Intrinsic value of Israel Chemicals - ICL

Previous Close

$4.76

  Intrinsic Value

$2.02

stock screener

  Rating & Target

str. sell

-57%

Previous close

$4.76

 
Intrinsic value

$2.02

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of ICL 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
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  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
  0
  5,526
  5,653
  5,799
  5,962
  6,143
  6,341
  6,557
  6,791
  7,042
  7,313
  7,602
  7,910
  8,239
  8,588
  8,959
  9,351
  9,767
  10,206
  10,671
  11,161
  11,678
  12,224
  12,799
  13,405
  14,043
  14,715
  15,422
  16,166
  16,949
  17,773
Variable operating expenses, $m
 
  4,967
  5,079
  5,208
  5,352
  5,513
  5,688
  5,879
  6,087
  6,310
  6,549
  6,733
  7,006
  7,297
  7,606
  7,934
  8,282
  8,650
  9,039
  9,451
  9,885
  10,343
  10,826
  11,336
  11,872
  12,437
  13,032
  13,659
  14,318
  15,011
  15,741
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
  0
  4,967
  5,079
  5,208
  5,352
  5,513
  5,688
  5,879
  6,087
  6,310
  6,549
  6,733
  7,006
  7,297
  7,606
  7,934
  8,282
  8,650
  9,039
  9,451
  9,885
  10,343
  10,826
  11,336
  11,872
  12,437
  13,032
  13,659
  14,318
  15,011
  15,741
Operating income, $m
  0
  560
  574
  591
  609
  630
  653
  677
  704
  733
  764
  869
  904
  942
  982
  1,024
  1,069
  1,117
  1,167
  1,220
  1,276
  1,335
  1,397
  1,463
  1,533
  1,605
  1,682
  1,763
  1,848
  1,938
  2,032
EBITDA, $m
  0
  1,161
  1,188
  1,218
  1,253
  1,291
  1,332
  1,378
  1,427
  1,480
  1,537
  1,597
  1,662
  1,731
  1,805
  1,882
  1,965
  2,052
  2,145
  2,242
  2,345
  2,454
  2,569
  2,689
  2,817
  2,951
  3,092
  3,241
  3,397
  3,561
  3,734
Interest expense (income), $m
  0
  173
  180
  187
  195
  205
  216
  227
  240
  253
  268
  284
  301
  319
  338
  358
  380
  403
  427
  453
  480
  508
  538
  570
  604
  639
  676
  716
  757
  800
  846
Earnings before tax, $m
  0
  386
  395
  404
  414
  425
  437
  450
  464
  480
  496
  585
  604
  623
  644
  666
  689
  714
  740
  767
  796
  827
  859
  893
  929
  966
  1,006
  1,047
  1,091
  1,137
  1,186
Tax expense, $m
  0
  104
  107
  109
  112
  115
  118
  122
  125
  129
  134
  158
  163
  168
  174
  180
  186
  193
  200
  207
  215
  223
  232
  241
  251
  261
  272
  283
  295
  307
  320
Net income, $m
  0
  282
  288
  295
  302
  310
  319
  329
  339
  350
  362
  427
  441
  455
  470
  486
  503
  521
  540
  560
  581
  604
  627
  652
  678
  705
  734
  765
  797
  830
  866

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  8,885
  9,089
  9,323
  9,585
  9,876
  10,194
  10,542
  10,917
  11,322
  11,757
  12,222
  12,718
  13,246
  13,807
  14,403
  15,034
  15,702
  16,409
  17,155
  17,943
  18,775
  19,652
  20,577
  21,551
  22,577
  23,657
  24,794
  25,991
  27,249
  28,573
Adjusted assets (=assets-cash), $m
  0
  8,885
  9,089
  9,323
  9,585
  9,876
  10,194
  10,542
  10,917
  11,322
  11,757
  12,222
  12,718
  13,246
  13,807
  14,403
  15,034
  15,702
  16,409
  17,155
  17,943
  18,775
  19,652
  20,577
  21,551
  22,577
  23,657
  24,794
  25,991
  27,249
  28,573
Revenue / Adjusted assets
  0.000
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
Average production assets, $m
  0
  5,294
  5,416
  5,555
  5,711
  5,885
  6,075
  6,282
  6,505
  6,747
  7,006
  7,283
  7,578
  7,893
  8,227
  8,582
  8,958
  9,356
  9,777
  10,222
  10,692
  11,188
  11,710
  12,261
  12,842
  13,453
  14,097
  14,774
  15,487
  16,237
  17,026
Working capital, $m
  0
  442
  452
  464
  477
  491
  507
  525
  543
  563
  585
  608
  633
  659
  687
  717
  748
  781
  816
  854
  893
  934
  978
  1,024
  1,072
  1,123
  1,177
  1,234
  1,293
  1,356
  1,422
Total debt, $m
  0
  3,326
  3,463
  3,620
  3,796
  3,991
  4,206
  4,439
  4,692
  4,964
  5,256
  5,568
  5,901
  6,256
  6,633
  7,034
  7,458
  7,907
  8,382
  8,883
  9,413
  9,972
  10,561
  11,183
  11,837
  12,527
  13,253
  14,017
  14,821
  15,667
  16,556
Total liabilities, $m
  0
  5,971
  6,108
  6,265
  6,441
  6,636
  6,851
  7,084
  7,337
  7,609
  7,901
  8,213
  8,546
  8,901
  9,278
  9,679
  10,103
  10,552
  11,027
  11,528
  12,058
  12,617
  13,206
  13,828
  14,482
  15,172
  15,898
  16,662
  17,466
  18,312
  19,201
Total equity, $m
  0
  2,914
  2,981
  3,058
  3,144
  3,239
  3,344
  3,458
  3,581
  3,714
  3,856
  4,009
  4,171
  4,345
  4,529
  4,724
  4,931
  5,150
  5,382
  5,627
  5,885
  6,158
  6,446
  6,749
  7,069
  7,405
  7,760
  8,132
  8,525
  8,938
  9,372
Total liabilities and equity, $m
  0
  8,885
  9,089
  9,323
  9,585
  9,875
  10,195
  10,542
  10,918
  11,323
  11,757
  12,222
  12,717
  13,246
  13,807
  14,403
  15,034
  15,702
  16,409
  17,155
  17,943
  18,775
  19,652
  20,577
  21,551
  22,577
  23,658
  24,794
  25,991
  27,250
  28,573
Debt-to-equity ratio
  0.000
  1.140
  1.160
  1.180
  1.210
  1.230
  1.260
  1.280
  1.310
  1.340
  1.360
  1.390
  1.410
  1.440
  1.460
  1.490
  1.510
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.660
  1.670
  1.690
  1.710
  1.720
  1.740
  1.750
  1.770
Adjusted equity ratio
  0.000
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  282
  288
  295
  302
  310
  319
  329
  339
  350
  362
  427
  441
  455
  470
  486
  503
  521
  540
  560
  581
  604
  627
  652
  678
  705
  734
  765
  797
  830
  866
Depreciation, amort., depletion, $m
  0
  602
  614
  628
  643
  661
  680
  700
  723
  747
  773
  728
  758
  789
  823
  858
  896
  936
  978
  1,022
  1,069
  1,119
  1,171
  1,226
  1,284
  1,345
  1,410
  1,477
  1,549
  1,624
  1,703
Funds from operations, $m
  0
  884
  902
  922
  946
  971
  999
  1,029
  1,062
  1,097
  1,135
  1,156
  1,199
  1,244
  1,293
  1,344
  1,399
  1,457
  1,518
  1,582
  1,650
  1,722
  1,798
  1,878
  1,962
  2,051
  2,144
  2,242
  2,345
  2,454
  2,568
Change in working capital, $m
  0
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
Cash from operations, $m
  0
  875
  892
  911
  932
  957
  983
  1,012
  1,043
  1,077
  1,113
  1,132
  1,174
  1,218
  1,265
  1,315
  1,368
  1,424
  1,483
  1,545
  1,611
  1,681
  1,754
  1,832
  1,914
  2,000
  2,090
  2,186
  2,286
  2,391
  2,502
Maintenance CAPEX, $m
  0
  -519
  -529
  -542
  -556
  -571
  -588
  -607
  -628
  -651
  -675
  -701
  -728
  -758
  -789
  -823
  -858
  -896
  -936
  -978
  -1,022
  -1,069
  -1,119
  -1,171
  -1,226
  -1,284
  -1,345
  -1,410
  -1,477
  -1,549
  -1,624
New CAPEX, $m
  0
  -106
  -122
  -139
  -156
  -173
  -190
  -207
  -224
  -241
  -259
  -277
  -296
  -315
  -334
  -355
  -376
  -398
  -421
  -445
  -470
  -496
  -523
  -551
  -580
  -611
  -644
  -678
  -713
  -750
  -789
Cash from investing activities, $m
  0
  -625
  -651
  -681
  -712
  -744
  -778
  -814
  -852
  -892
  -934
  -978
  -1,024
  -1,073
  -1,123
  -1,178
  -1,234
  -1,294
  -1,357
  -1,423
  -1,492
  -1,565
  -1,642
  -1,722
  -1,806
  -1,895
  -1,989
  -2,088
  -2,190
  -2,299
  -2,413
Free cash flow, $m
  0
  250
  240
  230
  221
  212
  205
  197
  191
  185
  179
  155
  150
  145
  141
  137
  133
  130
  126
  123
  119
  116
  113
  110
  107
  104
  101
  98
  95
  93
  90
Issuance/(repayment) of debt, $m
  0
  116
  137
  157
  176
  195
  214
  233
  253
  272
  292
  312
  333
  355
  377
  400
  424
  449
  475
  502
  530
  559
  589
  621
  655
  689
  726
  764
  804
  846
  890
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  116
  137
  157
  176
  195
  214
  233
  253
  272
  292
  312
  333
  355
  377
  400
  424
  449
  475
  502
  530
  559
  589
  621
  655
  689
  726
  764
  804
  846
  890
Total cash flow (excl. dividends), $m
  0
  365
  378
  387
  397
  407
  419
  431
  444
  457
  471
  467
  483
  500
  518
  537
  557
  579
  601
  624
  649
  675
  702
  731
  762
  794
  827
  862
  899
  938
  979
Retained Cash Flow (-), $m
  0
  -55
  -67
  -77
  -86
  -95
  -105
  -114
  -123
  -133
  -143
  -152
  -163
  -173
  -184
  -195
  -207
  -219
  -232
  -245
  -259
  -273
  -288
  -303
  -320
  -337
  -354
  -373
  -392
  -413
  -434
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
 
