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Economic Moat




Alcoa Reports Another Adjusted Loss in Q2 but Bauxite and Alumina Profits Prove Resilient

Andrew Lane Strategist

Analyst Note

| Andrew Lane |

Although we continue to see few upside profit catalysts for Alcoa, the company executed well in the second quarter amid challenging market conditions. Having updated our valuation model, our fair value estimate is unchanged at $15 per share. Our no-moat rating remains intact. We view shares as fairly valued on a risk-adjusted basis.

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Company Profile

Business Description

Alcoa is a vertically integrated aluminum company involved in every phase of aluminum production, including bauxite mining, alumina refining, and the manufacture of primary aluminum. It is the world’s largest bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain.

201 Isabella Street, Suite 500
Pittsburgh, PA, 15212-5858
T +1 412 315-2900
Sector Basic Materials
Industry Aluminum
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 13,800