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Gold/Mining/Energy : ENERGY EXPLORATION & PRODUCTION
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From: Dennis Roth12/5/2007 3:54:26 AM
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CVR Energy, Inc. (CVI): Initiating coverage with a Neutral rating - Goldman Sachs - 12/02/07

Investment view
We are initiating coverage of CVR Energy with a Neutral rating. We see meaningful long-term upside potential for CVR shares based on our secularly bullish refining outlook, internal growth opportunities at its Coffeyville, Kansas refinery, and growth and valuation upside via its nitrogen fertilizer business. However, we are starting it with a Neutral rating primarily because we see a similar near-term risk/reward in the shares of existing Buy-rated Sunoco and Valero Energy, both of which trade less expensively than CVR.

Core drivers of growth
Core drivers of growth include:
(1) exposure to refining margins;
(2) expansion opportunities at its Coffeyville refinery and fertilizer plant; and
(3) acquisitions.

Risks to the investment case
Key risk is sustained lower refining margins as well as major disruptions at its refinery/fertilizer plant.
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