Intrinsic value of Albemarle - ALB

Previous Close

$113.42

  Intrinsic Value

$63.44

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-134%

Previous close

$113.42

 
Intrinsic value

$63.44

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

-134%

*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 14.0

 

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
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  2,677
  2,942
  3,219
  3,508
  3,808
  4,121
  4,446
  4,784
  5,136
  5,501
  5,880
  6,275
  6,685
  7,112
  7,556
  8,019
  8,500
  9,003
  9,526
  10,073
  10,643
  11,239
  11,861
  12,511
  13,191
  13,902
  14,646
  15,425
  16,240
  17,094
  17,988
Variable operating expenses, $m
 
  2,568
  2,795
  3,032
  3,279
  3,535
  3,802
  4,080
  4,368
  4,667
  4,979
  5,148
  5,485
  5,835
  6,200
  6,579
  6,974
  7,386
  7,816
  8,264
  8,732
  9,221
  9,731
  10,265
  10,823
  11,406
  12,017
  12,656
  13,324
  14,025
  14,758
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
  2,568
  2,795
  3,032
  3,279
  3,535
  3,802
  4,080
  4,368
  4,667
  4,979
  5,148
  5,485
  5,835
  6,200
  6,579
  6,974
  7,386
  7,816
  8,264
  8,732
  9,221
  9,731
  10,265
  10,823
  11,406
  12,017
  12,656
  13,324
  14,025
  14,758
Operating income, $m
  575
  374
  424
  476
  530
  586
  644
  705
  768
  834
  902
  1,127
  1,200
  1,277
  1,357
  1,440
  1,526
  1,616
  1,710
  1,808
  1,911
  2,018
  2,129
  2,246
  2,368
  2,496
  2,629
  2,769
  2,916
  3,069
  3,229
EBITDA, $m
  801
  688
  753
  821
  891
  964
  1,040
  1,120
  1,202
  1,287
  1,376
  1,468
  1,564
  1,664
  1,768
  1,876
  1,989
  2,107
  2,229
  2,357
  2,490
  2,630
  2,775
  2,927
  3,087
  3,253
  3,427
  3,609
  3,800
  4,000
  4,209
Interest expense (income), $m
  97
  74
  89
  104
  119
  135
  152
  170
  188
  207
  227
  247
  268
  290
  313
  337
  362
  388
  415
  443
  473
  504
  536
  569
  604
  641
  679
  719
  761
  805
  851
Earnings before tax, $m
  515
  300
  335
  372
  411
  451
  492
  535
  580
  627
  675
  880
  932
  986
  1,043
  1,102
  1,164
  1,228
  1,295
  1,365
  1,438
  1,514
  1,594
  1,677
  1,764
  1,855
  1,950
  2,050
  2,154
  2,264
  2,378
Tax expense, $m
  96
  81
  91
  100
  111
  122
  133
  145
  157
  169
  182
  237
  252
  266
  282
  298
  314
  332
  350
  369
  388
  409
  430
  453
  476
  501
  527
  553
  582
  611
  642
Net income, $m
  644
  219
  245
  272
  300
  329
  359
  391
  423
  457
  493
  642
  680
  720
  762
  805
  850
  896
  945
  996
  1,050
  1,105
  1,163
  1,224
  1,288
  1,354
  1,424
  1,496
  1,573
  1,652
  1,736

