U.S. Materials Undervalued over 20% based on DCF

Freeport-McMoRan

Market Cap: US$57.8b

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

Corteva

Market Cap: US$49.2b

Operates in the agriculture business.

Vulcan Materials

Market Cap: US$36.3b

Produces and supplies construction aggregates in the United States.

PPG Industries

Market Cap: US$23.8b

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

International Flavors & Fragrances

Market Cap: US$18.2b

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

Ball

Market Cap: US$15.9b

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

Reliance

Market Cap: US$15.3b

Operates as a diversified metal solutions provider and metals service center company primarily in the United States and Canada.

Avery Dennison

Market Cap: US$12.9b

Operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally.

Mosaic

Market Cap: US$11.4b

Through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients in the United States, Brazil, China, Canada, Paraguay, Argentina, Japan, Colombia, India, Australia, Peru, Mexico, Honduras, the Dominican Republic, Thailand, Indonesia, and internationally.

AptarGroup

Market Cap: US$10.4b

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.

Westlake

Market Cap: US$10.2b

Manufactures and markets performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, and internationally.

Element Solutions

Market Cap: US$5.7b

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

Coeur Mining

Market Cap: US$5.6b

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

FMC

Market Cap: US$4.9b

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

Cabot

Market Cap: US$3.9b

Operates as a specialty chemicals and performance materials company.

Scotts Miracle-Gro

Market Cap: US$3.6b

Engages in the manufacture, marketing, and sale of products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally.

Avient

Market Cap: US$3.1b

Operates as a formulator of material solutions in the United States, Canada, Mexico, Europe, South America, and Asia.

United States Lime & Minerals

Market Cap: US$2.8b

Manufactures and supplies lime and limestone products in the United States.

TMC the metals

Market Cap: US$2.4b

A deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California.

Constellium

Market Cap: US$1.9b

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.

Minerals Technologies

Market Cap: US$1.8b

Develops, produces, and markets various mineral, mineral-based, and related systems and services.

Worthington Steel

Market Cap: US$1.6b

Operates as a steel processor in North America.

Ingevity

Market Cap: US$1.5b

Manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America.

Monarch Cement

Market Cap: US$901.7m

Engages in the manufacture and sale of portland cement in the United States.

Magnera

Market Cap: US$443.2m

Manufactures and sells non-woven and related products worldwide.

Caledonia Mining

Market Cap: US$379.9m

Primarily operates a gold mine in Jersey.

Olympic Steel

Market Cap: US$351.5m

Processes, distributes, and stores metal products primarily in the United States, Canada, and Mexico.

Ascent Industries

Market Cap: US$128.4m

An industrials company, produces and sells stainless steel pipe and tube, and specialty chemicals in the United States and internationally.

Scully Royalty

Market Cap: US$89.7m

Operates as an iron ore mining company in the Americas, Africa, Canada, Asia, and Europe.