Financials Baoshan Iron & Steel Co., Ltd.

Equities

600019

CNE0000015R4

Iron & Steel

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-04-28 EDT			5-day change	1st Jan Change
7.03 ^CNY	-0.85%		-3.43%	+18.55%

04-29	Baoshan Iron and Steel's Q1 Profit Rises 4%	MT
04-29	Baoshan Iron and Steel's 2023 Profit Falls; EPS Beats Estimates	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	127,855	132,503	159,442	123,854	128,987	152,565	-	-
Enterprise Value (EV) ¹	142,135	151,799	184,433	141,357	148,389	166,230	149,894	136,510
P/E ratio	10.3 x	10.4 x	6.69 x	9.98 x	11 x	11.8 x	10.3 x	8.28 x
Yield	4.88%	5.04%	3.49%	1.79%	3.37%	4.08%	4.67%	6.32%
Capitalization / Revenue	0.44 x	0.47 x	0.44 x	0.34 x	0.37 x	0.44 x	0.42 x	0.44 x
EV / Revenue	0.49 x	0.54 x	0.51 x	0.38 x	0.43 x	0.48 x	0.41 x	0.39 x
EV / EBITDA	4.11 x	4.29 x	3.58 x	3.98 x	-	4.71 x	3.92 x	3.34 x
EV / FCF	11.3 x	15.7 x	4.81 x	6.07 x	29.5 x	15.7 x	11.3 x	6.04 x
FCF Yield	8.87%	6.37%	20.8%	16.5%	3.39%	6.36%	8.87%	16.6%
Price to Book	0.72 x	0.72 x	0.84 x	0.64 x	0.65 x	0.78 x	0.72 x	0.7 x
Nbr of stocks (in thousands)	22,274,460	22,269,448	22,268,412	22,156,356	21,751,577	21,701,961	-	-
Reference price ²	5.740	5.950	7.160	5.590	5.930	7.030	7.030	7.030
Announcement Date	20-04-28	21-04-26	22-04-28	23-04-27	24-01-30	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	291,594	283,674	364,349	367,778	344,500	348,124	364,222	345,918
EBITDA ¹	34,555	35,407	51,540	35,543	-	35,266	38,269	40,835
EBIT ¹	15,515	16,955	32,563	15,604	15,950	18,159	20,516	27,233
Operating Margin	5.32%	5.98%	8.94%	4.24%	4.63%	5.22%	5.63%	7.87%
Earnings before Tax (EBT) ¹	14,994	16,022	30,708	15,044	15,056	16,898	19,343	23,706
Net income ¹	12,423	12,677	23,632	12,187	12,007	13,214	15,138	18,888
Net margin	4.26%	4.47%	6.49%	3.31%	3.49%	3.8%	4.16%	5.46%
EPS ²	0.5600	0.5700	1.070	0.5600	0.5400	0.5979	0.6817	0.8493
Free Cash Flow ¹	12,606	9,673	38,381	23,281	5,027	10,576	13,302	22,601
FCF margin	4.32%	3.41%	10.53%	6.33%	1.46%	3.04%	3.65%	6.53%
FCF Conversion (EBITDA)	36.48%	27.32%	74.47%	65.5%	-	29.99%	34.76%	55.35%
FCF Conversion (Net income)	101.47%	76.3%	162.41%	191.03%	41.87%	80.04%	87.87%	119.66%
Dividend per Share ²	0.2800	0.3000	0.2500	0.1000	0.2000	0.2870	0.3282	0.4446
Announcement Date	20-04-28	21-04-26	22-04-28	23-04-27	24-01-30	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 S1	2025 S2
Net sales ¹	150,718	129,772	153,903	185,252	86,127	179,097	85,980	97,675	183,655	94,597	89,526	184,123	78,602	91,252	169,855	85,162	89,484	174,646	80,814	75,625	174,396	90,503	102,986	171,951	171,424	171,424
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	21,543	1,922	11,020	5,305	5,882	11,187	2,368	2,050	4,417	2,961	3,942	6,904	5,537	-	9,046	2,843	-	9,003	-	-	13,730	14,395	14,288
Operating Margin	-	-	-	11.63%	2.23%	6.15%	6.17%	6.02%	6.09%	2.5%	2.29%	2.4%	3.77%	4.32%	4.06%	6.5%	-	5.18%	3.52%	-	5.16%	-	-	7.98%	8.4%	8.34%
Earnings before Tax (EBT) ¹	-	-	-	-	1,577	-	5,145	5,713	-	2,290	1,896	-	2,814	3,702	-	5,389	3,151	-	2,788	2,875	-	3,583	1,925	-	-	-
Net income ¹	-	-	-	-	2,042	-	3,732	4,059	7,791	1,672	2,723	-	1,845	2,707	-	3,798	3,657	-	1,926	2,342	-	2,993	1,468	-	-	-
Net margin	-	-	-	-	2.37%	-	4.34%	4.16%	4.24%	1.77%	3.04%	-	2.35%	2.97%	-	4.46%	4.09%	-	2.38%	3.1%	-	3.31%	1.43%	-	-	-
EPS ²	0.2800	0.1800	0.3900	0.6800	0.0900	0.3900	0.1700	0.1800	0.3500	0.0800	0.1300	0.2100	0.0800	0.1300	0.2100	0.1700	0.1600	0.3300	0.0900	0.1052	0.3000	0.1344	-	0.4700	0.5000	0.5000
Dividend per Share ²	-	-	-	-	0.2500	-	-	-	-	-	0.1000	-	-	0.1100	-	-	-	-	-	-	-	-	0.1792	-	-	-
Announcement Date	20-04-28	20-08-27	21-04-26	21-08-27	22-04-28	22-04-28	22-04-28	22-08-30	22-08-30	22-10-25	23-04-27	23-04-27	23-04-27	23-08-30	23-08-30	23-10-24	24-01-30	24-01-30	24-04-26	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,280	19,296	24,991	17,503	19,403	13,665	-	-
Net Cash position ¹	-	-	-	-	-	-	2,671	16,055
Leverage (Debt/EBITDA)	0.4132 x	0.545 x	0.4849 x	0.4924 x	-	0.3875 x	-	-
Free Cash Flow ¹	12,606	9,673	38,381	23,281	5,027	10,577	13,302	22,601
ROE (net income / shareholders' equity)	7.05%	7.03%	12.4%	6.33%	6.04%	6.32%	6.82%	7.3%
ROA (Net income/ Total Assets)	3.68%	3.61%	6.4%	3.13%	-	3.43%	3.78%	6%
Assets ¹	337,771	351,060	369,088	389,323	-	385,808	400,910	314,793
Book Value Per Share ²	7.990	8.280	8.570	8.740	9.070	9.050	9.820	10.00
Cash Flow per Share ²	1.320	1.260	2.690	2.010	1.140	1.250	1.350	-
Capex ¹	16,898	18,411	21,488	21,438	20,275	17,234	15,297	18,154
Capex / Sales	5.79%	6.49%	5.9%	5.83%	5.89%	4.95%	4.2%	5.25%
Announcement Date	20-04-28	21-04-26	22-04-28	23-04-27	24-01-30	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Baoshan Iron & Steel Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.03 CNY

Average target price

7.616 CNY

Spread / Average Target

+8.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
BAOSHAN IRON & STEEL CO., LTD.	+18.55%	21.23B
JSW STEEL LIMITED	+1.77%	25.86B
CHINA STEEL CORPORATION	-7.41%	11.73B
JINDAL STEEL & POWER LIMITED	+25.93%	11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+10.61%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+1.48%	8.56B
BHARAT FORGE LIMITED	+3.56%	7.32B
JINDAL STAINLESS LIMITED	+22.33%	6.92B
BLUESCOPE STEEL LIMITED	-2.61%	6.52B

Iron, Steel Mills & Foundries