Constellium NV

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  • uploads///europe vehicle sales
    Macroeconomic Analysis

    Europe’s Passenger Car Registrations Rose Modestly in May

    May marks the 21st consecutive month where vehicle registrations have increased in the EU.

    By Mohit Oberoi, CFA
  • uploads///aluminum part  long term
    Company & Industry Overviews

    What Are the Long-Term and Short-Term Outlooks for Aluminum?

    In the long term, aluminum demand looks strong globally as well as in China. Moreover, aluminum has been able to find new uses, especially in the automotive sector.

    By Mohit Oberoi, CFA
  • Basic Materials

    An investor’s guide to Constellium’s key financials

    Currently, Constellium has close to $400 million in cash on its balance sheet. It’s expected some of this cash will be used to acquire Wise Metals.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    Arconic’s 4Q16 Guidance: What Can Investors Expect?

    The TCS (Transportation and Construction Solutions) segment’s 4Q16 ATOI is expected to rise 8%–10% YoY. The guidance is based on constant currency rates.

    By Mohit Oberoi, CFA
  • uploads///part  premiums
    Basic Materials

    Have Physical Aluminum Premiums Bottomed Out?

    Currently, US Midwest aluminum premiums are quoted at $0.06 per pound. Premiums have been almost flat in August.

    By Mohit Oberoi, CFA
  • uploads///comparative
    Basic Materials

    Aluminum company metrics compared

    Trading on the London metal exchange determines the price for primary aluminum. Any increase in the price of aluminum benefits companies that produce primary aluminum.

    By Mohit Oberoi, CFA
  • uploads///part  arnc
    Miscellaneous

    The Arconic Breakdown: Reading the Analysts

    Arconic has a mean one-year price target of $29.25, representing a 4.9% upside over its closing price on March 21, 2017.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Alcoa’s third quarter portfolio transformation

    Alcoa announced the acquisition of Firth Rixson. Firth Rixson is the largest jet engine ring manufacturer. It gets ~75% of its revenues from aerospace industries.

    By Mohit Oberoi, CFA
  • uploads///part  arnc
    Earnings Report

    Arconic’s 1Q17 Earnings: What You Need to Know

    Arconic (ARNC) released its 1Q17 earnings on April 25. The company was listed as a separate entity on November 1, 2016, when Alcoa split into two new entities.

    By Mohit Oberoi, CFA
  • uploads///comparative
    Basic Materials

    Must-know: Alcoa is placed better than other aluminum companies

    The aluminum process starts by extracting bauxite from the Earth’s crust. The bauxite is refined into alumina. Alumina is a key raw material—along with carbon and electricity.

    By Mohit Oberoi, CFA
  • uploads///part  revenue goal
    Earnings Report

    Alcoa’s 2016 Guidance Adds Gloom to 3Q Earnings Disappointment

    During its 3Q16 earnings call, Alcoa lowered the business targets for all three segments under Arconic.

    By Mohit Oberoi, CFA
  • Basic Materials

    Constellium reports higher automotive structure shipments

    Shipments for Constellium’s Automotive Structures and Industry increased by 11% over 3Q13. The EBITDA per ton, though, decreased by 4% over last year.

    By Mohit Oberoi, CFA
  • uploads///transformation
    Basic Materials

    Alcoa’s transformation will impact its investors

    As part of its transformation, Alcoa has been developing innovative products for its customers. It has been enhancing its product offerings through acquisitions.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why aluminum companies’ stocks have surged

    Alcoa and Century Aluminum delivered excellent returns. Century Aluminum led the way. It’s stock has more than tripled since the beginning of 2013. This surprised analysts.

    By Mohit Oberoi, CFA
  • uploads///part  wall street
    Company & Industry Overviews

    Do Wall Street Analysts Find Value in Alcoa’s Split?

    Wall Street analysts have mainly been sitting on the sidelines waiting for Alcoa to split. The markets seem to be playing a wait-and-watch game when it comes to Alcoa.

    By Mohit Oberoi, CFA
  • uploads///part  eps guidance
    Earnings Report

    Alcoa Lowers Guidance for Aerospace Business for the Second Time

    During its 3Q16 earnings call, Alcoa reduced its EPS segment’s fiscal 2016 revenue guidance to $5.6 billion–$5.8 billion from $5.9 billion–$6.1 billion.

    By Mohit Oberoi, CFA
  • uploads///construction
    Macroeconomic Analysis

    Engineering Alcoa’s Success In 2015

    Alcoa’s engineered products and services In the previous part of this series, we discovered that the engineered products and services segment is Alcoa’s (AA) most profitable. In this part, we’ll look at two factors that will drive this part of the business in 2015. Non-residential construction Alcoa earns almost $1 billion in revenues from the non-residential construction industry. Non-residential construction is picking up, […]

    By Mohit Oberoi, CFA
  • uploads///CSTM
    Consumer

    Why JANA Partners opened new position at Constellium

    JANA Partners’ 13F filing disclosed a brand new position in aluminum product manufacturer Constellium N.V. (CSTM) that accounts for 1.83% of JANA’s 1Q 2014 portfolio.

    By Samantha Nielson
  • uploads///last
    Earnings Report

    How Can Century Aluminum Manage the Current Downtrend?

    Fortunately for Century Aluminum, its leverage ratios are currently much lower than other companies in this space. CENX has $123 million in cash that should help it manage its operations over the next few quarters

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: 3 expansions that will drive Alcoa’s automotive sales

    The Saudi Arabia JV is expected to produce its own electricity. The Middle East has access to cheap fuel sources. As a result, the overall production cost is expected to be lower in this plant.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why the Wise Metals acquisition is a smart move for Constellium

    The U.S. markets have been resilient. Analysts expect the demand for both steel and aluminum in the U.S. to grow by more than the global average.

    By Mohit Oberoi, CFA
  • uploads///aerospace
    Macroeconomic Analysis

    Must-know: Alcoa’s Aerospace Segment Is Important

    The aerospace segment is the one of the biggest aluminum consumers in the world. Alcoa (AA) got $4 billion in revenue from aerospace companies last year.

    By Mohit Oberoi, CFA
  • uploads///share returns
    Macroeconomic Analysis

    How Alcoa Looked In 2014

    In this series, we’ll pay special attention to Alcoa’s 2014 performance and to how investors can play Alcoa and other aluminum companies in 2015.

    By Mohit Oberoi, CFA
  • uploads///Aluminum realized prices
    Earnings Report

    Will Rio Tinto’s Quality Aluminum Assets Be Enough?

    The aluminum division contributed to 23% of Rio Tinto’s (RIO) 1H15 underlying EBITDA (or earnings before interest, tax, depreciation, and amortization).

    By Anuradha Garg
  • uploads///comparative
    Basic Materials

    What Aluminum Industry Indicators Are Key For Alcoa Investors?

    It’s important that investors understand the key aluminum industry indicators. There are several ways to play the aluminum industry. You can invest in primary aluminum producers.

    By Mohit Oberoi, CFA
  • Basic Materials

    Facts that investors need to know about Alcoa

    Alcoa is the largest aluminum company in the U.S. It’s among the top three aluminum producers worldwide. It has been the pioneer of the electrolytic process.

    By Mohit Oberoi, CFA
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    Basic Materials

    Can Arconic Get an Investment Grade Credit Rating after the Split?

    Alcoa (AA) was targeting an investment grade credit rating (BND) for Arconic, but the company seems comfortable with a split rating.

    By Mohit Oberoi, CFA
  • uploads///last
    Company & Industry Overviews

    Aerospace Is Arconic’s Aluminum, and Its Not Looking Good

    Alcoa had a three-year target of $7.2 billion in revenues, but it has reduced this target to $6 billion–$6.2 billion ahead of the Arconic split.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Playing the aluminum value chain

    Bauxite is the most abundant metal in the earth’s crust. Because of the many impurities in bauxite, it must be refined to produce alumina.

    By Mohit Oberoi, CFA
  • uploads///part  EPS guidance
    Miscellaneous

    Do Arconic’s Short-Term Challenges Outweigh Long-Term Drivers?

    The expected synergy from Alcoa’s acquisition of Firth Rixson could be a key driver of Arconic’s (ARNC) medium-term performance.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Alcoa’s Global-Rolled Products segment is important

    Alcoa’s GRP segment converts the primary aluminum into sheets. The sheets are used in the packaging, automotive, and aerospace industries.

    By Mohit Oberoi, CFA
  • Basic Materials

    A brief history of aluminum fabricator Constellium

    Constellium is engaged in the aluminum fabrication business. Fabricators give custom shape and size to primary aluminum.

    By Mohit Oberoi, CFA
  • Basic Materials

    Investors should understand Constellium’s key operations

    Constellium’s aerospace sector is expected to grow at a healthy pace over the next few years. Its packaging industry is one of the biggest aluminum consumers globally. Constellium provides automotive solutions to help reduce vehicle weight.

    By Mohit Oberoi, CFA
  • uploads///triple play auto
    Macroeconomic Analysis

    Alcoa’s Automotive Sales Could Be Hurt By Fall In Crude Oil Price

    Crude oil prices impacted Alcoa’s automotive sales. Under its transformation strategy, Alcoa (AA) is working to address the automotive companies’ lightweighting needs.

    By Mohit Oberoi, CFA
  • Basic Materials

    Key Trends And Indicators In The Aluminum Industry

    The year 2014 has been a remarkable year for the aluminum industry. Aluminum plays have delivered solid performances on Wall Street.

    By Mohit Oberoi, CFA
  • uploads///ford f lower crude
    Macroeconomic Analysis

    Why Alcoa Investors Should Watch Sales Of The Ford F-150 Truck

    Truck drivers have an incentive to buy lightweight aluminum body trucks, which carry more cargo than steel body trucks and offer improved fuel economy.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why the revenue drivers for Alcoa’s rolled products are important

    Alcoa developed an aluminum foil that’s around a third of the thickness of human hair. It’s called aseptic foil. It’s used by the milk packaging industry in Brazil.

    By Mohit Oberoi, CFA
  • uploads///valuations
    Basic Materials

    Must-know: 3 risks that aluminum company investors face

    Litigations can be a big blow for aluminum producers. Litigations are expected to decrease aluminum prices and premiums. This will be negative for aluminum companies like Alcoa Inc. (AA), Century Aluminum (CENX), Kaiser Aluminum Corp. (KALU), and Constellium (CSTM).

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Alcoa is positioned well to serve the automotive industry

    Alcoa is working to expand its capacity in Tennessee. It’s a $275 million investment. Alcoa expects that the facility will be operational by mid-2015.

    By Mohit Oberoi, CFA
  • uploads///part  oppurtunity
    Basic Materials

    How Can Arconic Offer Long-Term Value to Investors?

    The comps that Alcoa (AA) highlighted for its Value-Added business currently trade at an average of 9.3x their forward EV-to-EBITDA.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why upstream profits increased with rising aluminum prices

    Alumina producers price their products at a percentage of aluminum prices. Alumina prices depend on prevailing aluminum prices on the LME.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Alcoa’s key financial metrics

    Alcoa’s revenues have been on a downward trend for the past three years. In 2014, revenue is expected to be ~1% lower over the revenue in 2013. The aluminum market has been growing. The deceleration in revenues is due to falling aluminum prices. Aluminum prices fell to a four-year low this year, before rebounding slightly.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: An overview of the steel versus aluminum debate

    Using aluminum to make vehicles has its own nuances. There have to be new production lines for the automobile companies. Aluminum can’t be welded easily like steel. This reduces the mass shift to aluminum. Aluminum also costs more than steel. It’s more than double steel’s price. However, a slow and steady shift is happening.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Constellium’s A&T profits fell in 3Q14

    The slowdown in revenues was due to maintenance activities in the Ravenswood plant. Constellium is in the process of streamlining its maintenance process, which will help the company better manage maintenance-related issues.

    By Mohit Oberoi, CFA
  • uploads///part  revenues
    Earnings Report

    Alcoa’s 4Q15 Revenues Slid on Lower Pricing, Divestitures

    Alcoa reported revenues of $5.2 billion. While Alcoa’s earnings topped Wall Street expectations, its 4Q15 revenues came in lower than consensus estimates.

    By Mohit Oberoi, CFA
  • Basic Materials

    How the automotive segment helped Constellium’s P&ARP

    Shipments in Constellium’s P&ARP segment increased by 4% over 3Q13. The growth in shipments is due to higher shipments of automotive sheets, which increased a whopping 82% over last year.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Industry Association Calls on Trump to Scrap Tariffs

    The Section 232 tariffs imposed last year have received a mixed response from US companies.

    By Mohit Oberoi, CFA
  • uploads///financial impact
    Earnings Report

    Constellium Is Expanding Its Automotive Segment

    Constellium completed the expansion of its automotive operations in Singen. It’s also working to expand its automobile capacity in France.

    By Mohit Oberoi, CFA
  • uploads///eps
    Basic Materials

    Must-know: An investor’s guide to Alcoa’s value-added business

    Alcoa’s Engineered Products segment had revenues of ~5.7 billion in 2013. The power and propulsion business is the largest segment. It contributes ~$1.8 billion.

    By Mohit Oberoi, CFA
  • uploads///major consumers
    Basic Materials

    What Are The Major Regions That Consume Aluminum?

    China is the biggest consumer. It consumes almost half of the aluminum that’s produced globally. However, this isn’t surprising. China is the biggest consumer of most industrial commodities.

    By Mohit Oberoi, CFA
  • uploads///comparative
    Basic Materials

    Outlook 2015: Alcoa Set To Benefit

    Aluminum premiums impact the profitability of aluminum plays depending on where each sits in the aluminum value chain. Alcoa is a primary producer.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Key differences between steel and aluminum

    Aluminum is lightweight—it weighs almost a third of steel. It’s malleable—it can easily be cast into different shapes. It’s corrosion resistant. It also conducts electricity well.

    By Mohit Oberoi, CFA
  • Basic Materials

    An investor’s guide to Constellium’s 3Q14 earnings

    Rising aluminum premiums negatively impacted Constellium’s 3Q14 profits, unlike primary producers such as Rio Tinto (RIO) and Alcoa (AA).

    By Mohit Oberoi, CFA
  • uploads///funding
    Basic Materials

    Raising equity looks tough under Constellium’s current market scenario

    Constellium intends to use a mix of debt and equity to fund the Wise Metals acquisition. However, raising equity looks tough with Constellium’s share price hitting a 52-week low.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why investors should understand Alcoa’s business model

    Alcoa is an integrated player in the aluminum value chain. This means its operations extend from bauxite refining to aluminum fabrication.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Alcoa is transforming from a pure-play aluminum company

    Alcoa (AA) is the largest aluminum company in the US. It’s among the top three aluminum producers globally. The company was founded in 1888.

    By Mohit Oberoi, CFA
  • Basic Materials

    Will a shift in raw material strategy benefit Century Aluminum?

    Alumina accounts for a large chunk of Century Aluminum’s raw material costs.

    By Mohit Oberoi, CFA
  • Basic Materials

    Why Century Aluminum is the most expensive aluminum play

    Century Aluminum has the highest price-to-earnings ratio compared to its industry peers.

    By Mohit Oberoi, CFA
  • Basic Materials

    Strong 3Q earnings push Century Aluminum to 52-week high

    Century Aluminum reported an adjusted earnings per share of $0.52 in the third quarter, a 135% increase over its 2Q EPS of $0.22.

    By Mohit Oberoi, CFA
  • Basic Materials

    Key facts about Century Aluminum’s Mt. Holly acquisition

    If the current profitability of the Mt. Holly plant remains steady, Century’s acquisition of the plant can add another $44 million to its 2015 EBITDA.

    By Mohit Oberoi, CFA
  • Basic Materials

    Key aspects of Century’s Mt. Holly transaction

    The Mt. Holly plant added $11 million in earnings before interest, taxes, depreciation, and amortization to Alcoa’s 3Q earnings.

    By Mohit Oberoi, CFA
  • uploads///raw material
    Basic Materials

    Will Century Aluminum get over its supply chain issues?

    The cost of electricity represents about one third of the cost of smelting. As a result, electricity prices are a key driving factor for aluminum companies.

    By Mohit Oberoi, CFA
  • uploads///inventory downstream
    Basic Materials

    Inventory Remeasurements Impact Alcoa’s Downstream Profit in 4Q14

    Engineered products and services (or EPS) is Alcoa’s most profitable segment and produces value-added aluminum products.

    By Mohit Oberoi, CFA
  • uploads///HUN
    Basic Materials

    Why JANA Partners sold stake in Huntsman

    JANA Partners’ 13F filing said the fund sold its position in Huntsman (HUN) that accounted for 3.27% of JANA’s 4Q 2013 portfolio.

    By Samantha Nielson
  • Basic Materials

    Why aluminum prices have beverage companies complaining

    There were complaints from beverage companies like Coca-Cola (KO) and SABMiller because they weren’t able to meet the aluminum requirements for their bottling plants.

    By Mohit Oberoi, CFA
  • uploads///autodemand
    Basic Materials

    Must-know: 3 factors impacting the outlook for aluminum companies

    Three factors are expected to impact aluminum companies going forward: aluminum capacities, financial demand, and auto companies.

    By Mohit Oberoi, CFA
  • uploads///consumption
    Basic Materials

    Overview: An investor’s guide to the aluminum industry

    Aluminum is the most abundant metal found in the earth’s crust. It’s soft, lightweight, and durable in nature. Its low density and resistance to corrosion make it a very important metal that a lot of industries use.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Why China’s aluminum imports affect aluminum markets

    With a mammoth 1.4 billion population and a growing economy, China currently dictates the global commodity market. Both iron and steel industries are reeling under the impact of China’s slowdown.

    By Mohit Oberoi, CFA
  • Basic Materials

    Must-know: Emerging trends in China’s aluminum market

    Contrary to global expectations, China has increased its smelting capacities in the past decade. There are plenty of reasons behind this move.

    By Mohit Oberoi, CFA
  • uploads///Process
    Basic Materials

    Must-know: Understanding aluminum’s value chain

    The aluminum industry has a value chain that consists of both upstream and downstream companies. Upstream companies are engaged in the mining and refining operations.

    By Mohit Oberoi, CFA
  • uploads///article
    Consumer

    Why Credit Suisse Sees Attractive Opportunities in Constellium

    On October 6, Credit Suisse (CS) shared a research report that named several of its top stock picks. The firm discussed Constellium, Mohawk Industries, Kraft Heinz, BlackRock, and JPMorgan Chase.

    By Sarah Sands
  • uploads///part  arconic
    Company & Industry Overviews

    Could Cash Strengthen Arconic as It Battles Elliott Management?

    According to Dow Jones, Elliott Management’s regulatory filings reveal that the company finds Arconic (ARNC) “dramatically undervalued.”

    By Mohit Oberoi, CFA
  • uploads///PART
    Company & Industry Overviews

    Arconic Just Sold Its Majority Stake in Alcoa

    Arconic (ARNC) announced that it sold 60% of its stake in Alcoa (AA) and raised ~$890 million. In this series, we’ll explore what this stake sale means for investors.

    By Mohit Oberoi, CFA
  • uploads///part
    Earnings Report

    What Are Analysts Projecting for Arconic’s 4Q16 Revenues?

    Analysts expect Arconic to post revenues of $3.0 billion in 4Q16. Alcoa’s downstream business posted revenues of $3.37 billion in 3Q16.

    By Mohit Oberoi, CFA
  • uploads///PART
    Earnings Report

    Can Arconic Get Wall Street’s Support with Its 4Q16 Earnings?

