Intrinsic value of CF Industries Holdings - CF

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$27.45

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -14.46
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,685
  3,759
  3,845
  3,944
  4,055
  4,178
  4,313
  4,460
  4,619
  4,790
  4,974
  5,170
  5,380
  5,604
  5,841
  6,093
  6,360
  6,643
  6,942
  7,257
  7,591
  7,943
  8,314
  8,705
  9,117
  9,551
  10,008
  10,489
  10,995
  11,528
  12,088
Variable operating expenses, $m
 
  2,713
  2,770
  2,835
  2,908
  2,989
  3,078
  3,175
  3,280
  3,393
  3,514
  3,409
  3,548
  3,695
  3,851
  4,018
  4,194
  4,380
  4,577
  4,785
  5,005
  5,237
  5,482
  5,740
  6,011
  6,298
  6,599
  6,916
  7,250
  7,601
  7,970
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,718
  2,713
  2,770
  2,835
  2,908
  2,989
  3,078
  3,175
  3,280
  3,393
  3,514
  3,409
  3,548
  3,695
  3,851
  4,018
  4,194
  4,380
  4,577
  4,785
  5,005
  5,237
  5,482
  5,740
  6,011
  6,298
  6,599
  6,916
  7,250
  7,601
  7,970
Operating income, $m
  -33
  1,046
  1,075
  1,109
  1,147
  1,189
  1,235
  1,285
  1,339
  1,397
  1,460
  1,761
  1,833
  1,909
  1,990
  2,076
  2,166
  2,263
  2,365
  2,472
  2,586
  2,706
  2,832
  2,965
  3,106
  3,253
  3,409
  3,573
  3,745
  3,927
  4,118
EBITDA, $m
  645
  1,831
  1,874
  1,922
  1,976
  2,036
  2,101
  2,173
  2,250
  2,334
  2,423
  2,519
  2,621
  2,730
  2,846
  2,969
  3,099
  3,237
  3,382
  3,536
  3,699
  3,870
  4,051
  4,241
  4,442
  4,654
  4,876
  5,111
  5,357
  5,617
  5,890
Interest expense (income), $m
  0
  202
  210
  220
  231
  244
  257
  272
  289
  307
  326
  346
  368
  392
  417
  443
  472
  501
  533
  567
  602
  639
  679
  720
  764
  810
  859
  910
  963
  1,020
  1,080
Earnings before tax, $m
  -226
  844
  865
  889
  916
  945
  977
  1,012
  1,050
  1,090
  1,134
  1,415
  1,464
  1,517
  1,573
  1,632
  1,695
  1,761
  1,831
  1,906
  1,984
  2,066
  2,153
  2,245
  2,342
  2,443
  2,551
  2,663
  2,782
  2,907
  3,038
Tax expense, $m
  -68
  228
  234
  240
  247
  255
  264
  273
  283
  294
  306
  382
  395
  410
  425
  441
  458
  476
  494
  515
  536
  558
  581
  606
  632
  660
  689
  719
  751
  785
  820
Net income, $m
  -277
  616
  631
  649
  668
  690
  713
  739
  766
  796
  828
  1,033
  1,069
  1,107
  1,148
  1,191
  1,237
  1,286
  1,337
  1,391
  1,448
  1,508
  1,572
  1,639
  1,709
  1,784
  1,862
  1,944
  2,031
  2,122
  2,218

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,164
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,131
  14,238
  14,565
  14,939
  15,360
  15,825
  16,336
  16,892
  17,495
  18,143
  18,840
  19,585
  20,380
  21,226
  22,125
  23,080
  24,091
  25,162
  26,294
  27,490
  28,753
  30,086
  31,492
  32,973
  34,534
  36,178
  37,909
  39,731
  41,649
  43,666
  45,787
Adjusted assets (=assets-cash), $m
  13,967
  14,238
  14,565
  14,939
  15,360
  15,825
  16,336
  16,892
  17,495
  18,143
  18,840
  19,585
  20,380
  21,226
  22,125
  23,080
  24,091
  25,162
  26,294
  27,490
  28,753
  30,086
  31,492
  32,973
  34,534
  36,178
  37,909
  39,731
  41,649
  43,666
  45,787
Revenue / Adjusted assets
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
Average production assets, $m
  9,238
  9,423
  9,640
  9,888
  10,166
  10,474
  10,812
  11,180
  11,579
  12,008
  12,469
  12,962
  13,488
  14,048
  14,644
  15,275
  15,945
  16,653
  17,403
  18,194
  19,030
  19,912
  20,843
  21,823
  22,856
  23,945
  25,090
  26,296
  27,565
  28,900
  30,304
Working capital, $m
  1,969
  819
  838
  860
  884
  911
  940
  972
  1,007
  1,044
  1,084
  1,127
  1,173
  1,222
  1,273
  1,328
  1,386
  1,448
  1,513
  1,582
  1,655
  1,732
  1,812
  1,898
  1,988
  2,082
  2,182
  2,287
  2,397
  2,513
  2,635
Total debt, $m
  5,778
  6,011
  6,288
  6,604
  6,958
  7,351
  7,783
  8,252
  8,761
  9,308
  9,896
  10,524
  11,195
  11,910
  12,669
  13,474
  14,328
  15,232
  16,187
  17,197
  18,263
  19,388
  20,574
  21,824
  23,142
  24,530
  25,991
  27,528
  29,146
  30,849
  32,639
Total liabilities, $m
  11,783
  12,016
  12,293
  12,609
  12,963
  13,356
  13,788
  14,257
  14,766
  15,313
  15,901
  16,529
  17,200
  17,915
  18,674
  19,479
  20,333
  21,237
  22,192
  23,202
  24,268
  25,393
  26,579
  27,829
  29,147
  30,535
  31,996
  33,533
  35,151
  36,854
  38,644
Total equity, $m
  3,348
  2,221
  2,272
  2,331
  2,396
  2,469
  2,548
  2,635
  2,729
  2,830
  2,939
  3,055
  3,179
  3,311
  3,452
  3,600
  3,758
  3,925
  4,102
  4,288
  4,486
  4,693
  4,913
  5,144
  5,387
  5,644
  5,914
  6,198
  6,497
  6,812
  7,143
Total liabilities and equity, $m
  15,131
  14,237
  14,565
  14,940
  15,359
  15,825
  16,336
  16,892
  17,495
  18,143
  18,840
  19,584
  20,379
  21,226
  22,126
  23,079
  24,091
  25,162
  26,294
  27,490
  28,754
  30,086
  31,492
  32,973
  34,534
  36,179
  37,910
  39,731
  41,648
  43,666
  45,787
Debt-to-equity ratio
  1.726
  2.710
  2.770
  2.830
  2.900
  2.980
  3.050
  3.130
  3.210
  3.290
  3.370
  3.440
  3.520
  3.600
  3.670
  3.740
  3.810
  3.880
  3.950
  4.010
  4.070
  4.130
  4.190
  4.240
  4.300
  4.350
  4.390
  4.440
  4.490
  4.530
  4.570
Adjusted equity ratio
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156
  0.156

