Financials Daido Steel Co., Ltd.

Equities

5471

JP3491000000

Iron & Steel

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-15 am EDT			5-day change	1st Jan Change
1,594 ^JPY	-0.03%		-7.03%	+6.23%

May. 13	Jefferies Adjusts Daido Steel’s Price Target to 1,500 Yen From 1,380 Yen, Keeps at Hold	MT
Feb. 02	Daido Steel’s Attributable Profit down 26.4% in Fiscal Nine Months	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	186,079	148,348	217,827	157,293	221,655	339,826	-	-
Enterprise Value (EV) ¹	319,343	282,671	349,325	325,624	397,720	387,139	482,026	470,926
P/E ratio	8.78 x	13.5 x	48.2 x	5.85 x	6.08 x	7.78 x	9.55 x	9.91 x
Yield	2.98%	2.01%	0.68%	4.88%	4.42%	6.94%	2.95%	3.02%
Capitalization / Revenue	0.34 x	0.3 x	0.53 x	0.3 x	0.38 x	0.67 x	0.57 x	0.58 x
EV / Revenue	0.59 x	0.58 x	0.85 x	0.61 x	0.69 x	0.67 x	0.81 x	0.81 x
EV / EBITDA	5.6 x	5.72 x	9.71 x	5.11 x	5.45 x	5.64 x	5.9 x	6.1 x
EV / FCF	-57.1 x	166 x	37.5 x	-10.4 x	156 x	14.5 x	16.5 x	14 x
FCF Yield	-1.75%	0.6%	2.67%	-9.6%	0.64%	6.9%	6.08%	7.12%
Price to Book	0.65 x	0.54 x	0.72 x	0.48 x	0.6 x	0.9 x	0.79 x	0.75 x
Nbr of stocks (in thousands)	213,149	213,143	213,138	213,134	213,130	213,124	-	-
Reference price ²	873.0	696.0	1,022	738.0	1,040	1,594	1,594	1,594
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	543,255	490,421	412,722	529,667	578,564	581,287	597,500	582,780
EBITDA ¹	56,986	49,430	35,982	63,779	73,040	68,621	81,667	77,175
EBIT ¹	33,815	24,768	10,070	36,982	46,986	42,113	52,500	50,340
Operating Margin	6.22%	5.05%	2.44%	6.98%	8.12%	7.24%	8.79%	8.64%
Earnings before Tax (EBT) ¹	33,110	21,170	10,065	40,746	49,363	73,560	53,100	58,100
Net income ¹	21,182	10,987	4,516	26,894	36,438	49,759	35,580	37,600
Net margin	3.9%	2.24%	1.09%	5.08%	6.3%	8.56%	5.95%	6.45%
EPS ²	99.38	51.55	21.19	126.2	171.0	233.5	167.0	160.9
Free Cash Flow ¹	-5,593	1,707	9,318	-31,252	2,550	26,730	29,300	33,525
FCF margin	-1.03%	0.35%	2.26%	-5.9%	0.44%	4.6%	4.9%	5.75%
FCF Conversion (EBITDA)	-	3.45%	25.9%	-	3.49%	38.95%	35.88%	43.44%
FCF Conversion (Net income)	-	15.54%	206.33%	-	7%	53.72%	82.35%	89.16%
Dividend per Share ²	26.00	14.00	7.000	36.00	46.00	126.0	47.00	48.20
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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 Q3	2025 Q4
Net sales ¹	252,476	237,945	179,490	233,232	123,985	255,224	135,275	139,168	274,443	137,682	144,175	281,857	152,869	143,838	296,707	141,938	146,656	288,594	149,769	142,924	292,693	151,000	152,000	158,000	163,000
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	13,711	11,057	-3,531	13,601	8,651	19,156	9,758	8,068	17,826	10,190	13,035	23,225	14,429	9,332	23,761	7,979	11,024	19,003	14,048	9,062	23,110	13,000	13,500	14,000	14,500
Operating Margin	5.43%	4.65%	-1.97%	5.83%	6.98%	7.51%	7.21%	5.8%	6.5%	7.4%	9.04%	8.24%	9.44%	6.49%	8.01%	5.62%	7.52%	6.58%	9.38%	6.34%	7.9%	8.61%	8.88%	8.86%	8.9%
Earnings before Tax (EBT)	17,485	-	-2,073	-	8,308	20,132	13,749	-	-	11,339	12,347	23,686	14,949	-	-	9,691	-	18,403	13,638	-	-	-	-	-	-
Net income ¹	11,257	-	-2,318	-	5,212	12,840	9,363	4,691	-	9,857	8,437	18,294	9,892	8,252	-	6,315	5,150	11,465	9,273	29,021	-	9,500	8,500	10,000	8,500
Net margin	4.46%	-	-1.29%	-	4.2%	5.03%	6.92%	3.37%	-	7.16%	5.85%	6.49%	6.47%	5.74%	-	4.45%	3.51%	3.97%	6.19%	20.31%	-	6.29%	5.59%	6.33%	5.21%
EPS	52.82	-	-10.88	-	-	60.24	43.93	-	-	46.25	-	85.84	46.41	-	-	29.63	-	53.80	43.51	-	-	-	-	-	-
Dividend per Share	11.00	-	2.000	-	-	16.00	-	-	-	-	-	20.00	-	-	-	-	-	20.00	-	-	-	-	-	-	-
Announcement Date	10/31/19	5/15/20	10/30/20	4/30/21	10/28/21	10/28/21	1/31/22	4/28/22	4/28/22	7/29/22	10/28/22	10/28/22	1/30/23	4/28/23	4/28/23	7/28/23	10/30/23	10/30/23	1/31/24	5/10/24	5/10/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	133,264	134,323	131,498	168,331	176,065	154,800	142,200	131,100
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.339 x	2.717 x	3.655 x	2.639 x	2.411 x	2.132 x	1.741 x	1.699 x
Free Cash Flow ¹	-5,593	1,707	9,318	-31,252	2,550	26,730	29,300	33,525
ROE (net income / shareholders' equity)	7.4%	3.9%	1.6%	8.5%	10.4%	12.5%	8.97%	7.85%
ROA (Net income/ Total Assets)	5.3%	3.81%	1.96%	5.63%	6.41%	5.77%	6.5%	4.9%
Assets ¹	399,591	288,623	230,659	478,087	568,672	862,651	547,385	767,347
Book Value Per Share ²	1,339	1,283	1,422	1,547	1,730	2,010	2,009	2,121
Cash Flow per Share	208.0	167.0	143.0	252.0	293.0	358.0	-	-
Capex ¹	34,413	40,230	24,448	21,027	24,284	31,927	28,000	28,600
Capex / Sales	6.33%	8.2%	5.92%	3.97%	4.2%	5.49%	4.69%	4.91%
Announcement Date	4/26/19	5/15/20	4/30/21	4/28/22	4/28/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Daido Steel Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,594 JPY

Average target price

1,766 JPY

Spread / Average Target

+10.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
DAIDO STEEL CO., LTD.	+6.23%	2.17B
NUCOR CORPORATION	+1.25%	41.39B
TATA STEEL LIMITED	+18.71%	24.66B
POSCO HOLDINGS INC.	-19.62%	22.33B
ARCELORMITTAL	-6.99%	21.38B
STEEL DYNAMICS, INC.	+15.94%	21.22B
NIPPON STEEL CORPORATION	+2.66%	19.83B
JFE HOLDINGS, INC.	+5.85%	9.43B
UNITED STATES STEEL CORPORATION	-21.42%	8.54B
CLEVELAND-CLIFFS INC.	-12.44%	8.46B

Other Steel