Revising Proppant Company FVEs Downward on Lower Pricing Outlook; Hi-Crush Still Undervalued
We are adjusting our proppant market forecasts, and consequently our fair value estimates for all four covered proppant companies are moving moderately down. Our U.S. Silica fair value estimate moves from $35 to $32 per share, Fairmount moves from $4.50 to $3.75, Smart Sand moves from $14.50 to $13.00, and Best Idea Hi-Crush moves from $17.50 to $15.50.Although our assessment of Hi-Crush is moving slightly lower, at current share prices, the company remains quite undervalued and more than earns...
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