Or you could say that SQM has a dominant position in a market for a nascent product. Broad use of Lithium in batteries is relatively new. I just bought a lithium powered lawn appliance and you might argue that cars (despite the relative growth of Hybrids are still in the early adopter phase.
I don't understand how SQMs specialty ag products might differ from the commodity POT products. True some of them contain potassium, but is there enough differentiation in their formulation that they sell. They seem to have higher margins (24% vs 18%) so I wonder if there's enough differentiation there that they won't be hit as hard by the cartel breakup. That would isolate the profit hit solely to the potassium business (you could give the speciality ag business sales a a 12.5% (50% of 25%) margin haircut for good measure.
Admittedly Lithium is a small piece of the world, but it will grow and the world has to eat. If this stock offered LEAPs I'd be very interested. It'd be nice to double down with a 3 year horizon.