Free cash flow by 2021. Current debt/equity is ~50%. Interest coverage is ~10x which is good.
CAPEX for Lithium mines for future demand in battery. Post 2021 when the mines are up and running, the cash will flow in.
Consistent dividend payout for the last 25 years. Balance sheet is slightly leverage but not excessive and appears to be typical. Debt maturity is not very stretch out. Total debt is ~1.7B with 1B maturing within next 3 years.
As long as future electrification of global economy is on the way, demand of lithium will continue and pin company's growth which is no1 in the market. There are other business in catalyst and bromine market which they are No2. Those business has lower EBITA margin than lithum but is still good at >20% while lithium is close to 30%.
For a commodity company, the overall margin of >10% appears to be good.
2019 2Q report
https://investors.albemarle.com/static-files/85bbe6f3-47e7-4df4-9825-8396d65305a0
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