Financials Dongkuk Steel Mill Company Limited

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
11,040 ^KRW	0.00%		-3.33%	-8.31%

2023	Dongkuk Holdings Co.,Ltd. completed the acquisition of 26% stake in Dongkuk Steel Mill Company Limited for approximately KRW120 billion.	CI
2023	Dongkuk Holdings Co.,Ltd. made an offer to acquire 36% stake in Dongkuk Steel Mill Company Limited for approximately KRW170 billion.	CI

Fiscal Period: December	2023	2024	2025
Capitalization ¹	547,673	547,673	-
Enterprise Value (EV) ¹	547,673	547,673	547,673
P/E ratio	3.85 x	2.7 x	1.94 x
Yield	4.53%	8.15%	10.9%
Capitalization / Revenue	0.21 x	0.13 x	0.12 x
EV / Revenue	0.21 x	0.13 x	0.12 x
EV / EBITDA	1.74 x	1.18 x	1.01 x
EV / FCF	14.4 x	2.94 x	2.2 x
FCF Yield	6.94%	34%	45.5%
Price to Book	0.32 x	0.29 x	0.26 x
Nbr of stocks (in thousands)	49,608	49,608	-
Reference price ²	11,040	11,040	11,040
Announcement Date	3/12/24	-	-

¹KRW in Million²KRW

Estimates

Fiscal Period: December	2023	2024	2025
Net sales ¹	2,632	4,193	4,443
EBITDA ¹	314.3	463	543
EBIT ¹	235.5	339	434
Operating Margin	8.95%	8.08%	9.77%
Earnings before Tax (EBT) ¹	190.1	268	372
Net income ¹	142.2	203	282
Net margin	5.4%	4.84%	6.35%
EPS ²	2,869	4,093	5,690
Free Cash Flow ³	38,000	186,000	249,000
FCF margin	1,443.77%	4,435.96%	5,604.32%
FCF Conversion (EBITDA)	12,140.58%	40,172.79%	45,856.35%
FCF Conversion (Net income)	26,760.56%	91,625.62%	88,297.87%
Dividend per Share ²	500.0	900.0	1,200
Announcement Date	3/12/24	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: December	2023	2024	2025
Net Debt	-	-	-
Net Cash position	-	-	-
Leverage (Debt/EBITDA)	-	-	-
Free Cash Flow ¹	38,000	186,000	249,000
ROE (net income / shareholders' equity)	8.2%	11.2%	14.1%
ROA (Net income/ Total Assets)	4.1%	5.8%	7.9%
Assets ²	3,463	3,500	3,570
Book Value Per Share ³	34,963	38,110	42,901
Cash Flow per Share ³	4,425	6,610	7,886
Capex ²	48	4	4
Capex / Sales	1.82%	0.1%	0.09%
Announcement Date	3/12/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11,040 KRW

Average target price

16,000 KRW

Spread / Average Target

+44.93%

	1st Jan change	Capi.
DONGKUK STEEL MILL COMPANY LIMITED	-8.31%	400M
NUCOR CORPORATION	+0.25%	41.83B
POSCO HOLDINGS INC.	-19.72%	22.22B
STEEL DYNAMICS, INC.	+14.46%	21.24B
ARCELORMITTAL	-6.99%	21.07B
NIPPON STEEL CORPORATION	+2.38%	19.56B
JFE HOLDINGS, INC.	+5.67%	9.44B
UNITED STATES STEEL CORPORATION	-21.85%	8.55B
CLEVELAND-CLIFFS INC.	-15.18%	8.24B
STEEL AUTHORITY OF INDIA LIMITED	+23.57%	7.76B