AGRIUM INC. $53 (Toronto symbol AGU; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 157 million; Market cap: $8.3 billion; Price-to-sales ratio: 0.7; SI Rating: Average) makes fertilizers from natural gas at 11 plants in North America and Argentina. The company also makes other fertilizers, such as potash and phosphate, from mines in Alberta, Saskatchewan and Idaho. Agrium sells its products to industrial users and farmers through over 800 stores in the U.S., Argentina and Chile.
The company continues to pursue a hostile takeover of U.S.-based fertilizer maker CF Industries Holdings Inc. (New York symbol CF). If successful, this would cost it $4.4 billion U.S. in cash and stock. Adding CF would triple Agrium’s phosphate and urea and ammonium nitrate (UAN) fertilizer-production capacity. The company has extended this offer several times. It now expires on October 22.
Despite recent weakness, the long-term outlook for fertilizer is strong. Rising populations will continue to drive demand for food. This should prompt farmers to use more fertilizer to raise their crop yields, and the quality of their products.
Agrium’s attempt to buy CF adds to its uncertainty. However, the stock trades at a reasonable 14.2 times the $3.52 U.S. a share that the company will probably earn this year. The $0.11 U.S. dividend yields 0.2%.
Agrium is a buy.
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