Intrinsic value of Albemarle - ALB

Previous Close

$130.10

  Intrinsic Value

$71.65

stock screener

  Rating & Target

sell

-45%

Previous close

$130.10

 
Intrinsic value

$71.65

 
Up/down potential

-45%

 
Rating

sell

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 14.4

 

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
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  2,677
  2,950
  3,236
  3,534
  3,844
  4,168
  4,504
  4,854
  5,217
  5,595
  5,987
  6,395
  6,819
  7,260
  7,719
  8,197
  8,695
  9,213
  9,754
  10,318
  10,906
  11,520
  12,162
  12,832
  13,533
  14,266
  15,032
  15,834
  16,674
  17,553
  18,474
Variable operating expenses, $m
 
  2,574
  2,809
  3,053
  3,308
  3,573
  3,849
  4,136
  4,435
  4,744
  5,066
  5,247
  5,595
  5,957
  6,334
  6,726
  7,134
  7,559
  8,003
  8,465
  8,948
  9,452
  9,978
  10,528
  11,103
  11,705
  12,334
  12,992
  13,681
  14,402
  15,157
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
  2,574
  2,809
  3,053
  3,308
  3,573
  3,849
  4,136
  4,435
  4,744
  5,066
  5,247
  5,595
  5,957
  6,334
  6,726
  7,134
  7,559
  8,003
  8,465
  8,948
  9,452
  9,978
  10,528
  11,103
  11,705
  12,334
  12,992
  13,681
  14,402
  15,157
Operating income, $m
  575
  376
  427
  480
  536
  594
  655
  717
  783
  850
  921
  1,148
  1,224
  1,303
  1,386
  1,472
  1,561
  1,654
  1,751
  1,852
  1,958
  2,068
  2,183
  2,304
  2,430
  2,561
  2,699
  2,843
  2,993
  3,151
  3,317
EBITDA, $m
  801
  690
  757
  827
  900
  975
  1,054
  1,136
  1,221
  1,309
  1,401
  1,496
  1,596
  1,699
  1,806
  1,918
  2,034
  2,156
  2,282
  2,414
  2,552
  2,696
  2,846
  3,003
  3,167
  3,338
  3,517
  3,705
  3,902
  4,107
  4,323
Interest expense (income), $m
  97
  74
  89
  104
  121
  137
  155
  173
  192
  211
  232
  253
  275
  298
  321
  346
  372
  399
  427
  456
  486
  518
  551
  585
  622
  659
  699
  740
  783
  829
  876
Earnings before tax, $m
  515
  301
  338
  376
  416
  457
  500
  545
  591
  639
  689
  895
  950
  1,006
  1,064
  1,126
  1,189
  1,255
  1,324
  1,397
  1,472
  1,550
  1,632
  1,718
  1,808
  1,902
  2,000
  2,103
  2,210
  2,323
  2,441
Tax expense, $m
  96
  81
  91
  102
  112
  123
  135
  147
  160
  173
  186
  242
  256
  272
  287
  304
  321
  339
  358
  377
  397
  419
  441
  464
  488
  513
  540
  568
  597
  627
  659
Net income, $m
  644
  220
  247
  274
  303
  334
  365
  398
  431
  467
  503
  654
  693
  734
  777
  822
  868
  916
  967
  1,020
  1,074
  1,132
  1,192
  1,254
  1,320
  1,388
  1,460
  1,535
  1,613
  1,696
  1,782

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
  6,498
  7,127
  7,783
  8,468
  9,180
  9,921
  10,691
  11,491
  12,323
  13,188
  14,086
  15,020
  15,992
  17,003
  18,055
  19,151
  20,294
  21,484
  22,726
  24,022
  25,375
  26,788
  28,265
  29,808
  31,422
  33,111
  34,878
  36,727
  38,663
  40,691
Adjusted assets (=assets-cash), $m
  5,891
  6,498
  7,127
  7,783
  8,468
  9,180
  9,921
  10,691
  11,491
  12,323
  13,188
  14,086
  15,020
  15,992
  17,003
  18,055
  19,151
  20,294
  21,484
  22,726
  24,022
  25,375
  26,788
  28,265
  29,808
  31,422
  33,111
  34,878
  36,727
  38,663
  40,691
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
  2,988
  3,278
  3,580
  3,894
  4,222
  4,563
  4,917
  5,285
  5,668
  6,065
  6,478
  6,908
  7,355
  7,820
  8,304
  8,808
  9,333
  9,881
  10,452
  11,048
  11,670
  12,320
  12,999
  13,709
  14,451
  15,228
  16,040
  16,891
  17,781
  18,714
Working capital, $m
  2,167
  159
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  368
  392
  417
  443
  470
  498
  527
  557
  589
  622
  657
  693
  731
  770
  812
  855
  900
  948
  998
Total debt, $m
  2,369
  2,545
  2,985
  3,444
  3,922
  4,420
  4,938
  5,476
  6,036
  6,617
  7,221
  7,849
  8,502
  9,181
  9,888
  10,624
  11,390
  12,188
  13,020
  13,889
  14,794
  15,740
  16,728
  17,760
  18,839
  19,967
  21,147
  22,382
  23,675
  25,029
  26,446
Total liabilities, $m
  4,366
  4,542
  4,982
  5,441
  5,919
  6,417
  6,935
  7,473
  8,033
  8,614
  9,218
  9,846
  10,499
  11,178
  11,885
  12,621
  13,387
  14,185
  15,017
  15,886
  16,791
  17,737
  18,725
  19,757
  20,836
  21,964
  23,144
  24,379
  25,672
  27,026
  28,443
Total equity, $m
  3,795
  1,956
  2,145
  2,343
  2,549
  2,763
  2,986
  3,218
  3,459
  3,709
  3,969
  4,240
  4,521
  4,814
  5,118
  5,435
  5,765
  6,108
  6,467
  6,841
  7,231
  7,638
  8,063
  8,508
  8,972
  9,458
  9,966
  10,498
  11,055
  11,638
  12,248
Total liabilities and equity, $m
  8,161
  6,498
  7,127
  7,784
  8,468
  9,180
  9,921
  10,691
  11,492
  12,323
  13,187
  14,086
  15,020
  15,992
  17,003
  18,056
  19,152
  20,293
  21,484
  22,727
  24,022
  25,375
  26,788
  28,265
  29,808
  31,422
  33,110
  34,877
  36,727
  38,664
  40,691
Debt-to-equity ratio
  0.624
  1.300
  1.390
  1.470
  1.540
  1.600
  1.650
  1.700
  1.740
  1.780
  1.820
  1.850
  1.880
  1.910
  1.930
  1.950
  1.980
  2.000
  2.010
  2.030
  2.050
  2.060
  2.070
  2.090
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
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
  220
  247
  274
  303
  334
  365
  398
  431
  467
  503
  654
  693
  734
  777
  822
  868
  916
  967
  1,020
  1,074
  1,132
  1,192
  1,254
  1,320
  1,388
  1,460
  1,535
  1,613
  1,696
  1,782
Depreciation, amort., depletion, $m
  226
  315
  330
  346
  363
  381
  399
  418
  438
  459
  480
  348
  371
  395
  420
  446
  474
  502
  531
  562
  594
  627
  662
  699
  737
  777
  819
  862
  908
  956
  1,006
Funds from operations, $m
  1,016
  535
  577
  621
  667
  715
  764
  816
  870
  925
  983
  1,002
  1,065
  1,130
  1,197
  1,268
  1,342
  1,418
  1,498
  1,581
  1,668
  1,759
  1,854
  1,953
  2,057
  2,165
  2,279
  2,397
  2,521
  2,651
  2,788
Change in working capital, $m
  283
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
Cash from operations, $m
  733
  520
  561
  605
  650
  697
  746
  797
  850
  905
  962
  980
  1,042
  1,106
  1,173
  1,242
  1,315
  1,390
  1,469
  1,551
  1,637
  1,726
  1,819
  1,917
  2,019
  2,126
  2,237
  2,354
  2,476
  2,604
  2,738
Maintenance CAPEX, $m
  0
  -146
  -161
  -176
  -192
  -209
  -227
  -245
  -264
  -284
  -305
  -326
  -348
  -371
  -395
  -420
  -446
  -474
  -502
  -531
  -562
  -594
  -627
  -662
  -699
  -737
  -777
  -819
  -862
  -908
  -956
New CAPEX, $m
  -197
  -278
  -289
  -302
  -315
  -328
  -341
  -354
  -368
  -383
  -398
  -413
  -430
  -447
  -465
  -484
  -504
  -525
  -548
  -571
  -596
  -622
  -650
  -679
  -710
  -742
  -777
  -813
  -851
  -891
  -933
Cash from investing activities, $m
  2,920
  -424
  -450
  -478
  -507
  -537
  -568
  -599
  -632
  -667
  -703
  -739
  -778
  -818
  -860
  -904
  -950
  -999
  -1,050
  -1,102
  -1,158
  -1,216
  -1,277
  -1,341
  -1,409
  -1,479
  -1,554
  -1,632
  -1,713
  -1,799
  -1,889
Free cash flow, $m
  3,653
  96
  111
  127
  143
  160
  178
  197
  217
  238
  260
  241
  264
  288
  312
  338
  364
  391
  420
  449
  479
  510
  542
  576
  610
  646
  684
  723
  763
  805
  849
Issuance/(repayment) of debt, $m
  -1,416
  424
  440
  459
  478
  498
  518
  538
  560
  581
  604
  628
  653
  679
  707
  736
  766
  798
  832
  868
  906
  946
  988
  1,032
  1,079
  1,128
  1,180
  1,235
  1,293
  1,353
  1,417
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
  424
  440
  459
  478
  498
  518
  538
  560
  581
  604
  628
  653
  679
  707
  736
  766
  798
  832
  868
  906
  946
  988
  1,032
  1,079
  1,128
  1,180
  1,235
  1,293
  1,353
  1,417
Total cash flow (excl. dividends), $m
  2,191
  520
  551
  586
  621
  658
  696
  736
  777
  820
  864
  869
  917
  967
  1,019
  1,073
  1,130
  1,190
  1,252
  1,317
  1,385
  1,456
  1,530
  1,608
  1,689
  1,775
  1,864
  1,958
  2,056
  2,159
  2,267
Retained Cash Flow (-), $m
  -541
  -183
  -189
  -198
  -206
  -214
  -223
  -232
  -241
  -250
  -260
  -270
  -281
  -292
  -304
  -317
  -330
  -344
  -358
  -374
  -390
  -407
  -425
  -444
  -465
  -486
  -508
  -532
  -557
  -583
  -610
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
 
  2,359
  362
  388
  415
  444
  473
  504
  536
  569
  604
  598
  636
  674
  715
  757
  800
  846
  893
  943
  994
  1,048
  1,105
  1,163
  1,225
  1,289
  1,356
  1,426
  1,499
  1,576
  1,656
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
 
  2,262
  331
  338
  342
  344
  343
  341
  335
  327
  317
  284
  271
  256
  240
  222
  203
  184
  165
  145
  126
  108
  92
  76
  62
  50
  40
  31
  23
  17
  12
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 is a global developer, manufacturer and marketer of highly-engineered specialty chemicals. The Company operates through three segments: Lithium and Advanced Materials, Bromine Specialties and Refining Solutions. Lithium and Advanced Materials segment consist of two product categories: Lithium and Performance Catalyst Solutions. The bromine and bromine-based business includes products used in fire safety solutions and other specialty chemicals applications. The Company serves various end markets, including petroleum refining, consumer electronics, energy storage, construction, automotive, lubricants, pharmaceuticals, crop protection, food safety and custom chemistry services. As of December 31, 2016, the Company and its joint ventures operated 31 production and research and development (R&D) facilities, as well as a number of administrative and sales offices, around the world.

FINANCIAL RATIOS  of  Albemarle (ALB)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 5.5
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 27.3
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 10.2% 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 87.8%.

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 110.456 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 $14.4 billion.

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COMPANY NEWS

▶ Grace to Acquire Polyolefin Catalysts Business   [Dec-14-17 05:00PM  GlobeNewswire]
▶ ETFs with exposure to Albemarle Corp. : December 11, 2017   [Dec-11-17 01:25PM  Capital Cube]
▶ ETFs with exposure to Albemarle Corp. : December 1, 2017   [Dec-01-17 10:23AM  Capital Cube]
▶ Mining company to start drilling Gaston County sites for lithium   [Nov-20-17 02:17PM  American City Business Journals]
▶ Top 5 Miners To Ride The Christmas Commodity Boom   [Nov-16-17 07:30PM  Oilprice.com]
▶ 5 Of The Hottest Mining Stocks For 2018   [Nov-15-17 07:30PM  Oilprice.com]
▶ Albemarle CEO on lithium battery demand   [02:44PM  CNBC Videos]
▶ Albemarle tops Street 3Q forecasts   [Nov-08-17 05:21PM  Associated Press]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Nov-07-17 01:03PM  Zacks]
▶ Albemarle announces quarterly dividend   [Nov-06-17 06:14PM  PR Newswire]
▶ ETFs with exposure to Albemarle Corp. : November 3, 2017   [Nov-03-17 11:50AM  Capital Cube]
▶ Cramer Remix: Why 3Ms pullback is a gift   [Oct-26-17 07:16PM  CNBC Videos]
▶ Albemarle could see another 15% gain BMO   [Oct-25-17 01:57PM  CNBC Videos]
▶ 5 Stock Picks As The Electric Car Boom Accelerates   [Oct-23-17 07:30PM  Oilprice.com]
▶ Like Lithium Stocks? You Might Consider This Lithium ETF   [Oct-20-17 10:02AM  Motley Fool]
▶ Busting The Lithium Bubble Myth   [Oct-11-17 04:00PM  Oilprice.com]
▶ 10 unlikely winners for the 3rd quarter   [Oct-02-17 07:19PM  CNBC Videos]
▶ Should You Buy Albemarle Corporation (ALB)?   [09:15AM  Simply Wall St.]
▶ 3 Stocks That Could Put eBay's Returns to Shame   [Sep-18-17 11:23AM  Motley Fool]
▶ [$$] BlackRock fund bets big on electric future for lithium   [Sep-15-17 09:02AM  Financial Times]
▶ ETFs with exposure to Albemarle Corp. : September 9, 2017   [Sep-08-17 11:08PM  Capital Cube]
Financial statements 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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