Financials Yuhan Corporation

Equities

A000100

KR7000100008

Pharmaceuticals

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-06 pm EDT			5-day change	1st Jan Change
72,300 ^KRW	+0.56%		-0.14%	+5.09%

Apr. 24	Korean Sugar Imports Plunge 14% as Diabetes Cases Surge	MT
Mar. 07	Yuhan Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,952,225	4,693,094	4,261,559	4,093,463	5,152,134	5,389,863	-	-
Enterprise Value (EV) ²	2,626	4,368	3,950	3,870	5,152	5,147	5,027	4,943
P/E ratio	75.2 x	25.5 x	41.5 x	40.7 x	-	34.1 x	26.8 x	21.7 x
Yield	0.85%	2.66%	0.64%	0.7%	-	0.56%	0.57%	0.63%
Capitalization / Revenue	1.99 x	2.9 x	2.52 x	2.31 x	2.77 x	2.59 x	2.35 x	2.31 x
EV / Revenue	1.77 x	2.7 x	2.34 x	2.18 x	2.77 x	2.47 x	2.19 x	2.12 x
EV / EBITDA	36.9 x	30.3 x	39 x	49 x	-	29.7 x	20.5 x	17.5 x
EV / FCF	114 x	-193 x	74.7 x	93.9 x	-	39.6 x	28.5 x	27.4 x
FCF Yield	0.88%	-0.52%	1.34%	1.07%	-	2.52%	3.51%	3.65%
Price to Book	1.67 x	2.5 x	1.96 x	1.91 x	-	2.49 x	2.31 x	2.24 x
Nbr of stocks (in thousands)	75,773	72,231	75,593	75,139	74,979	74,717	-	-
Reference price ³	38,914	64,874	56,327	54,476	68,800	72,300	72,300	72,300
Announcement Date	2/27/20	2/24/21	2/16/22	2/23/23	2/6/24	-	-	-

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	1,480	1,620	1,688	1,776	1,859	2,084	2,293	2,334
EBITDA ¹	71.19	144	101.3	79.05	-	173.2	245.6	282.7
EBIT ¹	12.54	84.26	48.6	36.03	56.78	120.8	188.8	217.5
Operating Margin	0.85%	5.2%	2.88%	2.03%	3.05%	5.79%	8.23%	9.32%
Earnings before Tax (EBT) ¹	54.92	239.9	126.1	94.93	142.5	207.9	262.2	307.4
Net income ¹	36.61	192.8	102.6	95.14	142.5	177.1	222	264.7
Net margin	2.47%	11.9%	6.08%	5.36%	7.67%	8.5%	9.68%	11.34%
EPS ²	517.1	2,542	1,357	1,339	-	2,120	2,700	3,324
Free Cash Flow ³	23,000	-22,623	52,849	41,234	-	129,922	176,591	180,583
FCF margin	1,553.71%	-1,396.58%	3,131.24%	2,321.92%	-	6,233.26%	7,701.79%	7,735.58%
FCF Conversion (EBITDA)	32,307.01%	-	52,188.42%	52,163.18%	-	75,008.94%	71,903.92%	63,878.51%
FCF Conversion (Net income)	62,821.54%	-	51,518.9%	43,338.05%	-	73,371.2%	79,558.28%	68,231.55%
Dividend per Share ²	329.1	1,728	362.8	381.0	-	407.6	414.7	453.1
Announcement Date	2/27/20	2/24/21	2/16/22	2/23/23	2/6/24	-	-	-

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	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	451.5	424	410.9	483	431.5	450.5	443	495.7	483.1	474	532.1	540.6	552.7
EBITDA	-	-	-	27.65	6.006	28.34	-	38.25	11.93	-	53	81	38
EBIT ¹	6.516	4.752	6.102	16.94	-4.538	17.53	22.63	27.08	0.8833	16.84	28.94	26.85	42.43
Operating Margin	1.44%	1.12%	1.49%	3.51%	-1.05%	3.89%	5.11%	5.46%	0.18%	3.55%	5.44%	4.97%	7.68%
Earnings before Tax (EBT) ¹	36.4	19.57	28.32	43.43	21.78	1.398	35.81	13.74	19.31	29.35	39.5	49.8	49.2
Net income ¹	30.69	17.13	15.93	34.08	7.526	37.6	22.24	8.678	19.59	25.3	36.53	36.07	42.82
Net margin	6.8%	4.04%	3.88%	7.06%	1.74%	8.35%	5.02%	1.75%	4.06%	5.34%	6.87%	6.67%	7.75%
EPS	-	-	-	-	-	-	296.2	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/21	2/16/22	4/29/22	7/28/22	11/14/22	2/23/23	5/15/23	7/28/23	11/14/23	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	326	326	312	223	-	243	363	447
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	23,000	-22,623	52,849	41,234	-	129,922	176,591	180,583
ROE (net income / shareholders' equity)	2.22%	10.9%	5.24%	4.59%	6.92%	8.15%	9.61%	9.98%
ROA (Net income/ Total Assets)	1.71%	8.44%	4.22%	3.85%	-	5.81%	7%	6.93%
Assets ¹	2,146	2,283	2,429	2,468	-	3,046	3,171	3,817
Book Value Per Share ³	23,241	25,984	28,703	28,542	-	29,087	31,286	32,219
Cash Flow per Share ³	928.0	2,137	1,468	1,401	-	2,537	3,096	3,510
Capex ¹	42.8	51.5	46.2	58.3	-	58.2	58	68.5
Capex / Sales	2.89%	3.18%	2.73%	3.28%	-	2.79%	2.53%	2.93%
Announcement Date	2/27/20	2/24/21	2/16/22	2/23/23	2/6/24	-	-	-

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 Yuhan Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

72,300 KRW

Average target price

86,774 KRW

Spread / Average Target

+20.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Specialty & Advanced Pharmaceuticals

	1st Jan change	Capi.
YUHAN CORPORATION	+5.09%	3.95B
MERCK KGAA	+6.52%	71.18B
KYOWA KIRIN CO. LTD.	+13.33%	9.23B
SK BIOPHARMACEUTICALS CO., LTD.	-11.55%	5B
SHENYANG XINGQI PHARMACEUTICAL CO.,LTD.	+48.05%	4.46B
BETTA PHARMACEUTICALS CO., LTD.	-14.74%	2.54B
INDIVIOR PLC	+20.00%	2.44B
CHANGCHUN BCHT BIOTECHNOLOGY CO.	-24.89%	2.36B
SHANGHAI SHYNDEC PHARMACEUTICAL CO., LTD.	+21.45%	2.18B
SUPERNUS PHARMACEUTICALS, INC.	+7.64%	1.67B

Specialty & Advanced Pharmaceuticals