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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.5x - 0.6x | 0.5x |
| Fair Value | $27.84 - $31.81 | $29.82 |
| Upside | -34.1% - -24.7% | -29.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Commercial Metals Company | CMC | NYSE:CMC |
| Steel Dynamics, Inc. | STLD | NasdaqGS:STLD |
| Radius Recycling, Inc. | RDUS | NasdaqGS:RDUS |
| Reliance, Inc. | RS | NYSE:RS |
| Fortescue Ltd | FSUM.F | OTCPK:FSUM.F |
| United States Steel Corporation | X | NYSE:X |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CMC | STLD | RDUS | RS | FSUM.F | X | |||
| NYSE:CMC | NasdaqGS:STLD | NasdaqGS:RDUS | NYSE:RS | OTCPK:FSUM.F | NYSE:X | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.3% | 10.9% | 5.1% | 4.7% | 12.8% | 3.9% | ||
| 3Y CAGR | 5.6% | -1.6% | -0.2% | -0.6% | -6.5% | -8.3% | ||
| Latest Twelve Months | -7.9% | -6.7% | -7.9% | -6.6% | -11.9% | -13.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 10.8% | 16.7% | 2.6% | 11.6% | 53.3% | 7.7% | ||
| Prior Fiscal Year | 13.3% | 16.8% | 0.0% | 11.8% | 47.5% | 5.6% | ||
| Latest Fiscal Year | 8.8% | 11.1% | -3.1% | 8.6% | 46.8% | 1.8% | ||
| Latest Twelve Months | 6.6% | 11.1% | -3.0% | 8.6% | 36.3% | 1.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.73x | 1.22x | 0.51x | 1.19x | 1.90x | 0.76x | ||
| EV / LTM EBIT | 11.0x | 11.0x | -16.7x | 13.8x | 5.2x | 41.1x | ||
| Price / LTM Sales | 0.67x | 1.07x | 0.30x | 1.11x | 1.80x | 0.61x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.51x | 1.19x | 1.90x | |||||
| Historical EV / LTM Revenue | 0.26x | 0.60x | 0.76x | |||||
| Selected EV / LTM Revenue | 0.55x | 0.57x | 0.60x | |||||
| (x) LTM Revenue | 15,640 | 15,640 | 15,640 | |||||
| (=) Implied Enterprise Value | 8,527 | 8,976 | 9,424 | |||||
| (-) Non-shareholder Claims * | (2,242) | (2,242) | (2,242) | |||||
| (=) Equity Value | 6,285 | 6,734 | 7,182 | |||||
| (/) Shares Outstanding | 226.4 | 226.4 | 226.4 | |||||
| Implied Value Range | 27.76 | 29.74 | 31.72 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 27.76 | 29.74 | 31.72 | 42.26 | ||||
| Upside / (Downside) | -34.3% | -29.6% | -24.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMC | STLD | RDUS | RS | FSUM.F | X | |
| Enterprise Value | 5,636 | 21,368 | 1,373 | 16,407 | 32,373 | 11,810 | |
| (+) Cash & Short Term Investments | 758 | 737 | 15 | 318 | 3,409 | 1,367 | |
| (+) Investments & Other | 0 | 0 | 10 | 0 | 375 | 736 | |
| (-) Debt | (1,195) | (3,345) | (582) | (1,418) | (5,439) | (4,252) | |
| (-) Other Liabilities | (0) | (11) | (2) | (11) | 27 | (93) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,199 | 18,749 | 813 | 15,296 | 30,745 | 9,568 | |
| (/) Shares Outstanding | 113.0 | 149.9 | 28.2 | 53.0 | 3,074.5 | 226.4 | |
| Implied Stock Price | 46.01 | 125.08 | 28.88 | 288.75 | 10.00 | 42.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.01 | 125.08 | 28.88 | 288.75 | 10.00 | 42.26 | |
| 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 | |