Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.7x | 3.5x |
| Fair Value | €2.63 - €2.96 | €2.80 |
| Upside | 2.8% - 15.8% | 9.3% |
| Benchmarks | Ticker | Full Ticker |
| Vale S.A. | VALE3 | BOVESPA:VALE3 |
| Companhia Siderúrgica Nacional | CSNA3 | BOVESPA:CSNA3 |
| Usinas Siderúrgicas de Minas Gerais S.A. | USIM5 | BOVESPA:USIM5 |
| BlueScope Steel Limited | BLSF.F | OTCPK:BLSF.F |
| Ternium S.A. | TXSA34 | BOVESPA:TXSA34 |
| Gerdau S.A. | GDUA | DB:GDUA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VALE3 | CSNA3 | USIM5 | BLSF.F | TXSA34 | GDUA | ||
| BOVESPA:VALE3 | BOVESPA:CSNA3 | BOVESPA:USIM5 | OTCPK:BLSF.F | BOVESPA:TXSA34 | DB:GDUA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.4% | 8.3% | -4.7% | 7.1% | 4.3% | 12.8% | |
| 3Y CAGR | -24.1% | -27.4% | -51.6% | -32.1% | -31.6% | -26.1% | |
| Latest Twelve Months | -14.2% | -5.7% | 78.5% | -29.6% | -73.1% | -8.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 47.8% | 25.6% | 16.2% | 13.7% | 22.1% | 20.0% | |
| Prior Fiscal Year | 41.9% | 18.2% | 6.0% | 10.9% | 24.7% | 18.1% | |
| Latest Fiscal Year | 35.6% | 17.6% | 5.4% | 8.1% | 10.6% | 13.4% | |
| Latest Twelve Months | 34.2% | 18.7% | 6.9% | 8.1% | 7.2% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.42x | 0.90x | 0.33x | 0.64x | 0.60x | 0.56x | |
| EV / LTM EBITDA | 4.1x | 4.8x | 4.8x | 8.0x | 8.3x | 4.5x | |
| EV / LTM EBIT | 5.3x | 8.4x | 12.6x | 14.4x | 20.0x | 6.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.1x | 4.8x | 8.3x | ||||
| Historical EV / LTM EBITDA | 2.2x | 3.2x | 9.9x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.1x | 5.3x | ||||
| (x) LTM EBITDA | 8,630 | 8,630 | 8,630 | ||||
| (=) Implied Enterprise Value | 41,464 | 43,646 | 45,828 | ||||
| (-) Non-shareholder Claims * | (6,790) | (6,790) | (6,790) | ||||
| (=) Equity Value | 34,673 | 36,856 | 39,038 | ||||
| (/) Shares Outstanding | 1,996.1 | 1,996.1 | 1,996.1 | ||||
| Implied Value Range | 17.37 | 18.46 | 19.56 | ||||
| FX Rate: BRL/EUR | 6.4 | 6.4 | 6.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.74 | 2.91 | 3.08 | 2.56 | |||
| Upside / (Downside) | 6.8% | 13.6% | 20.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VALE3 | CSNA3 | USIM5 | BLSF.F | TXSA34 | GDUA | |
| Enterprise Value | 297,716 | 40,343 | 8,874 | 8,544 | 9,667 | 39,241 | |
| (+) Cash & Short Term Investments | 31,087 | 19,108 | 6,744 | 858 | 3,375 | 8,974 | |
| (+) Investments & Other | 26,108 | 5,992 | 1,017 | 127 | 554 | 3,956 | |
| (-) Debt | (110,777) | (52,640) | (8,471) | (886) | (2,573) | (19,519) | |
| (-) Other Liabilities | (6,790) | (2,949) | (2,871) | (606) | (4,578) | (201) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 237,344 | 9,853 | 5,293 | 8,036 | 6,444 | 32,451 | |
| (/) Shares Outstanding | 4,268.8 | 1,326.1 | 1,230.9 | 348.4 | 196.3 | 1,996.1 | |
| Implied Stock Price | 55.60 | 7.43 | 4.30 | 23.07 | 32.83 | 16.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.53 | 0.18 | 6.35 | |
| Implied Stock Price (Trading Cur) | 55.60 | 7.43 | 4.30 | 15.06 | 178.92 | 2.56 | |
| Trading Currency | BRL | BRL | BRL | USD | BRL | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.53 | 0.18 | 6.35 | |