ArcelorMittal SA (MT) is overvalued and Reliance Inc (RS) is overvalued.
Both trade above our estimate of their intrinsic value. RS is the closer of the two: -63%, against -262% for MT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.3% (average of 3 methods) values the shares at $20.40; the price of $73.78 is 262% above that value, and 71% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 9.5% (average of 3 methods) values the shares at $237.41; the price of $386.95 is 63% above that value, and 74% of that value comes from beyond year five.
Leak Score 43/100 on 10 of 12 signals
| Metric | MT | RS |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $73.78 | $386.95 |
| Intrinsic value | $20.40 | $237.41 |
| Margin of safety | -262% | -63% |
| Leak Score | 14/100 (3/12) | 43/100 (10/12) |
| Market cap | $55.6B | $19.8B |
| Revenue growth, 5 years | 2.8% | 10.2% |
| Operating margin | 4.3% | 7.9% |
| Net margin | 2.9% | 5.7% |
| Return on equity | 3.3% | 12.2% |
| Debt to equity | 0.26 | 0.27 |
| P/E | 31.1x | 22.5x |
| Forward P/E | 10.4x | 16.4x |
| P/B | 1.0x | 2.7x |
| Dividend yield | 0.8% | 1.3% |