We forecast lower long-term profits for no-moat Alumina Limited.
Alumina Limited reported solid results for the first half of 2018, as alumina prices remained elevated. The company's average realized price for the first half of the year was $424 per metric ton, considerably higher than $315 in the prior-year period. This sharp increase was largely due to the continued effect of supply disruptions and healthy alumina demand growth. Higher production costs served as a slight headwind, driven mainly by increased energy costs and elevated caustic soda prices. Alu...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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