Alcoa Shares Move Sharply Higher After Impressive 1Q Earnings Release; Raising Our Fair Value to $22
We've raised our near-term profit forecasts for Alcoa after the company reported first-quarter results slightly above our expectations. As a result our fair value estimate rises to $22 per share from $20 and our no-moat rating is unchanged.Although we've warmed up to the company's near-term prospects, our 2017 adjusted EBITDA forecast of $1.9 billion still falls below management's guidance to a range of $2.1 billion-$2.3 billion. Guidance is predicated upon aluminum spot prices of $1,900 per me...
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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