Maintaining $64 FVE as SQM Provides High-Level Commentary on 1Q; Shares Trading in 5-Star Territory
On April 26, SQM's management team provided some high-level commentary on upcoming first-quarter results that were generally consistent with our full-year expectations. With no changes to our outlook, we maintain our $64 per share fair value estimate and narrow moat rating. At current prices, we view SQM as materially undervalued, with the stock trading in 5-star territory.We contend that the market is taking a shortsighted approach when it comes to lithium prices. Although we forecast lower li...
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