Intrinsic value of Arconic - ARNC

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$25.54

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ARNC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.15
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  12,394
  12,642
  12,933
  13,265
  13,638
  14,052
  14,505
  14,999
  15,534
  16,110
  16,728
  17,390
  18,096
  18,847
  19,646
  20,493
  21,391
  22,342
  23,347
  24,409
  25,531
  26,714
  27,962
  29,278
  30,664
  32,124
  33,661
  35,279
  36,981
  38,772
  40,656
Variable operating expenses, $m
 
  11,962
  12,225
  12,526
  12,864
  13,238
  13,649
  14,096
  14,580
  15,102
  15,662
  15,746
  16,385
  17,065
  17,788
  18,556
  19,369
  20,230
  21,140
  22,102
  23,117
  24,189
  25,319
  26,510
  27,765
  29,087
  30,479
  31,943
  33,485
  35,107
  36,812
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,575
  11,962
  12,225
  12,526
  12,864
  13,238
  13,649
  14,096
  14,580
  15,102
  15,662
  15,746
  16,385
  17,065
  17,788
  18,556
  19,369
  20,230
  21,140
  22,102
  23,117
  24,189
  25,319
  26,510
  27,765
  29,087
  30,479
  31,943
  33,485
  35,107
  36,812
Operating income, $m
  819
  680
  708
  739
  774
  814
  856
  903
  954
  1,008
  1,067
  1,644
  1,711
  1,782
  1,857
  1,937
  2,022
  2,112
  2,207
  2,308
  2,414
  2,525
  2,643
  2,768
  2,899
  3,037
  3,182
  3,335
  3,496
  3,665
  3,843
EBITDA, $m
  1,951
  2,051
  2,098
  2,152
  2,212
  2,279
  2,353
  2,433
  2,520
  2,613
  2,714
  2,821
  2,936
  3,057
  3,187
  3,324
  3,470
  3,624
  3,787
  3,960
  4,142
  4,334
  4,536
  4,750
  4,974
  5,211
  5,461
  5,723
  5,999
  6,290
  6,595
Interest expense (income), $m
  524
  459
  475
  495
  518
  544
  572
  603
  637
  673
  713
  755
  800
  848
  900
  954
  1,012
  1,074
  1,139
  1,207
  1,280
  1,357
  1,438
  1,523
  1,613
  1,708
  1,807
  1,912
  2,023
  2,139
  2,262
Earnings before tax, $m
  414
  222
  232
  244
  256
  270
  285
  300
  317
  335
  354
  889
  911
  933
  958
  983
  1,010
  1,038
  1,069
  1,100
  1,134
  1,169
  1,206
  1,245
  1,286
  1,329
  1,375
  1,423
  1,473
  1,526
  1,582
Tax expense, $m
  1,476
  60
  63
  66
  69
  73
  77
  81
  86
  90
  96
  240
  246
  252
  259
  265
  273
  280
  288
  297
  306
  316
  326
  336
  347
  359
  371
  384
  398
  412
  427
Net income, $m
  -941
  162
  170
  178
  187
  197
  208
  219
  231
  245
  258
  649
  665
  681
  699
  718
  737
  758
  780
  803
  828
  853
  880
  909
  939
  970
  1,004
  1,039
  1,075
  1,114
  1,155

