Alcoa Corporation (0HCB.L)

Industry: Industrial Materials Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
FMG.AX	13	Fortescue Ltd	22,485	3.40	2.78	1.74	1.49	2.92	1.99
FVJ.F	14	Fortescue Metals G	22,485	3.40	2.78	1.74	1.49	2.92	1.99
0NHS.L	15	Nutrien Ltd.	19,261	15.74	8.73	7.25	6.17	12.83	8.83
0I0H.L	16	Cleveland-Cliffs I	18,622	-	-	-	-	-	-
VAS.DE	17	Voestalpine AG	17,957	27.71	27.71	9.74	9.36	9.78	14.27
VEDL.BO	18	Vedanta Limited	17,290	15.14	15.14	6.48	5.73	9.61	4.13
002237.SZ	19	Shandong Humon Sme	13,353	27.12	22.85	21.77	22.90	32.28	33.48
0HCB.L	20	Alcoa Corporation	13,264	7.29	7.29	5.85	5.05	58.96	4.03
601212.SS	21	Baiyin Nonferrous	12,828	175.83	147.04	11.14	8.92	11.42	17.06
0L8B.L	22	Southern Copper Co	12,335	26.13	21.01	14.33	12.35	14.60	14.12
5711.T	23	Mitsubishi Materia	12,075	32.85	32.85	8.52	6.59	-	38.24
0K3B.L	24	The Mosaic Company	11,895	8.95	8.95	5.28	5.28	11.52	15.31
603799.SS	25	Zhejiang Huayou Co	10,559	21.18	14.16	14.13	9.74	15.80	13.13
0521.HK	26	CWT International	10,403	3.11	3.11	5.01	3.21	6.48	8.74
5713.T	27	Sumitomo Metal Min	10,128	53.97	62.20	24.24	27.13	13.91	-
0HUR.L	28	Celanese Corporati	9,710	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.74	14.16	7.25	6.17	10.60	10.98
Full Range Median Multiple	21.18	15.14	8.52	6.59	11.47	13.62
Industry Multiple	31.89	28.41	10.10	9.26	12.01	14.27
Market Implied Multiple	13.66	13.66	9.40	8.11	94.74	6.48
Company (0HCB.L) Multiple	7.29	7.29	5.85	5.05	58.96	4.03
(*) Net Income / EBITDA / Revenue	1,146	1,146	2,057	2,382	204	2,984
Winsorized Enterprise Value	N/A	N/A	14,913	14,688	2,163	32,767
Full Range Median Enterprise Value	N/A	N/A	17,520	15,710	2,340	40,659
(-) Net Debt	3,671	3,671	3,671	3,671	3,671	3,671
Winsorized Equity Value	18,034	16,223	11,242	11,017	-1,508	29,096
Full Range Median Equity Value	24,275	17,354	13,849	12,039	-1,331	36,988
(/) Shares Outstanding	259	259	259	259	259	259
Winsorized Fair Value	$69.67	$62.67	$43.43	$42.56	$-5.83	$112.40
Full Range Median Fair Value	$93.78	$67.04	$53.50	$46.51	$-5.14	$142.89
Current Price	$60.48	$60.48	$60.48	$60.48	$60.48	$60.48
Upside / Downside	15.19%	3.63%	-28.19%	-29.63%	-109.63%	85.85%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$48.77	$43.87	$30.40	$29.79	$-4.08	$78.68
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY