f financial metrics. namely ROIC. due to the opaque nature of consolidated financials are the sources of our contrarian view. Investment Thesis I) Arconic's robust margin expansion opportunity The Engineered Products & Solutions (EPS) division within Ar- conic has significant margin expansion potential

. The value-added business has been invested heavily into over the past two years. and is the new driver of growth for Alcoa. Alcoa is spinning off Arconic in the second half of this year (the company is aiming to begin trading as two entities in 2H 16) and has not yet filed its Form 10, which will prov