Intrinsic value of Mosaic - MOS

Previous Close

$31.99

  Intrinsic Value

$102.45

stock screener

  Rating & Target

str. buy

+220%

Previous close

$31.99

 
Intrinsic value

$102.45

 
Up/down potential

+220%

 
Rating

str. buy

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 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 12.3

 

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, %
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
Revenue, $m
  9,314
  11,514
  14,021
  16,838
  19,966
  23,405
  27,150
  31,196
  35,535
  40,162
  45,068
  50,249
  55,700
  61,415
  67,394
  73,636
  80,143
  86,917
  93,963
  101,289
  108,902
  116,814
  125,036
  133,581
  142,466
  151,706
  161,321
  171,329
  181,751
  192,611
Variable operating expenses, $m
  3,701
  4,535
  5,485
  6,553
  7,739
  9,043
  10,463
  11,997
  13,642
  15,396
  17,087
  19,052
  21,118
  23,285
  25,552
  27,919
  30,386
  32,954
  35,625
  38,403
  41,289
  44,289
  47,406
  50,646
  54,015
  57,518
  61,164
  64,958
  68,910
  73,027
Fixed operating expenses, $m
  4,141
  4,232
  4,325
  4,421
  4,518
  4,617
  4,719
  4,823
  4,929
  5,037
  5,148
  5,261
  5,377
  5,495
  5,616
  5,740
  5,866
  5,995
  6,127
  6,262
  6,399
  6,540
  6,684
  6,831
  6,981
  7,135
  7,292
  7,452
  7,616
  7,784
Total operating expenses, $m
  7,842
  8,767
  9,810
  10,974
  12,257
  13,660
  15,182
  16,820
  18,571
  20,433
  22,235
  24,313
  26,495
  28,780
  31,168
  33,659
  36,252
  38,949
  41,752
  44,665
  47,688
  50,829
  54,090
  57,477
  60,996
  64,653
  68,456
  72,410
  76,526
  80,811
Operating income, $m
  1,472
  2,747
  4,210
  5,864
  7,709
  9,745
  11,968
  14,376
  16,964
  19,728
  22,833
  25,937
  29,205
  32,635
  36,226
  39,978
  43,891
  47,968
  52,211
  56,624
  61,213
  65,984
  70,945
  76,104
  81,470
  87,053
  92,865
  98,918
  105,225
  111,800
EBITDA, $m
  2,415
  3,874
  5,545
  7,433
  9,538
  11,859
  14,394
  17,138
  20,087
  23,236
  26,579
  30,113
  33,834
  37,739
  41,828
  46,098
  50,552
  55,192
  60,020
  65,043
  70,265
  75,693
  81,337
  87,206
  93,311
  99,662
  106,273
  113,158
  120,331
  127,809
Interest expense (income), $m
  125
  282
  402
  541
  699
  877
  1,075
  1,292
  1,528
  1,784
  2,058
  2,350
  2,660
  2,987
  3,331
  3,692
  4,069
  4,463
  4,874
  5,302
  5,746
  6,209
  6,690
  7,189
  7,708
  8,248
  8,809
  9,392
  9,999
  10,631
  11,289
Earnings before tax, $m
  1,190
  2,345
  3,669
  5,164
  6,832
  8,670
  10,676
  12,848
  15,180
  17,670
  20,483
  23,277
  26,218
  29,304
  32,535
  35,909
  39,428
  43,094
  46,909
  50,878
  55,004
  59,295
  63,756
  68,396
  73,222
  78,245
  83,473
  88,919
  94,595
  100,511
Tax expense, $m
  321
  633
  991
  1,394
  1,845
  2,341
  2,883
  3,469
  4,099
  4,771
  5,531
  6,285
  7,079
  7,912
  8,784
  9,695
  10,646
  11,635
  12,665
  13,737
  14,851
  16,010
  17,214
  18,467
  19,770
  21,126
  22,538
  24,008
  25,541
  27,138
Net income, $m
  868
  1,712
  2,678
  3,770
  4,987
  6,329
  7,794
  9,379
  11,082
  12,899
  14,953
  16,992
  19,139
  21,392
  23,750
  26,214
  28,783
  31,459
  34,244
  37,141
  40,153
  43,285
  46,542
  49,929
  53,452
  57,119
  60,936
  64,911
  69,054
  73,373

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
  22,827
  28,222
  34,365
  41,269
  48,937
  57,365
  66,544
  76,460
  87,096
  98,435
  110,462
  123,160
  136,519
  150,528
  165,182
  180,482
  196,428
  213,031
  230,301
  248,256
  266,917
  286,308
  306,460
  327,405
  349,182
  371,830
  395,394
  419,923
  445,468
  472,085
Adjusted assets (=assets-cash), $m
  22,827
  28,222
  34,365
  41,269
  48,937
  57,365
  66,544
  76,460
  87,096
  98,435
  110,462
  123,160
  136,519
  150,528
  165,182
  180,482
  196,428
  213,031
  230,301
  248,256
  266,917
  286,308
  306,460
  327,405
  349,182
  371,830
  395,394
  419,923
  445,468
  472,085
Revenue / Adjusted assets
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
Average production assets, $m
  12,927
  15,982
  19,461
  23,371
  27,713
  32,486
  37,684
  43,299
  49,323
  55,744
  62,555
  69,746
  77,311
  85,245
  93,543
  102,207
  111,238
  120,640
  130,421
  140,588
  151,156
  162,137
  173,549
  185,411
  197,743
  210,569
  223,913
  237,804
  252,271
  267,344
Working capital, $m
  978
  1,209
  1,472
  1,768
  2,096
  2,458
  2,851
  3,276
  3,731
  4,217
  4,732
  5,276
  5,848
  6,449
  7,076
  7,732
  8,415
  9,126
  9,866
  10,635
  11,435
  12,265
  13,129
  14,026
  14,959
  15,929
  16,939
  17,990
  19,084
  20,224
Total debt, $m
  7,450
  10,023
  12,953
  16,247
  19,904
  23,925
  28,303
  33,033
  38,106
  43,515
  49,252
  55,309
  61,681
  68,363
  75,353
  82,651
  90,258
  98,177
  106,415
  114,980
  123,881
  133,130
  142,743
  152,734
  163,121
  173,924
  185,164
  196,865
  209,050
  221,746
Total liabilities, $m
  10,889
  13,462
  16,392
  19,685
  23,343
  27,363
  31,742
  36,471
  41,545
  46,954
  52,690
  58,748
  65,119
  71,802
  78,792
  86,090
  93,696
  101,616
  109,854
  118,418
  127,319
  136,569
  146,181
  156,172
  166,560
  177,363
  188,603
  200,303
  212,488
  225,185
Total equity, $m
  11,939
  14,760
  17,973
  21,583
  25,594
  30,002
  34,803
  39,988
  45,551
  51,482
  57,772
  64,413
  71,399
  78,726
  86,390
  94,392
  102,732
  111,415
  120,448
  129,838
  139,597
  149,739
  160,279
  171,233
  182,622
  194,467
  206,791
  219,620
  232,980
  246,901
Total liabilities and equity, $m
  22,828
  28,222
  34,365
  41,268
  48,937
  57,365
  66,545
  76,459
  87,096
  98,436
  110,462
  123,161
  136,518
  150,528
  165,182
  180,482
  196,428
  213,031
  230,302
  248,256
  266,916
  286,308
  306,460
  327,405
  349,182
  371,830
  395,394
  419,923
  445,468
  472,086
Debt-to-equity ratio
  0.620
  0.680
  0.720
  0.750
  0.780
  0.800
  0.810
  0.830
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
Adjusted equity ratio
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  868
  1,712
  2,678
  3,770
  4,987
  6,329
  7,794
  9,379
  11,082
  12,899
  14,953
  16,992
  19,139
  21,392
  23,750
  26,214
  28,783
  31,459
  34,244
  37,141
  40,153
  43,285
  46,542
  49,929
  53,452
  57,119
  60,936
  64,911
  69,054
  73,373
Depreciation, amort., depletion, $m
  943
  1,126
  1,335
  1,569
  1,829
  2,115
  2,426
  2,762
  3,123
  3,507
  3,746
  4,176
  4,629
  5,104
  5,601
  6,120
  6,661
  7,224
  7,810
  8,418
  9,051
  9,709
  10,392
  11,102
  11,841
  12,609
  13,408
  14,240
  15,106
  16,009
Funds from operations, $m
  1,812
  2,838
  4,013
  5,339
  6,816
  8,444
  10,220
  12,141
  14,205
  16,407
  18,699
  21,169
  23,769
  26,497
  29,352
  32,334
  35,444
  38,683
  42,053
  45,559
  49,204
  52,994
  56,934
  61,031
  65,293
  69,727
  74,344
  79,151
  84,160
  89,382
Change in working capital, $m
  200
  231
