Financials S-Oil Corporation

Equities

A010950

KR7010950004

Oil & Gas Refining and Marketing

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
69,500 ^KRW	-0.14%		-1.14%	-0.14%

May. 07	Shell in talks to sell Malaysia fuel stations to Saudi Aramco, sources say	RE
May. 07	Shell says it remains committed to mobility business in Malaysia	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,937,919	7,938,678	9,858,659	9,596,265	8,024,776	7,929,145	-	-
Enterprise Value (EV) ²	16,763	12,667	13,468	13,242	11,887	13,222	14,362	14,283
P/E ratio	170 x	-10.1 x	7.24 x	4.61 x	8.54 x	6.69 x	6.03 x	5.98 x
Yield	0.21%	-	4.43%	3.6%	-	3.36%	3.79%	3.49%
Capitalization / Revenue	0.45 x	0.47 x	0.36 x	0.23 x	0.22 x	0.21 x	0.22 x	0.22 x
EV / Revenue	0.69 x	0.75 x	0.49 x	0.31 x	0.33 x	0.35 x	0.4 x	0.39 x
EV / EBITDA	16.9 x	-24 x	4.82 x	3.27 x	5.73 x	5.06 x	5.25 x	4.83 x
EV / FCF	-113 x	11.7 x	11.2 x	19.5 x	24.3 x	-12.1 x	-20.4 x	278 x
FCF Yield	-0.88%	8.56%	8.95%	5.14%	4.11%	-8.27%	-4.91%	0.36%
Price to Book	1.65 x	1.37 x	1.38 x	1.15 x	-	0.8 x	0.73 x	0.67 x
Nbr of stocks (in thousands)	116,421	116,421	116,421	116,421	116,421	116,421	-	-
Reference price ³	95,300	69,200	85,700	83,400	69,600	69,500	69,500	69,500
Announcement Date	1/31/20	1/28/21	1/27/22	2/1/23	2/2/24	-	-	-

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	24,394	16,830	27,464	42,446	35,727	37,656	35,990	36,235
EBITDA ¹	992	-527.7	2,793	4,055	2,074	2,612	2,737	2,957
EBIT ¹	449.2	-1,099	2,306	3,408	1,419	1,808	1,907	1,921
Operating Margin	1.84%	-6.53%	8.4%	8.03%	3.97%	4.8%	5.3%	5.3%
Earnings before Tax (EBT) ¹	139.5	-1,168	2,043	2,902	1,132	1,517	1,777	1,745
Net income ¹	86.5	-796.1	1,500	2,107	948.8	1,192	1,312	1,358
Net margin	0.35%	-4.73%	5.46%	4.96%	2.66%	3.17%	3.64%	3.75%
EPS ²	561.0	-6,839	11,840	18,075	8,149	10,387	11,516	11,613
Free Cash Flow ³	-147,897	1,083,872	1,205,198	680,166	488,509	-1,093,777	-704,656	51,329
FCF margin	-606.28%	6,440.24%	4,388.3%	1,602.43%	1,367.33%	-2,904.65%	-1,957.9%	141.66%
FCF Conversion (EBITDA)	-	-	43,154.6%	16,773.44%	23,556.79%	-	-	1,735.66%
FCF Conversion (Net income)	-	-	80,341.23%	32,284.76%	51,484.43%	-	-	3,780.18%
Dividend per Share ²	200.0	-	3,800	3,000	-	2,336	2,633	2,428
Announcement Date	1/31/20	1/28/21	1/27/22	2/1/23	2/2/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2021 S2	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	7,117	8,291	-	9,287	11,442	11,123	10,594	9,078	7,820	9,000	9,830	9,308	9,687	9,457	9,396	8,128
EBITDA ¹	711.2	569.2	-	1,493	1,884	669.8	7.704	684.6	209.2	1,043	137	641.6	638	638.7	658.7	502.2
EBIT ¹	549.4	556.7	-	1,332	1,722	511.7	-157.5	515.7	36.42	858.9	7.57	454.1	454.8	426.1	433.5	415.2
Operating Margin	7.72%	6.71%	-	14.34%	15.05%	4.6%	-1.49%	5.68%	0.47%	9.54%	0.08%	4.88%	4.69%	4.51%	4.61%	5.11%
Earnings before Tax (EBT) ¹	473.1	554.4	-	1,196	1,399	-26.44	332.6	354.9	-33.83	737	73.64	227.2	420.5	362.6	389.2	457.6
Net income ¹	334.5	410.1	-	870.8	1,014	-9.593	231.3	265.3	-22.43	545.4	343.4	166.2	313.1	294.3	332.7	294.7
Net margin	4.7%	4.95%	-	9.38%	8.86%	-0.09%	2.18%	2.92%	-0.29%	6.06%	3.49%	1.79%	3.23%	3.11%	3.54%	3.63%
EPS ²	2,880	2,478	-	7,486	8,712	-83.00	1,966	2,279	-193.0	4,685	1,378	1,427	3,044	3,232	3,014	2,035
Dividend per Share ²	-	2,800	2,800	-	2,500	-	500.0	-	200.0	-	-	-	200.0	-	2,810	-
Announcement Date	10/28/21	1/27/22	1/27/22	4/27/22	7/28/22	10/26/22	2/1/23	4/27/23	7/28/23	10/29/23	2/2/24	4/26/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,825	4,728	3,609	3,645	3,862	5,293	6,433	6,353
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.872 x	-8.961 x	1.292 x	0.899 x	1.862 x	2.027 x	2.35 x	2.148 x
Free Cash Flow ²	-147,897	1,083,872	1,205,198	680,166	488,509	-1,093,777	-704,656	51,329
ROE (net income / shareholders' equity)	1.3%	-12.9%	23.5%	27.2%	11.4%	12.7%	13.8%	11.5%
ROA (Net income/ Total Assets)	0.53%	-4.92%	8.02%	5.49%	-	5.44%	5.89%	5.5%
Assets ¹	16,220	16,185	18,708	38,350	-	21,930	22,251	24,688
Book Value Per Share ³	57,705	50,474	62,070	72,784	-	86,374	95,402	103,042
Cash Flow per Share ³	6,035	14,487	13,121	11,360	22,434	17,185	18,653	28,493
Capex ¹	648	547	272	599	2,037	3,038	2,833	2,211
Capex / Sales	2.66%	3.25%	0.99%	1.41%	5.7%	8.07%	7.87%	6.1%
Announcement Date	1/31/20	1/28/21	1/27/22	2/1/23	2/2/24	-	-	-

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-Oil Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

69,500 KRW

Average target price

98,172 KRW

Spread / Average Target

+41.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
S-OIL CORPORATION	-0.14%	5.95B
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CHINA PETROLEUM & CHEMICAL CORPORATION	+27.38%	101B
PHILLIPS 66	+9.52%	61.83B
MARATHON PETROLEUM CORPORATION	+17.79%	61.58B
VALERO ENERGY CORPORATION	+21.92%	51.83B
IMPERIAL OIL LIMITED	+24.95%	37.12B
INDIAN OIL CORPORATION LIMITED	+26.34%	26.86B
FORMOSA PETROCHEMICAL CORPORATION	-12.76%	20.85B
REPSOL S.A.	+9.59%	19.42B

Other Oil & Gas Refining and Marketing