Financials Dentium CO., LTD

Equities

A145720

KR7145720009

Medical Equipment, Supplies & Distribution

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
125,300 ^KRW	+2.79%		-2.94%	-4.35%

May. 10	Dentium Q1 Profit Slides 9%; Shares Down 7%	MT
2023	Dentium CO., LTD(KOSE:A145720) added to KOSPI 200 Index	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	463,965	354,442	601,948	862,389	1,129,730	1,051,252	-	-
Enterprise Value (EV) ²	703	535.9	729.1	991.7	116,890	1,019	905.7	910.8
P/E ratio	23.9 x	15.8 x	10.8 x	10.1 x	11.7 x	12.1 x	10.3 x	8.26 x
Yield	0.28%	0.49%	0.36%	-	0.31%	0.27%	0.29%	0.35%
Capitalization / Revenue	1.84 x	1.54 x	2.06 x	2.42 x	2.87 x	2.31 x	2.01 x	1.73 x
EV / Revenue	2.79 x	2.33 x	2.5 x	2.79 x	297 x	2.24 x	1.73 x	1.5 x
EV / EBITDA	11.3 x	9.86 x	8.77 x	6.94 x	734 x	5.94 x	4.49 x	3.95 x
EV / FCF	-10.9 x	7.98 x	15.9 x	-173 x	5,149 x	10.7 x	7.28 x	7.02 x
FCF Yield	-9.14%	12.5%	6.3%	-0.58%	0.02%	9.32%	13.7%	14.2%
Price to Book	2.19 x	1.55 x	2.06 x	2.31 x	2.43 x	2.27 x	1.85 x	1.39 x
Nbr of stocks (in thousands)	8,624	8,624	8,624	8,624	8,624	8,624	-	-
Reference price ³	53,800	41,100	69,800	100,000	131,000	121,900	121,900	121,900
Announcement Date	2/27/20	2/23/21	3/22/22	2/28/23	2/28/24	-	-	-

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	252.2	229.7	291.5	355.9	393.8	454.8	522.2	607.3
EBITDA ¹	62.23	54.33	83.09	142.9	159.2	171.5	201.8	230.7
EBIT ¹	47.92	39.6	69.88	124.4	131.9	151.5	181.1	211
Operating Margin	19%	17.23%	23.97%	34.95%	33.49%	33.31%	34.68%	34.74%
Earnings before Tax (EBT) ¹	38.01	26.05	74.72	117.5	123.9	146.7	176.5	218
Net income ¹	18.33	22.54	55.48	85.15	89.55	112.4	131.5	163.5
Net margin	7.27%	9.81%	19.03%	23.93%	22.74%	24.72%	25.19%	26.92%
EPS ²	2,250	2,595	6,434	9,873	11,193	10,036	11,883	14,766
Free Cash Flow ³	-64,236	67,140	45,932	-5,722	22,701	95,000	124,350	129,667
FCF margin	-25,474.1%	29,223.07%	15,755.39%	-1,608.01%	5,764.82%	20,888.96%	23,814.43%	21,350.16%
FCF Conversion (EBITDA)	-	123,574.12%	55,280.69%	-	14,262.74%	55,393.59%	61,620.42%	56,213.87%
FCF Conversion (Net income)	-	297,807.54%	82,783.48%	-	25,350.16%	84,489.51%	94,531.93%	79,306.83%
Dividend per Share ²	150.0	200.0	250.0	-	400.0	333.3	354.3	426.7
Announcement Date	2/27/20	2/23/21	3/22/22	2/28/23	2/28/24	-	-	-

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	71.17	94.07	74.53	96.67	90.66	94.02	68.81	106.4	93.78	124.8	82.73	115.8	111.2	139.3
EBITDA ¹	-	-	-	-	38.25	39.84	26.38	37.44	-	-	28.9	47	41.3	54.8
EBIT ¹	15.1	27.27	20.4	35.2	33.72	35.07	21.53	33.75	30.06	47.89	19.22	39.9	37.8	50.13
Operating Margin	21.22%	28.99%	27.37%	36.41%	37.2%	37.3%	31.29%	31.73%	32.05%	38.37%	23.23%	34.46%	33.98%	35.99%
Earnings before Tax (EBT) ¹	18.44	27.04	21.84	40.99	37.44	17.26	23.71	30.47	30.01	41.04	18.68	-	-	-
Net income ¹	14.06	18.53	15.68	36.14	24.53	8.794	18.32	21.17	24.07	27.02	16.71	28.12	27.15	37.25
Net margin	19.76%	19.7%	21.04%	37.39%	27.06%	9.35%	26.62%	19.9%	25.66%	21.65%	20.2%	24.29%	24.4%	26.74%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/4/21	3/22/22	5/9/22	8/8/22	11/8/22	2/28/23	5/9/23	8/8/23	11/8/23	2/28/24	5/9/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	239	181	127	129	115,761	-	-	-
Net Cash position ¹	-	-	-	-	-	31.9	146	141
Leverage (Debt/EBITDA)	3.841 x	3.34 x	1.53 x	0.9048 x	727.3 x	-	-	-
Free Cash Flow ²	-64,236	67,140	45,932	-5,722	22,701	95,000	124,350	129,667
ROE (net income / shareholders' equity)	9.03%	10.3%	21.7%	25.7%	23%	22.3%	20.9%	20.6%
ROA (Net income/ Total Assets)	3.71%	4.26%	10.3%	13.8%	13.3%	14.7%	14.9%	16.7%
Assets ¹	494.1	528.7	540.2	615.7	671.9	767.1	882.8	981
Book Value Per Share ³	24,522	26,588	33,841	43,354	53,874	53,692	65,857	87,539
Cash Flow per Share ³	-1,513	8,727	8,594	5,451	7,536	16,360	17,146	21,696
Capex ¹	51.2	8.62	28.2	52.7	42.3	29.1	33.8	37.5
Capex / Sales	20.3%	3.75%	9.67%	14.82%	10.74%	6.39%	6.47%	6.17%
Announcement Date	2/27/20	2/23/21	3/22/22	2/28/23	2/28/24	-	-	-

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 Dentium CO., LTD

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

121,900 KRW

Average target price

171,625 KRW

Spread / Average Target

+40.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
DENTIUM CO., LTD	-6.95%	769M
STRYKER CORPORATION	+8.38%	124B
SMITH & NEPHEW PLC	-6.40%	11.02B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	+1.56%	8.88B
GLAUKOS CORPORATION	+36.32%	5.45B
INSPIRE MEDICAL SYSTEMS, INC.	-21.55%	4.74B
AXONICS, INC.	+8.20%	3.44B
ENOVIS CORPORATION	-7.69%	2.84B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-8.42%	2.15B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-5.20%	2.11B

Medical Devices & Implants