Markel Corporation is an insurance company, and a well run one at that. I have talk about insurance previously in my Amlin article so this article just goes straight into the facts. Markel has increased book value by a compounded 11.6% annually for the last 10 years, and sells at a price to book ratio of just 1.2
What I plan to do here is to present a detailed list of the best books and letters I have…
CF Industries is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in the world and I first mentioned it in my ‘Fertiliser Company Comparison’ article. It is currently selling at a P/E ratio of just 6.8 and generates all of its profits as free cash flow. Daniel Loeb’s Third Point has already announced it holds a position in the stock as it views it as undervalued.
Its core market and distribution facilities are concentrated in the midwestern United States (the so called corn belt) and other major agricultural areas of the U.S. and Canada. It also exports nitrogen fertilizer products from Louisiana manufacturing facilities and phosphate fertilizer products from Florida phosphate operations through its Tampa port facility. It mainly sells its products to industrial customers. It also owns a 75.3% interest in Terra Nitrogen Company (TNCLP).
A comparison of the biggest players in the US fertiliser industry looking at their valuations and operating metrics to decide which could be the most attractive investments.