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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.8x - 9.7x | 9.2x |
| Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | €75.61 - €85.56 | €80.58 |
| Upside | -31.9% - -22.9% | -27.4% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CMC | NUE | RS | AA | AMSY.F | SD5 | ||
| NYSE:CMC | NYSE:NUE | NYSE:RS | NYSE:AA | OTCPK:AMSY.F | DB:SD5 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.6% | 9.9% | 3.4% | 1.4% | 8.1% | 13.1% | |
| 3Y CAGR | 6.2% | -24.8% | -12.8% | -17.1% | -32.7% | -19.5% | |
| Latest Twelve Months | -35.2% | -39.2% | -23.5% | 368.6% | 3.3% | -40.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 20.7% | 13.3% | 13.8% | 13.9% | 19.0% | |
| Prior Fiscal Year | 15.8% | 21.3% | 13.5% | 5.3% | 8.2% | 19.1% | |
| Latest Fiscal Year | 11.5% | 14.1% | 10.5% | 13.2% | 9.4% | 13.8% | |
| Latest Twelve Months | 8.9% | 11.6% | 9.6% | 19.4% | 7.8% | 10.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 1.26x | 1.21x | 0.65x | 0.42x | 1.28x | |
| EV / LTM EBITDA | 9.8x | 10.8x | 12.6x | 3.4x | 5.4x | 12.1x | |
| EV / LTM EBIT | 14.6x | 18.1x | 15.9x | 4.5x | 11.4x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 9.8x | 12.6x | ||||
| Historical EV / LTM EBITDA | 3.0x | 5.2x | 8.5x | ||||
| Selected EV / LTM EBITDA | 8.8x | 9.2x | 9.7x | ||||
| (x) LTM EBITDA | 1,804 | 1,804 | 1,804 | ||||
| (=) Implied Enterprise Value | 15,808 | 16,640 | 17,472 | ||||
| (-) Non-shareholder Claims * | (3,263) | (3,263) | (3,263) | ||||
| (=) Equity Value | 12,544 | 13,376 | 14,208 | ||||
| (/) Shares Outstanding | 147.2 | 147.2 | 147.2 | ||||
| Implied Value Range | 85.22 | 90.87 | 96.52 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 72.83 | 77.66 | 82.49 | 111.04 | |||
| Upside / (Downside) | -34.4% | -30.1% | -25.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMC | NUE | RS | AA | AMSY.F | SD5 | |
| Enterprise Value | 6,754 | 38,878 | 16,548 | 8,323 | 24,719 | 22,390 | |
| (+) 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 | 6,303 | 33,377 | 15,045 | 8,096 | 25,263 | 19,127 | |
| (/) Shares Outstanding | 111.9 | 229.5 | 52.6 | 258.9 | 760.5 | 147.2 | |
| Implied Stock Price | 56.31 | 145.41 | 286.06 | 31.27 | 33.22 | 129.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 56.31 | 145.41 | 286.06 | 31.27 | 33.22 | 111.04 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |