Initiating Coverage of Arconic With a $22 per Share Fair Value Estimate and No-Moat Rating
We are initiating coverage of Arconic with a $22 per share fair value estimate and a no-moat rating. On Nov. 1, 2016, the parent company, Alcoa Inc., was split into two publicly traded companies. The value-add company is called Arconic and trades under the ticker ARNC. The upstream company is called Alcoa Corporation and continues to trade under the AA ticker. Arconic manufactures aluminum and specialty metals products for a wide variety of industrial end markets. Key end markets include aerosp...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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