Fortescue Metals Group Limited (FVJ.F)

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
0K9L.L	7	Nucor Corporation	31,883	19.30	14.75	8.90	7.49	10.29	12.75
0Z4C.L	8	Sika AG	29,334	14.11	11.38	8.86	5.36	12.61	9.66
603993.SS	9	CMOC Group Limited	28,920	17.11	11.08	8.92	6.16	8.05	5.74
000878.SZ	10	Yunnan Copper Co.,	26,498	27.07	22.37	19.63	20.60	44.52	26.53
0L5V.L	11	The Sherwin-Willia	23,276	33.15	31.11	22.41	21.07	21.02	25.11
0K69.L	12	Reno De Medici S.p	22,604	591.62	2,058.93	15.34	22.81	11.75	172.88
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	18.20	14.94	8.91	6.83	11.59	11.21
Full Range Median Multiple	22.71	18.08	9.33	8.21	12.18	13.44
Industry Multiple	71.48	171.58	11.60	11.10	18.62	25.04
Market Implied Multiple	4.38	3.59	2.22	1.90	3.73	2.55
Company (FVJ.F) Multiple	3.40	2.78	1.74	1.49	2.92	1.99
(*) Net Income / EBITDA / Revenue	6,024	7,347	12,197	14,241	7,258	10,646
Winsorized Enterprise Value	N/A	N/A	108,663	97,269	84,094	119,303
Full Range Median Enterprise Value	N/A	N/A	113,780	116,856	88,414	143,050
(-) Net Debt	734	734	734	734	734	734
Winsorized Equity Value	109,652	109,796	107,929	96,536	83,360	118,569
Full Range Median Equity Value	136,823	132,826	113,046	116,122	87,680	142,316
(/) Shares Outstanding	2,035	2,035	2,035	2,035	2,035	2,035
Winsorized Fair Value	$53.89	$53.96	$53.04	$47.44	$40.97	$58.27
Full Range Median Fair Value	$67.24	$65.28	$55.56	$57.07	$43.09	$69.94
Current Price	$12.96	$12.96	$12.96	$12.96	$12.96	$12.96
Upside / Downside	315.82%	316.36%	309.28%	266.08%	216.12%	349.63%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$37.72	$37.77	$37.13	$33.21	$28.68	$40.79
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY