Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 731,942 804,337 1,147,201 801,593 1,021,126 - -
Enterprise Value (EV) 1 731,942 804,337 1,147,201 801,593 1,021,126 1,021,126 1,021,126
P/E ratio 9.2 x 6.2 x - - - - -
Yield 8.37% 9.23% 7.51% 9.3% 7.68% 7.68% 7.68%
Capitalization / Revenue 1.53 x 1.11 x 1.33 x 0.92 x 1.36 x 1.23 x 1.17 x
EV / Revenue 1.53 x 1.11 x 1.33 x 0.92 x 1.36 x 1.23 x 1.17 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 0.41 x 0.42 x 0.6 x 0.32 x 0.34 x 0.33 x 0.32 x
Nbr of stocks (in thousands) 69,303 68,741 66,343 65,364 67,406 - -
Reference price 2 11,950 13,000 18,650 12,900 15,630 15,630 15,630
Announcement Date 2/6/20 2/4/21 2/3/22 2/9/23 - - -
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 477.5 726.7 863.9 875 - 753 827 872
EBITDA - - - - - - - -
EBIT 1 96.82 249 895.6 256.1 184 214 247 279
Operating Margin 20.28% 34.27% 103.67% 29.27% - 28.42% 29.87% 32%
Earnings before Tax (EBT) 127.9 - - - - - - -
Net income 102.3 164.3 - - - - - -
Net margin 21.41% 22.6% - - - - - -
EPS 1,299 2,097 - - - - - -
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1,000 1,200 1,400 1,200 - 1,200 1,200 1,200
Announcement Date 2/6/20 2/4/21 2/3/22 2/9/23 2/7/24 - - -
1KRW in Billions2KRW
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2024 Q1
Net sales 1 - 209.5 208.1 130.2 - 166.4 167
EBITDA - - - - - - -
EBIT 1 138.1 23.88 3.738 54.55 94.66 42.15 55
Operating Margin - 11.4% 1.8% 41.89% - 25.32% 32.93%
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS 746.0 - - - - - -
Dividend per Share - - - - - - -
Announcement Date 8/12/22 11/14/22 2/9/23 5/12/23 8/11/23 11/14/23 -
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) 5.08% 8% 26.6% 7.47% 5.44% 5% 5.6% 6.1%
ROA (Net income/ Total Assets) 0.53% 0.8% 2.79% 0.53% - 0.7% 0.7% 0.8%
Assets 19,312 20,469 - - - - - -
Book Value Per Share 1 29,197 30,963 30,963 40,616 - 45,863 47,263 48,991
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/6/20 2/4/21 2/3/22 2/9/23 2/7/24 - - -
1KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
15,630 KRW
Average target price
22,000 KRW
Spread / Average Target
+40.75%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. A003540 Stock
  4. Financials Daishin Securities Co.,Ltd