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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.4x - 13.7x | 13.0x |
| Selected Fwd EBIT Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | €81.76 - €92.35 | €87.05 |
| Upside | -21.3% - -11.1% | -16.2% |
| Benchmarks | Ticker | Full Ticker |
| Commercial Metals Company | CMC | NYSE:CMC |
| Nucor Corporation | NUE | NYSE:NUE |
| Reliance, Inc. | RS | NYSE:RS |
| Alcoa Corporation | AA | NYSE:AA |
| ArcelorMittal S.A. | AMSY.F | OTCPK:AMSY.F |
| Steel Dynamics, Inc. | SD5 | DB:SD5 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMC | NUE | RS | AA | AMSY.F | SD5 | ||
| NYSE:CMC | NYSE:NUE | NYSE:RS | NYSE:AA | OTCPK:AMSY.F | DB:SD5 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.3% | 9.0% | 3.3% | 4.3% | 30.9% | 14.5% | |
| 3Y CAGR | 4.9% | -31.5% | -15.5% | -23.7% | -40.9% | -23.3% | |
| Latest Twelve Months | -41.5% | -53.8% | -29.2% | 1637.2% | 3.8% | -49.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 17.2% | 11.5% | 8.1% | 10.2% | 16.6% | |
| Prior Fiscal Year | 13.3% | 17.9% | 11.8% | -0.7% | 4.6% | 16.8% | |
| Latest Fiscal Year | 8.8% | 9.7% | 8.6% | 7.8% | 5.5% | 11.1% | |
| Latest Twelve Months | 6.0% | 7.0% | 7.6% | 14.6% | 3.7% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 1.22x | 1.20x | 0.63x | 0.41x | 1.26x | |
| EV / LTM EBITDA | 9.5x | 10.5x | 12.5x | 3.2x | 5.3x | 11.9x | |
| EV / LTM EBIT | 14.1x | 17.5x | 15.9x | 4.3x | 11.2x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.3x | 14.1x | 17.5x | ||||
| Historical EV / LTM EBIT | 3.1x | 5.9x | 12.1x | ||||
| Selected EV / LTM EBIT | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBIT | 1,291 | 1,291 | 1,291 | ||||
| (=) Implied Enterprise Value | 15,952 | 16,791 | 17,631 | ||||
| (-) Non-shareholder Claims * | (3,263) | (3,263) | (3,263) | ||||
| (=) Equity Value | 12,688 | 13,528 | 14,367 | ||||
| (/) Shares Outstanding | 148.5 | 148.5 | 148.5 | ||||
| Implied Value Range | 85.47 | 91.13 | 96.78 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 73.41 | 78.27 | 83.13 | 103.84 | |||
| Upside / (Downside) | -29.3% | -24.6% | -19.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMC | NUE | RS | AA | AMSY.F | SD5 | |
| Enterprise Value | 6,498 | 37,571 | 16,494 | 8,039 | 23,035 | 21,211 | |
| (+) Cash & Short Term Investments | 893 | 2,483 | 240 | 1,514 | 5,358 | 498 | |
| (+) Investments & Other | 0 | 0 | 0 | 1,016 | 11,010 | 0 | |
| (-) Debt | (1,344) | (6,881) | (1,732) | (2,657) | (13,732) | (3,781) | |
| (-) Other Liabilities | (0) | (1,103) | (10) | (100) | (2,092) | 20 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,046 | 32,070 | 14,991 | 7,812 | 23,579 | 17,948 | |
| (/) Shares Outstanding | 111.9 | 230.8 | 52.6 | 258.9 | 760.5 | 148.5 | |
| Implied Stock Price | 54.02 | 138.98 | 285.03 | 30.17 | 31.00 | 120.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 54.02 | 138.98 | 285.03 | 30.17 | 31.00 | 103.84 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |