Financials AJUSTEEL Co.,Ltd

Equities

End-of-day quote Korea S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
5,690 ^KRW	+0.18%		-5.01%	-19.86%

14/06	AJUSTEEL Co.,Ltd agreed to acquire remaining 12.7% stake in AJU MCM Tec. Co., Ltd. for KRW 630 million.	CI
21/05	AJU POLAND SP. z oo announced that it has received PLN 3.9 million in funding from AJUSTEEL Co.,Ltd	CI

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,89,365	2,45,741	1,87,811	1,50,513	-	-
Enterprise Value (EV) ²	489.4	245.7	671.2	687	722.6	745.9
P/E ratio	-	182 x	-	-	-	-
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.52 x	-	0.2 x	0.12 x	0.11 x	0.1 x
EV / Revenue	0.52 x	-	0.71 x	0.57 x	0.52 x	0.48 x
EV / EBITDA	-	-	67.7 x	17.4 x	13.2 x	10.9 x
EV / FCF	-	-	-4.95 x	-29.1 x	-21.3 x	-34.7 x
FCF Yield	-	-	-20.2%	-3.44%	-4.71%	-2.88%
Price to Book	-	-	0.85 x	0.7 x	0.68 x	0.64 x
Nbr of stocks (in thousands)	26,452	26,452	26,452	26,452	-	-
Reference price ³	18,500	9,290	7,100	5,690	5,690	5,690
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	-	-	-	-1,35,524	-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 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	-	235	248.9	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	-	-2.638	-	-	-
Net margin	-	-	-1.06%	-	-	-
EPS	-80.00	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	14/11/23	20/03/24	16/05/24	-	-	-

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	-	-	-	-1,35,524	-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

5,690 KRW

Average target price

9,000 KRW

Spread / Average Target

+58.17%

	1st Jan change	Capi.
AJUSTEEL CO.,LTD	-19.86%	11Cr
JSW STEEL LIMITED	+5.80%	2.72TCr
BAOSHAN IRON & STEEL CO., LTD.	+12.14%	1.99TCr
JINDAL STEEL & POWER LIMITED	+39.61%	1.28TCr
CHINA STEEL CORPORATION	-14.44%	1.08TCr
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	-3.35%	942.49Cr
BHARAT FORGE LIMITED	+34.76%	932.38Cr
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	-4.11%	874.75Cr
JINDAL STAINLESS LIMITED	+43.77%	812.47Cr
TERNIUM S.A.	-11.58%	737.14Cr