Alcoa Reports Middling 2Q Results and Trims 2017 EBITDA Guidance; Our $22 FVE Is Unchanged
Alcoa reported uninspiring second-quarter results as all three reporting segments suffered sequential operating margin contraction. Having updated our valuation model, our companywide outlook is largely unchanged. Reiterating our $22 per share fair value estimate and no-moat rating, we continue to view shares as materially overvalued.Although the company's 2017 shipment volume forecasts remain intact across all three segments, management trimmed the high end of its full-year adjusted EBITDA gui...
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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