Financials Ecopro Co., Ltd.

Equities

A086520

KR7086520004

Commodity Chemicals

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
106,000 ^KRW	0.00%		+2.51%	-18.08%

Mar. 26	EcoPro Invests $11 Million Investment in Nickel Smelting Facility in Indonesia	MT
Mar. 22	PT GEM Indonesia New Energy Materials announced that it expects to receive IDR 11.224139 billion in funding from Ecopro Co., Ltd., Darrow International Pte. Ltd., Heungkong International Investment Holding Co., Ltd., QUALITY INTERNATIONAL ENGINERING CO., LIMITED, Gelinte Engineering Partnership Enterprise (Limited Partnership)	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	495,925	1,108,753	2,847,656	2,648,957	17,047,686	13,964,874	-
Enterprise Value (EV) ²	830.3	1,393	3,634	3,880	17,048	17,170	18,986
P/E ratio	23.3 x	46.1 x	10 x	73.3 x	66.7 x	49 x	29.5 x
Yield	-	0.6%	0.37%	0.49%	-	0.09%	0.09%
Capitalization / Revenue	0.71 x	1.17 x	1.9 x	0.47 x	2.35 x	1.68 x	1.04 x
EV / Revenue	1.18 x	1.46 x	2.42 x	0.69 x	2.35 x	2.06 x	1.41 x
EV / EBITDA	9.49 x	10.5 x	17.9 x	5.29 x	36.9 x	16.8 x	11.7 x
EV / FCF	-3,699,002 x	-30,360,610 x	-5,565,348 x	-3,233,324 x	-	-	-
FCF Yield	-0%	-0%	-0%	-0%	-	-	-
Price to Book	1.8 x	3.34 x	2.2 x	1.95 x	-	7.86 x	6.24 x
Nbr of stocks (in thousands)	98,257	97,285	124,812	128,590	131,744	131,744	-
Reference price ³	5,047	11,397	22,816	20,600	129,400	106,000	106,000
Announcement Date	2/6/20	1/12/21	2/10/22	1/30/23	2/7/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	702.3	951	1,503	5,640	7,259	8,334	13,420
EBITDA ¹	87.51	133.2	203.5	733.4	462.6	1,019	1,626
EBIT ¹	48.24	84.69	140.9	613.9	295.2	635.4	1,112
Operating Margin	6.87%	8.9%	9.38%	10.88%	4.07%	7.62%	8.29%
Earnings before Tax (EBT)	29.17	66.5	-272.1	307.3	-	-	-
Net income	21.33	63.71	198.5	223.6	-	-	-
Net margin	3.04%	6.7%	13.21%	3.96%	-	-	-
EPS ²	217.0	247.4	2,274	281.2	1,941	2,165	3,595
Free Cash Flow	-224,477	-45,885	-652,990	-1,200,077	-	-	-
FCF margin	-31,964.34%	-4,824.85%	-43,458.39%	-21,276.66%	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	68.79	83.50	100.0	-	100.0	100.0
Announcement Date	2/6/20	1/12/21	2/10/22	1/30/23	2/7/24	-	-

¹KRW in Billions²KRW

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	408.5	521.5	680.6	-	1,632	2,096	2,059	2,013	1,904
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	46.32	45.58	44.82	-	210.3	183.7	179.6	166.4	65.66
Operating Margin	11.34%	8.74%	6.58%	-	12.89%	8.76%	8.72%	8.27%	3.45%
Earnings before Tax (EBT)	36.37	-	-	-	-	-	-	-	-
Net income	-	-	-	71.35	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS	-	-	-	571.8	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	11/2/21	2/10/22	5/2/22	8/16/22	10/18/22	1/30/23	4/11/23	7/12/23	10/13/23

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	334	284	786	1,231	-	3,205	5,021
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.822 x	2.135 x	3.866 x	1.679 x	-	3.145 x	3.089 x
Free Cash Flow	-224,477	-45,885	-652,990	-1,200,077	-	-	-
ROE (net income / shareholders' equity)	9.41%	12.3%	22.2%	10.6%	-	-	-
ROA (Net income/ Total Assets)	2.67%	5.77%	8.71%	4.3%	-	-	-
Assets	798.1	1,105	2,279	5,204	-	-	-
Book Value Per Share ²	2,801	3,412	10,383	10,545	-	13,493	16,989
Cash Flow per Share ²	-	1,662	-	-828.0	-	6,433	545.0
Capex ¹	190	205	429	647	-	1,500	2,000
Capex / Sales	27%	21.56%	28.56%	11.47%	-	18%	14.9%
Announcement Date	2/6/20	1/12/21	2/10/22	1/30/23	2/7/24	-	-

¹KRW in Billions²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ecopro Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

106,000 KRW

Average target price

76,000 KRW

Spread / Average Target

-28.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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