  16
  17
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
Cash available for distribution, $m
 
  310
  311
  310
  311
  312
  314
  317
  320
  324
  329
  315
  321
  327
  334
  342
  350
  359
  369
  379
  390
  402
  415
  428
  442
  457
  473
  489
  507
  526
  545
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  291
  272
  251
  232
  212
  193
  175
  157
  140
  124
  102
  89
  76
  65
  54
  45
  36
  29
  23
  18
  14
  10
  7
  5
  4
  2
  2
  1
  1
  0
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

Israel Chemicals Ltd. operates as a specialty minerals company worldwide. The company operates through three segments: Fertilizers, Industrial Products, and Performance Products. The Fertilizers segment extracts potash from the Dead Sea; mines and produces potash and salt from subterranean mines, as well as uses part of the potash to produce compound fertilizers; mines and processes phosphate rock in open mines; and produces sulfuric acid, agricultural phosphoric acid, phosphate fertilizers, compound fertilizers, liquid fertilizers, and soluble fertilizers. It also manufactures compound fertilizers in the Netherlands, Germany, and Belgium; liquid fertilizers and soluble fertilizers in Spain; slow release and controlled release fertilizers in the Netherlands and the United States; and phosphate-based food additives for livestock in Turkey and Israel. The Industrial Products segment produces bromine out of a solution that is created as a by-product of the potash production process in Sodom, as well as bromine-based compounds; chlorine-based products in Israel and the United States; and flame retardants and phosphorus based products, as well as extracts salt, magnesia, and chlorine from Dead Sea brine. The Performance Products segment purchases clean phosphoric acid and manufactures thermal phosphoric acids, which are used to manufacture downstream products and phosphate salts that are used as a raw material for manufacturing, food additives, hygiene products and flame retardants, and fire extinguishment products. It also manufactures phosphorous derivatives based on phosphorous; specialty products based on aluminum acids; and other raw materials. The company sells its products through marketing companies, agents, and distributors. Israel Chemicals Ltd. was founded in 1968 and is headquartered in Tel Aviv, Israel.

FINANCIAL RATIOS  of  Israel Chemicals (ICL)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ICL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICL stock intrinsic value calculation we used $5418 million for the last fiscal year's total revenue generated by Israel Chemicals. The default revenue input number comes from income statement of Israel Chemicals. 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 ICL 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 6.6%, whose default value for ICL is calculated based on our internal credit rating of Israel Chemicals, 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 Israel Chemicals.
    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 ICL stock the variable cost ratio is equal to 89.9%.

