Albemarle Announces Acquisition of Lithium JV; We View Deal as Value Neutral and Maintain $131 FVE
On Nov. 21, Albemarle announced it would purchase a 50% interest in the Wodgina spodumene operation in Western Australia for a price of $1.15 billion. We expect the transaction will close by the end of the year, at which point, Wodgina will be controlled by a 50-50 joint venture between Albemarle and Mineral Resources, or Min Res. Having updated our model, we view the deal as value neutral and maintain our $131 per share fair value estimate for narrow-moat Albemarle.We view Wodgina as a quality...
Albemarle is a global developer, manufacturer and marketer of chemicals across a range of end markets including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals, crop protection and custom chemistry services. The company's segments include: Lithium, which develops and manufactures a range of basic lithium compounds and lithium specialties and reagents; Bromine Specialties, which includes products used in fire safety solutions and other chemicals applications; and Catalysts, which includes Clean Fuels Technologies, fluidized catalytic cracking catalysts and additives, and performance catalyst solutions.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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