Intrinsic value of Alcoa Corporation - AA

Previous Close

$17.52

  Intrinsic Value

$106.50

stock screener

  Rating & Target

str. buy

+508%

Previous close

$17.52

 
Intrinsic value

$106.50

 
Up/down potential

+508%

 
Rating

str. buy

We calculate the intrinsic value of AA 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 0001), $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 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  14,127
  14,884
  15,676
  16,506
  17,375
  18,284
  19,237
  20,236
  21,283
  22,380
  23,530
  24,736
  26,001
  27,327
  28,719
  30,178
  31,709
  33,316
  35,002
  36,771
  38,627
  40,576
  42,620
  44,767
  47,019
  49,384
  51,866
  54,471
  57,206
  60,077
Variable operating expenses, $m
  10,454
  11,014
  11,601
  12,214
  12,857
  13,530
  14,236
  14,975
  15,749
  16,561
  17,412
  18,305
  19,241
  20,222
  21,252
  22,332
  23,465
  24,654
  25,901
  27,211
  28,584
  30,026
  31,539
  33,127
  34,794
  36,544
  38,381
  40,308
  42,332
  44,457
Fixed operating expenses, $m
  1,850
  1,891
  1,932
  1,975
  2,018
  2,062
  2,108
  2,154
  2,202
  2,250
  2,300
  2,350
  2,402
  2,455
  2,509
  2,564
  2,620
  2,678
  2,737
  2,797
  2,859
  2,921
  2,986
  3,051
  3,119
  3,187
  3,257
  3,329
  3,402
  3,477
Total operating expenses, $m
  12,304
  12,905
  13,533
  14,189
  14,875
  15,592
  16,344
  17,129
  17,951
  18,811
  19,712
  20,655
  21,643
  22,677
  23,761
  24,896
  26,085
  27,332
  28,638
  30,008
  31,443
  32,947
  34,525
  36,178
  37,913
  39,731
  41,638
  43,637
  45,734
  47,934
Operating income, $m
  1,823
  1,979
  2,144
  2,317
  2,499
  2,691
  2,894
  3,107
  3,332
  3,569
  3,818
  4,081
  4,358
  4,650
  4,958
  5,282
  5,624
  5,984
  6,364
  6,763
  7,185
  7,628
  8,096
  8,588
  9,106
  9,653
  10,228
  10,834
  11,471
  12,143
EBITDA, $m
  2,597
  2,795
  3,003
  3,221
  3,451
  3,693
  3,948
  4,216
  4,498
  4,795
  5,107
  5,437
  5,783
  6,148
  6,532
  6,936
  7,362
  7,810
  8,281
  8,778
  9,301
  9,851
  10,431
  11,041
  11,683
  12,358
  13,069
  13,818
  14,606
  15,435
Interest expense (income), $m
  226
  137
  180
  226
  273
  323
  375
  429
  486
  546
  608
  674
  743
  815
  891
  970
  1,053
  1,141
  1,232
  1,328
  1,429
  1,535
  1,646
  1,763
  1,885
  2,013
  2,148
  2,290
  2,438
  2,594
  2,758
Earnings before tax, $m
  1,686
  1,799
  1,918
  2,044
  2,177
  2,317
  2,465
  2,621
  2,786
  2,960
  3,144
  3,338
  3,543
  3,760
  3,988
  4,229
  4,484
  4,752
  5,035
  5,334
  5,650
  5,982
  6,333
  6,703
  7,093
  7,504
  7,938
  8,395
  8,877
  9,385
Tax expense, $m
  455
  486
  518
  552
  588
  626
  666
  708
  752
  799
  849
  901
  957
  1,015
  1,077
  1,142
  1,211
  1,283
  1,360
  1,440
  1,525
  1,615
  1,710
  1,810
  1,915
  2,026
  2,143
  2,267
  2,397
  2,534
Net income, $m
  1,231
  1,313
  1,400
  1,492
  1,589
  1,691
  1,799
  1,913
  2,034
  2,161
  2,295
  2,437
  2,587
  2,745
  2,911
  3,087
  3,273
  3,469
  3,676
  3,894
  4,124
  4,367
  4,623
  4,893
  5,178
  5,478
  5,795
  6,129
  6,481
  6,851

