CF Industries: Iran Premium Peels Back — Time to Short the Rerating?
CF Industries (CF) looks priced for a world with sustained fertilizer tightness. The recent ceasefire through the Strait of Hormuz — and the resulting collapse in oil — removes a near-term pricing tailwind. With a market cap around $18.3B, EPS of $9.47 and FCF of $1.8B, the business is healthy. Still, a sharper-than-expected drop in fertilizer real…