SEAH SPECIAL STEEL CO., LTD.

Financials SeAH SPECIAL STEEL CO., LTD.

Equities

A019440

KR7019440007

Iron & Steel

End-of-day quote Korea S.E. Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
13,950 ^KRW	+0.43%		+1.09%	+0.72%

2023	SeAH Special Steel Co., Ltd.'s Equity Buyback Plan Extended till June 12, 2024.	CI
2023	SeAH SPECIAL STEEL CO., LTD. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,25,512	1,13,161	98,678	1,31,432	1,43,115	1,15,576
Enterprise Value (EV) ¹	2,04,208	2,63,718	2,14,490	3,08,905	3,55,286	2,99,093
P/E ratio	11.2 x	10.3 x	-22.4 x	5.03 x	7.85 x	-42.5 x
Yield	6.04%	6.69%	5.93%	7.62%	5.83%	7.22%
Capitalization / Revenue	0.17 x	0.16 x	0.15 x	0.15 x	0.13 x	0.11 x
EV / Revenue	0.28 x	0.37 x	0.33 x	0.34 x	0.33 x	0.29 x
EV / EBITDA	4.93 x	6.33 x	7.85 x	5.16 x	6.89 x	9.86 x
EV / FCF	7.27 x	-9.59 x	4.74 x	-4.86 x	-14.1 x	6.62 x
FCF Yield	13.7%	-10.4%	21.1%	-20.6%	-7.1%	15.1%
Price to Book	0.4 x	0.36 x	0.32 x	0.4 x	0.42 x	0.35 x
Nbr of stocks (in thousands)	8,424	8,413	8,363	8,345	8,345	8,345
Reference price ²	14,900	13,450	11,800	15,750	17,150	13,850
Announcement Date	07/03/19	12/03/20	11/03/21	14/03/22	14/03/23	12/03/24

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	7,23,577	7,17,473	6,55,017	8,95,798	10,74,355	10,29,296
EBITDA ¹	41,424	41,632	27,317	59,886	51,582	30,329
EBIT ¹	19,690	19,471	855.7	35,433	28,815	9,049
Operating Margin	2.72%	2.71%	0.13%	3.96%	2.68%	0.88%
Earnings before Tax (EBT) ¹	15,298	14,895	-4,852	34,380	23,259	-3,222
Net income ¹	11,162	10,971	-4,413	26,119	18,238	-2,718
Net margin	1.54%	1.53%	-0.67%	2.92%	1.7%	-0.26%
EPS ²	1,325	1,304	-526.3	3,130	2,185	-325.7
Free Cash Flow ¹	28,073	-27,505	45,205	-63,585	-25,242	45,206
FCF margin	3.88%	-3.83%	6.9%	-7.1%	-2.35%	4.39%
FCF Conversion (EBITDA)	67.77%	-	165.48%	-	-	149.05%
FCF Conversion (Net income)	251.52%	-	-	-	-	-
Dividend per Share ²	900.0	900.0	700.0	1,200	1,000	1,000
Announcement Date	07/03/19	12/03/20	11/03/21	14/03/22	14/03/23	12/03/24

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	78,696	1,50,556	1,15,812	1,77,473	2,12,172	1,83,516
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.9 x	3.616 x	4.24 x	2.964 x	4.113 x	6.051 x
Free Cash Flow ¹	28,073	-27,505	45,205	-63,585	-25,242	45,206
ROE (net income / shareholders' equity)	3.42%	3.37%	-1.33%	8.17%	5.21%	-0.8%
ROA (Net income/ Total Assets)	2.4%	2.27%	0.1%	3.68%	2.69%	0.82%
Assets ¹	4,65,923	4,83,781	-46,45,406	7,09,746	6,79,161	-3,32,611
Book Value Per Share ²	37,469	37,702	36,450	39,391	40,593	39,091
Cash Flow per Share ²	1,468	1,281	3,071	648.0	916.0	3,615
Capex ¹	7,839	8,554	10,486	17,617	23,874	16,162
Capex / Sales	1.08%	1.19%	1.6%	1.97%	2.22%	1.57%
Announcement Date	07/03/19	12/03/20	11/03/21	14/03/22	14/03/23	12/03/24

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
SEAH SPECIAL STEEL CO., LTD.	+0.72%	86.03M
JSW STEEL LIMITED	+1.20%	26.5B
BAOSHAN IRON & STEEL CO., LTD.	+18.38%	21.1B
JINDAL STEEL & POWER LIMITED	+35.90%	12.22B
CHINA STEEL CORPORATION	-7.22%	11.87B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+11.82%	10.97B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+10.27%	10.12B
TERNIUM S.A.	+2.75%	8.57B
BHARAT FORGE LIMITED	+20.29%	8.27B
JINDAL STAINLESS LIMITED	+23.08%	6.99B

Iron, Steel Mills & Foundries

Stock Market
Equities
A019440 Stock
Financials SeAH SPECIAL STEEL CO., LTD.

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