Intrinsic value of Arconic - ARNC

Previous Close

$20.69

  Intrinsic Value

$13.77

stock screener

  Rating & Target

sell

-33%

Previous close

$20.69

 
Intrinsic value

$13.77

 
Up/down potential

-33%

 
Rating

sell

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 2017), $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 10.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  13,556
  14,185
  14,848
  15,548
  16,284
  17,060
  17,877
  18,736
  19,641
  20,592
  21,593
  22,646
  23,753
  24,916
  26,139
  27,425
  28,775
  30,195
  31,687
  33,254
  34,900
  36,630
  38,447
  40,356
  42,361
  44,467
  46,679
  49,002
  51,441
  54,004
Variable operating expenses, $m
  12,636
  13,197
  13,788
  14,411
  15,068
  15,759
  16,487
  17,254
  18,060
  18,908
  19,248
  20,186
  21,173
  22,210
  23,300
  24,446
  25,650
  26,916
  28,245
  29,642
  31,110
  32,652
  34,271
  35,973
  37,760
  39,637
  41,609
  43,680
  45,854
  48,139
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
  12,636
  13,197
  13,788
  14,411
  15,068
  15,759
  16,487
  17,254
  18,060
  18,908
  19,248
  20,186
  21,173
  22,210
  23,300
  24,446
  25,650
  26,916
  28,245
  29,642
  31,110
  32,652
  34,271
  35,973
  37,760
  39,637
  41,609
  43,680
  45,854
  48,139
Operating income, $m
  920
  988
  1,060
  1,136
  1,216
  1,301
  1,389
  1,483
  1,581
  1,684
  2,345
  2,460
  2,580
  2,706
  2,839
  2,979
  3,125
  3,279
  3,441
  3,612
  3,790
  3,978
  4,176
  4,383
  4,601
  4,829
  5,070
  5,322
  5,587
  5,865
EBITDA, $m
  2,663
  2,786
  2,916
  3,054
  3,198
  3,351
  3,511
  3,680
  3,858
  4,045
  4,241
  4,448
  4,665
  4,894
  5,134
  5,386
  5,652
  5,931
  6,224
  6,531
  6,855
  7,194
  7,551
  7,926
  8,320
  8,734
  9,168
  9,624
  10,104
  10,607
Interest expense (income), $m
  524
  452
  495
  539
  586
  635
  687
  741
  799
  859
  923
  990
  1,060
  1,134
  1,212
  1,294
  1,380
  1,471
  1,566
  1,666
  1,771
  1,881
  1,997
  2,119
  2,247
  2,381
  2,522
  2,670
  2,826
  2,989
  3,161
Earnings before tax, $m
  468
  494
  522
  551
  582
  614
  648
  684
  722
  761
  1,355
  1,399
  1,445
  1,494
  1,545
  1,598
  1,655
  1,714
  1,776
  1,841
  1,909
  1,981
  2,057
  2,136
  2,220
  2,307
  2,399
  2,496
  2,597
  2,704
Tax expense, $m
  126
  133
  141
  149
  157
  166
  175
  185
  195
  206
  366
  378
  390
  403
  417
  432
  447
  463
  479
  497
  516
  535
  555
  577
  599
  623
  648
  674
  701
  730
Net income, $m
  342
  361
  381
  402
  425
  448
  473
  499
  527
  556
  989
  1,021
  1,055
  1,090
  1,128
  1,167
  1,208
  1,251
  1,296
  1,344
  1,394
  1,446
  1,502
  1,560
  1,620
  1,684
  1,752
  1,822
  1,896
  1,974

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
  19,590
  20,499
  21,457
  22,468
  23,532
  24,653
  25,833
  27,076
  28,383
  29,758
  31,204
  32,725
  34,325
  36,006
  37,773
  39,631
  41,583
  43,634
  45,790
  48,055
  50,434
  52,934
  55,559
  58,318
  61,215
  64,258
  67,455
  70,812
  74,337
  78,040
Adjusted assets (=assets-cash), $m
  19,590
  20,499
  21,457
  22,468
  23,532
  24,653
  25,833
  27,076
  28,383
  29,758
  31,204
  32,725
  34,325
  36,006
  37,773
  39,631
  41,583
  43,634
  45,790
  48,055
  50,434
  52,934
  55,559
  58,318
  61,215
  64,258
  67,455
  70,812
  74,337
  78,040
Revenue / Adjusted assets
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
  0.692
Average production assets, $m
  11,902
  12,455
  13,037
  13,651
  14,297
  14,979
  15,696
  16,450
  17,245
  18,080
  18,959
  19,883
  20,855
  21,876
  22,950
  24,079
  25,265
  26,511
  27,821
  29,197
  30,642
  32,161
  33,757
  35,432
  37,193
  39,042
  40,984
  43,023
  45,166
  47,415
Working capital, $m
  664
  695
  728
  762
  798
  836
  876
  918
  962
  1,009
  1,058
  1,110
  1,164
  1,221
  1,281
  1,344
  1,410
  1,480
  1,553
  1,629
  1,710
  1,795
  1,884
  1,977
  2,076
  2,179
  2,287
  2,401
  2,521
  2,646
Total debt, $m
  7,493
  8,164
  8,872
  9,617
  10,403
  11,230
  12,101
  13,018
  13,982
  14,997
  16,065
  17,187
  18,368
  19,608
  20,913
  22,284
  23,724
  25,238
  26,829
  28,500
  30,256
  32,101
  34,039
  36,074
  38,213
  40,459
  42,817
  45,295
  47,897
  50,630
Total liabilities, $m
  14,457
  15,128
  15,836
  16,581
  17,367
  18,194
  19,065
  19,982
  20,946
  21,961
  23,029
  24,151
  25,332
  26,572
  27,877
  29,248
  30,688
  32,202
  33,793
  35,464
  37,220
  39,065
  41,003
  43,038
  45,177
  47,423
  49,781
  52,259
  54,861
  57,594
Total equity, $m
  5,133
  5,371
  5,622
  5,887
  6,165
  6,459
  6,768
  7,094
  7,436
  7,797
  8,176
  8,574
  8,993
  9,434
  9,897
  10,383
  10,895
  11,432
  11,997
  12,590
  13,214
  13,869
  14,557
  15,279
  16,038
  16,836
  17,673
  18,553
  19,476
  20,447
Total liabilities and equity, $m
  19,590
  20,499
  21,458
  22,468
  23,532
  24,653
  25,833
  27,076
  28,382
  29,758
  31,205
  32,725
  34,325
  36,006
  37,774
  39,631
  41,583
  43,634
  45,790
  48,054
  50,434
  52,934
  55,560
  58,317
  61,215
  64,259
  67,454
  70,812
  74,337
  78,041
Debt-to-equity ratio
  1.460
  1.520
  1.580
  1.630
  1.690
  1.740
  1.790
  1.840
  1.880
  1.920
  1.960
  2.000
  2.040
  2.080
  2.110
  2.150
  2.180
  2.210
  2.240
  2.260
  2.290
  2.310
  2.340
  2.360
  2.380
  2.400
  2.420
  2.440
  2.460
  2.480
Adjusted equity ratio
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  342
  361
  381
  402
  425
  448
  473
  499
  527
  556
  989
  1,021
  1,055
  1,090
  1,128
  1,167
  1,208
  1,251
  1,296
  1,344
  1,394
  1,446
  1,502
  1,560
  1,620
  1,684
  1,752
  1,822
  1,896
  1,974
Depreciation, amort., depletion, $m
  1,742
  1,798
  1,856
  1,917
  1,982
  2,050
  2,122
  2,197
  2,277
  2,360
  1,896
  1,988
  2,085
  2,188
  2,295
  2,408
  2,526
  2,651
  2,782
  2,920
  3,064
  3,216
  3,376
  3,543
  3,719
  3,904
  4,098
  4,302
  4,517
  4,742
Funds from operations, $m
  2,084
  2,158
  2,237
  2,319
  2,407
  2,498
  2,595
  2,697
  2,804
  2,916
  2,885
