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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.1x - 4.6x | 4.4x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Fair Value | $8.97 - $10.33 | $9.65 |
| Upside | -0.6% - 14.5% | 7.0% |
| Benchmarks | Ticker | Full Ticker |
| Olympic Steel, Inc. | ZEUS | NasdaqGS:ZEUS |
| Nucor Corporation | NUE | NYSE:NUE |
| Kaiser Aluminum Corporation | KALU | NasdaqGS:KALU |
| Carpenter Technology Corporation | CRS | NYSE:CRS |
| Radius Recycling, Inc. | RDUS | NasdaqGS:RDUS |
| SunCoke Energy, Inc. | SXC | NYSE:SXC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ZEUS | NUE | KALU | CRS | RDUS | SXC | ||
| NasdaqGS:ZEUS | NYSE:NUE | NasdaqGS:KALU | NYSE:CRS | NasdaqGS:RDUS | NYSE:SXC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.0% | 9.9% | 1.4% | 5.1% | -39.4% | 1.8% | |
| 3Y CAGR | -26.0% | -24.8% | 11.2% | 344.9% | -64.8% | -0.5% | |
| Latest Twelve Months | -33.6% | -49.6% | 8.1% | 52.5% | -77.6% | -2.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 20.6% | 7.2% | 9.3% | 5.1% | 15.2% | |
| Prior Fiscal Year | 5.1% | 21.3% | 6.5% | 9.3% | 3.1% | 13.0% | |
| Latest Fiscal Year | 4.0% | 14.1% | 6.9% | 16.6% | 0.4% | 14.0% | |
| Latest Twelve Months | 3.7% | 11.6% | 7.4% | 20.7% | 0.4% | 13.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 1.06x | 0.72x | 4.02x | 0.51x | 0.58x | |
| EV / LTM EBITDA | 9.0x | 9.1x | 9.7x | 19.4x | 131.6x | 4.2x | |
| EV / LTM EBIT | 16.0x | 15.2x | 20.2x | 24.2x | -16.1x | 7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.0x | 9.7x | 131.6x | ||||
| Historical EV / LTM EBITDA | 4.2x | 4.7x | 4.9x | ||||
| Selected EV / LTM EBITDA | 4.1x | 4.4x | 4.6x | ||||
| (x) LTM EBITDA | 262 | 262 | 262 | ||||
| (=) Implied Enterprise Value | 1,086 | 1,143 | 1,200 | ||||
| (-) Non-shareholder Claims * | (332) | (332) | (332) | ||||
| (=) Equity Value | 754 | 811 | 868 | ||||
| (/) Shares Outstanding | 84.7 | 84.7 | 84.7 | ||||
| Implied Value Range | 8.91 | 9.58 | 10.26 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.91 | 9.58 | 10.26 | 9.02 | |||
| Upside / (Downside) | -1.2% | 6.2% | 13.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ZEUS | NUE | KALU | CRS | RDUS | SXC | |
| Enterprise Value | 637 | 32,290 | 2,195 | 11,728 | 1,384 | 1,095 | |
| (+) Cash & Short Term Investments | 13 | 4,061 | 21 | 152 | 5 | 194 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 8 | 0 | |
| (-) Debt | (281) | (7,880) | (1,074) | (703) | (563) | (496) | |
| (-) Other Liabilities | 0 | (1,046) | 0 | 0 | (2) | (30) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 370 | 27,425 | 1,143 | 11,176 | 832 | 764 | |
| (/) Shares Outstanding | 11.2 | 230.5 | 16.0 | 49.8 | 28.2 | 84.7 | |
| Implied Stock Price | 33.12 | 118.96 | 71.40 | 224.52 | 29.51 | 9.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 33.12 | 118.96 | 71.40 | 224.52 | 29.51 | 9.02 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |