Financials Kukdo Chemical Co., Ltd.

Equities

A007690

KR7007690001

Specialty Chemicals

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-21 pm EDT			5-day change	1st Jan Change
37,600 ^KRW	+0.27%		-0.53%	-8.18%

Mar. 07	Kukdo Chemical Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Kukdo Chemical 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	261,896	294,102	488,190	369,383	341,545	313,604	-
Enterprise Value (EV) ²	396.6	294.1	488.2	369.4	729.7	455.2	451
P/E ratio	7.57 x	10 x	-	4.96 x	-	-	-
Yield	3.19%	-	-	-	1.69%	3.72%	3.72%
Capitalization / Revenue	0.23 x	-	0.31 x	-	0.26 x	0.19 x	0.15 x
EV / Revenue	0.35 x	-	0.31 x	-	0.56 x	0.27 x	0.21 x
EV / EBITDA	6.27 x	-	-	-	12.5 x	2.87 x	2.24 x
EV / FCF	10.2 x	-	-	-	11.1 x	15.3 x	88.4 x
FCF Yield	9.79%	-	-	-	8.98%	6.52%	1.13%
Price to Book	0.51 x	-	-	-	0.41 x	0.34 x	0.31 x
Nbr of stocks (in thousands)	6,830	6,683	8,641	8,641	8,341	8,341	-
Reference price ³	38,343	44,007	56,500	42,750	40,950	37,600	37,600
Announcement Date	1/31/20	3/12/21	1/28/22	3/2/23	1/29/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,122	-	1,577	-	1,312	1,674	2,151
EBITDA ¹	63.22	-	-	-	58.45	158.8	200.9
EBIT ¹	42.77	-	204.7	-	20.27	121.2	167.9
Operating Margin	3.81%	-	12.98%	-	1.55%	7.24%	7.81%
Earnings before Tax (EBT)	40.66	-	-	-	-	-	-
Net income	34.62	-	161.5	74.32	-	-	-
Net margin	3.09%	-	10.24%	-	-	-	-
EPS	5,068	4,381	-	8,626	-	-	-
Free Cash Flow ²	38,844	-	-	-	65,511	29,700	5,100
FCF margin	3,463.57%	-	-	-	4,993.83%	1,774.19%	237.09%
FCF Conversion (EBITDA)	61,438.2%	-	-	-	112,082.87%	18,702.77%	2,538.58%
FCF Conversion (Net income)	112,204.68%	-	-	-	-	-	-
Dividend per Share ³	1,222	-	-	-	692.6	1,400	1,400
Announcement Date	1/31/20	3/12/21	1/28/22	3/2/23	1/29/24	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	416.4	416.6	441.5	346.9	315.6	305.8
EBITDA	-	-	-	-	-	-
EBIT ¹	43.68	35.55	46.65	12.95	-2.244	-0.797
Operating Margin	10.49%	8.53%	10.57%	3.73%	-0.71%	-0.26%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	36.76	32.94	38.81	-	-	-
Net margin	8.83%	7.91%	8.79%	-	-	-
EPS	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	1/28/22	4/22/22	7/20/22	7/20/23	10/20/23	1/29/24

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2021	2022	2023	2024	2025
Net Debt ¹	135	-	-	388	142	137
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.131 x	-	-	6.64 x	0.8917 x	0.6839 x
Free Cash Flow ²	38,844	-	-	65,511	29,700	5,100
ROE (net income / shareholders' equity)	6.89%	-	-	0.81%	10.5%	13%
ROA (Net income/ Total Assets)	3.93%	-	-	0.51%	6.4%	7.9%
Assets	879.9	-	-	-	-	-
Book Value Per Share ³	75,638	-	-	99,723	109,289	122,723
Cash Flow per Share	12,874	-	-	-	-	-
Capex	49.1	-	-	-	-	-
Capex / Sales	4.38%	-	-	-	-	-
Announcement Date	1/31/20	1/28/22	3/2/23	1/29/24	-	-

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 Kukdo Chemical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37,600 KRW

Average target price

70,000 KRW

Spread / Average Target

+86.17%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Adhesive & Epoxy

	1st Jan change	Capi.
KUKDO CHEMICAL CO., LTD.	-8.18%	229M
HENKEL AG & CO. KGAA	+14.99%	35.77B
H.B. FULLER COMPANY	-0.79%	4.47B
LINTEC CORPORATION	+18.73%	1.46B
NAN PAO RESINS CHEMICAL CO., LTD.	+31.14%	1.42B
SHANDONG DONGYUE ORGANOSILICON MATERIALS CO., LTD.	-1.57%	1.34B
JIANGSU HHCK ADVANCED MATERIALS CO.,LTD	-22.64%	779M
EPOXY BASE ELECTRONIC MATERIAL CORPORATION LIMITED	-21.02%	763M
CHENGDU GUIBAO SCIENCE & TECHNOLOGY CO.,LTD.	-17.69%	734M
HUBEI HUITIAN NEW MATERIALS CO., LTD.	-18.36%	586M

Adhesive & Epoxy