Livent's Low-Cost Lithium Production Should Benefit From Growing EV Demand
We are initiating coverage of Livent, the lithium business recently spun off from FMC, with a narrow economic moat and stable trend ratings. With shares trading below our $18 per share fair value estimate, we view shares as slightly undervalued.Livent's narrow moat is based on the firm's cost-advantaged lithium carbonate production. Livent's lithium carbonate is produced from its low-cost brine operations at the Salar del Hombre Muerto in Argentina. Because of a higher concentration of lithium ...
Livent manufactures lithium. The company's primary products, namely battery-grade lithium hydroxide, butyllithium and high purity lithium metal are inputs used in various applications. The company produces lithium compounds for use in applications that have specific performance requirements, including battery-grade lithium hydroxide for use in lithium-ion batteries. The company also supplies butyllithium, which is used as a synthesizer in the production of polymers and pharmaceutical products, as well as a range of specialty lithium compounds including high purity lithium metal, which is used in the production of lightweight materials for aerospace applications and non-rechargeable batteries.
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