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 55,051 - -
Change - -26.54% 10.97% -23.31% 91.41% 57.7% - -
Enterprise Value (EV) 1 33,203 23,667 26,680 23,317 42,840 62,817 61,504 59,973
Change - -28.72% 12.73% -12.6% 83.73% 46.63% -2.09% -2.49%
P/E 2.37x 2.58x 26x 13.7x 11.2x 16.5x 10.2x 9.46x
PBR 0.59x 0.4x 0.43x 0.36x 0.64x 0.97x 0.89x 0.82x
PEG - -0.1x -0.3x 0.2x 0x 2.2x 0.2x 1.19x
Capitalization / Revenue 0.38x 0.27x 0.35x 0.29x 0.57x 0.82x 0.77x 0.75x
EV / Revenue 0.43x 0.3x 0.39x 0.37x 0.7x 0.93x 0.85x 0.82x
EV / EBITDA 1.71x 1.67x 3.53x 3.31x 6.55x 7.57x 5.81x 5.49x
EV / EBIT 1.97x 2.04x 11.4x 7.04x 11.8x 13x 8.63x 8.23x
EV / FCF 4.81x 3.51x 8.8x 52.2x 91x 35.8x 21.9x 18.6x
FCF Yield 20.8% 28.5% 11.4% 1.92% 1.1% 2.79% 4.57% 5.38%
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% 0.86% 0.92% 0.96%
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 73.01 73.01 73.01
Nbr of stocks (in thousands) 911,415 816,000 838,000 785,388 760,600 754,042 - -
Announcement Date 10/02/22 09/02/23 08/02/24 06/02/25 05/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.75x1.54x7.91x0.87% 58.72B
16.52x0.93x7.57x0.86% 55.05B
13.69x1.54x8.8x0.89% 34.29B
13.13x1.17x7.06x2.29% 23.87B
12.02x0.77x6.89x3.56% 22.84B
30.97x5.93x20.18x0.2% 20.58B
12.11x0.56x5.49x2.96% 18.42B
-21.04x0.15x3.43x0.99% 10.89B
13.26x3.98x10.36x0.06% 10.49B
Average 11.60x 1.84x 8.63x 1.41% 28.35B
Weighted average by Cap. 13.89x 1.63x 8.51x 1.31%

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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