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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 7.5x - 8.3x | 7.9x |
Selected Fwd P/E Multiple | 12.8x - 14.1x | 13.5x |
Fair Value | R$4.80 - R$5.30 | R$5.05 |
Upside | -7.1% - 2.7% | -2.2% |
Benchmarks | - | Full Ticker |
Vale S.A. | - | BOVESPA:VALE3 |
Metalurgica Gerdau S.A. | - | BOVESPA:GOAU3 |
Bradespar S.A. | - | BOVESPA:BRAP3 |
Gerdau S.A. | - | BOVESPA:GGBR3 |
Cia de Ferro Ligas da Bahia S.A. - FERBASA | - | BOVESPA:FESA3 |
CSN Mineração S.A. | - | BOVESPA:CMIN3 |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
VALE3 | GOAU3 | BRAP3 | GGBR3 | FESA3 | CMIN3 | |||
BOVESPA:VALE3 | BOVESPA:GOAU3 | BOVESPA:BRAP3 | BOVESPA:GGBR3 | BOVESPA:FESA3 | BOVESPA:CMIN3 | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 51.5% | 29.4% | NM- | 30.6% | 8.2% | 4.3% | ||
3Y CAGR | -38.2% | -32.7% | -47.2% | -33.5% | -20.1% | -10.8% | ||
Latest Twelve Months | -18.7% | -93.0% | -20.7% | -48.4% | 6.2% | 0.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 26.1% | 11.4% | 10735.5% | 11.4% | 18.8% | 25.2% | ||
Prior Fiscal Year | 19.2% | 3.7% | NA | 10.9% | 15.7% | 18.9% | ||
Latest Fiscal Year | 15.3% | 2.3% | NA | 6.8% | 14.7% | 27.4% | ||
Latest Twelve Months | 14.9% | 0.4% | -7362.8% | 4.8% | 13.6% | 21.4% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 4.0x | 6.1x | NA | 4.5x | 7.7x | 3.5x | ||
Price / LTM Sales | 1.1x | 0.1x | -399.4x | 0.5x | 1.3x | 1.7x | ||
LTM P/E Ratio | 7.5x | 38.3x | 5.4x | 10.1x | 9.2x | 7.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | 5.4x | 9.2x | 38.3x | |||||
Historical LTM P/E Ratio | 5.3x | 7.6x | 13.9x | |||||
Selected P/E Multiple | 7.5x | 7.9x | 8.3x | |||||
(x) LTM Net Income | 3,613 | 3,613 | 3,613 | |||||
(=) Equity Value | 27,268 | 28,703 | 30,138 | |||||
(/) Shares Outstanding | 5,432.0 | 5,432.0 | 5,432.0 | |||||
Implied Value Range | 5.02 | 5.28 | 5.55 | |||||
FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 5.02 | 5.28 | 5.55 | 5.16 | ||||
Upside / (Downside) | -2.7% | 2.4% | 7.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | VALE3 | GOAU3 | BRAP3 | GGBR3 | FESA3 | CMIN3 | |
Value of Common Equity | 235,978 | 9,400 | 6,014 | 30,829 | 3,165 | 28,029 | |
(/) Shares Outstanding | 4,268.8 | 993.7 | 393.1 | 2,028.2 | 277.7 | 5,432.0 | |
Implied Stock Price | 55.28 | 9.46 | 15.30 | 15.20 | 11.40 | 5.16 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 55.28 | 9.46 | 15.30 | 15.20 | 11.40 | 5.16 | |
Trading Currency | BRL | BRL | BRL | BRL | BRL | BRL | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |