Report
David Whiston, CFA, CPA, CFE
EUR 147.86 For Business Accounts Only

GM is working at getting the scale that only automakers its size can reach.

General Motors reported another stellar quarter for its third-quarter results, but fears of earnings being as good as they will get in this cycle seem to be taking precedent with the stock down 4% after reporting. We plan to lower our fair value estimate to about $44 from $48 due to modeling higher net new investment and lower equity income in 2017, but we continue to see excellent upside to the GM story going forward, provided the U.S. does not enter a recession.
We think the company still has...
Underlying
AK Steel Holding Corporation

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
David Whiston, CFA, CPA, CFE

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