Stock 323 MAANSHAN IRON & STEEL COMPANY LIMITED
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Financials Maanshan Iron & Steel Company Limited

Equities

323

CNE1000003R8

Iron & Steel

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 EDT 		5-day change 1st Jan Change
1.18 HKD +3.51% Intraday chart for Maanshan Iron & Steel Company Limited +3.51% -4.07%
04-16 Maanshan Iron & Steel Company Limited Announces the Resignation of Ding Yi as Director, the Chairman, a Member and the Chairman of the Strategic and Sustainable Development Committee of the Board of Directors, and a Member of the Nomination Committee of the Board of Directors CI
04-10 Transcript : Maanshan Iron & Steel Company Limited, 2023 Earnings Call, Apr 10, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 23,210 18,988 26,063 19,739 18,317 16,387 - -
Enterprise Value (EV) 1 31,718 32,335 35,158 32,445 32,759 33,068 32,249 27,169
P/E ratio 19.3 x 6.99 x 3.37 x -14 x -6.5 x 22.7 x 6.58 x 3.91 x
Yield 2.83% 7.22% 15% - - 1.11% 4.72% 6.62%
Capitalization / Revenue 0.3 x 0.23 x 0.23 x 0.19 x 0.19 x 0.17 x 0.18 x 0.18 x
EV / Revenue 0.41 x 0.4 x 0.31 x 0.32 x 0.33 x 0.34 x 0.35 x 0.3 x
EV / EBITDA 6.19 x 5.38 x 3.32 x 8.41 x 15 x 6.97 x 5.52 x 3.42 x
EV / FCF 10.3 x -8.63 x 3.75 x -26.5 x -8.63 x -7.48 x -9.04 x -
FCF Yield 9.73% -11.6% 26.7% -3.77% -11.6% -13.4% -11.1% -
Price to Book 0.81 x 0.49 x 0.55 x - - 0.3 x 0.3 x 0.27 x
Nbr of stocks (in thousands) 7,700,681 7,700,681 7,700,681 7,775,731 7,746,938 7,746,938 - -
Reference price 2 2.824 1.801 2.330 1.607 1.118 1.092 1.092 1.092
Announcement Date 20-03-30 21-03-09 22-03-09 23-03-30 24-03-28 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 78,263 81,540 113,851 102,154 98,938 97,317 92,297 91,825
EBITDA 1 5,124 6,005 10,600 3,858 2,186 4,744 5,847 7,950
EBIT 1 1,832 2,867 7,368 -484 -1,594 954.7 1,666 3,720
Operating Margin 2.34% 3.52% 6.47% -0.47% -1.61% 0.98% 1.8% 4.05%
Earnings before Tax (EBT) 1 2,298 3,081 7,016 -560.6 -1,597 880.3 1,740 3,232
Net income 1 1,128 1,983 5,332 -858.2 -1,327 640.1 1,287 2,156
Net margin 1.44% 2.43% 4.68% -0.84% -1.34% 0.66% 1.39% 2.35%
EPS 2 0.1465 0.2575 0.6920 -0.1150 -0.1720 0.0482 0.1661 0.2797
Free Cash Flow 1 3,087 -3,749 9,375 -1,223 -3,796 -4,419 -3,568 -
FCF margin 3.94% -4.6% 8.23% -1.2% -3.84% -4.54% -3.87% -
FCF Conversion (EBITDA) 60.25% - 88.45% - - - - -
FCF Conversion (Net income) 273.65% - 175.83% - - - - -
Dividend per Share 2 0.0800 0.1300 0.3500 - - 0.0121 0.0515 0.0723
Announcement Date 20-03-30 21-03-09 22-03-09 23-03-30 24-03-28 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 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 Q1 2025 S1 2025 S2
Net sales 1 41,236 37,429 44,111 56,864 28,952 28,035 56,987 26,580 29,787 56,367 22,944 22,842 45,787 22,737 26,244 48,980 24,937 25,021 49,958 20,223 24,031 48,482 25,465 20,806 46,128 19,173 44,974 44,876
EBITDA 1 - - - - 3,056 - - 2,257 - - - - - - - - - - - 134.5 1,048 - 816.1 124.7 - 244.5 - -
EBIT 1 - - - 6,253 2,412 -1,297 1,115 1,726 221.4 1,947 -871.5 -1,559 - -540.6 -1,822 -2,363 617 151.8 - -721.9 31.43 - -261.8 -756.4 - -624.9 - -
Operating Margin - - - 11% 8.33% -4.63% 1.96% 6.49% 0.74% 3.45% -3.8% -6.83% - -2.38% -6.94% -4.82% 2.47% 0.61% - -3.57% 0.13% - -1.03% -3.64% - -3.26% - -
Earnings before Tax (EBT) 1 - - - - 2,411 -1,679 - 1,700 173.5 - -871.4 -1,563 - -539.6 -1,822 - 618.1 146.6 - -702 51.24 - -242 -736.6 - -550.6 - -
Net income 1 - - - - 1,883 -1,195 - 1,253 174.2 - -763.1 -1,523 - -509.3 -1,726 - 637.7 270.7 - -731.5 97.1 - -225.5 -769.5 - -579.2 - -
Net margin - - - - 6.5% -4.26% - 4.72% 0.58% - -3.33% -6.67% - -2.24% -6.58% - 2.56% 1.08% - -3.62% 0.4% - -0.89% -3.7% - -3.02% - -
EPS 2 - 0.1100 0.1520 0.6030 0.2446 -0.1556 0.0890 0.1600 0.0253 0.1853 -0.0990 - -0.3000 -0.0700 -0.2192 -0.2892 0.0817 0.0355 0.1172 -0.0600 0.0600 0.0200 0.0100 0.0100 0.0800 - 0.0900 0.0800
Dividend per Share - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Announcement Date 20-03-30 20-08-26 21-03-09 21-08-25 21-10-26 22-03-09 22-03-09 22-04-29 22-08-30 22-08-30 22-10-28 23-03-30 23-03-30 23-04-27 23-08-30 23-08-30 23-10-27 24-03-28 24-03-28 - - - - - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,508 13,347 9,095 12,706 14,442 16,681 15,862 10,782
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.66 x 2.223 x 0.858 x 3.293 x 6.605 x 3.516 x 2.713 x 1.356 x
Free Cash Flow 1 3,087 -3,749 9,375 -1,223 -3,796 -4,419 -3,568 -
ROE (net income / shareholders' equity) 4.09% 7.17% 17.4% -2.77% -4.67% 1.06% 3.16% 7.44%
ROA (Net income/ Total Assets) 1.38% 2.37% 6.2% -0.91% -1.46% 3.4% 0.7% -
Assets 1 81,573 83,530 85,956 94,001 90,721 18,827 183,914 -
Book Value Per Share 2 3.500 3.690 4.250 - - 3.610 3.590 3.990
Cash Flow per Share 2 1.020 0.3600 2.180 - - 0.5900 0.5800 0.8300
Capex 1 4,779 6,519 7,399 7,865 5,788 3,495 4,685 3,000
Capex / Sales 6.11% 8% 6.5% 7.7% 5.85% 3.59% 5.08% 3.27%
Announcement Date 20-03-30 21-03-09 22-03-09 23-03-30 24-03-28 - - -
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 Maanshan Iron & Steel Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
8
Last Close Price
1.092 CNY
Average target price
1.469 CNY
Spread / Average Target
+34.50%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Steel
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