Morningstar | Out Outlook Is Unchanged for Norsk Hydro in Light of Its Abbreviated 1Q Performance Update
Norsk Hydro issued a brief first-quarter performance update, as the company's full earnings release has been delayed until June 5 because of the fallout of a recent cyberattack that has affected the availability of certain data. Because the update conveyed few data points, our prior forecasts are largely unchanged and our $34 per share fair value estimate and no-moat rating remain intact. We look forward to providing a more comprehensive analysis of the company's first-quarter results in early June.Share prices moved steadily lower over the course of 2018 and have traded even lower year to date as the company's Alunorte production embargo persists along with operational headwinds from the cyberattack. Ultimately, we expect aluminum prices to move lower yet, which will limit profit upside once normal operations are restored companywide.
Also, Hilde Merete Aasheim is slated to take over the company's CEO role effective May 8. Aasheim offers a wealth of aluminum industry experience, including serving as the chair of the highly respected International Aluminum Institute, whose members account for over 60% of global bauxite, alumina, and aluminum production. We look forward to hearing her commentary once the full first-quarter earnings release ultimately takes place.
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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