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)

<h3>KEY HIGHLIGHTS</h3>
<ul>
<li>WTR-CMI last week.&nbsp;The market continued its streak of positive weekly returns, with the S&amp;P 500 appreciating 1.1% and the broader Russell 2000 posting a 1.3% increase. Our WTR-CMI index outperformed the market again by delivering a 2.6% return last week.</li>
<li>Bio-ag consolidation continues.&nbsp;Corteva announced that it is&nbsp;acquiring Houston-based Stoller, one of the largest independent biologicals companies in the industry, with sales in more than 60 countries and estimated 2022 revenues of more than $400 million. Another private biologics company, Agrochemical Company Exclusivas Sarabia S.A., is&nbsp;being acquired by China’s Rainbow.</li>
<li>November divergence.&nbsp;While vehicle sales in&nbsp;France increased 10%&nbsp;in November Y/Y,&nbsp;China’s sales are down 4%&nbsp;Y/Y through the first 20 days of the month, as the global auto industry tries to find its footing, while still being affected by COVID lockdowns and parts shortages.</li>
<li>Brazilian lithium mine closer to reality.&nbsp;Sigma Lithium (NASDAQ: SGML) remains on track to&nbsp;open the first phase of the Grota do Cirilo lithium&nbsp;hard rock project in Brazil by the end of this year, with production expected by 2Q23. This should bring the company another step closer to becoming an operating miner of lithium and give Brazil a foothold in the market dominated by its neighbors, Chile and Argentina.</li>
<li>Chemical industry commitment to ESG.&nbsp;We’ve often talked about the efforts the chemical industry is making when it comes to improving its own ESG scores, while providing its customers with the means to do the same. Recent conversations with&nbsp;FUL executives&nbsp;and representatives of the&nbsp;American Chemical Council&nbsp;highlight some of these efforts and recent accomplishments.</li>
</ul>
<h3>WTR-CMI WEEKLY PERFORMANCE</h3>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/314/551/original/image_69450192341670455275246.png?1670455277" class="editor-image img-responsive" data-smartkarma-image-id="314551"></figure>
<div class="content-remarks">
<p>Source: Y-Charts as of December 2 close</p>
</div>
<h2>Ag-Tech &amp; Bio-Ag</h2>
<p>Bio-based alternatives in seed coatings.&nbsp;Applications of bio-based products in ag markets are growing in several directions, from crop protection to soil conditioning to seed treatment. The expansion of bio-based products’ capabilities and acceptance beyond produce and organic crop segments of the market is expected to drive high single-digit growth for this segment of the ag industry over the next 10-plus years, with bio-based solutions accounting for 25% of the ag-input market by 2035 (up from low double digits currently). An area getting increased attention, partially due to regulatory actions, such as the EU/EEA’s rules banning microplastic coatings in seed treatment formulations, likely to be finalized by 2023 and partially due to the growing toolbox of bio-based alternatives, is products used to treat seeds prior to their planting, as well as improve the process of seeding itself. We previously wrote about BIOX’s ability, with the recent acquisition of Marrone Bio Solutions, to develop and offer 100% biologic seed treatment options.&nbsp;Established players&nbsp;are also working on solutions to comply with expected EU regulations, as well as offer the market a non-chemical alternative,&nbsp;as in the case of AVD.</p>
<p>Geopolitics of fertilizers and weed control.&nbsp;Glyphosate is the single-largest herbicide by volume and value, representing 1.2M tons of annual use valued at approximately $5.6 billion globally. While Bayer accounts for approximately 380K tons of annual production, 10 Chinese companies account for nearly half of global glyphosate output, 90% of which is exported, once again putting the country and its regime in a position to control supply and therefore the price of a critical global commodity. Exercising that power, the country’s glyphosate “industry collaboration group” announced the members’ intent&nbsp;to reduce glyphosate production by a third, beginning in November and likely lasting through the winter. While the reasons for reduced production were couched in “positive response to the nation’s energy consumption control and carbon emission reduction policies”, the effect will likely be a reversal of the recent declines in glyphosate prices, which peaked at this time last year, having increased 184% from November 2020, and which declined approximately 34% since. The curtailment of production comes at a time when&nbsp;weed pressures&nbsp;are expected to intensify in North America, suggesting strong demand for burndown herbicides like glyphosate, which may leave farmers once again scrambling to secure supply and paying higher prices for the privilege.</p>
