Stock USIM5 USINAS SIDERURGICAS DE MINAS GERAIS S.A. - USIMINAS
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Financials Usinas Siderurgicas de Minas Gerais S.A. - Usiminas

Equities

USIM5

BRUSIMACNPA6

Iron & Steel

Market Closed - Sao Paulo
Other stock markets
 01:37:35 27/04/2024 am IST 		5-day change 1st Jan Change
8.2 BRL -19.75% Intraday chart for Usinas Siderurgicas de Minas Gerais S.A. - Usiminas -20.62% -11.73%
23/04 Brazil sets import quotas, tax for 11 steel products RE
23/04 Transcript : Usinas Siderúrgicas de Minas Gerais S.A., Q1 2024 Earnings Call, Apr 23, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,946 18,725 18,200 8,990 11,373 9,680 - -
Enterprise Value (EV) 1 15,135 20,771 17,480 10,120 11,373 10,178 10,492 9,372
P/E ratio 52.8 x 25.2 x 1.95 x 5.19 x 7.81 x 7.85 x 6.13 x 6.04 x
Yield 0.42% 0.9% - 4.59% - 2.2% 2.99% 3.71%
Capitalization / Revenue 0.8 x 1.16 x 0.54 x 0.28 x 0.41 x 0.32 x 0.37 x 0.36 x
EV / Revenue 1.01 x 1.29 x 0.52 x 0.31 x 0.41 x 0.34 x 0.4 x 0.35 x
EV / EBITDA 7.67 x 6.5 x 1.63 x 2.06 x 6.48 x 3.76 x 2.85 x 2.45 x
EV / FCF 11.4 x 6.95 x 4.47 x -9.83 x - 8.21 x 11.1 x 15.5 x
FCF Yield 8.76% 14.4% 22.4% -10.2% - 12.2% 9.02% 6.45%
Price to Book 0.83 x 1.21 x 0.86 x 0.38 x - 0.42 x 0.4 x 0.38 x
Nbr of stocks (in thousands) 12,29,501 12,29,735 12,30,619 12,30,943 12,30,943 12,30,943 - -
Reference price 2 9.510 14.61 15.16 7.160 9.290 8.200 8.200 8.200
Announcement Date 14/02/20 12/02/21 11/02/22 10/02/23 09/02/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,949 16,088 33,737 32,471 27,638 30,155 26,108 26,709
EBITDA 1 1,973 3,194 10,727 4,905 1,754 2,705 3,681 3,823
EBIT 1 981.2 2,193 11,272 2,445 799.4 1,255 2,467 2,641
Operating Margin 6.56% 13.63% 33.41% 7.53% 2.89% 4.16% 9.45% 9.89%
Earnings before Tax (EBT) 1 442.7 1,846 12,336 3,279 1,166 1,927 2,701 2,879
Net income 1 213.3 672.8 9,071 1,616 1,391 1,206 1,612 1,654
Net margin 1.43% 4.18% 26.89% 4.98% 5.03% 4% 6.17% 6.19%
EPS 2 0.1800 0.5800 7.780 1.380 1.190 1.044 1.338 1.357
Free Cash Flow 1 1,326 2,991 3,907 -1,030 - 1,239 946 604.7
FCF margin 8.87% 18.59% 11.58% -3.17% - 4.11% 3.62% 2.26%
FCF Conversion (EBITDA) 67.19% 93.65% 36.42% - - 45.81% 25.7% 15.82%
FCF Conversion (Net income) 621.57% 444.52% 43.07% - - 102.74% 58.7% 36.55%
Dividend per Share 2 0.0395 0.1319 - 0.3288 - 0.1800 0.2453 0.3046
Announcement Date 14/02/20 12/02/21 11/02/22 10/02/23 09/02/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 8,049 7,845 8,531 8,434 7,660 7,255 6,887 6,714 6,781 6,223 6,414 6,675 6,505
EBITDA 1 1,839 1,560 1,930 835.6 579.1 782.8 366.4 -19.91 624.6 416 709 1,013 1,029
EBIT 1 2,178 1,295 1,661 577.4 -1,088 495.4 68.32 -244.7 373.2 131 391.1 659.1 737.5
Operating Margin 27.05% 16.51% 19.47% 6.85% -14.2% 6.83% 0.99% -3.64% 5.5% 2.11% 6.1% 9.87% 11.34%
Earnings before Tax (EBT) 1 2,541 1,832 1,469 812.8 -834.7 733.9 335.9 -342.5 438.5 -24.66 404.9 711.8 728.7
Net income 1 2,408 1,191 889.3 517 -982.1 474.1 254.2 -212 874.6 14.38 222.5 436.1 446.2
Net margin 29.92% 15.19% 10.42% 6.13% -12.82% 6.54% 3.69% -3.16% 12.9% 0.23% 3.47% 6.53% 6.86%
EPS 2 2.590 0.9300 0.6900 0.4000 -0.8500 0.3700 0.2000 -0.1700 0.7500 0.0100 0.1885 0.3370 0.3826
Dividend per Share 2 - - - - 0.3288 - - - - - 0.2825 - -
Announcement Date 11/02/22 20/04/22 29/07/22 28/10/22 10/02/23 20/04/23 28/07/23 27/10/23 09/02/24 23/04/24 - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,189 2,046 - 1,130 - 498 813 -
Net Cash position 1 - - 720 - - - - 308
Leverage (Debt/EBITDA) 1.617 x 0.6406 x - 0.2304 x - 0.1842 x 0.2208 x -
Free Cash Flow 1 1,326 2,991 3,907 -1,030 - 1,239 946 605
ROE (net income / shareholders' equity) 1.5% 4.65% 40.2% 7.22% - 2.81% 5.26% 5.88%
ROA (Net income/ Total Assets) 0.8% 2.39% 26.1% 3.99% - 2.45% 3.53% 3.99%
Assets 1 26,658 28,150 34,717 40,458 - 49,234 45,621 41,460
Book Value Per Share 2 11.40 12.10 17.70 18.80 - 19.70 20.60 21.60
Cash Flow per Share 2 1.600 3.240 4.540 0.8100 - 3.190 2.610 2.380
Capex 1 646 769 1,390 2,027 - 1,692 2,001 1,876
Capex / Sales 4.32% 4.78% 4.12% 6.24% - 5.61% 7.67% 7.02%
Announcement Date 14/02/20 12/02/21 11/02/22 10/02/23 09/02/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Usinas Siderurgicas de Minas Gerais S.A. - Usiminas

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
8.2 BRL
Average target price
11.13 BRL
Spread / Average Target
+35.75%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

1st Jan change Capi.
USINAS SIDERURGICAS DE MINAS GERAIS S.A. - USIMINAS Stock Usinas Siderurgicas de Minas Gerais S.A. - Usiminas
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