Intrinsic value of CF Industries Holdings - CF

Previous Close

$42.24

  Intrinsic Value

$4.28

stock screener

  Rating & Target

str. sell

-90%

Previous close

$42.24

 
Intrinsic value

$4.28

 
Up/down potential

-90%

 
Rating

str. sell

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 2017), $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 9.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  4,630
  5,157
  5,711
  6,293
  6,900
  7,535
  8,196
  8,884
  9,600
  10,344
  11,117
  11,920
  12,756
  13,624
  14,526
  15,465
  16,441
  17,458
  18,517
  19,620
  20,771
  21,971
  23,223
  24,530
  25,896
  27,322
  28,814
  30,373
  32,005
  33,712
Variable operating expenses, $m
  4,249
  4,706
  5,187
  5,690
  6,217
  6,767
  7,340
  7,936
  8,556
  9,201
  9,634
  10,330
  11,054
  11,806
  12,588
  13,402
  14,248
  15,129
  16,047
  17,003
  18,000
  19,040
  20,125
  21,258
  22,441
  23,677
  24,970
  26,321
  27,735
  29,215
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
  4,249
  4,706
  5,187
  5,690
  6,217
  6,767
  7,340
  7,936
  8,556
  9,201
  9,634
  10,330
  11,054
  11,806
  12,588
  13,402
  14,248
  15,129
  16,047
  17,003
  18,000
  19,040
  20,125
  21,258
  22,441
  23,677
  24,970
  26,321
  27,735
  29,215
Operating income, $m
  381
  451
  525
  602
  683
  768
  856
  948
  1,044
  1,143
  1,483
  1,590
  1,702
  1,818
  1,938
  2,063
  2,193
  2,329
  2,470
  2,618
  2,771
  2,931
  3,098
  3,273
  3,455
  3,645
  3,844
  4,052
  4,270
  4,498
EBITDA, $m
  1,937
  2,158
  2,390
  2,633
  2,887
  3,153
  3,429
  3,717
  4,017
  4,328
  4,651
  4,988
  5,337
  5,700
  6,078
  6,471
  6,879
  7,305
  7,748
  8,209
  8,691
  9,193
  9,717
  10,264
  10,835
  11,432
  12,056
  12,709
  13,391
  14,106
Interest expense (income), $m
  0
  282
  352
  428
  507
  591
  678
  769
  864
  962
  1,065
  1,172
  1,283
  1,398
  1,517
  1,642
  1,771
  1,906
  2,046
  2,192
  2,344
  2,502
  2,667
  2,839
  3,018
  3,206
  3,402
  3,606
  3,820
  4,044
  4,278
Earnings before tax, $m
  99
  99
  97
  95
  93
  90
  87
  84
  81
  78
  311
  308
  304
  300
  296
  292
  288
  283
  279
  274
  269
  264
  259
  254
  249
  243
  238
  232
  226
  220
Tax expense, $m
  27
  27
  26
  26
  25
  24
  24
  23
  22
  21
  84
  83
  82
  81
  80
  79
  78
  76
  75
  74
  73
  71
  70
  69
  67
  66
  64
  63
  61
  59
Net income, $m
  72
  72
  71
  69
  68
  66
  64
  62
  59
  57
  227
  225
  222
  219
  216
  213
  210
  207
  203
  200
  197
  193
  189
  186
  182
  178
  174
  169
  165
  161

