Alcoa Shares Rally on Solid Alumina Results and Encouraging Full-Year Guidance; $31 FVE Unchanged
Alcoa shares rallied after the company reported solid third-quarter earnings highlighted by strong alumina segment profits and encouraging full-year guidance. However, despite investors’ exuberant reaction to the quarter’s earnings result, we view shares as overvalued relative to our $31 per share fair value estimate for no-moat Alcoa.In the third quarter, companywide adjusted EBITDA was $795 million, up from $582 million in the prior-year period. Across the company’s three segments, Alcoa's al...
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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