Intrinsic value of FMC - FMC

Previous Close

$89.86

  Intrinsic Value

$2.71

stock screener

  Rating & Target

str. sell

-97%

Previous close

$89.86

 
Intrinsic value

$2.71

 
Up/down potential

-97%

 
Rating

str. sell

We calculate the intrinsic value of FMC 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

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, %
  0.15
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  3,282
  3,371
  3,469
  3,578
  3,697
  3,826
  3,966
  4,115
  4,276
  4,447
  4,630
  4,824
  5,031
  5,250
  5,481
  5,727
  5,986
  6,260
  6,549
  6,853
  7,175
  7,514
  7,870
  8,246
  8,641
  9,058
  9,496
  9,956
  10,441
  10,950
  11,486
Variable operating expenses, $m
 
  3,416
  3,515
  3,624
  3,743
  3,871
  4,011
  4,160
  4,321
  4,492
  4,674
  4,819
  5,025
  5,243
  5,475
  5,720
  5,979
  6,252
  6,541
  6,845
  7,166
  7,504
  7,861
  8,236
  8,631
  9,047
  9,484
  9,944
  10,428
  10,937
  11,472
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
  2,844
  3,416
  3,515
  3,624
  3,743
  3,871
  4,011
  4,160
  4,321
  4,492
  4,674
  4,819
  5,025
  5,243
  5,475
  5,720
  5,979
  6,252
  6,541
  6,845
  7,166
  7,504
  7,861
  8,236
  8,631
  9,047
  9,484
  9,944
  10,428
  10,937
  11,472
Operating income, $m
  439
  -46
  -46
  -46
  -45
  -45
  -45
  -45
  -45
  -45
  -44
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
EBITDA, $m
  576
  104
  107
  110
  114
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  232
  243
  254
  266
  279
  293
  307
  322
  338
  354
Interest expense (income), $m
  82
  75
  80
  85
  90
  97
  103
  110
  118
  126
  135
  145
  155
  165
  176
  188
  201
  214
  228
  243
  259
  276
  293
  311
  331
  351
  372
  395
  419
  444
  470
Earnings before tax, $m
  339
  -121
  -125
  -130
  -136
  -142
  -148
  -155
  -163
  -171
  -179
  -139
  -148
  -159
  -170
  -181
  -194
  -207
  -221
  -235
  -250
  -266
  -283
  -301
  -320
  -340
  -361
  -383
  -406
  -430
  -456
Tax expense, $m
  94
  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
Net income, $m
  209
  -121
  -125
  -130
  -136
  -142
  -148
  -155
  -163
  -171
  -179
  -139
  -148
  -159
  -170
  -181
  -194
  -207
  -221
  -235
  -250
  -266
  -283
  -301
  -320
  -340
  -361
  -383
  -406
  -430
  -456

