Financials SPG Co., Ltd.

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
28,550 ^KRW	+0.18%		+1.42%	-20.69%

May. 06	Simon Property Q1 FFO, Revenue Increase	MT
Mar. 06	New Zealand Shares Rise on Wednesday, Investore Property Declares Dividend Reinvestment Plan Issue Price	MT

Fiscal Period: December	2021	2023	2024	2025	2026
Capitalization ¹	253,323	798,385	633,164	-	-
Enterprise Value (EV) ²	253.3	798.4	674.3	678.5	682.3
P/E ratio	10.9 x	-	-	-	-
Yield	-	-	0.7%	0.79%	0.88%
Capitalization / Revenue	-	2.03 x	1.49 x	1.24 x	1.19 x
EV / Revenue	-	2.03 x	1.59 x	1.33 x	1.28 x
EV / EBITDA	-	-	22 x	18.4 x	14.9 x
EV / FCF	-	-	-6,743 x	969 x	297 x
FCF Yield	-	-	-0.01%	0.1%	0.34%
Price to Book	-	-	2.74 x	2.49 x	2.33 x
Nbr of stocks (in thousands)	21,377	22,177	22,177	-	-
Reference price ³	11,850	36,000	28,550	28,550	28,550
Announcement Date	3/17/22	3/19/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2021	2023	2024	2025	2026
Net sales ¹	-	393.8	424.6	508.9	531.9
EBITDA ¹	-	-	30.6	36.9	45.8
EBIT ¹	-	15.97	23.3	33.6	37.6
Operating Margin	-	4.06%	5.49%	6.6%	7.07%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	22.92	-	-	-	-
Net margin	-	-	-	-	-
EPS	1,092	-	-	-	-
Free Cash Flow ²	-	-	-100	700	2,300
FCF margin	-	-	-23.55%	137.55%	432.41%
FCF Conversion (EBITDA)	-	-	-	1,897.02%	5,021.83%
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share ³	-	-	200.0	225.0	250.0
Announcement Date	3/17/22	3/19/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	97.57	96.94	101.3	104.6	107.8	111
EBITDA	-	-	-	-	-	-
EBIT ¹	-	2.648	5.1	5.6	6.1	6.6
Operating Margin	-	2.73%	5.03%	5.35%	5.66%	5.95%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-0.049	-	-	-	-	-
Net margin	-0.05%	-	-	-	-	-
EPS	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	11/14/23	3/19/24	-	-	-	-

¹KRW in Billions

Estimates

Fiscal Period: December	2021	2023	2024	2025	2026
Net Debt ¹	-	-	41.1	45.3	49.1
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.343 x	1.228 x	1.072 x
Free Cash Flow ²	-	-	-100	700	2,300
ROE (net income / shareholders' equity)	-	-	7.4%	10.6%	11%
ROA (Net income/ Total Assets)	-	-	4.7%	5.7%	7.1%
Assets	-	-	-	-	-
Book Value Per Share ³	-	-	10,424	11,450	12,233
Cash Flow per Share ³	-	-	1,331	1,612	-
Capex ¹	-	-	14.5	15.3	16
Capex / Sales	-	-	3.41%	3.01%	3.01%
Announcement Date	3/17/22	3/19/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28,550 KRW

Average target price

38,000 KRW

Spread / Average Target

+33.10%

	1st Jan change	Capi.
SPG CO., LTD.	-20.69%	462M
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ZHONGSHAN BROAD-OCEAN MOTOR CO., LTD.	+6.84%	1.77B
KEMPOWER OYJ	-33.19%	1.27B
SHANGHAI RUKING TECHNOLOGIES CO., LTD.	-27.73%	796M
HANGZHOU WEIGUANG ELECTRONIC CO.,LTD.	+5.93%	732M
NINGBO ZHONGDA LEADER INTELLIGENT TRANSMISSION CO., LTD.	-7.79%	701M
NEWONDER SPECIAL ELECTRIC CO.,LTD.	-6.56%	552M
ZHEJIANG DEHONG AUTOMOTIVE ELECTRONIC & ELECTRICAL CO., LTD.	-28.43%	406M
HONDA INDIA POWER PRODUCTS LIMITED	-0.64%	291M