Alcoa Corp


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SKU: AA Category:


Alcoa reached the target price from our last report as the company reported a stellar result with its highest-ever quarterly net income since the time when the company was spun-off in 2016. The upstream aluminum giant witnessed a staggering 60% jump in the average aluminum prices which helped deliver a blowout result. Demand for aluminum remains strong across the globe, particularly in the Chinese markets which is why the prices are not expected to slow down. Alcoa’s management expects the strong demand to continue across its three core segments of bauxite, alumina, and aluminum and also expects a double-digit growth in value-add products, which include slab, foundry, rods, and billets. The rising profitability and cash flows has also helped them deleverage the balance sheet by repaying $750 million worth of debt. We are bullish on Alcoa given the strong end-market demand and give it a ‘Buy’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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