Intrinsic value of Arconic - ARNC

Previous Close

$24.29

  Intrinsic Value

$21.35

stock screener

  Rating & Target

hold

-12%

  Value-price divergence*

0%

Previous close

$24.29

 
Intrinsic value

$21.35

 
Up/down potential

-12%

 
Rating

hold

 
Value-price divergence*

0%

*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 10.4

 

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
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  12,394
  12,952
  13,541
  14,163
  14,820
  15,512
  16,242
  17,011
  17,821
  18,673
  19,571
  20,515
  21,509
  22,554
  23,653
  24,809
  26,024
  27,301
  28,643
  30,054
  31,536
  33,094
  34,730
  36,450
  38,256
  40,153
  42,147
  44,240
  46,440
  48,749
  51,175
Variable operating expenses, $m
 
  12,268
  12,803
  13,367
  13,963
  14,592
  15,254
  15,952
  16,687
  17,460
  18,275
  18,617
  19,519
  20,467
  21,464
  22,513
  23,615
  24,774
  25,992
  27,272
  28,618
  30,031
  31,516
  33,077
  34,716
  36,438
  38,247
  40,147
  42,142
  44,238
  46,440
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
  12,268
  12,803
  13,367
  13,963
  14,592
  15,254
  15,952
  16,687
  17,460
  18,275
  18,617
  19,519
  20,467
  21,464
  22,513
  23,615
  24,774
  25,992
  27,272
  28,618
  30,031
  31,516
  33,077
  34,716
  36,438
  38,247
  40,147
  42,142
  44,238
  46,440
Operating income, $m
  819
  684
  738
  796
  857
  921
  988
  1,059
  1,134
  1,213
  1,296
  1,898
  1,990
  2,087
  2,189
  2,296
  2,408
  2,526
  2,651
  2,781
  2,918
  3,062
  3,214
  3,373
  3,540
  3,716
  3,900
  4,094
  4,297
  4,511
  4,736
EBITDA, $m
  1,951
  1,859
  1,943
  2,033
  2,127
  2,226
  2,331
  2,441
  2,557
  2,680
  2,809
  2,944
  3,087
  3,237
  3,394
  3,560
  3,735
  3,918
  4,110
  4,313
  4,526
  4,749
  4,984
  5,231
  5,490
  5,762
  6,048
  6,349
  6,664
  6,996
  7,344
Interest expense (income), $m
  524
  499
  540
  584
  630
  679
  731
  785
  843
  903
  966
  1,033
  1,103
  1,177
  1,255
  1,337
  1,423
  1,514
  1,609
  1,709
  1,814
  1,924
  2,040
  2,162
  2,290
  2,424
  2,566
  2,714
  2,870
  3,034
  3,206
Earnings before tax, $m
  414
  185
  198
  212
  226
  241
  257
  274
  292
  310
  330
  865
  887
  910
  934
  959
  985
  1,013
  1,042
  1,072
  1,105
  1,138
  1,174
  1,211
  1,250
  1,291
  1,335
  1,380
  1,427
  1,477
  1,530
Tax expense, $m
  1,476
  50
  53
  57
  61
  65
  69
  74
  79
  84
  89
  234
  239
  246
  252
  259
  266
  273
  281
  290
  298
  307
  317
  327
  338
  349
  360
  373
  385
  399
  413
Net income, $m
  -941
  135
  144
  154
  165
  176
  188
  200
  213
  227
  241
  632
  647
  664
  681
  700
  719
  739
  761
  783
  806
  831
  857
  884
  913
  943
  974
  1,007
  1,042
  1,079
  1,117

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
  18,991
  19,855
  20,767
  21,730
  22,745
  23,815
  24,943
  26,130
  27,380
  28,696
  30,081
  31,538
  33,070
  34,682
  36,376
  38,158
  40,030
  41,998
  44,067
  46,240
  48,524
  50,924
  53,445
  56,094
  58,876
  61,799
  64,869
  68,093
  71,480
  75,037
Adjusted assets (=assets-cash), $m
  18,175
  18,991
  19,855
  20,767
  21,730
  22,745
  23,815
  24,943
  26,130
  27,380
  28,696
  30,081
  31,538
  33,070
  34,682
  36,376
  38,158
  40,030
  41,998
  44,067
  46,240
  48,524
  50,924
  53,445
  56,094
  58,876
  61,799
  64,869
  68,093
  71,480
  75,037
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
  6,800
  7,109
  7,436
  7,780
  8,144
  8,527
  8,931
  9,356
  9,804
  10,275
  10,771
  11,292
  11,841
  12,418
  13,025
  13,662
  14,333
  15,038
  15,778
  16,556
  17,374
  18,233
  19,136
  20,084
  21,081
  22,127
  23,226
  24,381
  25,593
  26,867
Working capital, $m
  3,143
  1,386
  1,449
  1,515
  1,586
  1,660
  1,738
  1,820
  1,907
  1,998
  2,094
  2,195
  2,301
  2,413
  2,531
  2,655
  2,785
  2,921
  3,065
  3,216
  3,374
  3,541
  3,716
  3,900
  4,093
  4,296
  4,510
  4,734
  4,969
  5,216
  5,476
Total debt, $m
  8,084
  8,714
  9,422
  10,169
  10,958
  11,789
  12,666
  13,589
  14,562
  15,586
  16,663
  17,798
  18,991
  20,246
  21,565
  22,953
  24,412
  25,946
  27,558
  29,252
  31,032
  32,902
  34,868
  36,932
  39,102
  41,380
  43,774
  46,288
  48,929
  51,703
  54,616
Total liabilities, $m
  14,923
  15,553
  16,261
  17,008
  17,797
  18,628
  19,505
  20,428
  21,401
  22,425
  23,502
  24,637
  25,830
  27,085
  28,404
  29,792
  31,251
  32,785
  34,397
  36,091
  37,871
  39,741
  41,707
  43,771
  45,941
  48,219
  50,613
  53,127
  55,768
  58,542
  61,455
Total equity, $m
  5,115
  3,437
  3,594
  3,759
  3,933
  4,117
  4,311
  4,515
  4,730
  4,956
  5,194
  5,445
  5,708
  5,986
  6,277
  6,584
  6,907
  7,245
  7,602
  7,976
  8,370
  8,783
  9,217
  9,674
  10,153
  10,657
  11,186
  11,741
  12,325
  12,938
  13,582
Total liabilities and equity, $m
  20,038
  18,990
  19,855
  20,767
  21,730
  22,745
  23,816
  24,943
  26,131
  27,381
  28,696
  30,082
  31,538
  33,071
  34,681
  36,376
  38,158
  40,030
  41,999
  44,067
  46,241
  48,524
  50,924
  53,445
  56,094
  58,876
  61,799
  64,868
  68,093
  71,480
  75,037
Debt-to-equity ratio
  1.580
  2.540
  2.620
  2.710
  2.790
  2.860
  2.940
  3.010
  3.080
  3.140
  3.210
  3.270
  3.330
  3.380
  3.440
  3.490
  3.530
  3.580
  3.630
  3.670
  3.710
  3.750
  3.780
  3.820
  3.850
  3.880
  3.910
  3.940
  3.970
  4.000
  4.020
Adjusted equity ratio
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181
  0.181

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -941
  135
  144
  154
  165
  176
  188
  200
  213
  227
  241
  632
  647
  664
  681
  700
  719
  739
  761
  783
  806
  831
  857
  884
  913
  943
  974
  1,007
  1,042
  1,079
  1,117
Depreciation, amort., depletion, $m
  1,132
  1,175
  1,205
  1,237
  1,270
  1,305
  1,343
  1,382
  1,423
  1,467
  1,512
  1,046
  1,096
  1,150
  1,206
  1,265
  1,326
  1,392
  1,460
  1,532
  1,607
  1,687
  1,770
  1,858
  1,950
  2,047
  2,148
  2,255
  2,367
  2,485
  2,608
Funds from operations, $m
  72
  1,310
  1,349
  1,391
  1,435
  1,482
  1,530
  1,582
  1,636
  1,693
  1,753
  1,677
  1,744
  1,814
  1,887
  1,964
  2,046
  2,131
  2,221
  2,315
  2,414
  2,518
  2,627
  2,742
  2,863
  2,989
  3,122
  3,262
  3,409
  3,563
  3,725
Change in working capital, $m
  -798
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
  175
  184
  193
  203
  213
  224
  235
  247
  260
Cash from operations, $m
  870
  1,250
  1,286
  1,325
  1,365
  1,407
  1,452
  1,500
  1,549
  1,602
  1,657
  1,576
  1,637
  1,702
  1,769
  1,841
  1,916
  1,994
  2,077
  2,164
  2,255
  2,351
  2,452
  2,558
  2,669
  2,786
  2,909
  3,038
  3,174
  3,316
  3,466
Maintenance CAPEX, $m
  0
  -632
  -660
  -690
  -722
  -755
  -791
  -828
  -867
  -908
  -952
  -998
  -1,046
  -1,096
  -1,150
  -1,206
  -1,265
  -1,326
  -1,392
  -1,460
  -1,532
  -1,607
  -1,687
  -1,770
  -1,858
  -1,950
  -2,047
  -2,148
  -2,255
  -2,367
  -2,485
New CAPEX, $m
  -1,125
  -292
  -309
  -327
  -345
  -363
  -383
  -404
  -425
  -448
  -471
  -496
  -522
  -549
  -577
  -607
  -638
  -670
  -705
  -741
  -778
  -818
  -859
  -903
  -948
  -996
  -1,046
  -1,099
  -1,155
  -1,213
  -1,274
Cash from investing activities, $m
  -165
  -924
  -969
  -1,017
  -1,067
  -1,118
  -1,174
  -1,232
  -1,292
  -1,356
  -1,423
  -1,494
  -1,568
  -1,645
  -1,727
  -1,813
  -1,903
  -1,996
  -2,097
  -2,201
  -2,310
  -2,425
  -2,546
  -2,673
  -2,806
  -2,946
  -3,093
  -3,247
  -3,410
  -3,580
  -3,759
Free cash flow, $m
  705
  327
  317
  308
  298
  289
  279
  268
  257
  246
  234
  83
  70
  57
  43
  28
  13
  -3
  -19
  -37
  -55
  -74
  -94
  -115
  -137
  -160
  -184
  -209
  -236
  -264
  -293
Issuance/(repayment) of debt, $m
  -775
  670
  708
  747
  788
  831
  876
  923
  973
  1,024
  1,078
  1,134
  1,193
  1,255
  1,320
  1,388
  1,459
  1,534
  1,612
  1,694
  1,780
  1,871
  1,965
  2,065
  2,169
  2,279
  2,394
  2,514
  2,641
  2,774
  2,913
Issuance/(repurchase) of shares, $m
  4
  10
  12
  11
  9
  8
  6
  4
  2
  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
  680
  720
  758
  797
  839
  882
  927
  975
  1,024
  1,078
  1,134
  1,193
  1,255
  1,320
  1,388
  1,459
  1,534
  1,612
  1,694
  1,780
  1,871
  1,965
  2,065
  2,169
  2,279
  2,394
  2,514
  2,641
  2,774
  2,913
Total cash flow (excl. dividends), $m
  172
  1,008
  1,036
  1,066
  1,096
  1,128
  1,161
  1,196
  1,232
  1,270
  1,312
  1,217
  1,263
  1,312
  1,363
  1,416
  1,472
  1,531
  1,593
  1,657
  1,725
  1,797
  1,871
  1,950
  2,032
  2,119
  2,210
  2,305
  2,405
  2,510
  2,621
Retained Cash Flow (-), $m
  6,931
  -145
  -156
  -165
  -174
  -184
  -194
  -204
  -215
  -226
  -238
  -251
  -264
  -277
  -292
  -307
  -322
  -339
  -356
  -374
  -393
  -413
  -434
  -456
  -479
  -504
  -529
  -556
  -584
  -613
  -644
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
 
  2,685
  880
  900
  922
  944
  967
  991
  1,017
  1,044
  1,074
  966
  1,000
  1,034
  1,071
  1,109
  1,150
  1,192
  1,236
  1,283
  1,332
  1,383
  1,437
  1,494
  1,553
  1,615
  1,681
  1,749
  1,822
  1,897
  1,977
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  2,505
  761
  716
  669
  621
  571
  520
  470
  420
  372
  285
  248
  213
  180
  150
  123
  100
  79
  62
  47
  35
  26
  18
  13
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  99.8
  99.7
  99.5
  99.4
  99.3
  99.3
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2

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 -11.3
Price to Sales 0.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow -41.8
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 4.5% 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 7.2%, 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 94.9%.

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 6.2% 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 52.5%.

Life of production assets of 10.3 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 - $5115 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 $10.4 billion.

RELATED COMPANIES Price Int.Val. Rating
ARNC Arconic 24.29 21.35  hold
AA Alcoa 37.76 7.56  str.sell
ACH Aluminum Corp. 17.20 4.99  str.sell
RIO Rio Tinto ADR 44.64 6.23  str.sell
KALU Kaiser Aluminu 94.72 10.98  str.sell

COMPANY NEWS

▶ Arconic beats Street 2Q forecasts   [Jul-24-17 11:47PM  Associated Press]
▶ Arconic Board Approves Quarterly Dividends   [04:05PM  Business Wire]
▶ Arconic Reports Second Quarter 2017 Results   [08:30AM  Business Wire]
▶ Why Jim Cramer Likes the Unknowns at Arconic   [03:17PM  TheStreet.com]
▶ US buildings, NFL stadium check panels amid fears of fire   [Jul-20-17 06:14PM  Associated Press]
▶ Alcoa beats 2Q profit forecasts   [Jul-19-17 09:22PM  Associated Press]
Stock chart of ARNC Financial statements 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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