Amid Surging Aluminum and Alumina Prices, We’ve Raised Alcoa’s FVE to $35
Alcoa reported solid first-quarter results, sending shares modestly higher. Companywide adjusted EBITDA was $653 million, a 23% increase versus the same period last year due to higher aluminum and alumina prices. With higher prices likely to remain in the near term because of supply disruptions across both the alumina and aluminum markets, management increased its 2018 adjusted EBITDA guidance from a previous range of $2.6 billion-$2.8 billion to $3.5 billion-$3.7 billion. We forecast just below...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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