Raising Our CF Industries FVE to $48 on Higher Near-Term Nitrogen Prices After Solid 3Q Results
CF Industries reported solid third-quarter results. EBITDA more than doubled year over year to $308 million on higher nitrogen prices, partially offset by lower sales volumes. We're raising our fair value estimate to $48 per share from $45 as our increased near-term nitrogen price forecast is only slightly offset by higher input costs for no-moat CF.We've updated our 2019 nitrogen price forecast to reflect our higher European natural gas price forecast. European nitrogen producers, who use prod...
CF Industries Holdings is a global fertilizer and chemical company. The company's principal nitrogen fertilizer products are anhydrous ammonia, granular urea, urea ammonium nitrate solution and ammonium nitrate. The company's other nitrogen products include diesel exhaust fluid, urea liquor, nitric acid and aqua ammonia, which are sold primarily to its industrial customers, and compound fertilizer products, which are solid granular fertilizer products for which the nutrient content is a combination of nitrogen, phosphorus, and potassium. The company serves its customers in North America through its production, storage, transportation and distribution network.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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