Global Materials Undervalued over 20% based on DCF

BHP Group

Market Cap: AU$202.0b

Operates as a resources company in Australia, Europe, China, Japan, India, South Korea, the rest of Asia, North America, South America, and internationally.

Freeport-McMoRan

Market Cap: US$58.1b

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

Shin-Etsu Chemical

Market Cap: JP¥8.1t

Provides infrastructure, electronics, and functional materials in Japan.

Grupo México. de

Market Cap: Mex$941.8b

Engages in copper production, cargo transportation, and infrastructure businesses worldwide.

Holcim

Market Cap: CHF 35.8b

Provides building materials and solutions worldwide.

BASF

Market Cap: €37.9b

Operates as a chemical company worldwide.

Glencore

Market Cap: UK£31.8b

Engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania.

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.

Sika

Market Cap: CHF 30.4b

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.

Barrick Mining

Market Cap: CA$50.7b

Engages in the exploration, development, production, and sale of mineral properties.

Novozymes

Market Cap: DKK 198.8b

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

Nutrien

Market Cap: CA$39.4b

Provides crop inputs and services.

China Hongqiao Group

Market Cap: HK$202.2b

An investment holding company, manufactures and sells aluminum products.

DSM-Firmenich

Market Cap: €21.6b

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.

International Paper

Market Cap: US$24.3b

Produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa.

PPG Industries

Market Cap: US$23.7b

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

ArcelorMittal

Market Cap: €20.3b

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

Nippon Paint Holdings

Market Cap: JP¥3.0t

Engages in the paints and fine chemicals businesses.

Vedanta

Market Cap: ₹1.7t

A diversified natural resources company, explores, extracts, and processes minerals, and oil and gas in India, Europe, China, the United States, Mexico, and internationally.

Shandong Gold Mining

Market Cap: CN¥136.1b

Engages in the exploration, mining, processing, smelting, and selling of gold and silver ores in the People’s Republic of China.

International Flavors & Fragrances

Market Cap: US$17.9b

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

Packaging Corporation of America

Market Cap: US$17.3b

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

Ball

Market Cap: US$16.0b

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

LG Chem

Market Cap: ₩22.2t

Engages in the petrochemicals, energy, advanced materials, and life science businesses in Korea, China, Asia/Oceania, the United States, Europe, and internationally.

Reliance

Market Cap: US$15.0b

Operates as a diversified metal solutions provider and metals service center company primarily in the United States and Canada.

UPM-Kymmene Oyj

Market Cap: €12.0b

Engages in the forest-based bioindustry in Europe, North America, Asia, and internationally.

Qinghai Salt Lake IndustryLtd

Market Cap: CN¥96.8b

Manufactures and sells potash fertilizers in China.

Covestro

Market Cap: €11.4b

Supplies high-tech polymer materials and application solutions.

Avery Dennison

Market Cap: US$13.1b

Operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally.

Symrise

Market Cap: €11.2b

Operates as a supplier of fragrances, flavorings, cosmetic base materials and active ingredients, and functional ingredients and solutions in Europe, Africa, the Middle East, North America, the Asia Pacific, and Latin America.

CEMEX. de

Market Cap: Mex$226.2b

Engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide.

Norsk Hydro

Market Cap: NOK 123.6b

Engages in the power production, bauxite extraction, alumina refining, aluminium smelting, and recycling activities worldwide.

Jindal Steel

Market Cap: ₹1.0t

Operates in the steel, mining, and infrastructure sectors in India and internationally.

Lundin Gold

Market Cap: CA$15.7b

Operates as a mining company in Canada.

Mosaic

Market Cap: US$11.3b

Through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients in the United States, Brazil, China, Canada, Paraguay, Argentina, Japan, Colombia, India, Australia, Peru, Mexico, Honduras, the Dominican Republic, Thailand, Indonesia, and internationally.

public stock company VSMPO-AVISMA

Market Cap: ₽658.3b

public stock company VSMPO-AVISMA Corporation produces and sells titanium in Russia and internationally.