Rana Gruber ASA (RANA.OL)

Industry: Steel 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
5446.T	249	HOKUETSU METAL Co.	164	12.54	12.54	3.55	3.55	-	13.54
SUPERSHAKT.BO	250	Supershakti Metali	161	9.07	3.71	4.98	3.04	16.36	3.29
5697.T	251	Sanyu Co., Ltd.	160	5.69	5.69	1.38	1.38	2.20	2.25
5921.T	252	Kawagishi Bridge W	156	8.62	7.66	3.46	3.12	8.39	4.51
1231.HK	253	Newton Resources L	156	-	-	195.66	196.76	-	-
SSSC.BK	254	Siam Steel Service	154	6.10	4.95	2.78	2.45	3.61	2.81
300421.SZ	255	Jiangsu LiXing Gen	153	99.63	92.54	78.11	83.73	83.39	74.54
RANA.OL	256	Rana Gruber ASA	153	8.56	8.56	4.56	4.56	21.85	8.55
009190.KS	257	Daiyang Metal Co.,	150	-	-	-	-	17.04	24.77
024090.KS	258	DCM Corp.	150	11.35	13.40	4.06	4.24	-	8.23
002366.SZ	259	RongFa Nuclear Equ	147	-	-	-	-	-	-
300855.SZ	260	Jiangsu ToLand All	147	89.54	85.77	61.96	58.96	129.13	88.34
008970.KS	261	Dong Yang Steel Pi	146	132.76	170.03	20.24	20.57	-	147.38
911622.TW	262	Tycoons Worldwide	145	-	-	56.02	56.02	19.90	-
002220.KS	263	Hanil Iron & Steel	140	391.16	391.16	35.03	35.03	33.04	59.36

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.35	12.54	4.52	3.90	16.36	8.23
Full Range Median Multiple	11.94	12.97	12.61	12.41	17.04	13.54
Industry Multiple	76.64	78.74	38.94	39.07	34.79	39.00
Market Implied Multiple	9.59	9.59	5.06	5.06	24.25	9.49
Company (RANA.OL) Multiple	8.56	8.56	4.56	4.56	21.85	8.55
(*) Net Income / EBITDA / Revenue	29	29	60	60	13	32
Winsorized Enterprise Value	N/A	N/A	273	236	206	265
Full Range Median Enterprise Value	N/A	N/A	762	750	215	436
(-) Net Debt	25	25	25	25	25	25
Winsorized Equity Value	332	367	248	211	181	240
Full Range Median Equity Value	349	379	737	725	190	411
(/) Shares Outstanding	4	4	4	4	4	4
Winsorized Fair Value	$91.37	$100.91	$68.28	$57.93	$49.85	$66.09
Full Range Median Fair Value	$96.14	$104.39	$202.81	$199.49	$52.21	$113.13
Current Price	$77.20	$77.20	$77.20	$77.20	$77.20	$77.20
Upside / Downside	18.35%	30.71%	-11.55%	-24.96%	-35.43%	-14.39%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$63.96	$70.64	$47.80	$40.55	$34.89	$46.26
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy