How Much Is Cliffs Natural Resources Worth? A Business Owner's Perspective
- Cliffs Natural Resources is a good bargain at the current price level.
- Enterprise Value: $7.4B (net debt $4.6B + market capitalization $2.8B).
- US Iron Ore business alone is worth $4.7B; need another $2.7B from asset sale to break even.
- Asset-to-cash conversion rate higher than 30% will benefit long-term shareholders significantly.