Alcoa Cuts Guidance Amid Soft Third-Quarter Earnings Release; We've Lowered Our Fair Value Estimate
Alcoa shares traded sharply lower after the company reported third-quarter earnings on Oct. 11. The key factor weighing on share prices was undoubtedly management's downward adjustment to its guidance for all three value-add segments. As discussed in our second-quarter earnings note, we had been highly skeptical that management would be able to achieve its prior guidance. With this outlook already reflected in our valuation model, our companywide 2016 EBITDA forecast is largely unchanged. Howeve...Alcoa is a vertically integrated aluminum company comprised of bauxite mining, alumina refining, aluminum production (smelting, casting, and rolling), and energy generation. Through direct and indirect ownership, the company has 30 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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