
  499
  540
  583
  627
  673
  722
  772
  824
  878
  935
  995
  1,057
  1,121
  1,189
  1,260
  1,334
  1,412
Earnings before tax, $m
  -162
  -193
  -226
  -261
  -297
  -335
  -374
  -415
  -457
  -501
  -545
  -593
  -643
  -694
  -748
  -803
  -861
  -922
  -985
  -1,050
  -1,119
  -1,190
  -1,264
  -1,342
  -1,423
  -1,508
  -1,597
  -1,689
  -1,786
  -1,888
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
  -162
  -193
  -226
  -261
  -297
  -335
  -374
  -415
  -457
  -501
  -545
  -593
  -643
  -694
  -748
  -803
  -861
  -922
  -985
  -1,050
  -1,119
  -1,190
  -1,264
  -1,342
  -1,423
  -1,508
  -1,597
  -1,689
  -1,786
  -1,888

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
  3,171
  3,512
  3,870
  4,244
  4,635
  5,041
  5,465
  5,906
  6,364
  6,839
  7,334
  7,848
  8,382
  8,938
  9,516
  10,117
  10,743
  11,394
  12,073
  12,782
  13,520
  14,291
  15,095
  15,936
  16,814
  17,732
  18,692
  19,696
  20,747
  21,847
Adjusted assets (=assets-cash), $m
  3,171
  3,512
  3,870
  4,244
  4,635
  5,041
  5,465
  5,906
  6,364
  6,839
  7,334
  7,848
  8,382
  8,938
  9,516
  10,117
  10,743
  11,394
  12,073
  12,782
  13,520
  14,291
  15,095
  15,936
  16,814
  17,732
  18,692
  19,696
  20,747
  21,847
Revenue / Adjusted assets
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
Average production assets, $m
  1,430
  1,584
  1,745
  1,914
  2,090
  2,273
  2,464
  2,663
  2,869
  3,084
  3,307
  3,538
  3,779
  4,030
  4,290
  4,561
  4,843
  5,137
  5,443
  5,763
  6,096
  6,443
  6,806
  7,185
  7,581
  7,995
  8,427
  8,880
  9,354
  9,850
Working capital, $m
  317
  352
  387
  425
  464
  505
  547
  591
  637
  685
  734
  786
  839
  895
  953
  1,013
  1,075
  1,141
  1,209
  1,279
  1,353
  1,431
  1,511
  1,595
  1,683
  1,775
  1,871
  1,972
  2,077
  2,187
Total debt, $m
  955
  1,165
  1,385
  1,615
  1,855
  2,105
  2,366
  2,637
  2,919
  3,211
  3,515
  3,832
  4,160
  4,502
  4,857
  5,227
  5,612
  6,013
  6,430
  6,866
  7,320
  7,794
  8,289
  8,805
  9,346
  9,910
  10,500
  11,118
  11,764
  12,441
Total liabilities, $m
  1,950
  2,160
  2,380
  2,610
  2,850
  3,100
  3,361
  3,632
  3,914
  4,206
  4,510
  4,827
  5,155
  5,497
  5,852
  6,222
  6,607
  7,008
  7,425
  7,861
  8,315
  8,789
  9,284
  9,800
  10,341
  10,905
  11,495
  12,113
  12,759
  13,436
Total equity, $m
  1,221
  1,352
  1,490
  1,634
  1,784
  1,941
  2,104
  2,274
  2,450
  2,633
  2,824
  3,022
  3,227
  3,441
  3,663
  3,895
  4,136
  4,387
  4,648
  4,921
  5,205
  5,502
  5,812
  6,135
  6,473
  6,827
  7,196
  7,583
  7,987
  8,411
Total liabilities and equity, $m
  3,171
  3,512
  3,870
  4,244
  4,634
  5,041
  5,465
  5,906
  6,364
  6,839
  7,334
  7,849
  8,382
  8,938
  9,515
  10,117
  10,743
  11,395
  12,073
  12,782
  13,520
  14,291
  15,096
  15,935
  16,814
  17,732
  18,691
  19,696
  20,746
  21,847
Debt-to-equity ratio
  0.780
  0.860
  0.930
  0.990
  1.040
  1.080
  1.120
  1.160
  1.190
  1.220
  1.250
  1.270
  1.290
  1.310
  1.330
  1.340
  1.360
  1.370
  1.380
  1.400
  1.410
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.470
  1.470
  1.480
Adjusted equity ratio
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -162
  -193
  -226
  -261
  -297
  -335
  -374
  -415
  -457
  -501
  -545
  -593
  -643
  -694
  -748
  -803
  -861
  -922
  -985
  -1,050
  -1,119
  -1,190
  -1,264
  -1,342
  -1,423
  -1,508
  -1,597
  -1,689
  -1,786
  -1,888
Depreciation, amort., depletion, $m
  142
  157
  173
  190
  207
  225
  244
  263
  283
  304
  324
  347
  371
  395
  421
  447
  475
  504
  534
  565
  598
  632
  667
  704
  743
  784
  826
  871
  917
  966
Funds from operations, $m
  -20
  -36
  -53
  -71
  -90
  -110
  -130
  -152
  -174
  -197
  -221
  -246
  -272
  -299
  -327
  -356
  -387
  -418
  -451
  -485
  -521
  -558
  -597
  -638
  -680
  -724
  -771
  -819
  -869
  -922
Change in working capital, $m
  32
  34
  36
  37
  39
  41
  42
  44
  46
  48
  50
  51
  53
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
