Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.9x - 8.8x | 8.4x |
| Selected Fwd EBITDA Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | €6.99 - €8.18 | €7.59 |
| Upside | -32.5% - -20.9% | -26.7% |
| Benchmarks | Ticker | Full Ticker |
| Aperam S.A. | APAM | BME:APAM |
| Voestalpine AG | VAS | DB:VAS |
| thyssenkrupp AG | TKA | DB:TKA |
| Salzgitter AG | SZG | DB:SZG |
| Outokumpu Oyj | OUT1V | HLSE:OUT1V |
| Acerinox, S.A. | ACE1 | DB:ACE1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| APAM | VAS | TKA | SZG | OUT1V | ACE1 | ||
| BME:APAM | DB:VAS | DB:TKA | DB:SZG | HLSE:OUT1V | DB:ACE1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.4% | -0.6% | 8.6% | 2.3% | -7.0% | -0.9% | |
| 3Y CAGR | -38.1% | -20.3% | -23.2% | -29.3% | -49.5% | -28.7% | |
| Latest Twelve Months | 134.7% | -5.2% | 161.6% | 33.2% | -38.5% | -42.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.8% | 10.9% | -0.7% | 4.3% | 7.2% | 11.0% | |
| Prior Fiscal Year | 2.9% | 7.1% | -2.4% | 3.1% | 5.3% | 10.8% | |
| Latest Fiscal Year | 3.9% | 7.1% | 1.4% | 3.2% | 1.9% | 6.5% | |
| Latest Twelve Months | 4.4% | 7.1% | 2.3% | 2.5% | 2.1% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 0.39x | 0.06x | 0.02x | 0.27x | 0.67x | |
| EV / LTM EBITDA | 11.4x | 5.6x | 2.6x | 0.7x | 12.8x | 10.7x | |
| EV / LTM EBIT | 27.3x | 15.0x | 7.5x | -18.8x | -30.4x | 19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.7x | 5.6x | 12.8x | ||||
| Historical EV / LTM EBITDA | 2.1x | 4.5x | 11.5x | ||||
| Selected EV / LTM EBITDA | 7.9x | 8.4x | 8.8x | ||||
| (x) LTM EBITDA | 345 | 345 | 345 | ||||
| (=) Implied Enterprise Value | 2,733 | 2,877 | 3,021 | ||||
| (-) Non-shareholder Claims * | (1,088) | (1,088) | (1,088) | ||||
| (=) Equity Value | 1,645 | 1,789 | 1,933 | ||||
| (/) Shares Outstanding | 249.3 | 249.3 | 249.3 | ||||
| Implied Value Range | 6.60 | 7.18 | 7.75 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.60 | 7.18 | 7.75 | 10.35 | |||
| Upside / (Downside) | -36.2% | -30.7% | -25.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | APAM | VAS | TKA | SZG | OUT1V | ACE1 | |
| Enterprise Value | 3,161 | 6,171 | 2,015 | 152 | 1,641 | 3,668 | |
| (+) Cash & Short Term Investments | 185 | 1,086 | 4,828 | 892 | 354 | 1,191 | |
| (+) Investments & Other | 5 | 332 | 312 | 1,705 | 77 | 0 | |
| (-) Debt | (1,420) | (3,485) | (863) | (1,695) | (607) | (2,279) | |
| (-) Other Liabilities | (15) | (240) | (779) | (9) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,916 | 3,864 | 5,513 | 1,045 | 1,465 | 2,580 | |
| (/) Shares Outstanding | 72.3 | 171.5 | 622.5 | 54.1 | 435.9 | 249.3 | |
| Implied Stock Price | 26.50 | 22.54 | 8.86 | 19.32 | 3.36 | 10.35 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.50 | 22.54 | 8.86 | 19.32 | 3.36 | 10.35 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |