Professional Documents
Culture Documents
2013
ICL IT
Currency:
Sector: Materials
Industry: Chemicals
Year:
Telephone
972-3-684-4412
Revenue (M)
Website
www.icl-group.com
No of Employees
Address
23 Aranha Street Millenium House Tel Aviv, 61070 Israel
Share Price Performance in ILs
Price
2825.00
1M Return
52 Week High
5054.12
6M Return
52 Week Low
2757.00
52 Wk Return
52 Wk Beta
1.05
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch
Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and markets
chemical and fertilizer products in Israel. The Company markets its products in Israel,
Europe, and the Americas. Products include bromine specialty chemicals, potash,
phosphate fertilizers, and specialty performance and industrial products.
Benchmark:
TEL AVIV 100 INDEX (TA-100)
2'571'722
12'280
-21.2%
-40.8%
-37.4%
-37.4%
Date
Date
Date
12/09
21.6x
17.4x
14.5x
3.7x
6.1x
3.2%
12/10
21.2x
17.0x
14.7x
3.8x
8.5x
5.4%
12/11
8.7x
7.6x
6.7x
1.9x
4.3x
7.9%
12/12
11.7x
10.5x
8.9x
2.3x
4.5x
6.0%
12/13E
9.0x
6.6x
1.5x
2.8x
7.7%
12/14E
11.6x
7.2x
1.5x
2.6x
5.8%
12/15E
10.8x
6.7x
1.5x
2.4x
6.0%
12/09
Gross Margin
40.3
EBITDA Margin
27.1
Operating Margin
22.6
Profit Margin
16.9
Return on Assets
13.2
Return on Equity
29.5
Leverage and Coverage Ratios
12/09
Current Ratio
2.4
Quick Ratio
1.2
EBIT/Interest
21.3
Tot Debt/Capital
0.3
Tot Debt/Equity
0.5
Eff Tax Rate %
17.9
12/10
42.7
27.4
23.6
18.0
16.7
38.0
12/11
44.6
31.2
27.4
21.4
22.1
53.1
12/12
41.3
28.5
24.2
19.5
17.3
40.3
12/13E
26.6
22.0
17.3
13.2
33.3
12/14E
24.7
20.9
15.3
9.3
26.3
12/15E
25.4
21.8
15.9
9.2
26.1
12/10
2.1
1.2
28.7
0.4
0.6
20.6
12/11
2.0
1.0
38.3
0.4
0.6
18.6
12/12
1.7
0.7
28.0
0.4
0.6
14.5
Outlook
Outlook
Outlook
Sales (M)
757282
607655
547633
543864
115289
4%
7%
30%
21%
Sales (M)
905668
633699
491494
313638
175163
52059
2%
12%
35%
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
19%
21%
24%
25%
Potash Fertilizers
Phosphatic Fertilizers
Industrial Products
Europe
Asia
North America
South America
Israel
Performance Products
Other Operations
1272.3
3595214.1
123319.3
674055.2
0.0
0.0
8813.5
4154763.4
100%
0%
0%
33%
29%
0%
0%
0%
0%
0%
0%
0%
0%
0%
6'000
6%
Price
47%
47%
47%
47%
53%
56%
67%
67%
56%
4'000
4000
3000
2000
0%
1'000
0
aot.12
sept.12
oct.12
nov.12
dc.12
Buy
janv.13
Hold
fvr.13
Sell
Date
Buy
Hold
Sell
31-Jul-13
30-Jun-13
30-May-13
30-Apr-13
31-Mar-13
28-Feb-13
31-Jan-13
31-Dec-12
29-Nov-12
31-Oct-12
30-Sep-12
30-Aug-12
39%
33%
44%
33%
47%
53%
53%
53%
53%
65%
71%
67%
56%
67%
56%
67%
53%
47%
47%
47%
47%
35%
29%
33%
6%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
mars.13
avr.13
Price
mai.13
juin.13
juil.13
Target Price
Date
8-Aug-13
7-Aug-13
6-Aug-13
5-Aug-13
4-Aug-13
1-Aug-13
31-Jul-13
30-Jul-13
29-Jul-13
28-Jul-13
25-Jul-13
24-Jul-13
23-Jul-13
22-Jul-13
21-Jul-13
18-Jul-13
17-Jul-13
16-Jul-13
15-Jul-13
14-Jul-13
11-Jul-13
10-Jul-13
9-Jul-13
8-Jul-13
7-Jul-13
4-Jul-13
3-Jul-13
2-Jul-13
1-Jul-13
30-Jun-13
3598.00
3598.00
3660.00
3707.14
3707.14
3707.14
3890.71
4271.33
4436.00
4436.00
4436.00
4436.00
4416.00
4416.00
4482.67
4482.67
4527.50
4527.50
4527.50
4527.50
4527.50
4552.50
4552.50
4552.50
4552.50
4552.50
4552.50
4555.29
4555.29
4584.71
Broker
Analyst
Barclays
BMO Capital Markets
Deutsche Bank
Morgan Stanley
Goldman Sachs
Excellence Nessuah
Psagot Investment House Ltd
UBS
Liberum Capital Ltd
HSBC
Credit Suisse
Bank Leumi
EVA Dimensions
VTB Capital
I.B.I.
