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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Ps Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | R$13.20 - R$14.59 | R$13.89 |
| Upside | -1.0% - 9.4% | 4.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Usinas Siderúrgicas de Minas Gerais S.A. | - | BOVESPA:USIM5 |
| Companhia Brasileira de Alumínio | - | BOVESPA:CBAV3 |
| Paranapanema S.A. | - | BOVESPA:PMAM3 |
| Panatlântica S.A. | - | BOVESPA:PATI4 |
| Companhia Siderúrgica Nacional | - | BOVESPA:CSNA3 |
| Electro Aço Altona S.A. | - | BOVESPA:EALT3 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| USIM5 | CBAV3 | PMAM3 | PATI4 | CSNA3 | EALT3 | |||
| BOVESPA:USIM5 | BOVESPA:CBAV3 | BOVESPA:PMAM3 | BOVESPA:PATI4 | BOVESPA:CSNA3 | BOVESPA:EALT3 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 11.6% | 9.2% | -38.5% | 15.0% | 11.4% | 13.5% | ||
| 3Y CAGR | -8.5% | -1.0% | -54.0% | -7.5% | -3.0% | 13.4% | ||
| Latest Twelve Months | -6.4% | 11.2% | -52.7% | 12.3% | -3.9% | 13.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.0% | -1.1% | -131.4% | 6.2% | 9.4% | 9.0% | ||
| Prior Fiscal Year | 5.0% | -12.4% | -142.9% | 0.7% | -0.7% | 10.0% | ||
| Latest Fiscal Year | -0.6% | -2.2% | -465.0% | 4.0% | -5.9% | 11.8% | ||
| Latest Twelve Months | -0.6% | -2.2% | -465.0% | 4.0% | -5.9% | 11.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.1x | 6.1x | -21.1x | 4.9x | 5.5x | 3.3x | ||
| Price / LTM Sales | 0.3x | 0.3x | 0.3x | 0.3x | 0.3x | 0.5x | ||
| LTM P/E Ratio | -45.4x | -14.7x | -0.1x | 8.0x | -4.4x | 4.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.3x | 0.3x | |||||
| Historical LTM P/S Ratio | 0.4x | 0.5x | 0.7x | |||||
| Selected Price / Sales Multiple | 0.5x | 0.6x | 0.6x | |||||
| (x) LTM Sales | 564 | 564 | 564 | |||||
| (=) Equity Value | 300 | 316 | 332 | |||||
| (/) Shares Outstanding | 22.5 | 22.5 | 22.5 | |||||
| Implied Value Range | 13.35 | 14.05 | 14.76 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 13.35 | 14.05 | 14.76 | 13.33 | ||||
| Upside / (Downside) | 0.1% | 5.4% | 10.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | USIM5 | CBAV3 | PMAM3 | PATI4 | CSNA3 | EALT3 | |
| Value of Common Equity | 6,672 | 2,656 | 153 | 686 | 11,444 | 300 | |
| (/) Shares Outstanding | 1,230.9 | 651.1 | 75.4 | 19.6 | 1,326.1 | 22.5 | |
| Implied Stock Price | 5.42 | 4.08 | 2.03 | 35.00 | 8.63 | 13.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.42 | 4.08 | 2.03 | 35.00 | 8.63 | 13.33 | |
| 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 | |