Albemarle Corp., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to Albemarle Corporation	2,689,816)	123,672)	375,764)	533,228)	693,562)
Net income attributable to noncontrolling interests	125,315)	76,270)	70,851)	71,129)	45,577)
Net noncash charges	507,420)	32,593)	438,831)	229,356)	(41,009)
Changes in current assets and liabilities, net of effects of acquisitions and divestitures	(1,414,702)	111,722)	(86,532)	(114,339)	(151,965)
Net cash provided by operating activities	1,907,849)	344,257)	798,914)	719,374)	546,165)
Capital expenditures	(1,261,646)	(953,667)	(850,477)	(851,796)	(699,991)
Proceeds from borrowings of other long-term debt	1,964,216)	—)	452,163)	1,597,807)	—)
Repayments of long-term debt and credit agreements	(705,000)	(1,173,823)	(250,000)	(175,215)	—)
Other borrowings (repayments), net	(391,662)	60,991)	137,635)	(126,364)	(113,567)
Fees related to early extinguishment of debt	(9,767)	(24,877)	—)	(4,419)	—)
Free cash flow to equity (FCFE)	1,503,990)	(1,747,119)	288,235)	1,159,387)	(267,393)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Albemarle Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Albemarle Corp. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Albemarle Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	117,336,441
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,503,990)
FCFE per share	12.82
Current share price (P)	172.91
Valuation Ratio
P/FCFE	13.49
Benchmarks
P/FCFE, Competitors¹
Linde plc	30.71
Sherwin-Williams Co.	45.96
P/FCFE, Sector
Chemicals	23.33
P/FCFE, Industry
Materials	22.57

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Albemarle Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	117,197,977	117,036,615	116,632,439	106,206,157	105,753,864
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,503,990)	(1,747,119)	288,235)	1,159,387)	(267,393)
FCFE per share³	12.83	-14.93	2.47	10.92	-2.53
Share price^1, 4	272.79	191.85	156.17	85.65	92.28
Valuation Ratio
P/FCFE⁵	21.26	—	63.19	7.85	—
Benchmarks
P/FCFE, Competitors⁶
Linde plc	16.87	24.31	24.61	89.72	—
Sherwin-Williams Co.	25.90	21.76	23.93	40.27	—
P/FCFE, Sector
Chemicals	18.49	23.44	24.38	63.65	—
P/FCFE, Industry
Materials	18.95	19.23	27.42	88,121.39	—

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,503,990,000 ÷ 117,197,977 = 12.83

⁴ Closing price as at the filing date of Albemarle Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 272.79 ÷ 12.83 = 21.26

⁶ Click competitor name to see calculations.

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Albemarle Corp. (NYSE:ALB)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical