Report
Seth Goldstein, CFA
EUR 101.80 For Business Accounts Only

CF's volume and cash flow should improve after the completion of capacity expansion projects.

We are increasing our CF Industries fair value estimate to $26 per share from $24 to reflect our updated capital spending, unit cost, and nitrogen fertilizer price assumptions. Our no-moat rating and stable moat trend remain intact.
First, we’ve lowered our medium-term capital expenditures assumptions to reflect a longer period where the majority of capital expenditures are maintenance-based. Second, we’ve updated our medium-term nitrogen fertilizer price forecast to reflect a balanced market th...
Underlying
CF Industries Holdings Inc.

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.

Provider
Morningstar
Morningstar

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.

Analysts
Seth Goldstein, CFA

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