  3,010
  3,141
  3,278
  3,423
  3,575
  3,734
  3,902
  4,078
  4,264
  4,458
  4,663
  4,877
  5,103
  5,340
  5,589
  5,850
  6,124
  6,413
  6,715
Change in working capital, $m
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  98
  103
  108
  114
  120
  126
Cash from operations, $m
  2,055
  2,127
  2,204
  2,285
  2,370
  2,460
  2,555
  2,654
  2,759
  2,869
  2,836
  2,958
  3,086
  3,221
  3,363
  3,512
  3,668
  3,833
  4,005
  4,187
  4,377
  4,578
  4,788
  5,009
  5,241
  5,485
  5,742
  6,011
  6,293
  6,590
Maintenance CAPEX, $m
  -1,138
  -1,190
  -1,245
  -1,304
  -1,365
  -1,430
  -1,498
  -1,570
  -1,645
  -1,724
  -1,808
  -1,896
  -1,988
  -2,085
  -2,188
  -2,295
  -2,408
  -2,526
  -2,651
  -2,782
  -2,920
  -3,064
  -3,216
  -3,376
  -3,543
  -3,719
  -3,904
  -4,098
  -4,302
  -4,517
New CAPEX, $m
  -527
  -552
  -582
  -614
  -647
  -681
  -717
  -755
  -794
  -836
  -879
  -924
  -972
  -1,022
  -1,074
  -1,129
  -1,186
  -1,246
  -1,310
  -1,376
  -1,446
  -1,519
  -1,595
  -1,676
  -1,760
  -1,849
  -1,942
  -2,040
  -2,142
  -2,250
Cash from investing activities, $m
  -1,665
  -1,742
  -1,827
  -1,918
  -2,012
  -2,111
  -2,215
  -2,325
  -2,439
  -2,560
  -2,687
  -2,820
  -2,960
  -3,107
  -3,262
  -3,424
  -3,594
  -3,772
  -3,961
  -4,158
  -4,366
  -4,583
  -4,811
  -5,052
  -5,303
  -5,568
  -5,846
  -6,138
  -6,444
  -6,767
Free cash flow, $m
  391
  385
  376
  368
  359
  349
  340
  330
  320
  309
  149
  138
  126
  114
  101
  88
  74
  60
  44
  29
  12
  -5
  -23
  -42
  -62
  -83
  -105
  -127
  -151
  -176
Issuance/(repayment) of debt, $m
  649
  671
  707
  746
  786
  827
  871
  917
  965
  1,015
  1,067
  1,123
  1,180
  1,241
  1,304
  1,371
  1,441
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938
  2,036
  2,138
  2,246
  2,359
  2,477
  2,602
  2,733
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  
  649
  671
  707
  746
  786
  827
  871
  917
  965
  1,015
  1,067
  1,123
  1,180
  1,241
  1,304
  1,371
  1,441
  1,514
  1,591
  1,671
  1,756
  1,845
  1,938
  2,036
  2,138
  2,246
  2,359
  2,477
  2,602
  2,733
Total cash flow (excl. dividends), $m
  1,040
  1,056
  1,084
  1,113
  1,144
  1,177
  1,211
  1,247
  1,285
  1,324
  1,217
  1,261
  1,307
  1,355
  1,406
  1,459
  1,515
  1,574
  1,635
  1,700
  1,768
  1,840
  1,915
  1,993
  2,076
  2,163
  2,254
  2,350
  2,451
  2,556
Retained Cash Flow (-), $m
  -223
  -238
  -251
  -265
  -279
  -294
  -309
  -325
  -342
  -360
  -379
  -399
  -419
  -441
  -463
  -487
  -511
  -537
  -565
  -593
  -623
  -655
  -688
  -723
  -759
  -797
  -837
  -880
  -924
  -970
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
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  137
  144
  151
  158
  166
  175
  183
  192
  202
  212
  222
  233
  245
  257
Cash available for distribution, $m
  818
  818
  833
  849
  865
  883
  902
  921
  942
  964
  838
  862
  888
  914
  943
  972
  1,003
  1,036
  1,071
  1,107
  1,145
  1,185
  1,227
  1,271
  1,317
  1,366
  1,417
  1,471
  1,527
  1,586
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  761
  703
  656
  608
  559
  510
  461
  413
  366
  321
  236
  203
  172
  144
  118
  96
  76
  60
  46
  34
  25
  18
  13
  9
  6
  4
  2
  1
  1
  0
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

Arconic Inc., formerly Alcoa Inc., is engaged in lightweight metals engineering and manufacturing. The Company operates through three segments: Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. Its multi-material products, which include aluminum, titanium and nickel, are used around the world in markets, such as aerospace, automotive, commercial transportation and packaging. The Global Rolled Products segment produces a range of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets. The Engineered Products and Solutions segment develops and manufactures products for the aerospace (commercial and defense), commercial transportation and power generation end markets. The Transportation and Construction Solutions segment produces products that are used in the non-residential building and construction and commercial transportation end markets.

FINANCIAL RATIOS  of  Arconic (ARNC)

Valuation Ratios
P/E Ratio -9.6
Price to Sales 0.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow -35.6
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 $12960 million for the last fiscal year's total revenue generated by Arconic. The default revenue input number comes from 2017 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 4.6% 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 7.5%, 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 93.4%.

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 6.6% 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 0.5%.

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 87.8%.

Life of production assets of 10 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 4.9%. 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 - $4910 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 481 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 $10.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ARNC Arconic 20.69 13.77  sell
AA Alcoa 44.13 849.30  str.buy
RIO Rio Tinto ADR 49.03 335.99  str.buy
KALU Kaiser Aluminu 108.28 89.20  hold

COMPANY NEWS

▶ Arconic forges deal for new headquarters in Tysons   [Aug-09-18 11:11AM  American City Business Journals]
▶ [$$] Arconic Shops Unit That Made Panels in Grenfell Fire   [Jul-31-18 08:36PM  The Wall Street Journal]
▶ [$$] Arconic Shops Unit That Made Panels in Grenfell Fire   [01:47PM  The Wall Street Journal]
▶ Arconic: 2Q Earnings Snapshot   [08:11AM  Associated Press]
▶ Arconic, Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Arconic Reports Second Quarter 2018 Results   [08:00AM  Business Wire]
▶ [$$] Alcoa spin-off Arconic to sell building products unit   [Jul-30-18 10:33PM  Financial Times]
▶ Arconic Board Approves Quarterly Dividend   [08:30AM  Business Wire]
▶ Here's Why Arconic Rose Over 11% Today   [Jul-26-18 03:27PM  Motley Fool]
▶ [$$] Private equity groups consider bid for Arconic   [Jul-25-18 10:29PM  Financial Times]
▶ How Much Is Alcoa Hurt By Trump Tariffs?   [Jul-20-18 10:27PM  InvestorPlace]
▶ Business Highlights   [Jul-19-18 05:58PM  Associated Press]
▶ The 5 Worst S&P 500 Stocks of 2018 (So Far)   [Jul-18-18 09:17AM  Motley Fool]
▶ What Happened in the Stock Market Today   [Jul-16-18 04:51PM  Motley Fool]
▶ Arconic Stock Soars on Buyout Buzz   [11:16AM  InvestorPlace]
▶ [$$] Arconic Draws Interest From Buyout Firms   [Jul-13-18 11:47PM  The Wall Street Journal]
▶ Arconic Draws Interest From Buyout Firms   [11:23PM  The Wall Street Journal]
▶ Who Just Ramped Up Their Shares In Arconic Inc (NYSE:ARNC)?   [Jun-27-18 11:50AM  Simply Wall St.]
▶ Fresh US-China trade threats sink global stock markets   [Jun-19-18 02:22PM  Associated Press]
▶ Canada to impose tariffs on U.S., challenge at WTO   [May-31-18 04:57PM  Reuters]
▶ Arconic Board Approves Quarterly Dividends   [May-17-18 08:30AM  Business Wire]
▶ Elliott Takes the Scenic Route for Arconic Revival   [May-16-18 07:30AM  Bloomberg]
▶ Fortune 500 firm that picked Virginia for global HQ also considered North Carolina   [May-09-18 02:39PM  American City Business Journals]
▶ Arconic Is a Mess, and Its Recovery Will Take a While   [May-07-18 08:03AM  Motley Fool]
▶ Arconic Inc. to relocate headquarters to northern Virginia   [03:27PM  American City Business Journals]
▶ Northern Virginia scores another corporate relocation   [03:15PM  American City Business Journals]
▶ Here's Why Arconic Stock Fell Today   [12:55PM  Motley Fool]
▶ Arconic on pace for worst day since 2016   [12:54PM  CNBC Videos]
▶ Arconic: 1Q Earnings Snapshot   [08:12AM  Associated Press]
▶ Arconic, Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Arconic Reports First Quarter 2018 Results   [08:00AM  Business Wire]
▶ Asian shares advance as US bond yields push dollar higher   [Apr-24-18 12:11AM  Associated Press]
▶ The Biggest Movers: Henry Schein Shines; Arconic Slumps   [Apr-23-18 04:57PM  Barrons.com]
▶ Arconic Incs (NYSE:ARNC) Profit Outlook   [Apr-20-18 10:10AM  Simply Wall St.]
▶ These 3 Companies Could Be Huge Trade War Casualties   [Mar-23-18 06:00AM  Motley Fool]
▶ Arconic Completes Early Redemption of 5.72% Notes Due 2019   [Mar-07-18 12:15PM  Business Wire]
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