Although Steelmaking Profits Softened, Steel Dynamics Issues Steady 1Q Results; $35 FVE Unchanged
Steel Dynamics' first-quarter results were closely in line with the company's prior guidance. There were no major surprises, as steelmaking and recycling profits declined year on year while fabrication profits held steady. After updating our valuation model, our $35 per share fair value estimate and no-moat rating are unchanged.Companywide adjusted EBITDA fell modestly to $382 million from $400 million in the same period last year. For 2019, we forecast adjusted EBITDA of $1.70 billion on $11.5...
Steel Dynamics is a steel producer and metal recycler. The company manufactures and sells steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joists and deck products. The company's segments are: Steel, which produces steel from ferrous scrap and scrap substitutes, utilizing casting, automated rolling mills and several downstream steel coating and bar processing lines, and Iron Dynamics; metals recycling, which involves the purchase, processing, and resale of ferrous and nonferrous scrap metals into reusable forms and grades; and steel fabrication, which produces steel building components, including steel joists, girders, trusses, and steel deck.
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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