Financials Nanjing Iron & Steel Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-06-20 EDT			5-day change	1st Jan Change
4.93 ^CNY	-1.00%		-2.18%	+33.24%

04-22	Nanjing Iron & Steel Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-11	Nanjing Iron & Steel's 2023 Profit Slips 1.7%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	15,278	19,136	22,745	19,384	22,811	30,394	-	-
Enterprise Value (EV) ¹	15,278	19,136	22,745	19,384	22,811	30,394	30,394	30,394
P/E ratio	5.86 x	5.62 x	5.56 x	8.97 x	10.7 x	12.8 x	11.7 x	11.1 x
Yield	8.7%	8.01%	8.11%	-	6.76%	5.48%	5.68%	6.29%
Capitalization / Revenue	0.32 x	0.36 x	0.3 x	-	0.31 x	0.39 x	0.36 x	0.35 x
EV / Revenue	0.32 x	0.36 x	0.3 x	-	0.31 x	0.39 x	0.36 x	0.35 x
EV / EBITDA	2.48 x	3.33 x	-	-	4.36 x	7.02 x	6.37 x	5.62 x
EV / FCF	-	-	11.6 x	-	-18.1 x	21.5 x	17.1 x	8.61 x
FCF Yield	-	-	8.62%	-	-5.52%	4.65%	5.84%	11.6%
Price to Book	0.91 x	0.81 x	0.86 x	-	0.86 x	1.11 x	1.07 x	1.04 x
Nbr of stocks (in thousands)	4,428,453	6,133,308	6,147,303	6,153,793	6,165,091	6,165,091	-	-
Reference price ²	3.450	3.120	3.700	3.150	3.700	4.930	4.930	4.930
Announcement Date	20-03-24	21-03-26	22-03-22	23-03-28	24-03-08	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	47,970	53,123	75,674	-	72,543	78,538	84,104	87,970
EBITDA ¹	6,161	5,747	-	-	5,236	4,328	4,770	5,408
EBIT ¹	4,056	3,861	5,028	-	2,691	3,008	3,271	3,485
Operating Margin	8.46%	7.27%	6.64%	-	3.71%	3.83%	3.89%	3.96%
Earnings before Tax (EBT) ¹	3,902	3,879	4,978	-	2,648	2,940	3,207	3,423
Net income ¹	2,606	2,846	4,091	2,161	2,125	2,356	2,570	2,744
Net margin	5.43%	5.36%	5.41%	-	2.93%	3%	3.06%	3.12%
EPS ²	0.5886	0.5549	0.6660	0.3512	0.3447	0.3850	0.4225	0.4433
Free Cash Flow ¹	-	-	1,961	-	-1,259	1,413	1,776	3,530
FCF margin	-	-	2.59%	-	-1.74%	1.8%	2.11%	4.01%
FCF Conversion (EBITDA)	-	-	-	-	-	32.65%	37.23%	65.27%
FCF Conversion (Net income)	-	-	47.94%	-	-	59.97%	69.11%	128.66%
Dividend per Share ²	0.3000	0.2500	0.3000	-	0.2500	0.2700	0.2800	0.3100
Announcement Date	20-03-24	21-03-26	22-03-22	23-03-28	24-03-08	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	1,961	-	-1,259	1,413	1,776	3,530
ROE (net income / shareholders' equity)	16.4%	14.5%	16.3%	-	8.12%	8.69%	9.07%	9.22%
ROA (Net income/ Total Assets)	6.15%	6.22%	-	-	2.9%	-	-	-
Assets ¹	42,405	45,762	-	-	73,177	-	-	-
Book Value Per Share ²	3.790	3.860	4.290	-	4.310	4.430	4.590	4.730
Cash Flow per Share ²	0.9800	0.4200	-	-	0.4300	1.040	0.7900	1.190
Capex ¹	1,251	2,768	2,559	-	3,934	2,260	2,048	1,855
Capex / Sales	2.61%	5.21%	3.38%	-	5.42%	2.88%	2.44%	2.11%
Announcement Date	20-03-24	21-03-26	22-03-22	23-03-28	24-03-08	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.93 CNY

Average target price

5.89 CNY

Spread / Average Target

+19.47%

	1st Jan change	Capi.
NANJING IRON & STEEL CO., LTD.	+33.24%	4.19B
JSW STEEL LIMITED	+6.29%	27.24B
BAOSHAN IRON & STEEL CO., LTD.	+10.96%	19.67B
JINDAL STEEL & POWER LIMITED	+44.00%	13.15B
CHINA STEEL CORPORATION	-12.59%	11.12B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+0.64%	9.82B
BHARAT FORGE LIMITED	+41.41%	9.76B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	-4.11%	8.75B
JINDAL STAINLESS LIMITED	+38.28%	7.79B
TERNIUM S.A.	-13.52%	7.21B