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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.2x - 16.8x | 16.0x |
| Selected Fwd EBITDA Multiple | 11.0x - 12.2x | 11.6x |
| Fair Value | $160.20 - $178.20 | $169.20 |
| Upside | -15.3% - -5.8% | -10.5% |
| Benchmarks | Ticker | Full Ticker |
| Ryerson Holding Corporation | RYI | NYSE:RYI |
| SunCoke Energy, Inc. | SXC | NYSE:SXC |
| Olympic Steel, Inc. | ZEUS | NasdaqGS:ZEUS |
| Ferroglobe PLC | GSM | NasdaqCM:GSM |
| ATI Inc. | ATI | NYSE:ATI |
| Carpenter Technology Corporation | CRS | NYSE:CRS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RYI | SXC | ZEUS | GSM | ATI | CRS | ||
| NYSE:RYI | NYSE:SXC | NasdaqGS:ZEUS | NasdaqCM:GSM | NYSE:ATI | NYSE:CRS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -14.8% | 1.8% | 17.0% | NM- | 8.4% | 5.1% | |
| 3Y CAGR | -38.9% | -0.5% | -26.0% | 6.8% | 10.8% | 344.9% | |
| Latest Twelve Months | -61.7% | 1.0% | -28.7% | -45.6% | 24.4% | 60.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 15.2% | 4.9% | 11.7% | 12.6% | 9.0% | |
| Prior Fiscal Year | 5.7% | 13.0% | 5.1% | 17.4% | 12.9% | 9.3% | |
| Latest Fiscal Year | 2.4% | 14.0% | 4.0% | 9.5% | 15.4% | 16.6% | |
| Latest Twelve Months | 2.4% | 14.0% | 4.0% | 9.5% | 15.4% | 19.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 0.58x | 0.34x | 0.46x | 2.07x | 3.47x | |
| EV / LTM EBITDA | 14.1x | 4.2x | 8.5x | 4.9x | 13.5x | 18.0x | |
| EV / LTM EBIT | 45.5x | 7.4x | 13.8x | 9.4x | 16.6x | 22.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.2x | 8.5x | 14.1x | ||||
| Historical EV / LTM EBITDA | -285.7x | 15.3x | 24.6x | ||||
| Selected EV / LTM EBITDA | 15.2x | 16.0x | 16.8x | ||||
| (x) LTM EBITDA | 556 | 556 | 556 | ||||
| (=) Implied Enterprise Value | 8,467 | 8,913 | 9,359 | ||||
| (-) Non-shareholder Claims * | (540) | (540) | (540) | ||||
| (=) Equity Value | 7,927 | 8,373 | 8,818 | ||||
| (/) Shares Outstanding | 49.9 | 49.9 | 49.9 | ||||
| Implied Value Range | 158.70 | 167.63 | 176.55 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 158.70 | 167.63 | 176.55 | 189.12 | |||
| Upside / (Downside) | -16.1% | -11.4% | -6.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RYI | SXC | ZEUS | GSM | ATI | CRS | |
| Enterprise Value | 1,582 | 1,128 | 664 | 764 | 9,024 | 9,986 | |
| (+) Cash & Short Term Investments | 28 | 190 | 12 | 139 | 721 | 162 | |
| (+) Investments & Other | 0 | 0 | 0 | 20 | 0 | 0 | |
| (-) Debt | (851) | (504) | (313) | (211) | (1,964) | (702) | |
| (-) Other Liabilities | (9) | (31) | 0 | 0 | (105) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 749 | 784 | 363 | 712 | 7,677 | 9,446 | |
| (/) Shares Outstanding | 31.9 | 84.4 | 11.1 | 187.9 | 142.2 | 49.9 | |
| Implied Stock Price | 23.53 | 9.29 | 32.64 | 3.79 | 54.00 | 189.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.53 | 9.29 | 32.64 | 3.79 | 54.00 | 189.12 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |