Stock A004650 CHANGHAE ETHANOL CO., LTD.
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Financials Changhae Ethanol Co., Ltd.

Equities

A004650

KR7004650008

Distillers & Wineries

End-of-day quote Korea S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
9,110 KRW +0.66% Intraday chart for Changhae Ethanol Co., Ltd. +0.55% -6.18%
2023 Changhae Ethanol Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023 CI
2023 Changhae Ethanol Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2022 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 121,096 97,329 102,429 100,153 81,564 73,673
Enterprise Value (EV) 1 261,499 144,699 145,726 138,053 123,768 115,202
P/E ratio 126 x 4.6 x 7.92 x 10.2 x 1,075 x -19.2 x
Yield 4.49% 4.78% 4.44% 4.55% 4.65% 6.18%
Capitalization / Revenue 0.62 x 0.52 x 0.89 x 1.03 x 0.75 x 0.63 x
EV / Revenue 1.34 x 0.77 x 1.27 x 1.42 x 1.13 x 0.99 x
EV / EBITDA 10.4 x 6.73 x 6.7 x 7.43 x 9.16 x 6.21 x
EV / FCF 90.9 x 3.77 x 19.2 x 16.4 x 141 x 31.3 x
FCF Yield 1.1% 26.5% 5.22% 6.11% 0.71% 3.19%
Price to Book 1 x 0.78 x 0.78 x 0.74 x 0.62 x 0.59 x
Nbr of stocks (in thousands) 9,071 7,755 7,587 7,587 7,587 7,587
Reference price 2 13,350 12,550 13,500 13,200 10,750 9,710
Announcement Date 3/20/19 3/19/20 3/19/21 3/15/22 3/21/23 3/18/24
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 195,358 187,284 114,660 96,991 109,430 116,423
EBITDA 1 25,093 21,486 21,745 18,578 13,515 18,543
EBIT 1 9,977 6,954 18,038 14,906 9,767 14,585
Operating Margin 5.11% 3.71% 15.73% 15.37% 8.93% 12.53%
Earnings before Tax (EBT) 1 -3,614 16,833 17,745 13,498 2,752 -892.2
Net income 1 3,717 21,393 13,000 9,842 77.56 -3,840
Net margin 1.9% 11.42% 11.34% 10.15% 0.07% -3.3%
EPS 2 106.0 2,729 1,705 1,297 10.00 -506.2
Free Cash Flow 1 2,876 38,415 7,603 8,428 877.3 3,678
FCF margin 1.47% 20.51% 6.63% 8.69% 0.8% 3.16%
FCF Conversion (EBITDA) 11.46% 178.79% 34.96% 45.37% 6.49% 19.84%
FCF Conversion (Net income) 77.38% 179.57% 58.48% 85.64% 1,131.03% -
Dividend per Share 2 600.0 600.0 600.0 600.0 500.0 600.0
Announcement Date 3/20/19 3/19/20 3/19/21 3/15/22 3/21/23 3/18/24
1KRW in Million2KRW
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 140,402 47,370 43,296 37,900 42,204 41,529
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.595 x 2.205 x 1.991 x 2.04 x 3.123 x 2.24 x
Free Cash Flow 1 2,876 38,415 7,603 8,428 877 3,678
ROE (net income / shareholders' equity) -8.54% 7.54% 10.3% 7.42% 0.22% -2.78%
ROA (Net income/ Total Assets) 1.67% 1.56% 5.8% 4.83% 3.17% 4.72%
Assets 1 223,108 1,374,529 224,172 203,775 2,447 -81,428
Book Value Per Share 2 13,326 16,076 17,252 17,750 17,391 16,428
Cash Flow per Share 2 1,663 877.0 787.0 659.0 494.0 486.0
Capex 1 7,431 7,264 2,070 2,240 1,625 2,855
Capex / Sales 3.8% 3.88% 1.81% 2.31% 1.49% 2.45%
Announcement Date 3/20/19 3/19/20 3/19/21 3/15/22 3/21/23 3/18/24
1KRW in Million2KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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