Intrinsic value of CF Industries Holdings - CF

Previous Close

$30.21

  Intrinsic Value

$38.61

stock screener

  Rating & Target

buy

+28%

  Value-price divergence*

-63%

Previous close

$30.21

 
Intrinsic value

$38.61

 
Up/down potential

+28%

 
Rating

buy

 
Value-price divergence*

-63%

*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 7.0

 

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
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  3,685
  3,807
  3,939
  4,081
  4,235
  4,399
  4,575
  4,763
  4,962
  5,174
  5,398
  5,636
  5,888
  6,154
  6,435
  6,732
  7,045
  7,375
  7,723
  8,090
  8,475
  8,882
  9,309
  9,759
  10,232
  10,730
  11,253
  11,804
  12,382
  12,990
  13,630
Variable operating expenses, $m
 
  2,744
  2,832
  2,926
  3,027
  3,135
  3,251
  3,375
  3,506
  3,646
  3,794
  3,716
  3,882
  4,058
  4,243
  4,439
  4,645
  4,863
  5,092
  5,334
  5,588
  5,856
  6,138
  6,435
  6,747
  7,075
  7,420
  7,783
  8,164
  8,565
  8,987
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
  2,744
  2,832
  2,926
  3,027
  3,135
  3,251
  3,375
  3,506
  3,646
  3,794
  3,716
  3,882
  4,058
  4,243
  4,439
  4,645
  4,863
  5,092
  5,334
  5,588
  5,856
  6,138
  6,435
  6,747
  7,075
  7,420
  7,783
  8,164
  8,565
  8,987
Operating income, $m
  -33
  1,062
  1,107
  1,156
  1,208
  1,264
  1,324
  1,388
  1,456
  1,528
  1,604
  1,920
  2,006
  2,096
  2,192
  2,293
  2,400
  2,512
  2,631
  2,756
  2,887
  3,025
  3,171
  3,324
  3,486
  3,655
  3,833
  4,021
  4,218
  4,425
  4,643
EBITDA, $m
  645
  1,855
  1,919
  1,989
  2,063
  2,144
  2,229
  2,321
  2,418
  2,521
  2,630
  2,746
  2,869
  2,999
  3,136
  3,280
  3,433
  3,594
  3,763
  3,942
  4,130
  4,328
  4,536
  4,755
  4,986
  5,228
  5,483
  5,751
  6,033
  6,330
  6,641
Interest expense (income), $m
  0
  202
  216
  231
  247
  264
  282
  302
  323
  345
  369
  394
  420
  449
  478
  510
  543
  578
  615
  654
  695
  738
  784
  831
  882
  935
  990
  1,049
  1,111
  1,175
  1,243
Earnings before tax, $m
  -226
  860
  891
  925
  962
  1,000
  1,042
  1,086
  1,133
  1,183
  1,236
  1,526
  1,585
  1,648
  1,714
  1,783
  1,857
  1,934
  2,016
  2,102
  2,192
  2,287
  2,387
  2,493
  2,604
  2,720
  2,843
  2,972
  3,107
  3,250
  3,399
Tax expense, $m
  -68
  232
  241
  250
  260
  270
  281
  293
  306
  319
  334
  412
  428
  445
  463
  481
  501
  522
  544
  567
  592
  618
  645
  673
  703
  734
  768
  802
  839
  877
  918
Net income, $m
  -277
  628
  651
  675
  702
  730
  761
  793
  827
  863
  902
  1,114
  1,157
  1,203
  1,251
  1,302
  1,355
  1,412
  1,471
  1,534
  1,600
  1,670
  1,743
  1,820
  1,901
  1,986
  2,075
  2,169
  2,268
  2,372
  2,482

