Usinas Siderúrgicas de Minas Gerais S.A.

BME:XUSI Stock Report

Market Cap: €1.2b

Usinas Siderúrgicas de Minas Gerais Valuation

Is XUSI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of XUSI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: XUSI (€1.03) is trading below our estimate of fair value (€1.66)

Significantly Below Fair Value: XUSI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XUSI?

Key metric: As XUSI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for XUSI. This is calculated by dividing XUSI's market cap by their current earnings.
What is XUSI's PE Ratio?
PE Ratio8.3x
EarningsR$912.04m
Market CapR$7.58b

Price to Earnings Ratio vs Peers

How does XUSI's PE Ratio compare to its peers?

The above table shows the PE ratio for XUSI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.2x
ACX Acerinox
56.4x38.7%€2.4b
TUB Tubacex
18x35.7%€409.2m
TRG Tubos Reunidos
2xn/a€86.5m
CMO Cementos Molins
8.4xn/a€1.5b
XUSI Usinas Siderúrgicas de Minas Gerais
8.3x14.0%€7.6b

Price-To-Earnings vs Peers: XUSI is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (21.2x).

Price to Earnings Ratio vs Industry

How does XUSI's PE Ratio compare vs other companies in the European Metals and Mining Industry?

14 CompaniesPrice / EarningsEstimated GrowthMarket Cap
XUSI 8.3xIndustry Avg. 11.8xNo. of Companies14PE0816243240+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: XUSI is good value based on its Price-To-Earnings Ratio (8.3x) compared to the European Metals and Mining industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is XUSI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

XUSI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.3x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: XUSI is good value based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst XUSI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.03
€1.33
+28.7%
21.7%€1.81€0.90n/a13
Nov ’25€1.01
€1.27
+25.7%
21.7%€1.73€0.86n/a13
Oct ’25€1.04
€1.33
+28.2%
23.1%€1.79€0.89n/a13
Sep ’25€1.00
€1.42
+41.6%
20.6%€1.77€0.96n/a13
Aug ’25€1.02
€1.53
+49.6%
23.5%€2.26€0.97n/a13
Jul ’25€1.33
€1.79
+34.6%
13.2%€2.31€1.36n/a14
Jun ’25€1.36
€1.90
+39.6%
12.3%€2.41€1.41n/a13
May ’25€1.47
€2.01
+36.7%
12.5%€2.44€1.43n/a13
Apr ’25€1.84
€1.97
+6.9%
17.5%€2.58€1.38n/a13
Mar ’25€2.08
€1.91
-8.1%
16.2%€2.60€1.39n/a13
Feb ’25€1.71
€1.72
+0.9%
14.4%€2.06€1.31n/a14
Jan ’25€1.60
€1.61
+0.8%
12.0%€1.95€1.30n/a14
Dec ’24€1.51
€1.51
-0.3%
10.0%€1.79€1.31n/a14
Nov ’24€1.26
€1.46
+15.9%
11.0%€1.79€1.31€1.0114
Oct ’24€1.26
€1.56
+23.5%
8.5%€1.83€1.33€1.0414
Sep ’24€1.31
€1.52
+15.8%
6.9%€1.79€1.32€1.0015
Aug ’24€1.38
€1.58
+14.8%
8.8%€1.88€1.35€1.0214
Jul ’24€1.34
€1.59
+18.4%
8.3%€1.88€1.34€1.3314
Jun ’24€1.32
€1.61
+21.7%
8.3%€1.87€1.50€1.3614
May ’24€1.29
€1.57
+21.6%
8.3%€1.80€1.44€1.4715
Apr ’24€1.34
€1.58
+18.2%
11.0%€2.07€1.44€1.8414
Mar ’24€1.29
€1.74
+35.1%
32.2%€3.68€1.44€2.0814
Feb ’24€1.52
€1.88
+23.9%
35.4%€3.69€1.44€1.7114
Jan ’24€1.29
€2.00
+55.4%
36.9%€3.74€1.46€1.6012
Dec ’23€1.38
€2.12
+53.4%
32.6%€3.70€1.44€1.5112
Nov ’23€1.50
€2.54
+69.6%
26.5%€4.02€1.67€1.2612

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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