Report
Jeffrey Stafford
EUR 147.86 For Business Accounts Only

Even with the OCI purchase off the table, CF's volume and cash flow are set to improve.

The market punished CF Industries on Aug. 4 for falling short of second-quarter consensus estimates. However, we had already expected weak results in 2016. If anything, we thought CF mildly outperformed our already low expectations for the quarter. As we write, the shares are down more than 13%. With our forecast largely intact, we're maintaining our $28 fair value estimate, no-moat rating, and very high uncertainty rating. The shares currently trade near $21.
CF management signaled that low nit...
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
Jeffrey Stafford

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