The Discounted Cash Flow (DCF) valuation of Maanshan Iron & Steel Co Ltd (600808.SS) is (0.86) CNY. With the latest stock price at 3.42 CNY, the upside of Maanshan Iron & Steel Co Ltd based on DCF is -125.2%.

Is 600808.SS a buy or a sell?

Based on the latest price of 3.42 CNY and our DCF valuation, Maanshan Iron & Steel Co Ltd (600808.SS) is a sell. Selling 600808.SS stocks now will result in a potential gain of 125.2%.

Note: valuation result may not be accurate due to the company's negative earnings.

	Range	Selected
WACC / Discount Rate	7.4% - 8.7%	8.1%
Long-term Growth Rate	1.0% - 3.0%	2.0%
Fair Price	(1.43) - 0.12	(0.86)
Upside	-141.8% - -96.6%	-125.2%

3.42 CNY

Stock Price

(0.86) CNY

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

600808.SS DCF Valuation: Revenue & Expenses Forecast

(CNY in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	81,817	83,671	81,384	79,745	81,340	85,883
% Growth	17%	2%	-3%	-2%	2%	6%

Cost of goods sold	(83,460)	(83,645)	(79,731)	(76,563)	(76,532)	(79,190)
% of Revenue	102%	100%	98%	96%	94%	92%

Selling, G&A expenses	(1,399)	(1,431)	(1,392)	(1,364)	(1,391)	(1,469)
% of Revenue	2%	2%	2%	2%	2%	2%

Research & Development	(999)	(1,022)	(994)	(974)	(993)	(1,049)
% of Revenue	1%	1%	1%	1%	1%	1%

Net interest & other expenses	(788)	(806)	(784)	(768)	(784)	(827)
% of Revenue	1%	1%	1%	1%	1%	1%

Tax expense	(154)	471	221	(11)	(239)	(488)
Tax rate	3%	15%	15%	15%	15%	15%

Net profit	(4,984)	(2,761)	(1,296)	65	1,401	2,860
% Margin	-6%	-3%	-2%	0%	2%	3%