FMC Completes Spin-Off of Minority Stake in Lithium Business; No Changes to Our Outlook
On Oct. 11, FMC completed the initial minority stake spin-off of its lithium business, which now trades on the NYSE under the name Livent (ticker LTHM). FMC will retain an 84.25% equity ownership stake and as such will continue to report Livent's results in FMC's consolidated financial statements. We expected the minority equity stake spin-off to occur by the end of 2018, and with no changes to our outlook, we maintain our $90 per share fair value estimate for FMC. Our narrow moat rating is also...FMC is an agricultural sciences company. The company provides solutions to growers around the world with a product portfolio fueled by a discovery and development pipeline in crop protection, plant health, and personnel pest and turf management. This combination of technologies includes insect control products based on Rynaxypyr? and Cyazypyr? active ingredients; Authority?, Boral?, Centium?, Command? and Gamit? branded herbicides; Talstar? and Hero? insecticides; and flutriafol-based fungicides. The company's products are used in agriculture to improve crop yield and quality by controlling a range of insects, weeds and disease, as well as in non-agricultural markets for pest control.
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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