Alcoa Reports Another Adjusted Loss in 2Q; Lowering Our FVE to $22 on Lower Near-Term Profits
Alcoa's struggles continued in the second quarter. Having reduced our near-term profit outlook for the aluminum segment, our fair value estimate falls to $22 per share from $24. Our no-moat rating is unchanged, as we expect depressed returns on invested capital to remain in place for years to come.Second-quarter adjusted EBITDA of $455 million was effectively cut in half from the prior-year period and declined slightly on a sequential basis. Although bauxite segment profits have remained steady...
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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