IPO hopeful Vulcan Steel has the highest EBIT margin of any major steel distributor in the region and nearly thrice the peer average of 5% in last 12 months, says UBS which thinks Vulcan is easily worth over $1 billion.
The business has about $NZ130 million of debt, meaning it is between $1 billion and $1.4 billion in equity value or $1.1 billion to $1.5 billion in enterprise value.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
