| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| RS | KALU | SXC | CMC | RDUS | | N1UE34 | |
| NYSE:RS | NasdaqGS:KALU | NYSE:SXC | NYSE:CMC | NasdaqGS:RDUS | | BOVESPA:N1UE34 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 4.7% | 14.8% | 3.9% | 6.3% | 5.1% | | 6.4% | |
| 3Y CAGR | -0.6% | 4.9% | 10.0% | 5.6% | -0.2% | | -5.6% | |
| Latest Twelve Months | -6.6% | -2.0% | -6.2% | -7.9% | -7.9% | | -11.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 11.6% | 3.9% | 7.1% | 10.8% | 2.6% | | 17.2% | |
| Prior Fiscal Year | 11.8% | 3.0% | 6.1% | 13.3% | 0.0% | | 17.9% | |
| Latest Fiscal Year | 8.6% | 3.0% | 7.8% | 8.8% | -3.1% | | 9.7% | |
| Latest Twelve Months | 8.6% | 3.0% | 7.8% | 6.6% | -3.0% | | 9.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.19x | 0.67x | 0.58x | 0.73x | 0.51x | | 1.02x | |
| EV / LTM EBIT | 13.8x | 22.3x | 7.4x | 11.0x | -16.7x | | 10.5x | |
| Price / LTM Sales | 1.11x | 0.32x | 0.40x | 0.67x | 0.30x | | 0.90x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.51x | 0.67x | 1.19x | | | | | |
| Historical EV / LTM Revenue | 0.89x | 1.02x | 1.23x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.89x | 0.94x | 0.99x | | | | | |
| (x) LTM Revenue | 30,734 | 30,734 | 30,734 | | | | | |
| (=) Implied Enterprise Value | 27,397 | 28,839 | 30,281 | | | | | |
| (-) Non-shareholder Claims * | (3,568) | (3,568) | (3,568) | | | | | |
| (=) Equity Value | 23,829 | 25,271 | 26,713 | | | | | |
| (/) Shares Outstanding | 2,716.6 | 2,716.6 | 2,716.6 | | | | | |
| Implied Value Range | 8.77 | 9.30 | 9.83 | | | | | |
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 50.00 | 53.02 | 56.05 | | 57.09 | | | |
| Upside / (Downside) | -12.4% | -7.1% | -1.8% | | | | | |