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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 16.8x - 18.6x | 17.7x |
| Selected Fwd P/E Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | €21.05 - €23.26 | €22.15 |
| Upside | -22.6% - -14.5% | -18.6% |
| Benchmarks | - | Full Ticker |
| Ryerson Holding Corporation | - | NYSE:RYI |
| Materion Corporation | - | NYSE:MTRN |
| Commercial Metals Company | - | NYSE:CMC |
| Kaiser Aluminum Corporation | - | NasdaqGS:KALU |
| Worthington Steel, Inc. | - | NYSE:WS |
| Olympic Steel, Inc. | - | DB:OYS |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| RYI | MTRN | CMC | KALU | WS | OYS | |||
| NYSE:RYI | NYSE:MTRN | NYSE:CMC | NasdaqGS:KALU | NYSE:WS | DB:OYS | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | -35.7% | 19.6% | -5.5% | NM- | 42.9% | ||
| 3Y CAGR | NM- | -56.7% | 5.5% | NM- | -15.0% | -42.5% | ||
| Latest Twelve Months | -123.1% | -79.3% | -93.5% | 9.0% | -28.4% | -60.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 2.5% | 3.8% | 7.5% | 0.6% | 4.7% | 2.4% | ||
| Prior Fiscal Year | 2.9% | 5.7% | 9.8% | 1.5% | 4.5% | 2.1% | ||
| Latest Fiscal Year | -0.2% | 0.3% | 6.1% | 1.5% | 3.6% | 1.2% | ||
| Latest Twelve Months | -0.3% | 0.9% | 0.5% | 1.8% | 3.6% | 0.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 20.4x | 13.5x | 10.3x | 10.7x | 8.3x | 9.4x | ||
| Price / LTM Sales | 0.2x | 1.4x | 0.9x | 0.4x | 0.5x | 0.2x | ||
| LTM P/E Ratio | -50.3x | 144.4x | 179.2x | 23.4x | 15.3x | 26.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -50.3x | 23.4x | 179.2x | |||||
| Historical LTM P/E Ratio | -17.8x | 3.3x | 18.1x | |||||
| Selected P/E Multiple | 16.8x | 17.7x | 18.6x | |||||
| (x) LTM Net Income | 14 | 14 | 14 | |||||
| (=) Equity Value | 241 | 254 | 267 | |||||
| (/) Shares Outstanding | 11.2 | 11.2 | 11.2 | |||||
| Implied Value Range | 21.55 | 22.69 | 23.82 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 18.39 | 19.36 | 20.33 | 27.20 | ||||
| Upside / (Downside) | -32.4% | -28.8% | -25.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RYI | MTRN | CMC | KALU | WS | OYS | |
| Value of Common Equity | 734 | 2,352 | 6,595 | 1,275 | 1,689 | 357 | |
| (/) Shares Outstanding | 32.2 | 20.7 | 111.9 | 16.0 | 50.9 | 11.2 | |
| Implied Stock Price | 22.80 | 113.46 | 58.92 | 79.57 | 33.21 | 31.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 22.80 | 113.46 | 58.92 | 79.57 | 33.21 | 27.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |