COMP <GO>

CF vs SCCO // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

CF Industries Holdings Inc. (NYSE) VS. Southern Copper Corporation (NYSE) • 15-METRIC TALLY: CF 7 — SCCO 8

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: CF

LAST: $123.30 (+4.41%) • MKT CAP: $17.87B

options-implied-move

6.50%

LAST: $177.53 (-7.42%) • MKT CAP: $161.89B

options-implied-move

7.40%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CF VS. SCCO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CF	SCCO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	38.50%	60.10%	-21.60	SCCO	/gross-margins <GO>
Return on Invested Capital (ROIC)	28.60%	41.00%	-12.40	SCCO	/roic <GO>
EV/EBITDA & P/E Valuation	6.2x	20.2x	-14.00	CF	/valuation <GO>
Free Cash Flow Yield	10.08%	2.12%	+7.96	CF	/fcf-yield <GO>
Operating Margin	32.50%	52.20%	-19.70	SCCO	/operating-margins <GO>
Net Profit Margin	25.30%	32.30%	-7.00	SCCO	/net-margins <GO>
Revenue Growth (YoY)	19.30%	17.40%	+1.90	CF	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.82%	1.54%	+0.28	CF	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.19	11.90	-8.71	SCCO	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	9/9	-1.00	SCCO	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	6.50%	7.40%	-0.90	CF	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	57.7	33.3	+24.42	CF	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.89	1.16	-0.27	SCCO	/macro-sensitivity <GO>
Forward P/E Multiple	8.4x	31.3x	-22.90	CF	/forward-pe <GO>
Enterprise Scale & Market Cap	$17.87B	$161.89B	-$144.02B	SCCO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CF REV	SCCO REV	CF GROSS %	SCCO GROSS %	CF FCF	SCCO FCF
FY 2025	$7.08B	$13.42B	38.5%	60.1%	$1.80B	$3.43B
FY 2024	$5.94B	$11.43B	34.6%	57.7%	$1.75B	$3.39B
FY 2023	$6.63B	$9.90B	44.0%	44.0%	$2.46B	$3.13B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CF // BETA 0.89

SCCO // BETA 1.16