Global Materials Undervalued over 20% based on DCF

OceanaGold

Market Cap: CA$10.5b

Engages in the exploration, development, and operation of gold and gold/copper mines in the United States, the Philippines, and New Zealand.

OR Royalties

Market Cap: CA$10.3b

Acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally.

Commercial Metals

Market Cap: US$7.3b

Manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally.

Celanese

Market Cap: US$7.0b

Produces and sells engineered polymers worldwide.

Tokyo Ohka Kogyo

Market Cap: JP¥1.1t

Manufactures and sells chemical products and process equipment in Japan and internationally.

Yunnan CopperLtd

Market Cap: CN¥45.2b

Engages in the copper exploration, mining, and smelting activities in China.

Syensqo

Market Cap: €5.3b

A chemical company, engages in the research, development, and production of advanced materials for industrial and consumer applications worldwide.

Eagle Materials

Market Cap: US$6.2b

Through its subsidiaries, manufactures and sells heavy construction products and light building materials in the United States.

Yunnan Chihong Zinc & Germanium

Market Cap: CN¥41.5b

Yunnan Chihong Zinc & Germanium Co., Ltd.

NewMarket

Market Cap: US$6.0b

Through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives.

UPL

Market Cap: ₹544.5b

Manufactures and sells pesticides, insecticides, and micronutrients in India, Brazil, the United States, the United Kingdom, and internationally.

Sandfire Resources

Market Cap: AU$8.2b

A mining company, explores for, evaluates, and develops mineral tenements and projects.

SIG Group

Market Cap: CHF 4.6b

Provides aseptic carton packaging systems and solutions for beverage and food products primarily in Europe, India, the Middle East, Africa, the Asia Pacific, and the Americas.

Croda International

Market Cap: UK£4.1b

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

JCHX Mining ManagementLtd

Market Cap: CN¥37.9b

Engages in mine engineering, development, and construction activities in the People’s Republic of China and internationally.

Zhejiang Sanmei Chemical IndustryLtd

Market Cap: CN¥37.8b

Zhejiang Sanmei Chemical Industry Co., Ltd.

Arkema

Market Cap: €4.7b

Manufactures and sells specialty materials in Europe, the United States, Canada, Mexico, China, Hong Kong, Taiwan, and internationally.

Nissan Chemical

Market Cap: JP¥845.5b

Engages in the chemicals, performance materials, agricultural chemicals, and pharmaceuticals businesses in Japan and internationally.

PTT Global Chemical

Market Cap: ฿164.6b

Operates as a chemical company in Thailand and internationally.

Mondi

Market Cap: UK£3.8b

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

Almonty Industries

Market Cap: CA$6.9b

Engages in mining, processing, and shipping of tungsten concentrates.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥32.5b

Processes, manufactures, and sells electrolytic aluminum and aluminum products in China.

Oji Holdings

Market Cap: JP¥744.3b

Manufactures and sells pulp and paper products in Japan, China, rest of Asia, North and South America, Europe, Oceania, and internationally.

Klabin

Market Cap: R$23.4b

Produces and exports packaging paper and sustainable paper packaging solutions in Brazil and internationally.

Johnson Matthey

Market Cap: UK£3.4b

Engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China, rest of Asia, and internationally.

Hochschild Mining

Market Cap: UK£3.4b

A precious metals company, engages in the exploration, mining, processing, and sale of gold and silver deposits in Peru, Argentina, the United Kingdom, Canada, Brazil, and Chile.

Warrior Met Coal

Market Cap: US$4.5b

Engages in the production and export of non-thermal steelmaking coal for the steel production by metal manufacturers in Europe, South America, and Asia.

Methanex

Market Cap: CA$6.2b

Engages in the production and sale of methanol and ammonia in Asia Pacific, North America, Europe, and South America.

Silgan Holdings

Market Cap: US$4.4b

Manufactures and sells rigid packaging solutions for consumer goods products in the United States and internationally.

IGO

Market Cap: AU$6.2b

IGO Limited, together with its subsidiaries, discovers, develops, and delivers battery minerals in Australia.

Pan African Resources

Market Cap: UK£3.2b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Montage Gold

Market Cap: CA$5.9b

Engages in the acquisition, exploration, and development of mineral properties in Africa.

Weihai Guangwei Composites

Market Cap: CN¥28.3b

Engages in the research, development, production, and sale of carbon fibers and composite materials in China.

Lygend Resources & Technology

Market Cap: HK$32.1b

Engages in the production, smelting, and trading of nickel products in Mainland China and internationally.

Constellium

Market Cap: US$4.0b

Engages in the design, manufacture, and sale of rolled and extruded aluminum products for the aerospace, packaging, automotive, commercial transportation, general industrial, and defense end-markets.

Cabot

Market Cap: US$3.9b

Operates as a specialty chemicals and performance materials company.