Financials AJUSTEEL Co.,Ltd

Equities

End-of-day quote Korea S.E. Other stock markets 23:00:00 27/05/2024 BST			5-day change	1st Jan Change
6,220 ^KRW	+0.32%		-1.11%	-12.39%

04-09	AJUSTEEL Co.,Ltd announced that it has received KRW 18.3 billion in funding from Synergy Mezzanine Blind No. 10 New Technology Business Fund, Sangsangin Investment & Securities Co.,Ltd., Momens Solution Co. Ltd and other investors	CI
04-05	AJUSTEEL Co.,Ltd announced that it expects to receive KRW 18.3 billion in funding from Synergy Mezzanine Blind No. 10 New Technology Business Fund, Sangsangin Investment & Securities Co.,Ltd., Momens Solution Co. Ltd and other investors	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	489,365	245,741	187,811	164,533	-	-
Enterprise Value (EV) ²	489.4	245.7	671.2	701	736.6	759.9
P/E ratio	-	182 x	-	-	-	-
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.52 x	-	0.2 x	0.14 x	0.12 x	0.11 x
EV / Revenue	0.52 x	-	0.71 x	0.58 x	0.53 x	0.49 x
EV / EBITDA	-	-	67.7 x	17.7 x	13.5 x	11.1 x
EV / FCF	-	-	-4.95 x	-29.7 x	-21.7 x	-35.3 x
FCF Yield	-	-	-20.2%	-3.37%	-4.62%	-2.83%
Price to Book	-	-	0.85 x	0.77 x	0.75 x	0.69 x
Nbr of stocks (in thousands)	26,452	26,452	26,452	26,452	-	-
Reference price ³	18,500	9,290	7,100	6,220	6,220	6,220
Announcement Date	15/02/22	20/03/23	20/03/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	933.4	-	944.6	1,210	1,402	1,543
EBITDA ¹	-	-	-	9.914	39.5	54.6	68.5
EBIT ¹	-	56.18	-	-13.32	13.7	27.9	40.7
Operating Margin	-	6.02%	-	-1.41%	1.13%	1.99%	2.64%
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	12.8	-	1.34	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	680.0	-	51.00	-	-	-	-
Free Cash Flow ²	-	-	-	-135,524	-23,600	-34,000	-21,500
FCF margin	-	-	-	-14,347.01%	-1,951.22%	-2,425.8%	-1,393.48%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	14/04/21	15/02/22	20/03/23	20/03/24	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	235	284.5	344.4	331.7
EBITDA	-	-	-	-	-
EBIT ¹	-	-15.77	3.1	5.2	3.1
Operating Margin	-	-6.71%	1.09%	1.51%	0.93%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-2.11	-	-	-	-
Net margin	-	-	-	-	-
EPS	-80.00	-	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	14/11/23	20/03/24	-	-	-

¹KRW in Billions

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	483	537	572	595
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	48.76 x	13.58 x	10.48 x	8.692 x
Free Cash Flow ²	-	-	-	-135,524	-23,600	-34,000	-21,500
ROE (net income / shareholders' equity)	-	19.1%	-	-15.8%	-4.3%	2.7%	7.2%
ROA (Net income/ Total Assets)	-	-	-	-4.16%	-0.9%	0.5%	1.4%
Assets	-	-	-	-	-	-	-
Book Value Per Share ³	-	-	-	8,333	8,116	8,334	8,956
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	-	-	155	85.5	51.3	56.4
Capex / Sales	-	-	-	16.46%	7.07%	3.66%	3.66%
Announcement Date	14/04/21	15/02/22	20/03/23	20/03/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6,220 KRW

Average target price

9,000 KRW

Spread / Average Target

+44.69%

	1st Jan change	Capi.
AJUSTEEL CO.,LTD	-12.39%	121M
JSW STEEL LIMITED	+2.52%	26.52B
BAOSHAN IRON & STEEL CO., LTD.	+17.88%	20.94B
JINDAL STEEL & POWER LIMITED	+38.83%	12.68B
CHINA STEEL CORPORATION	-10.37%	11.47B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+8.90%	10.65B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+6.16%	9.71B
BHARAT FORGE LIMITED	+26.57%	8.76B
TERNIUM S.A.	+0.64%	8.39B
JINDAL STAINLESS LIMITED	+24.38%	7.07B