Financials Kia Corporation

Equities

A000270

KR7000270009

Auto & Truck Manufacturers

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
118,200 ^KRW	+1.37%		+7.07%	+18.20%

Apr. 26	South Korea shares gain following upbeat US tech earnings	RE
Apr. 25	South Korea's Hyundai, Kia to launch first India-made EVs next year	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,761,255	25,018,111	32,956,550	23,775,209	39,508,169	46,831,646	-	-
Enterprise Value (EV) ²	15,338	22,111	24,762	17,797	22,775	28,162	23,012	16,278
P/E ratio	9.72 x	16.8 x	6.92 x	4.39 x	4.51 x	4.99 x	5.07 x	4.72 x
Yield	2.6%	1.6%	3.65%	5.9%	5.6%	4.86%	5.02%	5.33%
Capitalization / Revenue	0.31 x	0.42 x	0.47 x	0.27 x	0.4 x	0.44 x	0.44 x	0.42 x
EV / Revenue	0.26 x	0.37 x	0.35 x	0.21 x	0.23 x	0.27 x	0.21 x	0.15 x
EV / EBITDA	3.71 x	5.16 x	3.4 x	1.84 x	1.63 x	1.93 x	1.61 x	1.07 x
EV / FCF	8.18 x	5.88 x	4.1 x	2.27 x	2.54 x	3.59 x	2.94 x	1.94 x
FCF Yield	12.2%	17%	24.4%	44%	39.3%	27.9%	34%	51.5%
Price to Book	0.61 x	0.84 x	0.94 x	0.6 x	0.85 x	0.87 x	0.78 x	0.68 x
Nbr of stocks (in thousands)	400,931	400,931	400,931	400,931	395,082	396,207	-	-
Reference price ³	44,300	62,400	82,200	59,300	100,000	118,200	118,200	118,200
Announcement Date	1/22/20	1/27/21	1/26/22	1/27/23	1/24/24	-	-	-

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	58,146	59,168	69,862	86,559	99,808	105,292	107,332	111,976
EBITDA ¹	4,139	4,286	7,287	9,656	13,961	14,565	14,291	15,244
EBIT ¹	2,010	2,066	5,066	7,233	11,608	11,818	11,462	12,237
Operating Margin	3.46%	3.49%	7.25%	8.36%	11.63%	11.22%	10.68%	10.93%
Earnings before Tax (EBT) ¹	2,531	1,841	6,394	7,502	12,677	13,665	12,506	13,639
Net income ¹	1,827	1,503	4,760	5,409	8,777	10,095	9,053	9,888
Net margin	3.14%	2.54%	6.81%	6.25%	8.79%	9.59%	8.43%	8.83%
EPS ²	4,556	3,710	11,874	13,495	22,168	23,680	23,335	25,051
Free Cash Flow ³	1,874,172	3,761,998	6,040,147	7,838,584	8,961,366	7,844,118	7,828,583	8,389,892
FCF margin	3,223.22%	6,358.15%	8,645.78%	9,055.77%	8,978.57%	7,449.89%	7,293.8%	7,492.61%
FCF Conversion (EBITDA)	45,279.33%	87,774.53%	82,892.58%	81,180.74%	64,187.15%	53,856.4%	54,778.86%	55,036.16%
FCF Conversion (Net income)	102,601.09%	250,346.91%	126,881.85%	144,905.94%	102,100.91%	77,706.77%	86,477.34%	84,847.26%
Dividend per Share ²	1,150	1,000	3,000	3,500	5,600	5,747	5,933	6,306
Announcement Date	1/22/20	1/27/21	1/26/22	1/27/23	1/24/24	-	-	-

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	2025 Q1
Net sales ¹	17,753	17,188	18,357	21,876	23,162	23,164	23,691	26,244	25,545	24,328	26,213	26,885	25,701	25,298	-
EBITDA ¹	1,904	1,697	-	2,841	1,388	-	3,468	-	-	-	3,486	3,870	3,579	3,590	-
EBIT ¹	1,327	1,175	1,606	2,234	768.2	2,624	2,874	3,403	2,865	2,466	3,426	3,353	2,828	2,477	-
Operating Margin	7.47%	6.84%	8.75%	10.21%	3.32%	11.33%	12.13%	12.97%	11.22%	10.14%	13.07%	12.47%	11%	9.79%	-
Earnings before Tax (EBT) ¹	1,606	1,631	1,518	2,624	730	2,630	3,142	3,682	3,327	2,526	3,785	3,457	3,134	3,011	-
Net income ¹	1,135	1,248	1,033	1,881	458.7	2,037	2,120	2,817	2,220	1,620	2,808	2,496	2,248	2,182	-
Net margin	6.39%	7.26%	5.63%	8.6%	1.98%	8.79%	8.95%	10.73%	8.69%	6.66%	10.71%	9.29%	8.75%	8.63%	-
EPS ²	2,830	3,113	2,576	4,692	1,144	5,083	5,323	7,130	5,620	4,095	5,709	6,825	5,602	4,330	-
Dividend per Share ²	-	3,000	-	-	-	3,500	-	-	-	5,600	-	-	-	6,000	-
Announcement Date	10/27/21	1/26/22	4/25/22	7/22/22	10/25/22	1/27/23	4/26/23	7/27/23	10/27/23	1/24/24	4/26/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,423	2,907	8,195	5,978	16,733	18,669	23,820	30,554
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	1,874,172	3,761,998	6,040,147	7,838,584	8,961,366	7,844,118	7,828,583	8,389,892
ROE (net income / shareholders' equity)	6.5%	5.1%	14.7%	14.6%	20.4%	18.7%	16%	15.3%
ROA (Net income/ Total Assets)	3.41%	2.59%	7.48%	7.7%	11.4%	12%	9.95%	10.1%
Assets ¹	53,537	57,925	63,670	70,281	77,169	84,458	91,004	97,929
Book Value Per Share ³	72,277	74,556	87,077	98,135	117,576	135,869	152,336	173,685
Cash Flow per Share ³	9,006	13,528	18,357	23,283	28,531	32,223	34,123	46,585
Capex ¹	1,736	1,662	1,320	1,495	2,335	3,929	3,217	3,449
Capex / Sales	2.99%	2.81%	1.89%	1.73%	2.34%	3.73%	3%	3.08%
Announcement Date	1/22/20	1/27/21	1/26/22	1/27/23	1/24/24	-	-	-

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 Kia Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

118,200 KRW

Average target price

143,355 KRW

Spread / Average Target

+21.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
KIA CORPORATION	+18.20%	34.02B
STELLANTIS N.V.	+8.96%	94.79B
PORSCHE AG	+12.39%	87.34B
BYD COMPANY LIMITED	-0.75%	84.51B
FERRARI N.V.	+24.83%	76.07B
MARUTI SUZUKI INDIA LTD	+23.31%	47.89B
SAIC MOTOR CORPORATION LIMITED	+12.34%	23.85B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-1.54%	19.82B
FORD OTOMOTIV SANAYI	+49.97%	11.99B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-10.47%	10.13B

Automobiles & Multi Utility Vehicles