Hi-Crush's Very Positive 3Q Results Don't Move Our Long-Term Outlook; Our FVE Is Unchanged
Our fair value estimate for no-moat frac sand producer Hi-Crush remains unchanged at $10 per unit after reviewing the company’s third-quarter results. While the company generated very positive results, our long-term outlook remains dominated by the imminent arrival of large volumes of low-cost West Texas sand.Hi-Crush continues to ramp up its Kermit facility in West Texas, with the facility reaching essentially full utilization in October after having opened in July. This is undoubtedly a posit...
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