Intrinsic value of Sociedad Quimica y Minera De Chile ADR - SQM

Previous Close

$60.60

  Intrinsic Value

$16.66

stock screener

  Rating & Target

str. sell

-73%

  Value-price divergence*

-89%

Previous close

$60.60

 
Intrinsic value

$16.66

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence*

-89%

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

We calculate the intrinsic value of SQM 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 15.3

 

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, %
  12.21
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  1,939
  2,003
  2,072
  2,148
  2,228
  2,315
  2,407
  2,506
  2,611
  2,722
  2,841
  2,966
  3,098
  3,238
  3,386
  3,542
  3,707
  3,881
  4,064
  4,257
  4,460
  4,673
  4,898
  5,135
  5,384
  5,646
  5,921
  6,211
  6,515
  6,835
  7,172
Variable operating expenses, $m
 
  1,178
  1,218
  1,262
  1,310
  1,360
  1,415
  1,472
  1,534
  1,599
  1,668
  1,738
  1,816
  1,898
  1,984
  2,076
  2,172
  2,274
  2,382
  2,495
  2,614
  2,739
  2,871
  3,009
  3,155
  3,309
  3,470
  3,640
  3,818
  4,006
  4,203
Fixed operating expenses, $m
 
  369
  378
  388
  397
  407
  417
  428
  439
  450
  461
  472
  484
  496
  509
  521
  534
  548
  561
  576
  590
  605
  620
  635
  651
  667
  684
  701
  719
  737
  755
Total operating expenses, $m
  1,491
  1,547
  1,596
  1,650
  1,707
  1,767
  1,832
  1,900
  1,973
  2,049
  2,129
  2,210
  2,300
  2,394
  2,493
  2,597
  2,706
  2,822
  2,943
  3,071
  3,204
  3,344
  3,491
  3,644
  3,806
  3,976
  4,154
  4,341
  4,537
  4,743
  4,958
Operating income, $m
  448
  456
  476
  498
  521
  547
  575
  606
  638
  674
  711
  755
  798
  844
  893
  945
  1,000
  1,059
  1,121
  1,187
  1,256
  1,330
  1,408
  1,490
  1,578
  1,670
  1,767
  1,870
  1,978
  2,093
  2,214
EBITDA, $m
  448
  640
  666
  695
  726
  759
  796
  835
  877
  922
  971
  1,022
  1,077
  1,136
  1,198
  1,264
  1,334
  1,408
  1,487
  1,570
  1,658
  1,751
  1,849
  1,953
  2,062
  2,178
  2,300
  2,429
  2,565
  2,708
  2,859
Interest expense (income), $m
  -55
  37
  39
  41
  44
  47
  49
  52
  56
  59
  63
  67
  71
  75
  80
  84
  90
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  167
  177
  187
  197
Earnings before tax, $m
  415
  419
  437
  456
  477
  501
  526
  553
  583
  614
  649
  689
  728
  769
  813
  861
  911
  964
  1,020
  1,080
  1,143
  1,210
  1,281
  1,357
  1,436
  1,520
  1,609
  1,703
  1,802
  1,906
  2,016
Tax expense, $m
  133
  113
  118
  123
  129
  135
  142
  149
  157
  166
  175
  186
  196
  208
  220
  232
  246
  260
  275
  292
  309
  327
  346
  366
  388
  410
  434
  460
  486
  515
  544
Net income, $m
  278
  306
  319
  333
  348
  365
  384
  404
  425
  449
  473
  503
  531
  562
  594
  628
  665
  704
  745
  788
  835
  884
  935
  990
  1,048
  1,110
  1,174
  1,243
  1,315
  1,391
  1,472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  803
  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
  4,219
  3,526
  3,649
  3,781
  3,923
  4,076
  4,238
  4,412
  4,597
  4,793
  5,001
  5,221
  5,455
  5,701
  5,962
  6,237
  6,527
  6,832
  7,155
  7,494
  7,851
  8,228
  8,624
  9,041
  9,479
  9,940
  10,425
  10,935
  11,471
  12,034
  12,626
Adjusted assets (=assets-cash), $m
  3,416
  3,526
  3,649
  3,781
  3,923
  4,076
  4,238
  4,412
  4,597
  4,793
  5,001
  5,221
  5,455
  5,701
  5,962
  6,237
  6,527
  6,832
  7,155
  7,494
  7,851
  8,228
  8,624
  9,041
  9,479
  9,940
  10,425
  10,935
  11,471
  12,034
  12,626
Revenue / Adjusted assets
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
Average production assets, $m
  1,745
  1,803
  1,865
  1,933
  2,006
  2,083
  2,167
  2,255
  2,350
  2,450
  2,557
  2,669
  2,788
  2,914
  3,048
  3,188
  3,336
  3,493
  3,657
  3,831
  4,014
  4,206
  4,409
  4,622
  4,846
  5,081
  5,329
  5,590
  5,864
  6,152
  6,455
Working capital, $m
  1,752
  1,001
  1,036
  1,074
  1,114
  1,157
  1,204
  1,253
  1,305
  1,361
  1,420
  1,483
  1,549
  1,619
  1,693
  1,771
  1,854
  1,940
  2,032
  2,128
  2,230
  2,337
  2,449
  2,568
  2,692
  2,823
  2,961
  3,106
  3,258
  3,418
  3,586
Total debt, $m
  1,220
  1,120
  1,184
  1,255
  1,330
  1,411
  1,498
  1,590
  1,688
  1,792
  1,903
  2,020
  2,143
  2,274
  2,413
  2,559
  2,713
  2,875
  3,046
  3,226
  3,416
  3,616
  3,826
  4,048
  4,280
  4,525
  4,783
  5,053
  5,338
  5,637
  5,952
Total liabilities, $m
  1,973
  1,873
  1,937
  2,008
  2,083
  2,164
  2,251
  2,343
  2,441
  2,545
  2,656
  2,773
  2,896
  3,027
  3,166
  3,312
  3,466
  3,628
  3,799
  3,979
  4,169
  4,369
  4,579
  4,801
  5,033
  5,278
  5,536
  5,806
  6,091
  6,390
  6,705
Total equity, $m
  2,246
  1,654
  1,711
  1,773
  1,840
  1,911
  1,988
  2,069
  2,156
  2,248
  2,345
  2,449
  2,558
  2,674
  2,796
  2,925
  3,061
  3,204
  3,355
  3,515
  3,682
  3,859
  4,045
  4,240
  4,446
  4,662
  4,889
  5,128
  5,380
  5,644
  5,922
Total liabilities and equity, $m
  4,219
  3,527
  3,648
  3,781
  3,923
  4,075
  4,239
  4,412
  4,597
  4,793
  5,001
  5,222
  5,454
  5,701
  5,962
  6,237
  6,527
  6,832
  7,154
  7,494
  7,851
  8,228
  8,624
  9,041
  9,479
  9,940
  10,425
  10,934
  11,471
  12,034
  12,627
Debt-to-equity ratio
  0.543
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
Adjusted equity ratio
  0.452
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469
  0.469

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  278
  306
  319
  333
  348
  365
  384
  404
  425
  449
  473
  503
  531
  562
  594
  628
  665
  704
  745
  788
  835
  884
  935
  990
  1,048
  1,110
  1,174
  1,243
  1,315
  1,391
  1,472
Depreciation, amort., depletion, $m
  0
  184
  190
  197
  204
  212
  220
  229
  239
  249
  259
  267
  279
  291
  305
  319
  334
  349
  366
  383
  401
  421
  441
  462
  485
  508
  533
  559
  586
  615
  645
Funds from operations, $m
  340
  490
  509
  530
  553
  578
  604
  633
  664
  697
  733
  770
  810
  853
  899
  947
  998
  1,053
  1,110
  1,171
  1,236
  1,304
  1,376
  1,452
  1,533
  1,618
  1,707
  1,802
  1,901
  2,007
  2,117
Change in working capital, $m
  -300
  32
  35
  38
  40
  43
  46
  49
  52
  56
  59
  63
  66
  70
  74
  78
  82
  87
  92
  96
  102
  107
  112
  118
  125
  131
  138
  145
  152
  160
  168
Cash from operations, $m
  640
  458
  474
  492
  512
  534
  558
  584
  612
  642
  674
  707
  744
  783
  825
  869
  916
  966
  1,019
  1,075
  1,134
  1,197
  1,264
  1,334
  1,408
  1,487
  1,570
  1,657
  1,749
  1,847
  1,949
Maintenance CAPEX, $m
  0
  -175
  -180
  -187
  -193
  -201
  -208
  -217
  -226
  -235
  -245
  -256
  -267
  -279
  -291
  -305
  -319
  -334
  -349
  -366
  -383
  -401
  -421
  -441
  -462
  -485
  -508
  -533
  -559
  -586
  -615
New CAPEX, $m
  -133
  -58
  -63
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -148
  -156
  -165
  -174
  -183
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -274
  -288
  -303
Cash from investing activities, $m
  156
  -233
  -243
  -255
  -266
  -279
  -291
  -306
  -320
  -335
  -351
  -369
  -386
  -405
  -424
  -446
  -467
  -490
  -514
  -540
  -566
  -593
  -623
  -654
  -686
  -721
  -756
  -794
  -833
  -874
  -918
Free cash flow, $m
  796
  226
  232
  238
  246
  256
  267
  278
  292
  306
  322
  339
  358
  378
  400
  424
  449
  476
  505
  536
  569
  604
  641
  680
  722
  767
  814
  863
  916
  972
  1,031
Issuance/(repayment) of debt, $m
  -417
  60
  65
  70
  76
  81
  86
  92
  98
  104
  110
  117
  124
  131
  138
  146
  154
  162
  171
  180
  190
  200
  210
  221
  233
  245
  257
  271
  285
  299
  314
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  
  -417
  60
  65
  70
  76
  81
  86
  92
  98
  104
  110
  117
  124
  131
  138
  146
  154
  162
  171
  180
  190
  200
  210
  221
  233
  245
  257
  271
  285
  299
  314
Total cash flow (excl. dividends), $m
  386
  285
  297
  309
  322
  337
  353
  371
  390
  411
  433
  456
  482
  509
  538
  570
  603
  638
  676
  716
  758
  803
  851
  901
  955
  1,011
  1,071
  1,134
  1,201
  1,271
  1,346
Retained Cash Flow (-), $m
  94
  -51
  -57
  -62
  -67
  -71
  -76
  -81
  -87
  -92
  -98
  -103
  -109
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -264
  -278
Prev. year cash balance distribution, $m
 
  643
  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
 
  878
  239
  247
  255
  265
  277
  289
  303
  319
  335
  352
  372
  393
  416
  441
  467
  495
  525
  557
  591
  627
  665
  706
  749
  795
  844
  895
  950
  1,007
  1,068
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
 
  841
  219
  215
  210
  206
  201
  195
  190
  183
  176
  167
  159
  150
  140
  129
  119
  108
  97
  86
  75
  65
  55
  46
  38
  31
  25
  19
  15
  11
  8
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

Sociedad Quimica y Minera de Chile S.A. (SQM), is a producer of potassium nitrate and iodine. The Company produces specialty plant nutrients, iodine derivatives, lithium and its derivatives, potassium chloride, potassium sulfate and certain industrial chemicals. Its segments include specialty plant nutrients, industrial chemicals, iodine and derivatives, lithium and derivatives, potassium, and other products and services. Specialty plant nutrients are fertilizers that enable farmers to improve yields and the quality of certain crops. Industrial chemicals have a range of applications in chemical processes, such as the manufacturing of glass and industrial nitrates. Iodine and its derivatives are used in the X-ray contrast media and biocides industries, among others. Lithium and its derivatives are used in batteries, greases and frits for production of ceramics. Potassium chloride is a commodity fertilizer that is produced and sold by the Company across the world.

