Global Materials Undervalued over 20% based on DCF

Akzo Nobel

Market Cap: €9.3b

Produces and sells paints and coatings worldwide.

Korea Zinc Company

Market Cap: ₩14.6t

Operates as a general non-ferrous metal smelting company primarily in South Korea.

Asahi Kasei

Market Cap: JP¥1.5t

Manufactures and sells chemicals.

Nan Ya Plastics

Market Cap: NT$294.6b

Engages in the manufacture and sale of plastic products, polyester fibers, petrochemical products, and electronic materials in Taiwan, China and Hong Kong, the United States, and internationally.

CCL Industries

Market Cap: CA$13.5b

Manufactures and sells labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates, and specialty films.

AptarGroup

Market Cap: US$9.2b

Designs and manufactures a range of drug delivery, consumer product dispensing, and active material science solutions and services for the pharmaceutical, beauty, personal care, home care, and food and beverage markets.

Syensqo

Market Cap: €7.6b

Engages in the research, development, and production of advanced materials for industrial and consumer applications worldwide.

Stora Enso Oyj

Market Cap: €7.4b

Provides renewable solutions for the packaging, biomaterials, wooden constructions, and paper industries in Finland and internationally.

Impala Platinum Holdings

Market Cap: R152.1b

Engages in the mining, processing, concentrating, refining, and sale of platinum group metals (PGMs) and associated base metals.

Hoa Phat Group

Market Cap: ₫218.8t

Produces and sells steel products in Vietnam.

Endeavour Mining

Market Cap: CA$11.0b

Operates as a multi-asset gold producer in West Africa.

PETRONAS Chemicals Group Berhad

Market Cap: RM 31.0b

An investment holding company, engages in production and sale of chemicals.

Mitsubishi Chemical Group

Market Cap: JP¥1.0t

Provides performance products, chemicals, industrial gases, health care products, and other products in Japan and internationally.

Eastman Chemical

Market Cap: US$7.0b

Operates as a specialty materials company in the United States, China, and internationally.

KGHM Polska Miedz

Market Cap: zł25.6b

Engages in the exploration and mining of copper, nickel, precious metals, and non-ferrous metals in Poland and internationally.

China Jushi

Market Cap: CN¥49.4b

Engages in the manufacture and sale of fiberglass in China and internationally.

Orica

Market Cap: AU$10.2b

Manufactures, distributes, and sells commercial blasting systems, explosives, mining and tunnelling support systems, and various chemical products and services in Australia, Peru, Canada, the United States, and internationally.

Chifeng Jilong Gold MiningLtd

Market Cap: CN¥47.9b

Operates as a gold and non-ferrous metal mining company.

SIG Group

Market Cap: CHF 5.1b

Provides aseptic carton packaging systems and solutions for beverage and liquid food products.

Sibanye Stillwater

Market Cap: R110.7b

Operates as a precious metals mining company in South Africa, the United States, Europe, and Australia.

Coeur Mining

Market Cap: US$6.2b

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

Mondi

Market Cap: UK£4.7b

Engages in the manufacture and sale of packaging and paper solutions in Africa, Western Europe, Emerging Europe, Russia, North America, South America, Asia, and Australia.

Jinduicheng Molybdenum

Market Cap: CN¥41.9b

Engages in the research and development, production, and sale of molybdenum series and trading of molybdenum-related products worldwide.

Element Solutions

Market Cap: US$5.7b

Operates as a specialty chemicals company in the United States, China, and internationally.

West Fraser Timber

Market Cap: CA$7.8b

A diversified wood products company, engages in manufacturing, selling, marketing, and distributing lumber, engineered wood products, pulp, newsprint, wood chips, and other residuals and renewable energy.

Huafon ChemicalLtd

Market Cap: CN¥37.7b

Engages in the research and development, production, and sale of polyurethane product materials in China and internationally.

Triple Flag Precious Metals

Market Cap: CA$7.0b

A precious metals streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties, and other mineral interests in Australia, Canada, Colombia, Cote d’Ivoire, Honduras, Mexico, Mongolia, Peru, South Africa, and the United States.

Tosoh

Market Cap: JP¥739.0b

Manufactures and sells basic chemicals, petrochemicals, specialty products, and fine chemicals worldwide.

Croda International

Market Cap: UK£3.7b

Engages in the consumer care, life science, and industrial specialty businesses in Europe, the Middle East, Africa, North America, Asia, and Latin America.

Knife River

Market Cap: US$4.9b

Provides aggregates-led construction materials and contracting services in the United States.

Yanbu National Petrochemical

Market Cap: ر.س18.1b

Manufactures and sells petrochemical products in the Kingdom of Saudi Arabia, the United States, Africa, the Middle East, Europe, and Asia.

Oji Holdings

Market Cap: JP¥699.5b

Engages in the pulp and paper business in Japan and internationally.

FMC

Market Cap: US$4.7b

An agricultural sciences company, provides crop protection solutions to farmers in Latin America, North America, Europe, the Middle East, Africa, and Asia.

Wanguo Gold Group

Market Cap: HK$36.9b

An investment holding company, engages in mining, ore processing, and sale of concentrate products in the People’s Republic of China and Solomon Islands.

Mitsui Chemicals

Market Cap: JP¥676.1b

Engages in the mobility, life and health care, basic and green materials, ICT, and other businesses worldwide.

Beijing Shougang

Market Cap: CN¥32.3b

Manufactures and sells steel and other by-products in Mainland China and Hong Kong.