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
  14,419
  14,919
  15,460
  16,041
  16,664
  17,330
  18,040
  18,796
  19,598
  20,449
  21,350
  22,303
  23,312
  24,376
  25,500
  26,686
  27,936
  29,254
  30,642
  32,104
  33,643
  35,262
  36,966
  38,759
  40,644
  42,627
  44,711
  46,903
  49,206
  51,627
Adjusted assets (=assets-cash), $m
  13,967
  14,419
  14,919
  15,460
  16,041
  16,664
  17,330
  18,040
  18,796
  19,598
  20,449
  21,350
  22,303
  23,312
  24,376
  25,500
  26,686
  27,936
  29,254
  30,642
  32,104
  33,643
  35,262
  36,966
  38,759
  40,644
  42,627
  44,711
  46,903
  49,206
  51,627
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
  9,543
  9,874
  10,232
  10,617
  11,029
  11,470
  11,940
  12,440
  12,971
  13,534
  14,130
  14,761
  15,429
  16,133
  16,877
  17,662
  18,490
  19,362
  20,280
  21,248
  22,266
  23,338
  24,466
  25,652
  26,900
  28,213
  29,592
  31,042
  32,567
  34,169
Working capital, $m
  1,969
  830
  859
  890
  923
  959
  997
  1,038
  1,082
  1,128
  1,177
  1,229
  1,284
  1,342
  1,403
  1,468
  1,536
  1,608
  1,684
  1,764
  1,848
  1,936
  2,029
  2,127
  2,231
  2,339
  2,453
  2,573
  2,699
  2,832
  2,971
Total debt, $m
  5,778
  6,165
  6,587
  7,043
  7,534
  8,060
  8,622
  9,221
  9,858
  10,536
  11,254
  12,014
  12,819
  13,670
  14,569
  15,517
  16,518
  17,573
  18,685
  19,857
  21,091
  22,389
  23,756
  25,195
  26,707
  28,299
  29,972
  31,731
  33,581
  35,525
  37,568
Total liabilities, $m
  11,783
  12,170
  12,592
  13,048
  13,539
  14,065
  14,627
  15,226
  15,863
  16,541
  17,259
  18,019
  18,824
  19,675
  20,574
  21,522
  22,523
  23,578
  24,690
  25,862
  27,096
  28,394
  29,761
  31,200
  32,712
  34,304
  35,977
  37,736
  39,586
  41,530
  43,573
Total equity, $m
  3,348
  2,249
  2,327
  2,412
  2,502
  2,600
  2,704
  2,814
  2,932
  3,057
  3,190
  3,331
  3,479
  3,637
  3,803
  3,978
  4,163
  4,358
  4,564
  4,780
  5,008
  5,248
  5,501
  5,767
  6,046
  6,341
  6,650
  6,975
  7,317
  7,676
  8,054
Total liabilities and equity, $m
  15,131
  14,419
  14,919
  15,460
  16,041
  16,665
  17,331
  18,040
  18,795
  19,598
  20,449
  21,350
  22,303
  23,312
  24,377
  25,500
  26,686
  27,936
  29,254
  30,642
  32,104
  33,642
  35,262
  36,967
  38,758
  40,645
  42,627
  44,711
  46,903
  49,206
  51,627
Debt-to-equity ratio
  1.726
  2.740
  2.830
  2.920
  3.010
  3.100
  3.190
  3.280
  3.360
  3.450
  3.530
  3.610
  3.680
  3.760
  3.830
  3.900
  3.970
  4.030
  4.090
  4.150
  4.210
  4.270
  4.320
  4.370
  4.420
  4.460
  4.510
  4.550
  4.590
  4.630
  4.660
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
  628
  651
  675
  702
  730
  761
  793
  827
  863
  902
  1,114
  1,157
  1,203
  1,251
  1,302
  1,355
  1,412
  1,471
  1,534
  1,600
  1,670
  1,743
  1,820
  1,901
  1,986
  2,075
  2,169
  2,268
  2,372
  2,482
