The Mosaic Company (NYSE:MOS) is a producer and marketer of concentrated phosphate and potash crop nutrients and animal feed ingredients for the global agriculture industry.

It mines phosphate rock in Florida and process rock into finished phosphate products at facilities in Florida and Louisiana. The company mines potash in Saskatchewan, New Mexico and Michigan.

MOS has averaged 15% annual growth in earnings per share over the last five years, yet the stock has been absolutely obliterated this year, dropping nearly 30% year-to-date. The stock is trading at its five-year low based on price-to-earnings (P/E), price-to-book (P/B), price-to-sales (P/S) and price-to-cash flow (P/CF).

Its P/E of 9 is over a 40% discount to its five-year average. And with over $9 per share in cash, the stock is trading at a 6.5 multiple ex-cash — certainly not expensive for a stock growing by 15%.

Mosaic is starting to attract some interest by SAC Capital and Paulson, both noted players in the hedge fund space. Technically, the stock is deeply oversold and still trading above support at the $46 level.

Once the recent bout of risk aversion in the overall market tempers, I look for a multiple expansion and for MOS to head back to the $58 level by June options expiration.

Based MOS’ current market price of $48.12 and using a target price of $58, a target date of June 15, 2012, and $1,000 of investment capital, this is an excellent candidate for capturing some nice upside by buying the MOS June 45 Calls, buying a June call spread or selling a June put spread.

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