Trimming our CF Industries Fair Value Estimate to $24 on Continued Near-Term Weakness
CF Industries reported second-quarter earnings that were slightly below our expectations as low nitrogen prices continue to weigh on results. The market reacted positively to management’s bullish longer-term outlook, however, sending shares up around 5% at the time of writing. With our long-term forecast for nitrogen price declines (in real terms) intact, we trim our fair value estimate to $24 per share from $25 on near-term weakness. Our no-moat rating is unchanged.Despite an 11% increase in s...
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.
We have operations in 27 countries.
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