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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.2x - 2.5x | 2.4x |
| Selected Fwd Ps Multiple | 2.5x - 2.8x | 2.7x |
| Fair Value | €10.31 - €11.40 | €10.85 |
| Upside | -7.0% - 2.8% | -2.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| South32 Limited | - | ASX:S32 |
| BHP Group Limited | - | ASX:BHP |
| Perseus Mining Limited | - | ASX:PRU |
| Southern Copper Corporation | - | DUSE:PCU |
| Glencore plc | - | LSE:GLEN |
| Fortescue Ltd | - | DB:FVJ |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| S32 | BHP | PRU | PCU | GLEN | FVJ | |||
| ASX:S32 | ASX:BHP | ASX:PRU | DUSE:PCU | LSE:GLEN | DB:FVJ | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -5.8% | 5.5% | 23.5% | 9.4% | 1.4% | 12.8% | ||
| 3Y CAGR | 0.1% | -7.8% | 26.3% | 1.5% | 4.3% | -6.5% | ||
| Latest Twelve Months | 36.1% | -7.9% | 11.5% | 13.0% | 1.6% | -11.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.8% | 27.9% | 26.4% | 26.8% | 1.5% | 35.5% | ||
| Prior Fiscal Year | -10.7% | 14.2% | 30.0% | 24.5% | 2.0% | 28.4% | ||
| Latest Fiscal Year | -11.4% | 17.6% | 31.6% | 29.5% | -0.7% | 31.2% | ||
| Latest Twelve Months | -3.8% | 17.6% | 31.9% | 30.4% | -0.9% | 23.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.7x | 6.5x | 4.2x | 12.2x | 8.1x | 5.1x | ||
| Price / LTM Sales | 1.4x | 2.8x | 2.9x | 6.7x | 0.2x | 2.4x | ||
| LTM P/E Ratio | -35.9x | 15.8x | 9.1x | 21.9x | -23.0x | 10.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 2.8x | 6.7x | |||||
| Historical LTM P/S Ratio | 1.9x | 2.4x | 2.8x | |||||
| Selected Price / Sales Multiple | 2.2x | 2.4x | 2.5x | |||||
| (x) LTM Sales | 16,346 | 16,346 | 16,346 | |||||
| (=) Equity Value | 36,587 | 38,513 | 40,439 | |||||
| (/) Shares Outstanding | 3,074.5 | 3,074.5 | 3,074.5 | |||||
| Implied Value Range | 11.90 | 12.53 | 13.15 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 10.25 | 10.79 | 11.33 | 11.08 | ||||
| Upside / (Downside) | -7.5% | -2.7% | 2.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | S32 | BHP | PRU | PCU | GLEN | FVJ | |
| Value of Common Equity | 8,522 | 141,952 | 3,257 | 0 | 46,989 | 39,565 | |
| (/) Shares Outstanding | 4,488.4 | 5,077.9 | 1,351.0 | 812.2 | 11,867.8 | 3,074.5 | |
| Implied Stock Price | 1.90 | 27.95 | 2.41 | 0.00 | 3.96 | 12.87 | |
| FX Conversion Rate to Trading Currency | 0.65 | 0.65 | 0.65 | 1.16 | 1.35 | 1.16 | |
| Implied Stock Price (Trading Cur) | 2.93 | 43.14 | 3.72 | 2.94 | 11.08 | ||
| Trading Currency | AUD | AUD | AUD | EUR | GBP | EUR | |
| FX Rate to Reporting Currency | 0.65 | 0.65 | 0.65 | 1.16 | 1.35 | 1.16 | |