Intrinsic value of Gerdau ADR - GGB

Previous Close

$4.14

  Intrinsic Value

$4.17

stock screener

  Rating & Target

hold

+1%

Previous close

$4.14

 
Intrinsic value

$4.17

 
Up/down potential

+1%

 
Rating

hold

We calculate the intrinsic value of GGB 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 0001), $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 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  11,373
  11,635
  11,934
  12,269
  12,641
  13,049
  13,494
  13,975
  14,493
  15,049
  15,644
  16,279
  16,955
  17,674
  18,436
  19,244
  20,099
  21,004
  21,959
  22,968
  24,033
  25,156
  26,339
  27,586
  28,899
  30,282
  31,738
  33,269
  34,880
  36,575
Variable operating expenses, $m
  11,857
  12,123
  12,428
  12,770
  13,149
  13,565
  14,018
  14,508
  15,036
  15,603
  15,941
  16,588
  17,277
  18,009
  18,786
  19,610
  20,481
  21,403
  22,376
  23,405
  24,489
  25,634
  26,839
  28,110
  29,448
  30,857
  32,340
  33,901
  35,543
  37,270
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
  11,857
  12,123
  12,428
  12,770
  13,149
  13,565
  14,018
  14,508
  15,036
  15,603
  15,941
  16,588
  17,277
  18,009
  18,786
  19,610
  20,481
  21,403
  22,376
  23,405
  24,489
  25,634
  26,839
  28,110
  29,448
  30,857
  32,340
  33,901
  35,543
  37,270
Operating income, $m
  -484
  -489
  -494
  -501
  -508
  -516
  -524
  -533
  -543
  -554
  -297
  -309
  -322
  -336
  -350
  -365
  -382
  -399
  -417
  -436
  -456
  -478
  -500
  -524
  -549
  -575
  -603
  -632
  -662
  -695
EBITDA, $m
  314
  321
  329
  338
  349
  360
  372
  385
  400
  415
  431
  449
  468
  487
  508
  531
  554
  579
  606
  633
  663
  694
  726
  761
  797
  835
  875
  917
  962
  1,009
Interest expense (income), $m
  392
  459
  474
  491
  511
  533
  558
  585
  614
  646
  681
  718
  757
  799
  844
  892
  943
  996
  1,053
  1,113
  1,177
  1,244
  1,315
  1,389
  1,468
  1,551
  1,638
  1,730
  1,826
  1,928
  2,035
Earnings before tax, $m
  -942
  -962
  -985
  -1,012
  -1,041
  -1,073
  -1,109
  -1,148
  -1,189
  -1,234
  -1,015
  -1,066
  -1,122
  -1,180
  -1,242
  -1,308
  -1,378
  -1,452
  -1,530
  -1,613
  -1,700
  -1,792
  -1,889
  -1,992
  -2,099
  -2,213
  -2,332
  -2,458
  -2,591
  -2,730
Tax expense, $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
Net income, $m
  -942
  -962
  -985
  -1,012
  -1,041
  -1,073
  -1,109
  -1,148
  -1,189
  -1,234
  -1,015
  -1,066
  -1,122
  -1,180
  -1,242
  -1,308
  -1,378
  -1,452
  -1,530
  -1,613
  -1,700
  -1,792
  -1,889
  -1,992
  -2,099
  -2,213
  -2,332
  -2,458
  -2,591
  -2,730

