Andrew McCreath CVR Energy CVI-N TOP PICK Jun 21, 2011

Owned 2 businesses. Nitrogen fertilizer and a refinery. Spun off the nitrogen fertilizer in April, which will declare a dividend of $1.92 a share. An 8% yield on the spin-off would be worth about $24 a share. CVR has a $1.3 billion position in the spin-off. CVR market cap is $2 billion and subtracting $1.3 billion gets you $0.7 billion for the refinery business. Current crack spreads generate $600 million in EBITDA this year with the replacement value of $2.8 billion.