Financials Amorepacific Corporation

Equities

A090430

KR7090430000

Personal Products

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
150,600 ^KRW	+3.08%		+5.46%	+3.86%

Mar. 07	Amorepacific Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 06	Amorepacific Unveils Research Demonstrating the Impact of Lymphatic Activating Ingredients	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,533,195	12,591,777	10,540,669	8,545,398	8,864,485	9,242,800	-	-
Enterprise Value (EV) ²	11,959	12,161	9,800	8,096	8,864	8,624	8,441	8,007
P/E ratio	57.5 x	402 x	59.3 x	70.6 x	-	32.1 x	23.9 x	20.9 x
Yield	0.59%	0.39%	0.59%	0.49%	-	0.75%	0.94%	1.13%
Capitalization / Revenue	2.25 x	2.84 x	2.17 x	2.07 x	2.41 x	2.14 x	1.85 x	1.7 x
EV / Revenue	2.14 x	2.74 x	2.02 x	1.96 x	2.41 x	2 x	1.69 x	1.47 x
EV / EBITDA	13.1 x	20.2 x	13.9 x	16.1 x	-	13.8 x	10.7 x	8.85 x
EV / FCF	25.4 x	32.7 x	16.3 x	157 x	-	21.2 x	18.3 x	16.8 x
FCF Yield	3.94%	3.05%	6.12%	0.64%	-	4.71%	5.46%	5.94%
Price to Book	2.59 x	2.67 x	2.05 x	1.67 x	-	1.92 x	1.81 x	1.7 x
Nbr of stocks (in thousands)	68,501	68,501	69,044	68,993	69,023	68,940	-	-
Reference price ³	200,000	206,000	167,000	137,500	145,000	150,600	150,600	150,600
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/25/24	-	-	-

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	5,580	4,432	4,863	4,135	3,674	4,321	5,008	5,433
EBITDA ¹	913.3	601.5	705.2	502.9	-	625	789	904.7
EBIT ¹	427.8	143	343.4	214.2	108.2	377.8	528.9	613.2
Operating Margin	7.67%	3.23%	7.06%	5.18%	2.94%	8.74%	10.56%	11.29%
Earnings before Tax (EBT) ¹	370.6	25.3	297.9	224.5	280.6	398.5	536	636.4
Net income ¹	210.4	35.1	193.7	134.5	180.1	296	398.1	456.2
Net margin	3.77%	0.79%	3.98%	3.25%	4.9%	6.85%	7.95%	8.4%
EPS ²	3,477	512.0	2,818	1,948	-	4,693	6,297	7,190
Free Cash Flow ³	471,751	371,337	600,252	51,608	-	406,300	460,902	475,750
FCF margin	8,454.1%	8,378.16%	12,342.98%	1,248.11%	-	9,403.34%	9,203.26%	8,756.48%
FCF Conversion (EBITDA)	51,651.96%	61,731.65%	85,113.36%	10,263.15%	-	65,006.93%	58,415.79%	52,587%
FCF Conversion (Net income)	224,263.65%	1,057,939.99%	309,887.23%	38,370.55%	-	137,247.61%	115,787.34%	104,274.59%
Dividend per Share ²	1,180	800.0	980.0	680.0	-	1,127	1,423	1,697
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/25/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	1,109	1,325	1,165	945.7	936.4	1,088	913.7	945.4	888.8	926	939.8	1,081	1,108	1,198	1,282
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	120.7	165.9	185.5	211.1	-
EBIT ¹	50.3	25.6	158	-19.5	18.8	57	64.35	5.889	17.25	20.68	51.14	84	109.6	137.9	142
Operating Margin	4.54%	1.93%	13.56%	-2.06%	2.01%	5.24%	7.04%	0.62%	1.94%	2.23%	5.44%	7.77%	9.89%	11.51%	11.08%
Earnings before Tax (EBT) ¹	54.1	-25.7	162.3	-18.6	58.9	22	99.04	19.21	38.19	124.2	69.84	87.6	111.2	124	136
Net income ¹	38.5	-42.5	117.4	-30.8	24.2	23.6	87.27	22.1	28	42.73	53.97	64.4	79.97	83.98	100
Net margin	3.47%	-3.21%	10.08%	-3.26%	2.58%	2.17%	9.55%	2.34%	3.15%	4.61%	5.74%	5.96%	7.22%	7.01%	7.8%
EPS ²	579.0	-1,047	1,701	-447.0	351.0	342.0	1,264	320.0	405.0	-	769.7	1,120	1,388	1,752	1,578
Dividend per Share ²	-	980.0	-	-	-	685.0	-	-	-	-	-	-	-	1,000	-
Announcement Date	10/29/21	2/9/22	4/27/22	7/28/22	10/31/22	2/1/23	5/2/23	7/26/23	10/30/23	1/25/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	574	431	740	449	-	619	802	1,236
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	471,751	371,337	600,252	51,608	-	406,300	460,902	475,750
ROE (net income / shareholders' equity)	4.71%	0.78%	3.93%	2.71%	-	5.69%	7.44%	8.36%
ROA (Net income/ Total Assets)	3.71%	0.6%	3.28%	2.26%	-	4.65%	6.05%	6.44%
Assets ¹	5,675	5,840	5,910	5,960	-	6,372	6,581	7,080
Book Value Per Share ³	77,295	77,099	81,545	82,107	-	78,517	83,382	88,603
Cash Flow per Share ³	12,367	9,566	11,887	2,189	-	7,832	9,595	10,565
Capex ¹	247	183	91.2	99.4	-	107	115	168
Capex / Sales	4.42%	4.13%	1.87%	2.4%	-	2.48%	2.29%	3.1%
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/25/24	-	-	-

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 Amorepacific Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

150,600 KRW

Average target price

163,000 KRW

Spread / Average Target

+8.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Cosmetics & Perfumes