Adjusting FVEs for Frac Sand Companies on New Mine Announcements
We are adjusting our fair value estimates for several frac sand companies in light of recent capacity additions by both Fairmount Santrol and, most recently, U.S. Silica. Both companies have announced new frac sand mines in West Texas, which will come online in the first half of 2018. Owing to the supply impact of this new low-cost sand, we are reducing our midcycle (2020) Northern White mine-gate sand price forecast from $29 per ton to $28 per ton. This lower price forecast impacts all frac san...Fairmount Santrol Holdings is a provider of sand-based proppant solutions used by exploration and production companies for their oil and gas wells. The company also provides sand-based products to end users in the industrial and recreational products (I&R) markets. The company is organized into two segments: proppant solutions and I&R. The proppant solutions segment provides sand-based proppants for use in hydraulic fracturing operations throughout the U.S. and Canada, Argentina, Mexico, China, northern Europe and the United Arab Emirates. The I&R segment provides raw, coated and blended sands to the foundry, building products, glass, turf and landscape and filtration industries primarily in North America.
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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