Increasing Our FVEs for Frac Sand Companies Owing to Higher Demand Outlook
We are increasing our fair value estimates for the proppant producers we cover following an update to our frac sand outlook. U.S. Silica moves to $31 per share from $26.50, Hi-Crush Partners to $13.50 per unit from $10, Fairmount Santrol to $4.50 per share from $3.75, and Smart Sand to $8.25 per share from $6.50. Overall, the higher valuations are a result of a higher proppant demand forecast, somewhat offset by increased forecasts for low-cost regional sand supply. Each of these companies still...
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