GM's Sale of Opel/Vauxhall Makes Sense to Us Given GM Europe's Long Struggle
We are increasing our GM fair value estimate to $51 from $50 after incorporating the deal announced on March 6 to sell Opel/Vauxhall to PSA Group. The increase comes from the net impact of our capital expenditure spending for 2018-21 declining by 4.5% compared with our prior model, removing an unprofitable business, cash proceeds of about $1.9 billion, selling part of GM Financial, and GM contributing $400 million (beyond issuing $2.8 billion in new debt) to fund the active employees’ pensions t...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.
We have operations in 27 countries.
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