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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | $24.20 - $26.75 | $25.48 |
| Upside | -8.1% - 1.6% | -3.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ryerson Holding Corporation | - | NYSE:RYI |
| Olympic Steel, Inc. | - | NasdaqGS:ZEUS |
| Reliance, Inc. | - | NYSE:RS |
| ArcelorMittal S.A. | - | NYSE:MT |
| Salzgitter AG | - | OTCPK:SZGP.F |
| Worthington Steel, Inc. | - | NYSE:WS |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| RYI | ZEUS | RS | MT | SZGP.F | WS | |||
| NYSE:RYI | NasdaqGS:ZEUS | NYSE:RS | NYSE:MT | OTCPK:SZGP.F | NYSE:WS | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 0.4% | 4.2% | 4.7% | -2.4% | 4.3% | NM- | ||
| 3Y CAGR | -6.8% | -5.7% | -0.6% | -6.6% | 2.6% | 17.3% | ||
| Latest Twelve Months | -10.0% | -10.0% | -6.6% | -8.5% | -7.2% | -6.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 2.6% | 2.3% | 8.3% | 6.4% | 1.8% | 4.8% | ||
| Prior Fiscal Year | 2.9% | 2.1% | 9.0% | 1.3% | 1.9% | 2.4% | ||
| Latest Fiscal Year | -0.2% | 1.2% | 6.3% | 2.1% | -3.3% | 4.5% | ||
| Latest Twelve Months | -0.2% | 1.2% | 6.3% | 2.1% | -3.3% | 3.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.1x | 8.5x | 11.4x | 3.5x | 1.4x | 6.5x | ||
| Price / LTM Sales | 0.2x | 0.2x | 1.1x | 0.4x | 0.1x | 0.4x | ||
| LTM P/E Ratio | -87.2x | 15.8x | 17.8x | 18.0x | -3.9x | 12.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.2x | 1.1x | |||||
| Historical LTM P/S Ratio | 0.5x | 0.5x | 0.5x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.4x | |||||
| (x) LTM Sales | 3,171 | 3,171 | 3,171 | |||||
| (=) Equity Value | 1,240 | 1,306 | 1,371 | |||||
| (/) Shares Outstanding | 49.5 | 49.5 | 49.5 | |||||
| Implied Value Range | 25.04 | 26.36 | 27.68 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.04 | 26.36 | 27.68 | 26.34 | ||||
| Upside / (Downside) | -4.9% | 0.1% | 5.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RYI | ZEUS | RS | MT | SZGP.F | WS | |
| Value of Common Equity | 744 | 362 | 15,532 | 24,248 | 888 | 1,305 | |
| (/) Shares Outstanding | 31.9 | 11.1 | 53.0 | 768.5 | 45.6 | 49.5 | |
| Implied Stock Price | 23.35 | 32.53 | 293.22 | 31.55 | 19.46 | 26.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.35 | 32.53 | 293.22 | 31.55 | 20.98 | 26.34 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 1.00 | |