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,863
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  20,038
  18,536
  18,963
  19,450
  19,997
  20,604
  21,269
  21,993
  22,777
  23,622
  24,528
  25,498
  26,533
  27,635
  28,806
  30,049
  31,365
  32,759
  34,233
  35,791
  37,435
  39,171
  41,001
  42,930
  44,962
  47,102
  49,356
  51,728
  54,224
  56,850
  59,613
Adjusted assets (=assets-cash), $m
  18,175
  18,536
  18,963
  19,450
  19,997
  20,604
  21,269
  21,993
  22,777
  23,622
  24,528
  25,498
  26,533
  27,635
  28,806
  30,049
  31,365
  32,759
  34,233
  35,791
  37,435
  39,171
  41,001
  42,930
  44,962
  47,102
  49,356
  51,728
  54,224
  56,850
  59,613
Revenue / Adjusted assets
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
Average production assets, $m
  6,508
  10,354
  10,592
  10,864
  11,170
  11,508
  11,880
  12,284
  12,722
  13,194
  13,701
  14,242
  14,820
  15,436
  16,090
  16,784
  17,519
  18,298
  19,121
  19,991
  20,910
  21,879
  22,901
  23,979
  25,114
  26,309
  27,568
  28,893
  30,287
  31,754
  33,297
Working capital, $m
  3,143
  1,353
  1,384
  1,419
  1,459
  1,504
  1,552
  1,605
  1,662
  1,724
  1,790
  1,861
  1,936
  2,017
  2,102
  2,193
  2,289
  2,391
  2,498
  2,612
  2,732
  2,858
  2,992
  3,133
  3,281
  3,437
  3,602
  3,775
  3,957
  4,149
  4,350
Total debt, $m
  8,084
  8,342
  8,691
  9,089
  9,537
  10,033
  10,577
  11,169
  11,811
  12,502
  13,243
  14,037
  14,883
  15,784
  16,742
  17,759
  18,836
  19,976
  21,182
  22,456
  23,801
  25,221
  26,718
  28,295
  29,958
  31,709
  33,552
  35,493
  37,535
  39,683
  41,942
Total liabilities, $m
  14,923
  15,163
  15,512
  15,910
  16,358
  16,854
  17,398
  17,990
  18,632
  19,323
  20,064
  20,858
  21,704
  22,605
  23,563
  24,580
  25,657
  26,797
  28,003
  29,277
  30,622
  32,042
  33,539
  35,116
  36,779
  38,530
  40,373
  42,314
  44,356
  46,504
  48,763
Total equity, $m
  5,115
  3,374
  3,451
  3,540
  3,640
  3,750
  3,871
  4,003
  4,145
  4,299
  4,464
  4,641
  4,829
  5,030
  5,243
  5,469
  5,709
  5,962
  6,230
  6,514
  6,813
  7,129
  7,462
  7,813
  8,183
  8,573
  8,983
  9,415
  9,869
  10,347
  10,849
Total liabilities and equity, $m
  20,038
  18,537
  18,963
  19,450
  19,998
  20,604
  21,269
  21,993
  22,777
  23,622
  24,528
  25,499
  26,533
  27,635
  28,806
  30,049
  31,366
  32,759
  34,233
  35,791
  37,435
  39,171
  41,001
  42,929
  44,962
  47,103
  49,356
  51,729
  54,225
  56,851
  59,612
Debt-to-equity ratio
  1.580
  2.470
  2.520
  2.570
  2.620
  2.680
  2.730
  2.790
  2.850
  2.910
  2.970
  3.020
  3.080
  3.140
  3.190
  3.250
  3.300
  3.350
  3.400
  3.450
  3.490
  3.540
  3.580
  3.620
  3.660
  3.700
  3.740
  3.770
  3.800
  3.840
  3.870
Adjusted equity ratio
  0.181
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -941
  162
  170
  178
  187
  197
  208
  219
  231
  245
  258
  649
  665
  681
  699
  718
  737
  758
  780
  803
  828
  853
  880
  909
  939
  970
  1,004
  1,039
  1,075
  1,114
  1,155
Depreciation, amort., depletion, $m
  1,132
  1,370
  1,390
  1,413
  1,438
  1,466
  1,497
  1,530
  1,566
  1,605
  1,647
  1,177
  1,225
  1,276
  1,330
  1,387
  1,448
  1,512
  1,580
  1,652
  1,728
  1,808
  1,893
  1,982
  2,076
  2,174
  2,278
  2,388
  2,503
  2,624
  2,752
Funds from operations, $m
  72
  1,532
  1,560
  1,591
  1,625
  1,663
  1,704
  1,749
  1,798
  1,850
  1,906
  1,826
  1,890
  1,957
  2,029
  2,105
  2,185
  2,270
  2,360
  2,455
  2,556
  2,661
  2,773
  2,891
  3,014
  3,145
  3,282
  3,426
  3,578
  3,738
  3,906
Change in working capital, $m
  -798
  27
  31
  36
  40
  44
  49
  53
  57
  62
  66
  71
  76
  80
  85
  91
  96
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  192
  202
Cash from operations, $m
  870
  -3,155
  1,529
  1,555
  1,585
  1,619
  1,656
  1,696
  1,740
  1,788
  1,839
  1,755
  1,814
  1,877
  1,943
  2,014
  2,089
  2,169
  2,253
  2,342
  2,436
  2,535
  2,639
  2,750
  2,866
  2,988
  3,117
  3,253
  3,396
  3,547
  3,705
Maintenance CAPEX, $m
  0
  -839
  -856
  -875
  -898
  -923
  -951
  -982
  -1,015
  -1,051
  -1,090
  -1,132
  -1,177
  -1,225
  -1,276
  -1,330
  -1,387
  -1,448
  -1,512
  -1,580
  -1,652
  -1,728
  -1,808
  -1,893
  -1,982
  -2,076
  -2,174
  -2,278
  -2,388
  -2,503
  -2,624
New CAPEX, $m
  -1,125
  -199
  -238
  -272
  -306
  -339
  -372
  -405
  -438
  -472
  -506
  -542
  -578
  -615
  -654
  -694
  -736
  -779
  -823
  -870
  -919
  -969
  -1,022
  -1,077
  -1,135
  -1,196
  -1,259
  -1,325
  -1,394
  -1,467
  -1,543
Cash from investing activities, $m
  -165
  -1,038
  -1,094
  -1,147
  -1,204
  -1,262
  -1,323
  -1,387
  -1,453
  -1,523
  -1,596
  -1,674
  -1,755
  -1,840
  -1,930
  -2,024
  -2,123
  -2,227
  -2,335
  -2,450
  -2,571
  -2,697
  -2,830
  -2,970
  -3,117
  -3,272
  -3,433
  -3,603
  -3,782
  -3,970
  -4,167
Free cash flow, $m
  705
  -4,193
  435
  408
  382
  357
  333
  310
  287
  265
  243
  81
  59
  36
  14
  -10
  -34
  -58
  -83
  -109
  -135
  -163
  -191
  -220
  -251
  -283
  -316
  -350
  -386
  -423
  -462
Issuance/(repayment) of debt, $m
  -775
  298
  349
  399
  448
  496
  544
  593
  641
  691
  742
  793
  847
  901
  958
  1,016
  1,077
  1,140
  1,206
  1,274
  1,345
  1,419
  1,497
  1,578
  1,662
  1,751
  1,844
  1,940
  2,042
  2,148
  2,259
Issuance/(repurchase) of shares, $m
  4
  2,133
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -526
  2,431
  349
  399
  448
  496
  544
  593
  641
  691
  742
  793
  847
  901
  958
  1,016
  1,077
  1,140
  1,206
  1,274
  1,345
  1,419
  1,497
  1,578
  1,662
  1,751
  1,844
  1,940
  2,042
  2,148
  2,259
Total cash flow (excl. dividends), $m
  172
  -3,895
  784
  806
  829
  853
  877
  903
  929
  956
  984
  875
  905
  938
  971
  1,007
  1,044
  1,082
  1,123
  1,165
  1,210
  1,257
  1,306
  1,358
  1,412
  1,468
  1,528
  1,590
  1,656
  1,725
  1,797
Retained Cash Flow (-), $m
  6,931
  -61
  -78
  -89
  -100
  -110
  -121
  -132
  -143
  -154
  -165
  -177
  -188
  -201
  -213
  -226
  -240
  -254
  -268
  -283
  -299
  -316
  -333
  -351
  -370
  -390
  -410
  -432
  -454
  -478
  -503
Prev. year cash balance distribution, $m
 
