An industrial company in the steel sector requested a comprehensive valuation to support strategic decisions: to understand which part of the business generated value on a recurring basis, which assets contributed value “separately,” and how the whole should be interpreted when making corporate decisions. The starting point was clear: the real value is not in an accounting snapshot, but in the ability to generate sustainable cash flow and in the quality (and feasibility) of the assets that accompany the main business.

The case had an additional complexity: it was not a single homogeneous unit, but a perimeter with different parts. That is why we structured the analysis by separating productive assets, non-productive assets, real estate assets, tax credits and guarantees/sureties, treating each block with the approach that best reflected its economic nature. This “by modules” vision was key to obtaining a solid and actionable conclusion.

In addition, the sector demanded extra rigor: this is an activity where variables such as cyclical demand, competitive pressure and energy costs weigh heavily, factors that directly affect margins, working capital needs and investment plans. Instead of staying in a generic description, we landed these sectorial dynamics in coherent operative hypotheses so that the financial model was not “pretty”, but useful to decide.

The work became, in practice, an exercise of valuation “project by project” within the company: what part of the perimeter could be considered a cash engine, what part had value by divestment or repositioning, and what elements should be analyzed with caution (for example, due to their dependence on future conditions). This separation avoided misleading compensations (one asset “covers” another) and allowed explaining the value with transparency.

In methodology, we applied a triangulated and very defensive approach: Discounted Cash Flow for the productive business, with focus on operative projections, CAPEX and residual term; explicit calculation of the discount rate (WACC); contrast with multiples (PER and EV/EBITDA); and, in parallel, specific valuation of real estate, fiscal assets and guarantees/sureties, each with its corresponding technique. In CAPEX, we built a projection linked to the real drivers of the business (maintenance, efficiency and operative continuity), avoiding “averages” that distort.

The result was an especially powerful resolution for the client: a final valuation robust, traceable and defensible from the financial logic, with a clear account of where the value is born and what assumptions sustain it. Most importantly: the analysis did not stay in a number, but delivered a map of management levers (CAPEX, operative efficiency, asset structure and risks) that allowed taking decisions with security. In summary, martinsdelima transformed a complex case into a clear and actionable diagnosis, combining technical rigor and practical business approach.