Financials Hunan Valin Steel Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 18:00:00 2024-04-29 EDT			5-day change	1st Jan Change
5.22 ^CNY	-9.38%		-9.69%	+1.36%

04-29	Hunan Valin Steel Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-02	Hunan Valin Steel's 2023 Profit Drops 20%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,181	29,297	35,303	32,471	35,579	36,063	-	-
Enterprise Value (EV) ¹	20,181	29,297	41,094	32,471	35,579	36,063	36,063	36,063
P/E ratio	4.6 x	4.67 x	3.45 x	5.09 x	7.01 x	6.78 x	5.74 x	5.55 x
Yield	5.23%	4.39%	5.68%	5.11%	4.47%	5.17%	5.99%	6.32%
Capitalization / Revenue	0.19 x	0.25 x	0.21 x	0.19 x	0.22 x	0.21 x	0.21 x	0.21 x
EV / Revenue	0.19 x	0.25 x	0.21 x	0.19 x	0.22 x	0.21 x	0.21 x	0.21 x
EV / EBITDA	1.78 x	2.56 x	2.33 x	-	3.14 x	2.99 x	2.72 x	2.46 x
EV / FCF	2.77 x	-	18.1 x	9.66 x	-38.2 x	11.2 x	5.33 x	4.9 x
FCF Yield	36.1%	-	5.53%	10.4%	-2.62%	8.91%	18.8%	20.4%
Price to Book	1.04 x	0.89 x	0.78 x	0.65 x	0.67 x	0.63 x	0.58 x	0.55 x
Nbr of stocks (in thousands)	4,221,910	6,129,077	6,908,632	6,908,632	6,908,632	6,908,632	-	-
Reference price ²	4.780	4.780	5.110	4.700	5.150	5.220	5.220	5.220
Announcement Date	20-03-18	21-03-30	22-04-29	23-03-23	24-03-29	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	107,116	116,276	171,176	168,099	163,897	167,883	172,840	175,308
EBITDA ¹	11,368	11,445	15,183	-	11,337	12,078	13,257	14,643
EBIT ¹	7,889	8,117	11,950	8,714	7,491	7,885	8,935	9,326
Operating Margin	7.37%	6.98%	6.98%	5.18%	4.57%	4.7%	5.17%	5.32%
Earnings before Tax (EBT) ¹	7,780	8,032	11,944	8,673	7,487	7,876	8,924	9,321
Net income ¹	4,391	6,395	9,680	6,379	5,079	5,337	6,299	6,510
Net margin	4.1%	5.5%	5.65%	3.79%	3.1%	3.18%	3.64%	3.71%
EPS ²	1.040	1.022	1.481	0.9233	0.7351	0.7700	0.9100	0.9400
Free Cash Flow ¹	7,276	-	1,952	3,363	-931.1	3,212	6,769	7,359
FCF margin	6.79%	-	1.14%	2%	-0.57%	1.91%	3.92%	4.2%
FCF Conversion (EBITDA)	64%	-	12.86%	-	-	26.59%	51.06%	50.26%
FCF Conversion (Net income)	165.68%	-	20.17%	52.72%	-	60.18%	107.46%	113.05%
Dividend per Share ²	0.2500	0.2100	0.2900	0.2400	0.2300	0.2700	0.3125	0.3300
Announcement Date	20-03-18	21-03-30	22-04-29	23-03-23	24-03-29	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	5,790	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3814 x	-	-	-	-	-
Free Cash Flow ¹	7,276	-	1,952	3,363	-931	3,212	6,769	7,359
ROE (net income / shareholders' equity)	20.9%	21%	24.6%	13.4%	9.87%	9.46%	10.3%	9.95%
ROA (Net income/ Total Assets)	5.29%	7.37%	9.81%	5.64%	4.02%	4.21%	4.93%	4.91%
Assets ¹	83,029	86,832	98,653	113,125	126,411	126,678	127,711	132,717
Book Value Per Share ²	4.600	5.400	6.570	7.230	7.710	8.230	8.930	9.470
Cash Flow per Share ²	1.760	1.960	0.9400	1.370	0.7600	1.470	1.580	1.730
Capex ¹	3,486	4,237	4,563	6,094	6,204	6,308	5,072	6,039
Capex / Sales	3.25%	3.64%	2.67%	3.63%	3.79%	3.76%	2.93%	3.44%
Announcement Date	20-03-18	21-03-30	22-04-29	23-03-23	24-03-29	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.22 CNY

Average target price

7.09 CNY

Spread / Average Target

+35.82%

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