Deutsche Bank said the company has margins "below" some of its peers.

"Our 2020E EV/EBITDA based valuation is $9/sh (using 5.0x EV/EBITDA vs the past 15 year average of 5.5x) and our DCF based valuation is $13/sh (using a discount rate of 9.0%). Using a 50/50 blend of the two valuations results in a PT of $11/sh and an implied 17% downside to the current share price. While the share price has already retreated from recent highs, we are concerned that ND/EBITDA increases to a peak of 4.5x on our forecasts (higher than 4x indicated as comfortable by the management, and well above 1.3x in 2018), the company longer term still has margins below some peers on our forecasts and in an overall steel market lacking discipline, we believe X's share price will remain under pressure. By 2023, X still has the lowest FCF Yield of our 7 stocks under coverage as well as the highest Capex/EBITDA ratio. The company is committing to large scale projects that once started will be hard to back out of."