<p>The situation may be even more dire when it comes to fertilizers. Belarus and Russia, two of the largest potash fertilizer producing nations, saw their exports decline 50% and 25%, respectively, last season, as the result of Western sanctions on each country’s regimes in the wake of Russia’s invasion of Ukraine and Belarus’ support of Russia as a staging ground for part of the invasion. While&nbsp;fertilizer prices&nbsp;have come off their spring 2022 highs, they remain more than 2x above pre-war levels and with no resolution to the war or sanctions in sight, 2023 may see a similar lack of exports from the two countries, keeping farmers anxious and fertilizer prices high.</p>
<p>Energy &amp; Battery Technology</p>
<p>Graphite market getting some love, finally.&nbsp;At an industry conference of battery material suppliers held in November, the talk, besides stratospheric lithium prices, was about graphite—the one battery material that seemed to have been overlooked in OEMs’ and battery cell manufacturers’ quest to secure sufficient supply to meet production goals over the next decade. According to Benchmark Mineral Intelligence presentations, graphite demand from lithium batteries overtook the steel industry as the primary end-market for graphite, where it’s used in the anode of the battery. It is expected that in 2023, lithium batteries will represent more than half of graphite consumption, an inflection point that occurred in cobalt in 2016 and ion lithium in 2018. With&nbsp;graphite demand expected to grow at a 10%-plus CAGR&nbsp;over the coming decade, while supply is expected to expand at only a 6% CAGR over that time, a structural shortage of natural graphite is expected in 2023 and is likely to intensify in the years beyond. This is exactly the scenario that was seen in cobalt and lithium (as well as nickel), and growing realization of this is driving increased conversations between graphite suppliers (especially suppliers of battery-grade graphite products) and battery manufacturers and auto EV OEMs, something conference participants, including WWR, have noted.</p>
<p>Project financing remains a problem.&nbsp;Despite the apparent lack of sufficient graphite supply to meet global EV demand post 2023, securing financing to develop mines and battery material processing plants remains problematic for both established and developing graphite procurers. Given the current nature of the market, which is dominated by Chinese producers (both in terms of mined natural graphite, synthetic graphite, and battery-grade graphite materials) and with most transactions executed on the basis of bilateral supply agreements between two parties,&nbsp;the spot graphite market is immature, to say the least, with limited price transparency that is hampering, by some accounts, producers’ ability to secure bank financing. Nevertheless, several graphite projects are moving forward, including Westwater Resources’ battery materials plant in Alabama and&nbsp;Graphex’s project in Michigan, along with NMG’s operations in Canada. Australia, also keen to lower or eliminate its dependence on China, is&nbsp;working to develop a graphite industry&nbsp;of its own, while&nbsp;Indonesia is looking to emulate China&nbsp;and establish itself as the hub of nickel and anode production for the battery market. The IRA and its consumer rebates and tax credit provisions have resulted in a flurry of activity in the market as battery cell manufacturers and EV OEMs scramble to secure supply from an IRA-eligible jurisdictions to qualify for the tax and rebate incentives. We believe this is a positive for WWR, as increased customer interest may translate into additional MoUs and LoIs and provide the necessary conditions for the company to secure the funding it needs to complete the construction and commission of Phase 1 of its Alabama graphite processing plant.</p>