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  15,495
  15,851
  16,258
  16,716
  17,222
  17,778
  18,384
  19,039
  19,745
  20,503
  21,314
  22,179
  23,100
  24,079
  25,117
  26,218
  27,383
  28,616
  29,917
  31,292
  32,743
  34,272
  35,885
  37,583
  39,373
  41,256
  43,239
  45,326
  47,521
  49,830
Adjusted assets (=assets-cash), $m
  15,495
  15,851
  16,258
  16,716
  17,222
  17,778
  18,384
  19,039
  19,745
  20,503
  21,314
  22,179
  23,100
  24,079
  25,117
  26,218
  27,383
  28,616
  29,917
  31,292
  32,743
  34,272
  35,885
  37,583
  39,373
  41,256
  43,239
  45,326
  47,521
  49,830
Revenue / Adjusted assets
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
Average production assets, $m
  7,097
  7,260
  7,447
  7,656
  7,888
  8,143
  8,420
  8,720
  9,044
  9,391
  9,762
  10,158
  10,580
  11,028
  11,504
  12,008
  12,542
  13,106
  13,703
  14,332
  14,997
  15,697
  16,436
  17,214
  18,033
  18,896
  19,804
  20,760
  21,765
  22,823
Working capital, $m
  2,741
  2,804
  2,876
  2,957
  3,047
  3,145
  3,252
  3,368
  3,493
  3,627
  3,770
  3,923
  4,086
  4,259
  4,443
  4,638
  4,844
  5,062
  5,292
  5,535
  5,792
  6,063
  6,348
  6,648
  6,965
  7,298
  7,649
  8,018
  8,406
  8,815
Total debt, $m
  5,147
  5,336
  5,552
  5,795
  6,063
  6,358
  6,679
  7,026
  7,400
  7,802
  8,232
  8,690
  9,178
  9,697
  10,248
  10,831
  11,449
  12,102
  12,792
  13,520
  14,289
  15,100
  15,954
  16,855
  17,803
  18,801
  19,852
  20,958
  22,121
  23,345
Total liabilities, $m
  8,212
  8,401
  8,617
  8,859
  9,128
  9,423
  9,743
  10,091
  10,465
  10,867
  11,296
  11,755
  12,243
  12,762
  13,312
  13,896
  14,513
  15,166
  15,856
  16,585
  17,354
  18,164
  19,019
  19,919
  20,867
  21,866
  22,917
  24,023
  25,186
  26,410
Total equity, $m
  7,282
  7,450
  7,641
  7,856
  8,095
  8,356
  8,640
  8,948
  9,280
  9,636
  10,018
  10,424
  10,857
  11,317
  11,805
  12,323
  12,870
  13,449
  14,061
  14,707
  15,389
  16,108
  16,866
  17,664
  18,505
  19,391
  20,322
  21,303
  22,335
  23,420
Total liabilities and equity, $m
  15,494
  15,851
  16,258
  16,715
  17,223
  17,779
  18,383
  19,039
  19,745
  20,503
  21,314
  22,179
  23,100
  24,079
  25,117
  26,219
  27,383
  28,615
  29,917
  31,292
  32,743
  34,272
  35,885
  37,583
  39,372
  41,257
  43,239
  45,326
  47,521
  49,830
Debt-to-equity ratio
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
Adjusted equity ratio
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -942
  -962
  -985
  -1,012
  -1,041
  -1,073
  -1,109
  -1,148
  -1,189
  -1,234
  -1,015
  -1,066
  -1,122
  -1,180
  -1,242
  -1,308
  -1,378
  -1,452
  -1,530
  -1,613
  -1,700
  -1,792
  -1,889
  -1,992
  -2,099
  -2,213
  -2,332
  -2,458
  -2,591
  -2,730
Depreciation, amort., depletion, $m
  797
  809
  823
  839
  856
  875
  896
  918
  943
  968
  729
  758
  790
  823
  859
  896
  936
  978
  1,023
  1,070
  1,119
  1,171
  1,227
  1,285
  1,346
  1,410
  1,478
  1,549
  1,624
  1,703
Funds from operations, $m
  -145
  -153
  -162
  -172
  -185
  -198
  -213
  -229
  -247
  -266
  -286
  -308
  -332
  -357
  -384
  -412
  -442
  -474
  -508
  -543
  -581
  -621
  -663
  -707
  -754
  -803
  -855
  -909
  -966
  -1,027
Change in working capital, $m
  54
  63
  72
  81
  90
  98
  107
  116
  125
  134
  143
  153
  163
  173
  184
  195
  206
  218
  230
  243
  257
  271
  285
  301
  317
  333
  351
  369
  388
  408
Cash from operations, $m
  -199
  -216
  -234
  -253
  -274
  -296
  -320
  -345
  -372
  -400
  -430
  -461
  -495
  -530
  -567
  -607
  -648
  -692
  -738
  -787
  -838
  -891
  -948
  -1,008
  -1,070
  -1,136
  -1,205
  -1,278
  -1,355
  -1,435
Maintenance CAPEX, $m
  -519
  -530
  -542
  -556
  -571
  -589
  -608
  -628
  -651
  -675
  -701
  -729
  -758
  -790
  -823
  -859
  -896
  -936
  -978
  -1,023
  -1,070
  -1,119
  -1,171
  -1,227
  -1,285
  -1,346
  -1,410
  -1,478
  -1,549
  -1,624
New CAPEX, $m
  -144
  -163
  -187
  -209
  -232
  -255
  -277
  -300
  -323
  -347
  -371
  -396
  -422
  -448
  -476
  -504
  -534
  -564
  -596
  -630
  -664
  -701
  -738
  -778
  -819
  -863
  -908
  -956
  -1,005
  -1,058
Cash from investing activities, $m
  -663
  -693
  -729
  -765
  -803
  -844
  -885
  -928
  -974
  -1,022
  -1,072
  -1,125
  -1,180
  -1,238
  -1,299
  -1,363
  -1,430
  -1,500
  -1,574
  -1,653
  -1,734
  -1,820
  -1,909
  -2,005
  -2,104
  -2,209
  -2,318
  -2,434
  -2,554
  -2,682
Free cash flow, $m
  -862
  -909
  -962
  -1,019
  -1,078
  -1,140
  -1,205
  -1,274
  -1,346
  -1,422
  -1,502
  -1,586
  -1,675
  -1,768
  -1,866
  -1,970
  -2,078
  -2,192
  -2,313
  -2,439
  -2,572
  -2,711
  -2,858
  -3,012
  -3,174
  -3,345
  -3,524
  -3,712
  -3,909
  -4,117
Issuance/(repayment) of debt, $m
  161
  189
  216
  242
  269
  295
  321
  347
  374
  402
  430
  458
  488
  519
  551
  583
  618
  653
  690
  729
  769
  811
  855
  900
  948
  998
  1,051
  1,106
  1,163
  1,224
Issuance/(repurchase) of shares, $m
  1,083
  1,130
  1,177
  1,226
  1,279
  1,335
  1,393
  1,456
  1,521
  1,591
  1,396
  1,473
  1,554
  1,640
  1,730
  1,826
  1,926
  2,031
  2,142
  2,259
  2,382
  2,511
  2,647
  2,790
  2,940
  3,098
  3,264
  3,439
  3,622
  3,815
Cash from financing (excl. dividends), $m  
  1,244
  1,319
  1,393
  1,468
  1,548
  1,630
  1,714
  1,803
  1,895
  1,993
  1,826
  1,931
  2,042
  2,159
  2,281
  2,409
  2,544
  2,684
  2,832
  2,988
  3,151
  3,322
  3,502
  3,690
  3,888
  4,096
  4,315
  4,545
  4,785
  5,039
Total cash flow (excl. dividends), $m
  383
  410
  430
  450
  470
  490
  509
  529
  550
  570
  324
  345
  368
  391
  415
  439
  465
  492
  520
  549
  579
  611
  644
  678
  714
  752
  792
  833
  876
  922
Retained Cash Flow (-), $m
  -1,083
  -1,130
  -1,177
  -1,226
  -1,279
  -1,335
  -1,393
  -1,456
  -1,521
  -1,591
  -1,396
  -1,473
  -1,554
  -1,640
  -1,730
  -1,826
  -1,926
  -2,031
  -2,142
  -2,259
  -2,382
  -2,511
  -2,647
  -2,790
  -2,940
  -3,098
  -3,264
  -3,439
  -3,622
  -3,815
Prev. year cash balance distribution, $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 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
  -701
  -720
  -746
  -776
  -809
  -845
  -884
  -926
  -972
  -1,020
  -1,072
  -1,128
  -1,187
  -1,249
  -1,316
  -1,386
  -1,461
  -1,539
  -1,622
  -1,710
  -1,803
  -1,901
  -2,003
  -2,112
  -2,226
  -2,346
  -2,473
  -2,606
  -2,746
  -2,893
Discount rate, %
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
  -662
  -638
  -618
  -596
  -572
  -547
  -519
  -489
  -458
  -425
  -391
  -356
  -320
  -285
  -251
  -218
  -186
  -157
  -130
  -106
  -85
  -67
  -51
  -39
  -29
  -21
  -14
  -10
  -7
  -4
Current shareholders' claim on cash, %
  82.2
  67.3
  54.9
  44.7
  36.2
  29.3
  23.7
  19.1
  15.4
  12.3
  10.2
  8.4
  7.0
  5.7
  4.7
  3.9
  3.1
  2.6
  2.1
  1.7
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2

Gerdau S.A. (Gerdau) is a manufacturer of long steel in the North and South America. The Company is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela. Its segments are Brazil Operations, which includes operations of steel and iron ore in Brazil, except Special Steels, and the operation of metallurgical coal and coke in Colombia; North America Operations, which includes all operations in North America, except those of Mexico and Special Steels; South America Operations, which includes operations in South America, except Brazil and the operation of metallurgical coal and coke in Colombia, and Special Steel Operations, including special steel operations in Brazil, Spain, the United States and India. It supplies its customers a range of products, including iron ore semi-finished products.

FINANCIAL RATIOS  of  Gerdau ADR (GGB)

Valuation Ratios
P/E Ratio -7.7
Price to Sales 0.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate -13.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -43%
Cap. Spend. - 3 Yr. Gr. Rate -12.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 71.3%
Total Debt to Equity 89.9%
Interest Coverage -1
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. -1.4%
Return On Total Capital -5.5%
Ret/ On T. Cap. - 3 Yr. Avg. -3.6%
Return On Equity -10.4%
Return On Equity - 3 Yr. Avg. -6.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 9.2%
Gross Margin - 3 Yr. Avg. 10.4%
EBITDA Margin 3.2%
EBITDA Margin - 3 Yr. Avg. 2.6%
Operating Margin -4.4%
Oper. Margin - 3 Yr. Avg. -1.6%
Pre-Tax Margin -6.9%
Pre-Tax Margin - 3 Yr. Avg. -5.9%
Net Profit Margin -7.7%
Net Profit Margin - 3 Yr. Avg. -4.9%
Effective Tax Rate -11.8%
Eff/ Tax Rate - 3 Yr. Avg. 0.5%
Payout Ratio -3%

GGB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GGB stock intrinsic value calculation we used $11149.9906373 million for the last fiscal year's total revenue generated by Gerdau ADR. The default revenue input number comes from 0001 income statement of Gerdau 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 GGB stock valuation model: a) initial revenue growth rate of 2% 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 5.9%, whose default value for GGB is calculated based on our internal credit rating of Gerdau 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 Gerdau 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 GGB stock the variable cost ratio is equal to 104.3%.

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 GGB 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 Gerdau ADR.

Corporate tax rate of 27% is the nominal tax rate for Gerdau 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 GGB 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 GGB are equal to 62.4%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Gerdau 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 GGB is equal to 24.1%. 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 - $7141.4077318 million for Gerdau 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 267.922 million for Gerdau 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 Gerdau ADR at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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SID Companhia Side 2.43 31.97  str.buy
NUE Nucor 62.16 57.23  hold
MT ArcelorMittal 24.36 417.37  str.buy
VALE Vale ADR 14.46 116.94  str.buy

COMPANY NEWS

▶ GERDAU S.A. - Consolidated Information   [06:24AM  PR Newswire]
▶ Gerdau S.A. Sponsored ADR Pfd to Host Earnings Call   [Aug-08-18 12:00PM  ACCESSWIRE]
▶ Gerdau S.A. - Consolidated Information   [08:23AM  PR Newswire]
▶ Why Shares of Gerdau SA (ADR) Tumbled Today   [Jun-07-18 03:58PM  Motley Fool]
▶ Gerdau S.A. - Consolidated Information   [May-09-18 08:21AM  PR Newswire]
▶ Penny Stocks to Watch for May 2018   [May-01-18 11:50AM  Investopedia]
▶ GERDAU S.A. - Form 20-F   [Apr-03-18 05:20PM  PR Newswire]
▶ GERDAU S.A. - Consolidated Information   [Feb-28-18 07:08AM  PR Newswire]
▶ Industry expert calls Jax steel mill a 'good bet'   [Jan-05-18 03:00PM  American City Business Journals]
▶ Stock of Irving company skyrockets after $600M purchase   [Jan-03-18 01:50PM  American City Business Journals]
▶ [$$] Commercial Metals Bolsters Holdings of a Construction Steel   [Jan-02-18 04:03PM  The Wall Street Journal]
▶ Jacksonville's Gerdau steel mill changes hands   [03:55PM  American City Business Journals]
▶ ETFs with exposure to Gerdau SA : December 29, 2017   [Dec-29-17 12:03PM  Capital Cube]
▶ ETFs with exposure to Gerdau SA : December 7, 2017   [Dec-07-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Gerdau SA : November 27, 2017   [Nov-27-17 01:50PM  Capital Cube]
▶ ETFs with exposure to Gerdau SA : November 14, 2017   [Nov-14-17 02:22PM  Capital Cube]
▶ Gerdau posts 3Q profit   [Nov-08-17 03:43PM  Associated Press]
▶ Gerdau S.A. - Consolidated Information   [06:09AM  PR Newswire]
▶ China Lifts Brazil Steel: Gerdau Red Hot, Vale Not   [Oct-23-17 01:03PM  Barrons.com]
▶ Nucor: S&P 500s Top Gainer on October 11   [Oct-12-17 08:38AM  Market Realist]
▶ The Hot Stock: Nucor Gains 3.6%   [Oct-11-17 04:39PM  Barrons.com]
▶ [$$] Brazilian Steelmaker Gerdau Shakes Up Top Ranks, Names New CEO   [Aug-25-17 12:08AM  The Wall Street Journal]
▶ [$$] Brazilian Steelmaker Gerdau Shakes Up Top Ranks, Names New CEO   [Aug-24-17 02:52PM  The Wall Street Journal]
▶ ETFs with exposure to Gerdau SA : May 22, 2017   [May-22-17 01:42PM  Capital Cube]
▶ Why Investors Shouldnt Fret over MTs Negative Free Cash Flow   [May-15-17 07:36AM  Market Realist]
▶ ETFs with exposure to Gerdau SA : May 11, 2017   [May-11-17 04:43PM  Capital Cube]
▶ GERDAU S.A. - Consolidated Information   [08:19AM  PR Newswire]

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