Raising Our Steel Dynamics FVE To $31 as Tariff Program Will Support Wider Near-Term Metal Margins
We've raised our near-term profit forecasts for Steel Dynamics, as the Trump administration's steel tariff program will continue to support wider metal margins in 2018. Although first-quarter profits for the company's flagship steelmaking operations were largely in line with our expectations, 2018 margins are now likely to increase to a higher degree than we had previously anticipated. Accordingly, our fair value estimate for Steel Dynamics rises to $31 per share from $28. Our no-moat rating is ...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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