Financials Hankook Tire & Technology Co., Ltd.

Equities

A161390

KR7161390000

Tires & Rubber Products

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
43,850 ^KRW	+0.57%		-1.57%	-3.41%

May. 16	Hankook Tire & Technology Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 07	Nomura Adjusts Hankook Tire & Technology’s Price Target to KRW55,000 From KRW63,000, Keeps at Neutral	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,155,257	4,806,357	4,842,953	3,799,950	5,538,289	5,349,207	-	-
Enterprise Value (EV) ²	4,992	5,225	5,121	4,002	4,043	3,583	3,052	2,316
P/E ratio	9.91 x	13 x	8.1 x	5.51 x	7.69 x	4.66 x	4.92 x	4.8 x
Yield	1.64%	1.51%	1.74%	2.25%	2.86%	3.01%	3.16%	3.33%
Capitalization / Revenue	0.6 x	0.74 x	0.68 x	0.45 x	0.62 x	0.59 x	0.56 x	0.55 x
EV / Revenue	0.72 x	0.81 x	0.72 x	0.48 x	0.45 x	0.39 x	0.32 x	0.24 x
EV / EBITDA	4.21 x	4.16 x	4.15 x	3.22 x	2.2 x	1.73 x	1.55 x	1.11 x
EV / FCF	10.2 x	5.34 x	9.96 x	19.1 x	2.6 x	5.16 x	3.87 x	2.53 x
FCF Yield	9.78%	18.7%	10%	5.24%	38.4%	19.4%	25.9%	39.5%
Price to Book	0.58 x	0.66 x	0.59 x	0.43 x	0.58 x	0.51 x	0.47 x	0.44 x
Nbr of stocks (in thousands)	123,853	121,989	121,989	121,989	121,989	121,989	-	-
Reference price ³	33,550	39,400	39,700	31,150	45,400	43,850	43,850	43,850
Announcement Date	2/13/20	2/6/21	2/4/22	2/2/23	2/2/24	-	-	-

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	6,896	6,454	7,142	8,394	8,940	9,134	9,482	9,708
EBITDA ¹	1,186	1,256	1,234	1,242	1,835	2,069	1,974	2,086
EBIT ¹	542.9	628.5	641.8	705.8	1,328	1,528	1,435	1,444
Operating Margin	7.87%	9.74%	8.99%	8.41%	14.85%	16.73%	15.13%	14.87%
Earnings before Tax (EBT) ¹	596.6	578.3	719.3	843	1,171	1,580	1,470	1,554
Net income ¹	412.3	372.3	593.6	668.3	706.4	1,174	1,101	1,147
Net margin	5.98%	5.77%	8.31%	7.96%	7.9%	12.86%	11.61%	11.81%
EPS ²	3,387	3,032	4,901	5,658	5,904	9,405	8,917	9,135
Free Cash Flow ³	488,136	978,674	513,996	209,760	1,553,048	694,317	789,427	915,629
FCF margin	7,078.06%	15,163.84%	7,196.55%	2,498.87%	17,372.64%	7,601.23%	8,325.2%	9,431.79%
FCF Conversion (EBITDA)	41,175.58%	77,932.67%	41,640.22%	16,893.09%	84,620.14%	33,556.03%	39,999.8%	43,883.61%
FCF Conversion (Net income)	118,389.3%	262,846.22%	86,584.24%	31,385.26%	219,852.35%	59,116.7%	71,729.18%	79,851.11%
Dividend per Share ²	550.0	595.0	690.6	700.0	1,300	1,321	1,384	1,462
Announcement Date	2/13/20	2/6/21	2/4/22	2/2/23	2/2/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	1,890	1,791	2,040	2,300	2,264	2,104	2,263	2,340	2,232	2,127	2,339	2,416	2,327	2,362	2,468
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	87.97	126.1	175.3	192.4	212	190.9	248.2	396.4	492.4	398.7	412.4	396	364.5	385	395
Operating Margin	4.66%	7.04%	8.59%	8.37%	9.37%	9.07%	10.97%	16.94%	22.06%	18.74%	17.63%	16.39%	15.67%	16.3%	16%
Earnings before Tax (EBT) ¹	85.13	116.3	373.2	302.3	51.21	124.8	242.5	399.9	404.1	468.5	428.5	385	362.3	412	434
Net income ¹	77.27	103.2	317.9	228.1	22.63	92.04	138.9	298.3	177.1	356.1	305.7	285.2	241.3	296	312
Net margin	4.09%	5.76%	15.58%	9.92%	1%	4.37%	6.14%	12.75%	7.93%	16.74%	13.07%	11.8%	10.37%	12.53%	12.64%
EPS ²	668.0	818.0	2,588	1,870	365.0	755.0	1,139	2,446	1,565	2,919	2,491	2,636	2,220	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/4/22	5/11/22	8/2/22	11/2/22	2/2/23	5/12/23	7/28/23	11/1/23	2/2/24	4/30/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	837	418	278	202	-	-	-	-
Net Cash position ¹	-	-	-	-	1,495	1,766	2,297	3,033
Leverage (Debt/EBITDA)	0.7057 x	0.3331 x	0.2255 x	0.1629 x	-	-	-	-
Free Cash Flow ²	488,136	978,674	513,996	209,760	1,553,048	694,317	789,427	915,629
ROE (net income / shareholders' equity)	6.03%	5.12%	7.69%	7.96%	7.85%	11.7%	9.72%	9.25%
ROA (Net income/ Total Assets)	4.12%	3.58%	5.35%	5.69%	5.68%	9.39%	7.72%	7.14%
Assets ¹	9,999	10,412	11,103	11,752	12,429	12,503	14,251	16,068
Book Value Per Share ³	57,785	60,072	66,955	72,196	78,306	85,163	92,515	100,015
Cash Flow per Share ³	6,139	10,511	6,898	4,136	16,175	14,606	14,198	15,523
Capex ¹	272	312	328	295	420	732	690	753
Capex / Sales	3.95%	4.84%	4.59%	3.51%	4.7%	8.01%	7.27%	7.75%
Announcement Date	2/13/20	2/6/21	2/4/22	2/2/23	2/2/24	-	-	-

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 Hankook Tire & Technology Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43,850 KRW

Average target price

66,750 KRW

Spread / Average Target

+52.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Tire & Tube Manufacturers

	1st Jan change	Capi.
HANKOOK TIRE & TECHNOLOGY CO., LTD.	-3.41%	3.87B
BALKRISHNA INDUSTRIES LIMITED	+18.76%	7.06B
PIRELLI & C. S.P.A.	+23.32%	6.59B
CHENG SHIN RUBBER IND. CO., LTD.	+35.41%	6.06B
SHANDONG LINGLONG TYRE CO.,LTD.	+7.85%	4.19B
APOLLO TYRES LIMITED	+2.08%	3.53B
QINGDAO SENTURY TIRE CO., LTD.	+20.40%	3.5B
PT MULTISTRADA ARAH SARANA TBK	+39.11%	3B
TRIANGLE TYRE CO.,LTD	+12.70%	1.79B
NANKANG RUBBER TIRE CORP.,LTD.	+41.90%	1.53B

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