Hydro Shares Rally After 2Q Earnings Release, but Our NOK 34 FVE Is Unchanged
Norsk Hydro shares traded sharply higher after the company delivered encouraging news about the ramp-up of its bauxite and alumina production. After updating our valuation model, our fair value estimate is unchanged at NOK 34 per share. Our no-moat rating also remains intact, as we don't expect the company to generate returns on invested capital above its weighted average cost of capital over our explicit forecast period.Although underlying operating profits remain well below the prior-year per...
Norsk Hydro is an aluminium group based in Norway. Co. is engaged in the supply of aluminium and aluminium products. Co. supplies casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. Co's customers are active in sectors such as the packaging, lithographic, building, automotive and transport sectors. In addition, Co. is engaged in the production of power in Norway. Its business is divided into six operating segments: Bauxite & Alumina, Primary Metal, Metal Markets, Rolled Products, and Energy and Other and Eliminations.
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