Global Materials Undervalued over 20% based on DCF

L'Air Liquide

Market Cap: €110.3b

Provides gases, technologies, and services for the industrial and health sectors in Europe, the Americas, the Asia Pacific, the Middle East, and Africa.

Freeport-McMoRan

Market Cap: US$85.3b

Engages in the mining of mineral properties in North America, South America, and Indonesia.

Agnico Eagle Mines

Market Cap: US$75.2b

A gold mining company, engages in the exploration, development, and production of precious metals.

CRH

Market Cap: US$71.0b

Provides building materials solutions in Ireland, the United States, the United Kingdom, rest of Europe, and internationally.

Corteva

Market Cap: US$58.0b

Operates in the agriculture business.

CMOC Group

Market Cap: CN¥357.6b

Engages in the mining, beneficiation, and smelting of base and rare metals in Asia, Africa, South America, and Europe.

Nucor

Market Cap: US$51.8b

Engages in the manufacture and sale of steel and steel products.

ArcelorMittal

Market Cap: €40.8b

Operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa.

Mining and Metallurgical Company Norilsk Nickel

Market Cap: ₽2.6t

Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel, together with its subsidiaries, operates as a metals and mining company in Europe, Asia, North and South America, Russia, and the CIS countries.

Martin Marietta Materials

Market Cap: US$35.7b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Steel Dynamics

Market Cap: US$33.1b

Operates as a steel producer and metal recycler in the United States.

Sika

Market Cap: CHF 26.0b

A specialty chemicals company, develops, produces, and sells systems and products for bonding, sealing, damping, reinforcing, and protecting in the building sector and motor vehicle industry worldwide.

Nutrien

Market Cap: CA$44.5b

Provides crop inputs and services.

Novozymes

Market Cap: DKK 194.6b

Produces and sells industrial enzymes, functional proteins, and microorganisms in Denmark, rest of Europe, North America, the Asia Pacific, the Middle East, Africa, and Latin America.

Kinross Gold

Market Cap: CA$40.5b

Engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania.

Amrize

Market Cap: CHF 22.2b

Engages in the provision of various building solutions for infrastructure, commercial, and residential construction markets in North America and Canada.

PPG Industries

Market Cap: US$26.8b

Manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa.

DSM-Firmenich

Market Cap: €20.6b

Provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia.

Ningxia Baofeng Energy Group

Market Cap: CN¥147.5b

Produces and sells chemical products in China and internationally.

JX Advanced Metals

Market Cap: JP¥3.5t

Develops, manufactures, and sells materials made from copper and rare metals in Japan.

International Flavors & Fragrances

Market Cap: US$20.9b

Manufactures and markets food, beverage, health and biosciences, scent, and complementary adjacent products in the United States, and internationally.

Dow

Market Cap: US$20.6b

Through its subsidiaries, provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America.

Packaging Corporation of America

Market Cap: US$20.6b

Manufactures and sells containerboard and uncoated freesheet (UFS) paper products in North America.

Amcor

Market Cap: US$20.5b

Engages in the production and sale of packaging products in Europe, North America, Latin America, and the Asia Pacific.

Borouge

Market Cap: د.إ74.5b

Through its subsidiaries, provides polymer solutions in the People’s Republic of China, India, the United Arab Emirates, Austria, Egypt, Pakistan, Vietnam, Saudi Arabia, Bangladesh, Japan, and internationally.

DuPont de Nemours

Market Cap: US$18.8b

Provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa.

Vedanta Aluminium Metal

Market Cap: ₹1.8t

Engages in the production of metallurgical grade alumina and aluminium products.

CF Industries Holdings

Market Cap: US$17.7b

Engages in the production of ammonia in North America, Europe, and internationally.

Baoshan Iron & Steel

Market Cap: CN¥118.9b

Manufactures and sells steel products in China and internationally.

Industrias Peñoles. de

Market Cap: Mex$304.5b

Engages in the exploration, extraction, and sale of mineral concentrates and minerals in Mexico, Europe, Canada, Asia, the United States, South America, and internationally.

Jiangxi Copper

Market Cap: HK$135.8b

Engages in mining, beneficiation, smelting, and processing of copper and gold in Chinese Mainland, China, Hong Kong, and internationally.

Norsk Hydro

Market Cap: NOK 165.9b

Engages in power production, bauxite extraction, alumina refining, aluminum smelting, recycling activities, and extruded solutions worldwide.

Valterra Platinum

Market Cap: R276.7b

Engages in the production and supply of platinum group metals, base metals, and precious metals in South Africa, Asia, Europe, North America, and internationally.

Ball

Market Cap: US$16.7b

Supplies aluminum packaging products for the beverage, personal care, and household products industries in the United States, Brazil, and internationally.

Anhui Tongguan Copper Foil Group

Market Cap: CN¥110.7b

Engages in the research, development, manufacture, and sales of various electronic copper foils in China and internationally.

Shandong Gold Mining

Market Cap: CN¥105.5b

Engages in mining, smelting, processing, and precious metals in the People’s Republic of China.