Following Albemarle's Lower Long-Term Chilean Lithium Production Forecast, We Reduce Our FVE to $131
Albemarle reported decent third-quarter results as higher bromine and catalysts results drove an 18% year-on-year adjusted EBITDA growth to $235 million. However, in its earnings presentation, Albemarle released a change to its long-term lithium production plan with lower lithium carbonate production from Chile. Having updated our model to reflect this change, partially offset by a higher near-term bromine outlook, we reduce our fair value estimate to $131 per share from $135 for narrow-moat Alb...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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