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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 9.6x - 10.6x | 10.1x |
Selected Fwd EBIT Multiple | 7.5x - 8.3x | 7.9x |
Fair Value | €19.27 - €22.50 | €20.89 |
Upside | -22.9% - -10.0% | -16.5% |
Benchmarks | Ticker | Full Ticker |
Antofagasta plc | ANTO | LSE:ANTO |
Rio Tinto Group | RIO | LSE:RIO |
Hochschild Mining plc | HOC | LSE:HOC |
ArcelorMittal S.A. | 0RP9 | LSE:0RP9 |
Nucor Corporation | 0K9L | LSE:0K9L |
Anglo American plc | NGL0 | DB:NGL0 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ANTO | RIO | HOC | 0RP9 | 0K9L | NGL0 | ||
LSE:ANTO | LSE:RIO | LSE:HOC | LSE:0RP9 | LSE:0K9L | DB:NGL0 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 3.6% | -1.1% | 14.9% | 30.9% | 9.0% | -4.8% | |
3Y CAGR | -22.1% | -22.0% | 6.3% | -40.9% | -31.5% | -34.2% | |
Latest Twelve Months | -8.4% | -11.7% | 173.1% | 3.8% | -53.8% | -22.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 30.9% | 34.0% | 16.2% | 10.2% | 17.2% | 27.7% | |
Prior Fiscal Year | 27.9% | 27.5% | 11.9% | 4.6% | 17.9% | 20.4% | |
Latest Fiscal Year | 24.5% | 26.1% | 23.8% | 5.5% | 9.7% | 18.0% | |
Latest Twelve Months | 24.5% | 24.2% | 23.8% | 3.7% | 7.0% | 15.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.62x | 2.18x | 2.57x | 0.41x | 1.22x | 1.71x | |
EV / LTM EBITDA | 10.1x | 6.4x | 6.4x | 5.3x | 10.5x | 6.6x | |
EV / LTM EBIT | 18.9x | 9.0x | 10.8x | 11.2x | 17.5x | 10.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.0x | 11.2x | 18.9x | ||||
Historical EV / LTM EBIT | 3.6x | 6.4x | 10.9x | ||||
Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
(x) LTM EBIT | 4,183 | 4,183 | 4,183 | ||||
(=) Implied Enterprise Value | 40,294 | 42,415 | 44,535 | ||||
(-) Non-shareholder Claims * | (14,301) | (14,301) | (14,301) | ||||
(=) Equity Value | 25,993 | 28,114 | 30,234 | ||||
(/) Shares Outstanding | 1,079.1 | 1,079.1 | 1,079.1 | ||||
Implied Value Range | 24.09 | 26.05 | 28.02 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 20.69 | 22.38 | 24.06 | 25.00 | |||
Upside / (Downside) | -17.2% | -10.5% | -3.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ANTO | RIO | HOC | 0RP9 | 0K9L | NGL0 | |
Enterprise Value | 30,171 | 112,586 | 2,418 | 24,293 | 37,660 | 45,712 | |
(+) Cash & Short Term Investments | 4,316 | 9,334 | 97 | 5,358 | 2,483 | 8,139 | |
(+) Investments & Other | 1,788 | 5,436 | 16 | 11,010 | 0 | 791 | |
(-) Debt | (5,945) | (23,640) | (319) | (13,732) | (6,881) | (16,991) | |
(-) Other Liabilities | (3,492) | (3,764) | (76) | (2,092) | (1,103) | (6,240) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 26,838 | 99,952 | 2,135 | 24,837 | 32,159 | 31,411 | |
(/) Shares Outstanding | 985.9 | 1,625.1 | 514.5 | 760.5 | 230.8 | 1,079.1 | |
Implied Stock Price | 27.22 | 61.51 | 4.15 | 32.66 | 139.37 | 29.11 | |
FX Conversion Rate to Trading Currency | 1.34 | 1.34 | 1.34 | 1.16 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 20.24 | 45.73 | 3.09 | 28.05 | 139.37 | 25.00 | |
Trading Currency | GBP | GBP | GBP | EUR | USD | EUR | |
FX Rate to Reporting Currency | 1.34 | 1.34 | 1.34 | 1.16 | 1.00 | 1.16 |