Upgrading SQM to a Narrow Moat Rating and $55 FVE Because of Low-Cost Capacity Expansion
We’ve upgraded SQM’s economic moat rating to narrow from none, as the company has resolved its dispute with Corfo, the Chilean regulator that owns the country’s lithium assets. SQM and Corfo also renegotiated the terms of SQM’s lease on the Salar de Atacama, which generated over half of the company’s 2017 revenue. Now that the threat of value destruction no longer weighs on SQM, the company’s cost-advantaged lithium, iodine, and nitrates production is worthy of an economic moat rating. We don’t ...
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