Financials KT&G Corporation

Equities

A033780

KR7033780008

Tobacco

End-of-day quote Korea S.E. 06:00:00 2024-02-22 pm EST 5-day change 1st Jan Change
93,000 KRW +1.09% Intraday chart for KT&G Corporation +3.56% +7.02%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 12,815,910 11,843,669 10,311,042 9,802,314 10,639,613 10,491,323 10,491,323 -
Enterprise Value (EV) 2 10,387 9,482 8,650 9,004 9,411 9,803 8,765 8,759
P/E ratio 14.2 x 11.4 x 8.92 x 9.99 x 10.8 x 12.5 x 11.2 x 11 x
Yield 3.94% 4.69% 5.4% 6.08% 5.46% 5.64% 5.87% 6.02%
Capitalization / Revenue 2.86 x 2.39 x 1.94 x 1.87 x 1.82 x 1.67 x 1.64 x 1.61 x
EV / Revenue 2.32 x 1.91 x 1.63 x 1.72 x 1.61 x 1.67 x 1.37 x 1.35 x
EV / EBITDA 7.35 x 6.06 x 5.13 x 5.79 x 6.3 x 6.32 x 5.88 x 5.52 x
EV / FCF 24.3 x 14.6 x 8.35 x 7.88 x 14.6 x 13.4 x 11.4 x 13.4 x
FCF Yield 4.12% 6.84% 12% 12.7% 6.87% 7.49% 8.77% 7.45%
Price to Book 1.59 x 1.6 x 1.14 x 1.03 x 1.14 x 1.24 x 1.22 x 1.16 x
Nbr of stocks (in thousands) 126,265 126,265 124,080 124,080 116,280 112,810 112,810 -
Reference price 3 101,500 93,800 83,100 79,000 91,500 92,000 92,000 92,000
Announcement Date 2/21/19 2/13/20 2/3/21 2/10/22 2/9/23 2/7/24 - -
1KRW in Million2KRW in Billions3KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 4,476 4,966 5,302 5,228 5,856 5,872 6,391 6,508
EBITDA 1 1,413 1,565 1,686 1,556 1,493 1,406 1,491 1,586
EBIT 1 1,263 1,382 1,482 1,338 1,268 1,168 1,247 1,323
Operating Margin 28.22% 27.82% 27.96% 25.6% 21.65% 19.89% 19.51% 20.32%
Earnings before Tax (EBT) 1 1,331 1,463 1,613 1,440 1,425 1,249 1,360 1,435
Net income 1 909.2 1,035 1,173 978.7 1,005 907.1 977.5 1,032
Net margin 20.31% 20.84% 22.13% 18.72% 17.15% 15.45% 15.29% 15.86%
EPS 2 7,141 8,208 9,320 7,910 8,489 7,359 8,212 8,379
Free Cash Flow 3 428,187 649,000 1,035,800 1,142,002 646,504 665,200 769,000 652,480
FCF margin 9,567.04% 13,069.66% 19,537.43% 21,842.49% 11,039.14% 11,343.18% 12,032.58% 10,026.51%
FCF Conversion (EBITDA) 30,294.26% 41,474.63% 61,446.36% 73,414.99% 43,299.33% 47,304.84% 51,579.14% 41,152.33%
FCF Conversion (Net income) 47,094.43% 62,699.26% 88,289.87% 116,687.44% 64,359.15% 70,702.33% 78,673% 63,211.51%
Dividend per Share 2 4,000 4,400 4,489 4,800 5,000 5,193 5,400 5,538
Announcement Date 2/21/19 2/13/20 2/3/21 2/10/22 2/9/23 2/7/24 - -
1KRW in Billions2KRW3KRW in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 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 1,346 1,568 1,050 1,403 1,417 1,625 1,412 1,396 1,336 1,690 1,451 1,530 1,556 1,761 1,561
EBITDA - - - - - - - - - - - - - - -
EBIT 1 330.1 423.9 266.7 333 327.6 405.6 201.6 316.5 242.9 406.7 198.6 314.4 258 424 232
Operating Margin 24.52% 27.03% 25.41% 23.74% 23.11% 24.97% 14.28% 22.68% 18.18% 24.07% 13.68% 20.55% 16.58% 24.08% 14.86%
Earnings before Tax (EBT) 1 338.6 501.2 216.2 396.2 476.7 648.8 -99.88 392.6 272.4 459.5 121.2 391 - - -
Net income 1 248.4 361 95.4 264.1 330.8 464.1 -63.21 270.5 197.9 313.8 121.9 274.3 - - -
Net margin 18.45% 23.02% 9.09% 18.83% 23.34% 28.57% -4.48% 19.38% 14.81% 18.58% 8.4% 17.93% - - -
EPS 2 2,002 2,912 792.0 2,201 2,830 3,868 -410.0 2,326 1,727 2,708 837.2 2,148 2,206 2,512 1,242
Dividend per Share 2 - - 4,800 - - - 5,000 - - - 5,000 - - - 5,200
Announcement Date 8/5/21 11/4/21 2/10/22 5/12/22 8/4/22 11/3/22 2/9/23 5/11/23 8/3/23 11/9/23 2/7/24 - - - -
1KRW in Billions2KRW
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - - -
Net Cash position 1 2,429 2,362 1,661 799 1,229 1,605 1,727 1,733
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 2 428,187 649,000 1,035,800 1,142,002 646,504 665,200 769,000 652,480
ROE (net income / shareholders' equity) 11.3% 12.4% 13.2% 10.8% 11% 9.84% 10.4% 10.4%
ROA (Net income/ Total Assets) 9.03% 9.93% 10.5% 8.47% 8.49% 7.36% 7.53% 7.78%
Assets 1 10,071 10,420 11,124 11,553 11,837 12,781 12,990 13,276
Book Value Per Share 3 63,987 58,448 72,831 76,348 80,114 74,074 75,481 79,493
Cash Flow per Share 3 6,511 8,417 10,168 11,044 7,420 9,567 10,270 10,506
Capex 1 394 413 220 224 241 332 248 270
Capex / Sales 8.8% 8.31% 4.16% 4.29% 4.12% 5.67% 3.88% 4.15%
Announcement Date 2/21/19 2/13/20 2/3/21 2/10/22 2/9/23 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
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
93,000 KRW
Average target price
105,800 KRW
Spread / Average Target
+13.76%
Consensus
+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019
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