Stock VALE3 VALE S.A.
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Financials Vale S.A.

Equities

VALE3

BRVALEACNOR0

Iron & Steel

Market Closed - Sao Paulo
Other stock markets
 04:14:18 2024-05-31 pm EDT 		5-day change 1st Jan Change
63.2 BRL -0.21% Intraday chart for Vale S.A. -2.89% -18.13%
May. 29 RBC Trims Price Target on Vale to $18 From $18.50, Keeps Outperform Rating MT
May. 22 What New Caledonia riots mean for the nickel industry RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 68,013 86,310 68,381 76,311 68,470 51,611 - -
Enterprise Value (EV) 1 73,719 90,163 73,861 76,311 78,030 63,999 63,686 62,637
P/E ratio -40.2 x 17.7 x 3.13 x 4.15 x 8.7 x 5.6 x 6.55 x 6.37 x
Yield - 7.11% 19.7% - - 7.62% 7.23% 7.3%
Capitalization / Revenue 1.81 x 2.16 x 1.25 x 1.74 x 1.64 x 1.27 x 1.27 x 1.26 x
EV / Revenue 1.96 x 2.25 x 1.36 x 1.74 x 1.87 x 1.57 x 1.57 x 1.53 x
EV / EBITDA 4.1 x 4.11 x 2.36 x 3.83 x 4.34 x 3.64 x 3.64 x 3.51 x
EV / FCF 9.94 x 9.11 x 3.61 x 12.6 x 10.8 x 14.1 x 13 x 11 x
FCF Yield 10.1% 11% 27.7% 7.91% 9.28% 7.1% 7.69% 9.1%
Price to Book 1.85 x 2.48 x 2.03 x - - 1.12 x 0.99 x 0.9 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 12.06 12.06 12.06
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 40,701 40,677 41,067
EBITDA 1 17,987 21,954 31,343 19,931 17,961 17,573 17,473 17,851
EBIT 1 14,261 18,720 28,309 16,760 14,891 13,820 13,027 13,231
Operating Margin 37.96% 46.78% 51.94% 38.23% 35.64% 33.95% 32.03% 32.22%
Earnings before Tax (EBT) 1 -2,775 4,969 29,541 19,781 11,151 12,817 11,381 11,259
Net income 1 -1,683 4,881 22,445 18,788 7,983 9,277 8,419 8,176
Net margin -4.48% 12.2% 41.18% 42.86% 19.11% 22.79% 20.7% 19.91%
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 4,546 4,896 5,699
FCF margin 19.75% 24.72% 37.52% 13.78% 17.34% 11.17% 12.04% 13.88%
FCF Conversion (EBITDA) 41.25% 45.06% 65.24% 30.3% 40.34% 25.87% 28.02% 31.93%
FCF Conversion (Net income) - 202.66% 91.11% 32.14% 90.76% 49% 58.15% 69.7%
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 12,389 12,076 11,027
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.3172 x 0.1755 x 0.1748 x - 0.5323 x 0.705 x 0.6911 x 0.6177 x
Free Cash Flow 1 7,420 9,892 20,449 6,039 7,245 4,546 4,896 5,699
ROE (net income / shareholders' equity) 19.4% 13.2% 63.9% - 20.4% 23.3% 20.5% 18%
ROA (Net income/ Total Assets) 9.02% 5.31% 24.7% 21.3% 8.82% 9.95% 9.34% 9.45%
Assets 1 -18,649 91,860 90,724 88,168 90,510 93,226 90,125 86,529
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 6,439 6,376 6,289
Capex / Sales 8.98% 11.07% 9.59% 12.42% 14.17% 15.82% 15.67% 15.31%
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

Ratings for Vale S.A.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
12.06 USD
Average target price
14.41 USD
Spread / Average Target
+19.47%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron Ore Mining

1st Jan change Capi.
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Iron Ore Mining
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