Reliance Steel & Aluminum Co. (RS)

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
5406.T	15	Kobe Steel, Ltd.	15,982	5.44	5.44	6.13	4.51	10.08	8.78
5538.TW	16	Tong Ming Enterpri	15,690	10.61	10.24	8.08	7.62	10.41	14.67
004020.KS	17	Hyundai Steel Comp	15,482	-	-	6.57	6.16	36.00	103.13
X	18	United States Stee	15,193	98.31	98.31	8.26	8.26	-	-
000708.SZ	19	Citic Pacific Spec	15,173	12.23	12.21	9.08	8.99	12.19	13.71
000959.SZ	20	Beijing Shougang C	14,700	27.06	27.00	7.79	8.09	30.02	36.19
000898.SZ	21	Angang Steel Compa	14,041	-	-	-	-	-	-
RS	22	Reliance Steel & A	13,922	20.24	18.00	12.65	11.56	15.56	15.34
1090.HK	23	Da Ming Internatio	13,300	-	-	16.96	14.15	20.84	-
000825.SZ	24	Shanxi Taigang Sta	13,213	161.23	252.94	13.48	15.47	-	-
GGBR3.SA	25	Gerdau S.A.	12,625	11.02	9.49	4.99	4.77	6.58	7.24
GOAU3.SA	26	Metalurgica Gerdau	12,625	9.01	7.86	2.31	2.11	3.08	2.76
600808.SS	27	Maanshan Iron & St	11,053	-	-	23.90	29.46	31.67	-
SZG.DE	28	Salzgitter AG	10,744	-	-	6.02	6.02	24.67	-
0990.HK	29	Deep Source Holdin	10,671	9.27	9.27	1.37	1.37	1.80	1.14
SSABAH.HE	30	SSAB AB (publ)	10,660	12.42	12.42	4.80	4.02	5.27	8.64

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.02	10.24	6.35	6.09	10.25	8.64
Full Range Median Multiple	11.63	11.23	7.18	6.89	11.30	8.78
Industry Multiple	35.66	44.52	8.55	8.64	16.05	21.81
Market Implied Multiple	23.35	20.77	14.43	13.18	17.74	17.49
Company (RS) Multiple	20.24	18.00	12.65	11.56	15.56	15.34
(*) Net Income / EBITDA / Revenue	728	819	1,278	1,399	1,039	1,054
Winsorized Enterprise Value	N/A	N/A	8,118	8,522	10,648	9,101
Full Range Median Enterprise Value	N/A	N/A	9,175	9,641	11,747	9,250
(-) Net Debt	1,427	1,427	1,427	1,427	1,427	1,427
Winsorized Equity Value	8,028	8,388	6,691	7,094	9,221	7,674
Full Range Median Equity Value	8,468	9,192	7,747	8,213	10,319	7,822
(/) Shares Outstanding	52	52	52	52	52	52
Winsorized Fair Value	$152.97	$159.82	$127.49	$135.17	$175.69	$146.22
Full Range Median Fair Value	$161.35	$175.15	$147.62	$156.50	$196.63	$149.04
Current Price	$324.03	$324.03	$324.03	$324.03	$324.03	$324.03
Upside / Downside	-52.79%	-50.68%	-60.65%	-58.28%	-45.78%	-54.87%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$107.08	$111.88	$89.24	$94.62	$122.99	$102.35
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy