| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| NUE | CMC | X | MT | TG | | ZS2 | |
| NYSE:NUE | NYSE:CMC | NYSE:X | NYSE:MT | NYSE:TG | | DB:ZS2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 6.4% | 6.3% | 3.9% | -2.4% | -6.3% | | -2.2% | |
| 3Y CAGR | -5.6% | 5.6% | -8.3% | -6.6% | -10.3% | | -5.5% | |
| Latest Twelve Months | -11.5% | -7.9% | -13.4% | -8.5% | 4.1% | | -20.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 17.2% | 10.8% | 7.7% | 9.7% | 4.5% | | 3.4% | |
| Prior Fiscal Year | 17.9% | 13.3% | 5.6% | 4.6% | -0.9% | | 4.8% | |
| Latest Fiscal Year | 9.7% | 8.8% | 1.8% | 5.2% | 4.2% | | 0.5% | |
| Latest Twelve Months | 9.7% | 6.6% | 1.8% | 5.2% | 4.2% | | 0.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.94x | 0.67x | 0.74x | 0.27x | 0.52x | | 0.30x | |
| EV / LTM EBIT | 9.7x | 10.2x | 40.6x | 5.3x | 12.5x | | 59.7x | |
| Price / LTM Sales | 0.83x | 0.62x | 0.60x | 0.33x | 0.41x | | 0.50x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.27x | 0.67x | 0.94x | | | | | |
| Historical EV / LTM Revenue | 0.30x | 0.41x | 0.63x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.31x | 0.32x | 0.34x | | | | | |
| (x) LTM Revenue | 1,084 | 1,084 | 1,084 | | | | | |
| (=) Implied Enterprise Value | 333 | 351 | 369 | | | | | |
| (-) Non-shareholder Claims * | 224 | 224 | 224 | | | | | |
| (=) Equity Value | 557 | 575 | 592 | | | | | |
| (/) Shares Outstanding | 42.1 | 42.1 | 42.1 | | | | | |
| Implied Value Range | 13.23 | 13.65 | 14.06 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 11.49 | 11.85 | 12.21 | | 11.00 | | | |
| Upside / (Downside) | 4.4% | 7.7% | 11.0% | | | | | |