Financials Champion Iron Limited

Equities

CIA

AU000000CIA2

Iron & Steel

Market Closed - Australian S.E. Other stock markets 02:11:02 2024-06-07 am EDT			5-day change	1st Jan Change
6.59 ^AUD	+0.61%		-6.13%	-21.45%

Jun. 05	Champion Iron Brief: B.Riley Says DRPF Project "Advancing As Planned" with an expected completion in Second Half 2025; Estimates Payback of 5 years	MT
Jun. 05	Champion Iron Brief: B.Riley Notes Co Expects to start destocking in August and Estimates it will take about 6 quarters to ship a 2.7M Mt stockpile	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	610.1	2,625	3,778	3,333	3,385	3,092	-	-
Enterprise Value (EV) ¹	648.3	2,231	3,780	3,481	3,385	2,974	2,853	2,596
P/E ratio	6.87 x	5.68 x	7.1 x	16.5 x	14.8 x	7.38 x	8.17 x	8.61 x
Yield	-	-	2.73%	-	-	3.99%	3.9%	4.61%
Capitalization / Revenue	0.78 x	2.05 x	2.59 x	2.39 x	2.22 x	1.56 x	1.59 x	1.59 x
EV / Revenue	0.83 x	1.74 x	2.59 x	2.5 x	2.22 x	1.5 x	1.47 x	1.34 x
EV / EBITDA	1.86 x	2.72 x	4.08 x	7.06 x	6.13 x	3.45 x	3.63 x	3.43 x
EV / FCF	4.15 x	4.98 x	-71.9 x	-74.2 x	-	9.43 x	10.7 x	16.4 x
FCF Yield	24.1%	20.1%	-1.39%	-1.35%	-	10.6%	9.33%	6.1%
Price to Book	1.62 x	3.08 x	3.25 x	2.65 x	-	1.68 x	1.49 x	1.35 x
Nbr of stocks (in thousands)	467,688	502,116	516,612	517,193	518,071	518,101	-	-
Reference price ²	1.304	5.228	7.314	6.444	6.534	5.967	5.967	5.967
Announcement Date	5/20/20	5/26/21	5/25/22	5/30/23	5/30/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	785.1	1,282	1,461	1,395	1,524	1,983	1,940	1,942
EBITDA ¹	348.5	819.5	925.8	493.2	552.5	861.8	785.1	755.8
EBIT ¹	326.5	774.1	873.3	372.1	429	727.5	638.6	612.5
Operating Margin	41.59%	60.39%	59.78%	26.67%	28.14%	36.69%	32.92%	31.53%
Earnings before Tax (EBT) ¹	241.2	761.9	870.8	346.5	392.8	705.9	621.6	568.9
Net income ¹	89.43	464.4	522.6	200.7	234.2	435.2	386.4	365
Net margin	11.39%	36.23%	35.77%	14.39%	15.36%	21.95%	19.92%	18.79%
EPS ²	0.1900	0.9200	1.030	0.3900	0.4400	0.8084	0.7307	0.6931
Free Cash Flow ¹	156.1	448.2	-52.6	-46.91	-	315.3	266.2	158.3
FCF margin	19.88%	34.97%	-3.6%	-3.36%	-	15.9%	13.73%	8.15%
FCF Conversion (EBITDA)	44.78%	54.7%	-	-	-	36.59%	33.91%	20.95%
FCF Conversion (Net income)	174.51%	96.52%	-	-	-	72.46%	68.91%	43.38%
Dividend per Share ²	-	-	0.2000	-	-	0.2380	0.2325	0.2752
Announcement Date	5/20/20	5/26/21	5/25/22	5/30/23	5/30/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	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	2026 Q1
Net sales ¹	555.6	726.2	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	332.7	839.6	417.5	462.5	1,012	496.6	433.4	996.5	505
EBITDA ¹	-	-	-	122.1	197.9	-	94.93	84.33	-	118.2	195.7	-	65.8	155	-	246.6	85.1	-	144.8	171.5	-	205.4	139.8	-	203
EBIT ¹	-	465.8	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	55.52	266.3	115.5	142.7	324.8	183.3	108.2	291.8	173.6
Operating Margin	-	64.14%	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%	16.69%	31.72%	27.67%	30.84%	32.09%	36.92%	24.97%	29.28%	34.38%
Earnings before Tax (EBT) ¹	-	-	-	108.6	181.3	-	70.95	45.51	-	85.63	144.5	-	28.97	112.2	-	205	46.69	-	127.8	150.8	-	164.5	146.6	-	171
Net income ¹	-	-	-	68	115.7	-	41.55	19.53	-	51.41	88.22	-	16.66	65.28	-	126.5	25.79	-	76.39	94	-	117	72.51	-	107.5
Net margin	-	-	-	26.87%	34.9%	-	14.88%	6.5%	-	14.64%	19.02%	-	5.61%	16.84%	-	24.95%	7.75%	-	18.3%	20.32%	-	23.55%	16.73%	-	21.28%
EPS ²	-	-	-	0.1300	0.2300	-	0.0800	0.0400	-	0.1000	0.1700	-	0.0300	0.1200	0.1600	0.2400	0.0500	0.2800	0.1569	0.1794	0.3800	0.1960	0.1502	0.3400	0.2134
Dividend per Share ²	-	-	-	-	0.1000	-	0.1000	-	-	-	-	-	-	0.1000	-	-	-	-	-	0.1000	-	-	0.1000	-	-
Announcement Date	10/27/20	5/26/21	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	5/30/24	5/30/24	-	-	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	38.2	-	1.47	148	-	-	-	-
Net Cash position ¹	-	394	-	-	-	118	238	496
Leverage (Debt/EBITDA)	0.1096 x	-	0.001586 x	0.3011 x	-	-	-	-
Free Cash Flow ¹	156	448	-52.6	-46.9	-	315	266	158
ROE (net income / shareholders' equity)	47.6%	76.6%	51.9%	16.6%	-	28.1%	18.2%	12.3%
ROA (Net income/ Total Assets)	-	-	30%	9.33%	-	26.4%	16.5%	13.3%
Assets ¹	-	-	1,743	2,152	-	1,650	2,346	2,740
Book Value Per Share ²	0.8100	1.700	2.250	2.430	-	3.550	4.000	4.410
Cash Flow per Share ²	0.7000	1.300	0.9300	0.4600	-	1.110	1.030	0.8700
Capex ¹	154	175	523	283	-	405	315	176
Capex / Sales	19.55%	13.67%	35.8%	20.28%	-	20.44%	16.23%	9.08%
Announcement Date	5/20/20	5/26/21	5/25/22	5/30/23	5/30/24	-	-	-

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

5.967 CAD

Average target price

7.744 CAD

Spread / Average Target

+29.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
CHAMPION IRON LIMITED	-21.45%	2.25B
NUCOR CORPORATION	-7.49%	38.6B
TATA STEEL LIMITED	+28.28%	26.75B
POSCO HOLDINGS INC.	-22.62%	21.28B
ARCELORMITTAL	-8.86%	20.72B
STEEL DYNAMICS, INC.	+6.28%	19.72B
NIPPON STEEL CORPORATION	+4.21%	19.82B
JFE HOLDINGS, INC.	+4.50%	9.28B
UNITED STATES STEEL CORPORATION	-21.34%	8.6B
SEVERSTAL	-.--%	7.73B

Other Steel