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CF Industries

By order of sales volume during the most recent annual period, CF Industries is primarily exposed to UAN, Ammonia, a variety of other nitrogen products including compound fertilizers (NPK's) and nitrogen purposed for industrial uses-diesel exhaust fluid, urea liquor, nitric acid and aqua ammonia. Sales of urea and ammonium nitrate round out CF's nitrogen production basket. On an average annual basis CF assets produce around 9.48 mn gross metric tonnes ammonia, although this is better represented as 3.98 mn metric tonnes net internally consumed ammonia. CF ammonia is directed into around 6.95 mn metric tonnes of annual UAN capacity, 2.03 mn metric tonnes ammonium-nitrate, and 185K metric tonnes of nitrogen fertilizer compounds. CF also operates around 5.30 mn metric tonnes of urea capacity. Assets are located in the U.S., Canada, Trinidad and the United Kingdom. (06 Feb 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
Focused

CF 3Q18: Tightening Supply, Cost Advantage

Earnings Note: 06 Nov 2018, 8:18 PM ET - The company delivered solid results as industry fundamentals continue to improve on the back of solid demand and production outages.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

CF 2Q18: Shale Cost Advantage in the Driving Seat

Earnings Note: 05 Aug 2018, 10:25 PM ET - CF Industries reported solid 2Q18 results. Volumes carried-over demand from 1Q18 to 2Q18 as a result of unfavorable weather that delayed the spring application season, while prices were supported by tighter global nitrogen S&D balance. 
Focused

CF 1Q18: NA Structural Advantage Persists

Earnings Note: 06 May 2018, 9:53 PM ET - CF reported mixed results with revenue declining 8% yoy to $957 mn, but adjusted EBITDA grew 35% to $354 mn. Unfavorable weather negatively impacted volumes. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

US IG Strategy: Buying Opportunities

Strategy Analysis: 22 Feb 2018, 9:35 PM ET - Although the IG index has retraced all of 2018's spread tightening, we continue to like IG bonds. We present more than 50 bonds we suggest buying based on our fundamental view of the credit and outsized spread widening from peak levels.
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CF Industries 4Q17: Progress Not Perfection

Earnings Note: 15 Feb 2018, 11:50 PM ET - CF Industries reported strong 4Q17 results, characterized by average selling prices growth across all segments, and higher volumes across most business lines.

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 
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Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.
Focused

CF Industries: Tenders For Up To $200 mn of Bonds

Worth Watching: 11 Dec 2017, 8:46 PM ET - CF Industries (CF: Ba3/BB+ Senior Unsecured) announced its intention to tender for up to $200 million of the 7.125% senior unsecured notes due 2020. The company expects to fund the tender offer using cash on hand, which totaled $2.2 billion as of ..
Focused

CF Industries 3Q17: Pricing Pressure Persists

Earnings Note: 06 Nov 2017, 5:02 AM ET - CF affirmed its intention to attain investment grade ratings. However, the weakness in the fertilizer industry should persist through 2018 resulting in operational weakness over that time frame.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

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