Stock A091810 T'WAY AIR CO., LTD.
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Financials T'Way Air Co., Ltd.

Equities

A091810

KR7091810002

Airlines

End-of-day quote Korea S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
2,620 KRW -0.19% Intraday chart for T'Way Air Co., Ltd. +0.19% +9.62%
Mar. 07 S.Korea's T'way Air sees 'golden opportunity' from new EU routes RE
Feb. 13 Korean Air wins EU antitrust approval for Asiana deal RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 264,598 275,233 352,400 396,309 479,353 563,755 - -
Enterprise Value (EV) 2 79.95 251.5 593.2 360.5 479.4 642.8 540.8 515.8
P/E ratio -6.46 x -1.15 x -2.25 x -2.99 x 5.15 x 5.49 x 8.75 x 5.38 x
Yield - - - - - - - -
Capitalization / Revenue 0.33 x 1.02 x 1.64 x 0.75 x 0.36 x 0.37 x 0.38 x 0.35 x
EV / Revenue 0.1 x 0.93 x 2.77 x 0.69 x 0.36 x 0.42 x 0.37 x 0.32 x
EV / EBITDA 1 x -3.87 x -10.5 x -30.5 x 2 x 2.04 x 2.39 x 1.09 x
EV / FCF 1.22 x -2.93 x 18.8 x 2.32 x - 8.29 x 8.58 x 1.63 x
FCF Yield 82% -34.1% 5.33% 43% - 12.1% 11.7% 61.5%
Price to Book 1.4 x 2.35 x 7.44 x 6.01 x - 2.16 x 1.73 x 1.15 x
Nbr of stocks (in thousands) 56,198 110,093 110,125 160,125 200,566 215,174 - -
Reference price 3 4,708 2,500 3,200 2,475 2,390 2,620 2,620 2,620
Announcement Date 2/6/20 2/25/21 3/23/22 2/10/23 2/29/24 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 810.4 269.2 214.4 525.8 1,349 1,513 1,478 1,602
EBITDA 1 79.66 -64.93 -56.42 -11.8 239.5 315.7 226.5 475
EBIT 1 -19.23 -174.3 -148.3 -103.9 139.4 147.8 113.6 144
Operating Margin -2.37% -64.75% -69.18% -19.77% 10.34% 9.77% 7.69% 8.99%
Earnings before Tax (EBT) 1 -57.29 -175.5 -198.4 -148.9 111.9 124 76.18 126
Net income 1 -43.32 -137.9 -156.2 -117.7 100.2 100.4 61.78 105
Net margin -5.35% -51.21% -72.88% -22.38% 7.43% 6.63% 4.18% 6.56%
EPS 2 -729.2 -2,181 -1,424 -828.0 464.0 477.5 299.4 487.0
Free Cash Flow 3 65,557 -85,774 31,638 155,065 - 77,500 63,050 317,000
FCF margin 8,088.93% -31,860.41% 14,757.01% 29,490.02% - 5,123.12% 4,266.44% 19,793.94%
FCF Conversion (EBITDA) 82,299.59% - - - - 24,551.21% 27,834.6% 66,736.84%
FCF Conversion (Net income) - - - - - 77,229.7% 102,055.68% 301,904.76%
Dividend per Share - - - - - - - -
Announcement Date 2/6/20 2/25/21 3/23/22 2/10/23 2/29/24 - - -
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
Net sales 1 53.03 69.3 59.69 93.73 158.4 214 358.7 286 345.1 359 414.3 333.5 398.8 385.5
EBITDA - - - - - - - - - - - - - -
EBIT 1 -39.05 -29.11 -38.97 -29.5 -32.29 -3.165 82.47 20.04 34.63 2.278 68.86 14.54 41.72 20.12
Operating Margin -73.64% -42.01% -65.29% -31.48% -20.38% -1.48% 22.99% 7.01% 10.03% 0.63% 16.62% 4.36% 10.46% 5.22%
Earnings before Tax (EBT) 1 -58.07 -37.7 -50.76 -59.41 -74.5 34.5 61.45 10.35 19.68 20.41 60.6 9.5 49.5 10.9
Net income 1 -45.19 -31.21 -39.3 -44.7 -57.25 22.58 46.33 10.08 15.14 27.59 44.5 12.5 34.7 11.17
Net margin -85.22% -45.03% -65.84% -47.69% -36.14% 10.55% 12.91% 3.52% 4.39% 7.69% 10.74% 3.75% 8.7% 2.9%
EPS - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/15/21 3/23/22 5/16/22 8/16/22 11/14/22 2/10/23 4/24/23 7/24/23 11/14/23 2/29/24 - - - -
1KRW in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 241 - - 79 - -
Net Cash position 1 185 23.7 - 35.8 - - 23 48
Leverage (Debt/EBITDA) - - -4.269 x - - 0.2503 x - -
Free Cash Flow 2 65,557 -85,774 31,638 155,065 - 77,500 63,050 317,000
ROE (net income / shareholders' equity) -20.9% -90.2% -188% -218% 92.1% 44.2% 25.2% 22.4%
ROA (Net income/ Total Assets) -6.99% -18.2% -21.4% -13.4% - 6.9% 6.05% 7.3%
Assets 1 619.4 756.8 729.4 881.1 - 1,454 1,021 1,438
Book Value Per Share 3 3,356 1,062 430.0 412.0 - 1,211 1,518 2,285
Cash Flow per Share 3 - -1,028 - - - 1,852 1,860 -
Capex 1 36.1 20.8 3.46 10.9 - 21 57.3 32
Capex / Sales 4.46% 7.72% 1.61% 2.08% - 1.39% 3.88% 2%
Announcement Date 2/6/20 2/25/21 3/23/22 2/10/23 2/29/24 - - -
1KRW in Billions2KRW in Million3KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for T'Way Air Co., Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
2,620 KRW
Average target price
3,067 KRW
Spread / Average Target
+17.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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