Intrinsic value of Mosaic - MOS

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$26.67

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$26.67

 
Intrinsic value

$5.71

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of MOS 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 9.3

 

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, %
  -19.47
  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
  7,163
  7,306
  7,474
  7,666
  7,882
  8,121
  8,383
  8,669
  8,978
  9,311
  9,668
  10,050
  10,458
  10,892
  11,354
  11,844
  12,363
  12,912
  13,493
  14,107
  14,755
  15,439
  16,161
  16,921
  17,722
  18,566
  19,454
  20,389
  21,373
  22,408
  23,497
Variable operating expenses, $m
 
  3,255
  3,326
  3,408
  3,499
  3,600
  3,711
  3,832
  3,963
  4,104
  4,255
  4,254
  4,426
  4,610
  4,805
  5,013
  5,232
  5,465
  5,711
  5,971
  6,245
  6,534
  6,840
  7,161
  7,500
  7,858
  8,234
  8,629
  9,046
  9,484
  9,944
Fixed operating expenses, $m
 
  3,831
  3,927
  4,025
  4,126
  4,229
  4,335
  4,443
  4,554
  4,668
  4,785
  4,905
  5,027
  5,153
  5,282
  5,414
  5,549
  5,688
  5,830
  5,976
  6,125
  6,278
  6,435
  6,596
  6,761
  6,930
  7,103
  7,281
  7,463
  7,649
  7,841
Total operating expenses, $m
  6,844
  7,086
  7,253
  7,433
  7,625
  7,829
  8,046
  8,275
  8,517
  8,772
  9,040
  9,159
  9,453
  9,763
  10,087
  10,427
  10,781
  11,153
  11,541
  11,947
  12,370
  12,812
  13,275
  13,757
  14,261
  14,788
  15,337
  15,910
  16,509
  17,133
  17,785
Operating income, $m
  319
  219
  221
  233
  257
  292
  337
  393
  461
  539
  628
  892
  1,005
  1,130
  1,267
  1,417
  1,581
  1,760
  1,953
  2,161
  2,385
  2,627
  2,886
  3,163
  3,460
  3,778
  4,117
  4,479
  4,864
  5,275
  5,711
EBITDA, $m
  1,030
  996
  1,011
  1,040
  1,082
  1,137
  1,204
  1,284
  1,377
  1,484
  1,603
  1,736
  1,883
  2,044
  2,220
  2,412
  2,619
  2,844
  3,085
  3,345
  3,624
  3,923
  4,243
  4,584
  4,948
  5,337
  5,751
  6,191
  6,659
  7,156
  7,684
Interest expense (income), $m
  125
  132
  137
  143
  150
  157
  166
  175
  185
  196
  208
  220
  234
  248
  263
  280
  297
  315
  335
  355
  377
  400
  424
  449
  476
  504
  534
  565
  598
  633
  669
Earnings before tax, $m
  242
  87
  83
  90
  107
  134
  171
  218
  275
  343
  420
  672
  771
  881
  1,003
  1,138
  1,284
  1,444
  1,618
  1,806
  2,009
  2,227
  2,462
  2,714
  2,985
  3,274
  3,583
  3,914
  4,266
  4,642
  5,042
Tax expense, $m
  -75
  24
  23
  24
  29
  36
  46
  59
  74
  93
  114
  181
  208
  238
  271
  307
  347
  390
  437
  488
  542
  601
  665
  733
  806
  884
  967
  1,057
  1,152
  1,253
  1,361
Net income, $m
  298
  64
  61
  66
  78
  98
  125
  159
  201
  250
  307
  490
  563
  643
  733
  831
  938
  1,054
  1,181
  1,318
  1,466
  1,626
  1,797
  1,981
  2,179
  2,390
  2,616
  2,857
  3,114
  3,389
  3,681

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  673
  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
  16,841
  16,493
  16,872
  17,306
  17,792
  18,332
  18,924
  19,568
  20,266
  21,017
  21,824
  22,687
  23,608
  24,588
  25,630
  26,736
  27,907
  29,147
  30,459
  31,845
  33,308
  34,852
  36,480
  38,196
  40,004
  41,909
  43,914
  46,025
  48,246
  50,582
  53,040
Adjusted assets (=assets-cash), $m
  16,168
  16,493
  16,872
  17,306
  17,792
  18,332
  18,924
  19,568
  20,266
  21,017
  21,824
  22,687
  23,608
  24,588
  25,630
  26,736
  27,907
  29,147
  30,459
  31,845
  33,308
  34,852
  36,480
  38,196
  40,004
  41,909
  43,914
  46,025
  48,246
  50,582
  53,040
Revenue / Adjusted assets
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
Average production assets, $m
  8,960
  9,140
  9,350
  9,591
  9,860
  10,159
  10,487
  10,845
  11,231
  11,648
  12,095
  12,573
  13,083
  13,627
  14,204
  14,817
  15,466
  16,153
  16,880
  17,648
  18,459
  19,315
  20,217
  21,168
  22,170
  23,226
  24,337
  25,507
  26,737
  28,032
  29,394
Working capital, $m
  1,581
  964
  987
  1,012
  1,040
  1,072
  1,107
  1,144
  1,185
  1,229
  1,276
  1,327
  1,380
  1,438
  1,499
  1,563
  1,632
  1,704
  1,781
  1,862
  1,948
  2,038
  2,133
  2,234
  2,339
  2,451
  2,568
  2,691
  2,821
  2,958
  3,102
Total debt, $m
  3,818
  3,918
  4,087
  4,280
  4,497
  4,738
  5,002
  5,289
  5,601
  5,936
  6,295
  6,680
  7,091
  7,528
  7,993
  8,486
  9,009
  9,562
  10,147
  10,765
  11,417
  12,106
  12,832
  13,598
  14,404
  15,253
  16,148
  17,089
  18,080
  19,122
  20,218
Total liabilities, $m
  7,256
  7,356
  7,525
  7,718
  7,935
  8,176
  8,440
  8,727
  9,039
  9,374
  9,733
  10,118
  10,529
  10,966
  11,431
  11,924
  12,447
  13,000
  13,585
  14,203
  14,855
  15,544
  16,270
  17,036
  17,842
  18,691
  19,586
  20,527
  21,518
  22,560
  23,656
Total equity, $m
  9,585
  9,137
  9,347
  9,587
  9,857
  10,156
  10,484
  10,841
  11,227
  11,644
  12,090
  12,569
  13,079
  13,622
  14,199
  14,811
  15,461
  16,148
  16,874
  17,642
  18,453
  19,308
  20,210
  21,161
  22,162
  23,218
  24,328
  25,498
  26,728
  28,023
  29,384
Total liabilities and equity, $m
  16,841
  16,493
  16,872
  17,305
  17,792
  18,332
  18,924
  19,568
  20,266
  21,018
  21,823
  22,687
  23,608
  24,588
  25,630
  26,735
  27,908
  29,148
  30,459
  31,845
  33,308
  34,852
  36,480
  38,197
  40,004
  41,909
  43,914
  46,025
  48,246
  50,583
  53,040
Debt-to-equity ratio
  0.398
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.680
  0.690
Adjusted equity ratio
  0.551
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  298
  64
  61
  66
  78
  98
  125
  159
  201
  250
  307
  490
  563
  643
  733
  831
  938
  1,054
  1,181
  1,318
  1,466
  1,626
  1,797
  1,981
  2,179
  2,390
  2,616
  2,857
  3,114
  3,389
  3,681
Depreciation, amort., depletion, $m
  711
  777
  791
  807
  825
  845
  867
  891
  917
  945
  975
  844
  878
  915
  953
  994
  1,038
  1,084
  1,133
  1,184
  1,239
  1,296
  1,357
  1,421
  1,488
  1,559
  1,633
  1,712
  1,794
  1,881
  1,973
Funds from operations, $m
  1,580
  840
  852
  873
  903
  943
  992
  1,050
  1,118
  1,195
  1,282
  1,334
  1,441
  1,558
  1,686
  1,825
  1,976
  2,138
  2,314
  2,503
  2,705
  2,922
  3,154
  3,402
  3,667
  3,949
  4,249
  4,569
  4,909
  5,270
  5,654
Change in working capital, $m
  314
  19
  22
  25
  28
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
  117
  123
  130
  137
  144
Cash from operations, $m
  1,266
  1,060
  829
  847
  875
  911
  957
  1,013
  1,077
  1,151
  1,235
  1,284
  1,387
  1,501
  1,625
  1,760
  1,907
  2,066
  2,237
  2,422
  2,620
  2,832
  3,059
  3,302
  3,561
  3,837
  4,132
  4,445
  4,779
  5,133
  5,510
Maintenance CAPEX, $m
  0
  -601
  -613
  -628
  -644
  -662
  -682
  -704
  -728
  -754
  -782
  -812
  -844
  -878
  -915
  -953
  -994
  -1,038
  -1,084
  -1,133
  -1,184
  -1,239
  -1,296
  -1,357
  -1,421
  -1,488
  -1,559
  -1,633
  -1,712
  -1,794
  -1,881
New CAPEX, $m
  -843
  -181
  -210
  -240
  -270
  -299
  -328
  -357
  -387
  -417
  -447
  -478
  -510
  -543
  -577
  -613
  -649
  -687
  -727
  -768
  -811
  -856
  -902
  -951
  -1,002
  -1,055
  -1,111
  -1,170
  -1,231
  -1,295
  -1,362
Cash from investing activities, $m
  -1,050
  -782
  -823
  -868
  -914
  -961
  -1,010
  -1,061
  -1,115
  -1,171
  -1,229
  -1,290
  -1,354
  -1,421
  -1,492
  -1,566
  -1,643
  -1,725
  -1,811
  -1,901
  -1,995
  -2,095
  -2,198
  -2,308
  -2,423
  -2,543
  -2,670
  -2,803
  -2,943
  -3,089
  -3,243
Free cash flow, $m
  216
  278
  6
  -21
  -39
  -49
  -52
  -48
  -37
  -19
  6
  -6
  33
  79
  133
  194
  263
  341
  426
  521
  624
  737
  860
  994
  1,138
  1,294
  1,462
  1,642
  1,836
  2,044
  2,266
Issuance/(repayment) of debt, $m
  -432
  139
  169
  193
  217
  241
  264
  287
  311
  335
  360
  385
  411
  437
  465
  493
  523
  553
  585
  618
  653
  689
  726
  765
  806
  849
  894
  941
  991
  1,042
  1,096
Issuance/(repurchase) of shares, $m
  -75
  0
  35
  67
  91
  108
  116
  118
  113
  100
  81
  99
  67
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -504
  139
  204
  260
  308
  349
  380
  405
  424
  435
  441
  484
  478
  464
  465
  493
  523
  553
  585
  618
  653
  689
  726
  765
  806
  849
  894
  941
  991
  1,042
  1,096
Total cash flow (excl. dividends), $m
  -218
  417
  175
  173
  178
  191
  212
  239
  274
  316
  366
  379
  444
  516
  598
  687
  786
  894
  1,011
  1,139
  1,277
  1,426
  1,586
  1,759
  1,945
  2,143
  2,356
  2,584
  2,827
  3,086
  3,363
Retained Cash Flow (-), $m
  -53
  -186
  -210
  -240
  -270
  -299
  -328
  -357
  -386
  -416
  -447
  -478
  -510
  -543
  -577
  -613
  -649
  -687
  -727
  -768
  -811
  -855
  -902
  -951
  -1,002
  -1,055
  -1,111
  -1,169
  -1,230
  -1,294
  -1,362
Prev. year cash balance distribution, $m
 
  634
  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
 
  865
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  20
  75
  137
  207
  285
  371
  466
  571
  684
  808
  943
  1,088
  1,245
  1,414
  1,596
  1,792
  2,001
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  820
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  5
  16
  24
  30
  34
  35
  35
  33
  30
  26
  22
  18
  15
  11
  9
  6
  4
Current shareholders' claim on cash, %
  100
  100.0
  99.6
  98.9
  97.9
  96.8
  95.7
  94.6
  93.6
  92.7
  92.1
  91.3
  90.8
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6

The Mosaic Company, through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients worldwide. The company operates through three segments: Phosphates, Potash, and International Distribution. It owns and operates mines, which produce concentrated phosphate crop nutrients, such as diammonium phosphate, monoammonium phosphate, and ammoniated phosphate products; and phosphate-based animal feed ingredients primarily under the Biofos and Nexfos brand names. The company also produces and sells potash for use in the manufacturing of mixed crop nutrients and animal feed ingredients, and for industrial use; and for use in the de-icing and as a water softener regenerant, as well as fluorosilicic acid for water fluoridation. In addition, it provides nitrogen-based crop nutrients and animal feed ingredients, and other ancillary services; and purchases and sells phosphates, potash, and nitrogen products. The company sells its products to wholesale distributors, retail chains, cooperatives, independent retailers, and national accounts. The Mosaic Company was founded in 2004 and is headquartered in Plymouth, Minnesota.

FINANCIAL RATIOS  of  Mosaic (MOS)

Valuation Ratios
P/E Ratio 31.3
Price to Sales 1.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 22.1
Growth Rates
Sales Growth Rate -19.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.7%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 17
Current Ratio 0.1
LT Debt to Equity 39.4%
Total Debt to Equity 39.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 11.3%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 15%
EBITDA Margin - 3 Yr. Avg. 20.1%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 9.7%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate -31%
Eff/ Tax Rate - 3 Yr. Avg. -2.3%
Payout Ratio 129.2%

MOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOS stock intrinsic value calculation we used $7163 million for the last fiscal year's total revenue generated by Mosaic. The default revenue input number comes from 2016 income statement of Mosaic. 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 MOS 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 5.5%, whose default value for MOS is calculated based on our internal credit rating of Mosaic, 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 Mosaic.
    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 MOS stock the variable cost ratio is equal to 44.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3738 million in the base year in the intrinsic value calculation for MOS 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 Mosaic.

Corporate tax rate of 27% is the nominal tax rate for Mosaic. 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 MOS 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 MOS are equal to 125.1%.

Life of production assets of 14.9 years is the average useful life of capital assets used in Mosaic 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 MOS is equal to 13.2%. 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 - $9585 million for Mosaic - 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 348.184 million for Mosaic 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 Mosaic at the current share price and the inputted number of shares is $9.3 billion.


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Stock chart of MOS Financial statements of MOS
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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