According to J.P Morgan, Compass Minerals International CMP highway de-icing salt business historically has been heavily weather dependent, experiencing wide swings in the company's profitability depending on the severity of the winter season.
J.P Morgan said that CMP is not an inexpensive equity. “It sells at an EV/EBITDA multiple of 8.1x for 2012 vs. Potash Corp at 7.8x and vs. an average of 6.1x for comparable small-cap companies, trading in a range of 4.5-7.8x.”
Compass Minerals International closed on Friday at $78.74.
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