medium · CFA Level I equity

Ironvale Mining is a large diversified producer of industrial metals. The firm currently has 50 million shares outstanding trading at 40.00 per share. Its balance sheet shows $600 million in total debt and $200 million in cash and cash equivalents. Ironvale's EBITDA for the trailing twelve months was $480 million. The industrial metals industry is currently concentrated, with an HHI of 2,800.

Which valuation method would be most appropriate for Ironvale if it had negative EBITDA and high asset intensity?

  1. Dividend Discount Model (DDM)
  2. Price-to-Book (P/B)
  3. Price-to-Sales (P/S)

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