Raising Norsk Hydro FVE to NOK 37; Elevated Alumina, Energy Prices Offset Impact of Alunorte Outage
Norsk Hydro announced solid third-quarter results reflecting higher realized aluminum and alumina prices and strong energy segment profits. However, raw material cost inflation and a continued outage at the Alunorte alumina refinery weighed on results. Having slightly increased our near-term profit forecasts for the bauxite and alumina and energy segments, we are raising our fair value estimate to NOK 37 per share from NOK 36. Our no-moat rating is unchanged.On Oct. 3, Norsk Hydro executives an...
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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