Intrinsic value of Companhia Siderurgica Nacional ADR - SID

Previous Close

$2.32

  Intrinsic Value

$1.11

stock screener

  Rating & Target

str. sell

-52%

Previous close

$2.32

 
Intrinsic value

$1.11

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of SID stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2015), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2015(a)
   2016
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.92
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  4,848
  5,507
  6,209
  6,952
  7,735
  8,559
  9,421
  10,323
  11,264
  12,244
  13,264
  14,325
  15,428
  16,574
  17,765
  19,002
  20,289
  21,627
  23,018
  24,466
  25,974
  27,544
  29,181
  30,887
  32,666
  34,524
  36,463
  38,489
  40,606
  42,819
  45,133
Variable operating expenses, $m
 
  4,526
  5,086
  5,679
  6,304
  6,962
  7,650
  8,370
  9,121
  9,903
  10,718
  11,435
  12,315
  13,230
  14,181
  15,169
  16,196
  17,264
  18,375
  19,531
  20,734
  21,988
  23,294
  24,656
  26,077
  27,559
  29,107
  30,724
  32,414
  34,181
  36,028
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,210
  4,526
  5,086
  5,679
  6,304
  6,962
  7,650
  8,370
  9,121
  9,903
  10,718
  11,435
  12,315
  13,230
  14,181
  15,169
  16,196
  17,264
  18,375
  19,531
  20,734
  21,988
  23,294
  24,656
  26,077
  27,559
  29,107
  30,724
  32,414
  34,181
  36,028
Operating income, $m
  1,637
  981
  1,123
  1,273
  1,431
  1,597
  1,771
  1,953
  2,143
  2,340
  2,546
  2,890
  3,112
  3,343
  3,584
  3,833
  4,093
  4,363
  4,644
  4,936
  5,240
  5,557
  5,887
  6,231
  6,590
  6,965
  7,356
  7,764
  8,192
  8,638
  9,105
EBITDA, $m
  2,009
  1,485
  1,674
  1,874
  2,086
  2,308
  2,540
  2,783
  3,037
  3,301
  3,576
  3,862
  4,160
  4,469
  4,790
  5,123
  5,470
  5,831
  6,206
  6,596
  7,003
  7,426
  7,868
  8,328
  8,807
  9,308
  9,831
  10,377
  10,948
  11,545
  12,169
Interest expense (income), $m
  937
  943
  996
  1,147
  1,308
  1,477
  1,655
  1,842
  2,037
  2,240
  2,452
  2,672
  2,902
  3,140
  3,388
  3,645
  3,913
  4,191
  4,480
  4,781
  5,094
  5,420
  5,760
  6,113
  6,482
  6,867
  7,269
  7,688
  8,126
  8,583
  9,062
Earnings before tax, $m
  571
  39
  127
  126
  123
  120
  116
  111
  106
  100
  94
  217
  210
  203
  196
  188
  180
  172
  163
  154
  145
  136
  127
  117
  108
  98
  87
  77
  66
  55
  43
Tax expense, $m
  60
  10
  34
  34
  33
  32
  31
  30
  29
  27
  25
  59
  57
  55
  53
  51
  49
  46
  44
  42
  39
  37
  34
  32
  29
  26
  24
  21
  18
  15
  12
Net income, $m
  398
  28
  93
  92
  90
  87
  84
  81
  77
  73
  69
  159
  154
  148
  143
  137
  131
  125
  119
  113
  106
  100
  93
  86
  79
  71
  64
  56
  48
  40
  31

