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≥ 25 Aa < 35 ≥ 15 A < 25 ≥ 5 Baa < 15 ≥ 2.5 Ba <5 ≥ 1 B < 2.5 Caa < 1
≥ 20% Aa < 30% ≥15% A < 20% ≥ 8.0% Baa < 15% ≥ 5.0% Ba < 8.0% ≥ 2.0% B < 5.0% Caa < 2%
≥ 15% Aa < 20% ≥ 10% A < 15% ≥ 5% Baa < 10% ≥ 2.5% Ba < 5% ≥ 1% B < 2.5% Caa < 1%
Caa < 0%
≥ 15% Aa < 25% ≥ 25% A < 40% ≥ 40% Baa < 60% ≥ 60% Ba < 75% ≥ 75% B < 90%
& ≥ 90%
≥ 20% Aa < 30% ≥ 30% A < 40% ≥ 40% Baa < 50% ≥ 50% Ba < 75% ≥ 75% B < 90% Caa ≥ 90%
≥ 0.75x Aa < 1.25x≥ 1.25x A < 2.0x ≥ 2.0x Baa < 3.0x ≥ 3.0x Ba < 4.0x ≥ 4.0x B < 5.5x Caa ≥ 5.5x
≥ 10x Aa < 15x ≥ 7x A < 10x ≥ 4.0x Baa <7.0x ≥ 2.5x Ba <4.0x ≥ 1.0x B <2.5x Caa < 1.0x
≥ 45% Aa < 55% ≥ 35% A < 45% ≥ 25% Baa < 35% ≥ 15% Ba < 25% ≥ 10% B < 15% Caa < 10%
≥ 20% Aa < 30% ≥ 14% A < 20% ≥ 8% Baa < 14% ≥ 4% Ba < 8% ≥ 0% B < 4% Caa < 0%
Indicated Rating Category
Aaa Aa A Baa Ba B Caa
6 5 4 3 2 1 0
Sub-factor POSCO Arcelor Mittal
No Sub-factor
Weighting Value Rating Value Rating
1. Net Consolidated Sales ($USD billions)
53.43 Aaa 78 Aaa
(most recent year-end or LTM period) 25%
1 2. Operational Diversity
3. Regional Diversity 10% 7 Aa 7 Aa
4. Import Threat/Export Reliant
1. EBIT Margin (3 year average) 10% 11.9% Baa 5.5% Ba
2. Return on Average Tangible Assets
10.2% Baa 4.1% Ba
2 (3 year average) 5%
3. Volatility based on the Coefficient of
-39.9% Caa 0.9% Aaa
Variation of CFO/Net Sales 10%
1. Debt/Capital
48.6% Baa 52.3% Ba
3 (most recent year-end or LTM period) 15%
2. Debt / EBITDA (3 year average) x 10% 2.9 Baa 7.2 Caa
1. EBIT/Interest (3 year average) x 5% 11.1 Aa 2.5 Ba
4 2. CFO-Div/Debt (3 year average) 5% 62.1% Aaa 12.2% B
3. FCF / Debt (3 year average) 5% 10.9% Baa 1.3% B
Total 100% 3.9 4
Overall Rating 100% A2 A2
freecashflow
the cash
that a
company is
able to
generate
after laying
out the
money
required to
maintain or
expand its
asset
base. Free c
ash flow is
important
because
it allows a
company
to pursue
opportuniti
es that
enhance
shareholde
r value.
