Lithium Drives Strong 2016 Results for SQM; Raising Fair Value to $38 on Growing Hydroxide Exposure
We are increasing our fair value estimate for SQM to $38 per share from $35 following strong 2016 results based on the company’s growing exposure to higher-value lithium hydroxide sales. Gross profit increased 14% to $621 million for the year as increases in lithium and industrial chemicals were partially offset by declines in potash and iodine. Despite being a major lithium producer, SQM remains a risky way to play higher EV adoption due to its ongoing arbitration with CORFO, which is seeking t...
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