Financials Champion Iron Limited

Equities

CIA

AU000000CIA2

Iron & Steel

Market Closed - Australian S.E. Other stock markets 02:10:43 2024-04-26 am EDT			5-day change	1st Jan Change
7.12 ^AUD	+5.33%		+7.07%	-15.14%

Apr. 24	Champion Iron Reports Q4 Production and Mining Operation Expenditures	MT
Apr. 24	Champion Iron Grows Q1 Iron Concentrate Production by 6%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	879.2	610.1	2,625	4,035	3,693	3,293	-	-
Enterprise Value (EV) ¹	984.7	648.3	2,231	4,036	3,841	3,435	3,525	3,310
P/E ratio	11.3 x	6.87 x	5.68 x	7.58 x	18.3 x	14.6 x	9.96 x	9.74 x
Yield	-	-	-	2.56%	-	3.15%	3.35%	3.52%
Capitalization / Revenue	1.34 x	0.78 x	2.05 x	2.76 x	2.65 x	2.13 x	1.66 x	1.72 x
EV / Revenue	1.5 x	0.83 x	1.74 x	2.76 x	2.75 x	2.22 x	1.78 x	1.73 x
EV / EBITDA	3.54 x	1.86 x	2.72 x	4.36 x	7.79 x	6.14 x	4.15 x	4.38 x
EV / FCF	9.43 x	4.15 x	4.98 x	-76.7 x	-81.9 x	22.9 x	13.1 x	13 x
FCF Yield	10.6%	24.1%	20.1%	-1.3%	-1.22%	4.36%	7.63%	7.69%
Price to Book	5.85 x	1.62 x	3.08 x	3.47 x	2.94 x	2.09 x	1.94 x	1.77 x
Nbr of stocks (in thousands)	430,470	467,688	502,116	516,612	517,193	518,071	-	-
Reference price ²	2.042	1.304	5.228	7.810	7.140	6.356	6.356	6.356
Announcement Date	6/20/19	5/20/20	5/26/21	5/25/22	5/30/23	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	655.1	785.1	1,282	1,461	1,395	1,545	1,983	1,916
EBITDA ¹	278.2	348.5	819.5	925.8	493.2	559.8	848.9	756.4
EBIT ¹	263.6	326.5	774.1	873.3	372.1	431.2	603.9	599.4
Operating Margin	40.24%	41.59%	60.39%	59.78%	26.67%	27.9%	30.45%	31.29%
Earnings before Tax (EBT) ¹	213.6	241.2	761.9	870.8	346.5	393.4	652.1	607.9
Net income ¹	83.05	89.43	464.4	522.6	200.7	231	407.8	372
Net margin	12.68%	11.39%	36.23%	35.77%	14.39%	14.95%	20.56%	19.42%
EPS ²	0.1800	0.1900	0.9200	1.030	0.3900	0.4339	0.6384	0.6529
Free Cash Flow ¹	104.4	156.1	448.2	-52.6	-46.91	149.7	269.1	254.4
FCF margin	15.93%	19.88%	34.97%	-3.6%	-3.36%	9.68%	13.57%	13.28%
FCF Conversion (EBITDA)	37.52%	44.78%	54.7%	-	-	26.74%	31.7%	33.64%
FCF Conversion (Net income)	125.69%	174.51%	96.52%	-	-	64.8%	65.98%	68.39%
Dividend per Share ²	-	-	-	0.2000	-	0.2000	0.2130	0.2239
Announcement Date	6/20/19	5/20/20	5/26/21	5/25/22	5/30/23	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	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 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	555.6	726.2	331	876.4	253	331.4	584.4	279.3	300.6	579.9	351.2	463.9	815.1	297.2	387.6	684.7	506.9	311.8	883.3	378	457.9	1,012	485.8	464.4	996.5
EBITDA ¹	-	-	200	-	122.1	197.9	-	94.93	84.33	-	118.2	195.7	-	65.8	155	-	246.6	62.47	-	156.9	222.7	-	222.1	210.7	-
EBIT ¹	-	465.8	190.4	590.4	109.2	173.7	282.9	74.5	55.89	130.4	87.66	153.2	241.7	39.12	123.6	162.7	211.3	47.46	267.6	157.4	157.7	335.1	190.6	169.1	296.2
Operating Margin	-	64.14%	57.51%	67.37%	43.16%	52.42%	48.41%	26.67%	18.59%	22.49%	24.96%	33.03%	29.65%	13.16%	31.89%	23.76%	41.69%	15.22%	30.3%	41.63%	34.45%	33.11%	39.23%	36.42%	29.73%
Earnings before Tax (EBT) ¹	-	-	189.6	-	108.6	181.3	-	70.95	45.51	-	85.63	144.5	-	28.97	112.2	-	205	40.25	-	153.9	180.9	-	182.6	166.1	-
Net income ¹	-	-	114.6	-	68	115.7	-	41.55	19.53	-	51.41	88.22	-	16.66	65.28	-	126.5	14.16	-	97.05	114.5	-	115.5	104.4	-
Net margin	-	-	34.62%	-	26.87%	34.9%	-	14.88%	6.5%	-	14.64%	19.02%	-	5.61%	16.84%	-	24.95%	4.54%	-	25.67%	25.02%	-	23.77%	22.48%	-
EPS ²	-	-	0.2200	-	0.1300	0.2300	-	0.0800	0.0400	-	0.1000	0.1700	-	0.0300	0.1200	0.1600	0.2400	0.0237	0.3000	0.1389	0.1811	0.3800	0.1842	0.1691	0.3400
Dividend per Share ²	-	-	0.1000	-	-	0.1000	-	0.1000	-	-	-	-	-	-	0.1000	-	-	0.1000	-	-	0.1000	-	-	0.1000	-
Announcement Date	10/27/20	5/26/21	10/27/21	10/27/21	1/26/22	5/25/22	5/25/22	7/27/22	10/26/22	10/26/22	1/26/23	5/30/23	5/30/23	7/27/23	10/25/23	10/25/23	1/30/24	-	-	-	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	106	38.2	-	1.47	148	142	232	16.8
Net Cash position ¹	-	-	394	-	-	-	-	-
Leverage (Debt/EBITDA)	0.3794 x	0.1096 x	-	0.001586 x	0.3011 x	0.2528 x	0.2737 x	0.0222 x
Free Cash Flow ¹	104	156	448	-52.6	-46.9	150	269	254
ROE (net income / shareholders' equity)	81.4%	47.6%	76.6%	51.9%	16.6%	17.6%	25.5%	16.2%
ROA (Net income/ Total Assets)	-	-	-	30%	9.33%	11.7%	10.3%	6.74%
Assets ¹	-	-	-	1,743	2,152	1,982	3,976	5,515
Book Value Per Share ²	0.3500	0.8100	1.700	2.250	2.430	3.040	3.270	3.580
Cash Flow per Share ²	0.3900	0.7000	1.300	0.9300	0.4600	0.9300	1.070	0.9200
Capex ¹	72.3	154	175	523	283	316	392	299
Capex / Sales	11.04%	19.55%	13.67%	35.8%	20.28%	20.46%	19.78%	15.61%
Announcement Date	6/20/19	5/20/20	5/26/21	5/25/22	5/30/23	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Champion Iron Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.356 CAD

Average target price

7.461 CAD

Spread / Average Target

+17.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
CHAMPION IRON LIMITED	-15.14%	2.41B
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