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,730
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,382
  14,379
  16,211
  18,151
  20,197
  22,346
  24,598
  26,952
  29,409
  31,968
  34,631
  37,401
  40,281
  43,273
  46,383
  49,615
  52,974
  56,467
  60,100
  63,881
  67,817
  71,917
  76,189
  80,644
  85,291
  90,141
  95,204
  100,493
  106,021
  111,799
  117,842
Adjusted assets (=assets-cash), $m
  12,652
  14,379
  16,211
  18,151
  20,197
  22,346
  24,598
  26,952
  29,409
  31,968
  34,631
  37,401
  40,281
  43,273
  46,383
  49,615
  52,974
  56,467
  60,100
  63,881
  67,817
  71,917
  76,189
  80,644
  85,291
  90,141
  95,204
  100,493
  106,021
  111,799
  117,842
Revenue / Adjusted assets
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
Average production assets, $m
  5,596
  6,355
  7,165
  8,023
  8,927
  9,877
  10,872
  11,913
  12,998
  14,129
  15,306
  16,531
  17,803
  19,126
  20,500
  21,929
  23,413
  24,957
  26,563
  28,234
  29,974
  31,786
  33,674
  35,643
  37,697
  39,841
  42,079
  44,416
  46,859
  49,413
  52,084
Working capital, $m
  3,511
  1,559
  1,757
  1,967
  2,189
  2,422
  2,666
  2,921
  3,188
  3,465
  3,754
  4,054
  4,366
  4,690
  5,027
  5,378
  5,742
  6,120
  6,514
  6,924
  7,351
  7,795
  8,258
  8,741
  9,245
  9,770
  10,319
  10,892
  11,491
  12,118
  12,773
Total debt, $m
  10,839
  10,822
  12,470
  14,216
  16,057
  17,992
  20,018
  22,137
  24,348
  26,651
  29,048
  31,541
  34,133
  36,826
  39,625
  42,533
  45,556
  48,700
  51,970
  55,373
  58,915
  62,605
  66,450
  70,460
  74,642
  79,007
  83,564
  88,324
  93,299
  98,499
  103,937
Total liabilities, $m
  12,958
  12,942
  14,590
  16,336
  18,177
  20,112
  22,138
  24,257
  26,468
  28,771
  31,168
  33,661
  36,253
  38,946
  41,745
  44,653
  47,676
  50,820
  54,090
  57,493
  61,035
  64,725
  68,570
  72,580
  76,762
  81,127
  85,684
  90,444
  95,419
  100,619
  106,057
Total equity, $m
  2,423
  1,438
  1,621
  1,815
  2,020
  2,235
  2,460
  2,695
  2,941
  3,197
  3,463
  3,740
  4,028
  4,327
  4,638
  4,961
  5,297
  5,647
  6,010
  6,388
  6,782
  7,192
  7,619
  8,064
  8,529
  9,014
  9,520
  10,049
  10,602
  11,180
  11,784
Total liabilities and equity, $m
  15,381
  14,380
  16,211
  18,151
  20,197
  22,347
  24,598
  26,952
  29,409
  31,968
  34,631
  37,401
  40,281
  43,273
  46,383
  49,614
  52,973
  56,467
  60,100
  63,881
  67,817
  71,917
  76,189
  80,644
  85,291
  90,141
  95,204
  100,493
  106,021
  111,799
  117,841
Debt-to-equity ratio
  4.473
  7.530
  7.690
  7.830
  7.950
  8.050
  8.140
  8.210
  8.280
  8.340
  8.390
  8.430
  8.470
  8.510
  8.540
  8.570
  8.600
  8.620
  8.650
  8.670
  8.690
  8.710
  8.720
  8.740
  8.750
  8.760
  8.780
  8.790
  8.800
  8.810
  8.820
Adjusted equity ratio
  -0.024
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  398
  28
  93
  92
  90
  87
  84
  81
  77
  73
  69
  159
  154
  148
  143
  137
  131
  125
  119
  113
  106
  100
  93
  86
  79
  71
  64
  56
  48
  40
  31
Depreciation, amort., depletion, $m
  372
  503
  551
  602
  655
  711
  769
  830
  894
  961
  1,030
  972
  1,047
  1,125
  1,206
  1,290
  1,377
  1,468
  1,563
  1,661
  1,763
  1,870
  1,981
  2,097
  2,217
  2,344
  2,475
  2,613
  2,756
  2,907
  3,064
Funds from operations, $m
  1,679
  532
  644
  693
  744
  798
  854
  911
  972
  1,034
  1,099
  1,131
  1,201
  1,273
  1,349
  1,427
  1,509
  1,593
  1,682
  1,774
  1,869
  1,969
  2,074
  2,182
  2,296
  2,415
  2,539
  2,669
  2,804
  2,946
  3,095
Change in working capital, $m
  76
  187
  199
  210
  222
  233
  244
  255
  266
  277
  289
  300
  312
  324
  337
  350
  364
  379
  394
  410
  427
  444
  463
  483
  504
  526
  549
  573
  599
  626
  655
Cash from operations, $m
  1,603
  345
  445
  483
  523
  565
  610
  656
  705
  757
  810
  831
  889
  949
  1,012
  1,077
  1,144
  1,215
  1,288
  1,364
  1,443
  1,525
  1,610
  1,700
  1,792
  1,889
  1,990
  2,095
  2,205
  2,320
  2,440
Maintenance CAPEX, $m
  0
  -329
  -374
  -421
  -472
  -525
  -581
  -640
  -701
  -765
  -831
  -900
  -972
  -1,047
  -1,125
  -1,206
  -1,290
  -1,377
  -1,468
  -1,563
  -1,661
  -1,763
  -1,870
  -1,981
  -2,097
  -2,217
  -2,344
  -2,475
  -2,613
  -2,756
  -2,907
New CAPEX, $m
  -511
  -760
  -810
  -857
  -904
  -950
  -995
  -1,040
  -1,086
  -1,131
  -1,177
  -1,224
  -1,273
  -1,323
  -1,374
  -1,428
  -1,485
  -1,544
  -1,606
  -1,671
  -1,740
  -1,812
  -1,888
  -1,969
  -2,054
  -2,143
  -2,238
  -2,338
  -2,443
  -2,554
  -2,671
Cash from investing activities, $m
  -906
  -1,089
  -1,184
  -1,278
  -1,376
  -1,475
  -1,576
  -1,680
  -1,787
  -1,896
  -2,008
  -2,124
  -2,245
  -2,370
  -2,499
  -2,634
  -2,775
  -2,921
  -3,074
  -3,234
  -3,401
  -3,575
  -3,758
  -3,950
  -4,151
  -4,360
  -4,582
  -4,813
  -5,056
  -5,310
  -5,578
Free cash flow, $m
  697
  -744
  -738
  -796
  -853
  -910
  -967
  -1,024
  -1,081
  -1,139
  -1,198
  -1,294
  -1,356
  -1,421
  -1,488
  -1,557
  -1,630
  -1,706
  -1,786
  -1,870
  -1,958
  -2,050
  -2,148
  -2,250
  -2,358
  -2,472
  -2,592
  -2,718
  -2,850
  -2,990
  -3,137
Issuance/(repayment) of debt, $m
  -784
  576
  1,649
  1,746
  1,841
  1,934
  2,027
  2,119
  2,211
  2,303
  2,397
  2,493
  2,592
  2,693
  2,799
  2,909
  3,023
  3,144
  3,270
  3,403
  3,543
  3,690
  3,845
  4,009
  4,182
  4,365
  4,557
  4,760
  4,975
  5,200
  5,439
Issuance/(repurchase) of shares, $m
  -3
  1,124
  90
  102
  115
  128
  141
  154
  168
  183
  198
  118
  134
  151
  168
  186
  205
  224
  244
  265
  287
  310
  335
  360
  386
  414
  443
  473
  505
  538
  573
Cash from financing (excl. dividends), $m  
  -803
  1,700
  1,739
  1,848
  1,956
  2,062
  2,168
  2,273
  2,379
  2,486
  2,595
  2,611
  2,726
  2,844
  2,967
  3,095
  3,228
  3,368
  3,514
  3,668
  3,830
  4,000
  4,180
  4,369
  4,568
  4,779
  5,000
  5,233
  5,480
  5,738
  6,012
Total cash flow (excl. dividends), $m
  -87
  955
  1,001
  1,052
  1,103
  1,152
  1,201
  1,249
  1,298
  1,347
  1,396
  1,318
  1,370
  1,423
  1,479
  1,537
  1,598
  1,661
  1,728
  1,798
  1,872
  1,950
  2,032
  2,119
  2,210
  2,307
  2,408
  2,516
  2,629
  2,748
  2,874
Retained Cash Flow (-), $m
  -622
  -1,152
  -183
  -194
  -205
  -215
  -225
  -235
  -246
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -349
  -363
  -378
  -394
  -410
  -427
  -445
  -465
  -485
  -506
  -529
  -553
  -578
  -604
Prev. year cash balance distribution, $m
 