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  14,791
  16,476
  18,248
  20,104
  22,046
  24,073
  26,185
  28,383
  30,670
  33,047
  35,517
  38,085
  40,753
  43,526
  46,409
  49,408
  52,528
  55,777
  59,160
  62,685
  66,361
  70,194
  74,195
  78,371
  82,734
  87,292
  92,057
  97,040
  102,252
  107,707
Adjusted assets (=assets-cash), $m
  14,791
  16,476
  18,248
  20,104
  22,046
  24,073
  26,185
  28,383
  30,670
  33,047
  35,517
  38,085
  40,753
  43,526
  46,409
  49,408
  52,528
  55,777
  59,160
  62,685
  66,361
  70,194
  74,195
  78,371
  82,734
  87,292
  92,057
  97,040
  102,252
  107,707
Revenue / Adjusted assets
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
Average production assets, $m
  13,195
  14,698
  16,278
  17,934
  19,666
  21,474
  23,358
  25,319
  27,359
  29,480
  31,683
  33,973
  36,353
  38,827
  41,399
  44,074
  46,858
  49,755
  52,773
  55,918
  59,197
  62,617
  66,185
  69,911
  73,802
  77,869
  82,119
  86,564
  91,214
  96,080
Working capital, $m
  -222
  -248
  -274
  -302
  -331
  -362
  -393
  -426
  -461
  -496
  -534
  -572
  -612
  -654
  -697
  -742
  -789
  -838
  -889
  -942
  -997
  -1,055
  -1,115
  -1,177
  -1,243
  -1,311
  -1,383
  -1,458
  -1,536
  -1,618
Total debt, $m
  5,872
  7,132
  8,457
  9,846
  11,299
  12,814
  14,394
  16,039
  17,749
  19,527
  21,375
  23,295
  25,291
  27,365
  29,522
  31,765
  34,099
  36,529
  39,060
  41,696
  44,446
  47,313
  50,306
  53,430
  56,693
  60,102
  63,667
  67,394
  71,293
  75,373
Total liabilities, $m
  11,064
  12,324
  13,649
  15,038
  16,491
  18,006
  19,586
  21,231
  22,941
  24,719
  26,567
  28,487
  30,483
  32,557
  34,714
  36,957
  39,291
  41,721
  44,252
  46,888
  49,638
  52,505
  55,498
  58,622
  61,885
  65,294
  68,859
  72,586
  76,485
  80,565
Total equity, $m
  3,727
  4,152
  4,598
  5,066
  5,556
  6,066
  6,599
  7,153
  7,729
  8,328
  8,950
  9,597
  10,270
  10,968
  11,695
  12,451
  13,237
  14,056
  14,908
  15,797
  16,723
  17,689
  18,697
  19,750
  20,849
  21,998
  23,198
  24,454
  25,768
  27,142
Total liabilities and equity, $m
  14,791
  16,476
  18,247
  20,104
  22,047
  24,072
  26,185
  28,384
  30,670
  33,047
  35,517
  38,084
  40,753
  43,525
  46,409
  49,408
  52,528
  55,777
  59,160
  62,685
  66,361
  70,194
  74,195
  78,372
  82,734
  87,292
  92,057
  97,040
  102,253
  107,707
Debt-to-equity ratio
  1.580
  1.720
  1.840
  1.940
  2.030
  2.110
  2.180
  2.240
  2.300
  2.340
  2.390
  2.430
  2.460
  2.490
  2.520
  2.550
  2.580
  2.600
  2.620
  2.640
  2.660
  2.670
  2.690
  2.710
  2.720
  2.730
  2.740
  2.760
  2.770
  2.780
Adjusted equity ratio
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252
  0.252