Cash from operations, $m
  -52
  -70
  -89
  -109
  -129
  -150
  -173
  -196
  -220
  -245
  -271
  -298
  -326
  -355
  -385
  -416
  -449
  -483
  -519
  -556
  -595
  -635
  -678
  -722
  -768
  -816
  -867
  -919
  -975
  -1,032
Maintenance CAPEX, $m
  -126
  -140
  -155
  -171
  -188
  -205
  -223
  -242
  -261
  -281
  -302
  -324
  -347
  -371
  -395
  -421
  -447
  -475
  -504
  -534
  -565
  -598
  -632
  -667
  -704
  -743
  -784
  -826
  -871
  -917
New CAPEX, $m
  -146
  -154
  -161
  -169
  -176
  -183
  -191
  -199
  -206
  -215
  -223
  -232
  -241
  -250
  -260
  -271
  -282
  -294
  -306
  -319
  -333
  -347
  -363
  -379
  -396
  -414
  -433
  -453
  -474
  -496
Cash from investing activities, $m
  -272
  -294
  -316
  -340
  -364
  -388
  -414
  -441
  -467
  -496
  -525
  -556
  -588
  -621
  -655
  -692
  -729
  -769
  -810
  -853
  -898
  -945
  -995
  -1,046
  -1,100
  -1,157
  -1,217
  -1,279
  -1,345
  -1,413
Free cash flow, $m
  -325
  -364
  -405
  -448
  -493
  -539
  -586
  -636
  -687
  -741
  -796
  -853
  -913
  -976
  -1,040
  -1,108
  -1,179
  -1,252
  -1,329
  -1,409
  -1,493
  -1,580
  -1,672
  -1,768
  -1,868
  -1,973
  -2,083
  -2,198
  -2,319
  -2,445
Issuance/(repayment) of debt, $m
  198
  210
  220
  230
  240
  250
  260
  271
  282
  293
  304
  316
  329
  342
  355
  370
  385
  401
  418
  435
  454
  474
  495
  517
  540
  565
  590
  618
  646
  676
Issuance/(repurchase) of shares, $m
  288
  325
  364
  405
  447
  491
  537
  584
  633
  685
  736
  791
  848
  908
  970
  1,035
  1,102
  1,173
  1,246
  1,323
  1,403
  1,487
  1,574
  1,666
  1,761
  1,861
  1,966
  2,076
  2,191
  2,311
Cash from financing (excl. dividends), $m  
  486
  535
  584
  635
  687
  741
  797
  855
  915
  978
  1,040
  1,107
  1,177
  1,250
  1,325
  1,405
  1,487
  1,574
  1,664
  1,758
  1,857
  1,961
  2,069
  2,183
  2,301
  2,426
  2,556
  2,694
  2,837
  2,987
Total cash flow (excl. dividends), $m
  162
  170
  178
  187
  195
  203
  211
  219
  228
  237
  244
  254
  264
  274
  285
  297
  309
  321
  335
  349
  364
  380
  397
  415
  433
  453
  473
  495
  518
  543
Retained Cash Flow (-), $m
  -288
  -325
  -364
  -405
  -447
  -491
  -537
  -584
  -633
  -685
  -736
  -791
  -848
  -908
  -970
  -1,035
  -1,102
  -1,173
  -1,246
  -1,323
  -1,403
  -1,487
  -1,574
  -1,666
  -1,761
  -1,861
  -1,966
  -2,076
  -2,191
  -2,311
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
  -126
  -154
  -185
  -218
  -253
  -289
  -326
  -365
  -406
  -448
  -492
  -537
  -585
  -634
  -685
  -738
  -794
  -851
  -911
  -974
  -1,039
  -1,107
  -1,177
  -1,251
  -1,328
  -1,409
  -1,493
  -1,581
  -1,673
  -1,769
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
  -121
  -141
  -161
  -180
  -196
  -209
  -220
  -228
  -233
  -235
  -234
  -229
  -222
  -213
  -201
  -188
  -173
  -157
  -140
  -124
  -107
  -92
  -77
  -64
  -52
  -41
  -32
  -24
  -18
  -13
Current shareholders' claim on cash, %
  72.7
  52.7
  38.1
  27.4
  19.7
  14.1
  10.1
  7.3
  5.2
  3.7
  2.7
  1.9
  1.4
  1.0
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Venator Materials PLC is a manufacturer and marketer of chemical products. The Company is engaged in manufacturing titanium dioxide (TiO2), functional additives, color pigments, timber treatment and water treatment products. It operates through two segments: Titanium Dioxide and Performance Additives. The Company derives TiO2 is from titanium bearing ores and is a white inert pigment that provides whiteness, opacity and brightness to thousands of everyday items, including coatings, plastics, paper, printing inks, fibers, food and personal care products. Functional additives are barium and zinc based inorganic chemicals. It also manufactures zinc and barium functional additives. It also manufactures wood protection chemicals used primarily in residential and commercial applications. The Company operates 27 manufacturing facilities in 10 countries with a total nameplate production capacity of approximately 1.3 million metric tons per year.

