Global Materials Undervalued over 20% based on DCF

Freeport-McMoRan

Market Cap: US$88.2b

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

Barrick Mining

Market Cap: CA$97.2b

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

Zijin Gold International

Market Cap: HK$471.3b

Engages in the exploration, mining, processing, smelting, refining, and sale of gold and other mineral resources.

Holcim

Market Cap: CHF 37.2b

Provides building materials and solutions in Europe, Latin America, and Asia, Middle East, 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.

ArcelorMittal

Market Cap: €34.8b

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

Wanhua Chemical Group

Market Cap: CN¥257.9b

Provides polyurethane, petrochemical, and performance chemicals and materials worldwide.

Nutrien

Market Cap: CA$50.5b

Provides crop inputs and services.

Givaudan

Market Cap: CHF 25.0b

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

Amrize

Market Cap: CHF 24.1b

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

Vedanta

Market Cap: ₹2.7t

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

Qinghai Salt Lake IndustryLtd

Market Cap: CN¥191.8b

Manufactures and sells potash fertilizers in China and internationally.

Novozymes

Market Cap: DKK 180.4b

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$26.1b

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

LyondellBasell Industries

Market Cap: US$25.6b

Operates as a chemical company in the United States, Germany, China, Mexico, Italy, Japan, France, Poland, the Netherlands, and internationally.

Shandong Gold Mining

Market Cap: CN¥174.5b

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

PPG Industries

Market Cap: US$23.1b

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

Ganfeng Lithium Group

Market Cap: CN¥158.6b

Manufactures and sells lithium products in China.

Northern Star Resources

Market Cap: AU$31.3b

Engages in the exploration, development, mining, and processing of gold deposits.

CF Industries Holdings

Market Cap: US$20.0b

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

Industrias Peñoles. de

Market Cap: Mex$345.0b

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

Alcoa

Market Cap: US$18.9b

Engages in the bauxite mining, alumina refining, aluminum production, and energy generation business in Australia, Brazil, Canada, Iceland, Norway, Spain, the United States, and internationally.

DuPont de Nemours

Market Cap: US$18.6b

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

International Flavors & Fragrances

Market Cap: US$18.5b

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

Amcor

Market Cap: US$18.4b

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

DSM-Firmenich

Market Cap: €15.4b

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.

Anhui Conch Cement

Market Cap: CN¥115.2b

Manufactures, sells, and trades in clinker and cement products in China and internationally.

UPM-Kymmene Oyj

Market Cap: €14.1b

Engages in the forest-based bioindustry worldwide.

Zhejiang NHU

Market Cap: CN¥109.9b

Engages in the production and sale of nutrition, flavor and fragrance, and new polymer materials in the People’s Republic of China.

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.

Boliden

Market Cap: SEK 142.8b

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.

Zhaojin Mining Industry

Market Cap: HK$115.1b

An investment holding company, engages in exploration, mining, processing, smelting, and sale of gold and other metallic products in the People’s Republic of China and internationally.

Endeavour Mining

Market Cap: CA$20.5b

Operates as a gold mining company in West Africa.

Nippon Paint Holdings

Market Cap: JP¥2.3t

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

Asahi Kasei

Market Cap: JP¥2.1t

Engages in material, homes, healthcare businesses.

Satellite ChemicalLtd

Market Cap: CN¥89.5b

A low-carbon chemical company, research, development, production, sale, and service of new electronic chemicals and functional materials in China and internationally.