Reassessment of New Frac Sand Supply Additions Leads to Lower Proppant Company FVEs
We are lowering our fair value estimates for all proppant companies under our coverage. U.S. Silica moves from $32 per share to $24.50, Fairmount Santrol from $3.75 to $2.25, Smart Sand from $13 to $8, and Hi-Crush from $15.50 to $11. At current share prices, this means we now view U.S. Silica and Fairmount as overvalued, and Hi-Crush and Smart Sand as close to fairly valued, although still trading at below our fair value estimates. Additionally, we have widened our uncertainty ratings for Hi-Cr...
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