Sims Metal Management Defies Gravity Despite the 2017 Iron Ore Price Slump
We have updated our Sims Metal Management earnings forecasts to reflect spot scrap metal prices and the AUD/USD forward foreign exchange rate curve. Our fiscal 2017 EPS forecasts are unchanged, but our fiscal 2018 EPS forecasts have fallen by 7%. However, the impact to near-term earnings forecasts is insufficiently material to justify changing our AUD 5.80 fair value estimate.At the current share price of AUD 13.73, we still believe Sims is significantly overvalued. While lower Chinese exports ...
Sims Metal Management buys, processes and sells ferrous and non-ferrous recycled metals and provides environmentally responsible solutions for the disposal of post-consumer electronic products, including information technology assets recycled for commercial customers. Co.'s product groups are: ferrous secondary recycling, which collects, processes and trades iron and steel secondary raw material; non-ferrous secondary recycling, which collects, processes and trades other metal alloys and residues; recycling solutions, which disposes post-consumer electronic products; and secondary processing and other services, which focuses on melting, refining and ingoting of certain non-ferrous metals.
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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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