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CSN Mineracao SA
BOVESPA:CMIN3

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CSN Mineracao SA
BOVESPA:CMIN3
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Price: 4.74 BRL -1.25% Market Closed
Market Cap: R$25.7B

EV/S

1.4
Current
11%
Cheaper
vs 3-y average of 1.5

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
1.4
=
Enterprise Value
R$25.4B
/
Revenue
R$18B

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
1.4
=
Enterprise Value
R$25.4B
/
Revenue
R$18B

Valuation Scenarios

CSN Mineracao SA is trading below its 3-year average

If EV/S returns to its 3-Year Average (1.5), the stock would be worth R$5.35 (13% upside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-18%
Maximum Upside
+13%
Average Upside
2%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 1.4 R$4.74
0%
3-Year Average 1.5 R$5.35
+13%
5-Year Average 1.4 R$4.87
+3%
Industry Average 1.1 R$3.9
-18%
Country Average 1.5 R$5.17
+9%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
R$25.4B
/
Jan 2026
R$18B
=
1.4
Current
R$25.4B
/
Dec 2026
R$16.5B
=
1.5
Forward
R$25.4B
/
Dec 2027
R$15.6B
=
1.6
Forward
R$25.4B
/
Dec 2028
R$18.3B
=
1.4
Forward
R$25.4B
/
Dec 2029
R$21.9B
=
1.2
Forward
R$25.4B
/
Dec 2030
R$22.6B
=
1.1
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close
Market Cap EV/S P/E
BR
CSN Mineracao SA
BOVESPA:CMIN3
26.1B BRL 1.4 15.8
ZA
Kumba Iron Ore Ltd
JSE:KIO
102B ZAR 1.2 7
BR
Vale SA
BOVESPA:VALE3
367B BRL 1.9 26.6
US
Nucor Corp
NYSE:NUE
49B USD 1.6 28.2
AU
Fortescue Metals Group Ltd
ASX:FMG
60.9B AUD 2.7 11.2
AU
Fortescue Ltd
XMUN:FVJ
37B EUR 2.7 11.4
LU
ArcelorMittal SA
AEX:MT
38.4B EUR 0.8 14.1
IN
JSW Steel Ltd
NSE:JSWSTEEL
3.1T INR 2.2 40.9
US
Steel Dynamics Inc
NASDAQ:STLD
32.8B USD 1.9 23.9
IN
Tata Steel Ltd
NSE:TATASTEEL
2.6T INR 1.4 28.7
US
Carpenter Technology Corp
NYSE:CRS
21.3B USD 7.4 48.8

Market Distribution

In line with most companies in Brazil
Percentile
43nd
Based on 494 companies
43nd percentile
1.4
Low
0.1 — 1
Typical Range
1 — 2.6
High
2.6 —
Distribution Statistics
Brazil
Min 0.1
30th Percentile 1
Median 1.5
70th Percentile 2.6
Max 40.3

CSN Mineracao SA
Glance View

CSN Mineração S.A., a prominent player in the iron ore market, operates as a subsidiary of Companhia Siderúrgica Nacional (CSN), one of Brazil’s oldest and largest industrial conglomerates. The company's main operations are centered in the rich iron ore deposits of the Itabira Complex, located in Minas Gerais, Brazil. This strategic location allows it to tap into one of the most bountiful iron ore reserves in the world. As a mining company, CSN Mineração focuses on exploring, processing, and exporting high-quality iron ore that is essential for steel production, thus feeding the supply chain of global infrastructure development. By leveraging cutting-edge mining techniques and efficient logistics infrastructures, the company stands out in its ability to deliver large volumes of iron ore to international markets, particularly in Asia. Revenue generation for CSN Mineração primarily pivots on the sale of iron ore, both domestically and internationally. The company benefits from vertically integrated operations with its parent, CSN, enabling synergies that streamline costs and maximize output. This integration is complemented by its well-established port terminal, Terminal de Carvão e Minérios (TeCar), which facilitates the efficient export of its products. Additionally, the company’s earnings are bolstered by its ability to endure and thrive amidst fluctuating commodity prices through prudent operational management and cost control. By focusing on sustainability and environmental stewardship, CSN Mineração aims to maintain its competitive edge and bolster its reputation, ensuring long-term success in both the local and international realms.

CMIN3 Intrinsic Value
5.84 BRL
Undervaluation 19%
Intrinsic Value
Price R$4.74
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