Global Materials Undervalued over 20% based on DCF

Holcim

Market Cap: CHF 40.1b

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

Nucor

Market Cap: US$42.4b

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

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.

Wanhua Chemical Group

Market Cap: CN¥278.8b

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

Nutrien

Market Cap: CA$49.1b

Provides crop inputs and services.

Amrize

Market Cap: CHF 25.2b

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

Vedanta

Market Cap: ₹2.9t

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¥198.0b

Manufactures and sells potash fertilizers in China and internationally.

Sika

Market Cap: CHF 22.2b

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.

Dow

Market Cap: US$28.1b

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.

Novozymes

Market Cap: DKK 178.4b

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$27.6b

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

Shandong Gold Mining

Market Cap: CN¥175.2b

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

Northern Star Resources

Market Cap: AU$35.0b

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

PPG Industries

Market Cap: US$24.7b

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

Ganfeng Lithium Group

Market Cap: CN¥167.6b

Manufactures and sells lithium products in China.

LyondellBasell Industries

Market Cap: US$23.8b

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

Hindalco Industries

Market Cap: ₹2.2t

Manufactures and distributes aluminum and copper products in India, the United States, Brazil, South Korea, the United Kingdom, Germany, China, and internationally.

Sociedad Química y Minera de Chile

Market Cap: US$23.5b

Produces and sells specialty plant nutrients, and iodine and its derivatives worldwide.

Coeur Mining

Market Cap: US$20.9b

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

DuPont de Nemours

Market Cap: US$19.4b

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

Alcoa

Market Cap: US$19.3b

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.

Amcor

Market Cap: US$19.0b

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

CF Industries Holdings

Market Cap: US$18.6b

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

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.

DSM-Firmenich

Market Cap: €15.7b

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.

Packaging Corporation of America

Market Cap: US$18.2b

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

Anhui Conch Cement

Market Cap: CN¥114.7b

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

Ball

Market Cap: US$16.6b

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

UPM-Kymmene Oyj

Market Cap: €14.1b

Engages in the forest-based bioindustry worldwide.

Zhejiang NHU

Market Cap: CN¥111.9b

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

Endeavour Mining

Market Cap: CA$21.9b

Operates as a gold mining company in West Africa.

Zhaojin Mining Industry

Market Cap: HK$119.5b

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.

Yara International

Market Cap: NOK 142.3b

Provides crop nutrition, ammonia, and industrial solutions in Norway, European Union, Europe, Africa, Asia, North America, Latin America, Australia, and New Zealand.

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.

Satellite ChemicalLtd

Market Cap: CN¥96.8b

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