Amid a Solid 3Q Earnings Result and Higher Near-Term Profits, We've Raised Our Alcoa FVE To $26
Alcoa reported encouraging third-quarter earnings, and given continued high bauxite, alumina, and aluminum prices, profitability will likely remain elevated in the coming months. Accordingly, we've raised our near-term profit outlook for all three reporting segments, with the company's aluminum operations receiving the biggest boost. Due to these changes and time value of money effects, our fair value estimate rises to $26 per share from $22. Our no-moat rating is unchanged. The company's relati...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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