Financials CF Industries Holdings, Inc.

Equities

CF

US1252691001

Agricultural Chemicals

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
80 ^USD	+0.04%		+0.67%	+0.63%

Apr. 18	CF Industries Keeps Quarterly Dividend at $0.50 per Share, Payable May 31 to Shareholders of Record on May 15	MT
Apr. 18	CF Industries Holdings Keeps Quarterly Dividend at $0.50 Per Share, Payable on May 31 to Shareholders of Record on May 15	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,380	8,281	15,181	16,715	15,189	15,018	-	-
Enterprise Value (EV) ¹	14,050	11,559	17,018	17,357	16,125	15,968	16,233	16,505
P/E ratio	21.4 x	26.3 x	16.7 x	5.2 x	10.1 x	13 x	14.8 x	14.4 x
Yield	2.51%	3.1%	1.7%	1.76%	-	2.36%	2.32%	2.2%
Capitalization / Revenue	2.26 x	2.01 x	2.32 x	1.49 x	2.29 x	2.53 x	2.49 x	2.48 x
EV / Revenue	3.06 x	2.8 x	2.6 x	1.55 x	2.43 x	2.68 x	2.69 x	2.73 x
EV / EBITDA	8.73 x	8.56 x	6.2 x	2.95 x	5.84 x	6.56 x	7.01 x	7.12 x
EV / FCF	12.8 x	12.5 x	7.21 x	5.1 x	7.14 x	9.13 x	10.6 x	14 x
FCF Yield	7.84%	7.98%	13.9%	19.6%	14%	11%	9.42%	7.16%
Price to Book	3.63 x	2.85 x	4.75 x	3.3 x	2.69 x	2.57 x	2.51 x	2.32 x
Nbr of stocks (in thousands)	217,432	213,916	214,475	196,189	191,057	187,726	-	-
Reference price ²	47.74	38.71	70.78	85.20	79.50	80.00	80.00	80.00
Announcement Date	2/12/20	2/17/21	2/15/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,590	4,124	6,538	11,186	6,631	5,947	6,027	6,049
EBITDA ¹	1,610	1,350	2,743	5,880	2,760	2,432	2,314	2,317
EBIT ¹	993	657	2,300	5,727	2,283	1,792	1,758	1,777
Operating Margin	21.63%	15.93%	35.18%	51.2%	34.43%	30.14%	29.16%	29.38%
Earnings before Tax (EBT) ¹	772	463	1,543	5,095	2,248	1,778	1,459	1,459
Net income ¹	493	317	917	3,346	1,525	1,124	940.8	887.1
Net margin	10.74%	7.69%	14.03%	29.91%	23%	18.89%	15.61%	14.66%
EPS ²	2.230	1.470	4.240	16.38	7.870	6.175	5.412	5.545
Free Cash Flow ¹	1,101	922	2,359	3,402	2,258	1,749	1,530	1,182
FCF margin	23.99%	22.36%	36.08%	30.41%	34.05%	29.4%	25.39%	19.53%
FCF Conversion (EBITDA)	68.39%	68.3%	86%	57.86%	81.81%	71.89%	66.12%	51%
FCF Conversion (Net income)	223.33%	290.85%	257.25%	101.67%	148.07%	155.63%	162.62%	133.22%
Dividend per Share ²	1.200	1.200	1.200	1.500	-	1.888	1.859	1.764
Announcement Date	2/12/20	2/17/21	2/15/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,362	2,540	2,868	3,389	2,321	2,608	2,012	1,775	1,273	1,571	1,458	1,684	1,276	1,506	1,406
EBITDA ¹	488	1,258	1,648	1,953	983	1,296	866	857	445	592	603.2	764.5	483.8	580.8	599.4
EBIT ¹	401	1,199	1,631	1,936	907	1,261	768	736	317	462	462	688.3	304.1	486.9	-
Operating Margin	29.44%	47.2%	56.87%	57.13%	39.08%	48.35%	38.17%	41.46%	24.9%	29.41%	31.69%	40.87%	23.83%	32.33%	-
Earnings before Tax (EBT) ¹	-137	1,085	1,452	1,696	693	1,254	819	740	253	436	507.5	621	279	379.5	418.3
Net income ¹	-185	705	883	1,165	438	860	560	527	164	274	304.5	397.2	174.8	249.4	263.7
Net margin	-13.58%	27.76%	30.79%	34.38%	18.87%	32.98%	27.83%	29.69%	12.88%	17.44%	20.89%	23.59%	13.7%	16.56%	18.75%
EPS ²	-0.8600	3.270	4.210	5.580	2.180	4.350	2.850	2.700	0.8500	1.440	1.616	2.247	0.9660	1.482	1.528
Dividend per Share ²	0.3000	0.3000	0.3000	0.4000	0.4000	0.4000	0.4000	0.4000	0.4000	-	0.5000	0.5000	0.5000	0.5000	0.4667
Announcement Date	11/3/21	2/15/22	5/4/22	8/1/22	11/2/22	2/15/23	5/1/23	8/2/23	11/1/23	2/14/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,670	3,278	1,837	642	936	950	1,214	1,487
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.28 x	2.428 x	0.6697 x	0.1092 x	0.3391 x	0.3904 x	0.5248 x	0.6416 x
Free Cash Flow ¹	1,101	922	2,359	3,402	2,258	1,749	1,530	1,182
ROE (net income / shareholders' equity)	16.8%	10.9%	29.9%	81%	29%	17.3%	17%	15.4%
ROA (Net income/ Total Assets)	3.97%	2.62%	7.52%	26.1%	11.3%	7.71%	7.86%	8.75%
Assets ¹	12,417	12,097	12,199	12,844	13,499	14,569	11,973	10,133
Book Value Per Share ²	13.20	13.60	14.90	25.80	29.60	31.10	31.90	34.40
Cash Flow per Share ²	6.790	5.720	13.30	18.90	14.20	12.70	11.70	10.50
Capex ¹	404	309	514	453	499	549	611	674
Capex / Sales	8.8%	7.49%	7.86%	4.05%	7.53%	9.23%	10.14%	11.15%
Announcement Date	2/12/20	2/17/21	2/15/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CF Industries Holdings, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

80 USD

Average target price

85.4 USD

Spread / Average Target

+6.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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