Lowering Moat Ratings to None for All Frac Sand Companies
Our recently revised lower forecasts for Northern White mine-gate frac sand pricing means that we no longer expect our frac sand companies under coverage to earn significant economic profits at midcycle. As such, we are now lowering our moat ratings to none for three frac sand companies that have until now held narrow moats: U.S. Silica, Hi-Crush, and Smart Sand. The revised forecasts that led to this change have already been incorporated into our models and valuations, meaning that our fair val...
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