CF Industries Acquires Remaining Shares of Terra Nitrogen; We Raise Our FVE to $28 on Lower Taxes
CF Industries announced that it has exercised the right to acquire the outstanding shares of Terra Nitrogen. CF previously owned 75.3% of Terra and purchased the remaining 24.7% for roughly $390 million. We increase our fair value estimate to $28 per share on our revised U.S. tax assumptions and increased profits from the additional Terra stake, which are partially offset by the purchase price. Our no-moat rating is unchanged.We continue to view CF’s shares as overvalued, trading at around a 35...
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