Intrinsic value of Israel Chemicals - ICL

Previous Close

$6.23

  Intrinsic Value

$1.90

stock screener

  Rating & Target

str. sell

-70%

Previous close

$6.23

 
Intrinsic value

$1.90

 
Up/down potential

-70%

 
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

Revenue (in 0001), $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 8.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  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
  4,961
  5,074
  5,202
  5,347
  5,506
  5,682
  5,873
  6,080
  6,303
  6,542
  6,725
  6,998
  7,289
  7,598
  7,925
  8,273
  8,640
  9,029
  9,440
  9,874
  10,331
  10,814
  11,323
  11,859
  12,423
  13,018
  13,643
  14,302
  14,994
  15,723
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
  4,961
  5,074
  5,202
  5,347
  5,506
  5,682
  5,873
  6,080
  6,303
  6,542
  6,725
  6,998
  7,289
  7,598
  7,925
  8,273
  8,640
  9,029
  9,440
  9,874
  10,331
  10,814
  11,323
  11,859
  12,423
  13,018
  13,643
  14,302
  14,994
  15,723
Operating income, $m
  565
  580
  597
  615
  636
  659
  684
  711
  740
  771
  877
  912
  950
  990
  1,033
  1,078
  1,126
  1,177
  1,231
  1,287
  1,347
  1,410
  1,476
  1,546
  1,620
  1,697
  1,779
  1,864
  1,955
  2,050
EBITDA, $m
  1,005
  1,029
  1,055
  1,085
  1,118
  1,154
  1,193
  1,236
  1,281
  1,331
  1,383
  1,439
  1,499
  1,563
  1,630
  1,701
  1,777
  1,857
  1,941
  2,031
  2,125
  2,224
  2,329
  2,439
  2,555
  2,677
  2,806
  2,941
  3,084
  3,234
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
  392
  400
  410
  420
  431
  444
  457
  471
  487
  503
  593
  612
  631
  653
  675
  699
  724
  750
  778
  807
  838
  871
  906
  942
  980
  1,021
  1,063
  1,107
  1,154
  1,204
Tax expense, $m
  106
  108
  111
  113
  116
  120
  123
  127
  131
  136
  160
  165
  171
  176
  182
  189
  195
  203
  210
  218
  226
  235
  245
  254
  265
  276
  287
  299
  312
  325
Net income, $m
  286
  292
  299
  307
  315
  324
  334
  344
  355
  367
  433
  446
  461
  476
  493
  510
  528
  548
  568
  589
  612
  636
  661
  688
  716
  745
  776
  808
  843
  879

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
Total assets, $m
  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
  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
  0.622
  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
  4,896
  5,009
  5,138
  5,282
  5,442
  5,618
  5,809
  6,017
  6,240
  6,479
  6,735
  7,009
  7,300
  7,609
  7,937
  8,285
  8,653
  9,043
  9,454
  9,888
  10,347
  10,830
  11,340
  11,877
  12,442
  13,037
  13,664
  14,323
  15,017
  15,746
Working capital, $m
  1,067
  1,091
  1,119
  1,151
  1,186
  1,224
  1,265
  1,311
  1,359
  1,411
  1,467
  1,527
  1,590
  1,657
  1,729
  1,805
  1,885
  1,970
  2,059
  2,154
  2,254
  2,359
  2,470
  2,587
  2,710
  2,840
  2,976
  3,120
  3,271
  3,430
Total debt, $m
  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
  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
  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
  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
  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
  0.328
  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
  286
  292
  299
  307
  315
  324
  334
  344
  355
  367
  433
  446
  461
  476
  493
  510
  528
  548
  568
  589
  612
  636
  661
  688
  716
  745
  776
  808
  843
  879
Depreciation, amort., depletion, $m
  440
  449
  458
  469
  481
  495
  509
  525
  541
  559
  506
  527
  549
  572
  597
  623
  651
  680
  711
  743
  778
  814
  853
  893
  935
  980
  1,027
  1,077
  1,129
  1,184
Funds from operations, $m
  726
  741
  757
  776
  796
  818
  843
  869
  897
  927
  939
  973
  1,010
  1,048
  1,089
  1,133
  1,179
  1,227
  1,279
  1,333
  1,390
  1,450
  1,514
  1,581
  1,651
  1,725
  1,803
  1,885
  1,972
  2,063
Change in working capital, $m
  21
  25
  28
  31
  35
  38
  42
  45
  49
  52
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
Cash from operations, $m
  705
  716
  729
  744
  761
  780
  801
  823
  848
  874
  883
  914
  946
  981
  1,018
  1,057
  1,099
  1,143
  1,189
  1,238
  1,290
  1,345
  1,403
  1,464
  1,528
  1,596
  1,667
  1,742
  1,821
  1,904
Maintenance CAPEX, $m
  -361
  -368
  -377
  -386
  -397
  -409
  -422
  -437
  -452
  -469
  -487
  -506
  -527
  -549
  -572
  -597
  -623
  -651
  -680
  -711
  -743
  -778
  -814
  -853
  -893
  -935
  -980
  -1,027
  -1,077
  -1,129
New CAPEX, $m
  -95
  -113
  -129
  -145
  -160
  -176
  -191
  -207
  -223
  -239
  -256
  -273
  -291
  -309
  -328
  -348
  -368
  -389
  -411
  -434
  -458
  -483
  -510
  -537
  -565
  -595
  -627
  -659
  -694
  -730
Cash from investing activities, $m
  -456
  -481
  -506
  -531
  -557
  -585
  -613
  -644
  -675
  -708
  -743
  -779
  -818
  -858
  -900
  -945
  -991
  -1,040
  -1,091
  -1,145
  -1,201
  -1,261
  -1,324
  -1,390
  -1,458
  -1,530
  -1,607
  -1,686
  -1,771
  -1,859
Free cash flow, $m
  250
  236
  224
  214
  204
  195
  187
  180
  172
  166
  140
  134
  128
  123
  118
  113
  108
  103
  98
  93
  88
  84
  79
  74
  70
  65
  60
  55
  50
  45
Issuance/(repayment) of debt, $m
  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
Cash from financing (excl. dividends), $m  
  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
  365
  373
  381
  390
  399
  409
  420
  432
  445
  458
  452
  467
  483
  500
  518
  537
  557
  577
  600
  623
  647
  673
  700
  729
  759
  791
  824
  859
  896
  935
Retained Cash Flow (-), $m
  -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
  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
  310
  306
  304
  304
  304
  305
  307
  309
  312
  315
  300
  305
  310
  316
  323
  330
  337
  346
  355
  364
  374
  385
  397
  409
  422
  436
  451
  467
  483
  500
Discount rate, %
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
  289
  265
  243
  221
  201
  181
  162
  144
  127
  111
  90
  77
  65
  54
  45
  36
  29
  23
  18
  13
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  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 0001 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 7.1%, 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 89.8%.

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 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%.

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 88.6%.

Life of production assets of 13.3 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 19.3%. 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 1278.38 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 $8.0 billion.

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COMPANY NEWS

▶ Israel Corp. Reports Results for Third Quarter of 2018   [Nov-15-18 02:19PM  PR Newswire]
▶ Israel Chemicals: 3Q Earnings Snapshot   [Nov-01-18 05:04AM  Associated Press]
▶ ICL Joins 'Together For Sustainability' Initiative   [Oct-18-18 08:42AM  PR Newswire]
▶ ICL to Present at an Upcoming Investor Conference   [Sep-05-18 07:01AM  PR Newswire]
▶ 5 Agriculture Stocks to Buy to Help You Harvest Profits   [Aug-29-18 02:26PM  InvestorPlace]
▶ Israel steps in to stop the Dead Sea from dying   [Aug-12-18 01:17PM  Reuters Videos]
▶ ICL-Israel Chemicals Ltd. to Host Earnings Call   [Aug-01-18 06:30AM  ACCESSWIRE]
▶ Israel Chemicals: 2Q Earnings Snapshot   [05:05AM  Associated Press]
▶ ICL Reports Q2 2018 Results   [01:31AM  PR Newswire]
▶ 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]

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