Financials Hill & Smith PLC OTC Markets

Equities

HSHPF

GB0004270301

Iron & Steel

Delayed OTC Markets Other stock markets			5-day change	1st Jan Change
- ^USD	-.--%		-.--%	-.--%

10:32am	HSBC cuts L&G; Jefferies upgrades Future	AN
24/05	HSBC cuts Aviva; Deutsche Bank cuts Ryanair	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,167	1,120	1,431	936.5	1,528	1,555	-	-
Enterprise Value (EV) ¹	1,382	1,267	1,576	1,056	1,636	1,640	1,599	1,550
P/E ratio	24.2 x	47 x	42.3 x	16.5 x	22.4 x	17.6 x	16.4 x	15.5 x
Yield	0.72%	1.89%	1.73%	2.99%	2.25%	2.44%	2.61%	2.77%
Capitalization / Revenue	1.68 x	1.7 x	2.03 x	1.28 x	1.84 x	1.77 x	1.69 x	1.61 x
EV / Revenue	1.99 x	1.92 x	2.23 x	1.44 x	1.97 x	1.87 x	1.74 x	1.6 x
EV / EBITDA	11.8 x	13.8 x	14.7 x	7.89 x	10.7 x	9.82 x	9.1 x	8.36 x
EV / FCF	41.9 x	15.4 x	30.5 x	34.7 x	15.6 x	21.4 x	19.4 x	17.4 x
FCF Yield	2.39%	6.51%	3.27%	2.88%	6.41%	4.68%	5.14%	5.74%
Price to Book	3.82 x	3.52 x	4.21 x	2.39 x	3.6 x	3.26 x	2.95 x	2.66 x
Nbr of stocks (in thousands)	79,221	79,455	79,675	79,906	80,059	80,312	-	-
Reference price ²	14.73	14.10	17.96	11.72	19.08	19.04	19.04	19.04
Announcement Date	04/03/20	10/03/21	10/03/22	08/03/23	12/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	694.7	660.5	705	732.1	829.8	877.8	918.8	968.2
EBITDA ¹	117.6	91.8	106.9	133.9	152.7	167.1	175.6	185.3
EBIT ¹	86.3	69.9	86	103.9	122.5	132.8	140.5	150.6
Operating Margin	12.42%	10.58%	12.2%	14.19%	14.76%	15.13%	15.29%	15.56%
Earnings before Tax (EBT) ¹	61.8	35.5	50.9	69.3	93.2	116.2	126.5	133.8
Net income ¹	48.4	24	34.2	56.7	68.8	85.65	93.04	97.92
Net margin	6.97%	3.63%	4.85%	7.74%	8.29%	9.76%	10.13%	10.11%
EPS ²	0.6080	0.3000	0.4250	0.7100	0.8500	1.082	1.164	1.231
Free Cash Flow ¹	33	82.5	51.6	30.4	104.8	76.68	82.2	89
FCF margin	4.75%	12.49%	7.32%	4.15%	12.63%	8.74%	8.95%	9.19%
FCF Conversion (EBITDA)	28.06%	89.87%	48.27%	22.7%	68.63%	45.9%	46.81%	48.03%
FCF Conversion (Net income)	68.18%	343.75%	150.88%	53.62%	152.33%	89.53%	88.35%	90.89%
Dividend per Share ²	0.1060	0.2670	0.3100	0.3500	0.4300	0.4638	0.4961	0.5271
Announcement Date	04/03/20	10/03/21	10/03/22	08/03/23	12/03/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 S2	2022 S1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	-	354.2	350.8	349.9	420.8	-	433.8	453.1
EBITDA	-	58.9	48	-	-	-	-	-
EBIT ¹	-	42.5	43.5	43.6	62.5	60	67.8	68.3
Operating Margin	-	12%	12.4%	12.46%	14.85%	-	15.63%	15.07%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	15.7	-	-	26.2	-	-	-	-
Net margin	-	-	-	7.49%	-	-	-	-
EPS	0.1960	-	-	0.2910	-	-	-	-
Dividend per Share ²	-	0.1200	0.1900	-	0.1500	0.2800	0.1580	0.3000
Announcement Date	05/08/20	11/08/21	10/03/22	03/08/22	09/08/23	12/03/24	-	-

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	215	146	145	120	108	84.9	43.8	-
Net Cash position ¹	-	-	-	-	-	-	-	5.01
Leverage (Debt/EBITDA)	1.831 x	1.593 x	1.354 x	0.894 x	0.7099 x	0.5082 x	0.2496 x	-
Free Cash Flow ¹	33	82.5	51.6	30.4	105	76.7	82.2	89
ROE (net income / shareholders' equity)	21.3%	16%	18.8%	20%	20.6%	20.1%	19.5%	17.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	11.5%	11.8%	12.4%
Assets ¹	-	-	-	-	-	747.7	788.1	788.5
Book Value Per Share ²	3.860	4.010	4.270	4.910	5.310	5.850	6.460	7.150
Cash Flow per Share ²	0.7700	1.150	0.8200	0.6200	1.600	1.440	1.540	1.620
Capex ¹	47.9	17.3	32.2	31.1	28.5	33.9	35.8	35.5
Capex / Sales	6.9%	2.62%	4.57%	4.25%	3.43%	3.86%	3.89%	3.67%
Announcement Date	04/03/20	10/03/21	10/03/22	08/03/23	12/03/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hill & Smith PLC

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.04 GBP

Average target price

23.31 GBP

Spread / Average Target

+22.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
NUCOR CORPORATION	-11.69%	3.63TCr
TATA STEEL LIMITED	+23.69%	2.63TCr
POSCO HOLDINGS INC.	-27.13%	2TCr
NIPPON STEEL CORPORATION	+4.80%	1.98TCr
STEEL DYNAMICS, INC.	+5.28%	1.94TCr
ARCELORMITTAL	-16.77%	1.92TCr
JFE HOLDINGS, INC.	+5.39%	924.04Cr
UNITED STATES STEEL CORPORATION	-25.20%	791.7Cr
SEVERSTAL	-.--%	786.58Cr

Other Steel