Our forecast for lower aluminum prices will weigh on Alcoa’s profitability over the long run.
We are initiating coverage of Alcoa Corp. with a $16 per share fair value estimate and a no-moat rating. On Nov. 1, 2016, the parent company, Alcoa Inc., was split into two publicly traded companies. The upstream company retains the Alcoa name and continues to trade under the AA ticker. The value-add company is called Arconic and trades under the ARNC ticker.Alcoa is a vertically integrated aluminum company involved in every phase of aluminum production, from bauxite mining to the manufacture o...
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.
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