Depreciation, amort., depletion, $m
  678
  793
  812
  833
  855
  879
  905
  933
  962
  993
  1,026
  826
  863
  902
  943
  987
  1,033
  1,081
  1,132
  1,186
  1,243
  1,302
  1,365
  1,431
  1,500
  1,573
  1,650
  1,731
  1,815
  1,905
  1,998
Funds from operations, $m
  -127
  1,420
  1,463
  1,508
  1,557
  1,610
  1,666
  1,726
  1,789
  1,857
  1,928
  1,940
  2,020
  2,105
  2,194
  2,289
  2,388
  2,493
  2,604
  2,720
  2,843
  2,972
  3,108
  3,251
  3,401
  3,559
  3,725
  3,900
  4,084
  4,277
  4,480
Change in working capital, $m
  -744
  27
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
  114
  120
  126
  133
  139
Cash from operations, $m
  617
  1,394
  1,434
  1,477
  1,524
  1,574
  1,628
  1,685
  1,746
  1,810
  1,879
  1,889
  1,966
  2,047
  2,133
  2,224
  2,320
  2,421
  2,528
  2,640
  2,759
  2,883
  3,014
  3,152
  3,298
  3,450
  3,611
  3,780
  3,958
  4,144
  4,340
Maintenance CAPEX, $m
  0
  -540
  -558
  -577
  -598
  -621
  -645
  -671
  -698
  -727
  -759
  -791
  -826
  -863
  -902
  -943
  -987
  -1,033
  -1,081
  -1,132
  -1,186
  -1,243
  -1,302
  -1,365
  -1,431
  -1,500
  -1,573
  -1,650
  -1,731
  -1,815
  -1,905
New CAPEX, $m
  -2,211
  -306
  -331
  -358
  -385
  -412
  -441
  -470
  -500
  -531
  -563
  -596
  -631
  -667
  -705
  -744
  -785
  -827
  -872
  -919
  -967
  -1,018
  -1,072
  -1,128
  -1,186
  -1,248
  -1,312
  -1,380
  -1,450
  -1,525
  -1,602
Cash from investing activities, $m
  -2,177
  -846
  -889
  -935
  -983
  -1,033
  -1,086
  -1,141
  -1,198
  -1,258
  -1,322
  -1,387
  -1,457
  -1,530
  -1,607
  -1,687
  -1,772
  -1,860
  -1,953
  -2,051
  -2,153
  -2,261
  -2,374
  -2,493
  -2,617
  -2,748
  -2,885
  -3,030
  -3,181
  -3,340
  -3,507
Free cash flow, $m
  -1,560
  548
  545
  542
  541
  541
  542
  544
  547
  552
  557
  501
  508
  517
  526
  537
  548
  561
  575
  589
  605
  622
  640
  660
  680
  702
  726
  750
  777
  804
  834
Issuance/(repayment) of debt, $m
  74
  387
  422
  456
  491
  526
  562
  599
  637
  677
  718
  761
  805
  851
  899
  949
  1,001
  1,055
  1,112
  1,172
  1,234
  1,299
  1,367
  1,438
  1,513
  1,591
  1,673
  1,759
  1,850
  1,944
  2,043
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
  387
  422
  456
  491
  526
  562
  599
  637
  677
  718
  761
  805
  851
  899
  949
  1,001
  1,055
  1,112
  1,172
  1,234
  1,299
  1,367
  1,438
  1,513
  1,591
  1,673
  1,759
  1,850
  1,944
  2,043
Total cash flow (excl. dividends), $m
  1,158
  935
  967
  998
  1,031
  1,067
  1,104
  1,143
  1,185
  1,229
  1,275
  1,261
  1,313
  1,367
  1,425
  1,485
  1,549
  1,616
  1,687
  1,761
  1,839
  1,921
  2,007
  2,098
  2,193
  2,294
  2,399
  2,510
  2,626
  2,748
  2,877
Retained Cash Flow (-), $m
  687
  -65
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
  -294
  -309
  -325
  -342
  -359
  -378
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
 
