Declared Dividend • May 17
First quarter dividend of US$0.053 announced Shareholders will receive a dividend of US$0.053. Ex-date: 2nd June 2026 Payment date: 17th June 2026 Dividend yield will be 2.7%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is covered by cash flows (72% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 2.5% to bring the payout ratio under control, which is less than the 25% EPS growth achieved over the last 5 years. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: US$0.098 (vs US$0.071 in 1Q 2025) First quarter 2026 results: EPS: US$0.098 (up from US$0.071 in 1Q 2025). Revenue: US$2.02b (up 14% from 1Q 2025). Net income: US$126.0m (up 39% from 1Q 2025). Profit margin: 6.2% (up from 5.1% in 1Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Annonce • May 14
Icl Group Ltd Declares Dividend, Payable on June 17, 2026 ICL Group Ltd. declared a dividend of 5.35 cents per share, or approximately $69 million, versus 4.26 cents per share, or approximately $55 million, in the first quarter of last year. The dividend will be payable on June 17, 2026, to shareholders of record as of June 2, 2026. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 98% Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₪20.08, the stock trades at a trailing P/E ratio of 36.4x. Average forward P/E is 18x in the Chemicals industry in Israel. Total loss to shareholders of 2.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₪13.49 per share. Annonce • Apr 23
ICL Group Ltd to Report Q1, 2026 Results on May 13, 2026 ICL Group Ltd announced that they will report Q1, 2026 results Pre-Market on May 13, 2026 New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 98% Earnings have declined by 11% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Annonce • Mar 11
ICL Group Ltd Announces CFO Changes, Effective June 15, 2026 ICL Group Ltd. announced that Aviram Lahav will conclude his tenure as ICL’s CFO on June 15, 2026, towards his retirement. As per the Company’s Board of Directors’ resolution dated March 10, 2026, Asaf Alperovitz will succeed Lahav and will be appointed as CFO and a member of ICL’s executive management team effective June 15, 2026. Asaf Alperovitz brings with him more than two decades of senior financial experience. He currently serves as the CFO of SolarEdge Technologies and previously held CFO positions at Delta Galil Industries, Syneron Candela, and other companies, served as CEO at Allmed Solutions, and held senior management roles including Head of the Israeli Desk at Ernst & Young (EY). Alperovitz holds an MBA in Finance and Marketing and a BA in Accounting and Economics, both from Tel Aviv University, and is a Certified Public Accountant (Israel). Elad Aharonson, ICL’s President and CEO, expressed his deep appreciation to Aviram for his meaningful contributions and dedicated service to the Company, and wished him much success in his future endeavors. Aharonson also congratulated Asaf on his new role and conveyed his full confidence that Alperovitz’s extensive global experience in public companies and senior positions in the industry will further strengthen the Company, support its continued growth, and advance the execution of its strategy. Buy Or Sell Opportunity • Mar 09
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to ₪16.68. The fair value is estimated to be ₪13.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 72%. Declared Dividend • Feb 20
Fourth quarter dividend of US$0.046 announced Shareholders will receive a dividend of US$0.046. Ex-date: 10th March 2026 Payment date: 25th March 2026 Dividend yield will be 3.0%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control, which is less than the 83% EPS growth achieved over the last 5 years. Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: US$0.17 (vs US$0.32 in FY 2024) Full year 2025 results: EPS: US$0.17 (down from US$0.32 in FY 2024). Revenue: US$7.15b (up 4.6% from FY 2024). Net income: US$226.0m (down 45% from FY 2024). Profit margin: 3.2% (down from 5.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Board Change • Feb 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. Independent Director Michal Silverberg was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Jan 29
ICL Group Ltd to Report Q4, 2025 Results on Feb 18, 2026 ICL Group Ltd announced that they will report Q4, 2025 results Pre-Market on Feb 18, 2026 Annonce • Dec 19
ICL Group Ltd (NYSE:ICL) agreed to acquire Bartek Ingredients Inc. ICL Group Ltd (NYSE:ICL) agreed to acquire Bartek Ingredients Inc. on December 18, 2025. As of fiscal year 2024, Bartek Ingredients generated approximately $65 million in annual revenue.
The acquisition is subject to customary closing conditions, including regulatory approvals, and will be completed in two phases. The first phase, expected to close during the first quarter of 2026. Annonce • Dec 05
ICL Group Ltd Announces Supreme Court Ruling Requires Payment of Water Fees for Dead Sea Concession Area Extracted Water ICL Group Ltd. reported that the Israeli Supreme Court rendered a ruling today, determining that the petitions filed against it, the Water Authority, the Attorney General, and Mekorot Water Company Ltd. are to be accepted. The petitions requested that the Supreme Court rule that the Company is obliged to pay water fees on water extracted from wells in the Dead Sea Concession area as of January 1, 2018. This ruling contradicts the legal opinion issued by the Israeli Ministry of Justice, which stated that the royalties arrangement established in the Dead Sea Concession Law, 1961, is the sole arrangement for collecting payment for the right to extract water in the concession area. As a result of the ruling, the Company estimates it will be required to pay between $70–90 million for the period from January 1, 2018, through September 2025, which will be recognized in its financial results for the fourth quarter of 2025. This amount does not include interest and linkage differentials. Furthermore, the Company anticipates an additional annual cost of between $10 million-$12 million for water fee payments from October 2025 until the expiration of the current concession. Annonce • Oct 16
ICL Group Ltd to Report Q3, 2025 Results on Nov 12, 2025 ICL Group Ltd announced that they will report Q3, 2025 results Pre-Market on Nov 12, 2025 Buy Or Sell Opportunity • Oct 10
Now 24% overvalued Over the last 90 days, the stock has fallen 8.0% to ₪21.80. The fair value is estimated to be ₪17.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 65%. Annonce • Oct 10
ICL Group Ltd Announces U.S. Department of Energy Decides to Discontinue Funding for Establishment of Lithium Iron Phosphate ICL Group Ltd. announced that further to the Company’s immediate report dated October 19, 2022 (Reference No. 2022-02-127921), to the Company’s immediate report dated January 16, 2025 (Reference No. 2025-02-004970), and to the Company’s Annual Report as filed on Form 20-F for the year ended December 31, 2024, filed on March 13, 2025, the Company reported that it has received a notice from the U.S. Department of Energy (“DOE”), informing that the DOE has decided to discontinue the funding for the establishment of a lithium iron phosphate ("LFP") cathode active material manufacturing plant in St. Louis, United States (the “Project”). The DOE’s decision was made as part of a comprehensive review that led to the discontinuation of the funding eligibility for a number of projects that were previously approved for grants in the renewable energy sector and other sectors, with the objective of aligning such grants with the Congressional budget framework and, among other considerations, in response to the anticipated increase in the Project’s costs. The Company is reviewing DOE's announcement and the implications thereof. As part of an overall review of the Company's strategy, it is examining the continuation of the Project and all of its activities related to LFP cathode active material. According to the Company's preliminary estimate, if a decision is made to discontinue such activities, the Company is expected to recognize an investment write-off of approximately $40 million (net) in its financial statements. Annonce • Sep 01
ICL Group Ltd announces Quarterly dividend, payable on September 17, 2025 ICL Group Ltd. announced Quarterly dividend of USD 0.0426 per share payable on September 17, 2025, ex-date on September 03, 2025 and record date on September 03, 2025. Upcoming Dividend • Aug 27
Upcoming dividend of US$0.043 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 17 September 2025. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Israeli dividend payers (5.6%). Higher than average of industry peers (2.2%). Declared Dividend • Aug 09
Second quarter dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 3rd September 2025 Payment date: 17th September 2025 Dividend yield will be 2.5%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 39% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: US$0.072 (vs US$0.089 in 2Q 2024) Second quarter 2025 results: EPS: US$0.072 (down from US$0.089 in 2Q 2024). Revenue: US$1.83b (up 4.6% from 2Q 2024). Net income: US$93.0m (down 19% from 2Q 2024). Profit margin: 5.1% (down from 6.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Board Change • Aug 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Director Michal Silverberg was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Jul 17
ICL Group Ltd, Annual General Meeting, Sep 04, 2025 ICL Group Ltd, Annual General Meeting, Sep 04, 2025. Location: millennium tower, 23 aranha street, 22nd floor., tel aviv Israel Annonce • Jul 10
ICL Group Ltd to Report Q2, 2025 Results on Aug 06, 2025 ICL Group Ltd announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025 Buy Or Sell Opportunity • Jul 02
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ₪24.35. The fair value is estimated to be ₪19.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 55%. Revenue is forecast to grow by 8.3% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Buy Or Sell Opportunity • Jun 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.7% to ₪23.66. The fair value is estimated to be ₪19.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 55%. Revenue is forecast to grow by 8.3% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Annonce • Jun 02
ICL Group Ltd announces Quarterly dividend, payable on June 18, 2025 ICL Group Ltd announced Quarterly dividend of USD 0.0426 per share payable on June 18, 2025, ex-date on June 04, 2025 and record date on June 04, 2025. Buy Or Sell Opportunity • May 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to ₪23.35. The fair value is estimated to be ₪19.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 55%. Revenue is forecast to grow by 8.3% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Declared Dividend • May 21
First quarter dividend of US$0.043 announced Shareholders will receive a dividend of US$0.043. Ex-date: 4th June 2025 Payment date: 18th June 2025 Dividend yield will be 2.4%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: US$0.071 (vs US$0.085 in 1Q 2024) First quarter 2025 results: EPS: US$0.071 (down from US$0.085 in 1Q 2024). Revenue: US$1.77b (up 1.8% from 1Q 2024). Net income: US$91.0m (down 17% from 1Q 2024). Profit margin: 5.1% (down from 6.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annonce • Apr 23
ICL Group Ltd to Report Q1, 2025 Results on May 19, 2025 ICL Group Ltd announced that they will report Q1, 2025 results Pre-Market on May 19, 2025 Buy Or Sell Opportunity • Apr 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to ₪21.04. The fair value is estimated to be ₪17.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.04 announced Shareholders will receive a dividend of US$0.04. Ex-date: 12th March 2025 Payment date: 25th March 2025 Dividend yield will be 2.7%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 32% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.2% EPS decline seen over the last 5 years. Reported Earnings • Feb 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.32 (down from US$0.50 in FY 2023). Revenue: US$6.84b (down 9.2% from FY 2023). Net income: US$407.0m (down 37% from FY 2023). Profit margin: 5.9% (down from 8.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Annonce • Jan 29
ICL Group Ltd to Report Q4, 2024 Results on Feb 26, 2025 ICL Group Ltd announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025 Annonce • Dec 13
ICL Group Unveils Breakthrough in Flame Retardant Technology ICL Group announced the launch of VeriQuel R100, an innovative, reactive phosphorus flame retardant (FR) designed for rigid polyurethane insulation products, such as those used for sheathing, in-wall and PIR roofing - the preferred choice for more than 70% of commercial roofs. ICL invested more than $2 million of R&D into this phosphorus-based product, which offers a more sustainable alternative to traditional additive flame retardants. VeriQuel R100 is a patented reactive product, which creates built-in flame retardancy, meaning it chemically bonds with the polymer matrix. This next generation technology not only ensures long-lasting performance and stability, it also eliminates the potential for the product to migrate. Additionally, it aligns with stricter global regulations on environmental safety. Importantly for customers, VeriQuel R 100 is fully compatible with current manufacturing processes, making it an easy transition for manufacturers looking to improve their product's sustainability and compliance without additional formulating costs. To date, four of the leading U.S. commercial roofing companies have launched products with VeriQuel R100., with another six companies in the U.S. and Europe currently in the product development phase. According to Grand View Research, the global rigid polyurethane foam market size was estimated to be $21 billion in 2023 and is expected to grow at a CAGR of 5.8% from 2024 to 2030. The construction industry drives primary demand for rigid polyurethane foam and, as energy efficiency has become more predominant, the market has observed an increase in demand, since rigid polyurethane insulation helps reduce energy consumption and overall infrastructure costs. Upcoming Dividend • Nov 27
Upcoming dividend of US$0.053 per share Eligible shareholders must have bought the stock before 04 December 2024. Payment date: 18 December 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Israeli dividend payers (6.2%). Higher than average of industry peers (2.4%). Declared Dividend • Nov 13
Third quarter dividend of US$0.053 announced Shareholders will receive a dividend of US$0.053. Ex-date: 4th December 2024 Payment date: 18th December 2024 Dividend yield will be 3.6%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 4.1% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: US$0.088 (down from US$0.11 in 3Q 2023). Revenue: US$1.75b (down 5.9% from 3Q 2023). Net income: US$113.0m (down 18% from 3Q 2023). Profit margin: 6.4% (down from 7.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Annonce • Nov 11
ICL Group Ltd Declares Third Quarter 2024 Dividend, Payable on December 18, 2024 In connection with ICL Group Ltd’s third quarter 2024 results, the Board of Directors declared a dividend of 5.27 cents per share, or approximately $68 million, versus 5.31 cents per share, or approximately $68 million, in the third quarter of last year. The dividend will be payable on December 18, 2024, to shareholders of record as of December 4, 2024. New Risk • Nov 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.0% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). Annonce • Oct 24
ICL Group Ltd to Report Q3, 2024 Results on Nov 11, 2024 ICL Group Ltd announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 15
Second quarter 2024 earnings: Revenues in line with analyst expectations Second quarter 2024 results: Revenue: US$1.75b (down 7.1% from 2Q 2023). Net income: US$115.0m (down 29% from 2Q 2023). Profit margin: 6.6% (down from 8.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Asia are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Jul 29
ICL Group Ltd (TASE:ICL) acquired Custom Ag Formulators, Inc. for $60 million. ICL Group Ltd (TASE:ICL) acquired Custom Ag Formulators, Inc. for $60 million on July 29, 2024.
ICL Group Ltd (TASE:ICL) completed the acquisition of Custom Ag Formulators, Inc. for $60 million on July 29, 2024. Annonce • Jul 24
ICL Group Ltd to Report Q2, 2024 Results on Aug 14, 2024 ICL Group Ltd announced that they will report Q2, 2024 results Pre-Market on Aug 14, 2024 Annonce • Jun 05
ICL Group Ltd, Annual General Meeting, Jul 17, 2024 ICL Group Ltd, Annual General Meeting, Jul 17, 2024. Location: millennium tower tlv, Israel Annonce • Jun 02
ICL Group Ltd Announces Not Standing for Reelection of Dafna Gruber as Additional External Director ICL Group Ltd. announced that at its AGM to be held on July 17, 2024, Dafna Gruber, 58, (director since January 2022) the additional external director is not standing for reelection at the AGM. Upcoming Dividend • May 30
Upcoming dividend of US$0.046 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 20 June 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Israeli dividend payers (7.1%). Higher than average of industry peers (4.8%). Major Estimate Revision • May 19
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.318 to US$0.357. Revenue forecast steady at US$6.96b. Net income forecast to grow 2.9% next year vs 34% growth forecast for Chemicals industry in Israel. Consensus price target of ₪20.32 unchanged from last update. Share price was steady at ₪17.79 over the past week. Declared Dividend • May 12
First quarter dividend of US$0.046 announced Shareholders will receive a dividend of US$0.046. Ex-date: 6th June 2024 Payment date: 20th June 2024 Dividend yield will be 3.7%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 11
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.085 (down from US$0.22 in 1Q 2023). Revenue: US$1.74b (down 18% from 1Q 2023). Net income: US$109.0m (down 61% from 1Q 2023). Profit margin: 6.3% (down from 13% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.1%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • May 10
ICL Group Ltd Declares Cash Dividend, Payable on June 20, 2024 ICL Group Ltd. announced that on May 8, 2024, the Company's Board of Directors resolved to declare a cash dividend in the amount of $0.04574 per share, or about $59 million. The dividend will be paid only to registered shareholders entitled to receive $2 or more. The record date is June 6, 2024, and the payment date is June 20, 2024. Annonce • Apr 16
ICL Group Ltd to Report Q1, 2024 Results on May 09, 2024 ICL Group Ltd announced that they will report Q1, 2024 results Pre-Market on May 09, 2024 Upcoming Dividend • Mar 07
Upcoming dividend of US$0.048 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 26 March 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Israeli dividend payers (6.9%). In line with average of industry peers (4.7%). Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$7.15b to US$6.97b. EPS estimate also fell from US$0.453 per share to US$0.36 per share. Net income forecast to shrink 28% next year vs 39% growth forecast for Chemicals industry in Israel . Consensus price target up from ₪19.54 to ₪20.18. Share price rose 2.7% to ₪18.92 over the past week. Declared Dividend • Mar 03
Fourth quarter dividend of US$0.048 announced Shareholders will receive a dividend of US$0.048. Ex-date: 14th March 2024 Payment date: 26th March 2024 Dividend yield will be 4.8%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 5.3% over the next 2 years. However, it would need to fall by 39% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Mar 02
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₪18.89. The fair value is estimated to be ₪15.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to decline by 1.2% in 2 years. Earnings are forecast to decline by 3.8% in the next 2 years. Reported Earnings • Feb 29
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: US$7.54b (down 25% from FY 2022). Net income: US$647.0m (down 70% from FY 2022). Profit margin: 8.6% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Revenue is forecast to stay flat during the next 2 years compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Shalom Shlomo was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jan 30
ICL Group Ltd to Report Q4, 2023 Results on Feb 28, 2024 ICL Group Ltd announced that they will report Q4, 2023 results Pre-Market on Feb 28, 2024 Annonce • Dec 15
ICL Group Ltd Announces Appointment of Mr. Shalom Shlomo to Board of Directors, Effective as of January 1, 2024 ICL Group Ltd. announced that Board of Directors has appointed Mr. Shalom Shlomo to the Board of Directors, effective as of January 1, 2024, to serve until the next annual general meeting of shareholders of the Company. Mr. Shlomo has over twenty years of experience in various leading positions in the public and private sectors. As of December 14, 2023, Mr. Shlomo serves as the chairman of the Haim Avshalom Institute, since May 2023, and as a director of Ashdod Refinery Ltd., an Israeli public company, since August 2023. As part of his positions in the private sector, Mr. Shlomo provided consulting services to Israeli energy, infrastructure and telecommunications companies, among others. In addition, Mr. Shlomo served in various senior positions in the public sector, including as the Israeli Government Secretary from June 2021 until January 2023. Mr. Shlomo holds an LLB degree in law from the Israeli Academic Center for Law and Business. Upcoming Dividend • Nov 28
Upcoming dividend of US$0.053 per share at 18% yield Eligible shareholders must have bought the stock before 05 December 2023. Payment date: 20 December 2023. Payout ratio is a comfortable 52% and the cash payout ratio is 79%. Trailing yield: 18%. Within top quartile of Israeli dividend payers (8.1%). Higher than average of industry peers (15%). Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$1.86b (down 26% from 3Q 2022). Net income: US$137.0m (down 78% from 3Q 2022). Profit margin: 7.4% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 12% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annonce • Nov 08
ICL Group Ltd Declares Cash Dividend, Payable on December 20, 2023 ICL Group Ltd. announced that on November 7, 2023, the Company's Board of Directors resolved to declare a cash dividend in the amount of $0.05310 per share or about $68 million. The record date is December 5, 2023 and the payment date is December 20, 2023. New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (105% cash payout ratio). Buying Opportunity • Aug 23
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₪28.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 81%. Revenue is forecast to decline by 8.1% in 2 years. Earnings is forecast to decline by 48% in the next 2 years. 
