Intrinsic value of Allegheny Technologies - ATI

Previous Close

$29.77

  Intrinsic Value

$1.61

stock screener

  Rating & Target

str. sell

-95%

Previous close

$29.77

 
Intrinsic value

$1.61

 
Up/down potential

-95%

 
Rating

str. sell

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

We calculate the intrinsic value of ATI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -15.73
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
Revenue, $m
  3,135
  3,533
  3,955
  4,399
  4,866
  5,355
  5,866
  6,400
  6,955
  7,534
  8,135
  8,760
  9,410
  10,085
  10,787
  11,516
  12,274
  13,063
  13,884
  14,739
  15,629
  16,557
  17,524
  18,533
  19,586
  20,686
  21,835
  23,035
  24,290
  25,602
  26,975
Variable operating expenses, $m
 
  2,059
  2,297
  2,548
  2,811
  3,087
  3,376
  3,677
  3,991
  4,317
  4,657
  4,945
  5,312
  5,693
  6,089
  6,501
  6,929
  7,374
  7,838
  8,320
  8,823
  9,347
  9,893
  10,462
  11,057
  11,678
  12,326
  13,004
  13,712
  14,453
  15,228
Fixed operating expenses, $m
 
  2,011
  2,061
  2,113
  2,166
  2,220
  2,275
  2,332
  2,391
  2,450
  2,512
  2,574
  2,639
  2,705
  2,772
  2,842
  2,913
  2,985
  3,060
  3,137
  3,215
  3,295
  3,378
  3,462
  3,549
  3,637
  3,728
  3,822
  3,917
  4,015
  4,115
Total operating expenses, $m
  3,747
  4,070
  4,358
  4,661
  4,977
  5,307
  5,651
  6,009
  6,382
  6,767
  7,169
  7,519
  7,951
  8,398
  8,861
  9,343
  9,842
  10,359
  10,898
  11,457
  12,038
  12,642
  13,271
  13,924
  14,606
  15,315
  16,054
  16,826
  17,629
  18,468
  19,343
Operating income, $m
  -612
  -537
  -403
  -261
  -111
  48
  215
  391
  574
  766
  967
  1,241
  1,459
  1,687
  1,925
  2,173
  2,433
  2,703
  2,986
  3,282
  3,591
  3,915
  4,254
  4,609
  4,981
  5,371
  5,780
  6,210
  6,661
  7,134
  7,632
EBITDA, $m
  -442
  -316
  -165
  -3
  168
  349
  538
  737
  945
  1,163
  1,390
  1,627
  1,875
  2,132
  2,401
  2,682
  2,975
  3,280
  3,599
  3,933
  4,281
  4,646
  5,027
  5,427
  5,846
  6,284
  6,744
  7,227
  7,733
  8,265
  8,823
Interest expense (income), $m
  127
  133
  168
  205
  245
  286
  330
  375
  422
  472
  523
  576
  632
  689
  749
  811
  876
  943
  1,013
  1,086
  1,162
  1,241
  1,323
  1,409
  1,499
  1,592
  1,690
  1,791
  1,898
  2,009
  2,126
Earnings before tax, $m
  -734
  -670
  -571
  -467
  -356
  -238
  -115
  16
  152
  295
  444
  664
  827
  998
  1,176
  1,362
  1,556
  1,760
  1,973
  2,196
  2,429
  2,674
  2,930
  3,200
  3,482
  3,779
  4,091
  4,418
  4,763
  5,125
  5,506
Tax expense, $m
  -107
  0
  0
  0
  0
  0
  0
  4
  41
  80
  120
  179
  223
  269
  317
  368
  420
  475
  533
  593
  656
  722
  791
  864
  940
  1,020
  1,104
  1,193
  1,286
  1,384
  1,487
Net income, $m
  -641
  -670
  -571
  -467
  -356
  -238
  -115
  11
  111
  215
  324
  485
  604
  728
  858
  994
  1,136
  1,285
  1,440
  1,603
  1,773
  1,952
  2,139
  2,336
  2,542
  2,759
  2,986
  3,225
  3,477
  3,741
  4,019

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  5,170
  5,564
  6,228
  6,928
  7,663
  8,433
  9,238
  10,078
  10,953
  11,864
  12,811
  13,796
  14,819
  15,882
  16,987
  18,135
  19,330
  20,572
  21,865
  23,211
  24,613
  26,074
  27,597
  29,186
  30,845
  32,576
  34,385
  36,276
  38,252
  40,319
  42,481
Adjusted assets (=assets-cash), $m
  4,940
  5,564
  6,228
  6,928
  7,663
  8,433
  9,238
  10,078
  10,953
  11,864
  12,811
  13,796
  14,819
  15,882
  16,987
  18,135
  19,330
  20,572
  21,865
  23,211
  24,613
  26,074
  27,597
  29,186
  30,845
  32,576
  34,385
  36,276
  38,252
  40,319
  42,481
Revenue / Adjusted assets
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  2,867
  3,229
  3,615
  4,021
  4,447
  4,895
  5,362
  5,849
  6,357
  6,886
  7,435
  8,007
  8,601
  9,218
  9,859
  10,526
  11,219
  11,940
  12,690
  13,471
  14,285
  15,133
  16,017
  16,939
  17,902
  18,907
  19,957
  21,054
  22,201
  23,400
  24,655
Working capital, $m
  1,058
  1,053
  1,178
  1,311
  1,450
  1,596
  1,748
  1,907
  2,073
  2,245
  2,424
  2,611
  2,804
  3,005
  3,214
  3,432
  3,658
  3,893
  4,137
  4,392
  4,657
  4,934
  5,222
  5,523
  5,837
  6,164
  6,507
  6,864
  7,238
  7,629
  8,039
Total debt, $m
  1,877
  2,241
  2,739
  3,265
  3,817
  4,395
  5,000
  5,631
  6,288
  6,972
  7,683
  8,422
  9,191
  9,989
  10,819
  11,682
  12,579
  13,512
  14,482
  15,493
  16,546
  17,643
  18,787
  19,981
  21,226
  22,527
  23,885
  25,305
  26,789
  28,341
  29,965
Total liabilities, $m
  3,815
  4,179
  4,677
  5,203
  5,755
  6,333
  6,938
  7,569
  8,226
  8,910
  9,621
  10,360
  11,129
  11,927
  12,757
  13,620
  14,517
  15,450
  16,420
  17,431
  18,484
  19,581
  20,725
  21,919
  23,164
  24,465
  25,823
  27,243
  28,727
  30,279
  31,903
Total equity, $m
  1,355
  1,385
  1,551
  1,725
  1,908
  2,100
  2,300
  2,509
  2,727
  2,954
  3,190
  3,435
  3,690
  3,955
  4,230
  4,516
  4,813
  5,122
  5,444
  5,779
  6,129
  6,492
  6,872
  7,267
  7,680
  8,112
  8,562
  9,033
  9,525
  10,039
  10,578
Total liabilities and equity, $m
  5,170
  5,564
  6,228
  6,928
  7,663
  8,433
  9,238
  10,078
  10,953
  11,864
  12,811
  13,795
  14,819
  15,882
  16,987
  18,136
  19,330
  20,572
  21,864
  23,210
  24,613
  26,073
  27,597
  29,186
  30,844
  32,577
  34,385
  36,276
  38,252
  40,318
  42,481
Debt-to-equity ratio
  1.385
  1.620
  1.770
  1.890
  2.000
  2.090
  2.170
  2.240
  2.310
  2.360
  2.410
  2.450
  2.490
  2.530
  2.560
  2.590
  2.610
  2.640
  2.660
  2.680
  2.700
  2.720
  2.730
  2.750
  2.760
  2.780
  2.790
  2.800
  2.810
  2.820
  2.830
Adjusted equity ratio
  0.228
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -641
  -670
  -571
  -467
  -356
  -238
  -115
  11
  111
  215
  324
  485
  604
  728
  858
  994
  1,136
  1,285
  1,440
  1,603
  1,773
  1,952
  2,139
  2,336
  2,542
  2,759
  2,986
  3,225
  3,477
  3,741
  4,019
Depreciation, amort., depletion, $m
  170
  220
  239
  258
  279
  301
  323
  347
  371
  397
  423
  387
  415
  445
  476
  508
  542
  577
  613
  651
  690
  731
  774
  818
  865
  913
  964
  1,017
  1,073
  1,130
  1,191
Funds from operations, $m
  18
  -449
  -333
  -208
  -77
  62
  209
  358
  482
  612
  748
  872
  1,020
  1,174
  1,335
  1,503
  1,678
  1,862
  2,053
  2,254
  2,463
  2,683
  2,913
  3,154
  3,407
  3,672
  3,950
  4,242
  4,549
  4,872
  5,211
Change in working capital, $m
  62
  119
  126
  132
  139
  146
  152
  159
  166
  172
  179
  186
  194
  201
  209
  217
  226
  235
  245
  255
  265
  276
  288
  301
  314
  328
  342
  358
  374
  391
  409
Cash from operations, $m
  -44
  -568
  -458
  -341
  -216
  -83
  56
  199
  317
  440
  568
  685
  826
  973
  1,126
  1,285
  1,452
  1,626
  1,809
  1,999
  2,198
  2,406
  2,625
  2,853
  3,093
  3,344
  3,608
  3,885
  4,175
  4,481
  4,801
Maintenance CAPEX, $m
  0
  -138
  -156
  -175
  -194
  -215
  -236
  -259
  -283
  -307
  -333
  -359
  -387
  -415
  -445
  -476
  -508
  -542
  -577
  -613
  -651
  -690
  -731
  -774
  -818
  -865
  -913
  -964
  -1,017
  -1,073
  -1,130
New CAPEX, $m
  -202
  -363
  -385
  -406
  -427
  -447
  -467
  -487
  -508
  -529
  -550
  -571
  -594
  -617
  -641
  -667
  -693
  -721
  -750
  -781
  -814
  -848
  -884
  -922
  -963
  -1,005
  -1,050
  -1,097
  -1,147
  -1,200
  -1,255
Cash from investing activities, $m
  -200
  -501
  -541
  -581
  -621
  -662
  -703
  -746
  -791
  -836
  -883
  -930
  -981
  -1,032
  -1,086
  -1,143
  -1,201
  -1,263
  -1,327
  -1,394
  -1,465
  -1,538
  -1,615
  -1,696
  -1,781
  -1,870
  -1,963
  -2,061
  -2,164
  -2,273
  -2,385
Free cash flow, $m
  -244
  -1,069
  -999
  -922
  -837
  -745
  -647
  -547
  -474
  -396
  -314
  -245
  -155
  -60
  39
  142
  251
  363
  481
  605
  734
  868
  1,010
  1,157
  1,312
  1,474
  1,645
  1,823
  2,011
  2,209
  2,416
Issuance/(repayment) of debt, $m
  388
  469
  499
  526
  552
  578
  605
  631
  657
  684
  711
  739
  768
  798
  830
  863
  897
  933
  971
  1,011
  1,053
  1,097
  1,144
  1,193
  1,246
  1,300
  1,358
  1,420
  1,484
  1,552
  1,624
Issuance/(repurchase) of shares, $m
  0
  825
  737
  641
  539
  430
  315
  198
  107
  12
  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  
  350
  1,294
  1,236
  1,167
  1,091
  1,008
  920
  829
  764
  696
  711
  739
  768
  798
  830
  863
  897
  933
  971
  1,011
  1,053
  1,097
  1,144
  1,193
  1,246
  1,300
  1,358
  1,420
  1,484
  1,552
  1,624
Total cash flow (excl. dividends), $m
  106
  224
  236
  245
  254
  263
  272
  281
  290
  300
  397
  494
  614
  738
  869
  1,005
  1,147
  1,296
  1,452
  1,616
  1,786
  1,966
  2,154
  2,351
  2,558
  2,775
  3,003
  3,243
  3,495
  3,761
  4,040
Retained Cash Flow (-), $m
  728
  -825
  -737
  -641
  -539
  -430
  -315
  -209
  -218
  -227
  -236
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -322
  -335
  -349
  -364
  -379
  -396
  -413
  -431
  -450
  -471
  -492
  -515
  -538
Prev. year cash balance distribution, $m
 
  125
  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
 
  -476
  -501
  -396
  -285
  -167
  -43
  72
  72
  73
  161
  249
  359
  474
  594
  719
  850
  987
  1,130
  1,280
  1,437
  1,602
  1,774
  1,955
  2,145
  2,344
  2,553
  2,772
  3,003
  3,246
  3,501
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  -433
  -411
  -290
  -184
  -95
  -21
  30
  26
  21
  39
  48
  55
  56
  54
  49
  43
  35
  28
  22
  17
  12
  8
  6
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.4
  64.3
  55.0
  48.7
  44.6
  42.0
  40.5
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8
  39.8

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts. The FRP segment produces, converts and distributes stainless steel, nickel-based alloys, specialty alloys, and titanium and titanium-based alloys, in a range of product forms, including plate, sheet, engineered strip, and Precision Rolled Strip products.

FINANCIAL RATIOS  of  Allegheny Technologies (ATI)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow -73.7
Price to Free Cash Flow -13.2
Growth Rates
Sales Growth Rate -15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.3%
Cap. Spend. - 3 Yr. Gr. Rate -19.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 130.8%
Total Debt to Equity 138.5%
Interest Coverage -5
Management Effectiveness
Return On Assets -9.8%
Ret/ On Assets - 3 Yr. Avg. -2%
Return On Total Capital -18.8%
Ret/ On T. Cap. - 3 Yr. Avg. -9.6%
Return On Equity -37.3%
Return On Equity - 3 Yr. Avg. -17.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 5.2%
Gross Margin - 3 Yr. Avg. 5.2%
EBITDA Margin -13.9%
EBITDA Margin - 3 Yr. Avg. -3.9%
Operating Margin -19.5%
Oper. Margin - 3 Yr. Avg. -9%
Pre-Tax Margin -23.4%
Pre-Tax Margin - 3 Yr. Avg. -12.1%
Net Profit Margin -20.4%
Net Profit Margin - 3 Yr. Avg. -10.2%
Effective Tax Rate 14.6%
Eff/ Tax Rate - 3 Yr. Avg. -120.7%
Payout Ratio -4.1%

ATI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATI stock intrinsic value calculation we used $3135 million for the last fiscal year's total revenue generated by Allegheny Technologies. The default revenue input number comes from 2016 income statement of Allegheny Technologies. 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 ATI stock valuation model: a) initial revenue growth rate of 12.7% 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 9.9%, whose default value for ATI is calculated based on our internal credit rating of Allegheny Technologies, 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 Allegheny Technologies.
    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 ATI stock the variable cost ratio is equal to 58.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1962 million in the base year in the intrinsic value calculation for ATI 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 7.5% for Allegheny Technologies.

Corporate tax rate of 27% is the nominal tax rate for Allegheny Technologies. 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 ATI 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 ATI are equal to 91.4%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Allegheny Technologies 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 ATI is equal to 29.8%. 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 - $1355 million for Allegheny Technologies - 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 110.605 million for Allegheny Technologies 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 Allegheny Technologies at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ 4 Stocks to Watch Tuesday   [Jan-23-18 03:18PM  GuruFocus.com]
▶ Allegheny Technologies beats Street 4Q forecasts   [07:59AM  Associated Press]
▶ ATI Midland to reopen in partnership with Chinese company   [Nov-03-17 12:12PM  American City Business Journals]
▶ A Well-Defined Niche: Steel-Alloy Stocks Rebound In New Era   [Oct-27-17 12:38PM  Investor's Business Daily]
▶ Allegheny Technologies reports 3Q loss   [07:41AM  Associated Press]
▶ ATI Announces Third Quarter 2017 Results   [07:30AM  Business Wire]
▶ ATI Comments on Third Quarter 2017 Financial Results   [Oct-12-17 07:30AM  Business Wire]
▶ Arnold Van Den Berg: Bullish on Oil and Gas   [Sep-25-17 06:20PM  GuruFocus.com]
▶ Allegheny Technologies Joins Elite Club Of Stocks With RS Ratings Over 90   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-24-17 07:00AM  Business Wire]
▶ 3 Hot Titanium Stocks to Buy In August   [Aug-18-17 09:08AM  Motley Fool]
▶ Have Analysts Turned Bullish on Arconic after Its 2Q17 Beat?   [Aug-11-17 07:37AM  Market Realist]
▶ Why This Niche Chemical Market Was Red-Hot in July   [Aug-03-17 02:16PM  Motley Fool]
▶ ATI Announces Investor Relations Leadership Transition   [Jul-28-17 09:00AM  Business Wire]
▶ What Arconic Management Has to Say about the Grenfell Tower   [Jul-26-17 10:41AM  Market Realist]
▶ Allegheny Technologies tops Street 2Q forecasts   [Jul-25-17 09:59PM  Associated Press]
▶ ATI Announces Second Quarter 2017 Results   [07:20AM  Business Wire]
Financial statements of ATI
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