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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.2x - 0.2x | 0.2x |
| Selected Fwd Ps Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | €27.18 - €30.04 | €28.61 |
| Upside | 4.5% - 15.5% | 10.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Kaiser Aluminum Corporation | - | NasdaqGS:KALU |
| Carpenter Technology Corporation | - | NYSE:CRS |
| Ryerson Holding Corporation | - | NYSE:RYI |
| SunCoke Energy, Inc. | - | NYSE:SXC |
| Commercial Metals Company | - | NYSE:CMC |
| Olympic Steel, Inc. | - | DB:OYS |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| KALU | CRS | RYI | SXC | CMC | OYS | |||
| NasdaqGS:KALU | NYSE:CRS | NYSE:RYI | NYSE:SXC | NYSE:CMC | DB:OYS | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 14.8% | 3.0% | 0.4% | 3.9% | 6.3% | 4.2% | ||
| 3Y CAGR | 4.9% | 23.2% | -6.8% | 10.0% | 5.6% | -5.7% | ||
| Latest Twelve Months | -2.0% | 5.6% | -10.0% | -6.2% | -7.9% | -10.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 0.8% | -1.8% | 2.6% | 2.1% | 7.8% | 2.3% | ||
| Prior Fiscal Year | 1.5% | 2.2% | 2.9% | 2.8% | 9.8% | 2.1% | ||
| Latest Fiscal Year | 1.5% | 6.7% | -0.2% | 5.0% | 6.1% | 1.2% | ||
| Latest Twelve Months | 1.5% | 9.3% | -0.2% | 5.0% | 0.9% | 1.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.0x | 14.6x | 13.4x | 3.9x | 6.9x | 8.0x | ||
| Price / LTM Sales | 0.3x | 2.6x | 0.1x | 0.4x | 0.6x | 0.2x | ||
| LTM P/E Ratio | 17.3x | 28.2x | -78.4x | 7.3x | 63.3x | 14.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.4x | 2.6x | |||||
| Historical LTM P/S Ratio | 0.1x | 0.1x | 0.3x | |||||
| Selected Price / Sales Multiple | 0.2x | 0.2x | 0.2x | |||||
| (x) LTM Sales | 1,942 | 1,942 | 1,942 | |||||
| (=) Equity Value | 323 | 340 | 357 | |||||
| (/) Shares Outstanding | 11.2 | 11.2 | 11.2 | |||||
| Implied Value Range | 28.93 | 30.46 | 31.98 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 26.41 | 27.79 | 29.18 | 26.00 | ||||
| Upside / (Downside) | 1.6% | 6.9% | 12.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KALU | CRS | RYI | SXC | CMC | OYS | |
| Value of Common Equity | 809 | 7,575 | 674 | 698 | 4,627 | 318 | |
| (/) Shares Outstanding | 15.9 | 49.9 | 31.9 | 84.4 | 113.0 | 11.2 | |
| Implied Stock Price | 50.75 | 151.66 | 21.17 | 8.28 | 40.95 | 28.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |
| Implied Stock Price (Trading Cur) | 50.75 | 151.66 | 21.17 | 8.28 | 40.95 | 26.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |