Arconic Shares Spike Higher on Takeover Speculation but Remain Undervalued Versus Our $23 FVE
Arconic shares traded sharply higher on July 16 after a Wall Street Journal article reported that the company has drawn takeover interest from private equity firms. Shares have taken a beating this year due to disappointing fourth- and first-quarter earnings results, as well as management's guidance that margin expansion for the once-heralded engineered products and solutions segment is not imminent. Although the company's turnaround story will likely take years rather than quarters, it's not su...Arconic is engaged in lightweight metals engineering and manufacturing. The company's segments include: Engineered Products and Solutions, which produces products that are used mainly in the aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets; Global Rolled Products, which produces aluminum sheet and plate for a variety of end markets, and also produces aseptic foil for the packaging end market; and Transportation and Construction Solutions, which produces products that are used in the commercial transportation and nonresidential building and construction end markets, and also produces aluminum products for the industrial products end market.
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