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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.5x | 0.5x |
| Selected Fwd Ps Multiple | 0.4x - 0.5x | 0.4x |
| Fair Value | R$6.07 - R$6.71 | R$6.39 |
| Upside | 31.7% - 45.6% | 38.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Hulamin Limited | - | JSE:HLM |
| Panatlântica S.A. | - | BOVESPA:PATI3 |
| Paranapanema S.A. | - | BOVESPA:PMAM3 |
| Companhia Siderúrgica Nacional | - | BOVESPA:CSNA3 |
| Norsk Hydro ASA | - | OTCPK:NHYK.F |
| Companhia Brasileira de Alumínio | - | BOVESPA:CBAV3 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| HLM | PATI3 | PMAM3 | CSNA3 | NHYK.F | CBAV3 | |||
| JSE:HLM | BOVESPA:PATI3 | BOVESPA:PMAM3 | BOVESPA:CSNA3 | OTCPK:NHYK.F | BOVESPA:CBAV3 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.0% | 15.0% | -38.5% | 11.4% | 6.3% | 9.2% | ||
| 3Y CAGR | 1.6% | -7.5% | -54.0% | -3.0% | 10.8% | -1.0% | ||
| Latest Twelve Months | -1.2% | 18.4% | -14.9% | 2.4% | 10.7% | 23.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 0.0% | 5.9% | -149.6% | 9.1% | 5.2% | -0.8% | ||
| Prior Fiscal Year | 2.0% | 0.7% | -142.9% | -0.7% | 1.9% | -12.4% | ||
| Latest Fiscal Year | 1.8% | 4.0% | -465.0% | -5.9% | 2.8% | -2.2% | ||
| Latest Twelve Months | 1.8% | 4.0% | -376.6% | -5.8% | 4.5% | 2.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 3.9x | 6.7x | -22.1x | 5.1x | 2.1x | 4.4x | ||
| Price / LTM Sales | 0.1x | 0.4x | 0.3x | 0.2x | 0.6x | 0.3x | ||
| LTM P/E Ratio | 3.2x | 11.1x | -0.1x | -4.1x | 12.4x | 16.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.3x | 0.6x | |||||
| Historical LTM P/S Ratio | 0.4x | 0.6x | 1.1x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.5x | 0.5x | |||||
| (x) LTM Sales | 8,818 | 8,818 | 8,818 | |||||
| (=) Equity Value | 3,792 | 3,992 | 4,191 | |||||
| (/) Shares Outstanding | 651.1 | 651.1 | 651.1 | |||||
| Implied Value Range | 5.82 | 6.13 | 6.44 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.82 | 6.13 | 6.44 | 4.61 | ||||
| Upside / (Downside) | 26.3% | 33.0% | 39.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLM | PATI3 | PMAM3 | CSNA3 | NHYK.F | CBAV3 | |
| Value of Common Equity | 783 | 968 | 137 | 10,609 | 120,417 | 3,001 | |
| (/) Shares Outstanding | 313.2 | 23.9 | 80.3 | 1,326.1 | 1,978.5 | 651.1 | |
| Implied Stock Price | 2.50 | 40.44 | 1.71 | 8.00 | 60.86 | 4.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 10.25 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.50 | 40.44 | 1.71 | 8.00 | 5.94 | 4.61 | |
| Trading Currency | ZAR | BRL | BRL | BRL | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 10.25 | 1.00 | |