Financials Vulcan Steel Limited

Equities

VSL

AU0000181984

Iron & Steel

Market Closed - Australian S.E. Other stock markets 02:10:05 2024-04-29 am EDT			5-day change	1st Jan Change
7.51 ^AUD	+5.92%		-0.79%	-1.83%

Apr. 02	RBC Capital Markets Starts Vulcan Steel at Sector Perform With Price Target at AU$9	MT
Mar. 14	Vulcan Steel Limited Announces Resignation of Russell Chenu as Director	CI

Valuation

Fiscal Period: Juni	2022	2023	2024	2025	2026
Capitalization ¹	1,112	1,172	1,025	-	-
Enterprise Value (EV) ¹	1,299	1,512	1,392	1,386	1,356
P/E ratio	9 x	13.3 x	22.4 x	15.1 x	10 x
Yield	7.68%	6.16%	3.09%	4.58%	6.73%
Capitalization / Revenue	1.14 x	0.94 x	0.94 x	0.9 x	0.84 x
EV / Revenue	1.34 x	1.21 x	1.28 x	1.22 x	1.11 x
EV / EBITDA	5.36 x	6.9 x	9.08 x	7.69 x	6.12 x
EV / FCF	-	12.3 x	12.5 x	16.6 x	11.4 x
FCF Yield	-	8.1%	7.98%	6.02%	8.75%
Price to Book	6 x	6.31 x	6.17 x	5.33 x	4.32 x
Nbr of stocks (in thousands)	131,409	131,409	131,409	-	-
Reference price ²	8.461	8.921	7.797	7.797	7.797
Announcement Date	8/23/22	8/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2021	2022	2023	2024	2025	2026
Net sales ¹	731.5	972.7	1,245	1,089	1,136	1,219
EBITDA ¹	-	242.5	219	153.3	180.3	221.5
EBIT ¹	-	215.1	173.7	107.4	134.3	175.2
Operating Margin	-	22.11%	13.96%	9.86%	11.82%	14.37%
Earnings before Tax (EBT) ¹	-	181.3	124.9	61.8	91.7	140.6
Net income ¹	-	132.6	80.9	45.67	67.71	102.3
Net margin	-	13.63%	6.5%	4.19%	5.96%	8.39%
EPS ²	0.4900	0.9400	0.6700	0.3483	0.5148	0.7779
Free Cash Flow ¹	-	-	122.5	111.1	83.4	118.6
FCF margin	-	-	9.84%	10.2%	7.34%	9.73%
FCF Conversion (EBITDA)	-	-	55.91%	72.49%	46.25%	53.55%
FCF Conversion (Net income)	-	-	151.37%	243.26%	123.17%	115.91%
Dividend per Share ²	-	0.6500	0.5500	0.2409	0.3571	0.5250
Announcement Date	11/3/21	8/23/22	8/28/23	-	-	-

¹NZD in Million²NZD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Juni	2022 S1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	463	638	606.9	564	538
EBITDA ¹	-	115.1	-	81.82	68.15
EBIT ¹	-	-	-	59.14	45.2
Operating Margin	-	-	-	10.49%	8.4%
Earnings before Tax (EBT) ¹	-	-	-	-	17
Net income ¹	53.9	54.36	-	-	11.9
Net margin	11.64%	8.52%	-	-	2.21%
EPS ²	-	0.4140	-	-	0.0910
Dividend per Share	-	0.2450	-	0.1200	-
Announcement Date	2/9/22	2/13/23	8/28/23	2/13/24	-

¹NZD in Million²NZD

Estimates

Balance Sheet Analysis

Fiscal Period: Juni	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	187	340	367	362	331
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.7709 x	1.551 x	2.397 x	2.006 x	1.496 x
Free Cash Flow ¹	-	-	122	111	83.4	119
ROE (net income / shareholders' equity)	-	88.8%	43.6%	25.3%	34.6%	45.6%
ROA (Net income/ Total Assets)	-	21.9%	8.99%	10.9%	13.4%	17.2%
Assets ¹	-	606.6	899.8	420.9	506.9	595.2
Book Value Per Share ²	-	1.410	1.410	1.260	1.460	1.800
Cash Flow per Share ²	-	0.0900	1.110	1.070	0.9200	1.090
Capex ¹	-	12.2	23	28.2	23.2	20.7
Capex / Sales	-	1.26%	1.84%	2.59%	2.04%	1.7%
Announcement Date	11/3/21	8/23/22	8/28/23	-	-	-

¹NZD in Million²NZD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Vulcan Steel Limited

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

7.797 NZD

Average target price

8.958 NZD

Spread / Average Target

+14.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Metal Service Centers

	1st Jan change	Capi.
VULCAN STEEL LIMITED	-1.83%	608M
AZZ INC.	+23.07%	1.79B
RUSSEL METALS INC.	-12.28%	1.73B
RYERSON HOLDING CORPORATION	-11.59%	1.04B
TCC STEEL CORP.	-10.54%	1B
ZHEJIANG HUADA NEW MATERIALS CO., LTD.	-6.71%	500M
KUNSHAN KERSEN SCIENCE & TECHNOLOGY CO.,LTD.	-33.77%	458M
SUZHOU HUAYA INTELLIGENCE TECHNOLOGY CO., LTD.	-28.34%	397M
M.C.S. STEEL	+21.54%	102M
NAKABOHTEC CORROSION PROTECTING CO.,LTD.	+5.88%	76.12M

Metal Service Centers