Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 4,722,509 5,412,214 4,972,002 3,342,871 3,943,557 - -
Enterprise Value (EV) 1 4,722,509 5,412,214 4,972,002 3,342,871 3,943,557 3,943,557 3,943,557
P/E ratio 7.9 x 7.78 x 4.8 x 5.89 x 6.65 x 5.57 x 5 x
Yield 2.91% 2.12% 3.47% 4.93% 3.49% 4.09% 3.97%
Capitalization / Revenue 0.31 x 2.19 x 1.67 x 1.54 x 1.79 x 1.67 x 1.53 x
EV / Revenue 0.31 x 2.19 x 1.67 x 1.54 x 1.79 x 1.67 x 1.53 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 0.57 x 0.66 x 0.39 x 0.37 x 0.4 x 0.38 x 0.35 x
Nbr of stocks (in thousands) 689,471 645,701 639,781 606,146 600,264 - -
Reference price 2 7,550 9,440 8,650 6,080 7,550 7,550 7,550
Announcement Date 1/30/20 1/28/21 1/26/22 1/26/23 - - -
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,456 2,474 2,977 2,176 - 2,198 2,365 2,573
EBITDA - - - - - - - -
EBIT 1 727.2 1,105 1,486 835.6 511 858.9 1,000 1,169
Operating Margin 4.71% 44.66% 49.92% 38.4% - 39.08% 42.29% 45.45%
Earnings before Tax (EBT) 1 893 1,140 - 826.3 370.1 897 1,065 1,212
Net income 1 663.7 821.8 1,153 639.5 298 647.2 776.6 892.4
Net margin 4.29% 33.23% 38.72% 29.39% - 29.45% 32.84% 34.69%
EPS 2 956.0 1,213 1,803 1,033 - 1,136 1,354 1,509
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 220.0 200.0 300.0 300.0 - 263.3 309.1 300.0
Announcement Date 1/30/20 1/28/21 1/26/22 1/26/23 2/6/24 - - -
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 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 750.5 586.8 612.2 700.7 451.1 412 639.9 488.8 523.5 553.4 552 634 600.5 641
EBITDA - - - - - - - - - - - - - -
EBIT 1 397.2 234.9 284.7 321.3 149.8 79.85 281.7 156.7 173.1 205.4 185.5 246 208 265
Operating Margin 52.92% 40.03% 46.5% 45.85% 33.2% 19.38% 44.02% 32.05% 33.06% 37.11% 33.61% 38.8% 34.64% 41.34%
Earnings before Tax (EBT) 1 482.3 281.1 272.6 354.2 154 45.45 294.6 172.3 64.47 218.5 181 226 127 283
Net income 1 340.8 177 191.8 253.7 103.6 90.43 236.7 132.5 77.45 148.5 135 182.5 147.5 209
Net margin 45.41% 30.17% 31.32% 36.21% 22.96% 21.95% 37% 27.11% 14.79% 26.84% 24.46% 28.79% 24.56% 32.61%
EPS - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/11/21 1/26/22 5/12/22 8/9/22 11/10/22 1/26/23 5/11/23 8/10/23 11/9/23 - - - - -
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) 7.57% 8.86% 11.9% 5.83% 2.67% 5.7% 6.53% 7.06%
ROA (Net income/ Total Assets) 0.53% 0.62% 0.96% 0.6% - 0.49% 0.54% 0.61%
Assets 1 125,639 133,371 119,800 107,435 - 131,601 144,551 146,295
Book Value Per Share 2 13,332 14,363 21,922 16,307 - 18,933 20,097 21,523
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/30/20 1/28/21 1/26/22 1/26/23 2/6/24 - - -
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
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
7,550 KRW
Average target price
9,008 KRW
Spread / Average Target
+19.32%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. A006800 Stock
  4. Financials Mirae Asset Securities Co., Ltd.