U.S. Silica's New Mine Leads to Bump in Fair Value Estimate; Lowering FVE for Peers on Lower Pricing
We are revisiting our overall industry outlook for proppant suppliers after U.S. Silica’s announcement June 14 that it will soon begin construction on a new frac sand mine in West Texas. This revised outlook results in a lower forecast for midcycle 2020 Northern White mine-gate pricing from about $36.50 to $35.00 per ton. This lower pricing forecast results in lower fair value estimates for three of our covered proppant companies. Hi-Crush moves from $19 to $17.50 per unit, Smart Sand from $16.5...
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