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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 10.9x - 12.1x | 11.5x |
| Selected Fwd P/E Multiple | 3.6x - 3.9x | 3.8x |
| Fair Value | R$12.45 - R$13.76 | R$13.10 |
| Upside | 4.6% - 15.6% | 10.1% |
| Benchmarks | - | Full Ticker |
| Bradespar S.A. | - | BOVESPA:BRAP4 |
| Vale S.A. | - | BOVESPA:VALE3 |
| Gerdau S.A. | - | BOVESPA:GGBR4 |
| Companhia Siderúrgica Nacional | - | BOVESPA:CSNA3 |
| Metalurgica Gerdau S.A. | - | BOVESPA:GOAU4 |
| Cia de Ferro Ligas da Bahia S.A. - FERBASA | - | BOVESPA:FESA3 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| BRAP4 | VALE3 | GGBR4 | CSNA3 | GOAU4 | FESA3 | |||
| BOVESPA:BRAP4 | BOVESPA:VALE3 | BOVESPA:GGBR4 | BOVESPA:CSNA3 | BOVESPA:GOAU4 | BOVESPA:FESA3 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 51.5% | 30.6% | NM- | 29.4% | 8.2% | ||
| 3Y CAGR | -47.2% | -38.2% | -33.5% | NM- | -32.7% | -20.1% | ||
| Latest Twelve Months | -20.7% | -40.6% | -35.4% | -225.5% | -35.2% | 6.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10735.5% | 26.7% | 11.5% | 9.0% | 11.5% | 18.8% | ||
| Prior Fiscal Year | NA | 19.2% | 10.9% | -0.7% | 3.7% | 15.7% | ||
| Latest Fiscal Year | NA | 15.3% | 6.8% | -5.9% | 2.3% | 14.7% | ||
| Latest Twelve Months | -7362.8% | 13.8% | 4.7% | -5.1% | 1.6% | 13.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | 4.1x | 4.4x | 4.8x | 6.1x | 7.6x | ||
| Price / LTM Sales | -386.4x | 1.1x | 0.5x | 0.2x | 0.1x | 1.2x | ||
| LTM P/E Ratio | 5.2x | 8.2x | 9.7x | -4.4x | 8.1x | 9.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -4.4x | 8.1x | 9.7x | |||||
| Historical LTM P/E Ratio | 4.1x | 9.9x | 63.7x | |||||
| Selected P/E Multiple | 10.9x | 11.5x | 12.1x | |||||
| (x) LTM Net Income | 311 | 311 | 311 | |||||
| (=) Equity Value | 3,394 | 3,573 | 3,752 | |||||
| (/) Shares Outstanding | 277.7 | 277.7 | 277.7 | |||||
| Implied Value Range | 12.22 | 12.87 | 13.51 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.22 | 12.87 | 13.51 | 11.90 | ||||
| Upside / (Downside) | 2.7% | 8.1% | 13.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRAP4 | VALE3 | GGBR4 | CSNA3 | GOAU4 | FESA3 | |
| Value of Common Equity | 6,293 | 236,448 | 32,715 | 9,826 | 9,127 | 3,304 | |
| (/) Shares Outstanding | 393.1 | 4,268.8 | 1,996.1 | 1,326.1 | 999.7 | 277.7 | |
| Implied Stock Price | 16.01 | 55.39 | 16.39 | 7.41 | 9.13 | 11.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.01 | 55.39 | 16.39 | 7.41 | 9.13 | 11.90 | |
| 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 | |