Lowering Proppant Companies FVEs on Lowered Frac Sand Midcycle Pricing Forecast
We've lowered our fair value estimates for our covered proppant companies owing chiefly to a lower midcycle frac sand pricing forecast. U.S. Silica has moved to $24.50 per share from $31, Hi-Crush to $11.50 per unit from $13.50, and Smart Sand to $6 per share from $8.25. Additionally, we've updated our valuation for Covia Holdings (formerly Fairmount Santrol) to reflect the 5/1 share conversion and cash payout to former Fairmount shareholders. Our new Covia fair value estimate is $18.50 per shar...U.S. Silica Holdings is a holding company. Through its subsidiaries, the company is a performance materials company and a producer of commercial silica used in industrial applications and in the oil and gas industry. The company is also engaged in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. The company's segments include: Oil and Gas Proppants, which serves the oil and gas recovery market by providing and delivering fracturing sand; and Industrial and Specialty Products, which provides products and materials for building and construction products, fillers and extenders, filtration, glassmaking, absorbents, foundry, and sports and recreation.
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