Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Thematic (Sector/Industry)

Multiple Countries / Thematic (Sector/Industry)

<h2>KEY HIGHLIGHTS</h2>
<ul>
<li>WTR-CMI last week. The broader market, as represented by the S&amp;P 500 and the Russell 2000, turned in another down-week, declining 1.3% and 2.0%, respectively. Our WTR-CMI index of 30 chemicals and materials technology companies underperformed the market by depreciating 3.7%.</li>
<li>Winners and losers. PLL’s announcement that its partner, Sayona Mining (ASX:SYA) completed a&nbsp;mineral resource estimate&nbsp;for their North American Lithium and Authier Projects in Quebec, and more than doubled the original estimation of the richness of the deposit, propelled the stock 16.1% last week. CMP continued to recover from the post-earnings selloff and appreciated 4.1%, while AVD rose 4.4% and FMC 2.8%, rounding out our top performers of the week, driven by strong commodity prices and concerns over price and availability of crop inputs. Lithium stocks other than PLL were the biggest losers last week, with LAC declining 13.6% and LTHM losing 12.0%. Ongoing concerns about auto production, now impacted by the Russia-Ukraine war, were possibly behind PPG’s 12.1% decline and AXTA’s 11.4% drop. We remain cautious on stocks with high exposure to automotive, which we see as underperforming until at least 2H22.</li>
<li>A different side of EVs. While the growth of electric vehicles (EVs) and the concurrent drive to lightweight vehicles is readily identifiable as a driver of demand for composites, plastics, lithium and even coatings, another sector of the chemicals and materials industry that looks to benefit is&nbsp;adhesives &amp; sealants. From weight reduction to thermal conductivity to fire retardancy, adhesives for EV applications are being asked to do more, and to do it in an environmentally sustainable manner. Specifically, the&nbsp;automotive adhesive tape market&nbsp;is expected to grow at a 6.1% CAGR 2020-2028 and reach nearly $14 billion in annual sales, driven in large part by EVs. We see this as a positive for FUL, the largest pure-play adhesives &amp; sealants company.</li>
<li>Lithium delays and agreements continue to proliferate. German&nbsp;Lanxess and Standard Lithium&nbsp;(NASDAQ:LSI) are exploring the construction of a Li2-CO3 plant in Arkansas; Core Lithium, the Australian lithium producer, has announced an&nbsp;agreement with Tesla&nbsp;to supply lithium beginning mid-2023.</li>
</ul>
<h2>WTR-CMI WEEKLY PERFORMANCE</h2>
<p>Source: Y-Charts; prices as of March 4 close</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/262/338/original/image_38225338641646962853950.png?1646962855" class="editor-image img-responsive" data-smartkarma-image-id="262338"></figure>
<main>
<div data-view-name="PostsShowView">
<div id="js_post_479">
<div id="content-wrap">
<div id="content">
<div>
<div>
<h2>Lithium &amp; EV Ecosystem Developments</h2>
<p>Collateral damage. The war in Ukraine has led to a massive spike in the price of oil and ag commodities, especially wheat. It is also having an unanticipated impact on the burgeoning EV market in Europe. Volkswagen announced it has&nbsp;halted production last week&nbsp;at two electric car plants in Germany. Production was impacted at the Zwickau plant from Tuesday to Friday of last week, while the Dresden factory was impacted from Wednesday to Friday. Production of VW, Audi, and Cupra compact battery-electric cars built on the VW Group’s MEB platform were affected. VW was not alone. Several&nbsp;European car companies saw their EV operations&nbsp;impacted by disruptions in supply chain that necessitated production curtailments. Should the conflict persist, these disruptions may become more endemic and impactful to the anticipated growth of EV production and sales in 2022.</p>
<h2>Automotive &amp; Transportation</h2>
<p>February passenger vehicle sales fall in the U.S.&nbsp;After falling in January,&nbsp;sales in February of new passenger vehicles&nbsp;in the U.S. once again declined, 9% YoY this time, with Ford and Honda down 21% and Toyota 11%. With March-May featuring the toughest, nearly triple-digit comps, and with the war in Europe, we must assume auto production and sales will continue to lag until at least 2H22, precluding positive surprises from the likes of PPG and AXTA—coating companies with close to 50% of sales exposed to the auto &amp; transportation markets.</p>
<p>Europe disrupted.&nbsp;As if chip shortages, high input costs and periodic COVID-19-related shutdowns weren’t enough, Russia’s invasion of Ukraine has created yet another global risk to the economy in general and the automotive industry in particular. Companies such as&nbsp;VW,&nbsp;BMW,&nbsp;Mercedes-Benz,&nbsp;Porsche,&nbsp;Audi, and others are halting production in their European plants due to lack of wire harnesses produced in Ukraine, as well as other supply disruptions. Companies such as&nbsp;Toyota&nbsp;and&nbsp;Hyundai&nbsp;are also closing their plants in Russia, and/or&nbsp;suspending imports&nbsp;into the country. While&nbsp;wire harness deficits&nbsp;are largely to blame, manufacturers are also concerned that&nbsp;other issues will arise&nbsp;the longer the conflict and associated sanctions last.</p>
<h2>Ag-Chem and Ag-Tech</h2>
<p>Weather takes center stage. Brazil, Argentina and Paraguay account for more than half of the world’s soybean supply. Unfortunately, the LATAM region is undergoing one of its worst droughts in recent years.&nbsp;USDA recently lowered&nbsp;its projections for crop from these countries by more than 18 million tons, with the biggest decline hitting Paraguay, where 2022 projections were down 21% vs. 2021. The weather news isn’t much better in the U.S., where drought conditions are now&nbsp;impacting 60% of the country, approaching 2012 levels of 65.5%, with wheat being of particular concern. Crop stress may be a good thing for companies supplying inputs such as fertilizers and ag-chems to the market. Particularly, in dry conditions, insects, rather than fungus, are the main threats to yield, which suggests strong sales of insecticides, which we believe will disproportionally benefit FMC, given its insecticide-heavy portfolio and above-market exposure to LATAM. An emerging bio-ag company with commercial bio-based insecticides, such as Marrone Bio Solutions (NASDAQ:MBII), may also benefit from this trend, as bio-ag products become more price competitive given the escalation in prices of synthetic chemistry competitor products.</p>
<p>Strong financial position may cushion impact of inflating prices. Farmers in the U.S. ended the 2020-21 season in solid financial shape, as&nbsp;summarized here. While net farm income is expected to decline slightly in 2022 from a strong 2021, it should remain well above 20-year average. The main culprit of lower income expectations is the high input cost of everything from farmland to seeds to fertilizers and pesticides. And higher input costs remain the&nbsp;main farmer concern&nbsp;heading into 2022 planting season. Nevertheless, with commodity prices still high and, in fact, spiking in the wake of Russia’s invasion of Ukraine—one of the main producers and exporters of ag products, especially oilseeds and wheat—higher input costs can be better absorbed by domestic crop producers, potentially setting up a strong 2023 as input-cost inflation eases.</p>
<p>Weed battle continues. Weeds, like most living organisms, tend to evolve and develop tolerance, if not outright resistance, to chemicals used to control them. To combat this trend, seed companies are focused on developing and commercializing seed traits that allow plants to withstand several different broad-action herbicides.&nbsp;Bayer’s recent distribution agreement with MS Technologies&nbsp;for the distribution of soybeans with Enlist E3 trait that makes them tolerant to glufosinate, 2,4-D choline, and glyphosate herbicides, allows farmers to either choose, or even combine, which herbicide they want to use, without impacting the seed. In fact, mixing multiple components is becoming more widespread. Since the early 2000s, the market share for combination products—most have between two and four active ingredients—has grown to 37% of the U.S. herbicide sales,&nbsp;according to Kline, a global marketing analysis company. As weeds and pests continue to develop resistance and tolerance to certain products and modes of action, combining several different products should continue to become the norm. That, in turn, may drive large, established ag-chem companies to partner with emerging innovators, such as MBII, to gain access to the latter’s products with new and differentiated modes of action for inclusion in broader formularies, thereby generating sales for the innovator.</p>
<h2>Chemicals and Sustainability</h2>
<p>Recycled plastic into fuel. Agilyx, which has operations in Oregon and Switzerland, and the Virgin Group, based in London, signed an agreement to form a&nbsp;strategic partnership&nbsp;to produce lower-carbon aviation fuel from recycled plastic. This partnership, if successful, will provide yet another pathway for recycling plastic, in addition to plastic manufacturers and compounders, which are developing processes and methodologies for using post-consumer and post-industrial plastic scrap either as a raw material for new plastics, or as an ingredient in plastic compounding.</p>
<p>Recycling plastic into composites. Speaking of the efforts of compounders to create a truly circular economy when it comes to plastics,&nbsp;AVNT recently announced&nbsp;the commercialization of long-fiber-reinforced composites, which incorporate Nylon 6 material reclaimed from end-of-life fishing nets. Besides finding ways to remove a potentially hazardous end-of-life product from the environment, the new composite will help AVNT customers looking for structural strength and light-weighting, such as the automotive industry, meet their carbon emission and circular economy targets. Innovations such as these are what makes the chemicals and materials industry a key constituent in the drive to sustainability and environmental responsibility, enabling many of the paths manufacturing industries are individual participants are taking in that regard.</p>
<h2>Rating and Price Target Changes</h2>
<p>CMP&nbsp;– CL King raised its price target (PT) to $67 from $65, and reaffirmed its Buy recommendation.</p>
<p>ECVT&nbsp;– KeyBank lowered its PT to $$16 from $18, but reiterated Overweight recommendation; Deutsche Bank likewise lowered its PT to $13 from $16, while reiterating its Buy rating.</p>
<p>KWR&nbsp;– Deutsche Bank lowered its PT to $225 from $305, and reiterated Buy rating.</p>
<p>LTHM&nbsp;– Goldman Sacs lowered its PT to $20 from $23, and reiterated its Sell rating.</p>
<p>NGVT&nbsp;– Berenberg Bank lowered its PT to $95 from $100, and reiterated its Buy rating.</p>
<h2>DISCLOSURES</h2>
</div>
<div></div>
<div>
<p>Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.<br><br>WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.<br><br>Dmitry Silversteyn, who is the writer of this report, covers the Chemicals &amp; Materials Technology and BioEconomy sectors for WTR. Mr. Silversteyn and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.<br><br>Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.<br><br>In certain instances, including this report, WTR will write research covering non-clients. Readers should assume that WTR may seek to turn these non-paying companies into paying clients. Likewise, WTR may seek to transform these non-clients into paying clients of it or of its affiliate, which provides services such as presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services of WTR or an affiliate might offer to clients.<br><br>The manner of WTR’s potential research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly written compliance guidelines.<br><br>The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors or agents shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.<br><br>All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</main>

