Morningstar

Morningstar, Inc.

Equity Bottom-Up

After updating our model to reflect slightly lower near-term profits, our fair value estimate for Nucor falls to $46 per share from $47. Our no-moat rating is unchanged. Although Nucor maintains an enviable position on the global cost curve for steelmaking, the cost curve is relatively flat. We expect Nucor to generate returns on invested capital roughly in line with its weighted average cost of capital over the long term amid midcycle market conditions
For 2019, we forecast EBITDA just shy of…

Nucor uses electric arc furnaces to produce a wide variety of steel products. Compared with the blast furnaces responsible for approximately 70% of global steel production, EAFs are less labor- and energy-intensive, thereby allowing Nucor to recognize low total costs per unit of steel produced. Additionally, unlike other EAF steel producers that predominantly manufacture weaker-strength long-rolled products, Nucor offers a well-diversified product portfolio.Over the past decade, Nucor's…

Nucor shares traded modestly higher after the company issued first-quarter earnings showing material profit growth versus the same period last year. Having updated our valuation model, our $50 fair value estimate and no-moat rating are unchanged
Nucor's earnings before taxes grew 34% to $690 million from $516 million year on year. Higher profits were driven primarily by strong results from the company's plate, bar, and structural mills within the flagship steel mills segments. The raw…

Kaustubh Sanjay​ ​Jagtap

NUS Investment Society

12M Industry Outlook
1. Global growth momentum expected to drive steel demand. Global economic recovery serves as a key driver for steel demand growth as economies recover and are able to increase their infrastructure expenditure. Other key indicators such as Manufacturing PMI in major economies remain above 51 signalling growth in expenditure and hence steel demand. This growth is expected to spill over to the construction and machinery sector and continue supporting steel demand.
2. U S trade…

United States

Nucor Corporation manufactures steel products.  The Company's products include carbon and alloy steel, steel joists, steel deck, cold finished steel, steel grinding balls, steel bearing products, and metal buildingsystems. Nucor also brokers ferrous and nonferrous metals, pig iron and HBI/DRI; supplies ferro-alloys; and processes ferrous and nonferrous scrap.

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