Reliance Steel & Aluminum Issues Strong 4Q Results, Closing Out a Solid 2017; Raising FVE to $68
Reliance Steel & Aluminum exceeded our fourth-quarter profit expectations, en route to recording its highest full-year operating income since 2008. We've raised our near-term profit outlook to reflect a more favorable operating environment in early 2018 than we previously anticipated. This, along with the benefits of tax reform and time value of money effects, drives our fair value estimate upwards to $68 per share from $64. Our no-moat rating is unchanged, as we don't expect the company to ...
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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