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 48,170 - -
Change - -26.54% 10.97% -23.31% 91.41% 37.99% - -
Enterprise Value (EV) 1 33,203 23,667 26,680 23,317 42,840 55,979 54,648 53,140
Change - -28.72% 12.73% -12.6% 83.73% 30.67% -2.38% -2.76%
P/E 2.37x 2.58x 26x 13.7x 11.2x 14.5x 8.96x 8.28x
PBR 0.59x 0.4x 0.43x 0.36x 0.64x 0.85x 0.78x 0.72x
PEG - -0.1x -0.3x 0.2x 0x 2.1x 0.1x 1.01x
Capitalization / Revenue 0.38x 0.27x 0.35x 0.29x 0.57x 0.72x 0.66x 0.65x
EV / Revenue 0.43x 0.3x 0.39x 0.37x 0.7x 0.83x 0.75x 0.72x
EV / EBITDA 1.71x 1.67x 3.53x 3.31x 6.55x 6.77x 5.12x 4.85x
EV / EBIT 1.97x 2.04x 11.4x 7.04x 11.8x 11.6x 7.67x 7.3x
EV / FCF 4.81x 3.51x 8.8x 52.2x 91x 31.9x 19.6x 17x
FCF Yield 20.8% 28.5% 11.4% 1.92% 1.1% 3.14% 5.1% 5.87%
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% 0.98% 1.05% 1.09%
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 67,287 72,451 73,812
EBITDA 1 19,404 14,161 7,558 7,053 6,541 8,265 10,669 10,948
EBIT 1 16,881 11,581 2,340 3,310 3,628 4,824 7,123 7,281
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 7,810 6,479 4,970
Reference price 2 32.01 26.26 28.38 23.22 45.90 63.88 63.88 63.88
Nbr of stocks (in thousands) 911,415 816,000 838,000 785,388 760,600 754,042 - -
Announcement Date 2/10/22 A 2/9/23 A 2/8/24 A 2/6/25 A 2/5/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.35x1.77x4.58x7.61% 57.29B
12.72x1.4x7.27x0.96% 53.54B
15.34x0.87x7.1x0.93% 48.17B
14.03x2.37x5.31x4.39% 34.59B
20.49x1.8x9.95x0.56% 31.18B
13.01x1.43x8.33x0.96% 32.42B
13.22x1.17x7.09x2.27% 23.22B
11.62x0.75x6.69x3.68% 21.57B
16.51x1.19x10.86x1.29% 20.07B
Average 13.92x 1.42x 7.46x 2.52% 35.78B
Weighted average by Cap. 13.46x 1.46x 7.09x 2.76%

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