Steel Dynamics Closes Out a Successful 2017; Raising FVE to $25, but We See Lower Earnings Ahead
Steel Dynamics turned in strong fourth-quarter results, with adjusted EBITDA rising 11% from the prior-year period to $286 million. For 2017 as a whole, Steel Dynamics' adjusted EBITDA reached a record $1.4 billion, marking a 20% increase year on year. Our near- and long-term profit outlook is effectively unchanged. However, our fair value estimate rises to $25 per share due to the benefits of a lower corporate tax rate and time value of money effects. Regardless, we continue to view shares as m...
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