CF Industries (CF, Financial) is a low-cost producer of nitrogen-based fertilizers. Just over a year ago its shares were trading at over USD 50 and we decided to start analyzing it after its stock collapsed by more than 40%. It has a robust balance sheet, a strong management team, and our average price means we paid less than 8 times our estimated normalized profits.
From azValor Asset Management's third-quarter 2020 letter.