FINANCIAL RATIOS  of  Sociedad Quimica y Minera De Chile ADR (SQM)

Valuation Ratios
P/E Ratio 57.4
Price to Sales 8.2
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow 31.5
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.8%
Cap. Spend. - 3 Yr. Gr. Rate -19.2%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 47.2%
Total Debt to Equity 54.3%
Interest Coverage -7
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 30.4%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 23.1%
Oper. Margin - 3 Yr. Avg. 22.1%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 19.6%
Net Profit Margin 14.3%
Net Profit Margin - 3 Yr. Avg. 12.8%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 143.5%

SQM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SQM stock intrinsic value calculation we used $1939 million for the last fiscal year's total revenue generated by Sociedad Quimica y Minera De Chile ADR. The default revenue input number comes from 2016 income statement of Sociedad Quimica y Minera De Chile ADR. 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 SQM stock valuation model: a) initial revenue growth rate of 3.3% 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 SQM is calculated based on our internal credit rating of Sociedad Quimica y Minera De Chile ADR, 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 Sociedad Quimica y Minera De Chile ADR.
    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 SQM stock the variable cost ratio is equal to 58.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $360 million in the base year in the intrinsic value calculation for SQM 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 Sociedad Quimica y Minera De Chile ADR.

Corporate tax rate of 27% is the nominal tax rate for Sociedad Quimica y Minera De Chile ADR. 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 SQM 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 SQM are equal to 90%.

Life of production assets of 10 years is the average useful life of capital assets used in Sociedad Quimica y Minera De Chile ADR 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 SQM is equal to 50%. 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 - $2246 million for Sociedad Quimica y Minera De Chile ADR - 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 251.729 million for Sociedad Quimica y Minera De Chile ADR 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 Sociedad Quimica y Minera De Chile ADR at the current share price and the inputted number of shares is $15.3 billion.

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COMPANY NEWS

▶ IBD Rating Upgrades: Potash Shows Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ Should You Buy Sociedad QuĂ­mica y Minera de Chile SA (SQM)?   [Sep-22-17 07:16AM  Simply Wall St.]
▶ Lithium ETF Still Lighting Up   [Sep-21-17 11:30AM  Investopedia]
▶ Potash Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: Agrium   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Lithium ETF Gains 5% Monday, Pushes 46% YTD Gain   [Sep-12-17 10:50AM  ETF Trends]
▶ Stocks With Rising Relative Price Strength: CF Industries   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ Scotts Miracle-Gro Sees Relative Strength Rating Rise To 71   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ SQM posts 2Q profit   [Aug-24-17 09:58PM  Associated Press]
▶ SQM Reports Earnings for the Second Quarter of 2017   [Aug-23-17 11:07PM  PR Newswire]
▶ 5 Top Picks In The Lithium Space   [Aug-08-17 07:30PM  Oilprice.com]
▶ 5 Ways To Play The Electric Car Boom   [Jun-12-17 07:30PM  Oilprice.com]
▶ V.WML Zacks Initiates Coverage on Wealth Minerals Ltd.   [Jun-08-17 10:02AM  Zacks Small Cap Research]
▶ SQM beats 1Q profit forecasts   [May-18-17 04:52PM  Associated Press]
▶ SQM Reports Earnings For The First Quarter Of 2017   [May-17-17 09:21PM  PR Newswire]
▶ Trump Sets The Stage For A Huge Gold Rally This Spring   [May-07-17 07:30PM  Oilprice.com]
▶ Why Albemarle Is the Best Stock in the Lithium Sector   [May-01-17 05:28PM  Motley Fool]
▶ 5 Mining Companies Set for Major Breakouts In 2017   [Mar-27-17 08:15PM  Oilprice.com]
▶ 3 Reasons to Buy Lithium (LIT, TSLA)   [03:19AM  Investopedia]
▶ 3 Reasons to Buy Lithium (LIT, TSLA)   [03:19AM  at Investopedia]
▶ SQM posts 4Q profit   [Mar-02-17 05:03AM  Associated Press]
▶ Lithium Boosts Albemarle's Outlook   [Jan-16-17 07:00AM  at Morningstar]
▶ [$$] Chilean Company to Pay $30.5 Million to Resolve Foreign-Bribery Charges   [Jan-13-17 05:06PM  at The Wall Street Journal]
Financial statements of SQM
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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