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Compass Minerals International Inc CMP

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Maintaining $85 FVE as Compass Minerals Reports Mild Start to Winter; Shares Undervalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

On Jan. 6, Compass Minerals announced its fiscal 2022 first-quarter--from Oct. 1 to Dec. 31--snow data and salt segment volumes. During the quarter, there were only 29 snow days, or days when it snows at least 1 inch, versus the trailing 10-year average of roughly 42 days. While this was a milder start to the winter season, this quarter typically only makes up 28% of total snow days throughout the year. Further, given the heavy snowfall that has occurred throughout Compass' Midwest footprint to start 2022, we think it's still too early to determine how harsh the snowfall will ultimately be throughout the 2021-22 winter.

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Company Profile

Business Description

Compass Minerals produces two primary products: salt and specialty fertilizers. The company's main assets include rock salt mines in Ontario, Louisiana, and the United Kingdom and salt brine operations 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 mangesium chloride-based product used to combat forest fires. The company also plans to enter the lithium market. Compass will produce magnesium chlroide and lithium as byproducts from its sulfate of potash operation.

9900 West 109th Street, Suite 100
Overland Park, KS, 66210
T +1 913 344-9200
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 2,223