KEY HIGHLIGHTS

WTR-CMI last week. The broader market, as represented by the S&amp;P 500 and the Russell 2000, turned in another down-week, declining 1.3% and 2.0%, respectively. Our WTR-CMI index of 30 chemicals and materials technology companies underperformed the market by depreciating 3.7%.
Winners and losers. PLL’s announcement that its partner, Sayona Mining (ASX:SYA) completed a&nbsp;mineral resource estimate&nbsp;for their North American Lithium and Authier Projects in Quebec, and more than doubled the original estimation of the richness of the deposit, propelled the stock 16.1% last week. CMP continued to recover from the post-earnings selloff and appreciated 4.1%, while AVD rose 4.4% and FMC 2.8%, rounding out our top performers of the week, driven by strong commodity prices and concerns over price and availability of crop inputs. Lithium stocks other than PLL were the biggest losers last week, with LAC declining 13.6% and LTHM losing 12.0%. Ongoing concerns about auto production, now impacted by the Russia-Ukraine war, were possibly behind PPG’s 12.1% decline and AXTA’s 11.4% drop. We remain cautious on stocks with high exposure to automotive, which we see as underperforming until at least 2H22.
A different side of EVs. While the growth of electric vehicles (EVs) and the concurrent drive to lightweight vehicles is readily identifiable as a driver of demand for composites, plastics, lithium and even coatings, another sector of the chemicals and materials industry that looks to benefit is&nbsp;adhesives &amp; sealants. From weight reduction to thermal conductivity to fire retardancy, adhesives for EV applications are being asked to do more, and to do it in an environmentally sustainable manner. Specifically, the&nbsp;automotive adhesive tape market&nbsp;is expected to grow at a 6.1% CAGR 2020-2028 and reach nearly $14 billion in annual sales, driven in large part by EVs. We see this as a positive for FUL, the largest pure-play adhesives &amp; sealants company.
Lithium delays and agreements continue to proliferate. German&nbsp;Lanxess and Standard Lithium&nbsp;(NASDAQ:LSI) are exploring the construction of a Li2-CO3 plant in Arkansas; Core Lithium, the Australian lithium producer, has announced an&nbsp;agreement with Tesla&nbsp;to supply lithium beginning mid-2023.

