BANGLADESH STEEL RE-ROLLING MILLS LIMITED

Financials Bangladesh Steel Re-Rolling Mills Limited

Equities

BSRMLTD

BD0238BDSRM4

Iron & Steel

End-of-day quote Dhaka S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
90 ^BDT	0.00%		0.00%	0.00%

Apr. 29	Bangladesh Steel Re-Rolling Mills Limited Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2024	CI
Jan. 29	Bangladesh Steel Re-Rolling Mills Limited Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023	CI

Valuation

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Capitalization ¹	21,032	16,737	12,630	20,444	29,470	26,873
Enterprise Value (EV) ¹	71,953	63,662	52,616	53,432	91,842	78,887
P/E ratio	7.57 x	9 x	13.7 x	4.57 x	9.54 x	9.22 x
Yield	1.02%	3.53%	2.8%	5.77%	3.55%	2.78%
Capitalization / Revenue	0.31 x	0.2 x	0.26 x	0.34 x	0.37 x	0.23 x
EV / Revenue	1.04 x	0.77 x	1.09 x	0.89 x	1.15 x	0.69 x
EV / EBITDA	8.57 x	7.95 x	9.04 x	8.49 x	14.8 x	8.26 x
EV / FCF	-5.71 x	25.5 x	7.31 x	10.3 x	-3.19 x	6.2 x
FCF Yield	-17.5%	3.92%	13.7%	9.67%	-31.3%	16.1%
Price to Book	1.54 x	0.73 x	0.54 x	0.68 x	0.74 x	0.64 x
Nbr of stocks (in thousands)	236,068	236,068	236,068	236,068	298,585	298,585
Reference price ²	89.09	70.90	53.50	86.60	98.70	90.00
Announcement Date	10/8/18	10/17/19	10/26/20	10/27/21	11/2/22	10/12/23

¹BDT in Million²BDT

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Net sales ¹	68,924	83,115	48,195	59,906	79,953	115,062
EBITDA ¹	8,394	8,003	5,821	6,295	6,213	9,548
EBIT ¹	6,881	6,477	4,278	5,230	4,640	7,970
Operating Margin	9.98%	7.79%	8.88%	8.73%	5.8%	6.93%
Earnings before Tax (EBT) ¹	4,375	4,116	2,330	5,505	4,176	4,107
Net income ¹	2,779	1,861	921.8	4,970	3,088	2,914
Net margin	4.03%	2.24%	1.91%	8.3%	3.86%	2.53%
EPS ²	11.77	7.882	3.905	18.96	10.34	9.758
Free Cash Flow ¹	-12,605	2,498	7,201	5,168	-28,772	12,723
FCF margin	-18.29%	3.01%	14.94%	8.63%	-35.99%	11.06%
FCF Conversion (EBITDA)	-	31.22%	123.71%	82.1%	-	133.26%
FCF Conversion (Net income)	-	134.28%	781.14%	103.97%	-	436.7%
Dividend per Share ²	0.9091	2.500	1.500	5.000	3.500	2.500
Announcement Date	10/8/18	10/17/19	10/26/20	10/27/21	11/2/22	10/12/23

¹BDT in Million²BDT

Estimates

Balance Sheet Analysis

Fiscal Period: June	2018	2019	2020	2021	2022	2023
Net Debt ¹	50,922	46,925	39,986	32,989	62,371	52,014
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.066 x	5.864 x	6.87 x	5.241 x	10.04 x	5.448 x
Free Cash Flow ¹	-12,605	2,498	7,201	5,168	-28,772	12,723
ROE (net income / shareholders' equity)	21.4%	10.5%	4.02%	14.3%	7.9%	7.1%
ROA (Net income/ Total Assets)	6.27%	4.83%	3.1%	4.04%	2.91%	4.47%
Assets ¹	44,328	38,531	29,746	123,175	106,039	65,121
Book Value Per Share ²	57.90	97.50	99.90	128.0	134.0	140.0
Cash Flow per Share ²	3.300	3.320	2.810	5.350	19.30	6.280
Capex ¹	1,307	661	1,402	1,276	963	573
Capex / Sales	1.9%	0.8%	2.91%	2.13%	1.2%	0.5%
Announcement Date	10/8/18	10/17/19	10/26/20	10/27/21	11/2/22	10/12/23

¹BDT in Million²BDT

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
BANGLADESH STEEL RE-ROLLING MILLS LIMITED	0.00%	229M
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

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BSRMLTD Stock
Financials Bangladesh Steel Re-Rolling Mills Limited

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