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

Newmont

Market Cap: US$114.9b

Operates as a gold producer.

Freeport-McMoRan

Market Cap: US$89.1b

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

Corteva

Market Cap: US$53.2b

Operates in the agriculture business.

Nucor

Market Cap: US$52.8b

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

Steel Dynamics

Market Cap: US$34.6b

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

PPG Industries

Market Cap: US$24.0b

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

Sociedad Química y Minera de Chile

Market Cap: US$22.9b

Produces and sells specialty plant nutrients, and iodine and its derivatives in Chile, Latin America, the Caribbean, Europe, North America, Asia, and internationally.

DuPont de Nemours

Market Cap: US$19.7b

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$19.2b

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

Packaging Corporation of America

Market Cap: US$19.1b

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

Alcoa

Market Cap: US$18.8b

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.

CF Industries Holdings

Market Cap: US$18.7b

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

Amcor

Market Cap: US$17.7b

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

Ball

Market Cap: US$15.0b

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

Solstice Advanced Materials

Market Cap: US$13.0b

Operates as a specialty chemicals and advanced materials company in the United States and internationally.

RPM International

Market Cap: US$12.9b

Provides specialty chemicals for the construction, industrial, specialty, and consumer markets.

Ternium

Market Cap: US$9.2b

Manufactures and distributes steel products in Mexico, Southern Region, Brazil, and internationally.

Eastman Chemical

Market Cap: US$8.5b

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

Commercial Metals

Market Cap: US$8.0b

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

AptarGroup

Market Cap: US$7.4b

Designs and manufactures drug delivery, consumer product dispensing, and active material science solutions and services for the pharmaceutical, fragrance, facial skincare, color cosmetics, personal care, home care, and food and beverage markets.

Mosaic

Market Cap: US$7.2b

Through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients.

NewMarket

Market Cap: US$6.8b

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

Eagle Materials

Market Cap: US$6.2b

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

Constellium

Market Cap: US$4.5b

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.

Warrior Met Coal

Market Cap: US$4.4b

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

Scotts Miracle-Gro

Market Cap: US$3.4b

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.

Graphic Packaging Holding

Market Cap: US$3.0b

Engages in the design, production, and sale of consumer packaging products to brands in food, beverage, foodservice, household, and other consumer products in the Americas, Europe, and the Asia Pacific.

Titan America

Market Cap: US$2.8b

Through its subsidiaries, manufactures and supplies heavy building materials and services in the United States.

Ashland

Market Cap: US$2.6b

Provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally.

Worthington Steel

Market Cap: US$2.0b

Operates as a steel processor in North America.

Innospec

Market Cap: US$2.0b

Develops, manufactures, blends, markets, and supplies specialty chemicals in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

FMC

Market Cap: US$1.6b

An agricultural sciences company, develops, markets, and sells crop protection chemicals in Latin America, North America, Europe, the Middle East, Africa, and Asia.

Ecovyst

Market Cap: US$1.5b

Offers virgin and regenerated sulfuric acid products and services in the United States and internationally.

TriMas

Market Cap: US$1.4b

Engages in the design, development, manufacture, and sale of products for consumer products, aerospace and defense, and industrial markets worldwide.

Tronox Holdings

Market Cap: US$1.2b

Operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific.