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Compass Minerals International Inc CMP Stock Quote

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Reducing Compass Minerals' FVE to $80 on Dilutive Share Issuance and Updated Lithium Assumptions

Analyst Note

| Seth Goldstein, CFA |

We reduce our Compass Minerals fair value estimate to $80 per share from $85. Our change is the result of the company's plans to issue and sell over 6.8 million shares to Koch Industries for $252 million, which represents an average price of $36.87 per share, as well as our updated lithium project assumptions. Our wide moat rating is unchanged.

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Company Profile CMP

Business Description

Compass Minerals currently produces two primary products: salt and specialty potash fertilizer. The company's main assets include rock salt mines in Ontario, Louisiana, and the United Kingdom and a salt brine operation at the Great Salt Lake in Utah. Compass' salt products are used for deicing and also by industrial and consumer end markets. The firm also sells sulfate of potash, which is used by growers of high-value crops that are sensitive to standard potash. Compass is expanding its portfolio and plans to enter the fire retardant market, with its magnesium chloride-based product used to combat forest fires. The company also plans to enter the lithium market. Compass will produce magnesium chloride and lithium as byproducts from its sulfate of potash operation in Utah.

9900 West 109th Street, Suite 100
Overland Park, KS, 66210
T +1 913 344-9200
Industry Other Industrial Metals & Mining
Most Recent Earnings Jun 30, 2022
Fiscal Year End Sep 30, 2021
Employees 2,223

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