Financials Angang Steel Company Limited

Equities

347 CNE1000001V4

Iron & Steel

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
1.35 ^HKD	+4.65%		+4.65%	-12.34%

Apr. 26	Angang Steel Company Limited Announces That Tian Yong Tendered His Resignation as Executive Director, Deputy General Manager and Member of the Nomination Committee of the Board	CI
Apr. 02	Angang Steel Repurchases Nearly Half a Million Restricted Shares; Shares Up 3%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,858	27,885	33,551	23,819	21,722	21,296	-	-
Enterprise Value (EV) ¹	44,290	36,424	34,539	25,464	25,329	27,120	27,180	23,734
P/E ratio	15.5 x	13.4 x	3.93 x	111 x	-	-12.1 x	22.3 x	7.77 x
Yield	1.97%	3.16%	7.82%	-	-	-	2.37%	5.61%
Capitalization / Revenue	0.29 x	0.28 x	0.25 x	0.18 x	0.19 x	0.19 x	0.2 x	0.2 x
EV / Revenue	0.42 x	0.36 x	0.25 x	0.19 x	0.22 x	0.24 x	0.25 x	0.22 x
EV / EBITDA	6.53 x	5.73 x	2.62 x	7.36 x	-46.6 x	8.26 x	5.3 x	3.61 x
EV / FCF	6.7 x	5.91 x	4.11 x	13.3 x	-17.3 x	-20.8 x	-40.5 x	-
FCF Yield	14.9%	16.9%	24.3%	7.5%	-5.78%	-4.82%	-2.47%	-
Price to Book	0.52 x	0.47 x	0.45 x	-	-	0.22 x	0.22 x	0.21 x
Nbr of stocks (in thousands)	9,405,250	9,352,918	9,292,793	9,350,563	9,331,394	9,383,852	-	-
Reference price ²	2.895	2.660	2.827	1.881	1.400	1.250	1.250	1.250
Announcement Date	3/27/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	105,587	100,903	136,674	131,072	113,502	112,204	108,736	106,532
EBITDA ¹	6,783	6,356	13,187	3,458	-544	3,282	5,126	6,584
EBIT ¹	3,005	2,482	8,985	-218	-4,149	82.18	971.4	222
Operating Margin	2.85%	2.46%	6.57%	-0.17%	-3.66%	0.07%	0.89%	0.21%
Earnings before Tax (EBT) ¹	1,972	2,403	8,920	-269	-4,142	-1,020	677.9	1,417
Net income ¹	1,787	1,978	6,925	156	-3,257	-847	496.6	1,073
Net margin	1.69%	1.96%	5.07%	0.12%	-2.87%	-0.75%	0.46%	1.01%
EPS ²	0.1870	0.1980	0.7200	0.0170	-	-0.1032	0.0561	0.1609
Free Cash Flow ¹	6,608	6,160	8,409	1,911	-1,464	-1,306	-671	-
FCF margin	6.26%	6.1%	6.15%	1.46%	-1.29%	-1.16%	-0.62%	-
FCF Conversion (EBITDA)	97.42%	96.92%	63.77%	55.26%	-	-	-	-
FCF Conversion (Net income)	369.78%	311.43%	121.43%	1,225%	-	-	-	-
Dividend per Share ²	0.0570	0.0840	0.2210	-	-	-	0.0296	0.0701
Announcement Date	3/27/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

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	54,513	44,650	56,253	72,551	35,986	28,137	64,123	34,927	35,367	70,294	30,556	30,222	60,778	30,844	27,981	58,825	25,463	29,214	54,677	22,844	20,668	56,693	38,073	27,195	53,326	21,354	52,798	52,798
EBITDA	3,083	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,143	-	-	-	3,034	-740	2,294	2,048	176	2,224	-2,125	-317	-2,442	-170	-1,588	-	-1,100	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	2.1%	-	-	-	8.43%	-2.63%	3.58%	5.86%	0.5%	3.16%	-6.95%	-1.05%	-4.02%	-0.55%	-5.68%	-	-4.32%	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	126	-	-	-	2,987	-736	-	1,988	218	-	-2,143	-332	-	-185	-1,588	-	-1,096	-1,273	-	-1,292	-942.9	-	-1,110	-838.5	-	-	-	-
Net income ¹	362	-	-	-	2,306	-564	-	1,482	234	-	-1,523	-37	-	-149	-1,197	-	-769	-1,142	-	-1,162	-847.6	-	-997.9	-753.6	-	-	-	-
Net margin	0.66%	-	-	-	6.41%	-2%	-	4.24%	0.66%	-	-4.98%	-0.12%	-	-0.48%	-4.28%	-	-3.02%	-3.91%	-	-5.09%	-4.1%	-	-2.62%	-2.77%	-	-	-	-
EPS ²	0.0410	0.0530	0.1450	0.5460	0.2390	-0.0700	-	0.1540	-	0.1820	-0.1610	-0.004050	-0.1650	-0.0170	-0.1270	-0.1430	-0.0820	-	-	-0.0800	-0.0200	-0.0200	0.0200	0.0900	-0.0300	-	0.0700	0.0500
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	3/27/20	8/28/20	3/30/21	8/27/21	10/29/21	3/30/22	3/30/22	4/27/22	8/26/22	8/26/22	10/28/22	3/30/23	3/30/23	4/27/23	8/30/23	8/30/23	10/30/23	3/28/24	3/28/24	-	-	-	-	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,432	8,539	988	1,645	3,607	5,824	5,884	2,438
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.98 x	1.343 x	0.0749 x	0.4757 x	-6.631 x	1.775 x	1.148 x	0.3704 x
Free Cash Flow ¹	6,608	6,160	8,409	1,911	-1,464	-1,306	-671	-
ROE (net income / shareholders' equity)	3.43%	3.74%	12.3%	0.26%	-5.78%	0.22%	1.5%	84.5%
ROA (Net income/ Total Assets)	2.01%	2.25%	7.48%	0.01%	-	0.06%	0.53%	0.18%
Assets ¹	88,905	87,911	92,572	1,392,857	-	-1,411,665	93,705	596,057
Book Value Per Share ²	5.540	5.670	6.350	-	-	5.690	5.750	5.830
Cash Flow per Share ²	1.050	1.050	1.340	-	-	0.2200	0.5300	0.5900
Capex ¹	3,412	3,756	4,437	4,228	3,043	3,956	4,570	5,275
Capex / Sales	3.23%	3.72%	3.25%	3.23%	2.68%	3.53%	4.2%	4.95%
Announcement Date	3/27/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

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 Angang Steel Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.25 CNY

Average target price

1.748 CNY

Spread / Average Target

+39.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
ANGANG STEEL COMPANY LIMITED	-12.34%	2.94B
NUCOR CORPORATION	+0.79%	42.1B
TATA STEEL LIMITED	+18.89%	24.83B
POSCO HOLDINGS INC.	-21.02%	21.75B
STEEL DYNAMICS, INC.	+13.50%	21.17B
ARCELORMITTAL	-7.50%	20.77B
JFE HOLDINGS, INC.	+6.81%	9.44B
CLEVELAND-CLIFFS INC.	-12.44%	8.5B
UNITED STATES STEEL CORPORATION	-23.08%	8.41B
STEEL AUTHORITY OF INDIA LIMITED	+36.31%	8.35B

Other Steel