18.10.2018, 09:52
Посмотрим как идут дела у конкурентов РУСАЛа.
Alcoa всегда отчитывается одной из первых.
Акции с 9 апреля не выросли. Как минимум удивительно.
http://investors.alcoa.com/news-releases/2018/10-17-2018-210949659
В отчете видно, что показатели за 3-й квартал хуже 2-го, но существенно лучше чем год назад.
Рой Харви говорит, что убыток бумажный, и что компания объявила байбэк на $200 млн.
Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported third quarter 2018 results and announced a $200 million common stock repurchase program as part of the Company’s 2018 capital allocation framework.
In the third quarter of 2018, Alcoa also used $194 million in available cash to further reduce its net pension liability and debt and finished the quarter with a cash balance of $1.0 billion on September 30, 2018. This year, the Company has reduced its net pension and OPEB liability to $2.2 billion as of September 30, down from $3.5 billion at year-end 2017.
“Today’s stock buyback announcement, our smaller net pension and OPEB liability, and our results since launching Alcoa Corporation nearly two years ago all point to the success of our strategic priorities,” said President and Chief Executive Officer Roy Harvey.
“By reducing complexity, driving returns, and strengthening the balance sheet, we’ve made Alcoa a much stronger company even as commodity markets remain volatile,” Harvey said. “We’re pleased to announce a program to return cash to stockholders, and we look forward to improving our Company further as 2018 comes to an end.”
Alcoa tightened the Company’s projection for full-year adjusted EBITDA excluding special items to range between $3.1 billion and $3.2 billion .1 The low end of the forecast is $100 million higher than the prior quarter’s estimate. The updated outlook reflects recent market prices, including regional premiums, costs of raw materials, energy, and expected operational performance.
In third quarter 2018, Alcoa reported a net loss of $41 million , or $0.22 per share, compared to net income of $75 million , or $0.39 per share, in second quarter 2018. The third quarter results include a negative impact of $160 million for special items, due primarily to a $174 million net settlement charge (non-cash) from additional actions on U.S. pension and OPEB obligations.
EBITDA LTM превысила $3 млрд.
Компания не лидер по себестоимости, в отличие от РУСАЛа.
Но себестоимость улучшают.
Сейчас Alcoa, этот глобальный гигант, стоит очень дешево.
EV/EBITDA = 2,5 и это лучше РУСАЛа.
Байбэк на $200 млн. это примерно 3% акций.
Это напоминает ситуацию с БСП, очень дешево, прибыльно, но страшно?
Наверное боятся снятия санкций с РУСАЛа?
В любом случае у РУСАЛа ожидается неплохой отчет в конце октября.