SQM Reports Solid 2Q Earnings; Shares Undervalued as Our Outlook Is Unchanged
SQM reported solid second-quarter results as gross profit grew nearly 25% year on year to $224 million, driven by higher prices in all segments. With our outlook largely unchanged, we maintain our $55 fair value estimate and narrow moat rating. We view SQM as undervalued at current prices, with the shares trading roughly 20% below our fair value estimate.In lithium, revenue increased 22% year on year driven by higher lithium prices, partially offset by lower volume. SQM's average selling price ...
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