Stock GGBR4 GERDAU S.A.
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Financials Gerdau S.A.

Equities

GGBR4

BRGGBRACNPR8

Iron & Steel

Market Closed - Sao Paulo
Other stock markets
 04:07:33 2024-05-03 pm EDT 		5-day change 1st Jan Change
19.66 BRL +5.53% Intraday chart for Gerdau S.A. +5.53% -0.71%
May. 03 Transcript : Gerdau S.A., Q1 2024 Earnings Call, May 03, 2024
May. 03 Gerdau S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,297 39,208 43,755 46,237 40,123 39,459 - -
Enterprise Value (EV) 1 42,052 49,065 51,008 53,410 45,671 43,718 42,609 42,738
P/E ratio 28.6 x 17.7 x 3.02 x 4.37 x 5.58 x 8.44 x 8.02 x 8.31 x
Yield 1.05% 1.72% 11.5% 13% 6.36% 4.3% 4.4% 4.31%
Capitalization / Revenue 0.81 x 0.89 x 0.56 x 0.56 x 0.58 x 0.61 x 0.59 x 0.56 x
EV / Revenue 1.06 x 1.12 x 0.65 x 0.65 x 0.66 x 0.68 x 0.63 x 0.61 x
EV / EBITDA 7.36 x 6.38 x 2.2 x 2.48 x 3.38 x 4 x 3.88 x 3.74 x
EV / FCF 9.56 x 10.3 x 5.37 x 7.79 x 7.7 x 18.5 x 13.4 x 12 x
FCF Yield 10.5% 9.7% 18.6% 12.8% 13% 5.42% 7.45% 8.32%
Price to Book 1.26 x 1.36 x 1.1 x 1.06 x 0.56 x 0.72 x 0.74 x 0.7 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 19.66 19.66 19.66
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 64,427 67,108 69,896
EBITDA 1 5,712 7,690 23,222 21,508 13,502 10,935 10,969 11,432
EBIT 1 3,184 5,194 21,023 17,751 10,453 7,445 6,983 7,393
Operating Margin 8.03% 11.86% 26.83% 21.54% 15.17% 11.56% 10.41% 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 4,821 5,086 5,180
Net margin 3.07% 5.45% 19.86% 13.86% 10.94% 7.48% 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 2,368 3,174 3,555
FCF margin 11.1% 10.86% 12.11% 8.32% 8.6% 3.68% 4.73% 5.09%
FCF Conversion (EBITDA) 77.03% 61.86% 40.87% 31.89% 43.92% 21.65% 28.93% 31.1%
FCF Conversion (Net income) 361.58% 199.21% 61% 60.03% 78.67% 49.11% 62.39% 68.62%
Dividend per Share 2 0.1667 0.3333 2.492 3.025 1.258 0.8454 0.8645 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 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 21,555 20,330 22,968 21,149 17,964 18,872 18,265 17,063 14,716 16,210 17,351 17,220 16,266
EBITDA 1 5,983 5,827 6,680 5,369 3,630 4,341 3,792 3,349 2,039 2,813 2,800 2,855 2,589
EBIT 1 4,514 5,014 5,791 4,463 2,485 4,292 2,885 2,384 891.2 2,752 2,040 2,125 1,730
Operating Margin 20.94% 24.66% 25.21% 21.1% 13.83% 22.74% 15.79% 13.97% 6.06% 16.98% 11.75% 12.34% 10.64%
Earnings before Tax (EBT) 1 3,898 4,510 5,430 3,932 1,987 4,242 2,462 - 735.7 2,277 1,898 1,952 1,524
Net income 1 3,560 2,940 4,298 3,022 1,208 3,206 2,136 1,592 587 2,053 1,328 1,367 1,067
Net margin 16.52% 14.46% 18.71% 14.29% 6.72% 16.99% 11.69% 9.33% 3.99% 12.66% 7.66% 7.94% 6.56%
EPS 2 1.611 1.357 1.984 1.413 0.5873 1.517 1.008 0.7500 0.2750 0.9700 0.6190 0.6259 0.5512
Dividend per Share 2 0.1587 0.4524 0.5635 1.706 0.1667 0.4250 0.3583 - 0.0833 - 0.2021 0.2021 0.2021
Announcement Date 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 5/2/24 - - -
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 4,259 3,151 3,279
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.708 x 1.282 x 0.3123 x 0.3335 x 0.4109 x 0.3895 x 0.2872 x 0.2868 x
Free Cash Flow 1 4,400 4,757 9,491 6,858 5,930 2,368 3,174 3,555
ROE (net income / shareholders' equity) 4.92% 8.33% 37.8% 26.1% 15.8% 9.21% 8.67% 8.32%
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 77,472 74,649 75,842
Book Value Per Share 2 12.60 14.30 19.70 22.00 35.60 27.50 26.60 28.10
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% 9.28% 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
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
19.66 BRL
Average target price
24.66 BRL
Spread / Average Target
+25.41%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Steel
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