Stock GGB GERDAU S.A.
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Financials Gerdau S.A. Nyse

Equities

GGB

US3737371050

Iron & Steel

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
3.61 USD +3.44% Intraday chart for Gerdau S.A. -1.37% -10.68%
Apr. 23 Brazil sets import quotas, tax for 11 steel products RE
Apr. 15 JPMorgan Upgrades Gerdau to Overweight From Neutral, Adjusts Price Target to $6 From $5 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,297 39,208 43,755 46,237 40,123 37,433 - -
Enterprise Value (EV) 1 42,052 49,065 51,008 53,410 45,671 41,511 40,379 40,183
P/E ratio 28.6 x 17.7 x 3.02 x 4.37 x 5.58 x 8 x 7.6 x 7.87 x
Yield 1.05% 1.72% 11.5% 13% 6.36% 4.25% 4.63% 4.54%
Capitalization / Revenue 0.81 x 0.89 x 0.56 x 0.56 x 0.58 x 0.57 x 0.56 x 0.54 x
EV / Revenue 1.06 x 1.12 x 0.65 x 0.65 x 0.66 x 0.63 x 0.6 x 0.57 x
EV / EBITDA 7.36 x 6.38 x 2.2 x 2.48 x 3.38 x 3.91 x 3.68 x 3.52 x
EV / FCF 9.56 x 10.3 x 5.37 x 7.79 x 7.7 x 22 x 12.7 x 11.3 x
FCF Yield 10.5% 9.7% 18.6% 12.8% 13% 4.55% 7.86% 8.85%
Price to Book 1.26 x 1.36 x 1.1 x 1.06 x 0.56 x 0.74 x 0.71 x 0.67 x
Nbr of stocks (in thousands) 2,138,840 2,143,463 2,149,034 2,102,851 2,099,197 2,099,427 - -
Reference price 2 15.87 19.40 21.63 23.31 19.80 18.63 18.63 18.63
Announcement Date 2/19/20 2/24/21 2/23/22 3/1/23 2/20/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 39,644 43,815 78,345 82,412 68,916 66,033 67,123 69,902
EBITDA 1 5,712 7,690 23,222 21,508 13,502 10,609 10,962 11,421
EBIT 1 3,184 5,194 21,023 17,751 10,453 7,035 6,983 7,393
Operating Margin 8.03% 11.86% 26.83% 21.54% 15.17% 10.65% 10.4% 10.58%
Earnings before Tax (EBT) 1 1,675 3,496 20,273 15,859 9,347 6,420 6,426 6,942
Net income 1 1,217 2,388 15,559 11,426 7,537 4,908 5,086 5,180
Net margin 3.07% 5.45% 19.86% 13.86% 10.94% 7.43% 7.58% 7.41%
EPS 2 0.5556 1.095 7.175 5.333 3.550 2.328 2.450 2.366
Free Cash Flow 1 4,400 4,757 9,491 6,858 5,930 1,890 3,174 3,555
FCF margin 11.1% 10.86% 12.11% 8.32% 8.6% 2.86% 4.73% 5.09%
FCF Conversion (EBITDA) 77.03% 61.86% 40.87% 31.89% 43.92% 17.81% 28.95% 31.12%
FCF Conversion (Net income) 361.58% 199.21% 61% 60.03% 78.67% 38.51% 62.39% 68.62%
Dividend per Share 2 0.1667 0.3333 2.492 3.025 1.258 0.7920 0.8630 0.8464
Announcement Date 2/19/20 2/24/21 2/23/22 3/1/23 2/20/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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 21,317 21,555 20,330 22,968 21,149 17,964 18,872 18,265 17,063 14,716 16,422 17,351 17,220 16,266
EBITDA 1 8,061 5,983 5,827 6,680 5,369 3,630 4,341 3,792 3,349 2,039 2,553 2,858 2,898 2,465
EBIT 1 7,389 4,514 5,014 5,791 4,463 2,485 4,292 2,885 2,384 891.2 1,727 2,040 2,125 1,730
Operating Margin 34.66% 20.94% 24.66% 25.21% 21.1% 13.83% 22.74% 15.79% 13.97% 6.06% 10.52% 11.75% 12.34% 10.64%
Earnings before Tax (EBT) 1 7,466 3,898 4,510 5,430 3,932 1,987 4,242 2,462 - 735.7 1,553 1,898 1,952 1,524
Net income 1 5,594 3,560 2,940 4,298 3,022 1,208 3,206 2,136 1,592 587 1,063 1,328 1,367 1,067
Net margin 26.24% 16.52% 14.46% 18.71% 14.29% 6.72% 16.99% 11.69% 9.33% 3.99% 6.47% 7.66% 7.94% 6.56%
EPS 2 2.587 1.611 1.357 1.984 1.413 0.5873 1.517 1.008 0.7500 0.2750 0.4889 0.6190 0.6259 0.5512
Dividend per Share 2 0.3016 0.1587 0.4524 0.5635 1.706 0.1667 0.4250 0.3583 - 0.0833 0.0834 0.2021 0.2021 0.2021
Announcement Date 10/27/21 2/23/22 5/5/22 8/3/22 11/9/22 3/1/23 5/3/23 8/8/23 11/6/23 2/20/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9,755 9,857 7,253 7,173 5,548 4,078 2,945 2,750
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.708 x 1.282 x 0.3123 x 0.3335 x 0.4109 x 0.3843 x 0.2687 x 0.2408 x
Free Cash Flow 1 4,400 4,757 9,491 6,858 5,930 1,890 3,174 3,555
ROE (net income / shareholders' equity) 4.92% 8.33% 37.8% 26.1% 15.8% 9.08% 8.72% 8.37%
ROA (Net income/ Total Assets) 2.46% 4.08% 22.7% 15.7% 10.1% 6.22% 6.81% 6.83%
Assets 1 49,463 58,562 68,469 72,728 74,344 78,861 74,649 75,842
Book Value Per Share 2 12.60 14.30 19.70 22.00 35.60 25.20 26.20 27.70
Cash Flow per Share 2 0.7500 2.940 5.800 5.210 8.010 4.300 4.760 5.050
Capex 1 1,747 1,651 3,026 4,292 5,209 5,976 5,418 5,103
Capex / Sales 4.41% 3.77% 3.86% 5.21% 7.56% 9.05% 8.07% 7.3%
Announcement Date 2/19/20 2/24/21 2/23/22 3/1/23 2/20/24 - - -
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 Gerdau S.A.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
18.63 BRL
Average target price
24.26 BRL
Spread / Average Target
+30.23%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

1st Jan change Capi.
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TATA STEEL LIMITED Stock Tata Steel Limited
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POSCO HOLDINGS INC. Stock POSCO Holdings Inc.
-21.02% 21.75B
STEEL DYNAMICS, INC. Stock Steel Dynamics, Inc.
+13.50% 21.17B
ARCELORMITTAL Stock ArcelorMittal
-7.50% 20.77B
JFE HOLDINGS, INC. Stock JFE Holdings, Inc.
+6.81% 9.44B
CLEVELAND-CLIFFS INC. Stock Cleveland-Cliffs Inc.
-12.44% 8.5B
UNITED STATES STEEL CORPORATION Stock United States Steel Corporation
-23.08% 8.41B
STEEL AUTHORITY OF INDIA LIMITED Stock Steel Authority of India Limited
+36.31% 8.35B
Other Steel
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  5. Financials Gerdau S.A.