Strong Lithium Growth Drives SQM's Third-Quarter Results; Shares Undervalued but High Risk
SQM reported solid third-quarter results largely in line with our expectations. EBITDA increased about 10% year on year to $182 million, as growth in lithium more than offset weakness in the other segments. Our thesis for strong lithium market growth continues to play out, with global lithium demand set to grow roughly 10% in 2016. We expect an even higher growth rate going forward, driven by higher electric and hybrid vehicle sales. With shares trading at a 20% discount to our unchanged $35 per...
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