CF Industries Holdings, Inc.


SKU: CF Category:


This is our first report on one of the largest producers of nitrogen products in the world – CF Industries. The company had a decent year in 2022 which ended on a mixed note as the company failed to meet the revenue expectations of Wall Street in its last quarterly result. However, it did manage an earnings beat. Over 10 million tons of ammonia were produced by the company’s plants. CF’s overall performance was fairly good against the backdrop of a continually tight global supply-demand balance for nitrogen. The company has signed an MOU with Mitsui for the construction of a new blue ammonia production facility in Louisiana. With ExxonMobil, they signed a CO2 transportation and sequestration contract. The company has an MOU with JERA for the supply of low-carbon ammonia and just finished signing a contract with BP for the acquisition of natural gas with verified low methane emissions. The management anticipates that the global nitrogen market will remain volatile in the foreseeable future and are looking forward with respect to the potential for business growth that low-carbon blue and green ammonia offer. We initiate coverage on the stock of CF Industries with an ‘Outperform’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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