Covia stands out as the most disadvantaged proppant company because of its resin focus.
We've lowered our fair value estimates for our covered proppant companies owing chiefly to a lower midcycle frac sand pricing forecast. U.S. Silica has moved to $24.50 per share from $31, Hi-Crush to $11.50 per unit from $13.50, and Smart Sand to $6 per share from $8.25. Additionally, we've updated our valuation for Covia Holdings (formerly Fairmount Santrol) to reflect the 5/1 share conversion and cash payout to former Fairmount shareholders. Our new Covia fair value estimate is $18.50 per shar...Covia Holdings is a holding company. Through its subsidiaries, the company provides minerals-based and material solutions for the Industrial and Energy markets. The company's Industrial segment provides raw products to the glass, ceramics, coatings, polymers, construction, foundry, filtration, sports and recreation and various other industries. The company's Energy segment provides the oil and gas industry a portfolio of raw frac sand, proppants, well-cementing additives, gravel-packing media and drilling mud additives that meet or exceed the American Petroleum Institute standards. The company's products serve hydraulic fracturing operations in the United States, Canada, Argentina, Mexico, China, and northern Europe.
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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