General Motors' Shares Are Cheap; Opel/Vauxhall Sale Could Mean Another Fair Value Estimate Increase
After incorporating General Motors’ 10-K filing into our model, we are raising our fair value estimate to $50 from $44. The change is from an 11% decline in our share count, a lower tax rate, $1.3 billion less pension underfunding, and a slight decline in our weighted average cost of capital to reflect more debt in the capital structure. The share count adjustment factors-in warrants and modeling $3 billion in buybacks in 2017 and made up about half the fair value estimate increase. The tax rate...AK Steel Holding is a producer of flat-rolled carbon, stainless and electrical steels products primarily for the automotive, infrastructure and manufacturing, and distributors and converters markets through its wholly-owned subsidiary, AK Steel Corporation. The company's other subsidiaries also provide customer solutions with carbon and stainless steel tubing products, solutions, tool design, hot- and cold-stamped steel components and assemblies. The company sells its carbon steel products mainly to customers in North America, and it sells its electrical and stainless steel products primarily in North America and Europe. The company also produces metallurgical coal through its AK Coal Resources, Inc. subsidiary.
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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