  2,137
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,940
  818
  858
  898
  937
  976
  1,014
  1,052
  1,091
  1,130
  1,041
  1,082
  1,124
  1,168
  1,214
  1,262
  1,312
  1,365
  1,420
  1,479
  1,540
  1,605
  1,673
  1,745
  1,822
  1,902
  1,987
  2,076
  2,170
  2,270
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  1,778
  681
  644
  602
  555
  505
  453
  401
  351
  302
  227
  191
  157
  127
  101
  79
  60
  45
  33
  24
  16
  11
  7
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  25.6
  24.5
  23.4
  22.3
  21.3
  20.4
  19.5
  18.6
  17.8
  17.0
  16.6
  16.2
  15.7
  15.3
  14.9
  14.4
  14.0
  13.6
  13.1
  12.7
  12.3
  11.9
  11.5
  11.1
  10.7
  10.3
  10.0
  9.6
  9.3
  8.9

Companhia Siderurgica Nacional is a Brazil-based company engaged in the steel industry. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a range of steel products, including coated galvanized flat steel and tinplate. The Company operates in five segments: Steel, Mining, Cement, Logistics and Energy. The Steel segment focuses on the production, distribution and sale of flat steel, long steel, metallic containers and galvanized steel, with operations in Brazil, the United States, Portugal and Germany. The Mining segment encompasses the activities of iron ore and tin mining. The Cement segment is responsible for the cement production, distribution and sale operations. The Logistics segment manages port terminal for containers, as well as railway networks. The Energy segment includes generation of electric power. The Company is controlled by Vicunha Acos SA.

FINANCIAL RATIOS  of  Companhia Siderurgica Nacional ADR (SID)

Valuation Ratios
P/E Ratio 7.9
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 2.9
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.6%
Cap. Spend. - 3 Yr. Gr. Rate -10%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 422.9%
Total Debt to Equity 447.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.4%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 23%
Gross Margin - 3 Yr. Avg. 26.5%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. 28.7%
Operating Margin 33.8%
Oper. Margin - 3 Yr. Avg. 23.1%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 8.2%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 10.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.8%
Payout Ratio 43.7%

SID stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SID stock intrinsic value calculation we used $4848 million for the last fiscal year's total revenue generated by Companhia Siderurgica Nacional ADR. The default revenue input number comes from 2015 income statement of Companhia Siderurgica Nacional ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SID stock valuation model: a) initial revenue growth rate of 13.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.1%, whose default value for SID is calculated based on our internal credit rating of Companhia Siderurgica Nacional ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Companhia Siderurgica Nacional ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SID stock the variable cost ratio is equal to 82.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SID stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 9.2% for Companhia Siderurgica Nacional ADR.

Corporate tax rate of 27% is the nominal tax rate for Companhia Siderurgica Nacional ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SID stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SID are equal to 115.4%.

Life of production assets of 17 years is the average useful life of capital assets used in Companhia Siderurgica Nacional ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SID is equal to 28.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2423 million for Companhia Siderurgica Nacional ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1412.14 million for Companhia Siderurgica Nacional ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Companhia Siderurgica Nacional ADR at the current share price and the inputted number of shares is $3.3 billion.

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Financial statements of SID
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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