<p>Lithium is still king of the hill.&nbsp;While the predicted graphite shortage appears to be more significant (and therefore troublesome) than those predicted for other battery metals, including lithium, the near-term market fundamentals continue to drive up the price of the lightest metal, reaching new highs of $80/kg, up more than 150% since last year. Governments and the private sector are looking for ways to (1) increase lithium supply to meet expected demand faster, and (2)&nbsp;reduce or eliminate China’s role&nbsp;as the gatekeeper to all things EV-related, including critical battery materials, like metals and rare earths elements (REEs). The consensus seems to be that the recently enacted IRA in the US is serving as a catalyst for much activity in that direction. Already a major producer of rock lithium (spodumene deposits that can be upgraded to 6% lithium concentrates), Australia is looking to&nbsp;domesticate the downstream refining&nbsp;of spodumene concentrate into battery-grade lithium salts. While high energy costs, not to mention pending EU regulations regarding health classification of lithium, may make lithium production (or even battery production)&nbsp;problematic in Europe, some countries in the region,&nbsp;specifically Finland, with its long history of mining and metal refining, appear more open to the idea of lithium production within their borders.</p>
<h2>Rating &amp; Price Target Changes</h2>
<p>ALB –&nbsp;Morgan Stanley raised its price target (PT) from $145 to $155 and reiterated its Underweight rating.</p>
<p>CMP –&nbsp;JP Morgan raised its PT to $36 from $34 and reiterated its Underweight rating.</p>
<p>ECL –&nbsp;Barclays downgraded the stock to Equal Weight from Overweight and reduced its PT to $160 from $170.</p>
<p>SHW –&nbsp;JP Morgan raised its PT to $260 from $250 and reiterated its Overweight rating.</p>
<h2>Recent Reports &amp; Future Events</h2>
<p>Westwater Resources, Inc. (WWR) – Fireside Chat: VP of Sales &amp; Marketing Jay Wago, December 13, 2022, at 11:30 am EST</p>
<p>TMC the metals company (TMC) – Management Series Report – Collecting Nodules and Scientific Data as Regulation Timeline Nears</p>
<p>TMC the metals company, Inc. (TMC) – Initiation of Coverage – Tapping Untapped Resource to Address Unmet Need</p>
<p>Westwater Resources, Inc. (WWR) – Company Update Report – Steady Progress Deserves a Closer Look</p>
<h3>DISCLOSURES</h3>
<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 BioEconomy and Chemicals &amp; Materials Technology 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>

KEY HIGHLIGHTS

WTR-CMI last week.&nbsp;The market continued its streak of positive weekly returns, with the S&amp;P 500 appreciating 1.1% and the broader Russell 2000 posting a 1.3% increase. Our WTR-CMI index outperformed the market again by delivering a 2.6% return last week.
Bio-ag consolidation continues.&nbsp;Corteva announced that it is&nbsp;acquiring Houston-based Stoller, one of the largest independent biologicals companies in the industry, with sales in more than 60 countries and estimated 2022 revenues of more than $400 million. Another private biologics company, Agrochemical Company Exclusivas Sarabia S.A., is&nbsp;being acquired by China’s Rainbow.
November divergence.&nbsp;While vehicle sales in&nbsp;France increased 10%&nbsp;in November Y/Y,&nbsp;China’s sales are down 4%&nbsp;Y/Y through the first 20 days of the month, as the global auto industry tries to find its footing, while still being affected by COVID lockdowns and parts shortages.
Brazilian lithium mine closer to reality.&nbsp;Sigma Lithium (NASDAQ: SGML) remains on track to&nbsp;open the first phase of the Grota do Cirilo lithium&nbsp;hard rock project in Brazil by the end of this year, with production expected by 2Q23. This should bring the company another step closer to becoming an operating miner of lithium and give Brazil a foothold in the market dominated by its neighbors, Chile and Argentina.
Chemical industry commitment to ESG.&nbsp;We’ve often talked about the efforts the chemical industry is making when it comes to improving its own ESG scores, while providing its customers with the means to do the same. Recent conversations with&nbsp;FUL executives&nbsp;and representatives of the&nbsp;American Chemical Council&nbsp;highlight some of these efforts and recent accomplishments.

WTR-CMI WEEKLY PERFORMANCE


Source: Y-Charts as of December 2 close

Ag-Tech &amp; Bio-Ag
Bio-based alternatives in seed coatings.&nbsp;Applications of bio-based products in ag markets are growing in several directions, from crop protection to soil conditioning to seed treatment. The expansion of bio-based products’ capabilities and acceptance beyond produce and organic crop segments of the market is expected to drive high single-digit growth for this segment of the ag industry over the next 10-plus years, with bio-based solutions accounting for 25% of the ag-input market by 2035 (up from low double digits currently). An area getting increased attention, partially due to regulatory actions, such as the EU/EEA’s rules banning microplastic coatings in seed treatment formulations, likely to be finalized by 2023 and partially due to the growing toolbox of bio-based alternatives, is products used to treat seeds prior to their planting, as well as improve the process of seeding itself. We previously wrote about BIOX’s ability, with the recent acquisition of Marrone Bio Solutions, to develop and offer 100% biologic seed treatment options.&nbsp;Established players&nbsp;are also working on solutions to comply with expected EU regulations, as well as offer the market a non-chemical alternative,&nbsp;as in the case of AVD.
Geopolitics of fertilizers and weed control.&nbsp;Glyphosate is the single-largest herbicide by volume and value, representing 1.2M tons of annual use valued at approximately $5.6 billion globally. While Bayer accounts for approximately 380K tons of annual production, 10 Chinese companies account for nearly half of global glyphosate output, 90% of which is exported, once again putting the country and its regime in a position to control supply and therefore the price of a critical global commodity. Exercising that power, the country’s glyphosate “industry collaboration group” announced the members’ intent&nbsp;to reduce glyphosate production by a third, beginning in November and likely lasting through the winter. While the reasons for reduced production were couched in “positive response to the nation’s energy consumption control and carbon emission reduction policies”, the effect will likely be a reversal of the recent declines in glyphosate prices, which peaked at this time last year, having increased 184% from November 2020, and which declined approximately 34% since. The curtailment of production comes at a time when&nbsp;weed pressures&nbsp;are expected to intensify in North America, suggesting strong demand for burndown herbicides like glyphosate, which may leave farmers once again scrambling to secure supply and paying higher prices for the privilege.
The situation may be even more dire when it comes to fertilizers. Belarus and Russia, two of the largest potash fertilizer producing nations, saw their exports decline 50% and 25%, respectively, last season, as the result of Western sanctions on each country’s regimes in the wake of Russia’s invasion of Ukraine and Belarus’ support of Russia as a staging ground for part of the invasion. While&nbsp;fertilizer prices&nbsp;have come off their spring 2022 highs, they remain more than 2x above pre-war levels and with no resolution to the war or sanctions in sight, 2023 may see a similar lack of exports from the two countries, keeping farmers anxious and fertilizer prices high.
Energy &amp; Battery Technology
Graphite market getting some love, finally.&nbsp;At an industry conference of battery material suppliers held in November, the talk, besides stratospheric lithium prices, was about graphite—the one battery material that seemed to have been overlooked in OEMs’ and battery cell manufacturers’ quest to secure sufficient supply to meet production goals over the next decade. According to Benchmark Mineral Intelligence presentations, graphite demand from lithium batteries overtook the steel industry as the primary end-market for graphite, where it’s used in the anode of the battery. It is expected that in 2023, lithium batteries will represent more than half of graphite consumption, an inflection point that occurred in cobalt in 2016 and ion lithium in 2018. With&nbsp;graphite demand expected to grow at a 10%-plus CAGR&nbsp;over the coming decade, while supply is expected to expand at only a 6% CAGR over that time, a structural shortage of natural graphite is expected in 2023 and is likely to intensify in the years beyond. This is exactly the scenario that was seen in cobalt and lithium (as well as nickel), and growing realization of this is driving increased conversations between graphite suppliers (especially suppliers of battery-grade graphite products) and battery manufacturers and auto EV OEMs, something conference participants, including WWR, have noted.
