Global Materials Undervalued over 20% based on DCF

L'Air Liquide

Market Cap: €106.4b

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$110.1b

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

Shin-Etsu Chemical

Market Cap: JP¥11.3t

Provides infrastructure, electronics, and functional materials in Japan.

CMOC Group

Market Cap: CN¥382.5b

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

Nucor

Market Cap: US$55.3b

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

ArcelorMittal

Market Cap: €47.2b

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

Zijin Gold International

Market Cap: HK$429.0b

An investment holding company, engages in the exploration, mining, processing, smelting, refining, and sale of gold and other non-ferrous metals.

Corteva

Market Cap: US$54.6b

Operates in the agriculture business.

Antofagasta

Market Cap: UK£38.5b

Operates as a mining company.

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.

Givaudan

Market Cap: CHF 30.1b

Engages in the manufacture, supply, and sale of fragrance, beauty, taste, and wellbeing products to the consumer goods industry.

Sika

Market Cap: CHF 29.8b

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$49.5b

Provides crop inputs and services.

Novozymes

Market Cap: DKK 209.9b

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.

Steel Dynamics

Market Cap: US$32.8b

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

DSM-Firmenich

Market Cap: €22.4b

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¥175.0b

Produces and sells chemical products in China and internationally.

PPG Industries

Market Cap: US$25.3b

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

Amrize

Market Cap: CHF 20.0b

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

Sociedad Minera Cerro VerdeA

Market Cap: US$24.3b

Engages in the extraction, production and marketing of copper cathodes, copper concentrates and molybdenum concentrates in Peru.

Sociedad Química y Minera de Chile

Market Cap: US$23.4b

Produces and sells specialty plant nutrients, and iodine and its derivatives in Chile, Latin America, the Caribbean, Europe, North America, Asia, and internationally.

Shandong Gold Mining

Market Cap: CN¥157.4b

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

Dow

Market Cap: US$23.4b

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.

Pan American Silver

Market Cap: CA$30.5b

Engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala.

Coeur Mining

Market Cap: US$21.6b

Operates as a gold and silver producer in the United States, Canada, and Mexico.

International Flavors & Fragrances

Market Cap: US$21.5b

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

JX Advanced Metals

Market Cap: JP¥3.4t

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

Jiangxi Copper

Market Cap: HK$162.4b

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

CF Industries Holdings

Market Cap: US$19.6b

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

Amman Mineral Internasional

Market Cap: Rp324.4t

Operates as a copper and gold producer in Indonesia.

Lundin Gold

Market Cap: CA$24.4b

Develops and operates its mineral concessions in Ecuador.

Nippon Paint Holdings

Market Cap: JP¥2.8t

Engages in the paints and fine chemicals businesses in Japan, Asia, the United States, Europe, and internationally.

Boliden

Market Cap: SEK 160.6b

Engages in the extracting, producing, and recycling of base metals in Sweden, Finland, other Nordic region, Germany, the United Kingdom, Europe, North America, and internationally.

Albemarle

Market Cap: US$16.9b

Provides energy storage solutions worldwide.

Ball

Market Cap: US$16.8b

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

Endeavour Mining

Market Cap: CA$21.8b

Operates as a gold mining company in West Africa.