Financials KOLMAR BNH Co.,Ltd.

Equities

A200130

KR7200130003

Food Processing

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
15,670 ^KRW	+3.43%		0.00%	-12.65%

Mar. 18	KOLMAR BNH Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Kolmar BNH Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	819,774	1,533,198	917,260	836,021	522,357	454,256	-
Enterprise Value (EV) ²	754.6	1,466	886.1	866.1	522.4	485.3	471.8
P/E ratio	15 x	19.1 x	13.1 x	20.6 x	26.6 x	10.3 x	8.85 x
Yield	0.72%	0.48%	1.24%	1.09%	-	1.97%	1.97%
Capitalization / Revenue	1.87 x	2.53 x	1.55 x	1.45 x	0.9 x	0.71 x	0.67 x
EV / Revenue	1.72 x	2.42 x	1.49 x	1.5 x	0.9 x	0.76 x	0.7 x
EV / EBITDA	9.52 x	12.5 x	8.59 x	11.4 x	-	6.1 x	4.93 x
EV / FCF	18.6 x	43.4 x	36.1 x	-	-	59.9 x	20.2 x
FCF Yield	5.38%	2.31%	2.77%	-	-	1.67%	4.96%
Price to Book	3.25 x	4.72 x	2.38 x	2.08 x	-	0.99 x	0.91 x
Nbr of stocks (in thousands)	29,541	29,541	29,541	29,541	29,117	28,989	-
Reference price ³	27,750	51,900	31,050	28,300	17,940	15,670	15,670
Announcement Date	2/27/20	2/18/21	2/21/22	2/27/23	2/23/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	438.9	606.9	593.1	575.9	579.6	642.6	673.2
EBITDA ¹	79.28	117.6	103.2	75.64	-	79.5	95.6
EBIT ¹	74.08	109.2	91.65	61.12	30.26	61.9	72
Operating Margin	16.88%	17.99%	15.45%	10.61%	5.22%	9.63%	10.7%
Earnings before Tax (EBT) ¹	72.06	109.7	91.93	55.84	25.99	64.1	74.4
Net income ¹	54.48	80.48	69.87	40.38	18.74	45.1	52.3
Net margin	12.41%	13.26%	11.78%	7.01%	3.23%	7.02%	7.77%
EPS ²	1,844	2,724	2,365	1,371	674.0	1,526	1,770
Free Cash Flow ³	40,614	33,803	24,572	-	-	8,100	23,400
FCF margin	9,253.57%	5,569.83%	4,143.15%	-	-	1,260.5%	3,475.94%
FCF Conversion (EBITDA)	51,227.27%	28,733.42%	23,817.41%	-	-	10,188.68%	24,476.99%
FCF Conversion (Net income)	74,543.85%	41,999.23%	35,170.52%	-	-	17,960.09%	44,741.87%
Dividend per Share ²	200.0	250.0	385.0	308.0	-	308.0	308.0
Announcement Date	2/27/20	2/18/21	2/21/22	2/27/23	2/23/24	-	-

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
Net sales ¹	128.6	144.1	140.9	167.1	131.3	136.6	137.7	156.8	139.4
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	16.17	24.04	18.13	21.02	13.24	8.727	9.572	9.93	6.783
Operating Margin	12.57%	16.68%	12.87%	12.58%	10.09%	6.39%	6.95%	6.33%	4.87%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-
Net income ¹	13.18	18.09	-	-	-	-	6.49	7.583	5.699
Net margin	10.24%	12.55%	-	-	-	-	4.71%	4.84%	4.09%
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	11/15/21	2/21/22	5/16/22	8/16/22	11/14/22	2/27/23	5/12/23	8/14/23	11/14/23

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	30.1	-	31	17.5
Net Cash position ¹	65.1	67.4	31.2	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.3975 x	-	0.3899 x	0.1831 x
Free Cash Flow ²	40,614	33,803	24,572	-	-	8,100	23,400
ROE (net income / shareholders' equity)	23.8%	27.6%	19.7%	10.2%	4.69%	10%	10.8%
ROA (Net income/ Total Assets)	16.1%	18%	13.4%	7.02%	-	6.6%	7.3%
Assets ¹	339	448.1	522.9	575.5	-	683.3	716.4
Book Value Per Share ³	8,545	11,000	13,051	13,595	-	15,767	17,144
Cash Flow per Share	2,647	2,610	2,435	180.0	-	-	-
Capex ¹	37.6	43.3	47.4	49.2	-	42.1	44.1
Capex / Sales	8.56%	7.13%	7.99%	8.55%	-	6.55%	6.55%
Announcement Date	2/27/20	2/18/21	2/21/22	2/27/23	2/23/24	-	-

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 KOLMAR BNH Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15,670 KRW

Average target price

24,000 KRW

Spread / Average Target

+53.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Special Foods & Wellbeing Products

	1st Jan change	Capi.
KOLMAR BNH CO.,LTD.	-12.65%	319M
ZHEJIANG NHU COMPANY LTD.	+11.32%	7.78B
BELLRING BRANDS, INC.	+1.64%	7.38B
CSPC INNOVATION PHARMACEUTICAL CO., LTD.	+10.50%	6.52B
BYHEALTH CO., LTD	-6.69%	3.67B
THE SIMPLY GOOD FOODS COMPANY	-13.86%	3.44B
XIAMEN KINGDOMWAY GROUP COMPANY	-10.10%	1.17B
SIRIO PHARMA CO., LTD.	+8.34%	934M
HERBALIFE LTD.	-42.89%	879M
USANA HEALTH SCIENCES, INC.	-19.85%	836M

Special Foods & Wellbeing Products