We apply ~8x EV/EBITDA multiple to Energy Storage, ~9x to Specialties, and ~10x to Ketjen, all of which are in line with comparable peer valuations."
Livent "Our $28 target price is based on a target EV/EBITDA of ~9.5x applied to our FY24 estimate.
SQM "Our $92 target price is calculated using [sum of the parts] valuation on 2024E segment EBITDA.
SQM's Lithium multiple is at a discount to LTHM as LTHM is a pure-play lithium hydroxide company.
... Our current price target assigns 3/90/7 weightings, respectively, to these three scenarios—yielding a $146 blended stock outcome."
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