Schnitzer Issues Impressive First-Quarter Guidance; Raising Our Fair Value Estimate to $17
Schnitzer Steel Industries posted first-quarter guidance that is far stronger than management's prior outlook. Having updated our valuation model, we've raised our fair value estimate to $17 per share from $15. Our no-moat rating is unchanged.In the first quarter, Schnitzer will benefit from an inflationary price environment, with ferrous and nonferrous average selling prices rising 51% and 26%, respectively, from the prior-year period. Additionally, management expects ferrous volumes to rise 1...
Schnitzer Steel Industries is engaged as a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The company has two segments: Auto and Metals Recycling, which acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers, and procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores; and Cascade Steel and Scrap, which produces a range of finished steel long products using ferrous recycled scrap metal and other raw materials.
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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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