Intrinsic value of Albemarle - ALB

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$104.85

  Intrinsic Value

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  Value-price divergence*

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$104.85

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

We calculate the intrinsic value of ALB 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 13.0

 

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, %
  -5.27
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,677
  2,731
  2,793
  2,865
  2,946
  3,035
  3,133
  3,240
  3,355
  3,480
  3,613
  3,756
  3,908
  4,071
  4,243
  4,426
  4,620
  4,826
  5,043
  5,272
  5,514
  5,770
  6,040
  6,324
  6,623
  6,938
  7,270
  7,620
  7,988
  8,374
  8,781
Variable operating expenses, $m
 
  2,397
  2,449
  2,508
  2,574
  2,647
  2,728
  2,815
  2,910
  3,012
  3,122
  3,085
  3,211
  3,344
  3,486
  3,636
  3,795
  3,964
  4,143
  4,331
  4,530
  4,740
  4,961
  5,195
  5,441
  5,700
  5,972
  6,260
  6,562
  6,879
  7,214
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
  2,103
  2,397
  2,449
  2,508
  2,574
  2,647
  2,728
  2,815
  2,910
  3,012
  3,122
  3,085
  3,211
  3,344
  3,486
  3,636
  3,795
  3,964
  4,143
  4,331
  4,530
  4,740
  4,961
  5,195
  5,441
  5,700
  5,972
  6,260
  6,562
  6,879
  7,214
Operating income, $m
  575
  333
  345
  358
  372
  388
  405
  424
  445
  467
  491
  671
  698
  727
  758
  790
  825
  862
  900
  941
  984
  1,030
  1,078
  1,129
  1,182
  1,239
  1,298
  1,360
  1,426
  1,495
  1,568
EBITDA, $m
  801
  636
  651
  668
  686
  707
  730
  755
  782
  811
  842
  875
  911
  948
  989
  1,031
  1,076
  1,124
  1,175
  1,228
  1,285
  1,344
  1,407
  1,473
  1,543
  1,617
  1,694
  1,775
  1,861
  1,951
  2,046
Interest expense (income), $m
  97
  74
  77
  81
  85
  89
  94
  99
  105
  111
  118
  125
  133
  141
  149
  159
  169
  179
  190
  202
  214
  227
  241
  256
  271
  287
  304
  322
  341
  361
  381
Earnings before tax, $m
  515
  259
  267
  277
  287
  299
  312
  325
  340
  356
  373
  546
  565
  586
  608
  631
  656
  682
  710
  739
  770
  803
  837
  873
  912
  952
  994
  1,038
  1,085
  1,135
  1,186
Tax expense, $m
  96
  70
  72
  75
  78
  81
  84
  88
  92
  96
  101
  147
  153
  158
  164
  170
  177
  184
  192
  200
  208
  217
  226
  236
  246
  257
  268
  280
  293
  306
  320
Net income, $m
  644
  189
  195
  202
  210
  218
  228
  238
  248
  260
  273
  398
  413
  428
  444
  461
  479
  498
  518
  540
  562
  586
  611
  638
  665
  695
  726
  758
  792
  828
  866

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,270
  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
  8,161
  6,014
  6,153
  6,311
  6,488
  6,685
  6,901
  7,136
  7,390
  7,664
  7,959
  8,273
  8,609
  8,967
  9,346
  9,750
  10,177
  10,629
  11,107
  11,613
  12,146
  12,709
  13,303
  13,929
  14,588
  15,283
  16,014
  16,784
  17,594
  18,446
  19,342
Adjusted assets (=assets-cash), $m
  5,891
  6,014
  6,153
  6,311
  6,488
  6,685
  6,901
  7,136
  7,390
  7,664
  7,959
  8,273
  8,609
  8,967
  9,346
  9,750
  10,177
  10,629
  11,107
  11,613
  12,146
  12,709
  13,303
  13,929
  14,588
  15,283
  16,014
  16,784
  17,594
  18,446
  19,342
Revenue / Adjusted assets
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
Average production assets, $m
  2,711
  2,766
  2,830
  2,902
  2,984
  3,074
  3,174
  3,282
  3,399
  3,525
  3,660
  3,805
  3,959
  4,124
  4,298
  4,484
  4,680
  4,888
  5,108
  5,341
  5,586
  5,845
  6,118
  6,406
  6,709
  7,029
  7,365
  7,719
  8,091
  8,483
  8,895
Working capital, $m
  2,167
  147
  151
  155
  159
  164
  169
  175
  181
  188
  195
  203
  211
  220
  229
  239
  249
  261
  272
  285
  298
  312
  326
  341
  358
  375
  393
  411
  431
  452
  474
Total debt, $m
  2,369
  2,207
  2,304
  2,414
  2,538
  2,676
  2,827
  2,991
  3,169
  3,360
  3,566
  3,786
  4,021
  4,271
  4,536
  4,818
  5,117
  5,433
  5,767
  6,120
  6,493
  6,887
  7,302
  7,739
  8,200
  8,686
  9,197
  9,735
  10,301
  10,897
  11,523
Total liabilities, $m
  4,366
  4,204
  4,301
  4,411
  4,535
  4,673
  4,824
  4,988
  5,166
  5,357
  5,563
  5,783
  6,018
  6,268
  6,533
  6,815
  7,114
  7,430
  7,764
  8,117
  8,490
  8,884
  9,299
  9,736
  10,197
  10,683
  11,194
  11,732
  12,298
  12,894
  13,520
Total equity, $m
  3,795
  1,810
  1,852
  1,900
  1,953
  2,012
  2,077
  2,148
  2,224
  2,307
  2,396
  2,490
  2,591
  2,699
  2,813
  2,935
  3,063
  3,199
  3,343
  3,495
  3,656
  3,826
  4,004
  4,193
  4,391
  4,600
  4,820
  5,052
  5,296
  5,552
  5,822
Total liabilities and equity, $m
  8,161
  6,014
  6,153
  6,311
  6,488
  6,685
  6,901
  7,136
  7,390
  7,664
  7,959
  8,273
  8,609
  8,967
  9,346
  9,750
  10,177
  10,629
  11,107
  11,612
  12,146
  12,710
  13,303
  13,929
  14,588
  15,283
  16,014
  16,784
  17,594
  18,446
  19,342
Debt-to-equity ratio
  0.624
  1.220
  1.240
  1.270
  1.300
  1.330
  1.360
  1.390
  1.420
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.640
  1.670
  1.700
  1.720
  1.750
  1.780
  1.800
  1.820
  1.850
  1.870
  1.890
  1.910
  1.930
  1.950
  1.960
  1.980
Adjusted equity ratio
  0.259
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  644
  189
  195
  202
  210
  218
  228
  238
  248
  260
  273
  398
  413
  428
  444
  461
  479
  498
  518
  540
  562
  586
  611
  638
  665
  695
  726
  758
  792
  828
  866
Depreciation, amort., depletion, $m
  226
  303
  306
  310
  314
  319
  325
  330
  337
  344
  351
  205
  213
  222
  231
  241
  252
  263
  275
  287
  300
  314
  329
  344
  361
  378
  396
  415
  435
  456
  478
Funds from operations, $m
  1,016
  492
  501
  512
  524
  538
  552
  568
  585
  604
  623
  603
  626
  650
  675
  702
  731
  761
  793
  827
  863
  900
  940
  982
  1,026
  1,073
  1,122
  1,173
  1,227
  1,284
  1,344
Change in working capital, $m
  283
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  733
  495
  498
  508
  520
  533
  547
  562
  579
  597
  616
  595
  617
  641
  666
  692
  720
  750
  781
  815
  850
  887
  926
  967
  1,010
  1,056
  1,104
  1,154
  1,207
  1,263
  1,322
Maintenance CAPEX, $m
  0
  -146
  -149
  -152
  -156
  -160
  -165
  -171
  -176
  -183
  -190
  -197
  -205
  -213
  -222
  -231
  -241
  -252
  -263
  -275
  -287
  -300
  -314
  -329
  -344
  -361
  -378
  -396
  -415
  -435
  -456
New CAPEX, $m
  -197
  -56
  -64
  -73
  -82
  -90
  -99
  -108
  -117
  -126
  -135
  -145
  -154
  -164
  -175
  -185
  -196
  -208
  -220
  -232
  -245
  -259
  -273
  -288
  -303
  -319
  -336
  -354
  -372
  -392
  -412
Cash from investing activities, $m
  2,920
  -202
  -213
  -225
  -238
  -250
  -264
  -279
  -293
  -309
  -325
  -342
  -359
  -377
  -397
  -416
  -437
  -460
  -483
  -507
  -532
  -559
  -587
  -617
  -647
  -680
  -714
  -750
  -787
  -827
  -868
Free cash flow, $m
  3,653
  293
  286
  283
  282
  282
  282
  284
  285
  288
  291
  254
  258
  263
  269
  276
  283
  290
  299
  307
  317
  327
  338
  350
  362
  375
  389
  404
  420
  437
  454
Issuance/(repayment) of debt, $m
  -1,416
  86
  97
  111
  124
  137
  151
  164
  178
  192
  206
  220
  235
  250
  266
  282
  299
  316
  334
  353
  373
  394
  415
  437
  461
  485
  511
  538
  566
  596
  626
Issuance/(repurchase) of shares, $m
  9
  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  
  -1,443
  86
  97
  111
  124
  137
  151
  164
  178
  192
  206
  220
  235
  250
  266
  282
  299
  316
  334
  353
  373
  394
  415
  437
  461
  485
  511
  538
  566
  596
  626
Total cash flow (excl. dividends), $m
  2,191
  379
  382
  394
  406
  419
  433
  448
  463
  480
  497
  474
  493
  513
  535
  557
  581
  606
  633
  661
  690
  721
  753
  787
  823
  861
  901
  942
  986
  1,032
  1,080
Retained Cash Flow (-), $m
  -541
  -37
  -42
  -48
  -53
  -59
  -65
  -71
  -77
  -82
  -89
  -95
  -101
  -108
  -114
  -121
  -129
  -136
  -144
  -152
  -161
  -169
  -179
  -188
  -198
  -209
  -220
  -232
  -244
  -256
  -270
Prev. year cash balance distribution, $m
 
  2,022
  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
 
  2,364
  341
  346
  353
  360
  368
  377
  387
  397
  408
  379
  392
  406
  420
  436
  453
  470
  489
  509
  529
  551
  575
  599
  625
  652
  680
  711
  742
  776
  811
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
 
  2,267
  312
  301
  291
  279
  267
  255
  242
  228
  214
  180
  167
  154
  141
  128
  115
  102
  90
  78
  67
  57
  48
  39
  32
  25
  20
  15
  11
  8
  6
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

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. The company offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties and reagents for applications in lithium batteries, high performance greases, thermoplastic elastomers for car tires, rubber soles and plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets; cesium products for the chemical and pharmaceutical industries; and zirconium, barium, and titanium products for pyrotechnical applications. It also offers performance catalyst solutions, such as polymer catalysts, curatives, organometallics, and electronic materials for polyolefin polymers, packaging, non-packaging, films, injection molding, alpha-olefins, electronic materials, solar cells, polyurethanes, epoxies, and resins markets; and bromine and bromine-based solutions for fire safety, chemical synthesis, mercury control, water purification, beef and poultry processing, and various other industrial applications, as well as for the oil and gas well drilling, and completion fluids applications. In addition, the company offers clean fuels technologies, which is primarily composed of hydroprocessing catalysts; and heavy oil upgrading, which is primarily composed of fluidized catalytic cracking catalysts and additives for application in the refining industry. It serves petroleum refining, consumer electronics, energy storage, construction, automotive, steel and aerospace, lubricants, pharmaceuticals, crop protection, household appliances, heating, ventilation, aluminum finishing, food safety, and custom chemistry services markets. Albemarle Corporation was founded in 1994 and is based in Charlotte, North Carolina.

FINANCIAL RATIOS  of  Albemarle (ALB)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 4.4
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 16.1
Price to Free Cash Flow 22
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 55.9%
Total Debt to Equity 62.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 18.3%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 36.3%
Gross Margin - 3 Yr. Avg. 32.7%
EBITDA Margin 31.3%
EBITDA Margin - 3 Yr. Avg. 23.8%
Operating Margin 21.4%
Oper. Margin - 3 Yr. Avg. 14.9%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 24.1%
Net Profit Margin - 3 Yr. Avg. 13.8%
Effective Tax Rate 18.6%
Eff/ Tax Rate - 3 Yr. Avg. 10.2%
Payout Ratio 21%

ALB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALB stock intrinsic value calculation we used $2677 million for the last fiscal year's total revenue generated by Albemarle. The default revenue input number comes from 2016 income statement of Albemarle. 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 ALB stock valuation model: a) initial revenue growth rate of 2% 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 ALB is calculated based on our internal credit rating of Albemarle, 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 Albemarle.
    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 ALB stock the variable cost ratio is equal to 87.9%.

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 ALB 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 3.5% for Albemarle.

Corporate tax rate of 27% is the nominal tax rate for Albemarle. 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 ALB 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 ALB are equal to 101.3%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Albemarle 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 ALB is equal to 5.4%. 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 - $3795 million for Albemarle - 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 123.515 million for Albemarle 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 Albemarle at the current share price and the inputted number of shares is $13.0 billion.


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COMPANY NEWS

▶ Albemarle Corp. Value Analysis (NYSE:ALB) : June 16, 2017   [Jun-16-17 04:39PM  Capital Cube]
▶ 3 Lithium Stocks Ramping Up Production   [Jun-13-17 11:51AM  Motley Fool]
▶ 5 Ways To Play The Electric Car Boom   [Jun-12-17 07:30PM  Oilprice.com]
▶ What Happened in the Stock Market Today   [05:09PM  Motley Fool]
▶ [$$] Electric car demand sparks lithium supply fears   [Jun-08-17 11:01PM  Financial Times]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Jun-07-17 01:49PM  Zacks]
▶ ETFs with exposure to Albemarle Corp. : May 22, 2017   [May-22-17 01:20PM  Capital Cube]
▶ Albemarle announces quarterly dividend   [May-11-17 05:37PM  PR Newswire]
▶ ETFs with exposure to Albemarle Corp. : May 9, 2017   [May-09-17 04:16PM  Capital Cube]
▶ Albemarle beats Street 1Q forecasts   [May-03-17 05:34PM  Associated Press]
▶ Why Albemarle Is the Best Stock in the Lithium Sector   [May-01-17 05:28PM  Motley Fool]
▶ Tom Gayner Gains 4 New Stocks in 1st Quarter   [01:48PM  GuruFocus.com]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Apr-10-17 04:33PM  Zacks]
▶ The Hot Stock: Albemarle Soars 9.8%   [Feb-28-17 04:12PM  at Barrons.com]
▶ Albemarle raises dividend for 23rd consecutive year   [Feb-23-17 06:55PM  PR Newswire]
Stock chart of ALB Financial statements of ALB Annual reports of ALB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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