Financials Nanjing Iron & Steel Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
5.33 ^CNY	+0.19%		-1.66%	+44.05%

Apr. 22	Nanjing Iron & Steel Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Mar. 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	32,860	-	-
Enterprise Value (EV) ¹	15,278	19,136	22,745	19,384	22,811	32,860	32,860	32,860
P/E ratio	5.86 x	5.62 x	5.56 x	8.97 x	10.7 x	13.9 x	11.5 x	12 x
Yield	8.7%	8.01%	8.11%	-	6.76%	5.07%	5.72%	5.82%
Capitalization / Revenue	0.32 x	0.36 x	0.3 x	-	0.31 x	0.42 x	0.39 x	0.37 x
EV / Revenue	0.32 x	0.36 x	0.3 x	-	0.31 x	0.42 x	0.39 x	0.37 x
EV / EBITDA	2.48 x	3.33 x	-	-	4.36 x	7.59 x	5.11 x	6.08 x
EV / FCF	-	-	11.6 x	-	-18.1 x	23.3 x	18.5 x	9.31 x
FCF Yield	-	-	8.62%	-	-5.52%	4.3%	5.4%	10.7%
Price to Book	0.91 x	0.81 x	0.86 x	-	0.86 x	1.2 x	1.14 x	1.13 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	5.330	5.330	5.330
Announcement Date	3/24/20	3/26/21	3/22/22	3/28/23	3/8/24	-	-	-

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	85,050	87,970
EBITDA ¹	6,161	5,747	-	-	5,236	4,328	6,430	5,408
EBIT ¹	4,056	3,861	5,028	-	2,691	3,008	3,602	3,485
Operating Margin	8.46%	7.27%	6.64%	-	3.71%	3.83%	4.23%	3.96%
Earnings before Tax (EBT) ¹	3,902	3,879	4,978	-	2,648	2,940	3,552	3,423
Net income ¹	2,606	2,846	4,091	2,161	2,125	2,356	2,848	2,744
Net margin	5.43%	5.36%	5.41%	-	2.93%	3%	3.35%	3.12%
EPS ²	0.5886	0.5549	0.6660	0.3512	0.3447	0.3833	0.4625	0.4433
Free Cash Flow ¹	-	-	1,961	-	-1,259	1,413	1,776	3,530
FCF margin	-	-	2.59%	-	-1.74%	1.8%	2.09%	4.01%
FCF Conversion (EBITDA)	-	-	-	-	-	32.65%	27.62%	65.27%
FCF Conversion (Net income)	-	-	47.94%	-	-	59.97%	62.36%	128.66%
Dividend per Share ²	0.3000	0.2500	0.3000	-	0.2500	0.2700	0.3050	0.3100
Announcement Date	3/24/20	3/26/21	3/22/22	3/28/23	3/8/24	-	-	-

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 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%	9.8%	9.22%
ROA (Net income/ Total Assets)	6.15%	6.22%	-	-	2.9%	4.05%	4.38%	-
Assets ¹	42,405	45,762	-	-	73,177	58,173	65,023	-
Book Value Per Share ²	3.790	3.860	4.290	-	4.310	4.430	4.690	4.730
Cash Flow per Share ²	0.9800	0.4200	-	-	0.4300	1.040	0.9500	1.190
Capex ¹	1,251	2,768	2,559	-	3,934	2,260	2,388	1,855
Capex / Sales	2.61%	5.21%	3.38%	-	5.42%	2.88%	2.81%	2.11%
Announcement Date	3/24/20	3/26/21	3/22/22	3/28/23	3/8/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.33 CNY

Average target price

5.89 CNY

Spread / Average Target

+10.51%

	1st Jan change	Capi.
NANJING IRON & STEEL CO., LTD.	+44.05%	4.53B
JSW STEEL LIMITED	+1.77%	25.86B
BAOSHAN IRON & STEEL CO., LTD.	+19.56%	21.23B
CHINA STEEL CORPORATION	-7.41%	11.73B
JINDAL STEEL & POWER LIMITED	+25.93%	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.	+1.34%	8.56B
BHARAT FORGE LIMITED	+3.56%	7.32B
JINDAL STAINLESS LIMITED	+22.33%	6.92B