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) 1,51,93,015 1,51,93,015 1,51,93,015 1,51,93,015 1,51,93,015 1,51,93,015
Announcement Date 17/03/21 01/04/22 28/04/23 14/03/24 13/03/25 17/03/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 619.96Cr
4.89x0.95x2.83x13.47% 2.51TCr
22.81x3.71x14.31x1.37% 1.55TCr
5.96x0.99x4.19x2.55% 1.13TCr
7.53x0.65x2.61x4.26% 666.9Cr
3.68x1.1x2.98x - 455.38Cr
7.6x - - 5.98% 368Cr
32.96x2.25x5.92x5.79% 252.6Cr
Average 12.20x 1.61x 5.47x 5.57% 944.3Cr
Weighted average by Cap. 10.41x 1.64x 5.88x 7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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