As CF’s New Plants Ramp Production on Schedule, We Maintain Our $26 FVE
CF Industries reported third-quarter cash gross profit of $223 million, representing a 62% year-on-year increase. This growth was driven by higher volumes and lower unit production costs as the company continues to ramp up production after recently completing capacity expansions at its Donaldsonville and Port Neal nitrogen facilities. With the production ramp-up on schedule, we maintain our $26 per share fair value estimate, along with our no-moat rating.During the quarter, CF’s volumes were up...
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.
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