Financials Shyam Metalics and Energy Limited

Equities

SHYAMMETL

INE810G01011

Iron & Steel

End-of-day quote NSE India S.E. Other stock markets 23:00:00 22/05/2024 BST			5-day change	1st Jan Change
647 ^INR	-0.20%		+7.11%	+3.07%

05-14	Shyam Metalics and Energy Limited Reports Earnings Results for the Full Year Ended March 31, 2024	CI
05-14	Shyam Metalics and Energy Limited Proposes Final Dividend for the Financial Year 2023-24	CI

Valuation

Fiscal Period: March	2022	2023	2024	2025	2026
Capitalization ¹	92,428	67,048	180,139	-	-
Enterprise Value (EV) ¹	87,744	67,048	165,065	180,139	162,352
P/E ratio	5.26 x	7.9 x	15 x	12.1 x	9.6 x
Yield	1.99%	1.71%	0.54%	0.58%	0.73%
Capitalization / Revenue	0.89 x	0.53 x	1.25 x	0.93 x	0.8 x
EV / Revenue	0.89 x	0.53 x	1.25 x	0.93 x	0.8 x
EV / EBITDA	3.56 x	4.51 x	10.5 x	6.97 x	5.32 x
EV / FCF	15 x	-93.1 x	168 x	56.4 x	32.7 x
FCF Yield	6.69%	-1.07%	0.6%	1.77%	3.06%
Price to Book	1.58 x	0.94 x	1.95 x	1.61 x	1.42 x
Nbr of stocks (in thousands)	255,081	255,081	278,400	-	-
Reference price ²	362.4	262.8	647.0	647.0	647.0
Announcement Date	18/05/22	24/05/23	14/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2021	2022	2023	2024	2025	2026
Net sales ¹	-	103,940	126,102	131,952	192,789	225,545
EBITDA ¹	-	25,998	14,859	15,700	25,842	33,862
EBIT ¹	-	23,274	10,228	9,140	21,582	26,697
Operating Margin	-	22.39%	8.11%	6.93%	11.19%	11.84%
Earnings before Tax (EBT) ¹	-	23,642	10,417	9,397	20,173	25,499
Net income ¹	8,434	17,245	8,576	10,348	14,893	18,746
Net margin	-	16.59%	6.8%	7.84%	7.73%	8.31%
EPS ²	-	68.91	33.26	39.46	53.57	67.38
Free Cash Flow ¹	-	6,182	-720.5	1,075	3,196	5,509
FCF margin	-	5.95%	-0.57%	0.78%	1.66%	2.44%
FCF Conversion (EBITDA)	-	23.78%	-	6.96%	12.37%	16.27%
FCF Conversion (Net income)	-	35.84%	-	12.59%	21.46%	29.39%
Dividend per Share ²	-	7.200	4.500	3.500	3.767	4.733
Announcement Date	08/07/21	18/05/22	24/05/23	14/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q4
Net sales ¹	-	24,943	25,778	28,568	32,232	30,852	29,217	33,801	33,068	30,175	35,863
EBITDA ¹	-	6,447	6,250	6,631	6,066	2,436	2,223	4,135	4,048	3,462	3,960
EBIT	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	4,580	-	-	-	4,148	1,143	672.7	2,612	2,374	1,700	1,778
Net margin	-	-	-	-	12.87%	3.7%	2.3%	7.73%	7.18%	5.63%	4.96%
EPS	19.43	-	-	-	-	-	2.540	-	-	6.700	7.000
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	20/07/21	08/11/21	09/02/22	18/05/22	02/08/22	09/11/22	14/02/23	24/05/23	27/07/23	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	4,685	-	-	-	17,787
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	6,182	-721	1,075	3,196	5,509
ROE (net income / shareholders' equity)	-	36.4%	13.2%	10.6%	14.6%	16%
ROA (Net income/ Total Assets)	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-
Book Value Per Share ²	-	229.0	281.0	333.0	402.0	455.0
Cash Flow per Share	-	67.50	-	-	-	-
Capex ¹	-	10,714	15,789	21,575	22,275	19,500
Capex / Sales	-	10.31%	12.52%	15.74%	11.55%	8.65%
Announcement Date	08/07/21	18/05/22	24/05/23	14/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Shyam Metalics and Energy Limited

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

648.4 INR

Average target price

722 INR

Spread / Average Target

+11.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
SHYAM METALICS AND ENERGY LIMITED	+3.07%	2.17B
JSW STEEL LIMITED	+4.21%	26.74B
BAOSHAN IRON & STEEL CO., LTD.	+17.37%	21.25B
JINDAL STEEL & POWER LIMITED	+43.57%	12.97B
CHINA STEEL CORPORATION	-10.56%	11.62B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+7.05%	10.77B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+7.53%	10.03B
TERNIUM S.A.	+2.14%	8.54B
BHARAT FORGE LIMITED	+20.56%	8.26B
JINDAL STAINLESS LIMITED	+24.73%	6.99B

Iron, Steel Mills & Foundries