Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 68,565 57,750 68,566 88,691 76,414 63,814
Enterprise Value (EV) 1 148,222 140,069 151,695 196,203 200,656 190,173
P/E ratio -17.6 x -25 x 15.5 x -3.64 x -10.5 x 14.8 x
Yield 1.53% 3.64% 2.95% 1.14% 1.33% -
Capitalization / Revenue 0.33 x 0.28 x 0.34 x 0.37 x 0.29 x 0.25 x
EV / Revenue 0.71 x 0.69 x 0.75 x 0.82 x 0.77 x 0.75 x
EV / EBITDA 44 x 31 x 117 x -89.3 x 47.3 x 19.1 x
EV / FCF -4.15 x -151 x -16.5 x -6.88 x -10.1 x -127 x
FCF Yield -24.1% -0.66% -6.06% -14.5% -9.87% -0.79%
Price to Book 0.39 x 0.33 x 0.34 x 0.51 x 0.45 x 0.37 x
Nbr of stocks (in thousands) 10,500 10,500 10,113 10,113 10,161 10,161
Reference price 2 6,530 5,500 6,780 8,770 7,520 6,280
Announcement Date 3/21/19 3/19/20 3/17/21 3/21/22 3/27/23 3/20/24
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 209,481 203,362 201,303 238,548 260,471 252,818
EBITDA 1 3,367 4,525 1,297 -2,196 4,241 9,974
EBIT 1 121.2 -525.4 -4,781 -8,854 -1,821 3,706
Operating Margin 0.06% -0.26% -2.37% -3.71% -0.7% 1.47%
Earnings before Tax (EBT) 1 -4,521 -2,262 4,141 -31,128 -10,205 4,879
Net income 1 -3,902 -2,313 4,464 -24,393 -7,251 4,760
Net margin -1.86% -1.14% 2.22% -10.23% -2.78% 1.88%
EPS 2 -371.6 -220.3 436.4 -2,412 -714.0 424.0
Free Cash Flow 1 -35,674 -929.3 -9,198 -28,514 -19,813 -1,495
FCF margin -17.03% -0.46% -4.57% -11.95% -7.61% -0.59%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - - - - - -
Dividend per Share 2 100.0 200.0 200.0 100.0 100.0 -
Announcement Date 3/21/19 3/19/20 3/17/21 3/21/22 3/27/23 3/20/24
1KRW in Million2KRW
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q2
Net sales -
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 1.157
Net margin -
EPS 2 82.00
Dividend per Share -
Announcement Date 8/14/23
1KRW in Billions2KRW
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 79,657 82,319 83,128 107,512 124,242 126,359
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 23.66 x 18.19 x 64.1 x -48.96 x 29.3 x 12.67 x
Free Cash Flow 1 -35,674 -929 -9,198 -28,514 -19,813 -1,495
ROE (net income / shareholders' equity) -2.19% -1.33% 2.38% -12.9% -4.19% 2.72%
ROA (Net income/ Total Assets) 0.03% -0.11% -0.9% -1.59% -0.31% 0.6%
Assets 1 -14,667,958 2,171,766 -494,998 1,536,264 2,336,042 790,109
Book Value Per Share 2 16,574 16,451 20,016 17,256 16,695 17,151
Cash Flow per Share 2 322.0 759.0 460.0 430.0 1,974 1,369
Capex 1 36,084 16,392 11,189 20,518 27,552 11,786
Capex / Sales 17.23% 8.06% 5.56% 8.6% 10.58% 4.66%
Announcement Date 3/21/19 3/19/20 3/17/21 3/21/22 3/27/23 3/20/24
1KRW in Million2KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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  4. Financials Chokwang Paint Ltd.