WTR-CMI WEEKLY PERFORMANCE
Source: Y-Charts; prices as of March 4 close








Lithium &amp; EV Ecosystem Developments
Collateral damage. The war in Ukraine has led to a massive spike in the price of oil and ag commodities, especially wheat. It is also having an unanticipated impact on the burgeoning EV market in Europe. Volkswagen announced it has&nbsp;halted production last week&nbsp;at two electric car plants in Germany. Production was impacted at the Zwickau plant from Tuesday to Friday of last week, while the Dresden factory was impacted from Wednesday to Friday. Production of VW, Audi, and Cupra compact battery-electric cars built on the VW Group’s MEB platform were affected. VW was not alone. Several&nbsp;European car companies saw their EV operations&nbsp;impacted by disruptions in supply chain that necessitated production curtailments. Should the conflict persist, these disruptions may become more endemic and impactful to the anticipated growth of EV production and sales in 2022.
Automotive &amp; Transportation
February passenger vehicle sales fall in the U.S.&nbsp;After falling in January,&nbsp;sales in February of new passenger vehicles&nbsp;in the U.S. once again declined, 9% YoY this time, with Ford and Honda down 21% and Toyota 11%. With March-May featuring the toughest, nearly triple-digit comps, and with the war in Europe, we must assume auto production and sales will continue to lag until at least 2H22, precluding positive surprises from the likes of PPG and AXTA—coating companies with close to 50% of sales exposed to the auto &amp; transportation markets.
Europe disrupted.&nbsp;As if chip shortages, high input costs and periodic COVID-19-related shutdowns weren’t enough, Russia’s invasion of Ukraine has created yet another global risk to the economy in general and the automotive industry in particular. Companies such as&nbsp;VW,&nbsp;BMW,&nbsp;Mercedes-Benz,&nbsp;Porsche,&nbsp;Audi, and others are halting production in their European plants due to lack of wire harnesses produced in Ukraine, as well as other supply disruptions. Companies such as&nbsp;Toyota&nbsp;and&nbsp;Hyundai&nbsp;are also closing their plants in Russia, and/or&nbsp;suspending imports&nbsp;into the country. While&nbsp;wire harness deficits&nbsp;are largely to blame, manufacturers are also concerned that&nbsp;other issues will arise&nbsp;the longer the conflict and associated sanctions last.
Ag-Chem and Ag-Tech
Weather takes center stage. Brazil, Argentina and Paraguay account for more than half of the world’s soybean supply. Unfortunately, the LATAM region is undergoing one of its worst droughts in recent years.&nbsp;USDA recently lowered&nbsp;its projections for crop from these countries by more than 18 million tons, with the biggest decline hitting Paraguay, where 2022 projections were down 21% vs. 2021. The weather news isn’t much better in the U.S., where drought conditions are now&nbsp;impacting 60% of the country, approaching 2012 levels of 65.5%, with wheat being of particular concern. Crop stress may be a good thing for companies supplying inputs such as fertilizers and ag-chems to the market. Particularly, in dry conditions, insects, rather than fungus, are the main threats to yield, which suggests strong sales of insecticides, which we believe will disproportionally benefit FMC, given its insecticide-heavy portfolio and above-market exposure to LATAM. An emerging bio-ag company with commercial bio-based insecticides, such as Marrone Bio Solutions (NASDAQ:MBII), may also benefit from this trend, as bio-ag products become more price competitive given the escalation in prices of synthetic chemistry competitor products.
Strong financial position may cushion impact of inflating prices. Farmers in the U.S. ended the 2020-21 season in solid financial shape, as&nbsp;summarized here. While net farm income is expected to decline slightly in 2022 from a strong 2021, it should remain well above 20-year average. The main culprit of lower income expectations is the high input cost of everything from farmland to seeds to fertilizers and pesticides. And higher input costs remain the&nbsp;main farmer concern&nbsp;heading into 2022 planting season. Nevertheless, with commodity prices still high and, in fact, spiking in the wake of Russia’s invasion of Ukraine—one of the main producers and exporters of ag products, especially oilseeds and wheat—higher input costs can be better absorbed by domestic crop producers, potentially setting up a strong 2023 as input-cost inflation eases.
Weed battle continues. Weeds, like most living organisms, tend to evolve and develop tolerance, if not outright resistance, to chemicals used to control them. To combat this trend, seed companies are focused on developing and commercializing seed traits that allow plants to withstand several different broad-action herbicides.&nbsp;Bayer’s recent distribution agreement with MS Technologies&nbsp;for the distribution of soybeans with Enlist E3 trait that makes them tolerant to glufosinate, 2,4-D choline, and glyphosate herbicides, allows farmers to either choose, or even combine, which herbicide they want to use, without impacting the seed. In fact, mixing multiple components is becoming more widespread. Since the early 2000s, the market share for combination products—most have between two and four active ingredients—has grown to 37% of the U.S. herbicide sales,&nbsp;according to Kline, a global marketing analysis company. As weeds and pests continue to develop resistance and tolerance to certain products and modes of action, combining several different products should continue to become the norm. That, in turn, may drive large, established ag-chem companies to partner with emerging innovators, such as MBII, to gain access to the latter’s products with new and differentiated modes of action for inclusion in broader formularies, thereby generating sales for the innovator.
Chemicals and Sustainability
Recycled plastic into fuel. Agilyx, which has operations in Oregon and Switzerland, and the Virgin Group, based in London, signed an agreement to form a&nbsp;strategic partnership&nbsp;to produce lower-carbon aviation fuel from recycled plastic. This partnership, if successful, will provide yet another pathway for recycling plastic, in addition to plastic manufacturers and compounders, which are developing processes and methodologies for using post-consumer and post-industrial plastic scrap either as a raw material for new plastics, or as an ingredient in plastic compounding.
Recycling plastic into composites. Speaking of the efforts of compounders to create a truly circular economy when it comes to plastics,&nbsp;AVNT recently announced&nbsp;the commercialization of long-fiber-reinforced composites, which incorporate Nylon 6 material reclaimed from end-of-life fishing nets. Besides finding ways to remove a potentially hazardous end-of-life product from the environment, the new composite will help AVNT customers looking for structural strength and light-weighting, such as the automotive industry, meet their carbon emission and circular economy targets. Innovations such as these are what makes the chemicals and materials industry a key constituent in the drive to sustainability and environmental responsibility, enabling many of the paths manufacturing industries are individual participants are taking in that regard.
Rating and Price Target Changes
CMP&nbsp;– CL King raised its price target (PT) to $67 from $65, and reaffirmed its Buy recommendation.
ECVT&nbsp;– KeyBank lowered its PT to $$16 from $18, but reiterated Overweight recommendation; Deutsche Bank likewise lowered its PT to $13 from $16, while reiterating its Buy rating.
KWR&nbsp;– Deutsche Bank lowered its PT to $225 from $305, and reiterated Buy rating.
LTHM&nbsp;– Goldman Sacs lowered its PT to $20 from $23, and reiterated its Sell rating.
NGVT&nbsp;– Berenberg Bank lowered its PT to $95 from $100, and reiterated its Buy rating.
DISCLOSURES



Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.  WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.  Dmitry Silversteyn, who is the writer of this report, covers the Chemicals &amp; Materials Technology and BioEconomy sectors for WTR. Mr. Silversteyn and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.  Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.  In certain instances, including this report, WTR will write research covering non-clients. Readers should assume that WTR may seek to turn these non-paying companies into paying clients. Likewise, WTR may seek to transform these non-clients into paying clients of it or of its affiliate, which provides services such as presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services of WTR or an affiliate might offer to clients.  The manner of WTR’s potential research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly written compliance guidelines.  The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors or agents shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.  All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.








Compass Minerals International, Inc (CMP US)

Mat-Chem Notes for the Week Ended March 6, 2022