NHYKF - Norsk Hydro: Markets Structurally Tight But Mid-Cycle Multiple Reflects Environment
- An exceptional commodities environment plays in Norsk Hydro's favour as a vertically integrated aluminum producer.
- Ecological mandates in China as well as high energy costs gives Norsk Hydro an incredible edge thanks to vertical integration into hydropower generation.
- While Norsk Hydro was an exceptionally well-positioned investment, its multiple already reflects a typical cyclical in an uptrend, and doesn't strike us as exceptional value.
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Norsk Hydro: Markets Structurally Tight, But Mid-Cycle Multiple Reflects Environment