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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 4.9x - 5.4x | 5.2x |
| Selected Fwd P/E Multiple | 4.9x - 5.4x | 5.2x |
| Fair Value | R$14.25 - R$15.75 | R$15 |
| Upside | 5.4% - 16.5% | 10.9% |
| Benchmarks | - | Full Ticker |
| Paranapanema S.A. | - | BOVESPA:PMAM3 |
| Tekno S.A. Indústria e Comércio | - | BOVESPA:TKNO4 |
| Companhia Brasileira de Alumínio | - | BOVESPA:CBAV3 |
| Usinas Siderúrgicas de Minas Gerais S.A. | - | BOVESPA:USIM5 |
| Companhia Siderúrgica Nacional | - | BOVESPA:CSNA3 |
| Electro Aço Altona S.A. | - | BOVESPA:EALT3 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| PMAM3 | TKNO4 | CBAV3 | USIM5 | CSNA3 | EALT3 | |||
| BOVESPA:PMAM3 | BOVESPA:TKNO4 | BOVESPA:CBAV3 | BOVESPA:USIM5 | BOVESPA:CSNA3 | BOVESPA:EALT3 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 27.4% | NM- | NM- | NM- | 31.6% | ||
| 3Y CAGR | NM- | -10.6% | NM- | NM- | NM- | 22.4% | ||
| Latest Twelve Months | -53.9% | 37.0% | 80.1% | -84.9% | -714.5% | 34.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -131.4% | 13.7% | -1.1% | 10.1% | 9.4% | 9.0% | ||
| Prior Fiscal Year | -142.9% | 13.3% | -12.4% | 5.0% | -0.7% | 10.0% | ||
| Latest Fiscal Year | -465.0% | 16.8% | -2.2% | -0.6% | -5.9% | 11.8% | ||
| Latest Twelve Months | -465.0% | 16.8% | -2.2% | 0.5% | -5.9% | 11.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | -21.1x | 1.9x | 6.1x | 6.3x | 5.6x | 3.4x | ||
| Price / LTM Sales | 0.3x | 0.9x | 0.3x | 0.3x | 0.3x | 0.6x | ||
| LTM P/E Ratio | -0.1x | 5.2x | -14.5x | 48.0x | -4.8x | 4.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -14.5x | -0.1x | 48.0x | |||||
| Historical LTM P/E Ratio | 4.0x | 6.4x | 9.1x | |||||
| Selected P/E Multiple | 4.9x | 5.2x | 5.4x | |||||
| (x) LTM Net Income | 67 | 67 | 67 | |||||
| (=) Equity Value | 326 | 343 | 360 | |||||
| (/) Shares Outstanding | 22.5 | 22.5 | 22.5 | |||||
| Implied Value Range | 14.49 | 15.25 | 16.02 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 14.49 | 15.25 | 16.02 | 13.53 | ||||
| Upside / (Downside) | 7.1% | 12.8% | 18.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PMAM3 | TKNO4 | CBAV3 | USIM5 | CSNA3 | EALT3 | |
| Value of Common Equity | 160 | 228 | 2,624 | 6,795 | 12,399 | 304 | |
| (/) Shares Outstanding | 75.4 | 2.9 | 651.1 | 1,230.9 | 1,326.1 | 22.5 | |
| Implied Stock Price | 2.12 | 77.32 | 4.03 | 5.52 | 9.35 | 13.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.12 | 77.32 | 4.03 | 5.52 | 9.35 | 13.53 | |
| 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 | |