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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd P/E Multiple | 11.0x - 12.1x | 11.6x |
| Fair Value | €18.05 - €19.96 | €19.01 |
| Upside | 18.8% - 31.3% | 25.0% |
| Benchmarks | - | Full Ticker |
| African Rainbow Minerals Limited | - | JSE:ARI |
| Labrador Iron Ore Royalty Corporation | - | TSX:LIF |
| Fortescue Ltd | - | PINC:FSUM.F |
| United States Steel Corporation | - | SNSE:X |
| Glencore plc | - | JSE:GLN |
| Kumba Iron Ore Limited | - | DB:KUI |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| ARI | LIF | FSUM.F | X | GLN | KUI | |||
| JSE:ARI | TSX:LIF | PINC:FSUM.F | SNSE:X | JSE:GLN | DB:KUI | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -2.4% | -3.1% | 12.3% | NM- | NM- | -2.0% | ||
| 3Y CAGR | -37.1% | -22.8% | -18.0% | -54.9% | NM- | -23.8% | ||
| Latest Twelve Months | -32.3% | -6.0% | -32.4% | -57.1% | -138.2% | -35.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 58.1% | 111.8% | 35.5% | 4.8% | 1.3% | 33.8% | ||
| Prior Fiscal Year | 55.1% | 93.1% | 28.4% | 5.0% | 2.0% | 26.4% | ||
| Latest Fiscal Year | 27.6% | 84.4% | 31.2% | 2.5% | -0.7% | 21.4% | ||
| Latest Twelve Months | 29.4% | 84.4% | 23.9% | 2.5% | -0.7% | 21.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 90.2x | NA | 4.1x | 10.1x | 6.3x | 3.8x | ||
| Price / LTM Sales | 2.7x | 9.1x | 1.9x | 0.6x | 0.2x | 1.5x | ||
| LTM P/E Ratio | 9.2x | 10.8x | 8.1x | 25.8x | -23.9x | 7.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -23.9x | 9.2x | 25.8x | |||||
| Historical LTM P/E Ratio | 4.2x | 8.7x | 11.0x | |||||
| Selected P/E Multiple | 7.4x | 7.8x | 8.2x | |||||
| (x) LTM Net Income | 14,699 | 14,699 | 14,699 | |||||
| (=) Equity Value | 109,187 | 114,934 | 120,681 | |||||
| (/) Shares Outstanding | 321.0 | 321.0 | 321.0 | |||||
| Implied Value Range | 340.18 | 358.09 | 375.99 | |||||
| FX Rate: ZAR/EUR | 21.0 | 21.0 | 21.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 16.24 | 17.09 | 17.95 | 15.20 | ||||
| Upside / (Downside) | 6.8% | 12.4% | 18.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ARI | LIF | FSUM.F | X | GLN | KUI | |
| Value of Common Equity | 30,418 | 1,887 | 33,051 | 8,746 | 38,530 | 102,215 | |
| (/) Shares Outstanding | 196.1 | 64.0 | 3,074.5 | 226.4 | 12,016.5 | 321.0 | |
| Implied Stock Price | 155.15 | 29.49 | 10.75 | 38.63 | 3.21 | 318.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 20.95 | |
| Implied Stock Price (Trading Cur) | 155.15 | 29.49 | 10.75 | 38.63 | 59.50 | 15.20 | |
| Trading Currency | ZAR | CAD | USD | USD | ZAR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 20.95 | |