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  64
  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
  6,139
  6,242
  6,425
  6,626
  6,847
  7,086
  7,344
  7,621
  7,918
  8,236
  8,574
  8,934
  9,316
  9,722
  10,151
  10,605
  11,085
  11,592
  12,127
  12,692
  13,287
  13,914
  14,575
  15,270
  16,003
  16,774
  17,585
  18,438
  19,335
  20,278
  21,270
Adjusted assets (=assets-cash), $m
  6,075
  6,242
  6,425
  6,626
  6,847
  7,086
  7,344
  7,621
  7,918
  8,236
  8,574
  8,934
  9,316
  9,722
  10,151
  10,605
  11,085
  11,592
  12,127
  12,692
  13,287
  13,914
  14,575
  15,270
  16,003
  16,774
  17,585
  18,438
  19,335
  20,278
  21,270
Revenue / Adjusted assets
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
Average production assets, $m
  1,556
  1,598
  1,644
  1,696
  1,752
  1,814
  1,880
  1,951
  2,027
  2,108
  2,195
  2,287
  2,385
  2,488
  2,598
  2,714
  2,837
  2,967
  3,104
  3,249
  3,401
  3,561
  3,731
  3,909
  4,096
  4,293
  4,501
  4,719
  4,949
  5,190
  5,444
Working capital, $m
  1,411
  1,480
  1,523
  1,571
  1,623
  1,680
  1,741
  1,807
  1,877
  1,952
  2,033
  2,118
  2,209
  2,305
  2,406
  2,514
  2,628
  2,748
  2,875
  3,009
  3,150
  3,298
  3,455
  3,620
  3,794
  3,976
  4,169
  4,371
  4,584
  4,807
  5,042
Total debt, $m
  1,893
  1,944
  2,068
  2,205
  2,354
  2,516
  2,691
  2,879
  3,081
  3,296
  3,525
  3,769
  4,028
  4,303
  4,594
  4,902
  5,228
  5,571
  5,934
  6,317
  6,720
  7,146
  7,594
  8,065
  8,562
  9,084
  9,634
  10,213
  10,821
  11,461
  12,133
Total liabilities, $m
  4,182
  4,232
  4,356
  4,493
  4,642
  4,804
  4,979
  5,167
  5,369
  5,584
  5,813
  6,057
  6,316
  6,591
  6,882
  7,190
  7,516
  7,859
  8,222
  8,605
  9,008
  9,434
  9,882
  10,353
  10,850
  11,372
  11,922
  12,501
  13,109
  13,749
  14,421
Total equity, $m
  1,958
  2,010
  2,069
  2,134
  2,205
  2,282
  2,365
  2,454
  2,550
  2,652
  2,761
  2,877
  3,000
  3,130
  3,269
  3,415
  3,569
  3,733
  3,905
  4,087
  4,278
  4,480
  4,693
  4,917
  5,153
  5,401
  5,662
  5,937
  6,226
  6,530
  6,849
Total liabilities and equity, $m
  6,140
  6,242
  6,425
  6,627
  6,847
  7,086
  7,344
  7,621
  7,919
  8,236
  8,574
  8,934
  9,316
  9,721
  10,151
  10,605
  11,085
  11,592
  12,127
  12,692
  13,286
  13,914
  14,575
  15,270
  16,003
  16,773
  17,584
  18,438
  19,335
  20,279
  21,270
Debt-to-equity ratio
  0.967
  0.970
  1.000
  1.030
  1.070
  1.100
  1.140
  1.170
  1.210
  1.240
  1.280
  1.310
  1.340
  1.370
  1.410
  1.440
  1.460
  1.490
  1.520
  1.550
  1.570
  1.590
  1.620
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.760
  1.770
Adjusted equity ratio
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  209
  -121
  -125
  -130
  -136
  -142
  -148
  -155
  -163
  -171
  -179
  -139
  -148
  -159
  -170
  -181
  -194
  -207
  -221
  -235
  -250
  -266
  -283
  -301
  -320
  -340
  -361
  -383
  -406
  -430
  -456
Depreciation, amort., depletion, $m
  137
  150
  153
  156
  159
  163
  167
  172
  177
  182
  187
  143
  149
  156
  162
  170
  177
  185
  194
  203
  213
  223
  233
  244
  256
  268
  281
  295
  309
  324
  340
Funds from operations, $m
  433
  29
  27
  26
  24
  21
  19
  17
  14
  11
  8
  4
  1
  -3
  -7
  -12
  -16
  -21
  -27
  -32
  -38
  -44
  -50
  -57
  -64
  -72
  -80
  -88
  -97
  -106
  -116
Change in working capital, $m
  -65
  39
  43
  48
  52
  57
  61
  66
  70
  75
  80
  85
  91
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
  192
  202
  213
  224
  235
Cash from operations, $m
  498
  -10
  -16
  -22
  -29
  -35
  -42
  -49
  -57
  -64
  -73
  -81
  -90
  -99
  -109
  -119
  -130
  -142
  -153
  -166
  -179
  -193
  -207
  -222
  -238
  -255
  -272
  -290
  -310
  -330
  -351
Maintenance CAPEX, $m
  0
  -97
  -100
  -103
  -106
  -110
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -156
  -162
  -170
  -177
  -185
  -194
  -203
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -324
New CAPEX, $m
  -131
  -42
  -47
  -52
  -56
  -61
  -66
  -71
  -76
  -81
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -161
  -169
  -178
  -187
  -197
  -208
  -218
  -230
  -241
  -254
Cash from investing activities, $m
  -135
  -139
  -147
  -155
  -162
  -171
  -179
  -188
  -198
  -208
  -219
  -229
  -241
  -253
  -266
  -278
  -293
  -307
  -322
  -338
  -355
  -374
  -392
  -411
  -431
  -453
  -476
  -499
  -525
  -550
  -578
Free cash flow, $m
  363
  -149
  -163
  -177
  -191
  -206
  -221
  -238
  -255
  -272
  -291
  -310
  -331
  -352
  -375
  -398
  -423
  -449
  -476
  -504
  -534
  -566
  -599
  -633
  -670
  -708
  -748
  -790
  -834
  -881
  -929
Issuance/(repayment) of debt, $m
  -259
  115
  124
  137
  149
  162
  175
  188
  202
  215
  229
  244
  259
  275
  291
  308
  325
  344
  363
  383
  404
  425
  448
  472
  497
  523
  550
  578
  608
  640
  673
Issuance/(repurchase) of shares, $m
  -9
  173
  184
  195
  207
  219
  231
  245
  258
  273
  288
  255
  272
  289
  308
  328
  348
  370
  393
  417
  442
  468
  496
  525
  556
  588
  622
  658
  695
  734
  775
Cash from financing (excl. dividends), $m  
  -288
  288
  308
  332
  356
  381
  406
  433
  460
  488
  517
  499
  531
  564
  599
  636
  673
  714
  756
  800
  846
  893
  944
  997
  1,053
  1,111
  1,172
  1,236
  1,303
  1,374
  1,448
Total cash flow (excl. dividends), $m
  75
  139
  146
  155
  165
  175
  185
  195
  205
  216
  227
  188
  200
  212
  224
  238
  251
  265
  280
  295
  311
  328
  346
  364
  383
  403
  424
  446
  469
  493
  519
Retained Cash Flow (-), $m
  -92
  -173
  -184
  -195
  -207
  -219
  -231
  -245
  -258
  -273
  -288
  -255
  -272
  -289
  -308
  -328
  -348
  -370
  -393
  -417
  -442
  -468
  -496
  -525
  -556
  -588
  -622
  -658
  -695
  -734
  -775
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
 
  -34
  -39
  -40
  -42
  -44
  -47
  -50
  -53
  -57
  -62
  -66
  -72
  -77
  -84
  -90
  -97
  -105
  -113
  -122
  -131
  -140
  -151
  -162
  -173
  -185
  -198
  -212
  -226
  -241
  -257
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -32
  -34
  -32
  -31
  -29
  -28
  -26
  -25
  -24
  -22
  -20
  -18
  -17
  -15
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.6
  97.2
  95.7
  94.2
  92.7
  91.2
  89.7
  88.2
  86.7
  85.2
  84.0
  82.7
  81.4
  80.2
  78.9
  77.6
  76.3
  75.0
  73.8
  72.5
  71.2
  70.0
  68.7
  67.5
  66.3
  65.1
  63.9
  62.7
  61.5
  60.3

FMC Corporation is a diversified chemical company serving agricultural, consumer and industrial markets. The Company operates in three business segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. As of December 31, 2016, the FMC Agricultural Solutions segment developed, marketed and sold three classes of crop protection chemicals: insecticides, herbicides and fungicides. The Company's FMC Agricultural Solutions segment operates in the agrochemicals industry. This segment develops, manufactures and sells a portfolio of professional pest control, and lawn and garden products. The FMC Health and Nutrition segment focuses on nutritional ingredients, health excipients and functional health ingredients. The Company's FMC Health and Nutrition segment focuses on food ingredients, pharmaceutical excipients and omega-3 oils. The Company's FMC Lithium segment manufactures lithium for use in a range of lithium products.

