Nitrogen Pricing Pressure Weighs on CF's Third-Quarter Results; Lowering Our Fair Value to $25
CF reported disappointing third-quarter results, and we've lowered our fair value estimate for the company to $25 per share from $28. Our no-moat rating for CF is unchanged. We've cut our outlook for the nitrogen business, as the cost curve has widened and shifted down slightly more than we were expecting due to new low-cost capacity additions and declining input costs. Currency depreciation in some key producing regions has also weighed on the cost curve. Further, as prices sink, many customers...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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