ICL Group Ltd (ICL) is fairly valued and Nutrien Ltd (NTR) is slightly undervalued.
Against our estimates of intrinsic value, NTR trades at the wider discount: a margin of safety of +10%, against -0% for ICL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $5.38; the price of $5.40 sits right on that value, and 78% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $83.76; the price of $75.43 is 10% below that value, and 79% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | ICL | NTR |
|---|---|---|
| Verdict | Fairly valued | Slightly undervalued |
| Price | $5.40 | $75.43 |
| Intrinsic value | $5.38 | $83.76 |
| Margin of safety | -0% | +10% |
| Leak Score | 0/100 (2/12) | 27/100 (3/12) |
| Market cap | $7.0B | $36.0B |
| Revenue growth, 5 years | 7.2% | 5.2% |
| Operating margin | 10.6% | 13.8% |
| Net margin | 4.0% | 8.4% |
| Return on equity | 5.0% | 9.3% |
| Debt to equity | 0.54 | 0.49 |
| P/E | 22.9x | 15.3x |
| Forward P/E | 12.3x | 15.2x |
| P/B | 1.1x | 1.4x |
| Dividend yield | 3.7% | 2.9% |