Announcement • Apr 29
CF Industries Holdings, Inc. Has Declares Quarterly Dividend on Common Stock, Payable on May 29, 2026 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share quarterly dividend on its common stock. The dividend will be payable on May 29, 2026, to stockholders of record as of May 15, 2026. Announcement • Mar 23
CF Industries Holdings, Inc.(NYSE:CF) dropped from FTSE All-World Index (USD) CF Industries Holdings, Inc.(NYSE:CF) dropped from FTSE All-World Index (USD) Announcement • Mar 18
CF Industries Holdings, Inc., Annual General Meeting, Apr 28, 2026 CF Industries Holdings, Inc., Annual General Meeting, Apr 28, 2026. Announcement • Feb 19
CF Industries Holdings, Inc. Reports Asset Impairment for the Fourth Quarter Ended December 31, 2025 CF Industries Holdings, Inc. reported asset impairment for the fourth quarter ended December 31, 2025. For the quarter, the company reported asset impairment of $76 million. Consists of asset impairment charges related to property, plant and equipment at the Donaldsonville and Yazoo City Complexes. Announcement • Jan 28
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on February 27, 2026 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on February 27, 2026, to stockholders of record as of February 13, 2026. Announcement • Oct 02
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on November 28, 2025 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on November 28, 2025, to stockholders of record as November 14, 2025. Announcement • Aug 07
CF Industries Holdings, Inc. Provides Production Guidance for the Year 2025 CF Industries Holdings, Inc. provided production guidance for the year 2025. For the year, the company expects gross ammonia production for the full year 2025 to be approximately 10 million tons. Announcement • Jul 25
CF Industries Holdings, Inc. Announces Executive Changes CF Industries Holdings, Inc. announced that Ashraf K. Malik, senior vice president, manufacturing and distribution, has informed the Company that he will retire from CF Industries effective April 1, 2026. Trevor Williams, an industry veteran with more than 30 years of experience in nitrogen and chemicals manufacturing, will join CF Industries upon Mr. Malik’s retirement and succeed him as senior vice president, manufacturing and distribution. Mr. Williams most recently was the Executive Vice President and President of Nitrogen and Phosphate at Nutrien and was previously Senior Vice President of Nitrogen Operations at Nutrien. Before joining Nutrien (formerly Agrium) in 2011, he worked for Nova Chemicals in various engineering, leadership, and management roles. He holds a Bachelor of Science in Chemistry from Mount Allison University and a Bachelor of Chemical Engineering from the Technical University of Nova Scotia (Dalhousie). Announcement • Jul 09
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on August 29, 2025 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on August 29, 2025, to stockholders of record as of August 15, 2025. Announcement • May 08
CF Industries Holdings, Inc. (NYSE:CF) announces an Equity Buyback for $2,000 million worth of its shares. CF Industries Holdings, Inc. (NYSE:CF) announces a share repurchase program. Under the program, the company will repurchase up to $2,000 million worth of its shares. The program will commence upon completion of the current share repurchase program. The repurchase program will run through December 2029. Announcement • Apr 30
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on May 30, 2025 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend for quarter on its common stock. The dividend will be payable on May 30, 2025, to stockholders of record as of May 15, 2025. Announcement • Mar 26
CF Industries Holdings, Inc., Annual General Meeting, May 06, 2025 CF Industries Holdings, Inc., Annual General Meeting, May 06, 2025. Announcement • Jan 31
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on February 28, 2025 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on February 28, 2025, to stockholders of record as of February 14, 2025. Announcement • Nov 12
Jarden Reportedly Tapped for Incitec Pivot Fertiliser Sale Incitec Pivot Limited (ASX:IPL)'s freshly appointed management has brought in a new investment bank to handle the sale of the distribution arm of its fertiliser business as looks to clear the decks and focus on its future as a mining explosives play. The move to break up the fertiliser unit and sell off the distribution arm was first flagged by DataRoom and announced when the company delivered its annual result on 11 November 2024. It came as the company wiped $941 million off the valuation of the Australian Incitec Pivot fertiliser division. The bank being added to the ticket is Jarden. The move comes as new boss Mauro Neves de Moraes takes over. UBS and Macquarie Capital have previously made efforts to sell the fertiliser business and Macquarie still has a role. This time, though, it appears that the group is motivated to move it off its books and look to a future focused on its more successful commercial explosives operation Dyno Nobel, so it is expected to take a realistic approach to price. Former Incitec Pivot management held out for top dollar when trying to sell its fertiliser unit twice before, and opposed a business break-up. Most buyers were keen to buy the distribution arm and few were interested in taking on the more problematic manufacturing operation. But now, with distribution available separately, the sale process is likely to involve plenty of competitive tension. Australian listed trade buyers like Elders Limited (ASX:ELD) and Ridley Corporation Limited (ASX:RIC) and global strategics like The Mosaic Company (NYSE:MOS), CF Industries Holdings, Inc. (NYSE:CF) and Nutrien Ltd. (TSX:NTR), which has a major Australian presence, will be going head to head with private equity firms like Pacific Equity Partners and BGH Capital, which have been sounded out by investment bankers in recent months. It's clear the market is in favour of the decision, with shares closing higher, despite a thumping $311 million loss and an overall $1 billion writedown to the fertiliser unit. The writedown included $100m for its US operations Most of the rest was linked to the Australian manufacturing operations. The sale process will get going in earnest early next year. The book value is now $414.3 million, compared to more than $1 billion in the past. Private equity in the past has put forward offers of less than $500 million for the fertiliser business, but that was when manufacturing was also part of the picture, although they will be still keen to snap up the operation at an opportunistic price. Announcement • Nov 11
Incitec Pivot to Revive Fertiliser Business Sale Campaign The $6 billion listed industrials group Incitec Pivot Limited (ASX:IPL) is set to announce a revived sale process for its fertiliser business when it reports annual earnings on November 11, 2024 and is prepared to break up the division, valued at $1.1 billion. It confirms earlier reports in DataRoom that a fresh sale process would start in 2025 with private equity funds such as Pacific Equity Partners positioning to buy the business. Incitec Pivot is increasingly keen to distance itself from the fertiliser business and carry on as a pure-play explosives and industrial chemicals manufacturer, and has signalled this to investors. It has tried to sell the business before. There has been some informal interest from strategic players, with suggestions that groups such as Ridley or Nutrien may be keen to buy Incitec Pivot's distribution assets. Strategic buyers include Nutrient, CF Industries Holdings, Inc. (NYSE:CF) and The Mosaic Company (NYSE:MOS). Incitec Pivot held talks with Indonesia's Pupuk Kaltim for a sale of the unit earlier this year for a price thought to be more than $1 billion, but there was no deal. Morningstar says the fertiliser unit accounts for about a third of the stock's fair value - which means it comes in at about $1.2 billion. The sale comes as KPMG has been tapped to sell smaller rival Wengfu Australia. Wengfu distributes fertiliser along the east coast, with assets in Brisbane, Newcastle, Geelong, Portland and Adelaide. Market sources say that it is expected to sell for between $50 million and $80 million. However, if it sold for a similar price to the Incitec Pivot unit it would be closer to $200 million. Its parent company is Guizhou Phosphate and Chemical Group. The understanding is a data room is open. There are three overseas buyers but no domestic interest. The deal is likely to be completed in the first half of 2025. Upcoming Dividend • Nov 08
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 15 November 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.1%). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$1.55 (vs US$0.85 in 3Q 2023) Third quarter 2024 results: EPS: US$1.55 (up from US$0.85 in 3Q 2023). Revenue: US$1.37b (up 7.6% from 3Q 2023). Net income: US$276.0m (up 68% from 3Q 2023). Profit margin: 20% (up from 13% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 07
Second quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 15th November 2024 Payment date: 29th November 2024 Dividend yield will be 2.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.7% over the next 3 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Announcement • Oct 03
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on November 29, 2024 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on November 29, 2024, to stockholders of record as of November 15, 2024. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$2.30 (vs US$2.71 in 2Q 2023) Second quarter 2024 results: EPS: US$2.30 (down from US$2.71 in 2Q 2023). Revenue: US$1.57b (down 11% from 2Q 2023). Net income: US$420.0m (down 20% from 2Q 2023). Profit margin: 27% (down from 30% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Aug 08
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.5%). Declared Dividend • Jul 15
First quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 15th August 2024 Payment date: 30th August 2024 Dividend yield will be 2.8%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 2.7% over the next 3 years. However, it would need to fall by 69% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 11
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on August 30, 2024 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on August 30, 2024, to stockholders of record as of August 15, 2024. Upcoming Dividend • May 09
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 14 May 2024. Payment date: 31 May 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.9%). Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$1.03 (vs US$2.85 in 1Q 2023) First quarter 2024 results: EPS: US$1.03 (down from US$2.85 in 1Q 2023). Revenue: US$1.47b (down 27% from 1Q 2023). Net income: US$194.0m (down 65% from 1Q 2023). Profit margin: 13% (down from 28% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 23
Fourth quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 14th May 2024 Payment date: 31st May 2024 Dividend yield will be 2.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 77% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 20
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on May 31, 2024 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.50 per share dividend on its common stock. The dividend will be payable on May 31, 2024, to stockholders of record as of May 15, 2024. Recent Insider Transactions • Mar 16
VP & Corporate Controller recently sold €852k worth of stock On the 14th of March, Richard Hoker sold around 11k shares on-market at roughly €77.22 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.6m more than they bought in the last 12 months. Announcement • Mar 08
CF Industries Holdings, Inc., Annual General Meeting, Apr 18, 2024 CF Industries Holdings, Inc., Annual General Meeting, Apr 18, 2024, at 11:00 Central Standard Time. Agenda: To consider Election of Directors Nominees; Advisory vote to approve the compensation of CF Industries Holdings, Inc.s named executive officers; Ratification of the selection of KPMG LLP as CF Industries Holdings, Inc.s independent registered public accounting firm for 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: US$7.89 (vs US$16.46 in FY 2022) Full year 2023 results: EPS: US$7.89 (down from US$16.46 in FY 2022). Revenue: US$6.63b (down 41% from FY 2022). Net income: US$1.53b (down 54% from FY 2022). Profit margin: 23% (down from 30% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 07
Upcoming dividend of US$0.50 per share at 2.6% yield Eligible shareholders must have bought the stock before 14 February 2024. Payment date: 29 February 2024. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.1%). Announcement • Feb 05
CF Industries Holdings, Inc. Appoints Christopher D. Bohn as Executive Vice President, Chief Operating Officer and Member of Board of Directors CF Industries Holdings, Inc. announced that Christopher D. Bohn has been appointed Executive Vice President and Chief Operating Officer and has been elected to the Company’s Board of Directors, effective February 1, 2024. Mr. Bohn will lead global manufacturing, distribution, sales and supply chain, including the Company’s clean energy initiatives. He will be accountable for operational excellence focused on safety, productivity and long-term growth. Mr. Bohn is currently Executive Vice President and Chief Financial Officer with responsibility for strategic planning, business development and investor relations. He joined CF Industries in September 2009. Mr. Bohn has more than 14 years of experience in the nitrogen fertilizer sector, including developing and leading the Company’s Clean Energy business. He has also been instrumental in developing and executing capital deployment and growth initiatives and brings proven disciplined leadership to the role. He previously served CF Industries as Executive Vice President and Chief Financial Officer; Senior Vice President, Manufacturing and Distribution; Vice President, Supply Chain; and Vice President, Corporate Planning. Mr. Bohn will continue to serve as Chief Financial Officer until a permanent replacement has been appointed. An external search is underway. Declared Dividend • Feb 04
Third quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 14th February 2024 Payment date: 29th February 2024 Dividend yield will be 2.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 47% over the next 2 years. However, it would need to fall by 84% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 01
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on February 29, 2024 CF Industries Holdings, Inc. announced that its board of directors has declared a $0.50 per share dividend on its common stock, a 25% increase compared to its prior quarterly dividend. The dividend will be payable on February 29, 2024, to stockholders of record as of February 15, 2024. Announcement • Dec 02
CF Industries Holdings, Inc. (NYSE:CF) completed the acquisition of Ammonia Production Facility and Business in Waggaman, Louisiana of from Incitec Pivot Limited (ASX:IPL). CF Industries Holdings, Inc. (NYSE:CF) entered into an agreement to acquire Ammonia Production Facility and Business in Waggaman, Louisiana of from Incitec Pivot Limited (ASX:IPL) for $1.7 billion on March 20, 2023. Under the terms of the agreement, CF Industries will purchase IPL’s ammonia production complex located in Waggaman, Louisiana and the ammonia manufacturing business for a purchase price of $1.675 billion, subject to adjustment. The parties will allocate approximately $425 million of the purchase price to a long-term ammonia offtake agreement providing for an affiliate of CF Industries to supply up to 200,000 tons of ammonia per year to an