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
  6,480
  7,090
  7,726
  8,388
  9,077
  9,794
  10,539
  11,312
  12,117
  12,952
  13,821
  14,725
  15,665
  16,643
  17,662
  18,723
  19,830
  20,983
  22,187
  23,443
  24,755
  26,125
  27,557
  29,055
  30,621
  32,260
  33,975
  35,771
  37,651
  39,620
Adjusted assets (=assets-cash), $m
  5,891
  6,480
  7,090
  7,726
  8,388
  9,077
  9,794
  10,539
  11,312
  12,117
  12,952
  13,821
  14,725
  15,665
  16,643
  17,662
  18,723
  19,830
  20,983
  22,187
  23,443
  24,755
  26,125
  27,557
  29,055
  30,621
  32,260
  33,975
  35,771
  37,651
  39,620
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
  2,980
  3,261
  3,553
  3,858
  4,175
  4,504
  4,847
  5,203
  5,572
  5,957
  6,356
  6,772
  7,204
  7,654
  8,123
  8,611
  9,120
  9,650
  10,204
  10,781
  11,385
  12,015
  12,674
  13,362
  14,083
  14,836
  15,625
  16,451
  17,316
  18,222
Working capital, $m
  2,167
  159
  174
  189
  206
  223
  240
  258
  277
  297
  318
  339
  361
  384
  408
  433
  459
  486
  514
  544
  575
  607
  640
  676
  712
  751
  791
  833
  877
  923
  971
Total debt, $m
  2,369
  2,533
  2,959
  3,403
  3,866
  4,348
  4,849
  5,369
  5,910
  6,473
  7,057
  7,664
  8,296
  8,953
  9,637
  10,349
  11,091
  11,864
  12,670
  13,511
  14,390
  15,306
  16,264
  17,266
  18,312
  19,407
  20,553
  21,752
  23,007
  24,321
  25,698
Total liabilities, $m
  4,366
  4,530
  4,956
  5,400
  5,863
  6,345
  6,846
  7,366
  7,907
  8,470
  9,054
  9,661
  10,293
  10,950
  11,634
  12,346
  13,088
  13,861
  14,667
  15,508
  16,387
  17,303
  18,261
  19,263
  20,309
  21,404
  22,550
  23,749
  25,004
  26,318
  27,695
Total equity, $m
  3,795
  1,951
  2,134
  2,326
  2,525
  2,732
  2,948
  3,172
  3,405
  3,647
  3,899
  4,160
  4,432
  4,715
  5,010
  5,316
  5,636
  5,969
  6,316
  6,678
  7,056
  7,451
  7,864
  8,295
  8,746
  9,217
  9,710
  10,227
  10,767
  11,333
  11,926
Total liabilities and equity, $m
  8,161
  6,481
  7,090
  7,726
  8,388
  9,077
  9,794
  10,538
  11,312
  12,117
  12,953
  13,821
  14,725
  15,665
  16,644
  17,662
  18,724
  19,830
  20,983
  22,186
  23,443
  24,754
  26,125
  27,558
  29,055
  30,621
  32,260
  33,976
  35,771
  37,651
  39,621
Debt-to-equity ratio
  0.624
  1.300
  1.390
  1.460
  1.530
  1.590
  1.640
  1.690
  1.740
  1.770
  1.810
  1.840
  1.870
  1.900
  1.920
  1.950
  1.970
  1.990
  2.010
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.110
  2.120
  2.130
  2.140
  2.150
  2.150
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
  219
  245
  272
  300
  329
  359
  391
  423
  457
  493
  642
  680
  720
  762
  805
  850
  896
  945
  996
  1,050
  1,105
  1,163
  1,224
  1,288
  1,354
  1,424
  1,496
  1,573
  1,652
  1,736
Depreciation, amort., depletion, $m
  226
  314
  329
  345
  361
  378
  396
  415
  434
  454
  474
  342
  364
  387
  412
  437
  463
  490
  519
  549
  580
  612
  646
  681
  718
  757
  798
  840
  884
  931
  980
Funds from operations, $m
  1,016
  533
  574
  617
  661
  707
  755
  805
  857
  911
  967
  984
  1,044
  1,107
  1,173
  1,241
  1,313
  1,387
  1,464
  1,545
  1,629
  1,717
  1,809
  1,905
  2,006
  2,111
  2,221
  2,336
  2,457
  2,583
  2,716
Change in working capital, $m
  283
  14
  15
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
Cash from operations, $m
  733
  519
  559
  601
  645
  690
  738
  787
  838
  891
  947
  963
  1,022
  1,084
  1,149
  1,216
  1,287
  1,360
  1,436
  1,515
  1,598
  1,685
  1,776
  1,870
  1,969
  2,073
  2,181
  2,294
  2,413
  2,537
  2,667
Maintenance CAPEX, $m
  0
  -146
  -160
  -175
  -191
  -207
  -224
  -242
  -261
  -280
  -300
  -320
  -342
  -364
  -387
  -412
  -437
  -463
  -490
  -519
  -549
  -580
  -612
  -646
  -681
  -718
  -757
  -798
  -840
  -884
  -931
New CAPEX, $m
  -197
  -270
  -280
  -292
  -305
  -317
  -330
  -343
  -356
  -370
  -384
  -400
  -416
  -432
  -450
  -469
  -488
  -509
  -531
  -553
  -578
  -603
  -630
  -659
  -689
  -720
  -754
  -789
  -826
  -865
  -906
Cash from investing activities, $m
  2,920
  -416
  -440
  -467
  -496
  -524
  -554
  -585
  -617
  -650
  -684
  -720
  -758
  -796
  -837
  -881
  -925
  -972
  -1,021
  -1,072
  -1,127
  -1,183
  -1,242
  -1,305
  -1,370
  -1,438
  -1,511
  -1,587
  -1,666
  -1,749
  -1,837
Free cash flow, $m
  3,653
  103
  118
  133
  149
  166
  184
  202
  222
  242
  263
  243
  265
  288
  312
  336
  362
  388
  415
  443
  472
  502
  533
  566
  599
  634
  670
  708
  747
  788
  831
Issuance/(repayment) of debt, $m
  -1,416
  412
  426
  444
  463
  482
  501
  521
  541
  562
  584
  607
  632
  657
  684
  712
  742
  773
  806
  841
  878
  917
  958
  1,001
  1,047
  1,095
  1,146
  1,199
  1,255
  1,314
  1,377
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
  412
  426
  444
  463
  482
  501
  521
  541
  562
  584
  607
  632
  657
  684
  712
  742
  773
  806
  841
  878
  917
  958
  1,001
  1,047
  1,095
  1,146
  1,199
  1,255
  1,314
  1,377
Total cash flow (excl. dividends), $m
  2,191
  515
  545
  578
  612
  648
  685
  723
  763
  804
  847
  850
  897
  945
  996
  1,048
  1,104
  1,161
  1,221
  1,284
  1,350
  1,419
  1,491
  1,567
  1,646
  1,729
  1,816
  1,907
  2,002
  2,102
  2,207
Retained Cash Flow (-), $m
  -541
  -178
  -184
  -191
  -199
  -207
  -216
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -294
  -307
  -319
  -333
  -347
  -362
  -378
  -395
  -413
  -431
  -451
  -471
  -493
  -516
  -540
  -566
  -593
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
 
