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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -18,0x - -19,9x | -18,9x |
| Selected Fwd EBIT Multiple | 30,5x - 33,7x | 32,1x |
| Fair Value | €22,20 - €26,32 | €24,26 |
| Upside | -11,2% - 5,3% | -3,0% |
| Benchmarks | Ticker | Full Ticker |
| SunCoke Energy, Inc. | SXC | NYSE:SXC |
| Ryerson Holding Corporation | RYI | NYSE:RYI |
| Commercial Metals Company | CMC | NYSE:CMC |
| Nucor Corporation | NUE | NYSE:NUE |
| Olympic Steel, Inc. | ZEUS | NasdaqGS:ZEUS |
| Radius Recycling, Inc. | SS1A | DB:SS1A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SXC | RYI | CMC | NUE | ZEUS | SS1A | ||
| NYSE:SXC | NYSE:RYI | NYSE:CMC | NYSE:NUE | NasdaqGS:ZEUS | DB:SS1A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.8% | -28.9% | 15.3% | 9.0% | 23.7% | NM- | |
| 3Y CAGR | 2.4% | -57.0% | 4.9% | -31.5% | -34.7% | NM- | |
| Latest Twelve Months | 15.3% | -77.7% | -41.5% | -63.4% | -49.7% | 29.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 4.9% | 10.6% | 17.2% | 3.8% | 2.1% | |
| Prior Fiscal Year | 6.1% | 4.5% | 13.3% | 17.9% | 3.9% | 0.0% | |
| Latest Fiscal Year | 7.8% | 0.8% | 8.8% | 9.7% | 2.5% | -3.1% | |
| Latest Twelve Months | 7.8% | 0.8% | 6.0% | 7.0% | 2.1% | -2.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 0.36x | 0.82x | 1.21x | 0.34x | 0.50x | |
| EV / LTM EBITDA | 4.1x | 14.0x | 9.2x | 10.4x | 9.2x | 49.3x | |
| EV / LTM EBIT | 7.3x | 44.7x | 13.7x | 17.3x | 16.4x | -20.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.3x | 16.4x | 44.7x | ||||
| Historical EV / LTM EBIT | -9.8x | 9.2x | 40.0x | ||||
| Selected EV / LTM EBIT | -18.0x | -18.9x | -19.9x | ||||
| (x) LTM EBIT | (67) | (67) | (67) | ||||
| (=) Implied Enterprise Value | 1,212 | 1,276 | 1,340 | ||||
| (-) Non-shareholder Claims * | (563) | (563) | (563) | ||||
| (=) Equity Value | 649 | 713 | 777 | ||||
| (/) Shares Outstanding | 28.3 | 28.3 | 28.3 | ||||
| Implied Value Range | 22.97 | 25.23 | 27.48 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.54 | 21.46 | 23.39 | 25.00 | |||
| Upside / (Downside) | -21.8% | -14.1% | -6.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SXC | RYI | CMC | NUE | ZEUS | SS1A | |
| Enterprise Value | 1,070 | 1,615 | 6,318 | 36,679 | 656 | 1,394 | |
| (+) Cash & Short Term Investments | 194 | 34 | 893 | 4,061 | 13 | 16 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 9 | |
| (-) Debt | (496) | (883) | (1,344) | (7,880) | (281) | (586) | |
| (-) Other Liabilities | (30) | (9) | (0) | (1,046) | 0 | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 738 | 757 | 5,866 | 31,814 | 389 | 830 | |
| (/) Shares Outstanding | 84.7 | 32.2 | 111.9 | 230.8 | 11.2 | 28.3 | |
| Implied Stock Price | 8.72 | 23.51 | 52.41 | 137.87 | 34.81 | 29.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 8.72 | 23.51 | 52.41 | 137.87 | 34.81 | 25.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |