SQM Continues to Increase Lithium Profit; We Maintain Our $46 FVE
SQM reported solid third-quarter results as gross profit grew 29% year on year to $189 million, primarily driven by higher lithium profits. With no changes to our long-term lithium price forecast of $10,000 per metric ton (in real terms) or operating outlook for SQM, we maintain our $46 per share fair value estimate. Our no-moat rating is also unchanged.Lithium profits grew 24% year on year to $115 million during the quarter, driven by higher prices. During the quarter, SQM finalized its agreem...
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