Metals & Mining Investment Banking: The Full Guide to Ground Zero for the Energy Transition
Brian DeChesare
APRIL 19, 2023
To value it, we build a standard DCF based on production volumes, CapEx to drive capacity, and assumed steel prices: The valuation multiples are also standard (TEV / Revenue, TEV / EBITDA, and P / E). You can still use the TEV / EBITDA multiple, but it’s more appropriate for the diversified miners since their output fluctuates less.
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