Arconic Falls Short of EBITDA Margin and Free Cash Flow Guidance in 2017; $25 FVE Unchanged
Arconic issued middling fourth-quarter results, as EBITDA margins and free cash flow fell short of management's prior guidance. Although the shares traded sharply lower in response, our long-term outlook is unchanged, as we continue to expect consistent profitable growth over our five-year explicit forecast period. Our $25 fair value estimate and no-moat rating are unchanged as well.Disappointing free cash flow generation was driven by elevated inventory levels to support rising next-generation...
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