Independent Research, Turtles all the way down

Turtles all the way down

Writing short articles about mis-priced boring stocks around the world.

Independent Research

Equity Bottom-Up

<ul>
<li>Trading at 10-12x FCF, debt free and ~10% ROIC at 2019 steel prices</li>
<li>2019 steel prices were reflective of past decade average</li>
<li>Likely trading at 20-25% FCF yield going forward</li>
<li>Company will have low cost advantage</li>
<li>Everything set up perfectly for higher steel prices in medium term</li>
</ul>


Trading at 10-12x FCF, debt free and ~10% ROIC at 2019 steel prices
2019 steel prices were reflective of past decade average
Likely trading at 20-25% FCF yield going forward
Company will have low cost advantage
Everything set up perfectly for higher steel prices in medium term


Cleveland-Cliffs Inc

Cleveland-Cliffs