  1,823
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  706
  717
  730
  743
  756
  771
  786
  802
  819
  698
  717
  737
  758
  781
  804
  829
  855
  882
  911
  941
  973
  1,006
  1,042
  1,079
  1,118
  1,159
  1,202
  1,247
  1,294
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  0
  621
  587
  551
  513
  475
  437
  398
  360
  322
  238
  210
  183
  158
  134
  112
  93
  75
  60
  47
  37
  28
  21
  15
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9
  76.9

Arconic Inc. develops and manufactures engineered products for aerospace, industrial gas turbine, commercial transportation, and oil and gas markets. It offers airfoils, fasteners, rings, forgings, extrusions, alloys, and industrial gas turbines; and titanium aero ingots and mill products, as well as multi-material airframe subassemblies, technologies, and materials, such as 3D printing and titanium aluminides. The company also provides aluminum sheets and plates for the aerospace, automotive, commercial transportation, brazing, and industrial markets. In addition, it provides forged aluminum truck wheels and other transportation products; aluminum curtain walls and front entry systems, including self-cleaning facades, and blast proof and hurricane resistant entrances for building and construction markets; and extrusions for trains, buildings, and various industrial applications. The company was founded in 2016 and is based in New York, New York.

FINANCIAL RATIOS  of  Arconic (ARNC)

Valuation Ratios
P/E Ratio -11.9
Price to Sales 0.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow -43.9
Growth Rates
Sales Growth Rate -0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.7%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio 47
Current Ratio 0
LT Debt to Equity 157.3%
Total Debt to Equity 158%
Interest Coverage 2
Management Effectiveness
Return On Assets -8.1%
Ret/ On Assets - 3 Yr. Avg. -3.3%
Return On Total Capital -5.5%
Ret/ On T. Cap. - 3 Yr. Avg. -1.9%
Return On Equity -11%
Return On Equity - 3 Yr. Avg. -3.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 20.8%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 15.9%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 1.9%
Net Profit Margin -7.6%
Net Profit Margin - 3 Yr. Avg. -2.7%
Effective Tax Rate 356.5%
Eff/ Tax Rate - 3 Yr. Avg. 231.9%
Payout Ratio -24.2%

ARNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARNC stock intrinsic value calculation we used $12394 million for the last fiscal year's total revenue generated by Arconic. The default revenue input number comes from 2016 income statement of Arconic. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARNC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.3%, whose default value for ARNC is calculated based on our internal credit rating of Arconic, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arconic.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ARNC stock the variable cost ratio is equal to 94.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARNC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.7% for Arconic.

Corporate tax rate of 27% is the nominal tax rate for Arconic. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ARNC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ARNC are equal to 81.9%.

Life of production assets of 12.1 years is the average useful life of capital assets used in Arconic operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ARNC is equal to 10.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5136 million for Arconic - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 429.926 million for Arconic is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arconic at the current share price and the inputted number of shares is $11.0 billion.


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RELATED COMPANIES Price Int.Val. Rating
ARNC Arconic 25.54 prem.  prem.
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KALU Kaiser Aluminu 85.42 prem.  prem.

COMPANY NEWS

▶ How Analysts Are Rating Arconic in 2Q17   [Jun-21-17 07:37AM  Market Realist]
▶ ETFs with exposure to Arconic, Inc. : June 15, 2017   [Jun-15-17 01:05PM  Capital Cube]
▶ What Will Happen to BHP Billiton Limited's Oil Business?   [Jun-13-17 11:35AM  Motley Fool]
▶ [$$] Elliotts Brash Activism Cant Sway Dutch Paint Giant   [Jun-02-17 12:06AM  The Wall Street Journal]
▶ [$$] Elliott's Brash Activism Can't Sway Dutch Paint Giant   [Jun-01-17 01:39PM  The Wall Street Journal]
▶ 3 Opportunities Arconic Bears Need to Know   [May-24-17 11:07AM  Motley Fool]
▶ The Arconic-Elliott saga   [May-23-17 07:37PM  CNBC Videos]
▶ [$$] Arconic's Challenges Remain Despite Elliott Settlement   [02:31PM  The Wall Street Journal]
▶ Arconic and Elliott Management Reach Resolution to End Proxy Contest   [May-22-17 05:55PM  The Wall Street Journal]
▶ [$$] Arconic: Settling for less   [01:49PM  Financial Times]
▶ [$$] Elliott secures 3 board seats at Arconic   [01:41PM  Financial Times]
▶ [$$] Arconic Board Vote to Test Power of Activist Investors   [May-21-17 11:53PM  The Wall Street Journal]
▶ [$$] Arconic Board Vote to Test Power of Activist Investors   [07:00AM  The Wall Street Journal]
▶ Arconic Board of Directors Comments on ISS Recommendation   [May-15-17 08:48PM  Business Wire]
▶ Elliott Releases New Investor Presentation   [02:36PM  Business Wire]
▶ [$$] Arconics Board Spat Is Lesson for Investors   [12:20AM  The Wall Street Journal]
▶ [$$] Arconic Names Two Directors Ahead of Shareholder Vote   [May-04-17 05:35PM  The Wall Street Journal]
▶ Arconic Stock Trades Ex-Dividend Wednesday   [11:09AM  Investopedia]
▶ Arconic, Inc. Value Analysis (NYSE:ARNC) : April 28, 2017   [Apr-28-17 04:36PM  Capital Cube]
▶ Elliott Management Releases New Investor Presentation   [Apr-27-17 05:08PM  Business Wire]
▶ Arconics 1Q17 Earnings: What You Need to Know   [12:36PM  Market Realist]
▶ [$$] Arconic CEO Leaves Door Open to Permanent Role   [Apr-25-17 09:18PM  The Wall Street Journal]
▶ [$$] Arconic CEO Leaves Door Open to Permanent Role   [08:28PM  The Wall Street Journal]
▶ Arconic beats Street 1Q forecasts   [04:34PM  Associated Press]
▶ Arconic Stock Climbs on 1Q Earnings Beat   [04:25PM  TheStreet.com]
▶ Arconic beats on top & bottom lines   [04:17PM  CNBC Videos]
▶ Arconic Reports First Quarter 2017 Results   [04:15PM  Business Wire]
▶ Alcoa beats 1Q profit forecasts   [04:22PM  Associated Press]
▶ Arconic Delays Annual Shareholder Meeting   [02:28PM  TheStreet.com]
Stock chart of ARNC Financial statements of ARNC Annual reports of ARNC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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