Analyst Note| Seth Goldstein, CFA |
SQM's fourth-quarter results were highlighted by higher lithium volumes and lower prices. However, both of these as well as management's outlook for 2021 were generally in line with our long-term view for the company. With our forecast largely unchanged, we maintain our $55 per share fair value estimate for SQM. Our narrow moat rating is also unchanged. At current prices, we view SQM as fairly valued with shares trading in 3-star territory just below our fair value estimate.