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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.5x | 0.4x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | R$94.02 - R$103.92 | R$98.97 |
| Upside | 13.0% - 24.9% | 18.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ternium S.A. | - | DB:T5Z |
| Anglo American plc | - | DB:NGLB |
| Nucor Corporation | - | DB:NUO |
| Steel Dynamics, Inc. | - | DB:SD5 |
| Reliance, Inc. | - | DB:RS6 |
| ArcelorMittal S.A. | - | BOVESPA:ARMT34 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| T5Z | NGLB | NUO | SD5 | RS6 | ARMT34 | |||
| DB:T5Z | DB:NGLB | DB:NUO | DB:SD5 | DB:RS6 | BOVESPA:ARMT34 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 11.6% | -1.8% | 6.4% | 10.9% | 4.7% | -2.4% | ||
| 3Y CAGR | 3.1% | -13.1% | -5.6% | -1.6% | -0.6% | -6.6% | ||
| Latest Twelve Months | 0.2% | -11.0% | -11.5% | -6.7% | -6.6% | -8.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 11.5% | 12.9% | 12.9% | 12.5% | 8.3% | 6.4% | ||
| Prior Fiscal Year | 3.8% | 0.9% | 13.0% | 13.0% | 9.0% | 1.3% | ||
| Latest Fiscal Year | -0.3% | -11.2% | 6.6% | 8.8% | 6.3% | 2.1% | ||
| Latest Twelve Months | -0.3% | -11.2% | 6.6% | 8.8% | 6.3% | 2.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 4.5x | 7.0x | 7.3x | 8.8x | 11.2x | 3.2x | ||
| Price / LTM Sales | 0.3x | 1.3x | 0.9x | 1.1x | 1.1x | 0.4x | ||
| LTM P/E Ratio | -113.7x | -11.5x | 13.9x | 12.1x | 17.3x | 16.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 1.1x | 1.3x | |||||
| Historical LTM P/S Ratio | 0.3x | 0.4x | 0.5x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.5x | |||||
| (x) LTM Sales | 62,441 | 62,441 | 62,441 | |||||
| (=) Equity Value | 25,926 | 27,290 | 28,655 | |||||
| (/) Shares Outstanding | 1,535.6 | 1,535.6 | 1,535.6 | |||||
| Implied Value Range | 16.88 | 17.77 | 18.66 | |||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 97.27 | 102.39 | 107.51 | 83.22 | ||||
| Upside / (Downside) | 16.9% | 23.0% | 29.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | T5Z | NGLB | NUO | SD5 | RS6 | ARMT34 | |
| Value of Common Equity | 6,248 | 35,989 | 29,093 | 19,046 | 15,178 | 22,181 | |
| (/) Shares Outstanding | 196.3 | 1,213.4 | 230.5 | 149.9 | 53.0 | 1,535.6 | |
| Implied Stock Price | 31.83 | 29.66 | 126.20 | 127.06 | 286.53 | 14.44 | |
| FX Conversion Rate to Trading Currency | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 0.17 | |
| Implied Stock Price (Trading Cur) | 29.40 | 27.40 | 116.58 | 117.38 | 264.70 | 83.22 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | BRL | |
| FX Rate to Reporting Currency | 1.08 | 1.08 | 1.08 | 1.08 | 1.08 | 0.17 | |