Nucor delivered solid results in the first half of 2016, but we remain cautious long term.
On Sept. 19, Nucor announced the acquisition of Independence Tube Corporation (ITC) for a total consideration of $435 million. Per the company's press release, this figure is roughly six times ITC's average annual EBITDA from 2013 to 2015. The price paid falls in line with the 6.0 times midcycle EV-to-EBITDA multiple that we assign to Nucor in our valuation model. To reflect the impact of the ITC acquisition, we've raised our EBITDA forecasts for Nucor by roughly $70 million annually over our ex...Nucor manufactures steel and steel products. The company's operations include international trading and sales companies that buy and sell steel and steel products. The company's segments are: steel mills, which produces sheet steel, plate steel, structural steel, and bar steel; steel products, which produces hollow structural section steel tubing, electrical conduit, steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems, and wire and wire mesh; and raw materials, which produces direct reduced iron (DRI), brokers ferrous and nonferrous metals, pig iron, hot briquetted iron and DRI, supplies ferro-alloys, and processes ferrous and nonferrous scrap metal.
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.
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