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

Freeport-McMoRan

Market Cap: US$82.7b

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

Agnico Eagle Mines

Market Cap: US$72.5b

A gold mining company, engages in the exploration, development, and production of precious metals.

CRH

Market Cap: US$68.8b

Provides building materials solutions in Ireland, the United States, the United Kingdom, rest of Europe, and internationally.

Corteva

Market Cap: US$57.0b

Operates in the agriculture business.

Nucor

Market Cap: US$51.6b

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

Martin Marietta Materials

Market Cap: US$34.2b

A natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally.

Steel Dynamics

Market Cap: US$33.0b

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

PPG Industries

Market Cap: US$25.5b

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

Dow

Market Cap: US$20.9b

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.

International Flavors & Fragrances

Market Cap: US$20.2b

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$19.9b

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

Amcor

Market Cap: US$19.4b

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

DuPont de Nemours

Market Cap: US$18.5b

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

CF Industries Holdings

Market Cap: US$18.0b

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

Ball

Market Cap: US$16.1b

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

Albemarle

Market Cap: US$15.3b

Provides energy storage solutions worldwide.

RPM International

Market Cap: US$13.2b

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

Crown Holdings

Market Cap: US$12.1b

Engages in the packaging business in the United States and internationally.

Ternium

Market Cap: US$8.4b

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

AptarGroup

Market Cap: US$7.9b

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.

NewMarket

Market Cap: US$7.2b

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

Commercial Metals

Market Cap: US$6.9b

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

Mosaic

Market Cap: US$6.6b

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

ICL Group

Market Cap: US$6.5b

Operates as a specialty minerals and chemicals company worldwide.

Perimeter Solutions

Market Cap: US$5.5b

Manufactures and supplies firefighting products, electronic components, lubricant additives, and engineered machinery in the United States, Germany, and internationally.

Cleveland-Cliffs

Market Cap: US$5.4b

Operates as a steel producer in the United States and Canada.

Sonoco Products

Market Cap: US$5.4b

Designs, develops, manufactures, and sells various engineered and sustainable packaging products in the United States, Europe, Canada, the Asia Pacific, and internationally.

Balchem

Market Cap: US$5.3b

Develops, manufactures, and distributes specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, medical device sterilization, plant nutrition, and industrial markets worldwide.

Sensient Technologies

Market Cap: US$5.1b

Manufactures and markets colors, flavors, and other specialty ingredients worldwide.

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.

Avient

Market Cap: US$3.3b

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

Titan America

Market Cap: US$3.1b

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

H.B. Fuller

Market Cap: US$3.0b

H.B. Fuller Company, together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, coatings, polymers, tapes, encapsulants, additives, and other specialty chemical products.

Ashland

Market Cap: US$2.9b

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

Quaker Chemical

Market Cap: US$2.6b

Quaker Chemical Corporation, doing business as Quaker Houghton, provides industrial process fluids worldwide.

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.