    Arconic will release its 4Q16 earnings on January 31. Its 4Q16 earnings could be an opportunity for Arconic to get some support from Wall Street.

    By Mohit Oberoi, CFA
  • uploads///part  arconic
    Miscellaneous

    Are Short-Term Challenges Playing on Arconic Investors’ Minds?

    The Engineered Products and Solutions business of consolidated Alcoa would be the key driver of Arconic’s earnings, given its share in the company’s earnings.

    By Mohit Oberoi, CFA
  • uploads///part  arconic atoi
    Earnings Report

    Arconic’s 3Q16 Income Falls on Lower Pricing and Higher Costs

    Arconic posted an ATOI (after-tax operating income) of $267 million in 3Q16. In comparison, its ATOI was $294 million in 2Q16 and $257 million in 3Q15.

    By Mohit Oberoi, CFA
  • uploads///part  EPS beat
    Earnings Report

    Can Alcoa Make It Four in a Row with a 3Q16 Earnings Beat?

    3Q16 earnings beat According to consensus estimates compiled by Bloomberg, analysts expect Alcoa (AA) to post adjusted EPS (earnings per share) of $0.11 in 3Q16. To put this in perspective, the company posted adjusted EPS of $0.15 in 2Q16 and $0.07 in 3Q15. Analysts expect Alcoa’s 3Q16 EPS to fall year-over-year and quarter-over-quarter. Earnings beat Notably, […]

    By Mohit Oberoi, CFA
  • uploads///part  upstream
    Earnings Report

    Alcoa 3Q16 Preview: Could Productivity Offset Pricing Pressure?

    Pricing pressure Previously, we looked at the different factors that could impact Alcoa’s (AA) 3Q16 upstream revenues. In this article, we’ll analyze how the company’s downstream revenues could play out in the quarter. Note that Alcoa’s downstream business consists of three segments: Engineered Products and Solutions (or EPS), Transportation and Construction Solutions (or TCS), and […]

    By Mohit Oberoi, CFA
  • uploads///part  analyst action
    Earnings Report

    How is Wall Street Rating Alcoa Before its 3Q16 Earnings Release?

    Wall Street’s rating According to consensus estimates compiled by Bloomberg, Alcoa (AA) carries a one-year price target of $11.29, which represents an 11.3% upside over its September 30 closing price. Century Aluminum (CENX) is trading 9.7% below its consensus one-year price target. Rio Tinto (RIO) and Constellium (CSTM) are trading at price levels similar to […]

    By Mohit Oberoi, CFA
  • uploads///part  china car sales
    Company & Industry Overviews

    Is Alcoa Staring at an Automotive Slowdown in 2017?

    Since the automotive sector is among the leading aluminum consumers, stagnation in car sales could impact primary aluminum producers.

    By Mohit Oberoi, CFA
  • uploads///part  arconic risk
    Basic Materials

    Investor Alert: Can Arconic Navigate Its Short-Term Challenges?

    Demand from the aerospace industry has grown at a steady rate for the last couple of years. Higher fuel prices have forced airline companies to order new energy-efficient aircraft.

    By Mohit Oberoi, CFA
  • uploads///part  arconic risk
    Basic Materials

    In Focus: What Challenges Would Arconic Face in the Short Term?

    Arconic’s post-split structure would include the business segments that are currently under the Global Rolled Products (or GRP), Transportation and Construction Solutions (or TCS), and Engineered Products and Solutions (or EPS) businesses.

    By Mohit Oberoi, CFA
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    Basic Materials

    Do the Markets Really Want Alcoa to Split into 2 Companies?

    It’s been almost a year since Alcoa (AA) announced its split. In this series, we’ll explore the factors that are influencing Alcoa this year, including the various opportunities and challenges that the split could impose on the company.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Commodity Indicators Alcoa Investors Should Track This Month

    Alcoa is gearing up for its split—scheduled for 2H16. After the split, the company will produce precision components and other value-added products.

    By Mohit Oberoi, CFA
  • uploads///part  valuation part
    Basic Materials

    How Do Arconic’s Comps Valuation Look before Alcoa’s Split?

    In light of the PCP acquisition, some analysts believe that Arconic could be worth more than the combined entity. However, Alcoa has historically traded below PCP’s valuation multiples.

    By Mohit Oberoi, CFA
  • uploads///part  china car sales
    Basic Materials

    Rising Global Automotive Sales Should Support Aluminum Demand

    China’s passenger car sales rose to 1.6 million in July, a year-over-year increase of 23%. This is the highest growth rate in 3.5 years.

    By Mohit Oberoi, CFA
  • uploads///part
    Basic Materials

    Alcoa or Arconic: Who Did Best in 2Q16?

    Under its transformation strategy, Alcoa has turned into a diversified engineering company. It reported 2Q16 EPS of $0.15 after adjusting for special items.

    By Mohit Oberoi, CFA
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    Basic Materials

    Alcoa’s Split: Key Takeaways from Form-10

    After the split, Alcoa would be renamed “Arconic.” The upstream business would be split into a new company that would be called “Alcoa.”

    By Mohit Oberoi, CFA
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    Miscellaneous

    What Does Alcoa Really Plan to Achieve with Its Split?

    Both Alcoa and Arconic will have separate characteristics and investment propositions.

    By Mohit Oberoi, CFA
  • uploads///car sales
    Macroeconomic Analysis

    Can Strong Automotive Demand Support Aluminum Demand in 2016?

    Rusal expects global aluminum demand to increase in 2016. It expects half of this incremental demand to come from the automotive sector.

    By Mohit Oberoi, CFA
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    Earnings Report

    How Did Century Aluminum Perform in 1Q16?

    Century Aluminum (CENX) reported an adjusted net loss of $22 million in 1Q16, which translates into adjusted EPS (earnings per share) of -$0.23.

    By Mohit Oberoi, CFA
  • uploads///key differnces
    Company & Industry Overviews

    Three Key Differences Between Alcoa and Precision Castparts

    There are several differences between Alcoa’s and Precision Castparts’ value-add businesses.

    By Mohit Oberoi, CFA
  • uploads///PART  TECHNICALS
    Macroeconomic Analysis

    Which Aluminum Stocks Look Overbought?

    Century Aluminum (CENX) looks to be the most overbought stock in our coverage of aluminum companies.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    Two Factors that Could Put the Brakes on Rising US Aluminum Premiums

    Despite rising aluminum premiums, most metal prices have hit fresh six-and-a-half year lows in January 2016 and continue to trade with a negative bias.

    By Mohit Oberoi, CFA
  • uploads///part  aluminum premiums
    Company & Industry Overviews

    US Aluminum Premiums Could Remain Stable in 2016

    While capacity cuts by US smelters might not have an impact on aluminum prices, cuts could support aluminum premiums. Aluminum premiums are more regional.

    By Mohit Oberoi, CFA
  • uploads///part  share prices
    Macroeconomic Analysis

    Alcoa Got Cold Feet near the Crucial $10 Level

    For almost two months, Alcoa (AA) closed below the psychologically crucial level of $10. Alcoa’s stock rose almost 14% since November 12.

    By Mohit Oberoi, CFA
  • uploads///
    Macroeconomic Analysis

    The Auto Industry’s Aluminum Usage Is Increasing

    The usage of aluminum in automobiles has been gradually increasing, as it improves vehicle performance, reduces CO2 emissions, and boosts fuel economy.

    By Val Kensington
  • uploads///post split structure
    Miscellaneous

    No Surprises in Alcoa’s Post-Separation Management Structure

    On November 24, Alcoa announced the executive management structure to be introduced following its split.

    By Mohit Oberoi, CFA
  • uploads///part
    Company & Industry Overviews

    What’s Driving Alcoa’s Stock?

    Alcoa’s stock has witnessed a decent upwards move over the last few trading sessions, gaining more than 16% since November 12.

    By Mohit Oberoi, CFA
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