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -277
  616
  631
  649
  668
  690
  713
  739
  766
  796
  828
  1,033
  1,069
  1,107
  1,148
  1,191
  1,237
  1,286
  1,337
  1,391
  1,448
  1,508
  1,572
  1,639
  1,709
  1,784
  1,862
  1,944
  2,031
  2,122
  2,218
Depreciation, amort., depletion, $m
  678
  786
  798
  813
  829
  847
  867
  888
  912
  937
  964
  758
  789
  822
  856
  893
  932
  974
  1,018
  1,064
  1,113
  1,164
  1,219
  1,276
  1,337
  1,400
  1,467
  1,538
  1,612
  1,690
  1,772
Funds from operations, $m
  -127
  1,401
  1,430
  1,462
  1,497
  1,537
  1,580
  1,627
  1,678
  1,733
  1,791
  1,791
  1,858
  1,929
  2,005
  2,085
  2,170
  2,260
  2,355
  2,455
  2,561
  2,673
  2,791
  2,915
  3,046
  3,184
  3,329
  3,482
  3,643
  3,812
  3,990
Change in working capital, $m
  -744
  16
  19
  22
  24
  27
  29
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  110
  116
  122
Cash from operations, $m
  617
  1,928
  1,411
  1,440
  1,473
  1,510
  1,551
  1,595
  1,643
  1,695
  1,751
  1,748
  1,812
  1,880
  1,953
  2,030
  2,111
  2,198
  2,290
  2,386
  2,488
  2,596
  2,710
  2,830
  2,956
  3,089
  3,230
  3,377
  3,532
  3,696
  3,868
Maintenance CAPEX, $m
  0
  -540
  -551
  -564
  -578
  -594
  -613
  -632
  -654
  -677
  -702
  -729
  -758
  -789
  -822
  -856
  -893
  -932
  -974
  -1,018
  -1,064
  -1,113
  -1,164
  -1,219
  -1,276
  -1,337
  -1,400
  -1,467
  -1,538
  -1,612
  -1,690
New CAPEX, $m
  -2,211
  -186
  -217
  -248
  -278
  -308
  -338
  -368
  -399
  -429
  -461
  -493
  -526
  -560
  -595
  -632
  -669
  -709
  -749
  -792
  -836
  -882
  -930
  -981
  -1,033
  -1,088
  -1,146
  -1,206
  -1,269
  -1,335
  -1,404
Cash from investing activities, $m
  -2,177
  -726
  -768
  -812
  -856
  -902
  -951
  -1,000
  -1,053
  -1,106
  -1,163
  -1,222
  -1,284
  -1,349
  -1,417
  -1,488
  -1,562
  -1,641
  -1,723
  -1,810
  -1,900
  -1,995
  -2,094
  -2,200
  -2,309
  -2,425
  -2,546
  -2,673
  -2,807
  -2,947
  -3,094
Free cash flow, $m
  -1,560
  1,202
  643
  629
  617
  607
  600
  595
  591
  589
  588
  526
  528
  531
  536
  542
  549
  557
  566
  577
  588
  601
  615
  630
  647
  665
  684
  704
  726
  749
  773
Issuance/(repayment) of debt, $m
  74
  233
  276
  316
  355
  393
  431
  470
  508
  548
  588
  629
  671
  714
  759
  806
  854
  904
  956
  1,010
  1,066
  1,125
  1,186
  1,250
  1,317
  1,388
  1,461
  1,538
  1,618
  1,702
  1,791
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,719
  233
  276
  316
  355
  393
  431
  470
  508
  548
  588
  629
  671
  714
  759
  806
  854
  904
  956
  1,010
  1,066
  1,125
  1,186
  1,250
  1,317
  1,388
  1,461
  1,538
  1,618
  1,702
  1,791
Total cash flow (excl. dividends), $m
  1,158
  1,436
  919
  945
  972
  1,000
  1,031
  1,064
  1,099
  1,137
  1,176
  1,154
  1,199
  1,246
  1,295
  1,347
  1,402
  1,461
  1,522
  1,586
  1,654
  1,726
  1,802
  1,881
  1,964
  2,052
  2,145
  2,242
  2,344
  2,451
  2,564
Retained Cash Flow (-), $m
  687
  -37
  -51
  -58
  -66
  -73
  -80
  -87
  -94
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -244
  -256
  -270
  -284
  -299
  -315
  -331
Prev. year cash balance distribution, $m
 
  1,164
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,562
  868
  886
  906
  928
  952
  977
  1,005
  1,035
  1,067
  1,038
  1,075
  1,114
  1,155
  1,198
  1,245
  1,294
  1,345
  1,400
  1,457
  1,518
  1,582
  1,650
  1,721
  1,796
  1,875
  1,958
  2,045
  2,137
  2,233
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  2,388
  749
  702
  655
  607
  558
  509
  460
  412
  365
  302
  262
  224
  190
  158
  130
  105
  83
  65
  49
  37
  27
  19
  13
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CF Industries Holdings, Inc. manufactures and distributes nitrogen fertilizers and other nitrogen products worldwide. The company operates through Ammonia, Granular Urea, UAN, AN, Other, and Phosphate segments. Its principal nitrogen fertilizer products include ammonia, granular urea, urea ammonium nitrate, and ammonium nitrate. The company also offers diesel exhaust fluid, urea liquor, nitric acid, and aqua ammonia, as well as compound fertilizer products with nitrogen, phosphorus, and potassium. It offers products primarily to cooperatives, independent fertilizer distributors, farmers, and industrial users. CF Industries Holdings, Inc. was founded in 1946 and is headquartered in Deerfield, Illinois.

FINANCIAL RATIOS  of  CF Industries Holdings (CF)

Valuation Ratios
P/E Ratio -23.1
Price to Sales 1.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow -4
Growth Rates
Sales Growth Rate -14.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.4%
Cap. Spend. - 3 Yr. Gr. Rate 21.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 172.6%
Total Debt to Equity 172.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital -3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity -7.5%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 22.8%
Gross Margin - 3 Yr. Avg. 32.1%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. 25.6%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. 21.5%
Net Profit Margin -7.5%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio -101.1%

CF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CF stock intrinsic value calculation we used $3685 million for the last fiscal year's total revenue generated by CF Industries Holdings. The default revenue input number comes from 2016 income statement of CF Industries Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CF stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.3%, whose default value for CF is calculated based on our internal credit rating of CF Industries Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CF Industries Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CF stock the variable cost ratio is equal to 72.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CF stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CF Industries Holdings.

