Snow Stops for Compass in Q1; Trimming Our FVE to $88, but Shares Still Undervalued
Snow has been scarce in Compass Minerals' major Midwest markets this year. As an example, Chicago recorded no snow on the ground in January and February for the first time in 146 years. Compass' large and low-cost Goderich salt mine in Ontario serves much of the Midwest with salt through the Great Lakes waterways. We think the 2017 EPS guidance the company communicated in early February is likely to prove optimistic, and we've moved our 2017 EPS estimate to roughly 20% below the low end of manag...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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