No Surprises in Livent's First Earnings Report as a Public Company; Maintaining Our $18 FVE
In its first quarter as a public company, Livent reported solid third-quarter results, with pro forma EBITDA up 25% year on year primarily due to higher volumes and prices, partially offset by higher operating expenses. FMC had completed the initial spin-off of Livent in October and plans to divest the remaining stake in 2019. With few changes to our long-term outlook, we maintain our $18 per share fair value estimate for narrow-moat Livent. With shares trading slightly below our fair value esti...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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