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  72
  71
  69
  68
  66
  64
  62
  59
  57
  227
  225
  222
  219
  216
  213
  210
  207
  203
  200
  197
  193
  189
  186
  182
  178
  174
  169
  165
  161
Depreciation, amort., depletion, $m
  1,557
  1,707
  1,865
  2,031
  2,204
  2,385
  2,573
  2,769
  2,973
  3,185
  3,168
  3,397
  3,635
  3,883
  4,140
  4,407
  4,686
  4,976
  5,277
  5,592
  5,920
  6,262
  6,619
  6,991
  7,380
  7,787
  8,212
  8,656
  9,121
  9,608
Funds from operations, $m
  1,629
  1,779
  1,936
  2,100
  2,271
  2,450
  2,637
  2,831
  3,032
  3,242
  3,396
  3,622
  3,857
  4,102
  4,356
  4,620
  4,896
  5,182
  5,481
  5,792
  6,116
  6,455
  6,808
  7,177
  7,562
  7,965
  8,386
  8,826
  9,287
  9,769
Change in working capital, $m
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -72
  -75
  -78
  -82
Cash from operations, $m
  1,653
  1,804
  1,962
  2,128
  2,301
  2,481
  2,668
  2,864
  3,067
  3,278
  3,433
  3,661
  3,897
  4,143
  4,399
  4,665
  4,943
  5,231
  5,532
  5,845
  6,171
  6,512
  6,868
  7,239
  7,628
  8,033
  8,457
  8,901
  9,365
  9,851
Maintenance CAPEX, $m
  -1,177
  -1,319
  -1,470
  -1,628
  -1,793
  -1,967
  -2,147
  -2,336
  -2,532
  -2,736
  -2,948
  -3,168
  -3,397
  -3,635
  -3,883
  -4,140
  -4,407
  -4,686
  -4,976
  -5,277
  -5,592
  -5,920
  -6,262
  -6,619
  -6,991
  -7,380
  -7,787
  -8,212
  -8,656
  -9,121
New CAPEX, $m
  -1,423
  -1,503
  -1,580
  -1,656
  -1,732
  -1,808
  -1,884
  -1,961
  -2,040
  -2,121
  -2,204
  -2,290
  -2,380
  -2,474
  -2,572
  -2,675
  -2,784
  -2,898
  -3,018
  -3,145
  -3,279
  -3,420
  -3,569
  -3,726
  -3,891
  -4,066
  -4,251
  -4,445
  -4,650
  -4,866
Cash from investing activities, $m
  -2,600
  -2,822
  -3,050
  -3,284
  -3,525
  -3,775
  -4,031
  -4,297
  -4,572
  -4,857
  -5,152
  -5,458
  -5,777
  -6,109
  -6,455
  -6,815
  -7,191
  -7,584
  -7,994
  -8,422
  -8,871
  -9,340
  -9,831
  -10,345
  -10,882
  -11,446
  -12,038
  -12,657
  -13,306
  -13,987
Free cash flow, $m
  -948
  -1,018
  -1,088
  -1,156
  -1,225
  -1,294
  -1,363
  -1,433
  -1,505
  -1,579
  -1,719
  -1,798
  -1,880
  -1,966
  -2,055
  -2,150
  -2,248
  -2,352
  -2,462
  -2,577
  -2,699
  -2,827
  -2,962
  -3,105
  -3,255
  -3,413
  -3,580
  -3,756
  -3,941
  -4,137
Issuance/(repayment) of debt, $m
  1,180
  1,260
  1,325
  1,389
  1,452
  1,516
  1,580
  1,644
  1,710
  1,778
  1,848
  1,920
  1,996
  2,074
  2,157
  2,243
  2,334
  2,430
  2,531
  2,637
  2,749
  2,868
  2,992
  3,124
  3,263
  3,410
  3,564
  3,727
  3,899
  4,080
Issuance/(repurchase) of shares, $m
  331
  353
  376
  399
  422
  445
  468
  492
  517
  542
  395
  422
  450
  480
  511
  543
  576
  612
  649
  688
  730
  773
  819
  867
  918
  971
  1,027
  1,086
  1,148
  1,214
Cash from financing (excl. dividends), $m  
  1,511
  1,613
  1,701
  1,788
  1,874
  1,961
  2,048
  2,136
  2,227
  2,320
  2,243
  2,342
  2,446
  2,554
  2,668
  2,786
  2,910
  3,042
  3,180
  3,325
  3,479
  3,641
  3,811
  3,991
  4,181
  4,381
  4,591
  4,813
  5,047
  5,294
Total cash flow (excl. dividends), $m
  564
  595
  613
  631
  649
  667
  685
  704
  722
  741
  524
  545
  566
  588
  612
  636
  662
  689
  718
  748
  780
  813
  849
  886
  926
  967
  1,011
  1,057
  1,106
  1,157
Retained Cash Flow (-), $m
  -403
  -425
  -446
  -468
  -489
  -511
  -532
  -554
  -576
  -599
  -623
  -647
  -672
  -699
  -727
  -756
  -786
  -819
  -853
  -888
  -926
  -966
  -1,008
  -1,053
  -1,099
  -1,149
  -1,201
  -1,256
  -1,314
  -1,375
Prev. year cash balance distribution, $m
  255
  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
  17
  19
  21
  23
  25
  28
  30
  33
  36
  38
  41
  44
  48
  51
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  109
  115
  121
  128
Cash available for distribution, $m
  415
  170
  167
  163
  160
  156
  153
  150
  146
  142
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -159
  -166
  -174
  -182
  -190
  -198
  -208
  -217
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  392
  150
  137
  125
  112
  100
  89
  78
  68
  58
  -35
  -32
  -28
  -25
  -21
  -18
  -15
  -13
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  96.5
  93.3
  90.4
  87.6
  85.0
  82.7
  80.4
  78.3
  76.3
  74.4
  73.1
  71.9
  70.7
  69.5
  68.4
  67.3
  66.1
  65.1
  64.0
  62.9
  61.9
  60.9
  59.9
  58.9
  57.9
  57.0
  56.0
  55.1
  54.2
  53.2

