Trimming Albemarle FVE to $130 on Higher Wodgina-Related Capital Expenditures; Shares Undervalued
On Dec. 17, Albemarle held a conference call to discuss the Wodgina acquisition that was announced last month. Albemarle will purchase a 50% interest in the Wodgina lithium operation for $1.15 billion from Mineral Resources, or Min Res. Min Res will retain the other 50% and the two will operate a joint venture together. While our outlook for Albemarle is largely unchanged from when the deal was announced, we trim our fair value estimate to $130 per share from $131 on slightly higher than anticip...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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