Financials Daehan Steel Co., Ltd.

Equities

A084010

KR7084010008

Iron & Steel

End-of-day quote Korea S.E. Other stock markets 23:00:00 09/05/2024 BST			5-day change	1st Jan Change
14,000 ^KRW	+1.45%		+1.08%	+8.36%

04-23	Daehan Steel Co., Ltd. and BRC Asia Limited entered into agreement to acquire 50% stake in Angkasa Daehan Steel Pte Ltd. from LTC Corporation Limited.	CI
03-25	Daehan Steel Co., Ltd. agreed to acquire additional 30.1% stake in Angkasa Daehan Steel Pte Ltd. for KRW 25.7 billion.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	135,561	233,803	335,468	201,452	210,064	261,503	-	-
Enterprise Value (EV) ¹	135,514	233,803	335,136	201,253	210,064	261,503	261,503	261,503
P/E ratio	4.5 x	4.66 x	2.37 x	1.72 x	-	7.3 x	3.31 x	4.14 x
Yield	3.32%	1.92%	1.93%	3.69%	-	4.57%	4.57%	3.57%
Capitalization / Revenue	0.13 x	0.21 x	0.17 x	0.09 x	0.15 x	0.2 x	0.17 x	0.18 x
EV / Revenue	0.13 x	0.21 x	0.17 x	0.09 x	0.15 x	0.2 x	0.17 x	0.18 x
EV / EBITDA	2.35 x	2.26 x	1.43 x	0.82 x	-	2.16 x	1.57 x	1.08 x
EV / FCF	15.7 x	-	3.33 x	8.03 x	-	2.27 x	2.7 x	-
FCF Yield	6.37%	-	30%	12.4%	-	44%	37.1%	-
Price to Book	0.29 x	0.47 x	0.52 x	0.29 x	-	0.42 x	0.35 x	0.36 x
Nbr of stocks (in thousands)	22,481	22,481	21,573	18,567	16,259	18,679	-	-
Reference price ²	6,030	10,400	15,550	10,850	12,920	14,000	14,000	14,000
Announcement Date	23/01/20	25/01/21	24/01/22	15/03/23	29/01/24	-	-	-

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,016	1,096	2,030	2,142	1,448	1,280	1,509	1,480
EBITDA ¹	57.76	103.4	235	245.4	-	121	167	243
EBIT ¹	41.99	81.81	202	215.4	113.6	84	132	133
Operating Margin	4.13%	7.46%	9.95%	10.06%	7.85%	6.56%	8.75%	8.99%
Earnings before Tax (EBT) ¹	33.91	70.89	230.3	189.1	99	67	150	118
Net income ¹	30.13	48.73	177.8	120.2	77.79	45	102	79
Net margin	2.96%	4.45%	8.76%	5.61%	5.37%	3.52%	6.76%	5.34%
EPS ²	1,340	2,232	6,563	6,323	-	1,918	4,224	3,382
Free Cash Flow ³	8,640	-	100,779	25,072	-	115,000	97,000	-
FCF margin	849.97%	-	4,963.69%	1,170.7%	-	8,984.38%	6,428.1%	-
FCF Conversion (EBITDA)	14,958.95%	-	42,884.93%	10,216.33%	-	95,041.32%	58,083.83%	-
FCF Conversion (Net income)	28,671.57%	-	56,693.25%	20,857.22%	-	255,555.56%	95,098.04%	-
Dividend per Share ²	200.0	200.0	300.0	400.0	-	640.0	640.0	500.0
Announcement Date	23/01/20	25/01/21	24/01/22	15/03/23	29/01/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	538.9	613	663.5	429.3	479	393.8	-	307.1	316	330	313	322
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	66.13	55.29	92.7	28.85	40.41	30.48	-	24.21	13	23	19	29
Operating Margin	12.27%	9.02%	13.97%	6.72%	8.44%	7.74%	-	7.88%	4.11%	6.97%	6.07%	9.01%
Earnings before Tax (EBT) ¹	68.96	60.11	54.53	26.29	50.12	-1.146	-	24.24	4	15	18	30
Net income ¹	44.77	66.31	27.69	-	32.26	-6.581	42.61	17.1	27	36.8	21.9	27.2
Net margin	8.31%	10.82%	4.17%	-	6.74%	-1.67%	-	5.57%	8.54%	11.15%	7%	8.45%
EPS	-	-	1,491	-	-	-	2,287	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	15/11/21	24/01/22	16/08/22	14/11/22	15/03/23	15/05/23	14/08/23	14/11/23	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	46.4	-	332	199	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8,640	-	100,779	25,072	-	115,000	97,000	-
ROE (net income / shareholders' equity)	6.4%	11%	27.8%	15.9%	9.48%	5.9%	11.5%	9%
ROA (Net income/ Total Assets)	4.43%	6.98%	13%	9.8%	-	4.5%	8.75%	6.8%
Assets ²	679.6	698.3	1,367	1,227	-	1,000	1,166	1,162
Book Value Per Share ³	20,463	22,137	30,114	37,245	-	33,555	40,109	39,026
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ²	20.6	46.4	46.8	48.1	-	35	37.5	35
Capex / Sales	2.03%	4.24%	2.3%	2.25%	-	2.73%	2.49%	2.36%
Announcement Date	23/01/20	25/01/21	24/01/22	15/03/23	29/01/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Daehan Steel Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14,000 KRW

Average target price

17,050 KRW

Spread / Average Target

+21.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
DAEHAN STEEL CO., LTD.	+8.36%	191M
JSW STEEL LIMITED	-3.02%	24.86B
BAOSHAN IRON & STEEL CO., LTD.	+18.55%	21.11B
CHINA STEEL CORPORATION	-8.15%	11.66B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+14.03%	11.18B
JINDAL STEEL & POWER LIMITED	+24.39%	11.17B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.27%	10.12B
TERNIUM S.A.	-0.68%	8.28B
BHARAT FORGE LIMITED	+12.78%	7.79B
JINDAL STAINLESS LIMITED	+20.20%	6.78B

Iron, Steel Mills & Foundries