Albemarle Set to Capture Long-Term Lithium Demand Growth with Top-Tier Assets; Raising FVE to $130
Narrow-moat Albemarle’s March 16 investor day gave us even higher conviction that the company can capture incremental value from accelerating lithium demand growth and electric vehicle adoption. As a result of the incremental value from even larger long-term lithium expansion projects, partly offset by weaker refining catalyst cash flows, we have raised our fair value estimate to $130 per share from $125. We continue to view the shares as undervalued, with about 25% upside from current market pr...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.
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