Sims Upgrades Interim 2017 Guidance, Although Shares Remain Significantly Overvalued
We make significant upgrades to our short-term EPS estimates (64% and 37% for 2017 and 2018), following upgraded earnings guidance and revisions to our scrap price deck. Despite large short-term earnings upgrades (off a very low base), our long-term scrap price forecast, which anchors our valuation, remains unchanged. We continue to hold a bearish view on Chinese fixed-asset investment and the presence of structural overcapacity. Our long-term scrap price estimate of USD 149/tonne (FOB New York)...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.
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.
We have operations in 27 countries.
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