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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.5x - 0.6x | 0.5x |
Selected Fwd Ps Multiple | 0.5x - 0.6x | 0.5x |
Fair Value | €2.87 - €3.18 | €3.02 |
Upside | 10.5% - 22.2% | 16.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Vale S.A. | - | BOVESPA:VALE3 |
Companhia Siderúrgica Nacional | - | BOVESPA:CSNA3 |
Usinas Siderúrgicas de Minas Gerais S.A. | - | BOVESPA:USIM5 |
BlueScope Steel Limited | - | OTCPK:BLSF.F |
Ternium S.A. | - | BOVESPA:TXSA34 |
Gerdau S.A. | - | DB:GDUA |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
VALE3 | CSNA3 | USIM5 | BLSF.F | TXSA34 | GDUA | |||
BOVESPA:VALE3 | BOVESPA:CSNA3 | BOVESPA:USIM5 | OTCPK:BLSF.F | BOVESPA:TXSA34 | DB:GDUA | |||
Historical Sales Growth | ||||||||
5Y CAGR | 7.3% | 11.4% | 11.6% | 7.5% | 11.6% | 11.1% | ||
3Y CAGR | -11.1% | -3.0% | -8.5% | -5.0% | 3.1% | -5.1% | ||
Latest Twelve Months | -0.2% | 2.2% | 2.7% | -4.5% | -16.3% | 7.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 26.7% | 9.0% | 10.4% | 7.7% | 11.4% | 11.5% | ||
Prior Fiscal Year | 19.2% | -0.7% | 5.0% | 4.7% | 3.8% | 10.9% | ||
Latest Fiscal Year | 15.3% | -5.9% | -0.6% | 0.5% | -0.3% | 6.8% | ||
Latest Twelve Months | 13.8% | -5.1% | 1.4% | 0.5% | 3.7% | 4.7% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 4.3x | 4.9x | 5.0x | 7.9x | 8.7x | 4.6x | ||
Price / LTM Sales | 1.2x | 0.2x | 0.2x | 0.6x | 0.4x | 0.5x | ||
LTM P/E Ratio | 8.5x | -4.8x | 15.1x | 132.3x | 11.7x | 10.1x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.2x | 0.4x | 1.2x | |||||
Historical LTM P/S Ratio | 0.5x | 0.6x | 1.0x | |||||
Selected Price / Sales Multiple | 0.5x | 0.5x | 0.6x | |||||
(x) LTM Sales | 69,102 | 69,102 | 69,102 | |||||
(=) Equity Value | 34,727 | 36,555 | 38,383 | |||||
(/) Shares Outstanding | 2,013.8 | 2,013.8 | 2,013.8 | |||||
Implied Value Range | 17.24 | 18.15 | 19.06 | |||||
FX Rate: BRL/EUR | 6.2 | 6.2 | 6.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 2.76 | 2.91 | 3.05 | 2.60 | ||||
Upside / (Downside) | 6.2% | 11.8% | 17.4% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | VALE3 | CSNA3 | USIM5 | BLSF.F | TXSA34 | GDUA | |
Value of Common Equity | 246,735 | 10,755 | 5,699 | 7,883 | 7,020 | 32,699 | |
(/) Shares Outstanding | 4,268.8 | 1,326.1 | 1,230.9 | 348.4 | 196.3 | 2,013.8 | |
Implied Stock Price | 57.80 | 8.11 | 4.63 | 22.63 | 35.76 | 16.24 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.51 | 0.19 | 6.25 | |
Implied Stock Price (Trading Cur) | 57.80 | 8.11 | 4.63 | 14.96 | 189.69 | 2.60 | |
Trading Currency | BRL | BRL | BRL | USD | BRL | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.51 | 0.19 | 6.25 |