Arconic's Fourth-Quarter Results Were in Line With Our Expectations; Guidance Largely Unchanged
Arconic's first earnings release as a standalone entity included few surprises, as management left most of its near- and long-term guidance unchanged. Accordingly, the outlook reflected over our explicit forecast period is also largely unchanged. However, having raised our EV-to-EBITDA exit multiple to 8.5 times from 8.0, our fair value estimate rises slightly to $22 per share from $21. Our updated multiple better aligns with our view as to how efficiently Arconic will convert EBITDA to free cas...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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