08.08.

2013

Company Analysis - Overview

Ticker:

Israel Chemicals Ltd

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)

Tel Aviv: ICL, Currency: ILs

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

Business Segments in ILs

Potash Fertilizers
Phosphatic Fertilizers
Industrial Products
Performance Products
Other Operations

Sales (M)
757282
607655
547633
543864
115289

Geographic Segments in ILs

Europe
Asia
North America
South America
Israel
Rest of the World

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

Rest of the World

Performance Products
Other Operations

Current Capitalization in ILs

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1272.3
3595214.1
123319.3
674055.2
0.0
0.0
8813.5
4154763.4

Company Analysis - Analysts Ratings

Israel Chemicals Ltd
Buy and Sell Recommendations vs Price and Target Price

100%

0%

0%

33%

29%

0%

0%

0%

0%

0%

0%

0%

0%

0%

6'000
6%

Price

Brokers' Target Price

6000
5000

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

Price Target Price

2825.00
2799.00
2760.00
2817.00
2852.00
2806.00
2848.00
2926.00
3559.00
3497.00
3501.00
3620.00
3590.00
3530.00
3519.00
3477.00
3510.00
3625.00
3625.00
3611.00
3542.00
3550.00
3550.00
3587.00
3581.00
3601.00
3560.00
3620.00
3535.00
3600.00

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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.

DS Securities & Investments

39%

CLAL Finance Betucha

33%

VTB Capital

44%
33%

EVA Dimensions

47%

Bank Leumi

53%

Credit Suisse

53%

HSBC

53%

Liberum Capital Ltd

53%

20%

0
UBS

2'000

65%

Psagot Investment House Ltd

71%

Excellence Nessuah

67%

1000
Goldman Sachs

40%

Morgan Stanley

3'000

Deutsche Bank

60%

BMO Capital Markets

80%

5'000

35%

Barclays

Broker Recommendation

Target price in ILs

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

Israel Chemicals Ltd

Company Analysis - Ownership

Ownership Type

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

Pricing data is in ILs

Top 20 Owners:
Holder Name
ISRAEL CORP LTD
POTASH CORP OF SASKA
CAPITAL GROUP COMPAN
FIRST EAGLE INVESTME
ALLIANZ ASSET MANAGE
VAN ECK ASSOCIATES C
THORNBURG INVESTMENT
INVESCO LTD
NORGES BANK
BLACKROCK
JANUS CAPITAL MANAGE
NEUBERGER BERMAN LLC
VANGUARD GROUP INC
SCHRODER INVESTMENT
COLUMBIA WANGER ASSE
ING INVESTMENT MANAG
MACKENZIE FINANCIAL
FERSON CHEMICALS LTD
STATE STREET
KEMPEN CAPITAL MANAG

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%

Institutional Ownership Distribution

Holding Company
Government
Investment Advisor
Corporation
Others

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

Geographic Ownership Distribution

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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

Company Analysis - Financials I/IV

Israel Chemicals Ltd
Financial information is in ILs (M)
Periodicity:

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

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

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

Diluted EPS Before XO Items

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV

Periodicity:

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

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

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

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials III/IV

Periodicity:

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-14'759

Company Analysis - Financials IV/IV

Periodicity:

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%

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

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

Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision

ISRAEL CHEMICALS POTASH CORP SAS
Latest Fiscal Year:

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

Current Price (8/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

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

ALBEMARLE CORP ISRAEL CORP LTD

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

YARA INTL ASA

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

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |