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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,2x - 10,1x | 9,6x |
| Selected Fwd EBITDA Multiple | 7,6x - 8,4x | 8,0x |
| Fair Value | €175,62 - €196,70 | €186,16 |
| Upside | -28,8% - -20,2% | -24,5% |
| Benchmarks | Ticker | Full Ticker |
| Friedman Industries, Incorporated | FRD | NasdaqGS:FRD |
| Steel Dynamics, Inc. | STLD | NasdaqGS:STLD |
| Commercial Metals Company | CMC | NYSE:CMC |
| Ryerson Holding Corporation | RYI | NYSE:RYI |
| Nucor Corporation | NUE | NYSE:NUE |
| Reliance, Inc. | RS6 | DB:RS6 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FRD | STLD | CMC | RYI | NUE | RS6 | ||
| NasdaqGS:FRD | NasdaqGS:STLD | NYSE:CMC | NYSE:RYI | NYSE:NUE | DB:RS6 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 13.1% | 16.6% | -14.8% | 9.9% | 3.4% | |
| 3Y CAGR | -41.2% | -19.5% | 6.2% | -38.9% | -24.8% | -12.8% | |
| Latest Twelve Months | -78.0% | -40.1% | -35.2% | -65.8% | -39.1% | -23.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 19.0% | 13.1% | 6.0% | 20.6% | 13.3% | |
| Prior Fiscal Year | 5.3% | 19.1% | 15.8% | 5.7% | 21.3% | 13.5% | |
| Latest Fiscal Year | 1.4% | 13.8% | 11.5% | 2.4% | 14.1% | 10.5% | |
| Latest Twelve Months | 1.4% | 10.5% | 8.9% | 1.8% | 11.6% | 9.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 1.26x | 0.82x | 0.35x | 1.22x | 1.22x | |
| EV / LTM EBITDA | 25.2x | 12.0x | 9.1x | 19.8x | 10.5x | 12.7x | |
| EV / LTM EBIT | 55.0x | 16.7x | 13.6x | -677.5x | 17.6x | 16.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.1x | 12.0x | 25.2x | ||||
| Historical EV / LTM EBITDA | 4.6x | 7.8x | 9.8x | ||||
| Selected EV / LTM EBITDA | 9.2x | 9.6x | 10.1x | ||||
| (x) LTM EBITDA | 1,315 | 1,315 | 1,315 | ||||
| (=) Implied Enterprise Value | 12,047 | 12,681 | 13,315 | ||||
| (-) Non-shareholder Claims * | (1,503) | (1,503) | (1,503) | ||||
| (=) Equity Value | 10,545 | 11,179 | 11,813 | ||||
| (/) Shares Outstanding | 52.6 | 52.6 | 52.6 | ||||
| Implied Value Range | 200.49 | 212.55 | 224.60 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 173.24 | 183.66 | 194.08 | 246.50 | |||
| Upside / (Downside) | -29.7% | -25.5% | -21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRD | STLD | CMC | RYI | NUE | RS6 | |
| Enterprise Value | 153 | 21,602 | 6,267 | 1,558 | 37,679 | 16,506 | |
| (+) Cash & Short Term Investments | 4 | 498 | 893 | 31 | 2,483 | 240 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (51) | (3,781) | (1,344) | (892) | (6,881) | (1,732) | |
| (-) Other Liabilities | 0 | 20 | (0) | (10) | (1,103) | (10) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 106 | 18,339 | 5,816 | 688 | 32,178 | 15,003 | |
| (/) Shares Outstanding | 7.1 | 148.5 | 111.9 | 32.2 | 230.8 | 52.6 | |
| Implied Stock Price | 15.06 | 123.53 | 51.96 | 21.36 | 139.45 | 285.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 15.06 | 123.53 | 51.96 | 21.36 | 139.45 | 246.50 | |
| 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 | |