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  16,798
  17,698
  18,640
  19,627
  20,659
  21,741
  22,874
  24,062
  25,306
  26,611
  27,979
  29,413
  30,917
  32,494
  34,148
  35,884
  37,705
  39,615
  41,619
  43,723
  45,930
  48,247
  50,678
  53,230
  55,909
  58,720
  61,671
  64,769
  68,021
  71,435
Adjusted assets (=assets-cash), $m
  16,798
  17,698
  18,640
  19,627
  20,659
  21,741
  22,874
  24,062
  25,306
  26,611
  27,979
  29,413
  30,917
  32,494
  34,148
  35,884
  37,705
  39,615
  41,619
  43,723
  45,930
  48,247
  50,678
  53,230
  55,909
  58,720
  61,671
  64,769
  68,021
  71,435
Revenue / Adjusted assets
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
Average production assets, $m
  9,211
  9,704
  10,221
  10,762
  11,328
  11,921
  12,543
  13,194
  13,876
  14,592
  15,342
  16,128
  16,953
  17,817
  18,725
  19,676
  20,675
  21,722
  22,821
  23,975
  25,185
  26,455
  27,789
  29,188
  30,656
  32,198
  33,816
  35,515
  37,298
  39,170
Working capital, $m
  113
  119
  125
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  219
  230
  241
  254
  267
  280
  294
  309
  325
  341
  358
  376
  395
  415
  436
  458
  481
Total debt, $m
  2,373
  2,969
  3,593
  4,246
  4,929
  5,646
  6,396
  7,182
  8,006
  8,869
  9,775
  10,724
  11,720
  12,764
  13,859
  15,008
  16,213
  17,478
  18,805
  20,198
  21,659
  23,192
  24,802
  26,491
  28,265
  30,126
  32,079
  34,130
  36,283
  38,543
Total liabilities, $m
  11,120
  11,716
  12,340
  12,993
  13,676
  14,393
  15,143
  15,929
  16,753
  17,616
  18,522
  19,471
  20,467
  21,511
  22,606
  23,755
  24,960
  26,225
  27,552
  28,945
  30,406
  31,939
  33,549
  35,238
  37,012
  38,873
  40,826
  42,877
  45,030
  47,290
Total equity, $m
  5,678
  5,982
  6,300
  6,634
  6,983
  7,349
  7,732
  8,133
  8,554
  8,994
  9,457
  9,941
  10,450
  10,983
  11,542
  12,129
  12,744
  13,390
  14,067
  14,778
  15,524
  16,307
  17,129
  17,992
  18,897
  19,847
  20,845
  21,892
  22,991
  24,145
Total liabilities and equity, $m
  16,798
  17,698
  18,640
  19,627
  20,659
  21,742
  22,875
  24,062
  25,307
  26,610
  27,979
  29,412
  30,917
  32,494
  34,148
  35,884
  37,704
  39,615
  41,619
  43,723
  45,930
  48,246
  50,678
  53,230
  55,909
  58,720
  61,671
  64,769
  68,021
  71,435
Debt-to-equity ratio
  0.420
  0.500
  0.570
  0.640
  0.710
  0.770
  0.830
  0.880
  0.940
  0.990
  1.030
  1.080
  1.120
  1.160
  1.200
  1.240
  1.270
  1.310
  1.340
  1.370
  1.400
  1.420
  1.450
  1.470
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
Adjusted equity ratio
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,231
  1,313
  1,400
  1,492
  1,589
  1,691
  1,799
  1,913
  2,034
  2,161
  2,295
  2,437
  2,587
  2,745
  2,911
  3,087
  3,273
  3,469
  3,676
  3,894
  4,124
  4,367
  4,623
  4,893
  5,178
  5,478
  5,795
  6,129
  6,481
  6,851
Depreciation, amort., depletion, $m
  774
  815
  859
  904
  952
  1,002
  1,054
  1,109
  1,166
  1,226
  1,289
  1,355
  1,425
  1,497
  1,573
  1,653
  1,737
  1,825
  1,918
  2,015
  2,116
  2,223
  2,335
  2,453
  2,576
  2,706
  2,842
  2,984
  3,134
  3,292
Funds from operations, $m
  2,005
  2,129
  2,259
  2,396
  2,541
  2,693
  2,853
  3,022
  3,200
  3,387
  3,584
  3,792
  4,011
  4,242
  4,485
  4,741
  5,010
  5,294
  5,594
  5,909
  6,241
  6,590
  6,958
  7,346
  7,754
  8,184
  8,637
  9,113
  9,615
  10,143
Change in working capital, $m
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  1,999
  2,123
  2,253
  2,390
  2,534
  2,686
  2,846
  3,014
  3,192
  3,378
  3,575
  3,783
  4,001
  4,231
  4,474
  4,729
  4,998
  5,282
  5,580
  5,895
  6,226
  6,575
  6,942
  7,329
  7,736
  8,165
  8,617
  9,092
  9,593
  10,120
Maintenance CAPEX, $m
  -734
  -774
  -815
  -859
  -904
  -952
  -1,002
  -1,054
  -1,109
  -1,166
  -1,226
  -1,289
  -1,355
  -1,425
  -1,497
  -1,573
  -1,653
  -1,737
  -1,825
  -1,918
  -2,015
  -2,116
  -2,223
  -2,335
  -2,453
  -2,576
  -2,706
  -2,842
  -2,984
  -3,134
New CAPEX, $m
  -478
  -494
  -517
  -541
  -566
  -593
  -621
  -651
  -682
  -715
  -750
  -786
  -825
  -865
  -907
  -952
  -998
  -1,048
  -1,099
  -1,153
  -1,210
  -1,270
  -1,333
  -1,399
  -1,469
  -1,542
  -1,618
  -1,699
  -1,783
  -1,872
Cash from investing activities, $m
  -1,212
  -1,268
  -1,332
  -1,400
  -1,470
  -1,545
  -1,623
  -1,705
  -1,791
  -1,881
  -1,976
  -2,075
  -2,180
  -2,290
  -2,404
  -2,525
  -2,651
  -2,785
  -2,924
  -3,071
  -3,225
  -3,386
  -3,556
  -3,734
  -3,922
  -4,118
  -4,324
  -4,541
  -4,767
  -5,006
Free cash flow, $m
  787
  855
  921
  990
  1,063
  1,141
  1,223
  1,309
  1,400
  1,497
  1,599
  1,707
  1,821
  1,942
  2,069
  2,204
  2,346
  2,497
  2,656
  2,823
  3,001
  3,188
  3,386
  3,594
  3,815
  4,047
  4,293
  4,552
  4,825
  5,114
Issuance/(repayment) of debt, $m
  571
  596
  624
  653
  684
  716
  750
  786
  824
  864
  905
  949
  996
  1,044
  1,095
  1,149
  1,205
  1,265
  1,327
  1,392
  1,461
  1,534
  1,610
  1,689
  1,773
  1,861
  1,954
  2,051
  2,153
  2,260
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  571
  596
  624
  653
  684
  716
  750
  786
  824
  864
  905
  949
  996
  1,044
  1,095
  1,149
  1,205
  1,265
  1,327
  1,392
  1,461
  1,534
  1,610
  1,689
  1,773
  1,861
  1,954
  2,051
  2,153
  2,260
Total cash flow (excl. dividends), $m
  1,358
  1,451
  1,544
  1,643
  1,747
  1,857
  1,973
  2,095
  2,224
  2,361
  2,505
  2,656
  2,817
  2,986
  3,164
  3,353
  3,552
  3,761
  3,983
  4,216
  4,462
  4,721
  4,995
  5,284
  5,588
  5,908
  6,246
  6,603
  6,978
  7,374
Retained Cash Flow (-), $m
  -289
  -304
  -318
  -333
  -349
  -366
  -383
  -401
  -421
  -441
  -462
  -485
  -508
  -533
  -559
  -587
  -615
  -646
  -678
  -711
  -746
  -783
  -822
  -863
  -905
  -950
  -997
  -1,047
  -1,099
  -1,154
Prev. year cash balance distribution, $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 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
  1,070
  1,147
  1,226
  1,310
  1,398
  1,491
  1,590
  1,694
  1,804
  1,920
  2,042
  2,172
  2,308
  2,453
  2,605
  2,766
  2,936
  3,116
  3,305
  3,505
  3,716
  3,938
  4,173
  4,421
  4,682
  4,958
  5,249
  5,556
  5,879
  6,220
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,025
  1,050
  1,067
  1,078
  1,084
  1,082
  1,074
  1,059
  1,036
  1,006
  970
  927
  878
  823
  765
  703
  639
  574
  509
  445
  384
  327
  274
  225
  182
  145
  113
  86
  64
  47
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Alcoa Corporation, formerly Alcoa Upstream Corporation, is engaged in the production of bauxite, alumina and aluminum of various cast and rolled products. The Company is engaged in the production and management of aluminum and alumina combined through its participation in various aspects of the industry, such as technology, mining, refining, smelting, and recycling. The Company's segments include Bauxite, Alumina, Aluminum, Cast Products, Energy and Rolled Products. The Company's Bauxite segment represents its global portfolio of bauxite mining assets. The Company's Alumina segment represents its refining system across the world, and processes bauxite into alumina and sells it directly to internal and external smelter customers across the world. The Company's Aluminum segment represents its smelter system across the world. Its Energy segment represents its portfolio of energy assets, with power production capacity of approximately 1,685 megawatts.

FINANCIAL RATIOS  of  Alcoa Corporation (AA)

Valuation Ratios
P/E Ratio -8
Price to Sales 0.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow -10.3
Price to Free Cash Flow -4.5
Growth Rates
Sales Growth Rate -16.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.3%
Cap. Spend. - 3 Yr. Gr. Rate -6.6%
Financial Strength
Quick Ratio 41
Current Ratio 0
LT Debt to Equity 25.2%
Total Debt to Equity 25.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital -4.8%
Ret/ On T. Cap. - 3 Yr. Avg. -5.9%
Return On Equity -5.3%
Return On Equity - 3 Yr. Avg. -6.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 15.2%
Gross Margin - 3 Yr. Avg. 18.1%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin -0.1%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin -1.7%
Pre-Tax Margin - 3 Yr. Avg. -1.7%
Net Profit Margin -4.3%
Net Profit Margin - 3 Yr. Avg. -4.6%
Effective Tax Rate -113.6%
Eff/ Tax Rate - 3 Yr. Avg. -227.9%
Payout Ratio 0%

AA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AA stock intrinsic value calculation we used $13403 million for the last fiscal year's total revenue generated by Alcoa Corporation. The default revenue input number comes from 0001 income statement of Alcoa Corporation. 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 AA stock valuation model: a) initial revenue growth rate of 5.4% 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 4.3%, whose default value for AA is calculated based on our internal credit rating of Alcoa Corporation, 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 Alcoa Corporation.
    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 AA stock the variable cost ratio is equal to 74%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1810 million in the base year in the intrinsic value calculation for AA 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 7.6% for Alcoa Corporation.

Corporate tax rate of 27% is the nominal tax rate for Alcoa Corporation. 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 AA 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 AA are equal to 65.2%.

Life of production assets of 11.9 years is the average useful life of capital assets used in Alcoa Corporation 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 AA is equal to 0.8%. 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 - $5389 million for Alcoa Corporation - 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 185.345 million for Alcoa Corporation 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 Alcoa Corporation at the current share price and the inputted number of shares is $3.2 billion.

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