Maintaining $81 FVE as Wide-Moat Compass Minerals' Profits on Track for Recovery; Shares Undervalued
Compass Minerals issued a 2019 adjusted EBITDA guidance range of $310 to $350 million, which was slightly below our expectations due to lower deicing salt volumes to start the year. Even so, we forecast EBITDA to grow nearly 20% year on year as Compass benefits from higher salt prices and greater fertilizer volumes.ÂOur key takeaway from management's commentary on the earnings call was the expectation that the salt segment would be generating EBITDA margins of at least 30% beginning in 2020, wh...
Compass Minerals International is a holding company. Through its wholly owned subsidiaries, the company is a provider of minerals, including salt, secondary nutrients and micronutrients, and specialty chemicals. The company has three reportable segments: Salt, which produces, markets and sells salt and magnesium chloride and sodium chloride; Plant Nutrition North America, which includes sales of sulfate of potash specialty fertilizer and specialty plant nutrients; and Plant Nutrition South America, which manufactures, distributes and markets an array of specialty plant nutrients and supplements developed and formulated from primary and secondary nutrients, specialty plant nutrients and biostimulants.
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