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 56,326 - -
Change - -26.54% 10.97% -23.31% 91.41% 61.35% - -
Enterprise Value (EV) 1 33,203 23,667 26,680 23,317 42,840 64,091 62,778 61,248
Change - -28.72% 12.73% -12.6% 83.73% 49.61% -2.05% -2.44%
P/E 2.37x 2.58x 26x 13.7x 11.2x 16.9x 10.4x 9.68x
PBR 0.59x 0.4x 0.43x 0.36x 0.64x 1x 0.91x 0.84x
PEG - -0.1x -0.3x 0.2x 0x 2.25x 0.2x 1.22x
Capitalization / Revenue 0.38x 0.27x 0.35x 0.29x 0.57x 0.84x 0.78x 0.77x
EV / Revenue 0.43x 0.3x 0.39x 0.37x 0.7x 0.95x 0.87x 0.83x
EV / EBITDA 1.71x 1.67x 3.53x 3.31x 6.55x 7.72x 5.93x 5.61x
EV / EBIT 1.97x 2.04x 11.4x 7.04x 11.8x 13.2x 8.81x 8.4x
EV / FCF 4.81x 3.51x 8.8x 52.2x 91x 36.5x 22.3x 19x
FCF Yield 20.8% 28.5% 11.4% 1.92% 1.1% 2.74% 4.48% 5.26%
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% 0.84% 0.9% 0.93%
EPS 2 13.49 10.18 1.09 1.69 4.11 4.418 7.15 7.718
Distribution rate 2.82% 3.93% 45.9% 32.5% 14.6% 14.2% 9.38% 9.05%
Net sales 1 76,571 79,844 68,275 62,441 61,352 67,264 71,952 73,386
EBITDA 1 19,404 14,161 7,558 7,053 6,541 8,297 10,594 10,924
EBIT 1 16,881 11,581 2,340 3,310 3,628 4,841 7,126 7,288
Net income 1 14,956 9,302 919 1,339 3,152 3,288 5,149 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 74.70 74.70 74.70
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.($)
13.93x1.55x8.04x0.86% 58.86B
16.91x0.95x7.72x0.84% 56.33B
13.98x1.54x8.93x0.88% 34.37B
13.09x1.16x7.04x2.29% 23.89B
12.17x0.78x6.93x3.51% 23.36B
33.05x6.33x21.53x0.18% 21.96B
12.09x0.56x5.37x2.98% 18.84B
-21.39x0.16x3.54x0.97% 11.13B
13.94x0.93x6.99x2.75% 10.65B
Average 11.97x 1.55x 8.45x 1.7% 28.82B
Weighted average by Cap. 14.32x 1.56x 8.61x 1.41%

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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