Intrinsic value of Arconic - ARNC

Previous Close

$24.43

  Intrinsic Value

$16.75

stock screener

  Rating & Target

sell

-31%

Previous close

$24.43

 
Intrinsic value

$16.75

 
Up/down potential

-31%

 
Rating

sell

*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 11.8

 

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
 
  11,987
  12,251
  12,552
  12,891
  13,266
  13,678
  14,126
  14,611
  15,134
  15,695
  15,781
  16,421
  17,103
  17,828
  18,597
  19,412
  20,274
  21,187
  22,151
  23,168
  24,242
  25,375
  26,569
  27,826
  29,151
  30,546
  32,014
  33,559
  35,184
  36,894
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
  11,987
  12,251
  12,552
  12,891
  13,266
  13,678
  14,126
  14,611
  15,134
  15,695
  15,781
  16,421
  17,103
  17,828
  18,597
  19,412
  20,274
  21,187
  22,151
  23,168
  24,242
  25,375
  26,569
  27,826
  29,151
  30,546
  32,014
  33,559
  35,184
  36,894
Operating income, $m
  819
  655
  682
  713
  747
  785
  827
  873
  923
  976
  1,033
  1,609
  1,674
  1,744
  1,818
  1,896
  1,979
  2,067
  2,160
  2,259
  2,363
  2,472
  2,588
  2,709
  2,838
  2,973
  3,115
  3,265
  3,422
  3,588
  3,762
EBITDA, $m
  1,951
  1,814
  1,856
  1,904
  1,957
  2,017
  2,082
  2,153
  2,229
  2,312
  2,401
  2,496
  2,597
  2,705
  2,819
  2,941
  3,070
  3,206
  3,350
  3,503
  3,664
  3,834
  4,013
  4,202
  4,400
  4,610
  4,831
  5,063
  5,307
  5,564
  5,834
Interest expense (income), $m
  524
  499
  517
  539
  564
  591
  622
  656
  693
  733
  775
  821
  871
  923
  979
  1,039
  1,102
  1,169
  1,239
  1,314
  1,393
  1,477
  1,565
  1,658
  1,756
  1,859
  1,968
  2,082
  2,203
  2,329
  2,463
Earnings before tax, $m
  414
  156
  165
  174
  184
  194
  205
  217
  230
  243
  258
  788
  804
  821
  839
  858
  878
  899
  921
  944
  969
  995
  1,023
  1,051
  1,082
  1,114
  1,147
  1,182
  1,219
  1,258
  1,299
Tax expense, $m
  1,476
  42
  44
  47
  50
  52
  55
  59
  62
  66
  70
  213
  217
  222
  226
  232
  237
  243
  249
  255
  262
  269
  276
  284
  292
  301
  310
  319
  329
  340
  351
Net income, $m
  -941
  114
  120
  127
  134
  142
  150
  159
  168
  178
  188
  575
  587
  599
  612
  626
  641
  656
  672
  689
  707
  726
  746
  767
  790
  813
  837
  863
  890
  919
  949

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
  6,637
  6,790
  6,964
  7,160
  7,377
  7,615
  7,875
  8,155
  8,458
  8,782
  9,130
  9,500
  9,895
  10,314
  10,759
  11,230
  11,729
  12,257
  12,815
  13,404
  14,025
  14,680
  15,371
  16,099
  16,865
  17,672
  18,521
  19,415
  20,355
  21,344
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
  8,692
  9,091
  9,539
  10,035
  10,580
  11,173
  11,816
  12,507
  13,250
  14,044
  14,892
  15,794
  16,753
  17,771
  18,849
  19,991
  21,198
  22,474
  23,821
  25,242
  26,741
  28,320
  29,985
  31,738
  33,584
  35,526
  37,571
  39,721
  41,984
Total liabilities, $m
  14,923
  15,181
  15,531
  15,930
  16,378
  16,874
  17,419
  18,012
  18,655
  19,346
  20,089
  20,883
  21,731
  22,633
  23,592
  24,610
  25,688
  26,830
  28,037
  29,313
  30,660
  32,081
  33,580
  35,159
  36,824
  38,577
  40,423
  42,365
  44,410
  46,560
  48,823
Total equity, $m
  5,115
  3,355
  3,432
  3,520
  3,620
  3,729
  3,850
  3,981
  4,123
  4,276
  4,440
  4,615
  4,802
  5,002
  5,214
  5,439
  5,677
  5,929
  6,196
  6,478
  6,776
  7,090
  7,421
  7,770
  8,138
  8,526
  8,933
  9,363
  9,815
  10,290
  10,790
Total liabilities and equity, $m
  20,038
  18,536
  18,963
  19,450
  19,998
  20,603
  21,269
  21,993
  22,778
  23,622
  24,529
  25,498
  26,533
  27,635
  28,806
  30,049
  31,365
  32,759
  34,233
  35,791
  37,436
  39,171
  41,001
  42,929
  44,962
  47,103
  49,356
  51,728
  54,225
  56,850
  59,613
Debt-to-equity ratio
  1.580
  2.490
  2.530
  2.580
  2.640
  2.690
  2.750
  2.810
  2.870
  2.930
  2.980
  3.040
  3.100
  3.160
  3.210
  3.270
  3.320
  3.370
  3.420
  3.470
  3.520
  3.560
  3.600
  3.640
  3.680
  3.720
  3.760
  3.790
  3.830
  3.860
  3.890
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
  114
  120
  127
  134
  142
  150
  159
  168
  178
  188
  575
  587
  599
  612
  626
  641
  656
  672
  689
  707
  726
  746
  767
  790
  813
  837
  863
  890
  919
  949
Depreciation, amort., depletion, $m
  1,132
  1,159
  1,174
  1,191
  1,210
  1,231
  1,254
  1,279
  1,307
  1,336
  1,367
  886
  922
  961
  1,001
  1,045
  1,090
  1,139
  1,190
  1,244
  1,301
  1,362
  1,425
  1,492
  1,563
  1,637
  1,716
  1,798
  1,885
  1,976
  2,072
Funds from operations, $m
  72
  1,273
  1,294
  1,318
  1,344
  1,373
  1,404
  1,438
  1,474
  1,514
  1,556
  1,461
  1,509
  1,560
  1,614
  1,671
  1,731
  1,795
  1,862
  1,934
  2,009
  2,088
  2,172
  2,260
  2,353
  2,450
  2,553
  2,661
  2,775
  2,895
  3,021
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
  1,247
  1,263
  1,282
  1,304
  1,328
  1,355
  1,385
  1,417
  1,452
  1,489
  1,391
  1,434
  1,479
  1,528
  1,580
  1,635
  1,693
  1,755
  1,820
  1,889
  1,962
  2,038
  2,119
  2,204
  2,294
  2,389
  2,488
  2,593
  2,703
  2,819
Maintenance CAPEX, $m
  0
  -632
  -644
  -659
  -676
  -695
  -716
  -739
  -765
  -792
  -821
  -853
  -886
  -922
  -961
  -1,001
  -1,045
  -1,090
  -1,139
  -1,190
  -1,244
  -1,301
  -1,362
  -1,425
  -1,492
  -1,563
  -1,637
  -1,716
  -1,798
  -1,885
  -1,976
New CAPEX, $m
  -1,125
  -129
  -153
  -174
  -196
  -217
  -238
  -259
  -281
  -302
  -325
  -347
  -371
  -395
  -419
  -445
  -471
  -499
  -528
  -558
  -589
  -621
  -655
  -691
  -728
  -766
  -807
  -849
  -894
  -940
  -989
Cash from investing activities, $m
  -165
  -761
  -797
  -833
  -872
  -912
  -954
  -998
  -1,046
  -1,094
  -1,146
  -1,200
  -1,257
  -1,317
  -1,380
  -1,446
  -1,516
  -1,589
  -1,667
  -1,748
  -1,833
  -1,922
  -2,017
  -2,116
  -2,220
  -2,329
  -2,444
  -2,565
  -2,692
  -2,825
  -2,965
Free cash flow, $m
  705
  486
  466
  449
  432
  416
  401
  386
  372
  358
  344
  191
  177
  163
  148
  134
  119
  104
  88
  72
  56
  39
  21
  3
  -16
  -35
  -56
  -77
  -99
  -122
  -146
Issuance/(repayment) of debt, $m
  -775
  298
  349
  399
  448
  497
  545
  593
  642
  692
  742
  794
  848
  902
  959
  1,018
  1,078
  1,142
  1,207
  1,276
  1,347
  1,421
  1,499
  1,580
  1,664
  1,753
  1,846
  1,943
  2,044
  2,151
  2,262
Issuance/(repurchase) of shares, $m
  4
  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  
  -526
  298
  349
  399
  448
  497
  545
  593
  642
  692
  742
  794
  848
  902
  959
  1,018
  1,078
  1,142
  1,207
  1,276
  1,347
  1,421
  1,499
  1,580
  1,664
  1,753
  1,846
  1,943
  2,044
  2,151
  2,262
Total cash flow (excl. dividends), $m
  172
  784
  815
  848
  880
  913
  946
  980
  1,014
  1,050
  1,086
  985
  1,024
  1,065
  1,107
  1,151
  1,197
  1,245
  1,295
  1,348
  1,403
  1,460
  1,520
  1,583
  1,649
  1,718
  1,790
  1,866
  1,945
  2,029
  2,116
Retained Cash Flow (-), $m
  6,931
  -63
  -77
  -88
  -99
  -110
  -120
  -131
  -142
  -153
  -164
  -176
  -187
  -199
  -212
  -225
  -238
  -252
  -267
  -282
  -298
  -314
  -331
  -349
  -368
  -387
  -408
  -429
  -452
  -475
  -500
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
 
  2,544
  738
  759
  781
  803
  825
  848
  872
  897
  922
  809
  837
  866
  895
  926
  959
  993
  1,029
  1,066
  1,105
  1,146
  1,189
  1,234
  1,281
  1,330
  1,382
  1,437
  1,494
  1,553
  1,616
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
 
  2,373
  638
  604
  567
  528
  487
  445
  403
  361
  320
  239
  208
  178
  151
  126
  103
  83
  66
  51
  39
  29
  21
  15
  11
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  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 -11.4
Price to Sales 0.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow -42
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 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 481.413 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 $11.8 billion.

RELATED COMPANIES Price Int.Val. Rating
ARNC Arconic 24.43 16.75  sell
AA Alcoa 42.24 7.45  str.sell
ACH Aluminum Corp. 16.15 2.32  str.sell
RIO Rio Tinto ADR 47.95 6.29  str.sell
KALU Kaiser Aluminu 100.46 11.34  str.sell

COMPANY NEWS

▶ Arconic Divests its Latin America Extrusions Business   [Dec-08-17 08:30AM  Business Wire]
▶ Arconic Shareholders Approve Delaware Reincorporation   [Nov-30-17 04:05PM  Business Wire]
▶ Scariest pattern in the chart book   [Nov-22-17 06:56PM  CNBC Videos]
▶ Is Arconic Inc (ARNC) A Financially Sound Company?   [Oct-29-17 11:31AM  Simply Wall St.]
▶ [$$] Arconic Names Former GE Executive as CEO   [04:27PM  The Wall Street Journal]
▶ Arconic Tumbles After Earnings Miss; Ex-GE Exec Named CEO   [04:01PM  Investor's Business Daily]
▶ Arconic Is Ready to Rally Further   [09:50AM  TheStreet.com]
▶ Arconic misses 3Q profit forecasts   [08:15AM  Associated Press]
▶ Arconic Reports Third Quarter 2017 Results   [08:00AM  Business Wire]
▶ Arconic Charts Show a Base Pattern; Go Long on Strength   [Oct-13-17 02:07PM  TheStreet.com]
▶ The stock options traders think is about to sink   [Oct-11-17 02:05PM  CNBC Videos]
▶ 4 key Wall Street proxy fights   [Oct-10-17 06:42PM  CNBC Videos]
▶ 5 Ways Tax Reform May Boost Stocks   [Oct-05-17 05:45AM  Investopedia]
▶ IBD Rating Upgrades: Arconic Shows Improved Price Strength   [03:00AM  Investor's Business Daily]
▶ Arconic Shows Rising Relative Strength; Still Shy Of Key Threshold   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Arconic   [Sep-22-17 03:00AM  Investor's Business Daily]
▶ Arconic Board Approves Quarterly Dividends   [Sep-19-17 04:05PM  Business Wire]
▶ Arconic and Airbus Achieve 3D Printing First   [03:14PM  Business Wire]
▶ How Alcoa Inc. Makes Most of Its Money   [Sep-16-17 11:34AM  Motley Fool]
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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