Alcoa Foiled by Lower Refining Profits in 1Q; Lowering FVE to $24 per Share From $27
Although we expected Alcoa's refining profits to fall amid sharply lower alumina prices, the magnitude of the profit decline was greater than we anticipated in the first quarter. This was also due to lower profits from the company's smelting operations, as all-in aluminum prices fell on a sequential basis. We are concerned that, amid significant low-cost capacity additions from competitors in the Middle East and China, Alcoa's cost position on the global cost curve for smelting will continue to ...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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