Financials POSCO-Thainox

Equities

INOX

TH0814010Y05

Iron & Steel

End-of-day quote Thailand S.E. Other stock markets 03:30:00 15/05/2024 am IST			5-day change	1st Jan Change
0.5 ^THB	+2.04%		+2.04%	-13.79%

08/05	POSCO-Thainox Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
13/02	POSCO-Thainox Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	7,718	4,833	3,352	8,809	7,874	4,522
Enterprise Value (EV) ¹	4,477	2,994	2,321	6,139	6,778	2,259
P/E ratio	13.7 x	-132 x	-192 x	9.95 x	38.2 x	-61.9 x
Yield	5.78%	-	-	9.47%	2.41%	-
Capitalization / Revenue	0.48 x	0.34 x	0.25 x	0.46 x	0.33 x	0.32 x
EV / Revenue	0.28 x	0.21 x	0.18 x	0.32 x	0.29 x	0.16 x
EV / EBITDA	4.51 x	14.8 x	6.46 x	4.43 x	11.5 x	11.7 x
EV / FCF	32.3 x	-2.79 x	-3.08 x	4.36 x	-8.91 x	1.59 x
FCF Yield	3.1%	-35.8%	-32.5%	22.9%	-11.2%	63%
Price to Book	0.82 x	0.54 x	0.38 x	0.9 x	0.86 x	0.51 x
Nbr of stocks (in thousands)	77,95,709	77,95,709	77,95,709	77,95,709	77,95,709	77,95,709
Reference price ²	0.9900	0.6200	0.4300	1.130	1.010	0.5800
Announcement Date	15/02/19	20/02/20	19/02/21	18/02/22	10/02/23	13/02/24

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	16,131	14,405	13,178	19,136	23,524	14,067
EBITDA ¹	991.9	202.3	359.4	1,386	589	193.4
EBIT ¹	599.3	-197.5	-52.82	1,017	254.2	-116.3
Operating Margin	3.72%	-1.37%	-0.4%	5.32%	1.08%	-0.83%
Earnings before Tax (EBT) ¹	718.3	-50.62	-26.12	1,107	260.2	-82.05
Net income ¹	562.4	-36.66	-17.43	885.6	206.1	-73.08
Net margin	3.49%	-0.25%	-0.13%	4.63%	0.88%	-0.52%
EPS ²	0.0721	-0.004702	-0.002236	0.1136	0.0264	-0.009374
Free Cash Flow ¹	138.7	-1,072	-754	1,407	-760.7	1,424
FCF margin	0.86%	-7.44%	-5.72%	7.35%	-3.23%	10.12%
FCF Conversion (EBITDA)	13.98%	-	-	101.49%	-	736.32%
FCF Conversion (Net income)	24.65%	-	-	158.84%	-	-
Dividend per Share ²	0.0572	-	-	0.1070	0.0243	-
Announcement Date	15/02/19	20/02/20	19/02/21	18/02/22	10/02/23	13/02/24

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	3,241	1,840	1,031	2,671	1,096	2,262
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	139	-1,072	-754	1,407	-761	1,424
ROE (net income / shareholders' equity)	6.07%	-0.4%	-0.19%	9.45%	2.17%	-0.81%
ROA (Net income/ Total Assets)	2.9%	-1.01%	-0.29%	5.14%	1.25%	-0.63%
Assets ¹	19,375	3,635	5,954	17,233	16,509	11,678
Book Value Per Share ²	1.210	1.150	1.150	1.260	1.180	1.150
Cash Flow per Share ²	0.2200	0.1500	0.1400	0.3500	0.1400	0.3000
Capex ¹	146	428	334	200	147	123
Capex / Sales	0.9%	2.97%	2.54%	1.05%	0.63%	0.87%
Announcement Date	15/02/19	20/02/20	19/02/21	18/02/22	10/02/23	13/02/24

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Metallic Rolling & Drawing Products

	1st Jan change	Capi.
POSCO-THAINOX	-13.79%	104M
BORUSAN MANNESMANN BORU SANAYI VE TICARET	-8.04%	2.4B
HANWA CO., LTD.	+24.52%	1.66B
ALLEIMA AB	-15.36%	1.52B
SICHUAN FURONG TECHNOLOGY CO., LTD.	+13.13%	1.45B
FANGDA SPECIAL STEEL TECHNOLOGY CO., LTD.	-9.76%	1.34B
TIANJIN YOU FA STEEL PIPE GROUP STOCK CO., LTD.	-8.78%	1.11B
YONGJIN TECHNOLOGY GROUP CO., LTD.	-3.02%	966M
JIANGSU CHANGBAO STEELTUBE CO.,LTD	+13.03%	753M
PAO TMK	-.--%	690M

Metallic Rolling & Drawing Products

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