FINANCIAL RATIOS  of  FMC (FMC)

Valuation Ratios
P/E Ratio 57.5
Price to Sales 3.7
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 32.7
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.2%
Cap. Spend. - 3 Yr. Gr. Rate -10%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 91.9%
Total Debt to Equity 96.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.4%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 20%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 36.6%
Gross Margin - 3 Yr. Avg. 35.5%
EBITDA Margin 17%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 10.3%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 10.2%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 2.4%
Payout Ratio 42.6%

FMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FMC stock intrinsic value calculation we used $3282 million for the last fiscal year's total revenue generated by FMC. The default revenue input number comes from 2016 income statement of FMC. 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 FMC stock valuation model: a) initial revenue growth rate of 2.7% 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 7%, whose default value for FMC is calculated based on our internal credit rating of FMC, 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 FMC.
    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 FMC stock the variable cost ratio is equal to 101.4%.

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 FMC 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 4.1% for FMC.

Corporate tax rate of 27% is the nominal tax rate for FMC. 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 FMC 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 FMC are equal to 47.4%.

Life of production assets of 16 years is the average useful life of capital assets used in FMC 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 FMC is equal to 43.9%. 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 - $1958 million for FMC - 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 134.693 million for FMC 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 FMC at the current share price and the inputted number of shares is $12.1 billion.

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COMPANY NEWS

▶ SQM Strikes Deal To Expand Lithium Production; Lithium Stocks Drained   [Jan-18-18 04:22PM  Investor's Business Daily]
▶ This Is Why Leading Lithium Stocks Are Tumbling Today   [Jan-16-18 04:14PM  Investor's Business Daily]
▶ Analysts Views on FMC in January 2018   [Jan-12-18 09:03AM  Market Realist]
▶ Monsanto: Update for Analyst Ratings and Price Target   [Jan-11-18 04:25PM  Market Realist]
▶ How Albemarles Valuation Compares with Its Peers   [Jan-05-18 10:35AM  Market Realist]
▶ Albemarle Strengthens Its Leverage Position   [Jan-04-18 05:00PM  Market Realist]
▶ Profits or Purpose: A Firm Tries to Deliver Both   [Jan-02-18 06:00AM  Investopedia]
▶ 3 Lithium Stocks to Buy for 2018   [Dec-31-17 08:06AM  Motley Fool]
▶ Monsanto: Earnings Estimates and Target Price   [Dec-28-17 09:02AM  Market Realist]
▶ Albemarle Launches New Granite Technology   [Dec-26-17 08:28AM  Market Realist]
▶ ETFs with exposure to FMC Corp. : December 25, 2017   [Dec-25-17 11:55AM  Capital Cube]
▶ Does FMC Corporations (NYSE:FMC) PE Ratio Warrant A Sell?   [Dec-24-17 06:35PM  Simply Wall St.]
▶ FMC Corporation's Board Declares Quarterly Dividend   [Dec-12-17 04:30PM  PR Newswire]
▶ 7 Key Technical Levels To Watch On Monday   [Dec-04-17 10:16AM  Benzinga]
▶ Albemarle Has Risen 59% Year-to-Date: Can It Continue?   [Dec-01-17 07:33AM  Market Realist]
▶ Glenview Capital Sells Lowe, Visa, Walgreens, Exits Humana   [Nov-24-17 11:39AM  GuruFocus.com]
▶ 5 Of The Hottest Mining Stocks For 2018   [Nov-15-17 07:30PM  Oilprice.com]
▶ Huntsman to Pay 4Q17 Dividend in December   [Nov-13-17 01:05PM  Market Realist]
▶ FMC (FMC) Q3 2017 Earnings Conference Call Transcript   [Nov-08-17 10:28AM  Motley Fool]
▶ Stocks Flashing Renewed Technical Strength: FMC   [03:00AM  Investor's Business Daily]
▶ FMC Corporation Announces Agreement with Nufarm Limited   [Nov-07-17 08:45PM  PR Newswire]
▶ FMC Corporation to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ FMC beats 3Q profit forecasts   [Nov-06-17 04:45PM  Associated Press]
▶ 5 Sectors Electric Car Investors Cant Ignore   [Oct-25-17 07:30PM  Oilprice.com]
▶ Like Lithium Stocks? You Might Consider This Lithium ETF   [Oct-20-17 10:02AM  Motley Fool]
▶ October Update: What Analysts Think about FMC   [Oct-19-17 09:10AM  Market Realist]
Financial statements of FMC
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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