Financials F&F Co., Ltd

Equities

A383220

KR7383220001

Apparel & Accessories

End-of-day quote Korea S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
64,000 KRW -0.16% Intraday chart for F&F Co., Ltd +0.95% -28.25%

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Capitalization 1 7,231,705 5,511,626 3,402,332 2,441,135 - -
Enterprise Value (EV) 2 7,481 5,654 3,402 2,325 1,900 1,624
P/E ratio 31.2 x 12.6 x 8 x 5.49 x 4.64 x 4.69 x
Yield - 1.11% - 2.83% 3.18% 3.04%
Capitalization / Revenue 6.64 x 3.05 x 1.72 x 1.16 x 1.03 x 0.99 x
EV / Revenue 6.87 x 3.13 x 1.72 x 1.11 x 0.8 x 0.66 x
EV / EBITDA 21.3 x 9.34 x 5.44 x 3.62 x 2.58 x 2.25 x
EV / FCF 26.8 x 16.3 x - 6.21 x 4.13 x 3.57 x
FCF Yield 3.74% 6.12% - 16.1% 24.2% 28%
Price to Book 13.2 x 5.99 x - 1.49 x 1.17 x 1.01 x
Nbr of stocks (in thousands) 38,263 38,143 38,143 38,143 - -
Reference price 3 189,000 144,500 89,200 64,000 64,000 64,000
Announcement Date 2/15/22 2/1/23 2/7/24 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Net sales 1 1,089 1,809 1,979 2,096 2,373 2,476
EBITDA 1 351 605.2 625.7 642.6 736 722.9
EBIT 1 321.4 522.4 551.8 568.5 664.3 660.9
Operating Margin 29.5% 28.88% 27.88% 27.12% 27.99% 26.69%
Earnings before Tax (EBT) 1 321.2 533.8 560 590.2 711 696.2
Net income 1 230.9 385.9 426.9 446.4 529.1 522.6
Net margin 21.2% 21.33% 21.57% 21.3% 22.29% 21.11%
EPS 2 6,061 11,450 11,144 11,658 13,806 13,646
Free Cash Flow 3 279,540 346,259 - 374,200 459,850 455,000
FCF margin 25,665.35% 19,139.44% - 17,851.92% 19,376.04% 18,376.41%
FCF Conversion (EBITDA) 79,637.29% 57,213.49% - 58,230.18% 62,483.41% 62,939.48%
FCF Conversion (Net income) 121,054.3% 89,720.39% - 83,823.75% 86,916.04% 87,064.68%
Dividend per Share 2 - 1,600 - 1,810 2,037 1,945
Announcement Date 2/15/22 2/1/23 2/7/24 - - -
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 1 328.9 563.2 437.1 371.4 441.7 558.9 497.4 405.5 491.9 583.2 515.6 415.2 533.8 629.8
EBITDA 1 105.5 195.8 145.5 108.9 152.9 197.8 166.5 133.7 160.2 164.9 151.1 116 174.9 188.4
EBIT 1 95.75 182.4 134.6 94.96 138.4 154.5 148.8 110.1 148.5 144 143.2 108.3 154.6 168.3
Operating Margin 29.11% 32.39% 30.8% 25.57% 31.34% 27.64% 29.92% 27.14% 30.2% 24.69% 27.78% 26.08% 28.97% 26.73%
Earnings before Tax (EBT) 1 - 180 134.3 94.14 153.8 151.7 151.6 107.3 160.5 140.5 133.4 103.7 170.3 167.4
Net income 1 71.11 128.1 96.44 69.57 110.1 110 118.6 85.73 119.1 103.4 116 87.42 125.4 126.4
Net margin 21.62% 22.74% 22.06% 18.73% 24.92% 19.68% 23.85% 21.14% 24.21% 17.73% 22.5% 21.05% 23.49% 20.06%
EPS - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/4/21 2/15/22 5/2/22 8/1/22 11/1/22 2/1/23 5/1/23 7/28/23 10/27/23 2/7/24 - - - -
1KRW in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Net Debt 1 250 142 - - - -
Net Cash position 1 - - - 116 541 817
Leverage (Debt/EBITDA) 0.7115 x 0.2352 x - - - -
Free Cash Flow 2 279,540 346,259 - 374,200 459,850 455,000
ROE (net income / shareholders' equity) 42.4% 54.5% - 31.9% 28.2% 24.7%
ROA (Net income/ Total Assets) 40.5% 32.7% - 21.4% 20.1% 17.4%
Assets 1 570.8 1,179 - 2,091 2,634 3,009
Book Value Per Share 3 14,305 24,135 - 43,083 54,745 63,483
Cash Flow per Share 3 7,618 9,453 - 13,981 16,156 17,487
Capex 1 12 17.9 - 21.8 29.1 23.8
Capex / Sales 1.1% 0.99% - 1.04% 1.23% 0.96%
Announcement Date 2/15/22 2/1/23 2/7/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
64,000 KRW
Average target price
112,923 KRW
Spread / Average Target
+76.44%
Consensus

Quarterly revenue - Rate of surprise

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