FINANCIAL RATIOS  of  Venator Materials (VNTR)

Valuation Ratios
P/E Ratio -7.5
Price to Sales 0.3
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow -40.6
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.4%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 542.4%
Total Debt to Equity 548.5%
Interest Coverage -19
Management Effectiveness
Return On Assets -2.7%
Ret/ On Assets - 3 Yr. Avg. -7.9%
Return On Total Capital -6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -15.6%
Return On Equity -19.9%
Return On Equity - 3 Yr. Avg. -40.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 7.6%
Gross Margin - 3 Yr. Avg. 6.3%
EBITDA Margin 1.1%
EBITDA Margin - 3 Yr. Avg. -5.1%
Operating Margin -2.3%
Oper. Margin - 3 Yr. Avg. -9.2%
Pre-Tax Margin -4.3%
Pre-Tax Margin - 3 Yr. Avg. -10.4%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -9.6%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 13.3%
Payout Ratio 0%

VNTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VNTR stock intrinsic value calculation we used $2209 million for the last fiscal year's total revenue generated by Venator Materials. The default revenue input number comes from 0001 income statement of Venator Materials. 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 VNTR stock valuation model: a) initial revenue growth rate of 11.4% 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 VNTR is calculated based on our internal credit rating of Venator Materials, 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 Venator Materials.
    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 VNTR stock the variable cost ratio is equal to 102.9%.

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 VNTR 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 12% for Venator Materials.

Corporate tax rate of 27% is the nominal tax rate for Venator Materials. 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 VNTR 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 VNTR are equal to 58.1%.

Life of production assets of 10.2 years is the average useful life of capital assets used in Venator Materials 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 VNTR is equal to 12.9%. 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 - $1095 million for Venator Materials - 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 106.401 million for Venator Materials 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 Venator Materials at the current share price and the inputted number of shares is $0.7 billion.

COMPANY NEWS

▶ Near an All-Time Low, Is Venator Materials Stock a Buy?   [Aug-29-18 08:02AM  Motley Fool]
▶ Venator Materials PLC to Host Earnings Call   [Jul-31-18 08:00AM  ACCESSWIRE]
▶ Venator Announces Strong First Quarter 2018 Results   [May-01-18 06:00AM  PR Newswire]
▶ Is the Newest Titanium Dioxide Stock a Buy Yet?   [Jan-04-18 08:06AM  Motley Fool]
▶ Year in Review: Houston had most IPOs of any Texas city in 2017   [Dec-29-17 09:21AM  American City Business Journals]
▶ Venator Closes Secondary Public Offering   [Dec-04-17 04:15PM  PR Newswire]
▶ Venator Prices Upsized Secondary Public Offering   [Nov-29-17 07:02PM  PR Newswire]
▶ Venator Materials Launches Secondary Offering   [Nov-28-17 11:45AM  24/7 Wall St.]
▶ Venator Launches Secondary Public Offering   [Nov-27-17 04:21PM  PR Newswire]
▶ Einhorn's Greenlight Capital cuts stakes in GM, Apple   [Nov-14-17 05:15PM  MarketWatch]
▶ Venator Files Second Quarter Results on Form 10-Q   [Aug-28-17 06:26AM  PR Newswire]
▶ Huntsman Announces that Venator Closes its IPO   [Aug-08-17 12:05PM  PR Newswire]

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