Financials S-1 Corporation

Equities

A012750

KR7012750006

Communications & Networking

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
62,000 ^KRW	+0.32%		-1.59%	+3.33%

Mar. 13	S-1 Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 15	ProFrac Holding's Unit Alpine Silica Files for IPO	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,168,019	2,873,870	2,498,577	2,004,947	2,028,614	2,096,235	-	-
Enterprise Value (EV) ²	2,768	2,417	1,958	1,624	2,029	1,722	1,514	1,494
P/E ratio	21.6 x	20.2 x	19.4 x	13.3 x	10.7 x	12.7 x	11.5 x	10.3 x
Yield	2.67%	2.94%	3.38%	4.22%	-	4.42%	4.52%	4.77%
Capitalization / Revenue	1.47 x	1.29 x	1.08 x	0.81 x	0.77 x	0.76 x	0.72 x	0.68 x
EV / Revenue	1.29 x	1.09 x	0.85 x	0.66 x	0.77 x	0.62 x	0.52 x	0.48 x
EV / EBITDA	7.71 x	6.53 x	5.61 x	4.33 x	5.24 x	4.41 x	4.03 x	3.85 x
EV / FCF	21.8 x	11.7 x	11 x	11.6 x	-	7.68 x	5.79 x	5.35 x
FCF Yield	4.59%	8.52%	9.07%	8.65%	-	13%	17.3%	18.7%
Price to Book	2.39 x	2.08 x	1.73 x	1.32 x	-	1.36 x	1.28 x	1.22 x
Nbr of stocks (in thousands)	33,810	33,810	33,810	33,810	33,810	33,810	-	-
Reference price ³	93,700	85,000	73,900	59,300	60,000	62,000	62,000	62,000
Announcement Date	1/31/20	1/27/21	1/28/22	1/31/23	1/26/24	-	-	-

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	2,152	2,223	2,312	2,468	2,621	2,764	2,914	3,101
EBITDA ¹	358.8	370.3	348.7	375.3	387.2	390.8	375.7	388.3
EBIT ¹	196.8	204.5	179.7	204.1	212.6	219.8	239.7	257
Operating Margin	9.15%	9.2%	7.77%	8.27%	8.11%	7.95%	8.23%	8.29%
Earnings before Tax (EBT) ¹	192.5	187.4	170.7	200.8	216.3	227.2	256.4	281.9
Net income ¹	146.6	142.1	129	151	189.5	176.4	194.6	213.4
Net margin	6.82%	6.39%	5.58%	6.12%	7.23%	6.38%	6.68%	6.88%
EPS ²	4,337	4,203	3,815	4,467	5,604	4,890	5,378	5,995
Free Cash Flow ³	127,061	205,885	177,633	140,497	-	224,059	261,636	279,241
FCF margin	5,905.63%	9,260.16%	7,681.48%	5,692.85%	-	8,105.33%	8,978.33%	9,005.39%
FCF Conversion (EBITDA)	35,409.69%	55,593%	50,937.34%	37,435.55%	-	57,336.3%	69,633.44%	71,913.6%
FCF Conversion (Net income)	86,647.43%	144,896.5%	137,708.83%	93,024.89%	-	127,022.9%	134,461.65%	130,850.12%
Dividend per Share ²	2,500	2,500	2,500	2,500	-	2,743	2,800	2,960
Announcement Date	1/31/20	1/27/21	1/28/22	1/31/23	1/26/24	-	-	-

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
Net sales ¹	573.8	595.7	590.5	625.5	621.9	630.1	632.6	648.7	645.4	694.1	662.8	684.8	685.9	730.4
EBITDA	93.68	53.99	-	95.94	55.49	80.92	-	98.05	97.29	86.05	-	-	-	-
EBIT ¹	51.25	11.59	-	53.3	55.45	37.65	62.51	54.54	53.51	42.05	48.8	58.15	58.95	49.62
Operating Margin	8.93%	1.95%	-	8.52%	8.92%	5.98%	9.88%	8.41%	8.29%	6.06%	7.36%	8.49%	8.59%	6.79%
Earnings before Tax (EBT) ¹	48.97	7.307	-	-	-	36.69	63.09	54.2	55.22	43.75	54.34	57.4	58.25	50.8
Net income ¹	37.26	4.381	42.13	39.07	41.79	28.13	48.08	41.07	42.43	57.9	40.66	43.87	43.93	45.5
Net margin	6.49%	0.74%	7.14%	6.25%	6.72%	4.46%	7.6%	6.33%	6.57%	8.34%	6.13%	6.41%	6.4%	6.23%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/21	1/28/22	4/28/22	7/28/22	10/28/22	1/31/23	4/28/23	7/28/23	10/27/23	1/26/24	4/26/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	400	457	541	380	-	375	582	603
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	127,061	205,885	177,633	140,497	-	224,059	261,636	279,241
ROE (net income / shareholders' equity)	11.3%	10.5%	9.13%	10.2%	-	10.9%	11.4%	12.2%
ROA (Net income/ Total Assets)	8.43%	7.68%	6.65%	7.46%	-	7.98%	8.55%	8.93%
Assets ¹	1,739	1,850	1,940	2,024	-	2,209	2,276	2,390
Book Value Per Share ³	39,266	40,940	42,676	45,045	-	45,701	48,257	50,966
Cash Flow per Share ³	8,277	10,247	9,858	8,206	-	11,078	9,869	11,406
Capex ¹	153	141	156	137	-	162	154	167
Capex / Sales	7.1%	6.32%	6.73%	5.55%	-	5.86%	5.28%	5.4%
Announcement Date	1/31/20	1/27/21	1/28/22	1/31/23	1/26/24	-	-	-

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 S-1 Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

62,000 KRW

Average target price

73,075 KRW

Spread / Average Target

+17.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Security & Surveillance

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INTELBRAS S.A. - INDÚSTRIA DE TELECOMUNICAÇÃO ELETRÔNICA BRASILEIRA	+9.45%	1.54B
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Security & Surveillance