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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.1x - 6.8x | 6.4x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.9x | 5.6x |
| Fair Value | $24.76 - $27.65 | $26.20 |
| Upside | -3.3% - 8.0% | 2.3% |
| Benchmarks | Ticker | Full Ticker |
| Ryerson Holding Corporation | RYI | NYSE:RYI |
| Olympic Steel, Inc. | ZEUS | NasdaqGS:ZEUS |
| Reliance, Inc. | RS | NYSE:RS |
| ArcelorMittal S.A. | MT | NYSE:MT |
| Salzgitter AG | SZGP.F | OTCPK:SZGP.F |
| Worthington Steel, Inc. | WS | NYSE:WS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RYI | ZEUS | RS | MT | SZGP.F | WS | ||
| NYSE:RYI | NasdaqGS:ZEUS | NYSE:RS | NYSE:MT | OTCPK:SZGP.F | NYSE:WS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -14.8% | 17.0% | 3.4% | 7.3% | 2.3% | NM- | |
| 3Y CAGR | -38.9% | -26.0% | -12.8% | -33.5% | -29.3% | 1.5% | |
| Latest Twelve Months | -61.7% | -28.7% | -26.9% | 0.9% | -2.5% | -28.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 4.9% | 13.4% | 13.5% | 4.2% | 7.9% | |
| Prior Fiscal Year | 5.7% | 5.1% | 13.5% | 8.2% | 3.1% | 5.7% | |
| Latest Fiscal Year | 2.4% | 4.0% | 10.5% | 9.0% | 3.2% | 8.2% | |
| Latest Twelve Months | 2.4% | 4.0% | 10.5% | 9.0% | 3.2% | 7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 0.34x | 1.18x | 0.29x | 0.04x | 0.44x | |
| EV / LTM EBITDA | 13.9x | 8.3x | 11.2x | 3.2x | 1.1x | 6.3x | |
| EV / LTM EBIT | 45.0x | 13.6x | 13.7x | 5.6x | 5.6x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.1x | 8.3x | 13.9x | ||||
| Historical EV / LTM EBITDA | 5.9x | 5.9x | 5.9x | ||||
| Selected EV / LTM EBITDA | 6.1x | 6.4x | 6.8x | ||||
| (x) LTM EBITDA | 221 | 221 | 221 | ||||
| (=) Implied Enterprise Value | 1,356 | 1,428 | 1,499 | ||||
| (-) Non-shareholder Claims * | (134) | (134) | (134) | ||||
| (=) Equity Value | 1,222 | 1,294 | 1,365 | ||||
| (/) Shares Outstanding | 49.5 | 49.5 | 49.5 | ||||
| Implied Value Range | 24.67 | 26.11 | 27.55 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.67 | 26.11 | 27.55 | 25.61 | |||
| Upside / (Downside) | -3.7% | 2.0% | 7.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RYI | ZEUS | RS | MT | SZGP.F | WS | |
| Enterprise Value | 1,566 | 653 | 16,276 | 17,626 | (34) | 1,403 | |
| (+) Cash & Short Term Investments | 28 | 12 | 318 | 6,400 | 1,002 | 63 | |
| (+) Investments & Other | 0 | 0 | 0 | 11,719 | 1,679 | 123 | |
| (-) Debt | (851) | (313) | (1,418) | (11,563) | (1,756) | (189) | |
| (-) Other Liabilities | (9) | 0 | (11) | (2,063) | (7) | (131) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 734 | 352 | 15,165 | 22,119 | 885 | 1,269 | |
| (/) Shares Outstanding | 31.9 | 11.1 | 53.0 | 768.5 | 45.6 | 49.5 | |
| Implied Stock Price | 23.04 | 31.61 | 286.28 | 28.78 | 19.38 | 25.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.04 | 31.61 | 286.28 | 28.78 | 20.98 | 25.61 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | |