Financials Fushun Special Steel Co.,LTD.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-06-03 pm EDT			5-day change	1st Jan Change
6.1 ^CNY	+1.67%		-1.93%	-37.24%

Apr. 29	Fushun Special Steel Co.,LTD. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 01	S.A.F. Special Steel Public Company Limited Appoints to Be the Authorized Distributor in Thailand from the Top Special Steel	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,508	29,384	48,849	28,221	19,169	11,931	-	-
Enterprise Value (EV) ¹	6,508	29,384	48,849	28,221	19,169	11,931	11,931	11,931
P/E ratio	22 x	53.2 x	61.9 x	143 x	54 x	20.1 x	14.2 x	12.1 x
Yield	-	-	-	-	-	1.48%	1.8%	2.3%
Capitalization / Revenue	-	4.68 x	6.59 x	3.61 x	2.24 x	1.22 x	1.08 x	0.99 x
EV / Revenue	-	4.68 x	6.59 x	3.61 x	2.24 x	1.22 x	1.08 x	0.99 x
EV / EBITDA	-	-	-	41.5 x	26.3 x	11.2 x	9.3 x	7.95 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	5.84 x	8.34 x	4.66 x	2.99 x	1.73 x	1.57 x	1.43 x
Nbr of stocks (in thousands)	1,972,100	1,972,100	1,972,100	1,972,100	1,972,100	1,972,100	-	-
Reference price ²	3.300	14.90	24.77	14.31	9.720	6.100	6.100	6.100
Announcement Date	3/30/20	3/30/21	3/30/22	4/19/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	6,272	7,414	7,815	8,575	9,785	11,030	12,056
EBITDA ¹	-	-	-	680	729.5	1,067	1,283	1,500
EBIT ¹	-	588	861.9	412.1	399.1	695.7	961.8	1,066
Operating Margin	-	9.37%	11.63%	5.27%	4.65%	7.11%	8.72%	8.84%
Earnings before Tax (EBT) ¹	-	550.7	784.3	268.4	356.6	649.3	907.2	1,022
Net income ¹	302	551.6	783.4	196.5	362.3	598.3	850	995
Net margin	-	8.79%	10.57%	2.51%	4.23%	6.12%	7.71%	8.25%
EPS ²	0.1500	0.2800	0.4000	0.1000	0.1800	0.3033	0.4300	0.5050
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	0.0900	0.1100	0.1400
Announcement Date	3/30/20	3/30/21	3/30/22	4/19/23	3/29/24	-	-	-

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	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	11.6%	14.3%	3.3%	5.81%	8.72%	11.2%	11.8%
ROA (Net income/ Total Assets)	-	-	-	3.01%	-	4.57%	5.63%	6.59%
Assets ¹	-	-	-	6,531	-	13,093	15,098	15,110
Book Value Per Share ²	-	2.550	2.970	3.070	3.250	3.520	3.890	4.270
Cash Flow per Share ²	-	0.3100	0.1700	0.0200	0.0900	0.5100	0.5500	0.5800
Capex ¹	-	85.3	257	339	695	525	499	531
Capex / Sales	-	1.36%	3.47%	4.34%	8.1%	5.36%	4.52%	4.4%
Announcement Date	3/30/20	3/30/21	3/30/22	4/19/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.1 CNY

Average target price

8.785 CNY

Spread / Average Target

+44.02%

	1st Jan change	Capi.
FUSHUN SPECIAL STEEL CO.,LTD.	-37.24%	1.66B
JSW STEEL LIMITED	-0.23%	24.55B
BAOSHAN IRON & STEEL CO., LTD.	+19.22%	21.19B
JINDAL STEEL & POWER LIMITED	+34.51%	11.52B
CHINA STEEL CORPORATION	-12.59%	11.13B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+7.41%	10.51B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+1.37%	9.28B
TERNIUM S.A.	-0.82%	8.33B
BHARAT FORGE LIMITED	+21.27%	8.13B
JINDAL STAINLESS LIMITED	+35.68%	7.48B