Intrinsic value of Verso Cl A - VRS

Previous Close

$26.10

  Intrinsic Value

$4.99

stock screener

  Rating & Target

str. sell

-81%

Previous close

$26.10

 
Intrinsic value

$4.99

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of VRS 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 0.9

 

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, %
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  2,710
  2,969
  3,241
  3,523
  3,817
  4,123
  4,441
  4,771
  5,114
  5,471
  5,842
  6,228
  6,629
  7,046
  7,481
  7,933
  8,405
  8,897
  9,410
  9,945
  10,504
  11,088
  11,698
  12,335
  13,002
  13,700
  14,430
  15,194
  15,995
  16,833
Variable operating expenses, $m
  2,844
  3,117
  3,401
  3,697
  4,005
  4,325
  4,658
  5,004
  5,364
  5,738
  6,121
  6,525
  6,945
  7,382
  7,838
  8,312
  8,806
  9,321
  9,859
  10,419
  11,005
  11,617
  12,256
  12,924
  13,623
  14,354
  15,119
  15,920
  16,758
  17,636
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
  2,844
  3,117
  3,401
  3,697
  4,005
  4,325
  4,658
  5,004
  5,364
  5,738
  6,121
  6,525
  6,945
  7,382
  7,838
  8,312
  8,806
  9,321
  9,859
  10,419
  11,005
  11,617
  12,256
  12,924
  13,623
  14,354
  15,119
  15,920
  16,758
  17,636
Operating income, $m
  -135
  -147
  -160
  -174
  -188
  -202
  -218
  -233
  -250
  -267
  -279
  -297
  -316
  -336
  -357
  -379
  -401
  -425
  -449
  -475
  -501
  -529
  -558
  -589
  -621
  -654
  -689
  -725
  -763
  -803
EBITDA, $m
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
Interest expense (income), $m
  0
  10
  16
  21
  27
  33
  40
  46
  53
  60
  68
  75
  83
  92
  100
  109
  119
  129
  139
  149
  160
  172
  184
  197
  210
  224
  238
  253
  269
  286
  303
Earnings before tax, $m
  -145
  -163
  -181
  -201
  -221
  -242
  -264
  -286
  -310
  -334
  -354
  -381
  -408
  -437
  -466
  -497
  -530
  -563
  -598
  -635
  -673
  -713
  -755
  -799
  -844
  -892
  -942
  -994
  -1,049
  -1,106
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
  -145
  -163
  -181
  -201
  -221
  -242
  -264
  -286
  -310
  -334
  -354
  -381
  -408
  -437
  -466
  -497
  -530
  -563
  -598
  -635
  -673
  -713
  -755
  -799
  -844
  -892
  -942
  -994
  -1,049
  -1,106

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
  1,907
  2,090
  2,280
  2,479
  2,686
  2,901
  3,125
  3,358
  3,599
  3,850
  4,111
  4,383
  4,665
  4,959
  5,264
  5,583
  5,915
  6,261
  6,622
  6,998
  7,392
  7,803
  8,232
  8,681
  9,150
  9,641
  10,155
  10,693
  11,256
  11,846
Adjusted assets (=assets-cash), $m
  1,907
  2,090
  2,280
  2,479
  2,686
  2,901
  3,125
  3,358
  3,599
  3,850
  4,111
  4,383
  4,665
  4,959
  5,264
  5,583
  5,915
  6,261
  6,622
  6,998
  7,392
  7,803
  8,232
  8,681
  9,150
  9,641
  10,155
  10,693
  11,256
  11,846
Revenue / Adjusted assets
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
  1.421
Average production assets, $m
  1,650
  1,808
  1,973
  2,146
  2,325
  2,511
  2,704
  2,906
  3,115
  3,332
  3,558
  3,793
  4,037
  4,291
  4,556
  4,831
  5,119
  5,418
  5,730
  6,056
  6,397
  6,752
  7,124
  7,512
  7,918
  8,343
  8,788
  9,253
  9,741
  10,251
Working capital, $m
  333
  365
  399
  433
  470
  507
  546
  587
  629
  673
  719
  766
  815
  867
  920
  976
  1,034
  1,094
  1,157
  1,223
  1,292
  1,364
  1,439
  1,517
  1,599
  1,685
  1,775
  1,869
  1,967
  2,070
Total debt, $m
  289
  393
  502
  615
  732
  855
  982
  1,114
  1,252
  1,395
  1,543
  1,698
  1,858
  2,025
  2,199
  2,381
  2,569
  2,766
  2,972
  3,186
  3,410
  3,644
  3,888
  4,143
  4,410
  4,690
  4,982
  5,288
  5,609
  5,944
Total liabilities, $m
  1,085
  1,189
  1,298
  1,411
  1,528
  1,651
  1,778
  1,910
  2,048
  2,191
  2,339
  2,494
  2,654
  2,821
  2,995
  3,177
  3,365
  3,562
  3,768
  3,982
  4,206
  4,440
  4,684
  4,939
  5,206
  5,486
  5,778
  6,084
  6,405
  6,740
Total equity, $m
  822
  901
  983
  1,069
  1,158
  1,251
  1,347
  1,447
  1,551
  1,659
  1,772
  1,889
  2,011
  2,137
  2,269
  2,406
  2,549
  2,698
  2,854
  3,016
  3,186
  3,363
  3,548
  3,741
  3,944
  4,155
  4,377
  4,609
  4,851
  5,106
Total liabilities and equity, $m
  1,907
  2,090
  2,281
  2,480
  2,686
  2,902
  3,125
  3,357
  3,599
  3,850
  4,111
  4,383
  4,665
  4,958
  5,264
  5,583
  5,914
  6,260
  6,622
  6,998
  7,392
  7,803
  8,232
  8,680
  9,150
  9,641
  10,155
  10,693
  11,256
  11,846
Debt-to-equity ratio
  0.350
  0.440
  0.510
  0.580
  0.630
  0.680
  0.730
  0.770
  0.810
  0.840
  0.870
  0.900
  0.920
  0.950
  0.970
  0.990
  1.010
  1.030
  1.040
  1.060
  1.070
  1.080
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
Adjusted equity ratio
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -145
  -163
  -181
  -201
  -221
  -242
  -264
  -286
  -310
  -334
  -354
  -381
  -408
  -437
  -466
  -497
  -530
  -563
  -598
  -635
  -673
  -713
  -755
  -799
  -844
  -892
  -942
  -994
  -1,049
  -1,106
Depreciation, amort., depletion, $m
  129
  141
  153
  166
  179
  193
  207
  222
  238
  254
  266
  283
  301
  320
  340
  361
  382
  404
  428
  452
  477
  504
  532
  561
  591
  623
  656
  691
  727
  765
Funds from operations, $m
  -16
  -22
  -29
  -35
  -42
  -49
  -56
  -64
  -72
  -80
  -89
  -98
  -107
  -116
  -126
  -137
  -148
  -159
  -171
  -183
  -196
  -209
  -223
  -238
  -253
  -269
  -286
  -304
  -322
  -341
Change in working capital, $m
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  98
  103
Cash from operations, $m
  -47
  -54
  -62
  -70
  -78
  -87
  -95
  -105
  -114
  -124
  -134
  -145
  -156
  -168
  -180
  -192
  -206
  -219
  -234
  -249
  -265
  -281
  -298
  -316
  -335
  -355
  -376
  -398
  -420
  -444
Maintenance CAPEX, $m
  -112
  -123
  -135
  -147
  -160
  -173
  -187
  -202
  -217
  -232
  -249
  -266
  -283
  -301
  -320
  -340
  -361
  -382
  -404
  -428
  -452
  -477
  -504
  -532
  -561
  -591
  -623
  -656
  -691
  -727
New CAPEX, $m
  -151
  -158
  -165
  -172
  -179
  -186
  -194
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -265
  -276
  -287
  -299
  -312
  -326
  -340
  -356
  -372
  -388
  -406
  -425
  -445
  -465
  -487
  -510
Cash from investing activities, $m
  -263
  -281
  -300
  -319
  -339
  -359
  -381
  -403
  -426
  -449
  -475
  -501
  -527
  -555
  -585
  -616
  -648
  -681
  -716
  -754
  -792
  -833
  -876
  -920
  -967
  -1,016
  -1,068
  -1,121
  -1,178
  -1,237
Free cash flow, $m
  -310
  -336
  -362
  -389
  -417
  -446
  -476
  -508
  -540
  -574
  -609
  -645
  -683
  -723
  -765
  -808
  -853
  -901
  -951
  -1,003
  -1,057
  -1,114
  -1,174
  -1,237
  -1,302
  -1,371
  -1,443
  -1,519
  -1,598
  -1,682
Issuance/(repayment) of debt, $m
  99
  104
  109
  113
  118
  122
  127
  132
  137
  143
  148
  154
  161
  167
  174
  181
  189
  197
  205
  214
  224
  234
  244
  255
  267
  279
  292
  306
  320
  336
Issuance/(repurchase) of shares, $m
  221
  242
  264
  287
  310
  335
  360
  387
  414
  443
  467
  498
  530
  563
  598
  635
  673
  712
  754
  797
  843
  890
  940
  992
  1,047
  1,104
  1,163
  1,226
  1,292
  1,360
Cash from financing (excl. dividends), $m  
  320
  346
  373
  400
  428
  457
  487
  519
  551
  586
  615
  652
  691
  730
  772
  816
  862
  909
  959
  1,011
  1,067
  1,124
  1,184
  1,247
  1,314
  1,383
  1,455
  1,532
  1,612
  1,696
Total cash flow (excl. dividends), $m
  10
  10
  10
  10
  11
  11
  11
  11
  11
  12
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
Retained Cash Flow (-), $m
  -221
  -242
  -264
  -287
  -310
  -335
  -360
  -387
  -414
  -443
  -467
  -498
  -530
  -563
  -598
  -635
  -673
  -712
  -754
  -797
  -843
  -890
  -940
  -992
  -1,047
  -1,104
  -1,163
  -1,226
  -1,292
  -1,360
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
  -211
  -232
  -253
  -276
  -299
  -324
  -349
  -375
  -402
  -431
  -460
  -491
  -523
  -556
  -591
  -627
  -665
  -704
  -745
  -788
  -833
  -880
  -930
  -981
  -1,035
  -1,092
  -1,151
  -1,213
  -1,278
  -1,346
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
  -202
  -212
  -221
  -227
  -232
  -235
  -236
  -235
  -231
  -226
  -219
  -209
  -199
  -187
  -173
  -159
  -145
  -130
  -115
  -100
  -86
  -73
  -61
  -50
  -40
  -32
  -25
  -19
  -14
  -10
Current shareholders' claim on cash, %
  80.3
  64.6
  52.0
  41.9
  33.8
  27.3
  22.0
  17.8
  14.4
  11.6
  9.4
  7.7
  6.2
  5.1
  4.1
  3.3
  2.7
  2.2
  1.8
  1.4
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2

Verso Corporation manufactures and supplies coated papers in the United States. It operates in two segments, Paper and Pulp. The company primarily produces coated freesheet and coated groundwood papers; northern bleached hardwood kraft pulp; recycled paper; and customized product solutions. It also offers ultra-lightweight uncoated printing papers, and ultra-lightweight coated and uncoated flexible packaging papers. Its products are used primarily in media and marketing applications, including catalogs, magazines, and commercial printing applications, such as high-end advertising brochures, annual reports, and direct-mail advertising. The company was formerly known as Verso Paper Corp. and changed its name to Verso Corporation in January 2015. Verso Corporation was founded in 2006 and is headquartered in Memphis, Tennessee.

FINANCIAL RATIOS  of  Verso Cl A (VRS)

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%

VRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRS stock intrinsic value calculation we used $2461 million for the last fiscal year's total revenue generated by Verso Cl A. The default revenue input number comes from 0001 income statement of Verso 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 VRS stock valuation model: a) initial revenue growth rate of 10.1% 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 VRS is calculated based on our internal credit rating of Verso 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 Verso 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 VRS stock the variable cost ratio is equal to 105%.

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 VRS 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 Verso Cl A.

Corporate tax rate of 27% is the nominal tax rate for Verso 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 VRS 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 VRS are equal to 60.9%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Verso 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 VRS is equal to 12.3%. 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 - $746 million for Verso 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 34.553 million for Verso 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 Verso Cl A at the current share price and the inputted number of shares is $0.9 billion.

COMPANY NEWS

▶ How Financially Strong Is Verso Corporation (NYSE:VRS)?   [Oct-17-18 10:22AM  Simply Wall St.]
▶ Bull of the Day: Verso (VRS)   [07:00AM  Zacks]
▶ Here's a closer look at Dayton's billion-dollar businesses   [06:00AM  American City Business Journals]
▶ Verso Corporation Comments on ISS Report   [Sep-12-18 05:30PM  PR Newswire]
▶ 5 Broker-Friendly Stocks to Counter Market Jitters   [Sep-06-18 12:58PM  InvestorPlace]
▶ 5 Stocks Riding High on Increasing Cash Flow to Buy Now   [Aug-27-18 04:29PM  InvestorPlace]
▶ Have Investors Priced In Verso Corporations (NYSE:VRS) Growth?   [Aug-15-18 01:15PM  Simply Wall St.]
▶ New Strong Buy Stocks for August 13th   [Aug-13-18 10:12AM  Zacks]
▶ Dayton paper company bounces back from $49M loss   [Aug-09-18 04:00AM  American City Business Journals]
▶ Dayton company to reduce board size   [Jul-25-18 02:04PM  American City Business Journals]
▶ The List: Dayton-Area Public Company Executive Compensation   [Jul-02-18 05:16AM  American City Business Journals]
▶ Get to Know: Chris DiSantis, CEO of Dayton-based Verso Corp.   [Jun-29-18 09:10AM  American City Business Journals]
▶ These are the 3 highest-paid executives at Dayton-based Verso   [May-04-18 03:04PM  American City Business Journals]
▶ Dayton-based paper company records $30M loss in 2017   [01:19PM  American City Business Journals]

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