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 58,921 - -
Change - -26.54% 10.97% -23.31% 91.41% 68.79% - -
Enterprise Value (EV) 1 33,203 23,667 26,680 23,317 42,840 66,784 65,360 63,718
Change - -28.72% 12.73% -12.6% 83.73% 55.89% -2.13% -2.51%
P/E 2.37x 2.58x 26x 13.7x 11.2x 17.7x 10.9x 10.1x
PBR 0.59x 0.4x 0.43x 0.36x 0.64x 1.04x 0.95x 0.88x
PEG - -0.1x -0.3x 0.2x 0x 2.36x 0.2x 1.27x
Capitalization / Revenue 0.38x 0.27x 0.35x 0.29x 0.57x 0.88x 0.82x 0.8x
EV / Revenue 0.43x 0.3x 0.39x 0.37x 0.7x 0.99x 0.91x 0.87x
EV / EBITDA 1.71x 1.67x 3.53x 3.31x 6.55x 8.04x 6.19x 5.85x
EV / EBIT 1.97x 2.04x 11.4x 7.04x 11.8x 13.8x 9.17x 8.75x
EV / FCF 4.81x 3.51x 8.8x 52.2x 91x 38x 23.2x 19.8x
FCF Yield 20.8% 28.5% 11.4% 1.92% 1.1% 2.63% 4.3% 5.06%
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% 0.8% 0.86% 0.89%
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 67,262 71,932 73,364
EBITDA 1 19,404 14,161 7,558 7,053 6,541 8,305 10,561 10,891
EBIT 1 16,881 11,581 2,340 3,310 3,628 4,836 7,125 7,281
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 7,863 6,438 4,797
Reference price 2 32.01 26.26 28.38 23.22 45.90 78.14 78.14 78.14
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.($)
14.21x1.56x8.15x0.86% 59.23B
17.69x0.99x8.04x0.8% 58.92B
14.38x1.57x9.24x0.88% 34.69B
13.53x1.19x7.22x2.22% 24.99B
35.45x6.79x23.09x0.17% 23.56B
12.95x0.78x7.24x3.48% 23.17B
12.2x0.55x5.4x2.95% 18.92B
14.26x0.95x7.16x2.69% 11.04B
-21.12x0.15x3.45x0.99% 11B
Average 12.62x 1.62x 8.78x 1.67% 29.5B
Weighted average by Cap. 15.11x 1.64x 8.99x 1.37%

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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