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ICL Group
ICL-N
HOLD
Aug 23, 2023
$6.020
Stock price when the opinion was issued
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Its business is agricultural products and fertilizer and has benefited from the shortages caused by the war in Ukraine. It is a large, dominant company that has fallen off somewhat. It is a good company but can be volatile because it is commodity related. She prefers another company in the same field. See top picks.
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ICL pays a yield of 10.1%, which as a result from both dividend increases and its share price decline has increased from a yield of ~2% in early 2022 to 10% today. Sales and earnings are expected to be weak this year, with modest growth expected going forward. Profitability is good and margins are expanding, and its free cash flow is strong but is almost entirely used to pay dividends. It operates in a cyclical industry but its fundamentals are decent. Price momentum has been negative given falling sales expectations and a decline in net profits against last year. We feel the company looks OK here, although we do not like the recent negative momentum, and would prefer to see price stability before entering here.
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