Steel Dynamics’ chairman and chief executive officer Mark Millett: “Looking forward, customer order entry is good and backlogs are solid. March in particular was a very strong booking month for the steel platform. Auto is solid, auto production is expected to increase in 2023 over ‘22 rates and dealer inventories have improved, but still remain below historical norms. Build rate in ‘22 was some 14.3 million units and we expect ‘23 to show 15.1 per cent and a little higher in ‘24.
Earnings estimates have been rising. Three months ago, the Street was expecting EBITDA of $354-million in 2023 and $340-million in 2024. The consensus earnings per share estimates were $3.10 in 2023 and $2.97 in 2024.According to Bloomberg, the stock is trading at an enterprise value-to-EBITDA multiple of 5.4 times the 2023 consensus estimate, below its five-year historical average of 6.9 times.
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