affiliate of IPL. CF Industries expects to fund the remaining $1.25 billion of the purchase price with cash on hand. CF Industries has agreed to pay IPL a termination fee of $75 million if the Agreement is terminated in certain circumstances and certain regulatory approvals are not obtained. As of November 15, 2023, CF Industries announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The consummation of the transaction is subject to the satisfaction or waiver of customary conditions, including, among others, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and receipt of certain regulatory approvals. The transaction has been unanimously approved by the boards of directors of both companies. As of November 1, 2023, the transaction is expected to close on December 1, 2023. Goldman Sachs & Co. LLC is serving as the financial advisor to CF Industries on the transaction. Richard C. Witzel,Jr. of Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal advisor. Ryan Maierson and Lauren Anderson of Latham?& Watkins LLP are acting as legal advisor to IPL. IPL engaged J.P. Morgan Securities LLC as financial advisor. Ernst & Young Australia acted as financial advisor and due diligence provider to Incitec Pivot Limited (ASX:IPL).
CF Industries Holdings, Inc. (NYSE:CF) completed the acquisition of Ammonia Production Facility and Business in Waggaman, Louisiana of from Incitec Pivot Limited (ASX:IPL) on December 1, 2023. Upcoming Dividend • Nov 07
Upcoming dividend of US$0.40 per share at 2.0% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (6.1%). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$0.85 (vs US$2.19 in 3Q 2022) Third quarter 2023 results: EPS: US$0.85 (down from US$2.19 in 3Q 2022). Revenue: US$1.27b (down 45% from 3Q 2022). Net income: US$164.0m (down 63% from 3Q 2022). Profit margin: 13% (down from 19% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 7.7% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 11
Insider recently sold €708k worth of stock On the 7th of August, Douglas Barnard sold around 10k shares on-market at roughly €73.04 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €972k. Insiders have been net sellers, collectively disposing of €21m more than they bought in the last 12 months. Recent Insider Transactions • Aug 09
Insider recently sold €708k worth of stock On the 7th of August, Douglas Barnard sold around 10k shares on-market at roughly €73.04 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €972k. Insiders have been net sellers, collectively disposing of €21m more than they bought in the last 12 months. Upcoming Dividend • Aug 07
Upcoming dividend of US$0.40 per share at 2.0% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.8%). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$2.71 (vs US$5.60 in 2Q 2022) Second quarter 2023 results: EPS: US$2.71 (down from US$5.60 in 2Q 2022). Revenue: US$1.78b (down 48% from 2Q 2022). Net income: US$527.0m (down 55% from 2Q 2022). Profit margin: 30% (down from 34% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Jun 25
CF Industries Holdings, Inc.(NYSE:CF) dropped from Russell 1000 Growth Index CF Industries Holdings, Inc.(NYSE:CF) dropped from Russell 1000 Growth Index Buying Opportunity • Jun 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be €81.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings is also forecast to decline by 32% per annum over the same time period. Recent Insider Transactions • Jun 02
Senior VP recently sold €972k worth of stock On the 30th of May, Douglas Barnard sold around 17k shares on-market at roughly €57.16 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €20m more than they bought in the last 12 months. Announcement • May 05
CF Industries Holdings, Inc. Declares Quarterly Dividend, Payable on May 31, 2023 CF Industries Holdings, Inc. reported that its board of directors has declared a $0.40 per share dividend on its common stock. The dividend will be payable on May 31, 2023, to stockholders of record as of May 15, 2023. Buying Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €81.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings is also forecast to decline by 14% per annum over the same time period. Reported Earnings • May 02
First quarter 2023 earnings released: EPS: US$2.85 (vs US$4.23 in 1Q 2022) First quarter 2023 results: EPS: US$2.85 (down from US$4.23 in 1Q 2022). Revenue: US$2.01b (down 30% from 1Q 2022). Net income: US$560.0m (down 37% from 1Q 2022). Profit margin: 28% (down from 31% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €98.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 88%. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings is also forecast to decline by 32% per annum over the same time period. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$16.46 (vs US$4.27 in FY 2021) Full year 2022 results: EPS: US$16.46 (up from US$4.27 in FY 2021). Revenue: US$11.2b (up 71% from FY 2021). Net income: US$3.35b (up 265% from FY 2021). Profit margin: 30% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
CF Industries Holdings, Inc. Provides Gross Ammonia Production Guidance Full Year 2023 CF Industries Holdings, Inc. provided gross ammonia production guidance full year 2023. For the period, the company expects Gross ammonia production will be approximately 9.5 million tons. Buying Opportunity • Feb 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €99.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 81%. For the next 3 years, revenue is forecast to decline by 13% per annum. Earnings is also forecast to decline by 32% per annum over the same time period. Upcoming Dividend • Feb 07
Upcoming dividend of US$0.40 per share at 1.9% yield Eligible shareholders must have bought the stock before 14 February 2023. Payment date: 28 February 2023. Payout ratio is a comfortable 9.1% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.0%). Buying Opportunity • Jan 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €95.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 81%. For the next 3 years, revenue is forecast to decline by 13% per annum. Earnings is also forecast to decline by 29% per annum over the same time period. Buying Opportunity • Jan 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be €97.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 81%. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings is also forecast to decline by 30% per annum over the same time period. Upcoming Dividend • Nov 07
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 9.1% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (5.7%). Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$2.19 (vs US$0.86 loss in 3Q 2021) Third quarter 2022 results: EPS: US$2.19 (up from US$0.86 loss in 3Q 2021). Revenue: US$2.32b (up 70% from 3Q 2021). Net income: US$438.0m (up US$623.0m from 3Q 2021). Profit margin: 19% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to decline by 15% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 28
President recently sold €11m worth of stock On the 24th of August, W. Will sold around 103k shares on-market at roughly €110 per share. This was the largest sale by an insider in the last 3 months. W. has been a seller over the last 12 months, reducing personal holdings by €23m. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 15% share price gain to €119, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Chemicals industry in Germany. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €115 per share. Upcoming Dividend • Aug 05
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 12 August 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (5.6%). Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: US$5.60 (vs US$1.14 in 2Q 2021) Second quarter 2022 results: EPS: US$5.60 (up from US$1.14 in 2Q 2021). Revenue: US$3.39b (up 113% from 2Q 2021). Net income: US$1.17b (up 374% from 2Q 2021). Profit margin: 34% (up from 16% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 2.4%, compared to a 5.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 07
VP & Corporate Controller recently sold €593k worth of stock On the 6th of June, Richard Hoker sold around 7k shares on-market at roughly €88.75 per share. In the last 3 months, they made an even bigger sale worth €1.3m. Insiders have been net sellers, collectively disposing of €27m more than they bought in the last 12 months. Upcoming Dividend • May 06
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 31 May 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.1%). Lower than average of industry peers (5.1%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 16% share price gain to €92.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Chemicals industry in Germany. Total returns to shareholders of 181% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €111 per share. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 19% share price gain to €83.50, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Chemicals industry in Germany. Total returns to shareholders of 154% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €103 per share. Recent Insider Transactions • Feb 26
Senior VP recently sold €3.2m worth of stock On the 24th of February, Douglas Barnard sold around 45k shares on-market at roughly €70.73 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €7.2m more than they bought in the last 12 months. Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$4.27 (up from US$1.48 in FY 2020). Revenue: US$6.54b (up 59% from FY 2020). Net income: US$917.0m (up 189% from FY 2020). Profit margin: 14% (up from 7.7% in FY 2020). Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 31%, compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS US$1.14 (vs US$0.89 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: US$1.59b (up 32% from 2Q 2020). Net income: US$246.0m (up 30% from 2Q 2020). Profit margin: 16% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 06
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 31 August 2021. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.5%). Executive Departure • May 08
Independent Director has left the company On the 4th of May, William Davisson's tenure as Independent Director ended after 15.8 years in the role. As of December 2020, William personally held 46.19k shares (€1.4m worth at the time). A total of 3 executives have left over the last 12 months. Upcoming Dividend • May 07
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 14 May 2021. Payment date: 28 May 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (3.5%). 
