Company Valuation: ArcelorMittal

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 29,173 21,431 23,782 18,238 34,909 53,150 - -
Change - -26.54% 10.97% -23.31% 91.41% 52.25% - -
Enterprise Value (EV) 1 33,203 23,667 26,680 23,317 42,840 60,916 59,603 58,072
Change - -28.72% 12.73% -12.6% 83.73% 42.19% -2.16% -2.57%
P/E 2.37x 2.58x 26x 13.7x 11.2x 16x 9.88x 9.13x
PBR 0.59x 0.4x 0.43x 0.36x 0.64x 0.94x 0.86x 0.79x
PEG - -0.1x -0.3x 0.2x 0x 2.32x 0.2x 1.11x
Capitalization / Revenue 0.38x 0.27x 0.35x 0.29x 0.57x 0.79x 0.73x 0.72x
EV / Revenue 0.43x 0.3x 0.39x 0.37x 0.7x 0.91x 0.82x 0.79x
EV / EBITDA 1.71x 1.67x 3.53x 3.31x 6.55x 7.36x 5.59x 5.3x
EV / EBIT 1.97x 2.04x 11.4x 7.04x 11.8x 12.6x 8.37x 7.97x
EV / FCF 4.81x 3.51x 8.8x 52.2x 91x 34.7x 21.4x 18.6x
FCF Yield 20.8% 28.5% 11.4% 1.92% 1.1% 2.88% 4.68% 5.37%
Dividend per Share 2 0.38 0.4 0.5 0.55 0.6 0.6254 0.6704 0.6984
Rate of return 1.19% 1.52% 1.76% 2.37% 1.31% 0.89% 0.95% 0.99%
EPS 2 13.49 10.18 1.09 1.69 4.11 4.394 7.131 7.718
Distribution rate 2.82% 3.93% 45.9% 32.5% 14.6% 14.2% 9.4% 9.05%
Net sales 1 76,571 79,844 68,275 62,441 61,352 67,277 72,444 73,818
EBITDA 1 19,404 14,161 7,558 7,053 6,541 8,273 10,665 10,954
EBIT 1 16,881 11,581 2,340 3,310 3,628 4,834 7,120 7,288
Net income 1 14,956 9,302 919 1,339 3,152 3,274 5,137 5,430
Net Debt 1 4,030 2,236 2,898 5,079 7,931 7,766 6,453 4,922
Reference price 2 32.01 26.26 28.38 23.22 45.90 70.49 70.49 70.49
Nbr of stocks (in thousands) 911,415 816,000 838,000 785,388 760,600 754,042 - -
Announcement Date 2/10/22 2/9/23 2/8/24 2/6/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.44x0.92x7.52x0.87% 54.45B
12.92x1.47x7.66x0.91% 56.03B
13.76x1.5x8.71x0.9% 33.58B
13.65x1.2x7.27x2.2% 24.86B
12.32x0.78x6.96x3.47% 22.94B
29.46x5.64x19.2x0.21% 19.58B
11.64x0.55x5.29x3.16% 17.25B
14.03x4.17x10.87x0.05% 11.12B
-20.82x0.15x3.36x1% 10.64B
14.37x0.94x7.09x2.7% 10.56B
Average 11.78x 1.73x 8.39x 1.55% 26.1B
Weighted average by Cap. 13.67x 1.57x 8.32x 1.38%

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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