Edlaine Rodriguez

Edlaine Rodriguez asked about potential negative factors or 'boogeymen' that could challenge the constructive nitrogen market outlook in the near to medium term. She also followed up on the company's valuation disconnect, asking what strategies could be employed to convince investors of the perceived value gap.

Answer

Bert Frost (EVP of Sales, Market Development, and Supply Chain) expressed difficulty in identifying significant negative factors, citing constrained global supply, robust demand in key regions, and consistent market outperformance. W. Anthony Will (CEO and President) attributed the valuation disconnect to a lack of market understanding of CF Industries' unique financials and suggested continued aggressive share repurchases as the most effective solution. Christopher Bohn (EVP and COO) emphasized the company's exceptional operational performance, strong free cash flow conversion, and disciplined investments as key drivers that will eventually resonate with investors.

Edlaine Rodriguez asked about potential negative factors or 'boogeymen' that could challenge the constructive nitrogen outlook in the near or medium term, and a follow-up on what actions Chris Bohn plans to take to address the company's valuation disconnect.

Answer

Bert Frost (EVP of Sales, Market Development, and Supply Chain) stated he has difficulty finding significant negative factors, citing constrained global supply and consistent demand growth. W. Anthony Will (CEO and President) attributed the valuation disconnect to automated trading and a lack of recognition of CF Industries' unique financials, suggesting continued aggressive share repurchases. Chris Bohn (EVP and COO) emphasized continued execution, exceptional operational performance, and strong free cash flow conversion as key to eventually resonating with investors.