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UBS predicts 25% upside for ICL
By Nathan Sheva

Shares in Israel Chemicals gained 5% yesterday in brisk trade on high potash prices and news of a new contract. Investment bank UBS is also bullish - it raised its target price for ICL shares to NIS 85, or 25% above its market price.

UBS forecasts profits of $1.95 billion in 2008, nearly quadruple 2006 levels, with the number reaching $3.5 billion in 2009.
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Potash prices in Asia and South America have soared to $1,000 per ton, up from $725 in early April and $400 at the beginning of the year. Analysts forecast a contribution of $300 million to ICL's revenues from potash contracts with Brazil.

Leader Capital Markets says the huge momentum in the global fertilizer market has somewhat overshadowed ICL's industrial products division.

UBS analyst Yoav Burgan notes that with the company's recent financial data and after a conference call with fertilizer maker Albemarle, there was evidence that bromine-based fire retardant activities had recovered. "In addition, we are expecting quarterly growth from bulk sales for the first time since 2006, as prices continue to rise," Burgan writes.

ICL also has an optimistic outlook for bromine demand over the coming years from the United States and China, Burgan adds.
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