Financials WONIK Materials Co.,Ltd.

Equities

A104830

KR7104830005

Commodity Chemicals

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
36,100 ^KRW	+1.12%		+5.87%	+20.13%

Mar. 20	WONIK Materials Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	WONIK Materials 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	2026
Capitalization ¹	382,653	441,910	446,323	358,067	378,870	455,149	-	-
Enterprise Value (EV) ²	356	441.9	403.8	384.2	378.9	403.1	378	326.4
P/E ratio	13.6 x	13.3 x	8.45 x	6.2 x	27.4 x	11.2 x	8.34 x	6.8 x
Yield	0.49%	0.57%	1.13%	-	-	1.66%	1.86%	2.56%
Capitalization / Revenue	1.73 x	1.6 x	1.44 x	0.62 x	0.97 x	1.15 x	0.94 x	0.72 x
EV / Revenue	1.61 x	1.6 x	1.3 x	0.66 x	0.97 x	1.02 x	0.78 x	0.52 x
EV / EBITDA	6.32 x	6.37 x	5.4 x	3.26 x	6.68 x	4.51 x	3.55 x	2.55 x
EV / FCF	-17,410,748 x	20,852,859 x	52,705,283 x	-6,780,634 x	-	-	-	-
FCF Yield	-0%	0%	0%	-0%	-	-	-	-
Price to Book	1.24 x	1.31 x	1.15 x	0.8 x	-	0.94 x	0.86 x	0.79 x
Nbr of stocks (in thousands)	12,608	12,608	12,608	12,608	12,608	12,608	-	-
Reference price ³	30,350	35,050	35,400	28,400	30,050	36,100	36,100	36,100
Announcement Date	2/24/20	2/23/21	2/28/22	2/28/23	2/26/24	-	-	-

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	220.8	276.8	310.7	581.3	391.7	396.5	486.4	631.7
EBITDA ¹	56.32	69.34	74.75	118	56.71	89.34	106.4	127.8
EBIT ¹	36.05	45.93	50.51	88.8	24.69	53.66	69.44	87.47
Operating Margin	16.32%	16.6%	16.26%	15.28%	6.3%	13.53%	14.28%	13.85%
Earnings before Tax (EBT) ¹	35.62	41.6	65.19	76.69	18.45	52.09	70.33	88.04
Net income ¹	28.11	33.14	52.8	57.73	13.84	40.64	54.37	66.91
Net margin	12.73%	11.97%	16.99%	9.93%	3.53%	10.25%	11.18%	10.59%
EPS ²	2,229	2,628	4,188	4,579	1,098	3,224	4,328	5,307
Free Cash Flow	-20,448	21,192	7,662	-56,657	-	-	-	-
FCF margin	-9,259.33%	7,657.23%	2,465.73%	-9,747.3%	-	-	-	-
FCF Conversion (EBITDA)	-	30,562.46%	10,249.57%	-	-	-	-	-
FCF Conversion (Net income)	-	63,950.26%	14,511.53%	-	-	-	-	-
Dividend per Share ²	150.0	200.0	400.0	-	-	600.0	670.0	924.0
Announcement Date	2/24/20	2/23/21	2/28/22	2/28/23	2/26/24	-	-	-

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	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	79.27	89.46	102.5	132.3	153.9	192.6	132.9	91.18	75.49	92.14	92.1	96.62	102.8	105.1	115.5
EBITDA ¹	20.67	19.9	22.96	30.18	33.33	31.52	16.46	12.66	-	15.31	17.82	18.34	20.18	35.35	21.09
EBIT ¹	14.26	13.55	15.95	23	25.8	24.04	8.696	5.002	4.051	6.941	11.3	13.84	15.29	13.23	15.26
Operating Margin	17.99%	15.15%	15.56%	17.39%	16.77%	12.48%	6.54%	5.49%	5.37%	7.53%	12.27%	14.32%	14.88%	12.59%	13.22%
Earnings before Tax (EBT) ¹	17.32	-	18.82	26.64	27.85	3.382	11.37	3.563	5.259	-1.744	12.83	14.9	16.73	3.9	15.72
Net income ¹	13.16	6.114	14.6	20.32	21.05	-	8.768	-	4.334	-3.7	9.981	11.62	13.13	5.904	11.94
Net margin	16.6%	6.83%	14.24%	15.36%	13.68%	-	6.6%	-	5.74%	-4.02%	10.84%	12.03%	12.78%	5.62%	10.34%
EPS ²	1,043	485.0	1,158	1,612	1,670	140.0	695.0	352.0	-	-294.0	750.5	844.5	829.3	690.7	947.4
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	800.0	-
Announcement Date	11/5/21	2/28/22	5/2/22	8/10/22	11/14/22	2/28/23	5/10/23	8/10/23	11/9/23	2/26/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	26.1	-	-	-	-
Net Cash position ¹	26.6	-	42.5	-	-	52.1	77.1	129
Leverage (Debt/EBITDA)	-	-	-	0.2212 x	-	-	-	-
Free Cash Flow	-20,448	21,192	7,662	-56,657	-	-	-	-
ROE (net income / shareholders' equity)	9.55%	10.3%	14.4%	13.8%	3.88%	8.69%	10.7%	12.1%
ROA (Net income/ Total Assets)	8.34%	-	12.2%	11%	-	7.5%	8.6%	-
Assets ¹	336.9	-	431.5	523	-	541.8	632.2	-
Book Value Per Share ²	24,386	26,857	30,668	35,324	-	38,494	42,202	45,912
Cash Flow per Share	3,049	5,504	4,682	-562.0	-	-	-	-
Capex ¹	58.9	48.2	51.4	46.8	-	36.6	37.3	38.1
Capex / Sales	26.67%	17.42%	16.53%	8.06%	-	9.22%	7.67%	6.03%
Announcement Date	2/24/20	2/23/21	2/28/22	2/28/23	2/26/24	-	-	-

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

Ratings for WONIK Materials Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

36,100 KRW

Average target price

40,000 KRW

Spread / Average Target

+10.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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JIANGSU NATA OPTO-ELECTRONIC MATERIAL CO., LTD.	-7.39%	1.92B
SICHUAN QIAOYUAN GAS CO.,LTD.	+3.58%	1.66B

Industrial Gas