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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBIT Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | R$5.22 - R$5.63 | R$5.42 |
| Upside | 4.9% - 13.3% | 9.1% |
| Benchmarks | Ticker | Full Ticker |
| Cia de Ferro Ligas da Bahia S.A. - FERBASA | FESA3 | BOVESPA:FESA3 |
| Gerdau S.A. | GGBR3 | BOVESPA:GGBR3 |
| Metalurgica Gerdau S.A. | GOAU3 | BOVESPA:GOAU3 |
| Vale S.A. | VALE3 | BOVESPA:VALE3 |
| Companhia Siderúrgica Nacional | CSNA3 | BOVESPA:CSNA3 |
| CSN Mineração S.A. | CMIN3 | BOVESPA:CMIN3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FESA3 | GGBR3 | GOAU3 | VALE3 | CSNA3 | CMIN3 | ||
| BOVESPA:FESA3 | BOVESPA:GGBR3 | BOVESPA:GOAU3 | BOVESPA:VALE3 | BOVESPA:CSNA3 | BOVESPA:CMIN3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 36.9% | 14.5% | 14.5% | 0.0% | 2.7% | -1.7% | |
| 3Y CAGR | -49.2% | -32.0% | -31.8% | -27.3% | -38.6% | -19.9% | |
| Latest Twelve Months | -46.8% | -16.2% | -13.1% | -19.5% | -9.5% | -30.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.0% | 16.3% | 16.3% | 40.9% | 18.7% | 37.1% | |
| Prior Fiscal Year | 9.7% | 14.3% | 14.3% | 35.1% | 10.7% | 31.2% | |
| Latest Fiscal Year | 4.5% | 9.4% | 9.4% | 28.2% | 9.5% | 29.4% | |
| Latest Twelve Months | 3.0% | 8.2% | 8.2% | 26.5% | 10.7% | 25.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 0.56x | 0.75x | 1.42x | 0.90x | 1.20x | |
| EV / LTM EBITDA | 7.6x | 4.4x | 6.1x | 4.1x | 4.8x | 3.7x | |
| EV / LTM EBIT | 29.1x | 6.8x | 9.1x | 5.3x | 8.4x | 4.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.3x | 8.4x | 29.1x | ||||
| Historical EV / LTM EBIT | 2.6x | 4.4x | 7.6x | ||||
| Selected EV / LTM EBIT | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBIT | 4,339 | 4,339 | 4,339 | ||||
| (=) Implied Enterprise Value | 23,359 | 24,588 | 25,818 | ||||
| (-) Non-shareholder Claims * | 6,886 | 6,886 | 6,886 | ||||
| (=) Equity Value | 30,244 | 31,474 | 32,703 | ||||
| (/) Shares Outstanding | 5,432.0 | 5,432.0 | 5,432.0 | ||||
| Implied Value Range | 5.57 | 5.79 | 6.02 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.57 | 5.79 | 6.02 | 4.97 | |||
| Upside / (Downside) | 12.0% | 16.6% | 21.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FESA3 | GGBR3 | GOAU3 | VALE3 | CSNA3 | CMIN3 | |
| Enterprise Value | 2,483 | 36,412 | 51,521 | 296,820 | 40,317 | 20,112 | |
| (+) Cash & Short Term Investments | 839 | 8,974 | 8,988 | 31,087 | 19,108 | 14,370 | |
| (+) Investments & Other | 388 | 3,956 | 3,956 | 26,108 | 5,992 | 1,912 | |
| (-) Debt | (403) | (19,519) | (19,519) | (110,777) | (52,640) | (9,395) | |
| (-) Other Liabilities | (2) | (201) | (35,799) | (6,790) | (2,949) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,304 | 29,622 | 9,147 | 236,448 | 9,826 | 26,997 | |
| (/) Shares Outstanding | 277.7 | 1,996.1 | 999.7 | 4,268.8 | 1,326.1 | 5,432.0 | |
| Implied Stock Price | 11.90 | 14.84 | 9.15 | 55.39 | 7.41 | 4.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.90 | 14.84 | 9.15 | 55.39 | 7.41 | 4.97 | |
| Trading Currency | BRL | BRL | BRL | BRL | BRL | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |