Financials AMOREPACIFIC Group Korea S.E.

Equities

A002795

KR7002791002

Personal Products

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
12,090 ^KRW	+1.77%		+4.22%	+20.78%

May. 01	Amorepacific Group Posts 10% Decline in Q1 Profit	MT
Mar. 07	AMOREPACIFIC Group Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,512,888	4,459,511	3,609,357	2,847,215	2,365,461	2,885,393	-	-
Enterprise Value (EV) ²	5,054	3,526	2,037	2,564	2,014	3,020	2,098	2,642
P/E ratio	57.3 x	742 x	22.3 x	53.1 x	22.6 x	18.2 x	14.5 x	11.4 x
Yield	0.37%	0.55%	0.52%	1.29%	0.7%	0.76%	0.83%	0.88%
Capitalization / Revenue	1.04 x	0.9 x	0.68 x	0.63 x	0.59 x	0.62 x	0.54 x	0.5 x
EV / Revenue	0.8 x	0.72 x	0.38 x	0.57 x	0.5 x	0.65 x	0.39 x	0.45 x
EV / EBITDA	4.69 x	5.15 x	2.64 x	4.31 x	4.9 x	4.24 x	2.48 x	2.77 x
EV / FCF	9.09 x	7.49 x	3.06 x	38.1 x	8.89 x	10.4 x	5.08 x	5.96 x
FCF Yield	11%	13.4%	32.7%	2.63%	11.2%	9.63%	19.7%	16.8%
Price to Book	1.88 x	1.29 x	1.02 x	0.79 x	0.67 x	0.96 x	0.88 x	0.87 x
Nbr of stocks (in thousands)	82,631	89,785	89,723	89,728	89,733	89,734	-	-
Reference price ³	82,700	54,900	44,350	34,900	29,250	35,700	35,700	35,700
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	6,284	4,930	5,326	4,495	4,021	4,654	5,347	5,822
EBITDA ¹	1,077	684.8	770.7	594.6	411.2	712.6	845.4	953
EBIT ¹	498.2	150.7	356.2	271.9	152	454.5	576.4	688.6
Operating Margin	7.93%	3.06%	6.69%	6.05%	3.78%	9.77%	10.78%	11.83%
Earnings before Tax (EBT) ¹	431.4	31.3	429.6	288.4	353.7	509.6	597.1	720.6
Net income ¹	133.7	10.38	180	62.2	234.7	182.1	229.7	290.4
Net margin	2.13%	0.21%	3.38%	1.38%	5.84%	3.91%	4.3%	4.99%
EPS ²	1,444	74.00	1,988	657.0	1,296	1,963	2,467	3,142
Free Cash Flow ³	556,042	471,046	666,138	67,385	226,482	290,713	413,208	443,107
FCF margin	8,848.11%	9,554.49%	12,507.09%	1,499.13%	5,632%	6,247.14%	7,727.34%	7,610.63%
FCF Conversion (EBITDA)	51,640.82%	68,783.86%	86,429.32%	11,332.73%	55,079.96%	40,797.84%	48,875.1%	46,497.1%
FCF Conversion (Net income)	415,786.56%	4,537,439.58%	370,076.56%	108,336.13%	96,492.61%	159,650.35%	179,885.01%	152,606.37%
Dividend per Share ²	310.0	300.0	230.0	450.0	205.0	270.6	295.1	314.7
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
Net sales ¹	1,214	1,421	1,263	1,026	1,022	1,184	1,009	1,031	963.3	1,018	1,007	1,115	1,198	1,255
EBITDA ¹	133.3	-	231.8	69.83	115.5	157.3	147.8	76.52	92.66	94.22	143.6	167.6	192.9	192.5
EBIT ¹	51.7	2.3	171.2	-10.9	33	78.6	81.63	11.73	28.79	29.85	83.04	93.13	119.8	147.2
Operating Margin	4.26%	0.16%	13.56%	-1.06%	3.23%	6.64%	8.09%	1.14%	2.99%	2.93%	8.25%	8.35%	10%	11.73%
Earnings before Tax (EBT) ¹	63.6	-62.9	177.4	-1.7	73.9	38.8	130.8	31.52	55.23	136.1	123.9	120.1	145.9	129.4
Net income ¹	21.8	-30.8	51.9	-0.1	16.2	-5.7	53.43	22.5	25.07	18.31	41.91	50.4	53.25	38.45
Net margin	1.79%	-2.17%	4.11%	-0.01%	1.59%	-0.48%	5.29%	2.18%	2.6%	1.8%	4.16%	4.52%	4.44%	3.06%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	4/29/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	135	-	-
Net Cash position ¹	1,458	933	1,572	283	352	-	787	244
Leverage (Debt/EBITDA)	-	-	-	-	-	0.1892 x	-	-
Free Cash Flow ²	556,042	471,046	666,138	67,385	226,482	290,713	413,208	443,107
ROE (net income / shareholders' equity)	4.23%	0.35%	4.58%	2.29%	3.59%	5.36%	6.51%	7.81%
ROA (Net income/ Total Assets)	3.44%	0.27%	2.27%	0.79%	1.56%	3.75%	4.09%	5.06%
Assets ¹	3,892	3,783	7,914	7,840	15,033	4,857	5,623	5,735
Book Value Per Share ³	44,047	42,617	43,365	44,016	43,580	37,071	40,502	40,926
Cash Flow per Share ³	10,860	4,940	9,999	2,406	5,107	7,670	7,827	8,337
Capex ¹	274	170	123	116	163	156	192	235
Capex / Sales	4.36%	3.45%	2.31%	2.58%	4.05%	3.36%	3.6%	4.04%
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 Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

35,700 KRW

Average target price

39,167 KRW

Spread / Average Target

+9.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Cosmetics & Perfumes

	1st Jan change	Capi.
L'ORÉAL	+0.63%	265B
KAO CORPORATION	+19.93%	20.59B
SHISEIDO COMPANY, LIMITED	+16.70%	12.22B
COTY INC.	-11.59%	9.42B
AMOREPACIFIC CORPORATION	+21.66%	7.67B
PROYA COSMETICS CO.,LTD.	+10.61%	6.05B
NATURA &CO HOLDING S.A.	-1.54%	4.45B
INTER PARFUMS, INC.	-12.98%	3.98B
INTERPARFUMS	-3.37%	3.66B

Cosmetics & Perfumes