Norsk Hydro Reports Mixed 2Q Results; Our NOK 34 FVE Is Unchanged
Norsk Hydro reported mixed second-quarter results, as profits in the primary metals segment soared but rolled products and energy profits fell shy of our expectations. After updating our valuation model, our NOK 34 per share fair value estimate and no-moat rating are unchanged.We continue to view shares as overvalued, as we forecast that aluminum spot prices will fall roughly 25% (in real terms) through the end of the decade. In short, our below-consensus price forecast is driven by our outlook...
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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