Financials Hunan Valin Steel Co., Ltd.

Equities

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
5.78 ^CNY	+0.70%		-2.20%	+12.23%

Apr. 02	Hunan Valin Steel's 2023 Profit Drops 20%	MT
Apr. 01	Hunan Valin Steel Co., Ltd. Proposes Final Cash Dividend for 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,181	29,297	35,303	32,471	35,579	39,932	-	-
Enterprise Value (EV) ¹	20,181	29,297	41,094	32,471	35,579	39,932	39,932	39,932
P/E ratio	4.6 x	4.67 x	3.45 x	5.09 x	7.01 x	7.34 x	6.29 x	6.08 x
Yield	5.23%	4.39%	5.68%	5.11%	4.47%	4.8%	5.45%	5.77%
Capitalization / Revenue	0.19 x	0.25 x	0.21 x	0.19 x	0.22 x	0.24 x	0.23 x	0.23 x
EV / Revenue	0.19 x	0.25 x	0.21 x	0.19 x	0.22 x	0.24 x	0.23 x	0.23 x
EV / EBITDA	1.78 x	2.56 x	2.33 x	-	3.14 x	3.26 x	2.98 x	2.66 x
EV / FCF	2.77 x	-	18.1 x	9.66 x	-38.2 x	12.4 x	5.9 x	5.43 x
FCF Yield	36.1%	-	5.53%	10.4%	-2.62%	8.04%	17%	18.4%
Price to Book	1.04 x	0.89 x	0.78 x	0.65 x	0.67 x	0.7 x	0.65 x	0.61 x
Nbr of stocks (in thousands)	4,221,910	6,129,077	6,908,632	6,908,632	6,908,632	6,908,632	-	-
Reference price ²	4.780	4.780	5.110	4.700	5.150	5.780	5.780	5.780
Announcement Date	3/18/20	3/30/21	4/29/22	3/23/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	107,116	116,276	171,176	168,099	163,897	167,920	172,871	175,356
EBITDA ¹	11,368	11,445	15,183	-	11,337	12,261	13,378	15,004
EBIT ¹	7,889	8,117	11,950	8,714	7,491	7,954	8,979	9,390
Operating Margin	7.37%	6.98%	6.98%	5.18%	4.57%	4.74%	5.19%	5.35%
Earnings before Tax (EBT) ¹	7,780	8,032	11,944	8,673	7,487	7,944	8,968	9,385
Net income ¹	4,391	6,395	9,680	6,379	5,079	5,450	6,358	6,577
Net margin	4.1%	5.5%	5.65%	3.79%	3.1%	3.25%	3.68%	3.75%
EPS ²	1.040	1.022	1.481	0.9233	0.7351	0.7880	0.9183	0.9500
Free Cash Flow ¹	7,276	-	1,952	3,363	-931.1	3,212	6,769	7,359
FCF margin	6.79%	-	1.14%	2%	-0.57%	1.91%	3.92%	4.2%
FCF Conversion (EBITDA)	64%	-	12.86%	-	-	26.2%	50.6%	49.05%
FCF Conversion (Net income)	165.68%	-	20.17%	52.72%	-	58.94%	106.46%	111.89%
Dividend per Share ²	0.2500	0.2100	0.2900	0.2400	0.2300	0.2775	0.3150	0.3333
Announcement Date	3/18/20	3/30/21	4/29/22	3/23/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	5,790	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3814 x	-	-	-	-	-
Free Cash Flow ¹	7,276	-	1,952	3,363	-931	3,212	6,769	7,359
ROE (net income / shareholders' equity)	20.9%	21%	24.6%	13.4%	9.87%	9.64%	10.3%	10%
ROA (Net income/ Total Assets)	5.29%	7.37%	9.81%	5.64%	4.02%	4.35%	5%	5.01%
Assets ¹	83,029	86,832	98,653	113,125	126,411	125,286	127,160	131,409
Book Value Per Share ²	4.600	5.400	6.570	7.230	7.710	8.240	8.950	9.510
Cash Flow per Share ²	1.760	1.960	0.9400	1.370	0.7600	1.480	1.590	1.750
Capex ¹	3,486	4,237	4,563	6,094	6,204	6,308	5,072	6,039
Capex / Sales	3.25%	3.64%	2.67%	3.63%	3.79%	3.76%	2.93%	3.44%
Announcement Date	3/18/20	3/30/21	4/29/22	3/23/23	3/29/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.78 CNY

Average target price

7.09 CNY

Spread / Average Target

+22.66%

	1st Jan change	Capi.
HUNAN VALIN STEEL CO., LTD.	+12.23%	5.51B
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JINDAL STEEL & POWER LIMITED	+24.56%	11.2B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.54%	10.91B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.96%	10.15B
TERNIUM S.A.	+2.61%	8.56B
BHARAT FORGE LIMITED	+5.78%	7.32B
JINDAL STAINLESS LIMITED	+22.56%	6.92B