  2,360
  361
  386
  413
  440
  469
  499
  530
  562
  595
  588
  625
  662
  701
  742
  784
  828
  874
  922
  972
  1,024
  1,079
  1,136
  1,195
  1,257
  1,322
  1,391
  1,462
  1,536
  1,614
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
  336
  340
  341
  340
  337
  331
  323
  312
  279
  267
  252
  235
  218
  199
  180
  161
  142
  124
  106
  90
  74
  61
  49
  39
  30
  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 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 19.8
Price to Sales 4.8
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 17.4
Price to Free Cash Flow 23.8
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 9.9% 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 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 $14.0 billion.

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COMPANY NEWS

▶ Albemarle Corp. to add 200 jobs at two Charlotte-area facilities   [Aug-15-17 10:24AM  American City Business Journals]
▶ Albemarle beats 2Q profit forecasts   [Aug-07-17 11:57PM  Associated Press]
▶ Josh: Albemarle is breaking out   [01:25PM  CNBC Videos]
▶ ETFs with exposure to Albemarle Corp. : July 24, 2017   [Jul-24-17 01:55PM  Capital Cube]
▶ ETFs with exposure to Albemarle Corp. : July 14, 2017   [Jul-14-17 12:42PM  Capital Cube]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Jul-10-17 06:20PM  Zacks]
▶ Albemarle announces quarterly dividend   [05:31PM  PR Newswire]
▶ [$$] Can mining be a sustainable investment?   [Jun-29-17 09:16AM  Financial Times]
▶ Albemarle receives prestigious LEED Gold certification   [Jun-28-17 05:05PM  PR Newswire]
▶ Albemarle Corp. Value Analysis (NYSE:ALB) : June 16, 2017   [Jun-16-17 04:39PM  Capital Cube]
▶ 3 Lithium Stocks Ramping Up Production   [Jun-13-17 11:51AM  Motley Fool]
▶ 5 Ways To Play The Electric Car Boom   [Jun-12-17 07:30PM  Oilprice.com]
▶ What Happened in the Stock Market Today   [05:09PM  Motley Fool]
▶ [$$] 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]
Stock chart of ALB 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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