Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,978,987 3,361,880 2,751,988 2,322,178 2,750,675 3,565,437 - -
Enterprise Value (EV) 1 1,978,987 3,361,880 2,751,988 2,322,178 2,750,675 3,565,437 3,565,437 3,565,437
P/E ratio 6.52 x 4.63 x 3.75 x 5.1 x 6.68 x 4.9 x 4.47 x 4.06 x
Yield 2.52% 2.37% 4.67% - - 3.42% 3.76% 4.58%
Capitalization / Revenue 2.29 x 2.29 x 1.5 x 1.83 x 2.37 x 2.26 x 2.15 x 1.93 x
EV / Revenue 2.29 x 2.29 x 1.5 x 1.83 x 2.37 x 2.26 x 2.15 x 1.93 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.79 x 0.96 x 0.65 x - - 0.64 x 0.57 x 0.51 x
Nbr of stocks (in thousands) 24,893 26,576 25,720 27,645 27,645 26,950 - -
Reference price 2 79,500 126,500 107,000 84,000 99,500 132,300 132,300 132,300
Announcement Date 2/11/20 2/9/21 2/11/22 2/10/23 2/14/24 - - -
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 865.1 1,469 1,835 1,269 1,160 1,577 1,659 1,844
EBITDA - - - - - - - -
EBIT 1 473.7 954.9 1,209 656.4 564.7 987.1 1,053 1,142
Operating Margin 54.76% 65% 65.87% 51.74% 48.69% 62.58% 63.48% 61.92%
Earnings before Tax (EBT) 1 492.2 970.2 1,234 680.2 585.1 993.8 1,064 1,142
Net income 1 362.8 693.9 903.7 508.2 440.7 729.1 792.3 847
Net margin 41.94% 47.23% 49.24% 40.05% 38.01% 46.22% 47.75% 45.93%
EPS 2 12,193 27,314 28,546 16,478 14,889 26,999 29,567 32,592
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 2,000 3,000 5,000 - - 4,523 4,973 6,060
Announcement Date 2/11/20 2/9/21 2/11/22 2/10/23 2/14/24 - - -
1KRW in Billions2KRW
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 1 468.4 421.2 355.3 289 328.9 295.5 540.3 334 342.6 -132.6 419.2 385.8 374.8 366.3 414
EBITDA - - - - - - - - - - - - - - -
EBIT 1 320.9 248.1 213.2 127.2 179.2 136.7 388.9 180.9 271.9 -277 266.4 224.6 227.1 232.2 258
Operating Margin 68.52% 58.91% 60.01% 44.04% 54.49% 46.27% 71.98% 54.16% 79.35% 208.85% 63.55% 58.21% 60.59% 63.38% 62.32%
Earnings before Tax (EBT) 1 323.3 241.3 214.8 128.4 190.7 146.2 395.8 176 261.5 -248.3 284.5 237 240.6 267 266
Net income 1 232.7 188.1 140.9 108.5 123.5 135.3 291.5 133.3 202.8 -191.4 199.6 172.2 172.7 183.8 204
Net margin 49.67% 44.67% 39.67% 37.54% 37.54% 45.78% 53.96% 39.92% 59.2% 144.32% 47.61% 44.64% 46.08% 50.18% 49.28%
EPS - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/9/21 2/11/22 5/10/22 8/9/22 11/8/22 2/10/23 5/9/23 8/8/23 11/6/23 2/14/24 - - - - -
1KRW in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.8% 27% 25.1% 11.4% 9.28% 13.9% 13.6% 13.3%
ROA (Net income/ Total Assets) 1.74% 2.25% 2.18% - - 1.37% 1.37% 1.47%
Assets 1 20,807 30,830 41,445 - - 53,361 57,676 57,776
Book Value Per Share 2 101,085 131,368 165,837 - - 205,539 231,668 261,684
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/11/20 2/9/21 2/11/22 2/10/23 2/14/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
132,300 KRW
Average target price
149,000 KRW
Spread / Average Target
+12.62%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. A039490 Stock
  4. Financials Kiwoom Securities Co., Ltd.