Financials Vale S.A.

Equities

VALE3

BRVALEACNOR0

Iron & Steel

Market Closed - Sao Paulo 04:07:53 2024-06-19 pm EDT 5-day change 1st Jan Change
60.85 BRL +0.31% Intraday chart for Vale S.A. +1.18% -21.18%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 68,013 86,310 68,381 76,311 68,470 47,684 - -
Enterprise Value (EV) 1 73,719 90,163 73,861 76,311 78,030 59,881 59,483 58,346
P/E ratio -40.2 x 17.7 x 3.13 x 4.15 x 8.7 x 5.18 x 6.05 x 5.89 x
Yield - 7.11% 19.7% - - 8.25% 7.83% 7.9%
Capitalization / Revenue 1.81 x 2.16 x 1.25 x 1.74 x 1.64 x 1.17 x 1.16 x 1.16 x
EV / Revenue 1.96 x 2.25 x 1.36 x 1.74 x 1.87 x 1.47 x 1.45 x 1.42 x
EV / EBITDA 4.1 x 4.11 x 2.36 x 3.83 x 4.34 x 3.41 x 3.34 x 3.25 x
EV / FCF 9.94 x 9.11 x 3.61 x 12.6 x 10.8 x 12.4 x 12 x 9.71 x
FCF Yield 10.1% 11% 27.7% 7.91% 9.28% 8.07% 8.33% 10.3%
Price to Book 1.85 x 2.48 x 2.03 x - - 1.04 x 0.92 x 0.83 x
Nbr of stocks (in thousands) 5,128,282 5,129,911 4,891,940 4,542,591 4,302,854 4,280,331 - -
Reference price 2 13.26 16.82 13.98 16.80 15.91 11.14 11.14 11.14
Announcement Date 2/20/20 2/25/21 2/24/22 2/16/23 2/22/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 37,570 40,018 54,502 43,839 41,784 40,778 41,006 41,088
EBITDA 1 17,987 21,954 31,343 19,931 17,961 17,549 17,824 17,950
EBIT 1 14,261 18,720 28,309 16,760 14,891 13,910 13,567 13,349
Operating Margin 37.96% 46.78% 51.94% 38.23% 35.64% 34.11% 33.09% 32.49%
Earnings before Tax (EBT) 1 -2,775 4,969 29,541 19,781 11,151 12,909 11,859 11,917
Net income 1 -1,683 4,881 22,445 18,788 7,983 9,464 8,879 8,545
Net margin -4.48% 12.2% 41.18% 42.86% 19.11% 23.21% 21.65% 20.8%
EPS 2 -0.3300 0.9500 4.470 4.050 1.830 2.151 1.840 1.892
Free Cash Flow 1 7,420 9,892 20,449 6,039 7,245 4,832 4,952 6,010
FCF margin 19.75% 24.72% 37.52% 13.78% 17.34% 11.85% 12.08% 14.63%
FCF Conversion (EBITDA) 41.25% 45.06% 65.24% 30.3% 40.34% 27.54% 27.78% 33.48%
FCF Conversion (Net income) - 202.66% 91.11% 32.14% 90.76% 51.06% 55.77% 70.33%
Dividend per Share 2 - 1.196 2.753 - - 0.9186 0.8717 0.8800
Announcement Date 2/20/20 2/25/21 2/24/22 2/16/23 2/22/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 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 2025 Q1 2025 Q2
Net sales 1 14,487 12,500 11,260 11,157 9,929 11,941 8,434 9,673 10,378 13,054 8,459 10,121 10,632 12,108 9,164 10,539
EBITDA 1 6,627 4,528 6,385 5,254 3,666 4,626 3,576 3,874 4,085 6,334 3,438 4,648 4,633 5,280 3,942 4,672
EBIT 1 5,005 3,774 5,699 4,444 2,891 3,726 2,920 3,095 3,323 5,479 2,448 3,427 3,622 4,683 3,039 -
Operating Margin 34.55% 30.19% 50.61% 39.83% 29.12% 31.2% 34.62% 32% 32.02% 41.97% 28.94% 33.86% 34.07% 38.68% 33.16% -
Earnings before Tax (EBT) 1 - 9,046 6,569 - 5,248 2,908 - - 2,912 3,151 2,135 3,006 3,157 4,023 2,826 -
Net income 1 - 5,427 4,458 6,151 4,455 3,724 1,837 892 2,769 2,418 1,679 2,433 2,691 3,175 2,178 2,462
Net margin - 43.42% 39.59% 55.13% 44.87% 31.19% 21.78% 9.22% 26.68% 18.52% 19.85% 24.04% 25.31% 26.23% 23.77% 23.36%
EPS 2 - 1.130 0.9300 1.320 0.9800 0.8300 0.4100 0.2000 0.6411 0.5600 0.3900 0.5338 0.5500 0.6769 - -
Dividend per Share 2 - 0.1309 0.1435 - - - - - - - - - 0.3400 - - -
Announcement Date 7/30/20 2/24/22 4/27/22 7/28/22 10/27/22 2/16/23 4/26/23 7/28/23 10/26/23 2/22/24 4/24/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,706 3,853 5,480 - 9,560 12,197 11,799 10,663
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.3172 x 0.1755 x 0.1748 x - 0.5323 x 0.695 x 0.662 x 0.594 x
Free Cash Flow 1 7,420 9,892 20,449 6,039 7,245 4,832 4,952 6,010
ROE (net income / shareholders' equity) 19.4% 13.2% 63.9% - 20.4% 23.3% 20.6% 17.8%
ROA (Net income/ Total Assets) 9.02% 5.31% 24.7% 21.3% 8.82% 9.74% 9.45% 9.34%
Assets 1 -18,649 91,860 90,724 88,168 90,510 97,186 93,915 91,483
Book Value Per Share 2 7.190 6.790 6.870 - - 10.70 12.20 13.40
Cash Flow per Share 2 - - 5.110 2.480 3.010 3.010 2.430 -
Capex 1 3,372 4,430 5,227 5,446 5,920 6,434 6,380 6,278
Capex / Sales 8.98% 11.07% 9.59% 12.42% 14.17% 15.78% 15.56% 15.28%
Announcement Date 2/20/20 2/25/21 2/24/22 2/16/23 2/22/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
11.14 USD
Average target price
14.56 USD
Spread / Average Target
+30.74%
Consensus