  263
  296
  329
  361
  393
  425
  456
  486
  515
  544
  572
  600
  628
  655
  683
  711
  740
  769
  799
  831
  863
  897
  933
  970
  1,010
  1,051
  1,094
  1,140
Cash from operations, $m
  1,612
  2,607
  3,750
  5,043
  6,487
  8,083
  9,826
  11,716
  13,749
  15,921
  18,183
  20,625
  23,196
  25,896
  28,724
  31,678
  34,760
  37,971
  41,313
  44,790
  48,405
  52,163
  56,071
  60,134
  64,360
  68,757
  73,334
  78,100
  83,066
  88,242
Maintenance CAPEX, $m
  -616
  -774
  -957
  -1,165
  -1,399
  -1,659
  -1,945
  -2,257
  -2,593
  -2,953
  -3,338
  -3,746
  -4,176
  -4,629
  -5,104
  -5,601
  -6,120
  -6,661
  -7,224
  -7,810
  -8,418
  -9,051
  -9,709
  -10,392
  -11,102
  -11,841
  -12,609
  -13,408
  -14,240
  -15,106
New CAPEX, $m
  -2,641
  -3,055
  -3,479
  -3,910
  -4,343
  -4,773
  -5,198
  -5,615
  -6,023
  -6,422
  -6,811
  -7,191
  -7,565
  -7,933
  -8,299
  -8,664
  -9,031
  -9,402
  -9,780
  -10,168
  -10,568
  -10,981
  -11,412
  -11,861
  -12,332
  -12,826
  -13,345
  -13,891
  -14,466
  -15,073
Cash from investing activities, $m
  -3,257
  -3,829
  -4,436
  -5,075
  -5,742
  -6,432
  -7,143
  -7,872
  -8,616
  -9,375
  -10,149
  -10,937
  -11,741
  -12,562
  -13,403
  -14,265
  -15,151
  -16,063
  -17,004
  -17,978
  -18,986
  -20,032
  -21,121
  -22,253
  -23,434
  -24,667
  -25,954
  -27,299
  -28,706
  -30,179
Free cash flow, $m
  -1,645
  -1,222
  -686
  -32
  746
  1,650
  2,683
  3,844
  5,133
  6,546
  8,035
  9,688
  11,455
  13,334
  15,320
  17,413
  19,609
  21,908
  24,309
  26,812
  29,419
  32,131
  34,950
  37,880
  40,926
  44,091
  47,380
  50,801
  54,359
  58,062
Issuance/(repayment) of debt, $m
  2,222
  2,573
  2,930
  3,293
  3,658
  4,020
  4,378
  4,730
  5,073
  5,409
  5,737
  6,057
  6,372
  6,682
  6,990
  7,298
  7,607
  7,919
  8,238
  8,564
  8,901
  9,250
  9,612
  9,991
  10,387
  10,803
  11,240
  11,700
  12,185
  12,696
Issuance/(repurchase) of shares, $m
  1,575
  1,109
  534
  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  
  3,797
  3,682
  3,464
  3,293
  3,658
  4,020
  4,378
  4,730
  5,073
  5,409
  5,737
  6,057
  6,372
  6,682
  6,990
  7,298
  7,607
  7,919
  8,238
  8,564
  8,901
  9,250
  9,612
  9,991
  10,387
  10,803
  11,240
  11,700
  12,185
  12,696
Total cash flow (excl. dividends), $m
  2,153
  2,461
  2,779
  3,261
  4,403
  5,670
  7,061
  8,574
  10,206
  11,955
  13,771
  15,745
  17,827
  20,016
  22,311
  24,711
  27,216
  29,828
  32,547
  35,377
  38,320
  41,380
  44,562
  47,871
  51,313
  54,894
  58,621
  62,502
  66,545
  70,759
Retained Cash Flow (-), $m
  -2,444
  -2,821
  -3,213
  -3,611
  -4,010
  -4,408
  -4,801
  -5,186
  -5,563
  -5,931
  -6,290
  -6,641
  -6,986
  -7,327
  -7,664
  -8,001
  -8,340
  -8,683
  -9,032
  -9,390
  -9,759
  -10,142
  -10,539
  -10,954
  -11,389
  -11,845
  -12,324
  -12,829
  -13,360
  -13,921
Prev. year cash balance distribution, $m
  122
  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
  -169
  -361
  -434
  -350
  393
  1,262
  2,261
  3,388
  4,644
  6,024
  7,482
  9,103
  10,840
  12,689
  14,646
  16,709
  18,876
  21,145
  23,515
  25,987
  28,561
  31,239
  34,023
  36,917
  39,924
  43,049
  46,297
  49,673
  53,184
  56,838
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  -161
  -325
  -368
  -278
  291
  865
  1,423
  1,946
  2,415
  2,813
  3,110
  3,337
  3,470
  3,509
  3,460
  3,332
  3,138
  2,891
  2,606
  2,301
  1,987
  1,680
  1,389
  1,123
  887
  684
  515
  377
  269
  187
Current shareholders' claim on cash, %
  88.5
  82.6
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3
  80.3

The Mosaic Company is a producer and marketer of concentrated phosphate and potash crop nutrients. The Company operates through three segments: Phosphates, Potash and International Distribution. The Company is a supplier of phosphate- and potash-based crop nutrients and animal feed ingredients. The Phosphates segment owns and operates mines and production facilities in Florida, which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana, which produce concentrated phosphate crop nutrients. The Potash segment mines and processes potash in Canada and the United States, and sells potash in North America and internationally. The International Distribution segment markets phosphate-, potash- and nitrogen-based crop nutrients and animal feed ingredients, and provides other ancillary services to wholesalers, cooperatives, independent retailers and farmers in South America and the Asia-Pacific regions.

FINANCIAL RATIOS  of  Mosaic (MOS)

Valuation Ratios
P/E Ratio 37.6
Price to Sales 1.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 26.5
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 $7409.4 million for the last fiscal year's total revenue generated by Mosaic. The default revenue input number comes from 0001 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 25.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, 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 40.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4052 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 5.4% 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 138.8%.

Life of production assets of 16.7 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 10.5%. 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 - $9617.5 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 385.458 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 $12.3 billion.

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COMPANY NEWS

▶ Stock Indexes Stagger, But Mosaic Breaks Out   [Sep-17-18 11:57AM  Investor's Business Daily]
▶ 5 Top Winners From Trumps $6 Billion Trade Relief Program   [Aug-30-18 09:30AM  InvestorPlace]
▶ Nasdaq at Record High Wednesday   [Aug-29-18 01:18PM  GuruFocus.com]
▶ Mosaic Announces Quarterly Dividend of $0.025 Per Share   [Aug-23-18 04:30PM  Business Wire]
▶ Sleep Number among the most bullish in historic bull market   [11:50AM  American City Business Journals]
▶ Stock Index Futures Lower On Wednesday   [Aug-08-18 10:47AM  Zacks]
▶ Mosaic Company to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Mosaic: 2Q Earnings Snapshot   [04:39PM  Associated Press]
▶ Ag sector bounces on news of US tariff aid for farmers   [Jul-24-18 05:17PM  Associated Press]
▶ Morningstar Runs the Numbers   [Jul-14-18 06:00AM  Morningstar]
▶ Morningstar Runs the Numbers   [Jul-07-18 06:00AM  Morningstar]
▶ Best Stocks 2018: MOS Makes a Monster Rebound   [Jul-03-18 11:34AM  InvestorPlace]
▶ The Mosaic Company (NYSE:MOS) Is Trading At A 20.98% Discount   [Jun-26-18 11:17AM  Simply Wall St.]
▶ Technical Traders Are Starting to Bet Against Agriculture   [Jun-22-18 11:44AM  Investopedia]
▶ [$$] New Accounting Rules Change How Some Companies Sell Goods, Services   [Jun-12-18 08:13PM  The Wall Street Journal]
▶ Top Insider-Bought Stocks This Week   [09:02AM  Simply Wall St.]
▶ Mosaic move to Florida wont significantly impact jobs in Plymouth, city was told   [May-15-18 05:21PM  American City Business Journals]
▶ Impact of Mosaics Minnesota exit cushioned by years of smaller cuts   [03:20PM  American City Business Journals]
▶ Inside Mosaic's search for corporate real estate in Tampa   [01:58PM  American City Business Journals]
▶ Heres what you need to know about Tampa Bay's next big public company   [10:43AM  American City Business Journals]
▶ Mosaic Co. moving headquarters to Florida   [May-14-18 09:01PM  American City Business Journals]
▶ The Mosaic Company Announces Board of Director Changes   [May-10-18 05:30PM  Business Wire]
▶ Mosaic Co Shares Dip Despite Company Turning Q1 Profit   [May-07-18 06:02PM  InvestorPlace]
▶ Mosaic: 1Q Earnings Snapshot   [04:37PM  Associated Press]
▶ Mosaic to Present at Upcoming Investor Conferences   [May-01-18 04:15PM  Business Wire]
▶ 8 Stocks Spending Big for Future Growth   [Apr-25-18 11:22AM  Investopedia]
▶ Five Agrochemical Stocks Hedge Funds Like   [01:24PM  Insider Monkey]
▶ Mosaic CEO Joc ORourke paid $8.35M last year   [Mar-28-18 02:12PM  American City Business Journals]
▶ Verulegur afgangur af rekstri ársins hjá Mosfellsbæ   [Mar-21-18 12:00PM  GlobeNewswire]
▶ Top Stock Picks for the Week of Mar 13, 2018   [Mar-13-18 06:12PM  Zacks]
▶ 3 Under The Radar Stocks That Could Soar 30%   [Mar-08-18 12:15PM  Investopedia]

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