Without
cash, it's
tough
to develop
new
products,
make
acquisitions
, pay
dividends
and reduce
debt. FCF is
calculated
as:
2010
PER
Price/share EPS PER 2009 2008
Arcelor Mittal 37.78 1.93 19.58 462.64 5.56
Jaya Pari Steel 580 37.93 15.29 226.92 8.85
Krakatau Steel 1200 81 14.81
POSCO 107.44 12 8.87 11.92 9.33
Gunawan Dianjaya Steel 160 21 7.62 -6.16 6.40
U.S Steel 59.02 -3.4 -17.36 -5.66 3.27
103.84615385
24.936708861
OCF KRAS
2008 2009 2010
607123 883379 848429
Capex
2008 2009 2010
-21574 216655 1010392
price to book value
0.9149985584 OCF GDST
1.4493526225 2008 2009 2010
1.6939526402 213874201718 -52402082152 -34995025328
1.08 Capex
2.0227532901 103.94 2008 2009 2010
2.2003379382 197 9.380952 -30400000000 -29030938647 -9367469989
85.8585858586
kw 3 kw2 kw1
jprs 53.08 29.31 21.46
gdst 18.54 14.5 4.93 37.97
82.502035
NWC JPRS
2007 2008 2009 2010
2.05682E+11 2.50765E+11 1.41852E+11 1.82383E+11
45083257332
NWC KRAS
2007 2008 2009 2010
2976104 2965378 2500809 5357011
NWC GDST
2007 2008 2009 2010
4.248E+11 1.70868E+12 52486573539 2.89782E+11
gkan PE Ratio perusahaan sejenis. PE Ratio atau Price Earning Ratio (PER) adalah rasio harga saham terhadap laba bersih per saham perusa
ba bersih per saham perusahaan. "Jadi bukan harga sahamnya,"
Rank Company Rating Score
1 Arcelor Mittal A2 4
2 POSCO A2 3.9
3 Gunawan Dianjaya Steel Baa3 2.8
4 Jaya Pari Steel Baa3 2.55
5 Krakatau Steel Ba2 2.1
6 U.S Steel Ba2 2.1
2007 2008 2009
Share Price PER Share Price PER Share Price PER
Arcelor Mittal 63.65 8.6 66.8 9.8 31.63 387.3
POSCO 101.66 8.1 109.41 9.5 89.41 9.9
JPRS 388.67 5.9 268.75 105.1
U.S Steel 101.66 13.6 110.35 6.1 35.78 -3.4
ocf rev
2008 1658 23754 -1.03679 -0.5349 1.73043 X
2009 -61 11048 5.213115 0.572592
2010 -379 17374
kan tax dan interest.
No Sub-factor Sub-factor W Gunawan Dianjaya Jaya Pari Steel
Steel
Value Rating Value Rating
1. Net Consolidated Sales ($USD billions)
25% 0.2 Caa 0.05 Caa
(year 2010)
2. Operational Diversity
3. Regional Diversity 10% 3 Baa 2 Ba
1 4. Import Threat/Export Reliant
1. EBIT Margin (3 year average) 10% 14.30% Baa 10.60% Baa
2. Return on Average Tangible Assets
5% 115.80% Aaa 279.00% Aaa
(3 year average)
3. Volatility based on the Coefficient of
10% 4.70% Aaa 10.70% Aaa
2 Variation of CFO/Net Sales
1. Debt/Capital
15% 39.90% A 27.00% Aa
(most recent year-end or LTM period)
3 2. Debt / EBITDA (3 year average) x 10% 2.8 Baa 2.0 Baa
1. EBIT/Interest (3 year average) x 5% 7.4 A 64.2 Aaa
2. CFO-Div/Debt (3 year average) 5% 10.60% B 48.30% Aa
4 3. FCF / Debt (3 year average) 5% 11.60% Baa 56.00% Aaa
Total 100% 2.8 3.3
Overall Rating 100% Baa3 Baa1
http://www.antaranews.com/berita/1280905659/pt-krakatau-steel-perse
http://www.moodys.com.br/brasil/pdf/Global_Building_Materials_Indus
Krakatau Steel POSCO Arcelor Mittal U.S Steel
5 A 7 Aa 7 Aa 6 A
0905659/pt-krakatau-steel-persero-&-posco-mendirikan-perusahaan-patungan-pabrik-baja-terpadu-di-indonesia
lobal_Building_Materials_Industry.pdf