ATI Announces Equity Issuance and Launches Joint Venture With Tsingshan Group; FVE Increased to $25
We've updated our valuation model for Allegheny Technologies to reflect an equity issuance and the company's newly launched stainless steel joint venture with Tsingshan Group. We view both developments as value-accretive, and the combined impact raises our fair value estimate to $25 per share. Our narrow moat rating is unchanged.Allegheny chose to capitalize on its substantial share price rally in recent months by issuing equity to redeem its outstanding 9.375% senior notes due in 2019, of whic...
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