Financials Champion Iron Limited

Equities

CIA

AU000000CIA2

Iron & Steel

Delayed Australian S.E. Other stock markets 08:53:07 2024-05-21 pm EDT			5-day change	1st Jan Change
7.9 ^AUD	+3.13%		+9.19%	-5.78%

Apr. 24	Champion Iron Reports Q4 Production and Mining Operation Expenditures	MT
Apr. 24	Champion Iron Grows Q1 Iron Concentrate Production by 6%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	879.2	610.1	2,625	3,778	3,333	3,612	-	-
Enterprise Value (EV) ¹	984.7	648.3	2,231	3,780	3,481	3,761	3,568	3,464
P/E ratio	11.3 x	6.87 x	5.68 x	7.1 x	16.5 x	16.1 x	10.1 x	9.92 x
Yield	-	-	-	2.73%	-	3.03%	3.4%	3.48%
Capitalization / Revenue	1.34 x	0.78 x	2.05 x	2.59 x	2.39 x	2.33 x	1.85 x	1.9 x
EV / Revenue	1.5 x	0.83 x	1.74 x	2.59 x	2.5 x	2.42 x	1.83 x	1.82 x
EV / EBITDA	3.54 x	1.86 x	2.72 x	4.08 x	7.06 x	6.73 x	4.1 x	4.58 x
EV / FCF	9.43 x	4.15 x	4.98 x	-71.9 x	-74.2 x	29.7 x	10.6 x	13 x
FCF Yield	10.6%	24.1%	20.1%	-1.39%	-1.35%	3.36%	9.45%	7.72%
Price to Book	5.85 x	1.62 x	3.08 x	3.25 x	2.65 x	2.41 x	2.13 x	1.94 x
Nbr of stocks (in thousands)	430,470	467,688	502,116	516,612	517,193	518,071	-	-
Reference price ²	2.042	1.304	5.228	7.314	6.444	6.972	6.972	6.972
Announcement Date	6/20/19	5/20/20	5/26/21	5/25/22	5/30/23	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	655.1	785.1	1,282	1,461	1,395	1,553	1,954	1,905
EBITDA ¹	278.2	348.5	819.5	925.8	493.2	559	870	756.2
EBIT ¹	263.6	326.5	774.1	873.3	372.1	429.7	641.2	599.3
Operating Margin	40.24%	41.59%	60.39%	59.78%	26.67%	27.68%	32.81%	31.46%
Earnings before Tax (EBT) ¹	213.6	241.2	761.9	870.8	346.5	397.7	642.5	587.9
Net income ¹	83.05	89.43	464.4	522.6	200.7	232.3	402.4	360.5
Net margin	12.68%	11.39%	36.23%	35.77%	14.39%	14.96%	20.59%	18.92%
EPS ²	0.1800	0.1900	0.9200	1.030	0.3900	0.4342	0.6874	0.7030
Free Cash Flow ¹	104.4	156.1	448.2	-52.6	-46.91	126.6	337.4	267.4
FCF margin	15.93%	19.88%	34.97%	-3.6%	-3.36%	8.15%	17.26%	14.04%
FCF Conversion (EBITDA)	37.52%	44.78%	54.7%	-	-	22.64%	38.78%	35.37%
FCF Conversion (Net income)	125.69%	174.51%	96.52%	-	-	54.47%	83.84%	74.18%
Dividend per Share ²	-	-	-	0.2000	-	0.2109	0.2373	0.2427
Announcement Date	6/20/19	5/20/20	5/26/21	5/25/22	5/30/23	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	555.6	726.2	331	876.4	253	331.4	584.4	279.3	300.6	579.9	351.2	463.9	815.1	297.2	387.6	684.7	506.9	317.8	833.8	378	457.9	1,012	485.8	464.4	996.5
EBITDA ¹	-	-	200	-	122.1	197.9	-	94.93	84.33	-	118.2	195.7	-	65.8	155	-	246.6	63.18	-	179	206	-	207.4	190.7	-
EBIT ¹	-	465.8	190.4	590.4	109.2	173.7	282.9	74.5	55.89	130.4	87.66	153.2	241.7	39.12	123.6	162.7	211.3	47.46	254.3	157.4	157.7	327	190.6	169.1	292
Operating Margin	-	64.14%	57.51%	67.37%	43.16%	52.42%	48.41%	26.67%	18.59%	22.49%	24.96%	33.03%	29.65%	13.16%	31.89%	23.76%	41.69%	14.93%	30.5%	41.63%	34.45%	32.31%	39.23%	36.42%	29.31%
Earnings before Tax (EBT) ¹	-	-	189.6	-	108.6	181.3	-	70.95	45.51	-	85.63	144.5	-	28.97	112.2	-	205	30.83	-	153.9	180.9	-	182.6	166.1	-
Net income ¹	-	-	114.6	-	68	115.7	-	41.55	19.53	-	51.41	88.22	-	16.66	65.28	-	126.5	11.77	-	97.05	114.5	-	115.5	104.4	-
Net margin	-	-	34.62%	-	26.87%	34.9%	-	14.88%	6.5%	-	14.64%	19.02%	-	5.61%	16.84%	-	24.95%	3.7%	-	25.67%	25.02%	-	23.77%	22.48%	-
EPS ²	-	-	0.2200	-	0.1300	0.2300	-	0.0800	0.0400	-	0.1000	0.1700	-	0.0300	0.1200	0.1600	0.2400	0.0237	0.2800	0.1421	0.1712	0.3800	0.1749	0.1570	0.3400
Dividend per Share ²	-	-	0.1000	-	-	0.1000	-	0.1000	-	-	-	-	-	-	0.1000	-	-	0.1000	-	-	0.1000	-	-	0.1000	-
Announcement Date	10/27/20	5/26/21	10/27/21	10/27/21	1/26/22	5/25/22	5/25/22	7/27/22	10/26/22	10/26/22	1/26/23	5/30/23	5/30/23	7/27/23	10/25/23	10/25/23	1/30/24	-	-	-	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	106	38.2	-	1.47	148	149	-	-
Net Cash position ¹	-	-	394	-	-	-	43.7	148
Leverage (Debt/EBITDA)	0.3794 x	0.1096 x	-	0.001586 x	0.3011 x	0.2671 x	-	-
Free Cash Flow ¹	104	156	448	-52.6	-46.9	127	337	267
ROE (net income / shareholders' equity)	81.4%	47.6%	76.6%	51.9%	16.6%	17.6%	25.5%	16.2%
ROA (Net income/ Total Assets)	-	-	-	30%	9.33%	11.7%	10.3%	6.74%
Assets ¹	-	-	-	1,743	2,152	1,993	3,924	5,345
Book Value Per Share ²	0.3500	0.8100	1.700	2.250	2.430	2.890	3.270	3.580
Cash Flow per Share ²	0.3900	0.7000	1.300	0.9300	0.4600	1.000	1.080	0.8800
Capex ¹	72.3	154	175	523	283	316	392	336
Capex / Sales	11.04%	19.55%	13.67%	35.8%	20.28%	20.37%	20.07%	17.66%
Announcement Date	6/20/19	5/20/20	5/26/21	5/25/22	5/30/23	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Champion Iron Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.972 CAD

Average target price

7.511 CAD

Spread / Average Target

+7.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
CHAMPION IRON LIMITED	-8.70%	2.61B
NUCOR CORPORATION	-1.10%	40.98B
TATA STEEL LIMITED	+24.95%	25.16B
POSCO HOLDINGS INC.	-21.22%	22.37B
ARCELORMITTAL	-6.21%	21.51B
STEEL DYNAMICS, INC.	+13.76%	20.91B
NIPPON STEEL CORPORATION	+3.59%	19.8B
JFE HOLDINGS, INC.	+5.81%	9.51B
CLEVELAND-CLIFFS INC.	-14.25%	8.42B
STEEL AUTHORITY OF INDIA LIMITED	+41.00%	8.39B

Other Steel