No. of Recommendations: 1

In addition to the above, the company scores a perfect 9 for 9 on the Piotrosky scoring system. I don't think I've seen that before.

Further, using my old 10-5-Terminal DCF quick model, with trailing $1,754 MM in FCF, last night's share price of $203.65 prices in 1.9% / 0.9% / 0% growth over the next five years, five years, and terminal periods, at a 15% discount rate.

As mentioned, FCF is going to be reduced over the next couple of years, though, because it's going to be spending nearly $4 billion to expand two of its facilities for nitrogen production. That's a smart move, in my opinion, because demand is going nowhere but up. And with the spread between strong pricing and cheap natural gas, this company should throw off the cash like nobody's business for the next several years.

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