Company Valuation: United Company RUSAL, International

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 7,074 14,710 7,736 5,251 6,200 9,467
Change - 107.95% -47.41% -32.12% 18.08% 52.68%
Enterprise Value (EV) 1 12,526 19,340 13,956 10,954 12,561 17,474
Change - 54.4% -27.84% -21.51% 14.67% 39.11%
P/E 9.32x 4.56x 4.31x 18.6x 7.72x -20.8x
PBR 1.08x 1.4x 0.63x 0.48x 0.55x 0.81x
PEG - 0x -0.1x -0.2x 0x 0x
Capitalization / Revenue 0.83x 1.23x 0.55x 0.43x 0.51x 0.64x
EV / Revenue 1.46x 1.61x 1x 0.9x 1.04x 1.18x
EV / EBITDA 14.6x 6.71x 6.93x 14x 8.45x 16.8x
EV / EBIT 46.9x 8.71x 8.73x 50.5x 13x 40.4x
EV / FCF 19.8x -12.6x -10.8x 50.2x -12.2x -55.5x
FCF Yield 5.06% -7.93% -9.23% 1.99% -8.2% -1.8%
Dividend per Share 2 - - 0.02 - - -
Rate of return - - 3.93% - - -
EPS 2 0.05 0.2123 0.118 0.0186 0.0529 -0.0299
Distribution rate - - 16.9% - - -
Net sales 1 8,566 11,994 13,974 12,213 12,082 14,812
EBITDA 1 858 2,884 2,015 782 1,486 1,041
EBIT 1 267 2,220 1,599 217 966 432
Net income 1 759 3,225 1,793 282 803 -455
Net Debt 1 5,452 4,630 6,220 5,703 6,361 8,007
Reference price 2 0.4656 0.9682 0.5092 0.3456 0.4081 0.6231
Nbr of stocks (in thousands) 15,193,015 15,193,015 15,193,015 15,193,015 15,193,015 15,193,015
Announcement Date 3/17/21 4/1/22 4/28/23 3/14/24 3/13/25 3/17/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 5.85B
5.82x1.07x3.26x11.06% 29.05B
23.81x3.83x15.04x1.31% 15.77B
7.42x1.12x5.06x3.31% 13.12B
8.69x0.8x3.44x3.76% 7.58B
3.96x - - - 4.44B
7.16x - - 6.34% 3.47B
29.28x1.98x5.19x6.52% 2.24B
Average 12.31x 1.76x 6.40x 5.39% 10.19B
Weighted average by Cap. 10.78x 1.72x 6.43x 6.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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