MOS under appreciated and undervalued compared to competitors

(Full disclosure before I get started I do own about a dozen shares of MOS)

So as the title above states, my thesis is that Mosaic (MOS) is undervalued compared to its peers and I wanted to get some opinions on this. Recently JP Morgan upgraded Scott’s Miracle Grow (which is a direct competitor to Mosaic) to overweight because of lower commodity costs that are inputs to their fertilizer production. However these lower commodity costs don’t exclusively effect (SMG), they would effect all fertilizer producers including (MOS). Seeing as (SMG) has just a crippling amount of debt compared to (MOS) which has a healthy amount of debt compared to its equity, it seems like a no brained that Mosaic would be more fairly valued. Feel free to give your own opinions and analysis.