Alumina Limited's Profits in 2018 Will Ultimately Represent a Cyclical Peak; Lower Margins Ahead
Alumina Limited delivered impressive profits in 2018, as alumina prices soared. Due to supply shocks, prices remained well above our estimate of marginal cost for much of the year. Thanks to its low-cost position and bauxite self-sufficiency, Alumina Limited was able to fully capitalise on the higher prices to boost profitability. Refining margins per tonne rose to USD 221 in 2018 from USD 137 the prior year. Having updated our valuation model to reflect the company's full-year results, our fair...Alumina is engaged the business of the global bauxite, alumina and aluminium industry, which it conducts primarily through bauxite mining and alumina refining. All of those business activities are conducted through its 40% investments in Alcoa World Alumina and Chemicals ("AWAC"). Co.'s equity interests in AWAC forms a reportable segment.
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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