Financials KT Corporation

Equities

A030200

KR7030200000

Integrated Telecommunications Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
36,600 ^KRW	+1.24%		+0.69%	+6.40%

May. 24	KT Cloud Expands Reach with 14th Data Center Launch	MT
May. 10	KT Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,621,522	5,888,929	7,171,900	8,654,243	8,588,458	8,993,266	-	-
Enterprise Value (EV) ²	10,746	9,368	12,590	16,212	15,927	15,680	15,272	14,062
P/E ratio	10.7 x	8.95 x	5.32 x	6.49 x	8.52 x	7.56 x	6.84 x	6.52 x
Yield	4.07%	5.63%	6.24%	5.8%	5.7%	5.52%	5.71%	5.88%
Capitalization / Revenue	0.27 x	0.25 x	0.29 x	0.34 x	0.33 x	0.33 x	0.32 x	0.32 x
EV / Revenue	0.44 x	0.39 x	0.51 x	0.63 x	0.6 x	0.58 x	0.55 x	0.49 x
EV / EBITDA	2.24 x	1.94 x	2.38 x	3.03 x	2.92 x	2.77 x	2.63 x	2.37 x
EV / FCF	22.3 x	6.11 x	6.09 x	103 x	8.8 x	9.25 x	8.67 x	5.73 x
FCF Yield	4.48%	16.4%	16.4%	0.97%	11.4%	10.8%	11.5%	17.4%
Price to Book	0.48 x	0.42 x	0.48 x	0.52 x	0.53 x	0.53 x	0.51 x	0.48 x
Nbr of stocks (in thousands)	245,242	245,372	234,376	256,043	249,664	245,718	-	-
Reference price ³	27,000	24,000	30,600	33,800	34,400	36,600	36,600	36,600
Announcement Date	2/6/20	2/9/21	2/9/22	2/9/23	2/7/24	-	-	-

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	24,342	23,917	24,898	25,650	26,387	26,996	27,933	28,466
EBITDA ¹	4,790	4,818	5,280	5,346	5,460	5,664	5,799	5,942
EBIT ¹	1,151	1,184	1,672	1,690	1,650	1,761	1,919	1,978
Operating Margin	4.73%	4.95%	6.71%	6.59%	6.25%	6.52%	6.87%	6.95%
Earnings before Tax (EBT) ¹	979.7	975.1	1,978	1,894	1,324	1,710	1,894	1,959
Net income ¹	619.2	658	1,357	1,262	1,010	1,252	1,327	1,380
Net margin	2.54%	2.75%	5.45%	4.92%	3.83%	4.64%	4.75%	4.85%
EPS ²	2,524	2,683	5,747	5,205	4,038	4,840	5,352	5,612
Free Cash Flow ³	481,835	1,532,261	2,066,813	157,208	1,810,317	1,694,440	1,760,787	2,452,951
FCF margin	1,979.44%	6,406.66%	8,301.12%	612.9%	6,860.64%	6,276.75%	6,303.6%	8,617.07%
FCF Conversion (EBITDA)	10,059.19%	31,800.2%	39,147.89%	2,940.67%	33,156.6%	29,917.28%	30,363.03%	41,283.45%
FCF Conversion (Net income)	77,815.73%	232,866.41%	152,318.74%	12,452.12%	179,257.06%	135,315.11%	132,713.52%	177,743.61%
Dividend per Share ²	1,100	1,350	1,910	1,960	1,960	2,021	2,089	2,151
Announcement Date	2/6/20	2/9/21	2/9/22	2/9/23	2/7/24	-	-	-

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	6,624	6,278	6,312	6,477	6,583	6,444	6,548	6,697	6,698	6,655	6,661	6,812	6,880	6,704	6,818
EBITDA ¹	1,284	1,518	1,387	1,360	1,081	1,416	1,505	1,260	1,279	1,480	1,460	1,416	1,332	1,480	1,460
EBIT ¹	369.4	626.6	459.2	452.9	151.4	486.1	576.1	321.9	265.6	506.5	534.4	401.1	311.5	517.5	506.7
Operating Margin	5.58%	9.98%	7.27%	6.99%	2.3%	7.54%	8.8%	4.81%	3.97%	7.61%	8.02%	5.89%	4.53%	7.72%	7.43%
Earnings before Tax (EBT) ¹	507.2	642.2	539.7	439	273.2	437.6	548.1	350.3	-12	529	537	423.2	228.8	-	-
Net income ¹	404.6	409.8	313.1	297.6	242	296.6	394.5	264.3	54.4	375.5	383.3	266.1	214.6	-	-
Net margin	6.11%	6.53%	4.96%	4.59%	3.68%	4.6%	6.03%	3.95%	0.81%	5.64%	5.75%	3.91%	3.12%	-	-
EPS ²	1,711	1,736	1,325	1,233	-	-	-	1,062	241.0	1,523	1,592	1,197	692.9	1,728	1,654
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/9/22	5/12/22	8/10/22	11/8/22	2/9/23	5/11/23	8/7/23	11/7/23	2/7/24	5/9/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,125	3,479	5,418	7,558	7,339	6,687	6,279	5,069
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8611 x	0.722 x	1.026 x	1.414 x	1.344 x	1.181 x	1.083 x	0.8531 x
Free Cash Flow ²	481,835	1,532,261	2,066,813	157,208	1,810,317	1,694,440	1,760,787	2,452,951
ROE (net income / shareholders' equity)	4.61%	4.76%	9.09%	7.22%	6.05%	7.1%	7.27%	7.37%
ROA (Net income/ Total Assets)	1.87%	1.93%	4.12%	3.23%	2.41%	3.08%	3.07%	3.21%
Assets ¹	33,126	34,100	32,926	39,070	41,847	40,638	43,169	42,963
Book Value Per Share ³	55,728	57,125	63,675	64,880	64,954	68,989	72,127	75,709
Cash Flow per Share ³	15,271	19,324	23,599	14,049	22,049	23,036	22,716	24,143
Capex ¹	3,263	3,208	2,855	3,502	3,693	3,468	3,393	3,186
Capex / Sales	13.41%	13.41%	11.47%	13.65%	14%	12.85%	12.15%	11.19%
Announcement Date	2/6/20	2/9/21	2/9/22	2/9/23	2/7/24	-	-	-

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 KT Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

36,600 KRW

Average target price

45,988 KRW

Spread / Average Target

+25.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
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NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-10.04%	82.52B
CHINA TELECOM CORPORATION LIMITED	+19.79%	71.62B
AMÉRICA MÓVIL, S.A.B. DE C.V.	-0.13%	57.05B
SAUDI TELECOM COMPANY	-8.66%	48.04B
CHARTER COMMUNICATIONS, INC.	-26.35%	41.35B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.74%	38.12B

Other Integrated Telecommunications Services