Project financing remains a problem.&nbsp;Despite the apparent lack of sufficient graphite supply to meet global EV demand post 2023, securing financing to develop mines and battery material processing plants remains problematic for both established and developing graphite procurers. Given the current nature of the market, which is dominated by Chinese producers (both in terms of mined natural graphite, synthetic graphite, and battery-grade graphite materials) and with most transactions executed on the basis of bilateral supply agreements between two parties,&nbsp;the spot graphite market is immature, to say the least, with limited price transparency that is hampering, by some accounts, producers’ ability to secure bank financing. Nevertheless, several graphite projects are moving forward, including Westwater Resources’ battery materials plant in Alabama and&nbsp;Graphex’s project in Michigan, along with NMG’s operations in Canada. Australia, also keen to lower or eliminate its dependence on China, is&nbsp;working to develop a graphite industry&nbsp;of its own, while&nbsp;Indonesia is looking to emulate China&nbsp;and establish itself as the hub of nickel and anode production for the battery market. The IRA and its consumer rebates and tax credit provisions have resulted in a flurry of activity in the market as battery cell manufacturers and EV OEMs scramble to secure supply from an IRA-eligible jurisdictions to qualify for the tax and rebate incentives. We believe this is a positive for WWR, as increased customer interest may translate into additional MoUs and LoIs and provide the necessary conditions for the company to secure the funding it needs to complete the construction and commission of Phase 1 of its Alabama graphite processing plant.
Lithium is still king of the hill.&nbsp;While the predicted graphite shortage appears to be more significant (and therefore troublesome) than those predicted for other battery metals, including lithium, the near-term market fundamentals continue to drive up the price of the lightest metal, reaching new highs of $80/kg, up more than 150% since last year. Governments and the private sector are looking for ways to (1) increase lithium supply to meet expected demand faster, and (2)&nbsp;reduce or eliminate China’s role&nbsp;as the gatekeeper to all things EV-related, including critical battery materials, like metals and rare earths elements (REEs). The consensus seems to be that the recently enacted IRA in the US is serving as a catalyst for much activity in that direction. Already a major producer of rock lithium (spodumene deposits that can be upgraded to 6% lithium concentrates), Australia is looking to&nbsp;domesticate the downstream refining&nbsp;of spodumene concentrate into battery-grade lithium salts. While high energy costs, not to mention pending EU regulations regarding health classification of lithium, may make lithium production (or even battery production)&nbsp;problematic in Europe, some countries in the region,&nbsp;specifically Finland, with its long history of mining and metal refining, appear more open to the idea of lithium production within their borders.
Rating &amp; Price Target Changes
ALB –&nbsp;Morgan Stanley raised its price target (PT) from $145 to $155 and reiterated its Underweight rating.
CMP –&nbsp;JP Morgan raised its PT to $36 from $34 and reiterated its Underweight rating.
ECL –&nbsp;Barclays downgraded the stock to Equal Weight from Overweight and reduced its PT to $160 from $170.
SHW –&nbsp;JP Morgan raised its PT to $260 from $250 and reiterated its Overweight rating.
Recent Reports &amp; Future Events
Westwater Resources, Inc. (WWR) – Fireside Chat: VP of Sales &amp; Marketing Jay Wago, December 13, 2022, at 11:30 am EST
TMC the metals company (TMC) – Management Series Report – Collecting Nodules and Scientific Data as Regulation Timeline Nears
TMC the metals company, Inc. (TMC) – Initiation of Coverage – Tapping Untapped Resource to Address Unmet Need
Westwater Resources, Inc. (WWR) – Company Update Report – Steady Progress Deserves a Closer Look
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 BioEconomy and Chemicals &amp; Materials Technology 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 December 2, 2022