  2,033
  889
  914
  941
  969
  1,000
  1,033
  1,067
  1,104
  1,143
  1,121
  1,164
  1,210
  1,259
  1,310
  1,364
  1,421
  1,481
  1,544
  1,611
  1,681
  1,755
  1,832
  1,914
  2,000
  2,090
  2,185
  2,284
  2,389
  2,499
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
 
  1,895
  767
  724
  680
  634
  586
  537
  488
  439
  391
  326
  284
  244
  207
  173
  142
  115
  91
  71
  55
  41
  30
  21
  15
  10
  7
  4
  3
  2
  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 -25.4
Price to Sales 1.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow -4.4
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 3.3% 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 $7.0 billion.

RELATED COMPANIES Price Int.Val. Rating
UAN CVR Partners 3.11 1.28  str.sell
TNH Terra Nitrogen 79.73 159.46  str.buy
RTK Rentech 0.260 1.51  str.buy
LXU LSB Industries 6.41 4.65  str.sell
MOS Mosaic 20.57 5.74  str.sell
POT Potash of Sask 17.68 2.48  str.sell

COMPANY NEWS

▶ Nitrogen Fertilizers: Forecast Lowered for Natural Gas   [Aug-15-17 12:35PM  Market Realist]
▶ Why Urea Prices Are Gaining Positive Momentum   [11:06AM  Market Realist]
▶ How Was CFs Profitability in 2Q17?   [Aug-08-17 08:07AM  Market Realist]
▶ CFs Margins Contracted in All Segments in 2Q17   [Aug-07-17 10:38AM  Market Realist]
▶ CF Industries Sales Disappoint in 2Q17   [Aug-04-17 05:05PM  Market Realist]
▶ CF Industries Could Grow From Healthy Base   [Aug-03-17 10:51AM  TheStreet.com]
▶ CF beats 2Q profit forecasts   [Aug-02-17 09:54PM  Associated Press]
▶ How Did Natural Gas Prices Trend Last Week?   [Aug-01-17 05:35PM  Market Realist]
▶ PotashCorp Potash Prices Rose 13% in 2Q17   [07:39AM  Market Realist]
▶ How Is CF Industries Valued prior to Its 2Q17 Earnings?   [Jul-26-17 10:37AM  Market Realist]
▶ CF Industries Terminates Tax Benefits Preservation Plan   [Jul-25-17 04:16PM  Business Wire]
▶ Analysts Expect CFs Revenue Growth to Pick Up   [07:40AM  Market Realist]
▶ What to Expect from CF Industries 2Q17 Earnings   [Jul-24-17 04:32PM  Market Realist]
▶ CF Industries: The Strongest Nitrogen Player   [Jul-18-17 07:37AM  Market Realist]
▶ 3 Top Dividend Stocks in Agriculture   [Jul-16-17 09:05PM  Motley Fool]
▶ The Hot Stock: CF Industries Gains 6.6%   [Jul-10-17 04:52PM  Barrons.com]
▶ What Analysts Predict for Fertilizer Stocks   [09:09AM  Market Realist]
▶ Fertilizer Affordability Index for Week Ended June 30   [Jul-05-17 07:37AM  Market Realist]
▶ Fertilizer Input: Natural Gas Prices for Week Ended June 30   [Jul-03-17 02:05PM  Market Realist]
▶ Analysts Price Targets and Recommendations for CF Industries   [Jun-29-17 09:07AM  Market Realist]
▶ Why Urea Prices Remain under Pressure   [Jun-28-17 10:37AM  Market Realist]
▶ Understanding the Urea Cost Curve for CF Industries   [Jun-27-17 04:35PM  Market Realist]
▶ Analyzing Natural Gas Price Movements Last Week   [Jun-26-17 12:35PM  Market Realist]
▶ 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]
Stock chart of CF Financial statements 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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