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 3,351 - -
Change - -39.86% 6.44% -23.26% 39.82% 31.45% - -
Enterprise Value (EV) 1 4,177 2,700 2,867 2,367 3,527 4,298 4,149 3,927
Change - -35.36% 6.17% -17.42% 49% 21.85% -3.46% -5.35%
P/E 3.92x 3.56x 11.8x 7.96x 271x 17.2x 10.3x 8.4x
PBR 1.29x 0.66x 0.7x 0.54x 0.8x 1.04x 0.98x 0.91x
PEG - -0.1x -0.2x 0.6x -2.8x 0x 0.2x 0.4x
Capitalization / Revenue 0.73x 0.27x 0.36x 0.29x 0.42x 0.51x 0.45x 0.43x
EV / Revenue 0.82x 0.33x 0.43x 0.38x 0.58x 0.65x 0.56x 0.51x
EV / EBITDA 3.94x 2.39x 9.43x 6.65x 10.4x 8.61x 5.77x 4.9x
EV / EBIT 4.56x 2.86x 28.7x 18.6x 44.1x 15.4x 8.59x 6.95x
EV / FCF 10.5x 7.8x 17.1x 18.9x 12.4x 23.4x 16.2x 11.8x
FCF Yield 9.53% 12.8% 5.86% 5.28% 8.08% 4.28% 6.19% 8.49%
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% 4.33% 4.63% 4.88%
EPS 2 12.16 8.29 2.79 3.17 0.13 2.687 4.477 5.503
Distribution rate 16.4% 24.1% 71.7% 63.1% 1,538% 74.4% 47.8% 41%
Net sales 1 5,102 8,156 6,592 6,255 6,080 6,622 7,387 7,767
EBITDA 1 1,060 1,129 304 356 339 499.4 718.8 801.8
EBIT 1 916 943 100 127 80 278.6 483.2 565.3
Net income 1 968 625 203 231 9 191 323.1 393.2
Net Debt 1 466 468 491 544 978 946.8 798 576.2
Reference price 2 47.64 29.49 32.88 25.22 35.24 46.24 46.24 46.24
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.($)
20.39x1.79x9.9x0.57% 31.77B
13.29x0.46x4.61x4.6% 18.71B
19.55x1.89x9.83x0.22% 11.73B
9.1x0.66x4.29x4.53% 11.19B
9.81x - - - 9.97B
54.41x4.79x27.15x0.49% 9.42B
11.35x0.82x5.84x4.31% 9.41B
85.75x1.53x15.98x0.56% 8.95B
Average 27.96x 1.71x 11.09x 2.18% 13.89B
Weighted average by Cap. 24.40x 1.60x 10.06x 2.05%

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

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