Intrinsic value of Agrium Inc. - AGU

Previous Close

$144.58

  Intrinsic Value

$227.99

stock screener

  Rating & Target

str. buy

+58%

Previous close

$144.58

 
Intrinsic value

$227.99

 
Up/down potential

+58%

 
Rating

str. buy

We calculate the intrinsic value of AGU 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 2016), $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 20.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  5.17
Revenue, $m
  20,051
  21,703
  23,421
  25,207
  27,062
  28,991
  30,995
  33,078
  35,245
  37,499
  39,844
  42,287
  44,831
  47,483
  50,248
  53,133
  56,144
  59,288
  62,573
  66,006
  69,595
  73,349
  77,277
  81,387
  85,690
  90,196
  94,916
  99,860
  105,041
  110,471
Variable operating expenses, $m
  10,843
  11,713
  12,618
  13,559
  14,536
  15,552
  16,607
  17,704
  18,845
  20,032
  20,985
  22,271
  23,611
  25,008
  26,464
  27,983
  29,569
  31,225
  32,955
  34,763
  36,653
  38,631
  40,699
  42,864
  45,130
  47,503
  49,989
  52,593
  55,322
  58,182
Fixed operating expenses, $m
  7,304
  7,465
  7,629
  7,797
  7,969
  8,144
  8,323
  8,506
  8,693
  8,884
  9,080
  9,280
  9,484
  9,693
  9,906
  10,124
  10,346
  10,574
  10,807
  11,044
  11,287
  11,536
  11,789
  12,049
  12,314
  12,585
  12,862
  13,145
  13,434
  13,729
Total operating expenses, $m
  18,147
  19,178
  20,247
  21,356
  22,505
  23,696
  24,930
  26,210
  27,538
  28,916
  30,065
  31,551
  33,095
  34,701
  36,370
  38,107
  39,915
  41,799
  43,762
  45,807
  47,940
  50,167
  52,488
  54,913
  57,444
  60,088
  62,851
  65,738
  68,756
  71,911
Operating income, $m
  1,903
  2,525
  3,174
  3,851
  4,558
  5,295
  6,065
  6,868
  7,706
  8,582
  9,780
  10,736
  11,736
  12,783
  13,878
  15,026
  16,228
  17,489
  18,811
  20,198
  21,654
  23,183
  24,788
  26,474
  28,246
  30,108
  32,065
  34,122
  36,286
  38,560
EBITDA, $m
  2,795
  3,466
  4,168
  4,899
  5,662
  6,458
  7,289
  8,155
  9,059
  10,003
  10,989
  12,019
  13,097
  14,224
  15,403
  16,638
  17,932
  19,288
  20,710
  22,202
  23,766
  25,409
  27,133
  28,944
  30,846
  32,845
  34,945
  37,153
  39,473
  41,913
Interest expense (income), $m
  367
  322
  384
  449
  516
  585
  658
  733
  812
  893
  978
  1,066
  1,157
  1,253
  1,352
  1,456
  1,564
  1,676
  1,794
  1,917
  2,045
  2,179
  2,319
  2,466
  2,619
  2,780
  2,948
  3,124
  3,308
  3,502
  3,704
Earnings before tax, $m
  1,582
  2,141
  2,725
  3,335
  3,972
  4,637
  5,332
  6,056
  6,813
  7,604
  8,714
  9,579
  10,484
  11,431
  12,423
  13,462
  14,552
  15,695
  16,894
  18,153
  19,475
  20,864
  22,322
  23,855
  25,466
  27,160
  28,941
  30,814
  32,784
  34,856
Tax expense, $m
  427
  578
  736
  901
  1,073
  1,252
  1,440
  1,635
  1,840
  2,053
  2,353
  2,586
  2,831
  3,086
  3,354
  3,635
  3,929
  4,238
  4,562
  4,901
  5,258
  5,633
  6,027
  6,441
  6,876
  7,333
  7,814
  8,320
  8,852
  9,411
Net income, $m
  1,155
  1,563
  1,989
  2,435
  2,900
  3,385
  3,892
  4,421
  4,974
  5,551
  6,361
  6,993
  7,653
  8,344
  9,069
  9,827
  10,623
  11,457
  12,333
  13,252
  14,217
  15,230
  16,295
  17,414
  18,590
  19,827
  21,127
  22,494
  23,932
  25,445

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
  24,100
  26,085
  28,150
  30,297
  32,527
  34,845
  37,254
  39,758
  42,362
  45,071
  47,890
  50,826
  53,884
  57,071
  60,394
  63,862
  67,481
  71,260
  75,208
  79,334
  83,648
  88,160
  92,881
  97,821
  102,993
  108,409
  114,081
  120,024
  126,252
  132,778
Adjusted assets (=assets-cash), $m
  24,100
  26,085
  28,150
  30,297
  32,527
  34,845
  37,254
  39,758
  42,362
  45,071
  47,890
  50,826
  53,884
  57,071
  60,394
  63,862
  67,481
  71,260
  75,208
  79,334
  83,648
  88,160
  92,881
  97,821
  102,993
  108,409
  114,081
  120,024
  126,252
  132,778
Revenue / Adjusted assets
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
  0.832
Average production assets, $m
  10,527
  11,394
  12,296
  13,234
  14,208
  15,220
  16,272
  17,366
  18,504
  19,687
  20,918
  22,201
  23,536
  24,929
  26,380
  27,895
  29,476
  31,126
  32,851
  34,653
  36,538
  38,508
  40,570
  42,728
  44,987
  47,353
  49,831
  52,427
  55,147
  57,998
Working capital, $m
  2,326
  2,518
  2,717
  2,924
  3,139
  3,363
  3,595
  3,837
  4,088
  4,350
  4,622
  4,905
  5,200
  5,508
  5,829
  6,163
  6,513
  6,877
  7,258
  7,657
  8,073
  8,509
  8,964
  9,441
  9,940
  10,463
  11,010
  11,584
  12,185
  12,815
Total debt, $m
  7,386
  8,627
  9,918
  11,259
  12,653
  14,102
  15,608
  17,173
  18,800
  20,493
  22,255
  24,090
  26,001
  27,993
  30,070
  32,238
  34,500
  36,862
  39,329
  41,908
  44,604
  47,424
  50,374
  53,462
  56,695
  60,079
  63,625
  67,339
  71,231
  75,310
Total liabilities, $m
  15,062
  16,303
  17,594
  18,935
  20,329
  21,778
  23,284
  24,849
  26,476
  28,169
  29,931
  31,766
  33,677
  35,669
  37,746
  39,914
  42,176
  44,538
  47,005
  49,584
  52,280
  55,100
  58,050
  61,138
  64,371
  67,755
  71,301
  75,015
  78,907
  82,986
Total equity, $m
  9,037
  9,782
  10,556
  11,361
  12,198
  13,067
  13,970
  14,909
  15,886
  16,902
  17,959
  19,060
  20,206
  21,402
  22,648
  23,948
  25,305
  26,723
  28,203
  29,750
  31,368
  33,060
  34,830
  36,683
  38,622
  40,653
  42,781
  45,009
  47,344
  49,792
Total liabilities and equity, $m
  24,099
  26,085
  28,150
  30,296
  32,527
  34,845
  37,254
  39,758
  42,362
  45,071
  47,890
  50,826
  53,883
  57,071
  60,394
  63,862
  67,481
  71,261
  75,208
  79,334
  83,648
  88,160
  92,880
  97,821
  102,993
  108,408
  114,082
  120,024
  126,251
  132,778
Debt-to-equity ratio
  0.820
  0.880
  0.940
  0.990
  1.040
  1.080
  1.120
  1.150
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.410
  1.420
  1.430
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.500
  1.510
Adjusted equity ratio
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,155
  1,563
  1,989
  2,435
  2,900
  3,385
  3,892
  4,421
  4,974
  5,551
  6,361
  6,993
  7,653
  8,344
  9,069
  9,827
  10,623
  11,457
  12,333
  13,252
  14,217
  15,230
  16,295
  17,414
  18,590
  19,827
  21,127
  22,494
  23,932
  25,445
Depreciation, amort., depletion, $m
  892
  942
  994
  1,048
  1,104
  1,163
  1,224
  1,287
  1,353
  1,421
  1,209
  1,283
  1,360
  1,441
  1,525
  1,612
  1,704
  1,799
  1,899
  2,003
  2,112
  2,226
  2,345
  2,470
  2,600
  2,737
  2,880
  3,030
  3,188
  3,352
Funds from operations, $m
  2,046
  2,504
  2,983
  3,483
  4,004
  4,548
  5,116
  5,708
  6,326
  6,972
  7,570
  8,276
  9,013
  9,785
  10,593
  11,440
  12,327
  13,257
  14,232
  15,255
  16,329
  17,456
  18,640
  19,884
  21,191
  22,564
  24,007
  25,525
  27,120
  28,798
Change in working capital, $m
  184
  192
  199
  207
  215
  224
  232
  242
  251
  261
  272
  283
  295
  308
  321
  335
  349
  365
  381
  398
  416
  435
  456
  477
  499
  523
  547
  574
  601
  630
Cash from operations, $m
  1,862
  2,313
  2,784
  3,276
  3,789
  4,325
  4,883
  5,466
  6,075
  6,711
  7,298
  7,992
  8,718
  9,478
  10,273
  11,105
  11,978
  12,892
  13,851
  14,857
  15,913
  17,021
  18,185
  19,407
  20,691
  22,041
  23,460
  24,951
  26,519
  28,168
Maintenance CAPEX, $m
  -560
  -608
  -659
  -711
  -765
  -821
  -880
  -941
  -1,004
  -1,070
  -1,138
  -1,209
  -1,283
  -1,360
  -1,441
  -1,525
  -1,612
  -1,704
  -1,799
  -1,899
  -2,003
  -2,112
  -2,226
  -2,345
  -2,470
  -2,600
  -2,737
  -2,880
  -3,030
  -3,188
New CAPEX, $m
  -833
  -867
  -902
  -937
  -974
  -1,012
  -1,052
  -1,094
  -1,137
  -1,183
  -1,231
  -1,282
  -1,336
  -1,392
  -1,452
  -1,515
  -1,581
  -1,651
  -1,725
  -1,802
  -1,884
  -1,971
  -2,062
  -2,158
  -2,259
  -2,366
  -2,478
  -2,596
  -2,720
  -2,851
Cash from investing activities, $m
  -1,393
  -1,475
  -1,561
  -1,648
  -1,739
  -1,833
  -1,932
  -2,035
  -2,141
  -2,253
  -2,369
  -2,491
  -2,619
  -2,752
  -2,893
  -3,040
  -3,193
  -3,355
  -3,524
  -3,701
  -3,887
  -4,083
  -4,288
  -4,503
  -4,729
  -4,966
  -5,215
  -5,476
  -5,750
  -6,039
Free cash flow, $m
  469
  837
  1,223
  1,627
  2,050
  2,491
  2,951
  3,432
  3,934
  4,458
  4,929
  5,501
  6,099
  6,725
  7,380
  8,066
  8,784
  9,537
  10,327
  11,156
  12,025
  12,938
  13,897
  14,904
  15,963
  17,075
  18,245
  19,475
  20,769
  22,129
Issuance/(repayment) of debt, $m
  1,199
  1,241
  1,291
  1,341
  1,394
  1,449
  1,506
  1,565
  1,628
  1,693
  1,762
  1,835
  1,911
  1,992
  2,077
  2,167
  2,262
  2,362
  2,468
  2,579
  2,696
  2,820
  2,950
  3,088
  3,232
  3,385
  3,545
  3,714
  3,892
  4,079
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  
  1,199
  1,241
  1,291
  1,341
  1,394
  1,449
  1,506
  1,565
  1,628
  1,693
  1,762
  1,835
  1,911
  1,992
  2,077
  2,167
  2,262
  2,362
  2,468
  2,579
  2,696
  2,820
  2,950
  3,088
  3,232
  3,385
  3,545
  3,714
  3,892
  4,079
Total cash flow (excl. dividends), $m
  1,668
  2,078
  2,514
  2,969
  3,444
  3,939
  4,457
  4,997
  5,561
  6,151
  6,691
  7,336
  8,011
  8,717
  9,457
  10,233
  11,046
  11,899
  12,795
  13,734
  14,721
  15,758
  16,847
  17,992
  19,195
  20,460
  21,790
  23,189
  24,661
  26,208
Retained Cash Flow (-), $m
  -702
  -745
  -774
  -805
  -836
  -869
  -903
  -939
  -977
  -1,016
  -1,057
  -1,101
  -1,147
  -1,195
  -1,246
  -1,300
  -1,357
  -1,417
  -1,481
  -1,547
  -1,618
  -1,692
  -1,770
  -1,853
  -1,939
  -2,031
  -2,127
  -2,229
  -2,335
  -2,447
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
  965
  1,333
  1,740
  2,164
  2,607
  3,070
  3,554
  4,058
  4,585
  5,135
  5,634
  6,235
  6,864
  7,522
  8,211
  8,933
  9,689
  10,482
  11,314
  12,187
  13,104
  14,066
  15,077
  16,139
  17,256
  18,429
  19,663
  20,961
  22,325
  23,761
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  907
  1,171
  1,418
  1,626
  1,793
  1,917
  1,998
  2,036
  2,033
  1,993
  1,893
  1,793
  1,668
  1,526
  1,371
  1,211
  1,049
  892
  744
  608
  486
  381
  291
  217
  158
  112
  78
  52
  34
  21
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

Agrium Inc is a Canada-based company, which provides products and services.

FINANCIAL RATIOS  of  Agrium Inc. (AGU)

Valuation Ratios
P/E Ratio 24.9
Price to Sales 1.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 15.7
Growth Rates
Sales Growth Rate -7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.1%
Cap. Spend. - 3 Yr. Gr. Rate -16.2%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 71.3%
Total Debt to Equity 82.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 24.8%
Gross Margin - 3 Yr. Avg. 24.4%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 81.4%

AGU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGU stock intrinsic value calculation we used $18463 million for the last fiscal year's total revenue generated by Agrium Inc.. The default revenue input number comes from 2016 income statement of Agrium Inc.. 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 AGU stock valuation model: a) initial revenue growth rate of 8.6% 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 6.4%, whose default value for AGU is calculated based on our internal credit rating of Agrium Inc., 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 Agrium Inc..
    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 AGU stock the variable cost ratio is equal to 54.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7147 million in the base year in the intrinsic value calculation for AGU 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 5.2% for Agrium Inc..

Corporate tax rate of 27% is the nominal tax rate for Agrium Inc.. 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 AGU 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 AGU are equal to 52.5%.

Life of production assets of 17.3 years is the average useful life of capital assets used in Agrium Inc. 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 AGU is equal to 11.6%. 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 - $8335 million for Agrium Inc. - 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 138.193 million for Agrium Inc. 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 Agrium Inc. at the current share price and the inputted number of shares is $20.0 billion.

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