Financials Pan Ocean Co., Ltd.

Equities

A028670

KR7028670008

Marine Freight & Logistics

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
4,070 ^KRW	-1.81%		+1.37%	+8.97%

Mar. 27	Nomura Downgrades Pan Ocean to Neutral From Buy, Adjusts Price Target to 4,800 Won From 5,200 Won	MT
Mar. 12	Pan Ocean Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,429,617	2,683,539	2,892,021	3,063,083	1,996,617	2,175,698	-	-
Enterprise Value (EV) ²	3,449	3,944	4,602	4,262	1,997	3,519	3,399	3,118
P/E ratio	15.6 x	29.7 x	5.01 x	4.52 x	8.16 x	5.66 x	4.75 x	4.45 x
Yield	-	0.99%	1.83%	2.62%	2.28%	3.69%	4.1%	5.04%
Capitalization / Revenue	0.95 x	1.07 x	0.63 x	0.48 x	0.46 x	0.46 x	0.44 x	0.42 x
EV / Revenue	1.35 x	1.58 x	1 x	0.66 x	0.46 x	0.75 x	0.69 x	0.6 x
EV / EBITDA	7.77 x	8.71 x	-	2.93 x	2.98 x	3.71 x	3.21 x	2.82 x
EV / FCF	17.1 x	22.9 x	10.1 x	4 x	-	9.99 x	8.04 x	7.79 x
FCF Yield	5.85%	4.36%	9.88%	25%	-	10%	12.4%	12.8%
Price to Book	0.81 x	0.92 x	0.79 x	0.68 x	-	0.43 x	0.39 x	0.37 x
Nbr of stocks (in thousands)	534,569	534,570	534,570	534,570	534,570	534,570	-	-
Reference price ³	4,545	5,020	5,410	5,730	3,735	4,070	4,070	4,070
Announcement Date	2/28/20	2/10/21	2/11/22	2/10/23	2/2/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,562	2,497	4,616	6,420	4,361	4,719	4,962	5,216
EBITDA ¹	444.1	452.9	-	1,456	669	949.3	1,058	1,105
EBIT ¹	218.1	225.2	572.9	789.6	385.9	462.1	522.4	569.2
Operating Margin	8.51%	9.02%	12.41%	12.3%	8.85%	9.79%	10.53%	10.91%
Earnings before Tax (EBT) ¹	153.9	91.96	550.4	688	248.5	373	424.4	504.8
Net income ¹	157.7	90.72	549.3	677.1	245	367.6	417.7	489.2
Net margin	6.15%	3.63%	11.9%	10.55%	5.62%	7.79%	8.42%	9.38%
EPS ²	290.4	169.2	1,079	1,267	458.0	718.7	857.6	915.2
Free Cash Flow ³	201,619	171,975	454,568	1,066,083	-	352,400	422,957	400,333
FCF margin	7,868.43%	6,886.82%	9,847.42%	16,604.85%	-	7,467.15%	8,524.63%	7,674.37%
FCF Conversion (EBITDA)	45,396.93%	37,973.85%	-	73,224.01%	-	37,122.65%	39,993.85%	36,240.19%
FCF Conversion (Net income)	127,854.32%	189,562.41%	82,753.26%	157,452.85%	-	95,872.52%	101,258.59%	81,825.92%
Dividend per Share ²	-	49.63	99.23	150.0	85.00	150.0	166.7	205.0
Announcement Date	2/28/20	2/10/21	2/11/22	2/10/23	2/2/24	-	-	-

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	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,328	1,511	1,441	1,722	1,837	1,421	996.4	1,225	1,112	1,028	1,095	1,222	1,262	1,221	1,002
EBITDA	243.6	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	191.3	227.1	169.1	238.8	224.4	157.2	112.6	125	79.46	68.7	104.2	107.3	119.4	122.2	88
Operating Margin	14.4%	15.03%	11.74%	13.87%	12.22%	11.07%	11.3%	10.21%	7.15%	6.68%	9.51%	8.78%	9.46%	10.01%	8.78%
Earnings before Tax (EBT) ¹	179.6	231.4	163.2	225	167.9	131.9	113.4	92.22	24.81	18.1	87.07	83.03	84.2	83.86	74
Net income ¹	179	231.5	162.9	224.8	166.8	122.6	113.2	91.9	24.5	15.5	81.73	82.35	83.3	80.34	73
Net margin	13.48%	15.32%	11.3%	13.05%	9.08%	8.63%	11.36%	7.5%	2.2%	1.51%	7.46%	6.74%	6.6%	6.58%	7.29%
EPS	-	431.8	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/27/21	2/11/22	5/11/22	8/1/22	11/11/22	2/10/23	5/11/23	8/11/23	11/10/23	2/2/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,019	1,260	1,710	1,199	-	1,343	1,223	942
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.295 x	2.783 x	-	0.8236 x	-	1.415 x	1.156 x	0.853 x
Free Cash Flow ²	201,619	171,975	454,568	1,066,083	-	352,400	422,957	400,333
ROE (net income / shareholders' equity)	5.37%	3.18%	17.2%	16.7%	5.32%	7.67%	8.18%	8.68%
ROA (Net income/ Total Assets)	3.46%	1.99%	9.84%	9.65%	-	5.72%	5.9%	6.07%
Assets ¹	4,557	4,557	5,581	7,019	-	6,430	7,080	8,065
Book Value Per Share ³	5,634	5,444	6,807	8,404	-	9,549	10,326	10,959
Cash Flow per Share ³	773.0	860.0	1,509	2,639	-	2,053	2,139	-
Capex ¹	225	278	350	345	-	738	621	643
Capex / Sales	8.79%	11.12%	7.58%	5.37%	-	15.65%	12.51%	12.33%
Announcement Date	2/28/20	2/10/21	2/11/22	2/10/23	2/2/24	-	-	-

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 Pan Ocean Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,070 KRW

Average target price

6,000 KRW

Spread / Average Target

+47.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
PAN OCEAN CO., LTD.	+8.97%	1.58B
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AP MOLLER MAERSK	-13.88%	23.03B
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
ADNOC LOGISTICS & SERVICES PLC	+3.66%	7.96B
HMM CO.,LTD	-22.98%	7.55B

Other Marine Freight & Logistics