CLAL Finance Betucha
DS Securities & Investments
JOSEPH WOLF
JOEL JACKSON
VIRGINIE BOUCHER-FERTE
PETER MACKEY
YULIA CHEKUNAEVA
GILAD ALPER
ILANIT SHERF
RONI BIRON
SOPHIE JOURDIER
YONAH WEISZ
MIKHAIL PRIKLONSKY
ELLA FRIED
TIMOTHY STANISH
ELENA SAKHNOVA
GUIL BASHAN
JONATHAN KREIZMAN
RICHARD GUSSOW
Recommendation
overweight
market perform
hold
not rated
neutral/cautious
hold
hold
buy
hold
underweight
outperform
market perform
overweight
buy
neutral
market perform
market perform
I.B.I.
39%
33%
VTB Capital
44%
33%
EVA Dimensions
47%
Bank Leumi
53%
Credit Suisse
53%
HSBC
53%
53%
20%
0
UBS
2'000
65%
71%
Excellence Nessuah
67%
1000
Goldman Sachs
40%
Morgan Stanley
3'000
Deutsche Bank
60%
80%
5'000
35%
Barclays
Broker Recommendation
Target
Date
3600.00
2600.00
2700.00
8-Aug-13
7-Aug-13
7-Aug-13
7-Aug-13
7-Aug-13
7-Aug-13
7-Aug-13
31-Jul-13
31-Jul-13
30-Jul-13
27-Jun-13
16-Jun-13
6-Jun-13
14-May-13
13-May-13
12-May-13
2-Apr-13
2900.00
3000.00
3500.00
3200.00
1830.00
4700.00
4200.00
5140.00
4600.00
4500.00
4600.00
08.08.2013
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership
1272.3
33.7%
23%
77.12%
22.88%
0.00%
77%
Institutional Ownership
Retail Ownership
Insider Ownership
Israel
Canada
United States
Luxembourg
Netherlands
Norway
Ireland
Others
68.67%
18.56%
9.73%
0.69%
0.49%
0.48%
0.37%
1.00%
67.69%
18.37%
13.67%
0.23%
0.04%
EREZ CHAIM
SHOCHAT AVRAHAM
ORGLER YAIR ERNST
1% 0%0% 0%1%
10%
19%
69%
Israel
Canada
United States
Luxembourg
Netherlands
Norway
Ireland
Others
TOP 20 ALL
Position
665'485'881
176'088'630
20'479'539
11'788'733
9'664'378
7'472'338
6'400'000
5'816'259
4'631'249
4'283'338
4'163'369
3'927'978
3'867'652
3'476'464
3'448'212
3'088'196
2'893'973
2'216'131
2'211'609
2'206'599
Position Change
0
0
-11'101'591
0
2'721'166
0
1'984'000
36'179
0
11'747
4'163'369
19'720
268'912
378'887
-327'000
700'247
22'960
0
7'641
198'500
Market Value
1'879'997'613'825
497'450'379'750
57'854'697'675
33'303'170'725
27'301'867'850
21'109'354'850
18'080'000'000
16'430'931'675
13'083'278'425
12'100'429'850
11'761'517'425
11'096'537'850
10'926'116'900
9'821'010'800
9'741'198'900
8'724'153'700
8'175'473'725
6'260'570'075
6'247'795'425
6'233'642'175
% of Ownership
52.29%
13.84%
1.61%
0.93%
0.76%
0.59%
0.50%
0.46%
0.36%
0.34%
0.33%
0.31%
0.30%
0.27%
0.27%
0.24%
0.23%
0.17%
0.17%
0.17%
Report Date
Position
Position Change
Market Value
% of Ownership
Report Date
06.08.2013
06.08.2013
30.06.2013
31.05.2013
30.06.2013
07.08.2013
31.05.2013
07.08.2013
31.12.2012
06.08.2013
31.03.2013
31.05.2013
30.06.2013
30.04.2013
28.06.2013
30.06.2013
31.03.2013
06.08.2013
07.08.2013
31.03.2013
Source
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
Top 5 Insiders:
Holder Name
Geographic Ownership
0%
2'595
2'000
1'600
7'330'875
5'650'000
4'520'000
0.00%
0.00%
0.00%
Source
06.08.2013
06.08.2013
06.08.2013
EXCH
EXCH
EXCH
Country
ISRAEL
CANADA
UNITED STATES
UNITED STATES
GERMANY
UNITED STATES
UNITED STATES
Institutional Ownership
0%
0%
14%
18%
68%
NORWAY
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
BRITAIN
UNITED STATES
NETHERLANDS
CANADA
ISRAEL
UNITED STATES
Holding Company
Government
Corporation
Others
Investment Advisor
Fiscal Year
Equivalent Estimates
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
Revenue
- Cost of Goods Sold
938'356
640'670
994'430
685'670
1'215'969
796'299
1'340'066
828'641
1'449'432
928'553
1'685'631
1'045'532
2'474'685
1'236'178
1'785'455
1'065'470
2'125'590
1'217'294
2'528'542
1'399'593
2'571'722
1'509'006
2'351'603
2'353'230
2'425'277
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
297'686
203'592
13'482
308'760
219'856
12'764
419'670
260'894
14'366
511'425
259'929
13'570
520'879
282'046
15'624
640'099
328'554
15'911
1'238'508
367'752
20'545
719'986
316'701
21'101
908'295
406'885
23'926
1'128'949
436'225
25'828
1'062'716
440'720
29'755
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
94'094
25'910
0
6'057
88'904
14'150
0
21'517
158'776
15'145
0
4'748
251'497
18'897
0
2'589
238'833
15'790
0
590
311'545
29'477
870'755
31'403
692'724
18'104
-5'289
10'299
621'997
22'235
1'548
9'977
492'237
527'988
41'032
501'410
17'449
1'465
-1'299
517'596
6'861
403'285
18'910
4'592
10'168
Pretax Income
- Income Tax Expense
62'127
19'749
53'236
11'599
138'883
26'624
230'010
44'891
222'452
60'936
275'208
49'186
798'320
83'603
369'614
66'055
483'795
99'643
669'610
124'746
588'237
85'191
494'303
423'810
449'170
42'378
0
-1'350
41'638
0
-1'378
112'259
0
33
185'119
0
-4'235
161'516
0
-5'238
226'022
0
-1'338
714'717
0
-3'681
303'559
0
1'527
384'152
0
1'448
544'864
0
4'005
503'045
0
1'777
43'728
36.40
19.87
54.5
43'016
36.80
21.62
63.4
112'226
88.20
31.40
35.9
189'354
147.60
33.00
22.4
166'755
130.00
61.90
47.6
901'121
701.25
789'405
616.52
67.7
51.3
317'039
250.90
164.66
68.8
400'616
316.70
343.59
115.6
540'852
426.80
293.36
69.7
501'268
394.69
277.51
69.8
405'869
315.91
217.81
0.69
361'178
243.91
162.76
0.67
385'866
262.21
168.74
0.64
1'200
1'206
1'234
1'266
1'287
1'285
1'287
1'286
1'287
1'286
1'288
1'266
1'291
1'272
1'271
1'273
1'272
1'270
170'181
163'070
233'228
325'996
314'763
379'796
936'059
483'502
582'599
788'402
732'641
625'954
580'195
615'225
Income Statement
*Net income excludes extraordinary gains and losses and one-time charges.
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
1'029.36
1'093.84
1'173.11
Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets
501333.301 456860.205 517993.604 638598.291 691015.576 847829.113 1120196.49 1050064.03 1109314.17 1312098.34 1236408.21
7'017
11'965
16'027
26'346
21'161
22'442
81'350
97'740
142'084
102'211
107'767
7'614
25'314
64'761
27'051
51'046
28'280
47'286
63'481
174'790
78'525
25'449
161'341
114'924
171'114
231'736
198'815
371'774
398'664
367'370
336'571
505'915
401'249
239'868
236'594
219'627
300'355
337'580
374'232
483'213
467'254
394'849
537'705
552'841
85'493
68'064
46'466
53'110
82'412
51'100
109'684
54'220
61'020
87'742
149'103
916'662
33'532
1'938'899
1'134'531
804'368
78'762
852'968
30'243
1'892'929
1'150'862
742'067
80'658
801'233
41'545
1'894'829
1'196'830
697'999
61'689
891'412
29'699
2'080'536
1'315'547
764'989
96'724
836'614
11'745
1'977'017
1'266'389
710'629
114'241
960'519
1'049'244
1'188'203
1'154'644
1'463'490
1'657'247
1'898'658
1'203'074
695'584
264'935
1'962'349
1'241'212
721'137
328'107
2'117'147
1'324'101
793'046
395'157
2'032'977
1'256'630
776'347
378'298
2'393'635
1'409'143
981'709
481'781
2'601'095
1'461'838
1'139'256
517'991
539'058
104'225
320'619
114'214
478'328
106'869
244'762
126'697
399'476
115'236
146'681
137'559
412'949
132'922
110'142
169'885
403'177
133'487
112'796
156'894
594'099
165'131
240'102
188'866
596'167
169'447
155'601
271'119
443'144
177'997
39'385
225'762
528'182
184'734
27'488
315'960
668'268
253'442
139'920
274'905
713'372
238'100
225'539
249'732
464'648
289'213
175'434
412'952
239'489
173'463
408'791
193'686
215'105
426'386
230'678
195'708
387'865
204'233
183'632
494'403
290'970
203'432
623'892
386'520
237'372
736'210
450'818
285'392
799'724
526'418
273'307
924'046
593'631
330'415
910'280
538'057
372'223
1'003'706
0
0
242'505
171'784
891'280
0
3'375
231'486
183'687
808'267
0
3'899
247'356
259'705
839'335
0
3'566
273'408
413'702
791'042
0
4'004
273'407
459'177
1'088'502
0
25'611
239'898
454'337
1'220'059
0
25'701
235'303
688'378
1'179'355
0
7'990
236'833
814'089
1'327'906
0
7'486
224'170
704'396
1'592'314
0
10'706
242'827
929'742
1'623'652
0
9'169
240'654
1'020'180
414'289
418'548
510'960
690'676
736'587
719'846
949'381
1'058'912
936'052
1'183'275
1'270'003
1'417'995
1'309'828
1'319'227
1'530'011
1'527'629
1'808'348
2'169'440
2'238'267
2'263'958
2'775'589
2'893'655
345.24
344.27
410.83
542.90
569.14
539.30
395.94
717.53
564.38
815.79
649.12
719.17
569.92
922.79
698.96
990.97
773.31
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Shareholders Equity
Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
43'728
76'087
14'017
34'160
45'137
74'166
14'197
64'973
112'226
74'452
-3'022
8'493
189'354
74'499
8'272
-51'561
166'755
75'931
-18'907
-68'644
227'359
68'251
887
-62'044
718'399
65'303
-17'139
-91'216
302'032
80'218
64'469
23'603
382'704
81'189
22'697
87'419
540'859
95'678
-33'877
-148'539
501'268
110'644
-57
2'030
406'489
358'783
373'141
167'991
6'018
-84'674
-676
0
-2'405
198'474
1'456
-59'330
-2'715
2'990
-16'584
192'149
3'508
-55'666
-2'283
2'778
12'882
220'563
2'030
-69'680
-1'009
2'817
-94'712
155'134
4'097
-61'516
-493
2'126
-28'972
234'453
1'707
-77'675
-4'168
3'321
-120'244
675'347
2'196
-114'640
-12'199
2'733
-61'089
470'321
1'388
-135'818
-1'805
1'822
-39'648
574'010
2'098
-124'645
-4'111
4'249
-123'510
454'120
1'977
-177'482
-768
1'235
-58'582
613'887
912
-257'376
-271'359
-280'322
-256'185
-81'737
-25'791
-15'941
110'453
-157'556
2'174
0
51
-74'182
-27'269
27'976
46'377
-165'441
317
0
-775
-38'781
-40'335
-124'827
112'663
-97'279
366
0
53
-160'554
-42'413
-16'360
207'264
-199'799
454
0
1'164
-84'758
-79'361
47'405
22'810
-72'092
9'368
0
-3'692
-197'058
-223'947
-10'228
276'696
-77'394
-182'999
-346'429
-7'826
218'789
-213'296
-174'062
-215'242
-131'697
167'319
-108'398
-245'918
-372'812
-10'624
252'478
-140'591
-233'620
-404'631
110'429
346'725
-317'709
34
-271'224
-392'845
-19'770
176'619
-121'769
813
-90'102
2'773
-2'565
11'109
-3'159
-418
-936
-86'610
-118'815
-149'359
-49'691
-75'561
-34'059
-436'091
-279'474
-274'707
-265'571
-358'702
-356
5'478
4'009
10'319
-5'185
3'335
56'257
16'785
53'385
-45'070
-16'039
83'317
139'144
136'483
150'884
93'618
156'778
560'708
334'503
449'365
276'638
356'511
232'773
160'700
211'734
100'991
26'291
69.43
150'211
49'512
110.33
148'724
30'547
106.26
166'093
144'018
117.47
105'083
95'839
72.98
180'986
347'560
122.00
588'822
560'570
437.90
350'034
263'116
264.85
463'220
552'727
355.39
291'370
418'060
218.22
375'526
392'501
280.72
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities
Net Changes in Cash
Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share
-14'759
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
13.3x
12.5x
6.9x
0.6x
1.4x
4.1%
16.9x
13.5x
7.4x
0.8x
1.8x
3.5%
11.6x
9.6x
6.5x
1.1x
2.5x
3.1%
12.3x
10.3x
7.9x
1.7x
3.3x
1.8%
20.0x
15.1x
11.4x
2.3x
4.6x
2.4%
29.5x
23.3x
19.1x
4.0x
9.1x
4.4x
4.2x
3.9x
1.3x
3.7x
21.6x
17.4x
14.5x
3.7x
6.1x
3.2%
21.2x
17.0x
14.7x
3.8x
8.5x
5.4%
8.7x
7.6x
6.7x
1.9x
4.3x
7.9%
11.7x
10.5x
8.9x
2.3x
4.5x
6.0%
9.0x
11.6x
10.8x
6.6x
1.5x
2.8x
7.7%
7.2x
1.5x
2.6x
5.8%
6.7x
1.5x
2.4x
6.0%
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
31.7%
18.1%
10.0%
4.7%
3.2%
11.2%
31.0%
16.4%
8.9%
4.3%
3.2%
10.4%
34.5%
19.2%
13.1%
9.2%
8.5%
24.3%
38.2%
24.3%
18.8%
14.1%
13.3%
31.7%
35.9%
21.7%
16.5%
11.5%
10.9%
23.5%
38.0%
22.5%
18.5%
13.5%
13.3%
31.3%
50.0%
37.8%
35.2%
29.0%
38.4%
94.5%
40.3%
27.1%
22.6%
16.9%
13.2%
29.5%
42.7%
27.4%
23.6%
18.0%
16.7%
38.0%
44.6%
31.2%
27.4%
21.4%
22.1%
53.1%
41.3%
28.5%
24.2%
19.5%
17.3%
40.3%
26.6%
22.0%
17.3%
13.2%
33.3%
24.7%
20.9%
15.3%
9.3%
26.3%
25.4%
21.8%
15.9%
9.2%
26.1%
0.93
0.33
3.63
0.60
1.47
0.96
0.32
6.28
0.54
1.16
1.30
0.63
10.48
0.40
0.67
1.55
0.69
13.31
0.33
0.49
1.71
0.67
15.13
0.30
0.43
1.43
0.71
10.57
0.42
0.74
1.88
0.88
27.73
0.36
0.57
2.37
1.19
21.33
0.32
0.46
2.10
1.24
28.74
0.37
0.59
1.96
1.03
38.26
0.38
0.62
1.73
0.75
27.97
0.38
0.60
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
0.69
5.90
7.28
2.80
0.73
7.20
6.47
2.88
0.93
8.50
7.02
3.49
0.94
6.65
7.33
3.19
0.95
6.73
7.25
2.91
0.99
5.72
7.29
2.87
1.32
6.84
8.57
3.07
0.78
4.50
5.82
2.16
0.93
5.93
6.34
2.78
1.03
6.21
7.10
3.10
0.89
5.56
6.12
2.71
31.8%
21.8%
19.2%
19.5%
27.4%
17.9%
10.5%
17.9%
20.6%
18.6%
14.5%
Ratio Analysis
12/2012
5'175.00
28.01.2013
2'757.00
07.08.2013
3'215'508
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth
EBITDA Growth
EBITDA Margin
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2
URALKALI
AGRIUM INC
12/2012
45.14
17.05.2013
28.75
30.07.2013
8'704'519
12/2012
277.95
20.09.2012
140.00
30.07.2013
20'972'660
12/2012
116.38
28.01.2013
83.46
06.08.2013
826'757
2'831.00
30.85
160.77
86.50
-45.3%
2.7%
1'272.3
-31.6%
7.3%
864.9
-42.2%
14.8%
2'846.5
-25.7%
3.6%
149.0
CHEMTURA CORP
12/2012
24.51
25.01.2013
14.85
06.11.2012
437'823
ARAB POTASH
12/2012
50.25
27.12.2012
39.00
06.08.2013
12
12/2012
69.03
30.05.2013
50.88
26.09.2012
1'039'798
12/2012
286'000.00
21.03.2013
157'600.00
06.08.2013
16'498
22.02
39.51
63.12
-10.2%
48.3%
98.0
-21.4%
1.3%
83.3
-8.6%
24.1%
88.9
K+S AG-REG
SYNGENTA AGREG
FRUTAROM
12/2012
40.98
21.08.2012
15.02
06.08.2013
5'443'812
12/2012
305.50
17.09.2012
236.50
24.06.2013
366'596
12/2012
6'299.00
17.07.2013
3'404.00
16.08.2012
13'964
12/2012
416.00
15.03.2013
321.10
03.09.2012
89'401
172'300.00
18.03
253.80
5'900.00
363.80
-39.8%
9.3%
7.7
-56.0%
20.0%
191.4
-16.9%
7.3%
284.2
-6.3%
73.3%
57.7
-12.5%
13.3%
91.7
36'028
26'745
472'023
12'924
2'171
3'292
5'136
13'264
3'450
72'132
3'414
33'879
2'044.3
24.5
356.6
4'081.0
562.0
3'942.3
8.3
1'665.6
3'961.0
4.0
726.0
876.0
7.0
363.0
7.7
329.5
699.3
98.4
477.7
8'293.0
1'900.0
1'444.0
1'265.8
3.6
786.8
10'895.0
1'745.0
9'941.0
190.0
2.2
53.9
3'348.0
11.0
1'599.0
11'715
28'519
16'622
15'757
2'760
2'920
6'011
Valuation
6'672.2
6'566.0
6'625.2
6'629.8
2.1x
2.2x
1.8x
1.8x
1'900.8
1'800.8
1'763.5
1'634.6
7.5x
7.9x
6.7x
7.3x
1.02
0.96
0.89
0.69
8.3x
8.3x
9.0x
11.6x
(5.6%)
2.2%
(13.7%)
15.5%
27.4%
26.6%
24.7%
7'927.0
8'029.0
7'431.8
7'359.3
4.5x
4.5x
3.8x
3.9x
3'589.0
3'545.0
3'722.9
3'580.0
10.0x
10.1x
7.7x
7.9x
2.63
2.62
2.43
2.41
11.3x
11.3x
12.2x
12.3x
(9.0%)
11.0%
(18.4%)
14.5%
44.2%
50.1%
48.6%
3'949.8
3'949.8
3'741.3
3'722.8
6.2x
6.2x
4.8x
4.8x
2'311.4
2'311.4
2'001.1
1'716.5
10.5x
10.5x
8.9x
10.4x
0.54
0.42
0.38
9.1x
11.6x
12.7x
13.0%
50.1%
11.8%
37.3%
58.5%
53.5%
46.1%
16'686.0
16'463.0
16'741.8
17'398.8
1.1x
1.1x
0.9x
0.8x
2'715.0
2'668.0
2'475.2
2'482.5
6.6x
6.7x
6.0x
5.9x
9.46
8.98
9.15
9.06
9.3x
9.3x
9.1x
9.2x
7.9%
13.4%
0.3%
26.3%
16.4%
14.8%
14.3%
2'629.0
2'706.0
2'667.0
2'839.7
1.0x
1.0x
1.0x
0.9x
363.0
328.0
357.4
416.0
7.1x
7.9x
7.3x
6.3x
1.40
0.94
1.10
1.58
23.4x
23.4x
20.1x
13.9x
0.9%
(3.7%)
13.8%
(3.6%)
12.1%
13.4%
14.6%
586.3
582.5
640.7
774.7
5.9x
5.9x
4.4x
3.5x
276.6
250.3
291.7
346.3
12.5x
13.8x
9.6x
7.8x
2.39
2.15
2.63
3.13
18.4x
18.5x
15.0x
12.6x
(18.6%)
13.6%
(24.6%)
17.3%
43.0%
45.5%
44.7%
60.6%
37.5%
1.032x
0.844x
32.949x
41.2%
29.2%
0.977x
0.799x
31.482x
45.0%
31.0%
1.706x
0.985x
88.085x
57.3%
36.4%
1.472x
1.252x
21.047x
82.6%
45.1%
2.726x
1.793x
5.672x
0.8%
0.8%
0.028x
-1.484x
82.714x
A15.11.2010
A3
07.06.2013
BBB- *05.08.2013
-
BBB
24.11.2005
Baa2
18.03.2010
BB13.01.2011
B1
25.05.2011
2'745.4
2'624.6
2'635.5
2'804.6
2.2x
2.3x
2.2x
2.1x
616.9
512.2
606.7
678.5
9.6x
11.6x
9.7x
8.6x
4.32
3.73
4.25
5.00
16.9x
16.9x
14.9x
12.6x
(4.3%)
3.0%
0.4%
8.2%
19.5%
23.0%
24.2%
12'151
3'687
74'889
1'096
39'946
11'459.0
11'637.0
1.2x
1.2x
1'961.0
2'074.0
7.3x
6.9x
-19.15
-13.63
(1.3%)
(6.5%)
(9.9%)
10.7%
17.8%
-
3'935.3
3'777.5
4'004.0
3'747.0
1.8x
1.9x
1.0x
1.3x
1'079.9
1'067.7
952.6
649.0
6.7x
6.8x
4.4x
7.3x
3.00
2.84
2.47
1.30
6.3x
6.1x
7.3x
13.9x
(1.5%)
4.4%
(3.8%)
20.9%
28.3%
23.8%
17.3%
83'997.0
85'386.0
84'379.0
86'427.8
0.8x
0.8x
0.9x
0.8x
14'591.0
13'323.0
14'038.2
13'532.9
4.8x
5.3x
5.3x
5.3x
31.73
30.10
29.11
8.0x
8.4x
8.7x
8.1%
1.7%
(8.3%)
17.6%
15.6%
16.6%
15.7%
618.0
618.9
638.7
659.3
1.5x
1.5x
1.6x
1.5x
98.1
100.3
108.7
114.0
9.3x
9.1x
9.6x
8.6x
0.90
0.90
1.09
1.23
18.4x
18.4x
15.3x
13.6x
19.2%
20.7%
15.9%
16.2%
17.0%
17.3%
14'202.0
14'327.0
15'062.1
16'069.0
2.8x
2.8x
2.5x
2.3x
3'148.0
3'058.0
3'341.9
3'677.0
12.6x
12.9x
11.5x
10.2x
22.76
19.36
23.47
26.42
20.4x
18.3x
16.8x
15.0x
7.0%
3.1%
9.0%
10.2%
21.3%
22.2%
22.9%
366.3%
66.6%
3.819x
3.115x
5.054x
36.4%
26.7%
1.188x
0.218x
6.494x
22.6%
17.9%
0.797x
0.056x
12.282x
42.1%
29.5%
1.780x
1.293x
13.646x
38.3%
27.7%
1.285x
1.028x
22.169x
BBB+ *05.08.2013
Baa2 *07.08.2013
BBB
15.03.2010
Baa2
17.03.2010
A
15.06.2007
-
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
38.1%
26.6%
2.103x
1.489x
15.981x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date
BBB+
25.05.2011
Baa1
07.12.2010