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Livent Corp - Stock Quote LTHM

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Morningstar's Livent Corp Stock Analysis

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Raising Livent FVE to $35 on Higher Lithium Prices and Our Favorable View of New Capacity Expansions

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Livent reported strong first-quarter results. Adjusted EBITDA was up nearly 5 times versus the prior-year quarter, driven by higher lithium prices. We have increased our near- and medium-term outlooks for Livent amid higher lithium prices. Separately, Livent announced new long-term capacity expansions that will focus on the company's low-cost carbonate. Livent also announced it increased its stake in the Nemaska lithium project to 50% from 25%. The company also plans to build a lithium recycling facility. Having updated our model to reflect these changes, we raise our Livent fair value estimate to $35 per share from $23. Our narrow moat rating is unchanged.

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Livent Corp's Company Profile

Business Description

Livent is a pure-play lithium producer formed when FMC spun off its lithium business in October 2018. Livent should benefit from increased lithium demand via higher electric vehicle adoption, as lithium is a key component of EV batteries. The company's low-cost lithium carbonate production comes from brine resources in Argentina. Livent also operates downstream lithium hydroxide conversion plants in the United States and China and has a 50% stake in a fully integrated Canadian lithium project.

1818 Market Street
Philadelphia, PA, 19103
T +1 215 299-5900
Sector Basic Materials
Industry Specialty Chemicals
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 1,109

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