CF Industries Holdings, Inc. manufactures and distributes nitrogen fertilizer, and other nitrogen products. The Company's nitrogen fertilizer products are ammonia, granular urea, urea ammonium nitrate solution (UAN) and ammonium nitrate (AN). Its other nitrogen products include diesel exhaust fluid (DEF), urea liquor, nitric acid and aqua ammonia, which are sold primarily to the Company's industrial customers, and compound fertilizer products (nitrogen, phosphorus and potassium or NPKs). The Company's segments include ammonia, granular urea, UAN, AN and other. The Company's ammonia segment produces anhydrous ammonia (ammonia), which is concentrated nitrogen fertilizer as it contains 82% nitrogen. The granular urea segment produces granular urea, which contains 46% nitrogen. The UAN segment produces urea ammonium nitrate solution. The Other segment includes DEF, urea liquor, nitric acid and NPKs. The Company's primary nitrogen fertilizer products are ammonia, granular urea, UAN and AN.

FINANCIAL RATIOS  of  CF Industries Holdings (CF)

Valuation Ratios
P/E Ratio -35.5
Price to Sales 2.7
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow -6.2
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 $4130 million for the last fiscal year's total revenue generated by CF Industries Holdings. The default revenue input number comes from 2017 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 12.1% 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 6%, 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 92.4%.

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 6% 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 0.4%.

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 285%.

Life of production assets of 10 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 -4.8%. 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 - $3579 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 234 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 $9.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ CF Industries Holdings, Inc. Declares Quarterly Dividend   [Jul-11-18 04:30PM  Business Wire]
▶ Fertile Field For Dividend Yield   [Jun-18-18 06:00AM  Forbes]
▶ CF: 1Q Earnings Snapshot   [May-02-18 05:01PM  Associated Press]
▶ CF Industries Holdings, Inc. Declares Quarterly Dividend   [Apr-27-18 05:30PM  Business Wire]
▶ Five Agrochemical Stocks Hedge Funds Like   [Apr-18-18 01:24PM  Insider Monkey]
▶ Top Rated Dividend Stocks   [09:02AM  Simply Wall St.]
▶ Top Ranked Income Stocks to Buy for April 10th   [Apr-10-18 08:11AM  Zacks]
▶ 3 Hot Mid-Caps to Buy Now According to Quant Billionaires   [Mar-26-18 09:32AM  Insider Monkey]
▶ Don't Let Stock Losses Steal Your Sunshine   [Mar-09-18 07:54PM  Investor's Business Daily]
▶ Dow Leads As These 4 Top Stocks Show Fine Breakout Action   [Mar-05-18 08:00PM  Investor's Business Daily]
▶ CF beats 4Q profit forecasts   [04:37PM  Associated Press]
▶ How Natural Gas Prices Trended Last Week   [Jan-22-18 10:34AM  Market Realist]
▶ Urea Prices Fell Last Week   [09:04AM  Market Realist]
▶ How Fertilizer Prices Moved Last Week   [07:37AM  Market Realist]
▶ Natural Gas Prices for the Week Ending January 12   [Jan-18-18 10:34AM  Market Realist]
▶ Analysts Views on FMC in January 2018   [Jan-12-18 09:03AM  Market Realist]
▶ Mosaic: Analyst Price Target Update for January   [Jan-11-18 05:55PM  Market Realist]
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