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 ICL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Israel Chemicals.

Corporate tax rate of 27% is the nominal tax rate for Israel Chemicals. 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 ICL stock is equal to 0.3%.

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 ICL are equal to 95.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Israel Chemicals 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 ICL is equal to 8%. 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 - $2859 million for Israel Chemicals - 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 1301 million for Israel Chemicals 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 Israel Chemicals at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ S&P Reaffirms ICL'S BBB- Rating With a Stable Outlook   [May-10-18 06:42AM  PR Newswire]
▶ Israel Chemicals: 1Q Earnings Snapshot   [05:08AM  Associated Press]
▶ ICL Reports Q1 2018 Results   [02:16AM  PR Newswire]
▶ ICL to Present at an Upcoming Investor Conference   [May-02-18 06:00AM  PR Newswire]
▶ Israel Corp. Reports Results for Fourth Quarter and 2017   [Mar-22-18 06:34PM  PR Newswire]
▶ Fitch Affirms ICL'S BBB-Rating with a Stable Outlook   [Mar-21-18 04:55PM  PR Newswire]
▶ Israel Chemicals posts 4Q profit   [05:09AM  Associated Press]
▶ A Look at Potash Prices in the Week Ending January 19   [Jan-23-18 10:32AM  Market Realist]
▶ How Fertilizer Prices Moved Last Week   [Jan-22-18 07:37AM  Market Realist]
▶ Analyzing Potash Prices in the Week Ending January 12   [Jan-19-18 10:32AM  Market Realist]
▶ MAP Prices Had Mixed Movements Last Week   [09:03AM  Market Realist]
▶ How Analysts View CF Industries in January 2018   [Jan-12-18 07:35AM  Market Realist]
▶ Mosaic: Analyst Price Target Update for January   [Jan-11-18 05:55PM  Market Realist]
▶ Are Rising Prices Affecting Fertilizer Affordability?   [Jan-10-18 07:32AM  Market Realist]
▶ Potash Prices Trend Upwards in the 1st Week of 2018   [Jan-09-18 10:33AM  Market Realist]
▶ Sales Expectations for Agribusiness Companies in 2018   [Dec-28-17 07:35AM  Market Realist]
▶ How Fertilizer Prices Moved Last Week   [Dec-05-17 07:35AM  Market Realist]
▶ How Did MAP Prices Trend Last Week?   [Nov-30-17 09:02AM  Market Realist]
▶ Behind PotashCorps Ownership in Israel Chemicals   [Nov-29-17 09:03AM  Market Realist]
▶ Inside the PotashCorp-Agrium Merger: Key Conditions   [Nov-28-17 01:25PM  Market Realist]
▶ 5 Potash Producers: Comparing 3Q17 Shipments   [Nov-20-17 07:33AM  Market Realist]
▶ MAP Prices in Brazil Trend Higher Last Week   [Nov-09-17 09:00AM  Market Realist]
▶ ICL-Israel Chemicals Ltd. to Host Earnings Call   [Nov-08-17 09:00AM  ACCESSWIRE]
▶ Israel Chemicals posts 3Q profit   [06:17AM  Associated Press]
▶ ICL Reports Q3 2017 Results   [06:09AM  PR Newswire]
▶ ICL to Present at Upcoming Investor Conferences   [Oct-31-17 08:16AM  PR Newswire]
▶ Fertilizer Prices for the Week Ended October 27, 2017   [Oct-30-17 08:26AM  Market Realist]
▶ What to Expect from PotashCorps 3Q17 Earnings   [Oct-19-17 01:11PM  Market Realist]
▶ How Fertilizer Stocks Performed Last Week   [Oct-09-17 01:27PM  Market Realist]
▶ Potash Price Update for the Week Ending September 29   [Oct-03-17 10:39AM  Market Realist]
▶ Fertilizer Stocks Were Mixed in the Week Ending September 22   [Sep-25-17 07:42AM  Market Realist]
▶ Israel Chemicals: A Top 10 Agricultural Chemicals Stock   [Sep-19-17 10:36AM  Market Realist]
▶ ICL to Present at an Upcoming Investor Conference   [Sep-11-17 06:00AM  PR Newswire]
▶ Fertilizer Price Momentum for Week Ended August 25   [Aug-28-17 02:23PM  Market Realist]
Financial statements of ICL
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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