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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.2x - 9.0x | 8.6x |
| Selected Fwd EBIT Multiple | 5.2x - 5.8x | 5.5x |
| Fair Value | €31.83 - €34.70 | €33.26 |
| Upside | 19.7% - 30.5% | 25.1% |
| Benchmarks | Ticker | Full Ticker |
| Ternium S.A. | T5Z | DB:T5Z |
| Olympic Steel, Inc. | OYS | DB:OYS |
| Fortescue Ltd | FVJ | DB:FVJ |
| Ryerson Holding Corporation | 7RY | DB:7RY |
| Commercial Metals Company | CMS | DB:CMS |
| ArcelorMittal S.A. | MTSE | BATS-CHIXE:MTSE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| T5Z | OYS | FVJ | 7RY | CMS | MTSE | ||
| DB:T5Z | DB:OYS | DB:FVJ | DB:7RY | DB:CMS | BATS-CHIXE:MTSE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.9% | 23.7% | 12.6% | -28.9% | 15.3% | 30.9% | |
| 3Y CAGR | -38.9% | -34.7% | -17.3% | -57.0% | 4.9% | -40.9% | |
| Latest Twelve Months | -67.8% | -42.3% | -38.1% | -84.9% | -45.5% | 9.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.3% | 3.8% | 53.3% | 5.0% | 10.8% | 9.8% | |
| Prior Fiscal Year | 21.2% | 3.9% | 47.5% | 4.5% | 13.3% | 4.6% | |
| Latest Fiscal Year | 6.8% | 2.5% | 46.8% | 0.8% | 8.8% | 5.5% | |
| Latest Twelve Months | 6.8% | 2.5% | 36.3% | 0.8% | 6.6% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 0.34x | 2.05x | 0.34x | 0.70x | 0.31x | |
| EV / LTM EBITDA | 4.3x | 8.4x | 4.1x | 13.9x | 7.4x | 3.3x | |
| EV / LTM EBIT | 6.7x | 13.6x | 5.6x | 44.8x | 10.6x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.6x | 10.6x | 44.8x | ||||
| Historical EV / LTM EBIT | 1.1x | 3.8x | 1688.9x | ||||
| Selected EV / LTM EBIT | 8.2x | 8.6x | 9.0x | ||||
| (x) LTM EBIT | 3,440 | 3,440 | 3,440 | ||||
| (=) Implied Enterprise Value | 28,040 | 29,516 | 30,992 | ||||
| (-) Non-shareholder Claims * | 4,493 | 4,493 | 4,493 | ||||
| (=) Equity Value | 32,533 | 34,009 | 35,485 | ||||
| (/) Shares Outstanding | 880.4 | 880.4 | 880.4 | ||||
| Implied Value Range | 36.95 | 38.63 | 40.31 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.59 | 34.07 | 35.55 | 26.59 | |||
| Upside / (Downside) | 22.6% | 28.1% | 33.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | T5Z | OYS | FVJ | 7RY | CMS | MTSE | |
| Enterprise Value | 8,003 | 650 | 33,195 | 1,551 | 5,455 | 22,048 | |
| (+) Cash & Short Term Investments | 3,851 | 12 | 3,409 | 28 | 758 | 6,400 | |
| (+) Investments & Other | 491 | 0 | 375 | 0 | 0 | 11,719 | |
| (-) Debt | (2,440) | (313) | (5,439) | (851) | (1,195) | (11,563) | |
| (-) Other Liabilities | (4,163) | 0 | 27 | (9) | (0) | (2,063) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,742 | 349 | 31,567 | 719 | 5,018 | 26,541 | |
| (/) Shares Outstanding | 196.3 | 11.2 | 3,074.5 | 31.9 | 113.0 | 880.4 | |
| Implied Stock Price | 29.25 | 31.29 | 10.27 | 22.56 | 44.41 | 30.15 | |
| FX Conversion Rate to Trading Currency | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | |
| Implied Stock Price (Trading Cur) | 25.80 | 27.60 | 9.06 | 19.90 | 39.17 | 26.59 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | |