Company Valuation: Aperam S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,711 2,232 2,376 1,823 2,549 3,383 - -
Change - -39.86% 6.44% -23.26% 39.82% 32.7% - -
Enterprise Value (EV) 1 4,177 2,700 2,867 2,367 3,527 4,332 4,180 3,959
Change - -35.36% 6.17% -17.42% 49% 22.82% -3.5% -5.29%
P/E 3.92x 3.56x 11.8x 7.96x 271x 18.1x 10.6x 8.55x
PBR 1.29x 0.66x 0.7x 0.54x 0.8x 1.05x 0.99x 0.92x
PEG - -0.1x -0.2x 0.6x -2.8x 0x 0.1x 0.4x
Capitalization / Revenue 0.73x 0.27x 0.36x 0.29x 0.42x 0.51x 0.46x 0.44x
EV / Revenue 0.82x 0.33x 0.43x 0.38x 0.58x 0.65x 0.57x 0.51x
EV / EBITDA 3.94x 2.39x 9.43x 6.65x 10.4x 8.67x 5.84x 4.95x
EV / EBIT 4.56x 2.86x 28.7x 18.6x 44.1x 15.7x 8.71x 7.03x
EV / FCF 10.5x 7.8x 17.1x 18.9x 12.4x 23.5x 16.3x 11.9x
FCF Yield 9.53% 12.8% 5.86% 5.28% 8.08% 4.25% 6.14% 8.42%
Dividend per Share 2 2 2 2 2 2 2 2.14 2.255
Rate of return 4.2% 6.78% 6.08% 7.93% 5.68% 4.28% 4.58% 4.83%
EPS 2 12.16 8.29 2.79 3.17 0.13 2.578 4.423 5.459
Distribution rate 16.4% 24.1% 71.7% 63.1% 1,538% 77.6% 48.4% 41.3%
Net sales 1 5,102 8,156 6,592 6,255 6,080 6,616 7,350 7,730
EBITDA 1 1,060 1,129 304 356 339 499.6 715.6 799.1
EBIT 1 916 943 100 127 80 276.8 480.2 562.9
Net income 1 968 625 203 231 9 178.4 319.2 390.1
Net Debt 1 466 468 491 544 978 949.4 797.8 576.5
Reference price 2 47.64 29.49 32.88 25.22 35.24 46.68 46.68 46.68
Nbr of stocks (in thousands) 77,900 75,684 72,249 72,288 72,333 72,464 - -
Announcement Date 2/11/22 2/10/23 2/9/24 2/7/25 2/6/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.86x1.9x10.5x0.53% 34.21B
11.74x0.47x4.51x4.5% 18.83B
20.74x1.99x10.35x0.21% 12.5B
8.9x0.65x4.23x4.64% 10.96B
10.33x - - - 10.48B
58.93x5.17x29.29x0.45% 10.25B
11.57x0.83x5.93x4.24% 9.66B
88.05x1.55x16.61x0.63% 9.21B
Average 29.01x 1.79x 11.63x 2.17% 14.51B
Weighted average by Cap. 25.50x 1.71x 10.70x 1.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield