Intrinsic value of Agrium Inc. - AGU

Previous Close

$144.58

  Intrinsic Value

$219.82

stock screener

  Rating & Target

str. buy

+52%

Previous close

$144.58

 
Intrinsic value

$219.82

 
Up/down potential

+52%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Agrium Inc. (AGU) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   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, %
  -7.63
  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
  18,463
  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
 
  7,326
  7,509
  7,697
  7,889
  8,086
  8,288
  8,496
  8,708
  8,926
  9,149
  9,377
  9,612
  9,852
  10,099
  10,351
  10,610
  10,875
  11,147
  11,426
  11,711
  12,004
  12,304
  12,612
  12,927
  13,250
  13,581
  13,921
  14,269
  14,626
  14,991
Total operating expenses, $m
  16,979
  18,169
  19,222
  20,315
  21,448
  22,622
  23,840
  25,103
  26,412
  27,771
  29,181
  30,362
  31,883
  33,463
  35,107
  36,815
  38,593
  40,444
  42,372
  44,381
  46,474
  48,657
  50,935
  53,311
  55,791
  58,380
  61,084
  63,910
  66,862
  69,948
  73,173
Operating income, $m
  1,483
  1,882
  2,481
  3,106
  3,759
  4,440
  5,151
  5,892
  6,666
  7,474
  8,318
  9,482
  10,404
  11,368
  12,377
  13,433
  14,540
  15,700
  16,916
  18,192
  19,532
  20,938
  22,415
  23,966
  25,596
  27,310
  29,111
  31,006
  32,998
  35,094
  37,299
EBITDA, $m
  2,202
  2,774
  3,423
  4,100
  4,807
  5,545
  6,314
  7,116
  7,953
  8,827
  9,739
  10,691
  11,687
  12,728
  13,818
  14,958
  16,152
  17,404
  18,715
  20,091
  21,535
  23,050
  24,640
  26,311
  28,066
  29,910
  31,849
  33,886
  36,029
  38,282
  40,651
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
  1,108
  1,560
  2,097
  2,658
  3,243
  3,855
  4,493
  5,159
  5,855
  6,581
  7,340
  8,417
  9,247
  10,115
  11,025
  11,977
  12,976
  14,023
  15,122
  16,276
  17,487
  18,759
  20,095
  21,500
  22,977
  24,530
  26,163
  27,882
  29,690
  31,592
  33,594
Tax expense, $m
  303
  421
  566
  718
  876
  1,041
  1,213
  1,393
  1,581
  1,777
  1,982
  2,272
  2,497
  2,731
  2,977
  3,234
  3,504
  3,786
  4,083
  4,394
  4,721
  5,065
  5,426
  5,805
  6,204
  6,623
  7,064
  7,528
  8,016
  8,530
  9,071
Net income, $m
  800
  1,139
  1,531
  1,940
  2,368
  2,814
  3,280
  3,766
  4,274
  4,804
  5,358
  6,144
  6,750
  7,384
  8,048
  8,744
  9,473
  10,237
  11,039
  11,881
  12,765
  13,694
  14,669
  15,695
  16,773
  17,907
  19,099
  20,354
  21,673
  23,062
  24,524

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  720
  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
  22,918
  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
  22,198
  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
  0.832
Average production assets, $m
  9,694
  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
  1,904
  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
  6,907
  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
  14,584
  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
  8,335
  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
  22,919
  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
  0.829
  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
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  800
  1,139
  1,531
  1,940
  2,368
  2,814
  3,280
  3,766
  4,274
  4,804
  5,358
  6,144
  6,750
  7,384
  8,048
  8,744
  9,473
  10,237
  11,039
  11,881
  12,765
  13,694
  14,669
  15,695
  16,773
  17,907
  19,099
  20,354
  21,673
  23,062
  24,524
Depreciation, amort., depletion, $m
  719
  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
  2,498
  2,031
  2,472
  2,934
  3,416
  3,918
  4,443
  4,990
  5,561
  6,157
  6,779
  7,353
  8,033
  8,745
  9,489
  10,268
  11,085
  11,941
  12,838
  13,780
  14,768
  15,806
  16,895
  18,040
  19,243
  20,507
  21,836
  23,234
  24,704
  26,250
  27,876
Change in working capital, $m
  246
  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
  2,252
  1,846
  2,281
  2,735
  3,209
  3,703
  4,219
  4,757
  5,319
  5,905
  6,518
  7,081
  7,750
  8,449
  9,181
  9,948
  10,750
  11,592
  12,474
  13,399
  14,370
  15,389
  16,460
  17,584
  18,766
  20,008
  21,314
  22,687
  24,130
  25,649
  27,247
Maintenance CAPEX, $m
  0
  -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
  -978
  -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
  -1,373
  -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
  879
  453
  805
  1,174
  1,560
  1,964
  2,385
  2,825
  3,285
  3,764
  4,265
  4,712
  5,259
  5,830
  6,429
  7,055
  7,711
  8,398
  9,119
  9,875
  10,669
  11,502
  12,377
  13,297
  14,263
  15,279
  16,348
  17,472
  18,654
  19,898
  21,208
Issuance/(repayment) of debt, $m
  -277
  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
  0
Cash from financing (excl. dividends), $m  
  -277
  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
  512
  1,652
  2,046
  2,465
  2,902
  3,358
  3,834
  4,331
  4,850
  5,392
  5,958
  6,474
  7,093
  7,742
  8,421
  9,132
  9,878
  10,660
  11,481
  12,343
  13,248
  14,198
  15,197
  16,247
  17,351
  18,512
  19,733
  21,017
  22,368
  23,791
  25,287
Retained Cash Flow (-), $m
  -224
  -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
 
  950
  1,301
  1,690
  2,097
  2,522
  2,965
  3,428
  3,911
  4,415
  4,942
  5,417
  5,992
  6,595
  7,225
  7,886
  8,578
  9,303
  10,064
  10,862
  11,700
  12,580
  13,505
  14,477
  15,498
  16,572
  17,702
  18,890
  20,140
  21,455
  22,840
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
 
  893
  1,143
  1,378
  1,576
  1,734
  1,851
  1,927
  1,962
  1,958
  1,918
  1,820
  1,723
  1,603
  1,466
  1,317
  1,162
  1,007
  857
  714
  584
  467
  365
  280
  209
  152
  108
  74
  50
  33
  21
Current shareholders' claim on cash, %
  100
  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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Financial statements of AGU
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