Financials POSCO Holdings Inc.

Equities

A005490

KR7005490008

Iron & Steel

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
369,000 ^KRW	-0.14%		-3.28%	-26.13%

May. 21	South Korean shares fall as battery makers drop; cenbank meeting in focus	RE
May. 14	POSCO Holdings Inc. Resolves to Pay Cash Dividend for the First Quarter of the Fiscal Year 2024, Payable on June 3, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,947,349	21,335,833	20,759,220	20,972,297	37,900,165	27,998,320	-	-
Enterprise Value (EV) ²	26,878	37,079	25,122	20,972	46,184	39,119	40,031	40,641
P/E ratio	10.4 x	13.5 x	3.22 x	5.88 x	20.5 x	16.1 x	11.7 x	11.4 x
Yield	4.23%	2.94%	6.19%	-	2%	2.72%	2.89%	2.93%
Capitalization / Revenue	0.29 x	0.37 x	0.27 x	0.25 x	0.49 x	0.37 x	0.35 x	0.35 x
EV / Revenue	0.42 x	0.64 x	0.33 x	0.25 x	0.6 x	0.52 x	0.5 x	0.5 x
EV / EBITDA	3.67 x	6.15 x	1.96 x	2.45 x	6.28 x	5.41 x	4.5 x	4.32 x
EV / FCF	7.71 x	6.7 x	7.87 x	-	-81.7 x	40.7 x	21.1 x	17.9 x
FCF Yield	13%	14.9%	12.7%	-	-1.22%	2.46%	4.74%	5.57%
Price to Book	0.43 x	0.47 x	0.41 x	-	0.7 x	0.56 x	0.53 x	0.52 x
Nbr of stocks (in thousands)	80,116	78,441	75,626	75,849	75,876	75,876	-	-
Reference price ³	236,500	272,000	274,500	276,500	499,500	369,000	369,000	369,000
Announcement Date	1/31/20	1/28/21	1/12/22	1/27/23	1/23/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64,367	57,793	76,400	84,750	77,127	75,481	80,536	80,812
EBITDA ¹	7,330	6,025	12,818	8,544	7,355	7,231	8,889	9,398
EBIT ¹	3,869	2,403	9,200	4,850	3,531	3,294	4,569	4,822
Operating Margin	6.01%	4.16%	12.04%	5.72%	4.58%	4.36%	5.67%	5.97%
Earnings before Tax (EBT) ¹	3,053	2,025	9,416	4,014	2,628	2,957	3,988	4,067
Net income ¹	1,835	1,602	6,617	3,560	1,698	1,917	2,662	2,669
Net margin	2.85%	2.77%	8.66%	4.2%	2.2%	2.54%	3.3%	3.3%
EPS ²	22,823	20,165	85,377	46,988	24,326	22,890	31,594	32,347
Free Cash Flow ³	3,485,436	5,531,325	3,190,774	-	-565,594	961,500	1,896,800	2,264,667
FCF margin	5,414.96%	9,570.93%	4,176.41%	-	-733.33%	1,273.83%	2,355.21%	2,802.4%
FCF Conversion (EBITDA)	47,550.48%	91,809.65%	24,893.82%	-	-	13,297.67%	21,339.12%	24,097.61%
FCF Conversion (Net income)	189,931.67%	345,276.21%	48,220.86%	-	-	50,144.39%	71,264.13%	84,856.15%
Dividend per Share ²	10,000	8,000	17,000	-	10,000	10,028	10,674	10,810
Announcement Date	1/31/20	1/28/21	1/12/22	1/27/23	1/23/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	21,334	21,300	23,000	21,200	19,247	19,400	20,100	19,000	18,664	18,100	18,761	19,093	19,417	16,589	19,077
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,368	2,300	2,100	900	-425	700	1,300	1,200	304.3	600	728	980.1	1,105	949.3	1,007
Operating Margin	11.1%	10.8%	9.13%	4.25%	-2.21%	3.61%	6.47%	6.32%	1.63%	3.31%	3.88%	5.13%	5.69%	5.72%	5.28%
Earnings before Tax (EBT) ¹	2,099	2,500	2,300	627	-	1,000	1,000	800	-234.2	700	576.7	814.7	930.5	824.1	874.5
Net income ¹	1,498	1,712	1,600	592	-737	800	700	500	-72.09	500	370.5	488.1	423.3	528.3	563.6
Net margin	7.02%	8.04%	6.96%	2.79%	-3.83%	4.12%	3.48%	2.63%	-0.39%	2.76%	1.97%	2.56%	2.18%	3.18%	2.95%
EPS ²	18,262	21,676	19,321	7,800	-9,716	11,079	9,090	6,434	-2,277	-	6,264	6,383	2,138	-	-
Dividend per Share ²	5,000	4,000	4,000	4,000	-	2,500	2,500	2,500	2,500	2,500	3,000	3,000	1,500	2,500	2,500
Announcement Date	1/12/22	4/14/22	7/14/22	10/18/22	1/27/23	4/18/23	7/18/23	10/19/23	1/23/24	4/25/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,931	15,743	4,363	-	8,284	11,120	12,033	12,643
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.082 x	2.613 x	0.3404 x	-	1.126 x	1.538 x	1.354 x	1.345 x
Free Cash Flow ²	3,485,436	5,531,325	3,190,774	-	-565,594	961,500	1,896,800	2,264,667
ROE (net income / shareholders' equity)	4.17%	3.61%	14%	6.92%	3.11%	3.55%	4.66%	4.7%
ROA (Net income/ Total Assets)	2.33%	2.03%	7.76%	3.75%	1.84%	2.23%	2.75%	2.86%
Assets ¹	78,760	79,072	85,279	94,938	92,353	85,857	96,652	93,234
Book Value Per Share ³	553,133	583,189	666,803	-	714,132	661,639	698,057	716,013
Cash Flow per Share ³	74,685	109,778	82,691	-	81,293	82,722	94,518	103,480
Capex ¹	2,519	3,154	3,069	-	6,733	6,489	6,300	6,980
Capex / Sales	3.91%	5.46%	4.02%	-	8.73%	8.6%	7.82%	8.64%
Announcement Date	1/31/20	1/28/21	1/12/22	1/27/23	1/23/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for POSCO Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

369,000 KRW

Average target price

521,667 KRW

Spread / Average Target

+41.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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STEEL AUTHORITY OF INDIA LIMITED	+28.18%	7.84B

Other Steel