CF Industries Sees Some Pricing Rebound; We Maintain Our $25 FVE
CF Industries reported first-quarter results that were slightly below our expectations as its ammonia and urea prices, while higher than in the fourth quarter of 2016, were well below our initial outlook for the year. As we transfer coverage to a new analyst, we maintain our fair value estimate of $25 per share as our lowered near-term outlook is offset by our expectation that CF's effective tax rate will fall in the wake of U.S. tax reform (see April 7's "Incorporating Expected U.S. Tax Reform ...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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