Financials KT Corporation

Equities

A030200

KR7030200000

Integrated Telecommunications Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
34,500 ^KRW	+1.17%		+3.60%	+0.29%

Apr. 16	Upstage Co., Ltd. announced that it has received KRW 100 billion in funding from a group of investors	CI
Mar. 28	KT Corporation Approves Cash Dividend	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,621,522	5,888,929	7,171,900	8,654,243	8,588,458	8,477,259	-	-
Enterprise Value (EV) ²	10,746	9,368	12,590	16,212	15,927	15,114	14,409	13,665
P/E ratio	10.7 x	8.95 x	5.32 x	6.49 x	8.52 x	7.01 x	6.46 x	6.27 x
Yield	4.07%	5.63%	6.24%	5.8%	-	5.84%	6.02%	6.25%
Capitalization / Revenue	0.27 x	0.25 x	0.29 x	0.34 x	0.33 x	0.31 x	0.3 x	0.3 x
EV / Revenue	0.44 x	0.39 x	0.51 x	0.63 x	0.6 x	0.56 x	0.52 x	0.48 x
EV / EBITDA	2.24 x	1.94 x	2.38 x	3.03 x	2.92 x	2.72 x	2.5 x	2.34 x
EV / FCF	22.3 x	6.11 x	6.09 x	103 x	-	8.86 x	7.9 x	5.43 x
FCF Yield	4.48%	16.4%	16.4%	0.97%	-	11.3%	12.7%	18.4%
Price to Book	0.48 x	0.42 x	0.48 x	0.52 x	-	0.5 x	0.48 x	0.46 x
Nbr of stocks (in thousands)	245,242	245,372	234,376	256,043	249,664	245,718	-	-
Reference price ³	27,000	24,000	30,600	33,800	34,400	34,500	34,500	34,500
Announcement Date	2/6/20	2/9/21	2/9/22	2/9/23	2/7/24	-	-	-

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	24,342	23,917	24,898	25,650	26,387	27,031	27,939	28,271
EBITDA ¹	4,790	4,818	5,280	5,346	5,460	5,566	5,761	5,837
EBIT ¹	1,151	1,184	1,672	1,690	1,650	1,785	1,961	1,973
Operating Margin	4.73%	4.95%	6.71%	6.59%	6.25%	6.6%	7.02%	6.98%
Earnings before Tax (EBT) ¹	979.7	975.1	1,978	1,894	1,324	1,790	1,937	1,921
Net income ¹	619.2	658	1,357	1,262	1,010	1,219	1,334	1,334
Net margin	2.54%	2.75%	5.45%	4.92%	3.83%	4.51%	4.78%	4.72%
EPS ²	2,524	2,683	5,747	5,205	4,038	4,922	5,342	5,507
Free Cash Flow ³	481,835	1,532,261	2,066,813	157,208	-	1,706,191	1,824,118	2,516,501
FCF margin	1,979.44%	6,406.66%	8,301.12%	612.9%	-	6,311.99%	6,529.02%	8,901.29%
FCF Conversion (EBITDA)	10,059.19%	31,800.2%	39,147.89%	2,940.67%	-	30,653.99%	31,664.07%	43,116.31%
FCF Conversion (Net income)	77,815.73%	232,866.41%	152,318.74%	12,452.12%	-	139,951.82%	136,707.73%	188,620.59%
Dividend per Share ²	1,100	1,350	1,910	1,960	-	2,016	2,075	2,155
Announcement Date	2/6/20	2/9/21	2/9/22	2/9/23	2/7/24	-	-	-

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	6,217	6,624	6,278	6,312	6,477	6,583	6,444	6,548	6,697	6,698	6,578	6,666	6,814	6,886
EBITDA ¹	1,288	1,284	1,518	1,387	1,360	1,081	1,416	1,505	1,260	1,279	1,470	1,471	1,458	1,289
EBIT ¹	382.4	369.4	626.6	459.2	452.9	151.4	486.1	576.1	321.9	265.6	506.1	543.3	397.2	308.4
Operating Margin	6.15%	5.58%	9.98%	7.27%	6.99%	2.3%	7.54%	8.8%	4.81%	3.97%	7.69%	8.15%	5.83%	4.48%
Earnings before Tax (EBT) ¹	480.3	507.2	642.2	539.7	439	273.2	437.6	548.1	350.3	-12	512.1	530.7	399	259.6
Net income ¹	310.9	404.6	409.8	313.1	297.6	242	296.6	394.5	264.3	54.4	361.2	371.1	280.9	215.2
Net margin	5%	6.11%	6.53%	4.96%	4.59%	3.68%	4.6%	6.03%	3.95%	0.81%	5.49%	5.57%	4.12%	3.12%
EPS ²	-	1,711	1,736	1,325	1,233	-	-	-	1,062	241.0	1,191	1,444	1,022	914.0
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/9/21	2/9/22	5/12/22	8/10/22	11/8/22	2/9/23	5/11/23	8/7/23	11/7/23	2/7/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,125	3,479	5,418	7,558	7,339	6,636	5,932	5,188
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8611 x	0.722 x	1.026 x	1.414 x	1.344 x	1.192 x	1.03 x	0.8889 x
Free Cash Flow ²	481,835	1,532,261	2,066,813	157,208	-	1,706,191	1,824,118	2,516,501
ROE (net income / shareholders' equity)	4.61%	4.76%	9.09%	7.22%	-	7.08%	7.26%	7.27%
ROA (Net income/ Total Assets)	1.87%	1.93%	4.12%	3.23%	-	2.96%	3.13%	3.1%
Assets ¹	33,126	34,100	32,926	39,070	-	41,173	42,690	43,037
Book Value Per Share ³	55,728	57,125	63,675	64,880	-	69,302	72,511	75,228
Cash Flow per Share ³	15,271	19,324	23,599	14,049	-	22,298	22,962	25,086
Capex ¹	3,263	3,208	2,855	3,502	-	3,298	3,310	3,339
Capex / Sales	13.41%	13.41%	11.47%	13.65%	-	12.2%	11.85%	11.81%
Announcement Date	2/6/20	2/9/21	2/9/22	2/9/23	2/7/24	-	-	-

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 KT Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

34,500 KRW

Average target price

44,729 KRW

Spread / Average Target

+29.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
KT CORPORATION	+0.29%	6.16B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services