Corporate tax rate of 27% is the nominal tax rate for CF Industries Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CF stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CF are equal to 250.7%.

Life of production assets of 17.1 years is the average useful life of capital assets used in CF Industries Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CF is equal to 21.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3348 million for CF Industries Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 232.659 million for CF Industries Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CF Industries Holdings at the current share price and the inputted number of shares is $6.4 billion.


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RELATED COMPANIES Price Int.Val. Rating
UAN CVR Partners 3.69 prem.  prem.
TNH Terra Nitrogen 86.31 prem.  prem.
LXU LSB Industries 10.50 prem.  prem.
MOS Mosaic 22.97 prem.  prem.
POT Potash of Sask 16.56 prem.  prem.

COMPANY NEWS

▶ Nitrogen Input: Why Natural Gas Prices Fell Last Week   [Jun-20-17 10:36AM  Market Realist]
▶ What Do Analysts Recommend for CF Industries?   [Jun-19-17 09:06AM  Market Realist]
▶ What Are Investors Paying for CF Industries?   [07:36AM  Market Realist]
▶ An Outlook on CF Industries Earnings and Growth   [Jun-16-17 10:36AM  Market Realist]
▶ A Review of CF Industries Margin Trends   [09:06AM  Market Realist]
▶ How Wheat Prices Moved in June 2017   [07:37AM  Market Realist]
▶ Corn Prices Have Risen This June on Lower Inventory   [Jun-15-17 04:35PM  Market Realist]
▶ Whats Driving CF Industries Sales Growth?   [Jun-14-17 06:05PM  Market Realist]
▶ What Are CF Industries Price Targets and Recommendations?   [Jun-13-17 07:37AM  Market Realist]
▶ What Do Analysts Recommend for Mosaic in June 2017?   [Jun-12-17 05:06PM  Market Realist]
▶ Why Did Natural Gas Prices Fall Last Week?   [10:11AM  Market Realist]
▶ Should You Get Rid of CF Industries (CF) Now?   [Jun-07-17 08:47AM  Zacks]
▶ Natural Gas Prices Rose: What It Means for Fertilizers   [Jun-06-17 09:35AM  Market Realist]
▶ These 3 Hated Dividend Stocks Are Buys   [May-25-17 09:11AM  Motley Fool]
▶ Nitrogen Prices Have Been Lower in Recent Quarters   [May-17-17 03:06PM  Market Realist]
▶ May Update: CF Industries Price Target and Recommendations   [May-15-17 09:07AM  Market Realist]
▶ CF Industries Realized Prices Fell in 1Q17   [10:36AM  Market Realist]
▶ Why CF Industries Sales Rose in 1Q17   [07:37AM  Market Realist]
▶ CF reports 1Q loss   [04:34PM  Associated Press]
▶ How Agrium Performed in 1Q17   [May-02-17 03:09PM  Market Realist]
▶ Analysts Revise CF Industries Price Target   [09:06AM  Market Realist]
▶ Natural Gas: Price Movement for the Week Ending April 28   [May-01-17 10:40AM  Market Realist]
▶ Analysts Estimate CF Industries Costs to Rise Steeply   [Apr-28-17 02:35PM  Market Realist]
▶ CF Industries Sales Estimated to Rise in 2017   [01:06PM  Market Realist]
▶ CF Industries Holdings, Inc. Declares Quarterly Dividend   [Apr-27-17 05:23PM  Business Wire]
▶ Natural Gas Prices Fell for the Week Ending April 21   [Apr-25-17 08:07AM  Market Realist]
▶ How PotashCorps Valuation Multiple Compares with Peers   [Apr-19-17 09:06AM  Market Realist]
▶ Natural Gas Prices Saw Positive Movement Last Week   [Apr-17-17 10:36AM  Market Realist]
▶ Analysts April Recommendations and Targets for CF Industries   [Apr-13-17 09:07AM  Market Realist]
▶ Fertilizer Affordability Index for the Week Ending March 31   [Apr-05-17 07:36AM  Market Realist]
▶ Natural Gas Prices Were Subdued Last Week   [Apr-03-17 10:42AM  Market Realist]
▶ Why Did Urea Prices Fall Last Week?   [09:08AM  Market Realist]
▶ Consumers Still Feeling Pretty Good   [Mar-29-17 09:15AM  Investopedia]
▶ Consumers Still Feeling Pretty Good   [09:15AM  at Investopedia]
Stock chart of CF Financial statements of CF Annual reports of CF
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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